Mr. Benjamin Quashie, South African National Democratic Congress Council of Elders Chair has posited that Dr. Alhaji Bawumia’s performance would go down in history as Ghana’s worst Veep and Head of Economic Management Team.
According to him Dr. Bawumia had no right to have requested late Veep Amissah Arthur to proffer answers to some questions bothering on the economy when he, Bawumia, was running mate.
Speaking on Happy FM’s Morning Show, Monday, December 11, 2023, the SA NDC Chair hinted that the economy of Ghana is performing poorly and this is an indictment on the Veep and this is the reason why President Mahama’s 24 hour economy is a good proposal Ghanaians must embrace.
Using some statistics to buttress his point, he shared that “lending rate in 2016 was 8.3% but 14% in 2021. Again in 2016, budget deficit was 6.1% but in 2020 it was 15.7%, expecting that in 2022 it would be 12%.
“Unemployment rate before we exited office in 2016 stood at 8.4%, in 2021, the last one we had was 14%. If we don’t do things differently we would continue to get the same rates as has happened to almost all governments in the fourth republic”, he stated.
With reference to the above, Mr. Quashie believes that “we need to a have complete paradigm shift from the old way the economy has been run all these 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 pooh pooh the policy, “the TUC has agreed upon it, CEOs’ Forum have agreed upon it, Austin Gamey has agreed upon it. Other people who know our economy is on the downward spiral have all agreed that the 24 hour economy can help make a difference”, he explained.
Further, he added that the 24 hour economy would work on an 8 hour shift system. “We’ve all travelled and we know how these things work. Why can’t we replicate 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 blue print to that effect”, he stated.
Highlighting the key areas of the 24 hour economy, he said it was going to focus on Agro processing industry, Pharmaceutical industry, Manufacturers of household goods, Sanitation and Waste Management, Leisure and Hospitality, Retail Centres, Financial Services etc.
“Where proper incentives are provided, including security, 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 emphasised.
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 guagmire we find ourselves in under this government and the 24 hour economy being proposed by President Mahama, would help.
By: Wisdom Agodza
