Your political future depends on the economy; comment on it - Franklin Cudjoe to Bawumia

President of policy think tank IMANI Ghana Franklin Cudjoe has called on Vice President Mahamudu Bawumia to comment on the challenges the Ghanaian economy is experiencing since his political future depends on it.

“It is important our Veep, Dr. Bawumia tell us what went wrong with our apparent buoyant economy and what can be done to save it. His political future depends on it,” he wrote on Facebook Friday.

He further wrote: “The Ghanaian currency, the Cedi is not doing well. No currency stabilization committee can save it, except prudent economic management”.

Ghana’s public debt stock shot up by ¢2.7 billion to hit ¢344.5 billion in November 2021, the January 2022 Bank of Ghana Summary of Economic and Financial Data has revealed.

This pushed the debt to Gross Domestic Product (GDP) to 78.4% and further emphasised that the country’s debt has reached disturbing levels.

¢2.7 billion fresh loans, largely domestic debt, was added to the total debt in October 2021 and November 2021 respectively.

Even though government had indicated that it will borrow just about a billion cedis during the final quarter of 2021, the data from the Central Bank suggest otherwise.

According to the figures, the domestic debt went up to ¢179.4 billion in November 2021, from ¢178.1 billion recorded in September, 2021. This is equivalent to 40.8% of GDP.