By King Amoah
In an era defined by economic turbulence, the voices of entrepreneurs and business leaders are becoming increasingly vocal regarding the state of the Ghanaian economy.
One such voice is that of Alhaji Musa Abubakari, a prominent entrepreneur based in Kumasi and Managing Director of Basfam Company Ltd.
In a recent interview, he expressed doubt over the Vice President Dr. Mahamudu Bawumia’s claims of being an expert economist, raising concerns over the mounting challenges faced by businesses amid rising inflation and a destabilized currency.
Alhaji Musa Abubakari’s comments come in light of Dr. Bawumia’s ambitious promises to “lock up the dollar” and hand over the keys to the Inspector General of Police, as a metaphorical pledge to restore stability to the cedi-dollar exchange rate.
This promise, however, has fallen flat in the eyes of many business leaders, including Alhaji Musa, who note the increasing struggles that companies are facing with currency fluctuations and rising taxes.
Alhaji Musa Abubakari who also doubles as the Chairman of the Moslems Executive Foundation (MEF) lamented the collapse of numerous businesses in the country, attributing these failures to the Vice President’s inability to deliver on his assurances of economic stability.
“Dr. Bawumia made the business community trust and believe in him while he was seeking office, but since then, his failure to stabilize the dollar has led to the collapse of many companies,” he said.
His remarks suggest a significant disillusionment with the current administration’s economic management, and he questioned Bawumia’s qualifications for the role he occupies.
The assertion that Dr. Bawumia’s economic insights may not be as solid as portrayed raises eyebrows, especially considering the backdrop of economic promise made during the previous election campaigns.
Alhaji Abubakari pointedly expressed, “I doubt Bawumia on whether he is a qualified economist, because under his watch many companies have collapsed.” His remarks convey a sense of betrayal felt by the business community, who feel abandoned in their hour of need.
In addition to addressing the challenges posed by economic instability, Alhaji Musa Abubakari also drew attention to the media’s role in these trying times. He expressed disappointment over what he termed “double standards” in journalism.
According to Alhaji Musa Abubakari, journalists have historically been quick to critique government policies when tax rates were raised during previous administrations, yet now they remain silent in the face of excessive taxation that he claims is crippling Ghanaian businesses.
“I am very sorry for the media because in the era of the previous government, if tax is raised even by 1 percentage point, the media resorted to attacks, yet today, businesses are struggling without similar scrutiny,” he lamented.
Alhaji Musa’s comments also highlight a pervasive sentiment that many in the entrepreneur community share: those not engaged in business may not fully grasp the financial agony that taxing policies impose on businesses. “The truth is,” he declared, “those who don’t pay tax don’t know the agony entrepreneurs are undergoing.
If we speak up, they think we’re making noise or frustrating the government and hardly consider the price hikes in the markets.”
Alhaji Musa’s poignant statement, “I thank you Dr. Bawumia for crippling my business,” encapsulates the frustrations of many who feel that the current governance is failing to safeguard the economic interests of the populace.
