Investigative journalist, Manasseh Azure Awuni has teased Vice President Dr Mahamudu Bawumia for the government’s desperation for the proposed Electronic Transactions Levy (E-levy) despite the hardship Ghanaians are currently going through.
According to him, the government can tell Ghanaians all the lies they want, but if the fundamentals of the economy are weak, desperation for the e-levy will expose them.
The award-winning journalist’s statement is believed to have resulted from Dr Bawumia’s failure to live up to expectation when it comes to managing the economy.
Manasseh’s comment comes after Moody’s Investors Service has on Friday, February 4, 2022, downgraded the Government of Ghana’s long-term issuer and senior unsecured debt ratings to Caa1 from B3.
Moody’s has also downgraded the senior unsecured MTN programme ratings to (P)Caa1 from (P)B3 and the backed senior unsecured debt rating to B3 from B1.
The downgrade to Caa1 reflects the increasingly difficult task the government faces addressing its intertwined liquidity and debt challenges.
In 2014, while in opposition, Vice President Dr Mahamudu Bawumia took a swipe at the Mahama administration with the famous “if the fundamentals are weak, the exchange rate will expose you” statement.
Meanwhile, Dr Bawumia has revealed at a recent Town Hall meeting that he still stands by his words but the fact that the cedi is depreciating, does not mean the fundamentals are weak.
“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. 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,” he stated.