Ghana’s Vice President, Mahamudu Bawumia, has abdicated responsibility, on his behalf and on behalf of his government, for the recent spell of sudden spikes in fuel prices.
In a defeatist denial by the man who has superintended over the failure of Ghana’s economy, Dr. Bawumia claims that the cause of the fuel price increases are the result of the proverbial international market turbulence and not his government.
Speaking at the National Energy Transition Dialogue in Accra, he said the worldwide push to reduce fossil fuel use to achieve net-zero emissions is already having an impact on the global economy, with funding for oil exploration and exploitation shrinking.
“We all have to be aware that this transition is going to take place over the next 30 years, but the costs of that transition are being felt today. There is less and less funding available for oil exploration and exploitation, and we are seeing this in an increase in oil prices globally,” Bawumia stated.
“We in the developing countries are facing these very high costs of petroleum prices, and that is resulting in many economic impacts such as inflation as prices of goods increase in response to the increase in petroleum prices.”
Interestingly, Ghana is both a net importer and a net exporter of petroleum so, according to many experts, the effects of petroleum price turbulence on Ghana ought to be easily containable.
However, the Akufo-Addo government whose economic management team is headed by Bawumia has failed to keep the economy on a sound footing after practically borrowing the country into a black hole.
In addition to high petroleum prices, the local currency, the cedi is on a virtual free-fall against major trading currencies while inflation has increased into double digit and is heading towards 14%.
Amid the troubles, Bawumia who had been sold to Ghanaians as an economic wizard has maintained a deafening silence as his economic profile disintegrates.