Gradually,Dr Bawumia is establishing himself as an unofficial don of all economic theories and prepositions in this country rubbishing every economic work from other intellectuals and exerting some kind of unbridled force through political speeches,on his academic contemporaries,to hold his unbalanced economic prepositions as divine.The danger associated with his current politically motivated economic speeches is the determination to rubbish works by state institutions especially,the Bank of Ghana and the Statistical Service just for political convenience.Some of get worried because of his academic background,someone who worked closely with these institution before jumping onto the political stage.
From the days of Professor OtiBoateng to the period to DrTwumBaah who acted as head of GSS till today,the GSS as an institution has not been run down the way Bawumia has been doing trying had to discredit the academic level and integrity of personnel working with the institution.It is dangerous because of its political implications.Members of the Independent Greeks Party once stormed into offices of the country’s Statistical Service with same reasons as being trumpeted around by Bawumia,the action contributed to the problems Greek went through all because,political machinations were brought on board the Greek economic crisis creating unnecessary doubt and breakdown of certain institutions.
If we allow Bawumia to dominate our economic discussions with his own drafted economic prepositions,we may end up towing his line just like the way economists depend on Keynesian economics and other tested theories which would stagnate our economic reconstruction agenda.He has shown deep political biases in all his presentations so relying on them as students,teachers and practitioners of economics,could be dangerous.
If we begin to walk over our sensitive institutions,then,we must know that we are breaking down the pillars supporting our democracy.We must always understand that,one party will not control political leadership forever,so doing this at opposition will only create a negative convention to be followed or adopted by subsequent opposition parties.
The revelations put out by Bawumia do not represent the reality.Inflation can been held in check whiles experiencing slow economic growth.It is basically factual that interest rate, inflation and exchange rates are all highly correlated.Bawumia knows very well that,no economic mind not even newly graduated economics student will make the mistake of manipulating exchange rate or interest rate figures in challenging moments like this,I say so because,such manipulations by the central bank or the statistical service will exert serious influence over both inflation and exchange rate.Use don’t adopt Statistical fallacy at this state of an economy.
I find it difficult to understand why Bawumia always narrows his economic revelations,before we can get the right picture to prescribe the right therapy,we must always do comprehensive study of the last decade vis a vis the current trend.Part of our national debt was contracted by his NPP government we will continue to engage in large scale deficit financing to pay for public sector projects and governmental funding all these dynamics will definitely push on us these signs we seeing but one will ask Bawumia,is the administration doing something about the things he twist in all his presentations?
In the US when the economic challenges started showing up,the FED carried out 85bn dollar a month bond buying programme which targeted at stimulating the economy,here,government is going for the IMF facility and other facilities and bonds to stimulate the economy,prudent measures instituted by the Handlers of the economy which have started showing positive signs.In economics,there can be a significant change within a second so for Bawumia to tabulate those figures weeks ago to support the current economic trend and state is even problematic.
The office of National Statistics in Britain reported that consumer price vis a vis inflation declined to 1.6% at a period around July from 1.9% around June however,the British pound tumbled against other major currencies.To situate his argument on the ordinary economic clich?s is problematic,such figure and theories used to calculate such indices are correlated as I stated but in practical terms,there may be some variations to some extent.
Source: OhenenanaObontiKrow
