Economic lecture: Bawumia's speech good but people don't eat words - Kwame Pianim

Business economist and investment consultant, Andrews Kwame Pianim has said Vice President, Dr. Mahamudu Bawumia explaining the cause of the fall of the local currency and finding ways to address the depreciation is good but must reflect in the lives of the ordinary Ghanaian.

Vice President Dr Mahamudu Bawumia

Addressing Ghanaians on the state of the economy at an Economic Management Team town hall meeting, Bawumia insisted that the current economic fundamentals of the country are strong contrary to the National Democratic Congress' (NDC) logic that the recent cedi fall must be due to weak economic fundamentals.

"If the fundamentals are weak, the exchange rate will expose you, but if the exchange rate moves you cannot jump into that conclusion that the fundamentals are weak, that defies logic," he said.

However, Kwame Pianim said Bawumia's observations on the cedi are good but it has no bearing on the pockets of Ghanaians.

"I am not going to contradict the Vice President. All that I am saying is that people don't eat words. They see the exchange rate reflect in their cost of living because prices will go up. Let’s stop talking and focus on addressing the fundamentals. The fundamentals are supply and demand for foreign exchange," he said on Accra-based Citi FM.

He advised the government not to address the economic problem on a partisan and political scoring basis.

"With the supply, we can do something about it by increasing exports, restructure the economy, which means expenditure controls, responsible fiscal policy and then we move. It doesn’t matter which party is in power and we should stop political point scoring," he said.

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