Isaac Adongo, MP, Bolgatanga Central, has chastised Vice President Dr. Mahamudu Bawumia, who is also the Head of the Economic Management Team, for scoring ‘own goals’ with the abysmal performance of the economy.
Using the football analogy to drum home his message on the floor of Parliament while debating the 2023 budget statement on Wednesday, November 30, the MP indicated that just as Harry Maguire of the Manchester United Football Club, Dr. Mahamudu Bawumia is Ghana’s “Economic Maguire”.
Adongo explained that Manchester United’s Maguire has become a threat to the defence of his club by scoring ‘own goals’ and assisting opponents to beat his club, arguing that Dr. Bawumia has become a risk to the economy and thereby was destroying the fundamentals of the Ghanaian economy.
The MP noted that, before the ruling New Patriotic Party assumed office in 2016, Dr. Bawumia was projected to be the ‘economic wizard’, delivering lectures on how to tackle the cedi depreciation and improve the economy.
“This ‘Economic Maguire’ went to Mallam Atta market and we were clapping saying this man is the best in managing foreign currency. The same ‘Economic Maguire’ was roaming at Central University delivering lectures on how to restore the value of the cedi.
“Mr. Speaker, when we gave this Maguire the opportunity to be at the centre of our defence, he became the risk of our own goal. Dr. Bawumia, our Economic Maguire is now tackling all the fundamentals of our economy and destroying all of them,” Isaac Adongo said on the floor amidst laughter by the MPs.
Ghana’s inflation rate is currently at 40.4% with the cedi depreciating by 53.8% in 2022. Fuel prices have increased more than three times this year with the cost of living now high.
The government is seeking an International Monetary Fund (IMF) bailout to support the Ghanaian economy.
Moody’s, on the other hand, has also downgraded the Government of Ghana’s long-term issuer ratings to Ca from Caa2 or further junk status and changed the outlook to stable.
This concludes the review for the downgrade that was initiated on September 30, 2022.
“The Ca rating reflects Moody’s expectation that private creditors will likely incur substantial losses in the restructuring of both local and foreign currencies debts planned by the government as part of its 2023 budget proposed to Parliament on 24 November 2022″, a statement published on its website said.