[ 2012-05-02 ]

Bawumiah asks Mills: Why the fall in exchange rates if economy has grown?
Running mate for New Patriotic Party (NPP)
flagbearer Nana Addo Dankwa Akufo-Addo Dr Mamudu
Bawumiah says the increment in government wage
bill was anticipated by the Kufuor administration
when it introduced the SSSS shortly before they
exited power.

Dr Bawumiah said it was not surprising that the
wage bill had doubled from Ghc 2.4 billion to Ghc
4.8 billion as President Mills announced in
Sunyani at a Parade to commemorate the May Day
celebrations Tuesday.

He noted that prior to the introduction of the
SSSS, the NPP administration had moved the economy
from HIPIC to a middle income economy, and knew
the new pay policy would absorb the wage bill.

Dr. Bawumiah noted in an interview on Adom Fm’s
Dwaso Nsem on Wednesday, prior to his speech on
the “State of the economy” at the Ferdinand Ofori
Ayim Memorial Lectures in Accra, that vigorous
efforts needed to be made to transform the economy
from what he termed a “Guggisberg economy” into a
manufacturing economy.

The former Deputy Governor of Bank of Ghana said
this is the sure way of helping local businesses
to expand and create jobs.

“If the economic indicators are so unprecedented,
then why are exchange rates falling like a
brick?”, he asked.

He stated that government's failure to create jobs
has resulted in the rise of youth unemployment.

Source - Adomonline.com

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