Fifi Kwetey, Minister of State at the Presidency in charge of Financial and Allied Institutions, has launched a blistering attack on the NPP's 2012 Vice Presidential candidate, Dr. Mahamudu Bawumia, over his remarks about the economy; labeling him as an "empty barrel" and an economist who only gives an impression of being "intelligent."

Fifi Kwetey, speaking in an interview with Radio Gold, chastised the NPP guru for claiming that the Socialist Democratic ideals of the ruling National Democratic Congress are nothing to write home about.

Dr. Bawumia termed them as ”Akonfem Socialism."

Delivering a speech during the one year memorial lecture to commemorate the life of the late Vice President Alhaji Aliu Mahama, he bemoaned the poor administration of President John Dramani Mahama.

According to Dr. Bawumia, the current government lacks the fiscal discipline to revamp the economy, claiming that "Ghana’s total public debt has increased from Ghc9.5bn in 2008 to Ghc43.9 billion as at August 2013 (an increase of 357% in less than 5 years)! Mr. Chairman, the NDC government has borrowed the equivalent of $20 billion in just the last five years!..."

“What is worrying is that they tell us that this is only the first gear! Can you see or feel that $20 billion dollars has been pumped into this economy in the last five years? Where are the projects to show for the $20 billion? Just imagine the transformational effect if every region were given $2 billion for development projects...

“At the end of 2008, the government budget deficit to GDP ratio stood at 6.5% (after the rebasing of GDP). This outcome was described by the NDC as bad fiscal management. By the end of the election year 2012, the budget deficit had reached some 12% of GDP (after rebasing of GDP). This is double the deficit in 2008 which the NDC described as reckless! Interestingly, Mr. Chairman, today the NDC government’s objective in the medium term is to get to a budget deficit to GDP ratio of 6.5%, the same as was the case in 2008, which they called reckless! This is what is called reverse gear, not first gear,” the former Deputy Governor of the Bank of Ghana said.

But addressing the issue, Mr. Kwetey vehemently opined that the former Deputy Governor of the Bank of Ghana completely "made a departure” from making “sound analysis of any economy. And basically, he’s doing as much of the gutter politics as people like Sir John and the NPP.”

Corroborating his claims in the interview, he explained that the NDC government has made several interventions to boost the progress of the economy. He stated that the government worked assiduously to attain a single digit inflation rate in three years for the economy, and also strengthened Ghana's currency against the US dollar.

In view of Dr. Bawumia's comments, the State Minister insisted that the renowned economist is bereft of knowledge and lacks competence.

“You have these empty barrels going about making noise creating the impression of being intelligent, of being competent. And this person actually is making noise about knowledge of economy…The life of President Aliu should actually be a signal to him that the same people who are making him look like a hero today have a history” of dumping him, and “if Bawumia cannot learn that lesson, it simply shows that clearly he’s not learning quick enough.”