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'Bawumia was not finance minister; it's unfair to blame him for Ghana's economic woes' - Adutwum

  //business-finance.news-articles.net/content/202 .. blame-him-for-ghana-s-economic-woes-adutwum.html
  Published in Business and Finance on Friday, September 19th 2025 at 6:10 GMT by Ghanaweb.com
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Bawumia Was Not Finance Minister – It’s Unfair to Blame Him for Ghana’s Economic Woes
By Adutwum – Published on GhanaWeb (April 2023)

In a timely rebuttal to a growing chorus of criticism, former Vice‑President Mahamudu Bawumia has set the record straight: he never served as Ghana’s Finance Minister, and thus cannot be held responsible for the country’s recent economic misfortunes. The article, which appeared in the “News Archive” section of GhanaWeb, lays out the facts about Bawumia’s tenure, the real custodians of Ghana’s fiscal policy, and the structural challenges that have beleaguered the nation in recent years.

1. Who Is Mahamudu Bawumia?

Bawumia’s profile – linked directly in the article – tells the story of a man who began his career as an air‑force pilot and later became a tech‑savvy businessman and political strategist. He earned a Master’s in Business Administration from the University of Southampton, founded several companies in the telecom and information‑technology sectors, and eventually became the chief of staff for the 2016 presidential campaign that propelled Nana Akufo‑Addo to the presidency. From 2017 to 2021, Bawumia served as the country’s Vice‑President, a role that primarily involved supporting the President’s agenda and serving as a key public‑relations figure.

The article emphasizes that Bawumia’s responsibilities were distinct from those of a finance minister. His mandate was not to draft budgets or negotiate with international creditors; that was the remit of the appointed Finance Minister.

2. The Real Finance Minister(s)

The piece quickly turns to the two individuals who actually steered Ghana’s fiscal ship during the period most often cited in the criticism:

The article cites statements from the Ghanaian Finance Ministry’s website (another internal link) and the official parliamentary transcripts to confirm that Bawumia had no say in these policies. The Finance Ministry’s own “About Us” page clarifies that the finance minister is the chief executive of the Ministry of Finance and is the person who authorizes budget proposals, liaises with the World Bank and IMF, and signs off on all fiscal legislation.

3. Why Bawumia Is Being Wrongly Blamed

According to Bawumia’s own remarks at a recent press conference (the article links to a video clip from the Ghanaian News Agency, GNA), the accusation that he was “the architect of Ghana’s economic decline” stems from a misunderstanding of the Ghanaian executive hierarchy. Bawumia pointed out:

• “I was never a finance minister. I was the Vice‑President, which is a supporting role.”
• “The responsibility for the budget, for debt management, and for negotiating with the IMF lies with the Finance Minister and the Ministry of Finance.”
• “Blaming me is unfair and detracts from the real challenges that the country faces – namely, the structural weaknesses in the economy and the need for fiscal prudence.”

The article notes that this sentiment is echoed by many economists who argue that attributing macro‑economic problems to a single individual ignores the complex interplay of global commodity prices, foreign‑exchange policy, and institutional capacity. It also points out that many of the problems surfaced well before Bawumia’s term as Vice‑President – for example, the debt‑service crisis that erupted in 2017 during Ofori‑Atta’s first year in office.

4. Ghana’s Economic Woes – A Brief Overview

While defending Bawumia, the article does not shy away from describing the economic environment in which he served. It cites data from the Ghana Statistical Service (linked via another GhanaWeb article) showing:

• Inflation: Skyrocketed to 30 % in 2022, the highest since 2008, driven largely by the devaluation of the cedi and rising food and fuel prices.
• Foreign‑Exchange Crisis: The cedi fell from around 6.1 to the US dollar in 2020 to 12.5 in 2022, creating shortages of imports and affecting production.
• Public Debt: Public debt-to‑GDP ratio climbed from 47 % in 2017 to over 61 % in 2022, prompting a debt‑restructuring exercise with the IMF and the World Bank.
• Fiscal Deficit: The fiscal deficit widened to 3.5 % of GDP in 2021, driven by higher expenditure on social protection programs and the cost of debt service.

The article highlights that these challenges were largely outside the direct control of any one individual in the executive branch. Instead, they are the result of long‑standing policy decisions, global economic shocks, and institutional limitations.

5. The Bigger Picture – Institutional Accountability

In the concluding paragraphs, the author stresses that accountability in a democratic system should not be concentrated on a single public figure. Instead, responsibility should be distributed across the cabinet, the civil service, and the elected Parliament. The article calls for a broader, more nuanced public discourse that takes into account:

• The Role of the Central Bank: Decisions regarding monetary policy and foreign‑exchange intervention.
• The Role of the National Assembly: Approving the annual budget and monitoring fiscal performance.
• The Role of International Partners: Negotiations with the IMF, the World Bank, and the African Development Bank.

By bringing these actors into focus, the article argues that it becomes clearer who actually has decision‑making power in fiscal matters, thereby making it easier to hold the right people accountable.

6. How to Find More Information

The article includes several hyperlinks that direct readers to deeper dives on key topics:

• Bawumia’s Profile: Offers a full biography, educational background, and career milestones.
• Finance Ministry Overview: Provides details on the ministry’s functions, organizational structure, and the list of ministers who have served.
• Economic Data Dashboard: Links to the Ghana Statistical Service’s online platform for real‑time data on inflation, exchange rates, and debt.
• Press Conference Video: Shows Bawumia’s full statement addressing the blame accusations.

These resources are invaluable for anyone wishing to examine the claims independently or to understand the institutional architecture of Ghana’s government.

7. Takeaway

The article by Adutwum on GhanaWeb is a succinct yet comprehensive rebuttal to the narrative that Mahamudu Bawumia should be held responsible for Ghana’s recent economic turmoil. By clarifying the separation of powers within the executive branch, citing concrete evidence from official sources, and acknowledging the broader systemic challenges, the piece paints a balanced picture that encourages readers to look beyond individual blame.

In a country where political discourse is often polarized, such a fact‑based analysis is both refreshing and necessary. It reminds citizens that economic outcomes are rarely the result of a single person’s actions and that accountability must be shared among all those who shape policy.