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In his view, the rising inflation levels together with debt to GDP ratio and increasing fuel prices are pointers to the mismanaged economy.
John Mahama said the Vice President, hitherto touted as an ‘Economic Messiah’ has now become a poster boy who seems rattled by the state of the economy.
He continued that the EMT was running the economy based on theories from textbooks rather than the real-life nuances.
The 2020 flagbearer of the National Democratic Congress was speaking during at a lecture dubbed “Ghana At A Crossroads” at the Kempinski Hotel on May 2, 2022.
“It goes without saying that the Economic Management Team, has failed and must be reconstituted immediately, with fresh ideas and perspectives.
“Having supervised the worst public debt buildup, the worst budget deficit, the worst debt to GDP ratio, the worst credit ratings and downgrades, the worst performing currency in the world, the worst crisis of confidence in our economy, the highest fuel prices ever, ever-rising inflation and unprecedented hardships, the current Head of the Economic Management Team (EMT) has clearly fallen from his ivory tower as a self-styled economic messiah to a poster boy for economic mismanagement and his leadership of the EMT is no longer tenable.
“He has lost sight of cause and effects relationships in the economic value chain and complains that our dire economic state is due to bad ratings from international agencies, rather than the fact that our dissipating economy resulted in those bad ratings.
“How does that assure Ghanaians he is focused on the critical things that need addressing? The EMT has been bedeviled by their own ineptness, over exuberance and excessive focus on linear thinking of a theoretical cause and effect relationship, devoid of the practical influences of complex real-life nuances,” John Mahama said.