Vice presidential candidate of the New Patriotic Party (NPP) in the December elections, Dr. Mahamudu Bawumia, has offered a derisive response to a request by President John Mahama for the disclosure of the cost of the 2007 redenomination of the cedi.
In a short comment on his Facebook wall, Dr. Bawumia said the request by the President is another demonstration of his cluelessness about economic issues.
“Today's request for disclosure on the 2007 redenomination is another demonstration of incompetence.
Apart from the fact that the then Governor disclosed the cost as far back as 2007, if the President really wanted to find out the cost of the redenomination, he could simply have asked his VEEP who was Bank of Ghana Governor, especially when the President was Head of the Economic Management Team between 2009 and 2012,” Dr. Bawumia stated.
During a tour of the capital as part of is the governing National Democratic Congress (NDC) campaign for the upcoming elections, President Mahama dared Dr. Bawumia to come clear on the cost of the redenomination exercise undertaken when he (Bawumia) was Deputy Governor of the central bank.
The President’s request follows Dr. Bawumia’s unrelenting criticism of the Mahama-led government as incompetent.
President Mahama had remarked that Nana Akufo-Addo’s running mate had no moral authority to tag his administration as incompetent because under the watch the NPP government in 2007, the country recorded the highest deficit of 19 percent.
The President said he deserved praise for bringing the deficit down to 5.3 percent, not Bawumia’s criticisms.
“Up till today, no Ghanaian knows the cost of the redenomination exercise and the same people come and say someone is incompetent. When you redenominated the cedi how much did it cost us? Simple things like these you cannot tell us and you have the nerve to come and talk about corruption. Look in the mirror and look at yourselves,” the President had remarked.
However, reacting to the President claims, Dr. Bawumia said the President was being deceptive.
“Such petty propaganda should be beneath someone of the stature of a President. It is clear he is very poorly briefed, but when a President decides to join the bandwagon of propaganda, he only ends up embarrassing himself,” Dr. Bawumia countered.
The Bank of Ghana in 2007 redenominated the cedi by setting 10,000 cedis to one the new Ghana Cedi (GH¢), a move that was aimed at strengthening the local currency.
However, some Economists and government spokespersons have attributed the country’s current economic challenges to the 2007 redenomination that was sanctioned by the John Kufuor administration.
They say the politically motivated redenomination exercise was a scheme by the Kufuor administration to steal from country’s coffers. Most of the critics of the redenomination also say, instead of the knocking off four zeros from the old cedi to create an illusion of a robust local currency, the fundamentals of the economy at the time should have been firmed up.
Published below is Bawumia’s three paragraph response to President Mahama.
Mr. President, care to read?
Today's request for disclosure on the 2007 redenomination is another demonstration of incompetence. Apart from the fact that the then Governor disclosed the cost as far back as 2007, if the President really wanted to find out the cost of the redenomination, he could simply have asked his VEEP who was Bank of Ghana Governor, especially when the President was Head of the Economic Management Team between 2009 and 2012.
Such petty propaganda should be beneath someone of the stature of a President. It is clear he is very poorly briefed, but when a President decides to join the bandwagon of propaganda , he only ends up embarrassing himself.
Moving on, can the President (with the same zeal) and his Economic Management Team respond to the 170 statements contained in my last lecture?
Bawumia Replies Prez Mahama
![](https://w5p2r8x5.stackpathcdn.com/photos/news/201610/61964414_821072.jpg)
Source: JFM Ghana
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BAWUMIA WILL REALLY WIN THE ELECTION FOR NPP. HE IS SO BRLLIANT.
Manama is scratching at straw. The incoming veep is a gentleman and hence such matured reaction. I can now liken Manama to trump without any sebe
The President himself is very much aware that under the rules of the central bank, there are confidentiality clauses. Dr.Bawumia is an ex employee of the Bank of Ghana. So if he is a serious President, he can ask ***barred word*** Amissah or the new Governor. Mahama is truly incompetent. A whole president talking like a serial caller.
you are brain dead like your so called president
How much didi you spend Dr. Bawumia? this is a simple question. The president want you to tell Ghanaians not him.
Only a ***barred word*** will not answer a simple question, how much did you pend in re-denomition and you are dodging the question? is Bawumia hiding something? he is quick to quote figures yet when asked to provide figures on something that he did himself he is dodging the question. Is this man not a ***barred word***? do you guys who was awarded the contract of the denominations? It was Nana Ado brother, and so how did they do it? Bawumia knows the question that will follow if he tell Ghanaians how much was spent
VERY PROACTIVE. MR. PRESIDENT PLEASE ANSWER THE VARIOUS QUESTIONS POSED BY BAWUMIA TO YOU. BECAUSE HE ASKED OVER 100 QUESTIONS LET GIVE YOU 30 DAYS TO ANSWER ALL. COUNTING STARTS TODAY.NO PROPAGANDA. I WAS SHOCKED WHEN THE PRESIDENT WITH ALL HIS POWERS DID NOT KNOW HOW MUCH IT COST GHANA. WAS HE NOT AN MP THEN. MAY I ASKED IF HE WAS SLEEPING IN PARLIAMENT?
Oh noooo... Mr President, you just got your a.ss handed to you by our new vice president!!! I have never seen such a political a.ss kicking as good as this. You have earned the badge of incompetent and win the right to wear it. Wrap up JM, you have lost!!! All hail Nana Addo, our president come Jan 2017. JM, go su.ck on a kallypo!!!
Dr. wise Bawumiah has demonstrated to all that he is wiser than the president. I really admire your response because president Mahama doesn't have time for Ghanaians and all that he think of is to amass wealth. Why can't the president use his office to fight corruption if he thinks there is some corrupt act in the CEDI re denomination. Shame unto him!!!!! #Mahama Twaso
Alhaji Dr.Bawumia is up and doing. This man has won my vote. Ndc will lose this election badly. They have no message and the masses are hungry and suffering. Everywhere is wahala. School fees, electricity bills, NHIS, district assembly common fund, teacher allowance, nurses allowance, school feeding etc. wahala everywhere. Ndc is use.less