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Bawumia Economic Lecture The poor are struggling under Mahama- Dr. Bawumia

In his lecture delivered at the National Theatre on Thursday,  the former Deputy Governor of the Bank of Ghana said the  minimum wage dropped from   $2.12       to    $2.08 representing  4.6% decline in the minimum wage.

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Former Deputy Governor of the Bank of Ghana, Dr. Mahamadu Bawumia play

Former Deputy Governor of the Bank of Ghana, Dr. Mahamadu Bawumia

Dr. Mahamadu Bawumia has bemoaned the poor standard of living under the John Mahama administration.

In his lecture delivered at the National Theatre on Thursday,  the former Deputy Governor of the Bank of Ghana said the  minimum wage dropped from   $2.12       to    $2.08 representing  4.6% decline in the minimum wage.

However between 2012 and 2016, under the Mahama administration, Dr. Bawumia said “ The minimum wage in dollar terms has declined by 23%. In comparison President  Kufuor, under the NPP increased the minimum wage from 62 cents to $2.12 representing 244% increase.”

Maintaining that  Ghana’s problem  is not a lack of resources by the inefficient use of the resources under the Mahama administration, Dr. Bawumia revealed that whiles income increased under President Kufuour between  2001 and 2008, the standard of living of the poor also increased.

“People at the bottom of the income scale became better of, and between the period of 2009 to 2016, as national income has increased, individuals at the bottom of the income scale became worse of.”

READ MORE: Ghana's Economy Bawumia delivers lecture on true state of economy today

Income inequality, which is the  measured of change in minimum wage relative to change in  income,  improved by 1.8% between 2001 and 2008, according to Dr. Bawumia.

“However, there was a major decline under the Mahama administration since 2008 and the worst decline in the tenure of John Mahama.”

Dr. Bawumia concluded, therefore, that while the income levels of the poor increased under the John Kufuor administration, despite high levels of inequality, the living standards of people living at the  bottom of the income scale decreased.

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