Bawumia replies Mahama on redenomination cost

Dr.BawumiaSeveral hours after President John Dramani Mahama threw a challenge to the opposition New Patriotic Party (NPP) vice presidential candidate, Dr. Mahamudu Bawumia, to disclose the cost of the 2007 redenomination exercise, Dr. Bawumia has hit back strongly.

In a riposte on his facebook, Dr. Bawumia claimed the cost of the exercise was public knowledge and that President Mahama might have been “poorly briefed” on the issue.

“Today’s request for disclosure on the 2007 redenomination is another demonstration of incompetence.

Apart from the fact that the then Governor of the Bank of Ghana (BoG) disclosed the cost as far back as 2007, if the President really wanted to find out the cost of the redenomination, he could simply have asked his Vice President, who was a former Governor of BoG, especially when the President was Head of the Economic Management Team.”

President Mahama, addressing a mammoth rally at Darkoman in Accra, on Tuesday, dared Dr. Bawumia to disclose the cost of the Cedi redenomination.

The NPP vice presidential candidate was the Deputy Governor of the BoG under the Kufuor administration when the exercise took place.

The President speaking to hundreds of his ruling National Democratic Congress (NDC) supporters noted that, “Do we remember the Cedi redenomination under President Kufuor? During that time, someone (Bawumia) was the Deputy Governor of the Bank of Ghana and up till now, even I as president does not know the cost of the redenomination exercise.

He added that, “Up till today, no Ghanaian knows the cost of the redenomination exercise and the same people come and say someone is incompetent. When you redenominate the Cedi, how much did it cost us? Simple things like these, you cannot tell us and you have the nerve to come and talk about corruption. Look in the mirror and look at yourselves.”

“At least my administration has been transparent and accountable in all projects we have undertaken, but the same cannot be said about the NPP government whose activities were shrouded in secrecy.”

But on the facebook wall Dr. Bawumia wrote; “Mr. President, care to read?

Such petty propaganda should be beneath someone of the stature of a President. It is clear he was very poorly briefed, but when a president decides to join the bandwagon of propaganda, he only ends up embarrassing himself.”

“Moving on, can the President (with the same zeal) and his Economic Management Team respond to the 170 statements contained in my last lecture?”

Checks by this paper revealed that the then Governor of the BoG, Dr. Paul Acquah announced that it cost the country a total of 66.2 million United States dollars.

“ The amount comprised cost of printing the notes, cost of minting of the coins education campaigns as well as logistics for distribution,” The Ghanaian Times issue of November 8, 2007 reported.


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