Mahamudu Bawumia: The economist who became Ghana's 5th vice president

Stories and facts

Born on October 7, 1963, in Tamale, Ghana, his journey to this esteemed position has been marked by dedication, academic excellence, and significant contributions to the economic landscape of Ghana.

Bawumia's family was one of substance, with his father, Alhaji Mumuni Bawumia, being a teacher, lawyer, politician, and a Mamprugu Royal. His father's contributions extended to his involvement in the Northern Peoples' Party, which later merged into the United Party, a precursor to the New Patriotic Party (NPP). Alhaji Bawumia served Ghana in various capacities, including as a Member of Parliament, Northern Regional Minister, and Ambassador to Saudi Arabia. In recognition of his service, he was awarded the Member of the Order of the Star of Ghana in March 1999.

Bawumia's early education began at Sakasaka Primary School in Tamale, and he later attended Tamale Secondary School in 1975. His pursuit of higher education took him to the United Kingdom, where he studied banking and obtained the Chartered Institute of Bankers Diploma (ACIB). He graduated with a First Class Honours Degree in Economics from Buckingham University in 1987. Subsequently, he earned a master's degree in Economics at Lincoln College, Oxford, and a Ph.D. in Economics at Simon Fraser University in Canada in 1995, specializing in Macroeconomics, International Economics, Development Economics, and Monetary Policy.

Bawumia's career is marked by a wealth of experience and notable achievements. From 1988 to 1990, he worked as a lecturer in Monetary Economics and International Finance at the Emile Woolf College of Accountancy in London. He then served as an economist at the Research Department of the International Monetary Fund in Washington, D.C.

Between 1996 and 2000, Bawumia held the position of Assistant Professor of Economics in the Hankamer School of Business at Baylor University in Waco, Texas, USA. During his time there, he received the Young Researcher Award in 1998 and was listed in "Who is Who Among America's Teachers" in 1999. He also authored two books on monetary policy and economic development.

In 2000, Bawumia returned to Ghana to work at the Bank of Ghana, where he steadily climbed the ranks from Senior Economist to Head of Department. He played a pivotal role in designing and implementing the inflation-targeting framework that significantly reduced inflation rates and improved exchange rate stability.Throughout his tenure at the Bank of Ghana, Bawumia contributed to policy initiatives that opened up the banking sector to competition and increased the availability of credit to the private sector. He was instrumental in negotiating with international financial institutions, leading to Ghana's successful end to its dependence on IMF assistance and significant debt relief.

Bawumia's career also included involvement in various governmental negotiations, such as the Millennium Challenge Account Compact with the US Government and the deregulation of Ghana's Petroleum Sector. His contributions extended to the successful redenomination of the cedi and the implementation of the e-switch common platform for financial institutions.As Deputy Governor, Bawumia oversaw the soundness of the banking sector and served on the boards of several important institutions, including the Bank of Ghana and Ghana International Bank (UK).

Bawumia's entry into politics began when he was nominated as the vice-presidential candidate of the New Patriotic Party (NPP) in 2008, running alongside presidential candidate Nana Akufo-Addo. He continued as the NPP's vice-presidential candidate in the 2012 general elections. Notably, he was the lead witness for the petitioners in the 2012/2013 Presidential Election Petition, challenging the election results.

In 2016, Nana Akufo-Addo appointed Bawumia as his running mate for the presidential election, and their victory marked the beginning of his term as Vice President of Ghana.Looking forward, Bawumia filed his nomination in June 2023 to contest in the NPP Presidential primaries for the 2024 election. He secured victory in the super delegates congress election, receiving 68% of the vote among 10 other candidates, solidifying his position as a frontrunner for the party's presidential candidate.

Bawumia's contributions extend beyond politics and economics. He is known for his philanthropic endeavors, such as funding the construction of an ultramodern mosque in Prang and settling long-standing land lease arrears for the Kumasi Central Mosque. He also pledged a monthly stipend to support Psalm Adjeteyfio's rent and upkeep.

Mahamudu Bawumia's life and career are a testament to dedication, excellence, and public service. From his early years in education to his impressive tenure as an economist and politician, he has consistently contributed to the growth and development of Ghana. As the 5th Vice President of Ghana, Bawumia's journey continues to be one of significance and impact on the nation's economic and political landscape.



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