Ace broadcast journalist, Godsbrain Smart commonly known in the media landscape as Captain Smart has said that the Ghanaian cedi has indeed exposed Vice President, Dr. Mahamudu Bawumia.
It could be recalled that somewhere in 2014 Dr. Bawumia who was then the running mate for President Akufo-Addo stated emphatically that the fall of the cedi is a sign of bad leadership by former President John Dramani Mahama.
“If the fundamentals are weak, the exchange rate will expose you” is one of the many profound quotes ascribed to Vice President Mahamudu Bawumia.
In 2019, now Vice President, Dr Bawumia was compelled to answer questions on the cedi’s depreciation under his reign as the head of the Economic Management Team.
Bawumia reiterated the economic theory albeit with nuances and what could be termed as ‘excuses”.
“You will recall that I stated in 2014 that if the fundamentals are weak the exchange rate will expose you. That was true then and it is true now. It is 100% correct. So if the fundamentals are weak, the exchange rate will expose you. But is warped logic to jump from that to a conclusion that if there is depreciation in your currency then the fundamentals must be weak. It is very warped logic. If the fundamentals are weak, the exchange rate will expose you but if the exchange rate moves, you cannot jump to the conclusion that the fundamentals are weak. That defies logic. There could be other external factors causing the exchange rate depreciation.”
But what was then celebrated as an example of Bawumia’s deep appreciation of economic issues is now being used to mock him.
Captain Smart, the suspended host of Angel FM’s morning show, in a Facebook live quizzed the Vice President on why the economy has been on a downward spiral under his watch.
Captain Smart said that the rise of the dollar against the cedi has exposed Bawumia’s theory. Adding that it’s about time the current government listens to the cry of Ghanaians and fix the country now because times are hard.