WHERE IS "EVANGELIST " BAWUMIA ?

Accoding to Frederic Bastiat,  there is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen.

Basing my assessment and evaluation of Bawumia's performance so far, my conclusion is that he is one of the bad economists we have in the system.

According to Bastiat, bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of small present evil. Renowned economists present and past support this assertion.

Where is Dr Bawumia? Why the sudden quietness and where are his magical prowess. At his "Ask Bawumia" forum he said he was optimistic the 2017 budget was coming to perform magic.

He based his confidence on his government's policies and measures which were outlined in the budget. He said the budget would help stimulate the economy and he shamelessly mentioned some nonexisting projects as achievements of his administration ( 100 days).

The 2017- 2018 budgets are not expansionary budgets and they are also not pro- investment, pro- growth and pro-jobs budgets. There are no unconventional policies, designed to permanently put the economy on a path of sustainable growth.

His administration has introduced many "cash sapping" measures without taking a critical look at our revenue generation base. The truth is that Ghana's budget to gross domestic product ratio has remained low for sometime now because the country's tax to GDP ratio is low.

This government because of its populist antics and focus on the next election, is not doing enough to raise revenues from taxes. The IMF deal instilled some discipline in our tax regime. Our tax policy was overhauled by the last administration as part of the IMF conditionalities to aggressively boost government tax revenue.

The country's tax to GDP ratio should be raised close to 30 to cover the about 50-70% of the collection from VAT being diverted to other strategic sectors and the diversion by officials of our revenue collection agencies in connivance with the paying businesses.

The inflation figure is not real and Bawumia should know that a country with over $300 billion infrastructure deficit shouldn't celebrate its current percentage debt to GDP ratio with its current percentage in terms of its external portion especially when we compare that to our peer economies such as  South Africa with low infrastructure deficit and world class infrastructure, and a debt to GDP ratio as high as 44%, with external debt component of about 39.38%.

We are witnessing chaos not development and the administration has not articulated a feasible strategy for achieving inclusive growth through state driven means. The former governor was mischievously removed to enable them implement their command and control policies.

The finance ministry's repeated endorsement of keeping the cedi strong in the official market despite its far weaker value on the parallel market has left investors and local businesses in hot waters. Most investors are hesitant bringing in capital because of the uncertainties over foreign exchange management.

Where is Bawumia?

The administration's bogus policies have damaged investor confidence and this was confirmed in the world bank and Barclays Bank (SA) latest report on investment in Ghana.

Where is Dr Bawumia? And is his position on the massive corruption in his administration?

May be, I am being silly here. The man himself is one of the Chief patrons of the corruption club and operates his business around digital technologies. He has still not explained why he wasted $15 million on that bogus digital addressing system and I am still wondering what the stench will be when the real and hidden atrocities being perpetrated under the watch of he and his boss are finally exposed when Ghanaians throw their government out of power.

Contractors are still wailing, statutory payments have been blocked, salaries are not being paid promptly, all projects started by the last administration have been put on hold, funds to our schools are not flowing as promised, the NHIS is facing serious challenges yet he and his apparatchiks insultingly claim the economy is doing better under their watch.

How on earth will a Finance Minister who technically operates under the head of the economic team have the temerity to sideline the Vice President and take unilateral decisions. How on earth could Hawa Koomson have been bold enough to inflate cost of projects and push a deal that have grave implications on the nation's economy.

If the President and he [Bawumia] could sit among criminals in their government while such calamities are taking place without their eyelids being blinked, then we can rightly say that the stealing taking place is being done to their advantage.

God save our homeland Ghana 🙏🏿