If you care to know, Turkey, one of the economic giants of Europe now has an Inflation rate of 79% as a result of War in Ukraine.
Ukraine itself now need over US$ 750 billion for a national recovery plan
Even the combined net worth of the first 5 topmost billionaires cannot reach the US$750 billion that Ukraine requires for its National recovery plan as result of the War in the Country. This is the reality and the magnitude of the impact of the Russia-Ukraine War.
Certainly, when an excellent student stumbled (NPP) due to external unforeseen circumstances beyond his or her control, the poor students (NDC) always rejoice and make a mockery of the situation out of jealousy and uneasiness.
Poor students (NDC) went to IMF with Dumsor and without COVID-19/Russia-Ukraine War. Excellent students (NPP) is going to the same IMF because of the impact of COVID-19 and Russia-Ukraine War and of all a sudden, NDC are feeling vindicated for their poor show and incompetence in 2015/2016.
It is very funny for John Mahama and some Presidential Hopefuls of NPP to conclude that Dr. Bawumia as the head of the Economic Management Team of Akufo-Addo’s Government has failed to deliver because NPP Government is heading to IMF for assistance.
The same Dr. Bawumia as the head of the Economic Management Team helped Akufo-Addo’s Government to provide economic turnaround solutions to successfully turned the negative economic narrative of Ghana left behind by John Mahama even when John Mahama’s administration was under IMF bailout in 2015/2016.
Between 2017 to 2020 even during COVID-19, Dr. Mahamudu Bawumia and the Economic Management Team were able to assist Akufo-Addo’s Government:
1. Reduced Inflation rate from 15.4% in 2016 under Mahama to 10.4% at the end of 2020.
2. Reduced average lending rate from 32% in 2016 under Mahama to 21% in 2020.
3. Increased Ghana’s Gross International Reserves from US$6.1 billion in 2016 under Mahama to US$8.6 billion in 2020.
4. Solved Dumsor which Mahama FAILED to address it in 2015/2016 even with the help of IMF bailout.
5. Bring to Ghana VW, Sinotruck, Toyota and Nissan all assembly vehicles in Ghana, something Mahama couldn’t achieve during his days as President of Ghana.
6. Established Ghana Integrated Iron and Steel Development Corporation (GIISDEC), Tree Crop Development Authority, Ghana Integrated Aluminum Development Corporation(GIADEC), Minerals Income Investment Fund(MIIF), over 100 plus Factories under 1 District 1 Factory, over 300 Ambulances, over 6 major Interchanges, STEM Educational Facilities etc. And all these were non-existence under John Mahama’s administration.
It is worthy to also state that during the peak of the global COVID-19 pandemic without IMF Programme, Dr. Bawumia and the Economic Management Team were able to advise Akufo-Addo’s Government to provide:
1. Free Water to Ghanaians including the household of John Mahama, his relatives and members of the NDC.
2. Free Electricity to the household of Ghanaians including that of John Mahama, his relatives and members of the NDC.
3. Free food to Ghanaians including that of hungry NDC’s footsoldiers and comrades.
4. Free COVID-19 Vaccines to Ghanaians including the household of John Mahama, his relatives and members of the NDC.
The war in Ukraine has been reverberating across World’s Regions with advanced economies such as USA, UK, Europe, Asia and African Countries all suffering from high cost of food, rising inflation rate, high prices of oil and gas, struggling economy, low quality of living and slower growth, even forcing the World Bank in April 2022 to slash/cut/reduced the 2022 Global Growth Forecast to 3.2% from the initial projected 4.1%, citing the impact of Russia’s invasion of Ukraine is having on the World Economy.
Russia and Ukraine are the MAJOR commodities producers and the war between these two Countries has badly affected global supply chains leading to soar in global prices for oil, gas, Iron rods, food especially grains/wheat for bread and therefore resulting in wider fiscal & trade deficits, financial exposures and inflation pressures. Ukraine and Russia make up 30% of the global exports.
Henceforth, the incompetence of John Mahama can NEVER be transferable to Dr. Mahamudu Bawumia because Time and season in 2015/2016 which pushed John Mahama to IMF for bailout is NOT the same as in 2022 which has forced Akufo-Addo’s Government to IMF to support its own Economic Programme.