The political landscape in Ghana just turned up a notch as former President John Dramani Mahama raised five tough questions directed at Vice President Dr. Mahamudu Bawumia, addressing the state of Ghana’s economy. The questions—direct, unapologetic, and strikingly pointed—highlight growing concerns around the country’s economic performance under Bawumia’s oversight as the head of the Economic Management Team (EMT).
Mahama’s move isn’t merely an isolated jab in Ghana’s political scene. It reflects a widespread discontent among Ghanaians, particularly as inflation, public debt, and the Ghanaian cedi’s value continue to be significant points of debate. With these five questions, Mahama has brought the nation’s economic struggles back into the spotlight, essentially challenging Bawumia to account for what many view as economic mismanagement.
Mahama’s questions cover the cedi’s devaluation, public debt, inflation, borrowing practices, and a perceived silence on economic matters from Bawumia. Each question not only addresses a pressing issue in Ghana’s economic framework but also underscores a broader narrative: that Bawumia, a figure once lauded for his grasp on economic issues, has allowed Ghana’s economy to spiral into one of its toughest periods.
The questions are as follows:
- Why has the cedi deteriorated from Gh¢4 to $1 in 2016 to nearly Gh¢17 to $1 today?
- Why has Ghana’s public debt risen from Gh¢120 billion in 2016 to Gh¢763 billion in 2024?
- Why did inflation peak at 54%, the highest in the 4th Republic, under your watch as EMT chair?
- Why did you borrow over Gh¢42 billion from the Bank of Ghana, leading to the central bank’s heaviest losses of Gh¢60 billion?
- Why have you stopped discussing the economy, and why has the word ‘economy’ disappeared from your speeches?
Each question digs into a facet of the economy that has shown signs of strain, asking for clarity on issues that affect daily life for Ghanaians, from the cost of goods to the value of their currency.
Breaking Down the Questions: What They Mean for the Economy
1. The Cedi’s Devaluation
The Ghanaian cedi’s dramatic drop in value is a major issue. When Bawumia first took office in 2016, he promised to stabilize the currency, which then traded at around Gh¢4 to $1. Now, with the cedi hovering around Gh¢17 to $1, Ghanaians are grappling with the currency’s diminished purchasing power. This loss has driven up the cost of imported goods, from essential commodities to everyday products, making life increasingly unaffordable for the average citizen.
By asking about the cedi’s devaluation, Mahama is indirectly questioning the competence of Bawumia’s economic strategies and the broader fiscal policies in play. It suggests a perceived failure to control one of the most crucial aspects of economic stability.
2. Escalating Public Debt
The rise of Ghana’s public debt from Gh¢120 billion in 2016 to a staggering Gh¢763 billion in 2024 under Bawumia’s watch has not gone unnoticed. Public debt is the cumulative result of government borrowing, and such a rapid increase typically raises red flags about fiscal management and debt sustainability.
This unprecedented level of debt has consequences for future generations, potentially compromising the country’s financial independence. Mahama’s question speaks to concerns about how Ghana plans to manage this debt and whether the funds borrowed have been effectively utilized for economic growth and public welfare.
3. Record-High Inflation
Inflation is the silent thief of the economy, eroding the purchasing power of every cedi in circulation. Mahama’s third question addresses the alarming inflation rate, which reached 54%—the highest in Ghana’s Fourth Republic. High inflation has a crippling effect on the economy, especially on lower-income families who find it challenging to keep up with the increasing cost of food, fuel, and housing.
Mahama’s question on inflation challenges Bawumia’s legacy as the head of the EMT, questioning whether he has the economic strategies necessary to combat these kinds of financial hardships.
4. Borrowing from the Bank of Ghana
The fourth question touches on a critical issue: the government’s decision to borrow Gh¢42 billion from the Bank of Ghana, resulting in a Gh¢60 billion loss for the central bank. This borrowing has been a subject of contention, as critics argue that such moves compromise the Bank of Ghana’s independence and could potentially lead to hyperinflation.
By raising this question, Mahama is highlighting what some economists see as a risky, short-sighted financial decision. He is pointing to the potentially severe long-term consequences for Ghana’s economy if the central bank cannot maintain financial stability.
5. The Silence on Economic Issues
Mahama’s final question hits a more personal note, suggesting that Bawumia, once known for his vocal stance on economic matters, has gone quiet. The former president implies that Bawumia’s silence might indicate an inability—or unwillingness—to address the difficult economic questions on everyone’s mind.
For many Ghanaians, Bawumia’s silence on these pressing issues is troubling. His once-confident rhetoric on the economy has, over time, turned to silence, raising concerns about transparency and accountability. This question essentially calls Bawumia to account for his silence, challenging him to confront the issues head-on.
Public Reactions: Mahama’s Strategy Hits Home
Mahama’s questions have ignited debate among the Ghanaian public. For his supporters, these questions resonate as timely and necessary, offering a much-needed critique of the current government’s economic track record. For Bawumia’s supporters, the questions may seem like politically motivated attacks, yet they reflect the struggles of daily life for many citizens.
On social media, Ghanaians have expressed both support and frustration. Many applaud Mahama’s courage in demanding answers, while others argue that he, too, was once at the helm and faced economic challenges. Nonetheless, Mahama’s questions have brought economic issues to the forefront of national conversation, highlighting the significant gap between campaign promises and the realities on the ground.
What’s Next? A Call for Accountability
The ball is now in Bawumia’s court. Will he respond directly to Mahama’s questions, or will he choose to stay silent? In a country where the economy plays a pivotal role in determining the public’s trust in leadership, Bawumia’s response—or lack thereof—could have a lasting impact on his credibility and on the future of Ghana’s economy.
Ghanaians are hoping for a detailed response that not only addresses Mahama’s questions but also provides a path forward. As the country gears up for the next election cycle, both Mahama’s critiques and Bawumia’s policies will be critical in shaping public opinion and the political landscape.
Conclusion: The Bigger Picture
Mahama’s five questions capture the pulse of a nation struggling to understand the economic path it’s on. They resonate with a public that wants answers and yearns for stability. Whether or not Bawumia chooses to answer, these questions have already left a mark on Ghana’s political discourse, highlighting the growing need for economic accountability and transparency.
In the months to come, both leaders will likely intensify their strategies to win public support. Yet, it is the economy—arguably more than any other issue—that will weigh heavily on the minds of Ghanaian voters. And in the heart of it all are these five questions, demanding answers, igniting conversations, and challenging the leadership to rise to the occasion.
