The Chair of the South African National Democratic Congress Council of Elders for the National Democratic Congress, Mr. Benjamin Quashie, has stated that Dr. Mahamudu Bawumia’s performance will be remembered as Ghana’s worst Vice President and head of the government’s economic management team.
According to him, Dr. Bawumia had no right to request the late Vice President Amissah Arthur to provide answers to some questions regarding the economy when he, Bawumia, was the running mate.
The SA NDC Chair hinted that Ghana’s economy is performing poorly, and this reflects negatively on Dr. Bawumia.
“Lending rate in 2016 was 8.3%, but it hit 14% in 2021. Additionally, in 2016, the budget deficit was 6.1%, but in 2020, it was 15.7%.”
“The unemployment rate before we exited office in 2016 stood at 8.4%; in 2021, the last recorded rate was 14%. If we don’t do things differently, we will continue to get the same rates, as has happened to almost all governments in the fourth republic,” he stated.
Concerning the above, Mr. Quashie believes that there needs to be a complete paradigm shift from the old way the economy has been run over the years, and this is where the 24-hour economy comes in handy.
According to him, while others, especially members of the ruling government, have tried to dismiss the policy, “the TUC has agreed with it, CEOs’ Forum have agreed upon it, Austin Gamey has agreed upon it. Other people who know our economy is on a downward spiral have all agreed that the 24-hour economy can help make a difference,” he explained.
Furthermore, he added that the 24-hour economy would work on an 8-hour shift system. “We’ve all traveled, and we know how these things work. Why can’t we replicate the same in our country?” he quizzed, challenging the rationale of those who are quick to say that it was not possible to implement the policy.
“This is a game-changer. It would ensure unemployment is reduced, ensure our economy grows, and there is a whole blueprint to that effect,” he stated.
“Highlighting the key areas of the 24-hour economy, he said it would focus on the agro-processing industry, pharmaceutical industry, manufacturers of household goods, sanitation and waste management, leisure and hospitality, retail centers, financial services, etc.”
“Where proper incentives are provided, including security and low tariffs on electricity, it can encourage a lot more people to participate in the policy. Thus, when your car breaks down at midnight, you can get someone to fix it for you. That is what we’re talking about,” he emphasized.
The Council Chair for NDC SA argued that ‘if we continue to do the same things over and over again, we cannot achieve different results. Something new ought to be introduced to get us out of the economic quagmire we find ourselves in under this government, and the 24-hour economy proposed by President Mahama would help.’
