Ghana’s minimum wage, in dollar terms, has declined from $2.12 in 2008 to $2.02 in 2016 under President John Mahama, Dr. Mahamudu Bawumia has said.
Again, the NPP’s running mate says while the Per Capita Income saw an increase of 187% under the NPP from $440 to $1,266, the Per Capita Income has only witnessed a 17% growth (from $1,266 to $1,481) despite the advantage of oil revenues, which no other government before the NDC had.
Speaking at the National Theatre on Thursday on the topic – “The State of the Ghanaian Economy – a foundation of Concrete or Straw”, Dr Bawumia stated, “in dollar terms, under the NDC, the minimum wage declined from $2.12 to $2.02 by 2016 (i.e. by 4.6%). Between 2012 and 2016 (during the tenure of President Mahama) the minimum wage in dollar terms declined by 23.6%! In comparison, the NPP increased the minimum wage from the equivalent of $0.62 in 2000 to $2.12 in 2008 (i.e. by 244%)”.
Touching on the Per Capita Income, Dr Bawumia noted that with twelve times more resources, the NDC by $215 while the NPP with less resources was able to increase per capita incomes by some four times what the NDC has achieved.
“Under the NDC, GDP per capita has recorded a growth of 17% (from $1,266 to a projected $1,481) with oil revenue. Under John Mahama’s tenure as president (2012-2016), GDP per capita has declined by 12%. Under NPP on the other hand, GDP per capita recorded a growth of 187% in 8 years (from $440 to $1,266) without oil revenues. While the NPP increased per capita incomes by $826 during its term, the NDC, with twelve times more resources, has increased per capita incomes by only $215.
Dr Mahamudu Bawumia pointed out that the data and facts underlines the fact that ultimately, Ghana’s problem today is not one of resources but had more to do with incompetent economic management.
“With twelve times less resources, the NPP increased GDP per capita by some four times more than the NDC. This is essentially the difference between competent economic management and incompetent economic management. It also tells us that fundamentally, Ghana’s problem is not about resources. Our problem is the efficient and honest management of our resources,” he added.
The former Deputy Governor of the Bank of Ghana also touched on the income-inequality, noting that while the income inequality gap closed under the 8 year NPP administration, the gab had widened under the NDC with the worst widening happening occurring under the John Mahama led government.
The Lecture, which had to be moved to the National Theatre over the decision of Managers of the place to deny the use of the facility, to Dr. Bawumia and organizers, was chaired by Former President Kufuor.
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