Economy: Pianim says Bawumia ‘has been exposed by his own exposure’

Renowned economist and senior member of the New Patriotic Party (NPP) Kwame Pianim has taken a dig at the Vice President, Dr Mahamudu Bawumia, over the oft-quoted ‘economic fundamentals’ attributed to him.

Dr Bawumia while in opposition and commenting on the exchange rate then said the managers of the economy would be exposed by the rates if the fundamentals were weak.

He defended this as well while in government.

“You will recall that I stated in 2014 that if the fundamentals are weak, the exchange rate will expose you,” the Vice President stated after two years in government.

“That was true then and it is true now. It is 100% correct. So if the fundamentals are weak the exchange rate will expose you.”

He, however, warned: “But it’s warped logic to jump from that to a conclusion that the fundamentals are weak. That defies logic.”

In an interview on TV3‘s New Day on Wednesday, December 22, Mr Pianim was not happy with the way the economy is being managed.

He lashed out at the Minister of Finance, Ken Ofori-Atta, saying he has not done a good job with the management of the country’s economy.

The former board chairman of the Public Utilities Regulatory Commission (PURC) said Mr Ofori-Atta as a finance minister has no business meddling in the exchange rates to the extent of constituting a committee to, inter alia, monitor the performance of the local currency.

Asked by host Berla Mundi whether the exchange rates have exposed a weak fundamental, he said: “You have to ask the Vice President that”.

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He added that he agrees with that assertion by Dr Bawumia.

“The Vice President has been exposed by his own exposure,” he concluded.

By Emmanuel Kwame Amoh||Ghana