Less than a week after his much acclaimed lecture on the topic “Restoring the Value of the Cedi”, Dr. Mahamudu Bawumia’s analysis and conclusions on the state of the Ghanaian Economy and the real causes of the cedi depreciation, have been corroborated by several reputable global institutions in sharp contrast to the attacks of the government and its propagandists. The analysis of the economy and the predictions he made, for which he was described as clueless and a theoretician by NDC propagandists, have now received numerous endorsements from among others the IMF, international credit ratings agency Fitch, Standard Chartered Bank (International) with the latest endorsements coming from JP Morgan and Professor J. Atsu Amegashie, a leading economist with the University of Guelph in Canada. An assessment of the fundamentals of the economy by Dr. Bawumia showed that the primary cause of the cedi’s depreciation was due to the chiefly among them, the double digit fiscal deficit in two consecutive years (2012 & 2013), large and increase central bank financing of government (printing of money), declining real GDP growth, increasing inflation, double digit current account deficits two years in a row, the over 400% increase in public debts in just 5 years which has meant that the government is now spending 40% of its revenues on debt servicing, the precarious level of the net international reserves, governments inability to meet statutory payments and declining investor and consumer confidence in the economy and the cedi. - The GH Observer Newspaper...!! My simple take is dis...!!...Dont mind Dr. Bawumiah...he thinks he can continue to cheat in this exam on THE STATE OF THE ECONOMY abiiii...!!??...Does he think we do not know he was handed full APOR by the IMF...Fitch...Stanchart...Barclays...JP Morgan...& the chief examiner himself...Prof. J.A. Amegashie...economist & professor @ the University of Guelph...Ontario...!!??...Bawumiah paaa...does he think we are small boys dat he can bamboozle with bone-shakers...!!?? - Guy Foxx...Honorary NDC Foot-Soldier Extraordinaire...!! ghanaweb/GhanaHomePage/NewsArchive/artikel.php?ID=304977
Posted on: Wed, 02 Apr 2014 15:45:07 +0000
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