Prof. Lord Mensah, an economist at the University of Ghana Business School (UGBS), believes that it is not essential for Vice President Dr. Mahamudu Bawumia to blame the former Mahama government for the country’s economic troubles. He made this claim in response to a statement made by Dr Bawumia.
According to him, he did not see the need for Dr Mahamudu Bawumia to travel back into the years and condemn previous administrations for the issues facing the population of the country. He said that this was because he did not see the necessity.
Prof. Mensah made this statement during an interview that aired on Joy FM’s Super Morning Show on Friday. He noted that whenever a new administration comes into office, it immediately inherits both the assets and the liabilities of the government that came before it.
In this respect, he noted that strong economic managers were required to transform the liabilities they inherited into profits, and as a result, Dr Bawumia had to cease making reference to the shortcomings of the NDC.
“You should be aware, as a person in charge of managing the economy’s finances, that before you take over, you’re going to inherit both obligations and assets.” You can’t merely highlight the negative aspects of the situation and claim that because that’s what you inherited, there’s no way you could have done better without those problems. What exactly were the resources at your disposal? For what exactly did you utilise them? ” The quiz was given to Professor Lord Mensah.
“There is a purpose behind why our political cycles are every four years.” Therefore, if the turnaround time is less than four years, it will not be possible. Going back in time like that is not something I believe is essential. It is my opinion that the economic situation of Ghanaians would not improve if our economic managers continue to make remarks and allusions of this nature,” he remarked.
Continuing with his insights, Professor Lord Mensah emphasised one more point by saying, “As an economic manager, you inherit both liabilities and assets.” How you recognise liabilities that you inherit and convert them to assets for the benefit of the country is a barometer of your success. ”
“Therefore, there is no requirement to make reference to those two items in any way. No, not at the moment. We’ve gone far. To clarify, we are now a great deal further along in the years. “After [having] dealt with the economy for [the last] six years, I don’t think it’s necessary for us to make reference to this,” he continued.
Prof. Lord Mensah made those remarks in response to an earlier assertion made by the Vice President on Thursday. In that assertion, the Vice President stated that Ghana’s current economic challenges are partially due to the ills of the NDC. Lord Mensah’s comments were a reaction to the Vice President’s earlier assertion.
According to him, the current problems may be ascribed to the “quadruple whammy” that the government faces, which consists of excess capacity payments, the crisis in the financial sector, COVID-19, and the war between Russia and Ukraine.
He stated that two of the four issues, namely the crisis in the banking sector and the excess capacity payments, were inherited from the government that came before this one. This assertion was made by him while he was speaking at the Accra Business School.