Dr. Mahamudu Bawumia, a Ghanaian economist and former central banker, currently holds the position of Vice President of Ghana. Before assuming this role on January 7, 2017, he served as the Deputy Governor of the Bank of Ghana. Bawumia’s political career began when he was nominated as the vice presidential candidate for 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 and played a significant role as the lead witness for the petitioners in the 2012/2013 Presidential Election Petition. Bawumia is happily married to Samira Ramadan and they have been blessed with four children.
PARENTS
Bawumia was born on Monday, 7 October 1963 in Tamale, Ghana to Alhaji Mumuni Bawumia and Hajia Mariama Bawumia. Alhaji Mumuni Bawumia, Bawumia’s father, was a teacher, lawyer, politician, a Mamprugu Royal, and Chief of the Kperiga Traditional Area at the time of his passing in September 2002.
He played a key role as a founding member of the Northern Peoples’ Party alongside notable figures such as Chief S. D. Dombo, Chief Abeifa Karbo, Yakubu Tali, the Tolon Naa, and J. A. Braimah, Kabachewura. The Northern Peoples Party, in collaboration with the National Liberation Movement and other opposition political parties, eventually merged into the United Party, which is considered the precursor of the current New Patriotic Party.
Throughout his career, Alhaji Bawumia held various positions within the Ghanaian government, including serving as a member of the Northern Territories Council, the Gold Coast Legislative Assembly, a Member of Parliament of the First Republic, a Northern Regional Minister, and an Ambassador to Saudi Arabia. In recognition of his contributions, Alhaji Bawumia was honored with the prestigious Member of the Order of the Star of Ghana in March 1999.
He also served as chairman of the Council of State during the presidency of J. J. Rawlings from 1993 to 2000 in the 4th Republic. In September 2021, Hajia Mariama Bawumia, his mother, passed away in Accra at the age of 81. She was laid to rest beside her husband in Kperiga, near Walewale in the Northeast Region.
EARLY LIFE AND EDUCATION
Mahamudu Bawumia was born into a large family, being the twelfth child of his father’s 18 children and the second child of his mother’s five. He attended Sakasaka Primary School in Tamale and later gained admission to Tamale Secondary School in 1975. Following his graduation from Tamale Secondary School, he pursued studies in banking in the United Kingdom, earning the Chartered Institute of Bankers Diploma (ACIB). In 1981, he served as President of the Ghana United Nations Students’ Association (GUNSA).
Subsequently, he achieved a First Class Honors Degree in Economics at Buckingham University in 1987. He furthered his education by obtaining a master’s degree in Economics at Lincoln College, Oxford, and a Ph.D. in Economics at Simon Fraser University, Vancouver, British Columbia, Canada in 1995. His academic focus includes Macroeconomics, International Economics, Development Economics, and Monetary Policy, with several publications to his credit.
CAREER
Between 1988 and 1990, Bawumia held a position as a lecturer in Monetary Economics and International Finance at the Emile Woolf College of Accountancy in London, England. Additionally, he worked as an economist at the Research Department of the International Monetary Fund in Washington, D.C.
Bawumia also previously served as the Resident Representative of the African Development Bank in Zimbabwe. From 1996 to 2000, Bawumia served as an Assistant Professor of Economics at the Hankamer School of Business at Baylor University in Waco, Texas, USA. During his time there, he was honored with the Young Researcher Award in 1998 and was recognized in “Who is Who Among America’s Teachers” in 1999.
He has authored two books on monetary policy and economic development. Upon returning to Ghana in 2000, Bawumia joined the Bank of Ghana as an economist. He progressed from Senior Economist to Head of Department and later became the Special Assistant to the Governor of the Bank.
In June 2006, President John Kufuor appointed Bawumia as the Deputy Governor of the Bank of Ghana. During his tenure at the Bank of Ghana, Mahamudu Bawumia played a crucial role in various capacities. He led the Monetary Policy and Financial Stability Department and contributed to the development and implementation of the inflation-targeting framework. This framework significantly reduced inflation rates from over 40% in 2000 to 10.2% by 2007, maintaining exchange rate stability.
Bawumia was also involved in policy initiatives such as eliminating secondary reserve requirements and promoting competition in the banking sector. These efforts led to a substantial increase in credit availability to the private sector, from 12.5% of GDP in 2001 to 28.5% of GDP by 2008.
Led the Bank of Ghana’s technical negotiation team and was part of the government team that engaged in negotiations with the World Bank and International Monetary Fund starting in 2001 during the HIPC and PRGF programs. As a result of these negotiations, Ghana successfully achieved self-reliance from IMF assistance by 2007.
Served as a member of the Government technical negotiating team for HIPC Paris Club and Completion Point Negotiations. Ghana effectively completed the HIPC process with substantial debt relief amounting to nearly $4 billion. Played a key role in negotiating the Millennium Challenge Account Compact with the US Government as part of the Government team. The MCA led to the initiation of several significant projects, including the recently opened George Bush Highway.
2008 ELECTIONS
In the 2008 elections, Nana Akufo-Addo, the candidate of the New Patriotic Party, had Mahamudu Bawumia as his running mate. It is noteworthy that the NPP experienced a significant increase in its vote share across all three Northern Regions during both the first and second rounds, as compared to the 2004 elections.
2008-2011
Bawumia’s professional journey includes various notable positions. From February to March 2009, he worked as a consultant for the Economic Commission of Africa. Following this, between April and October 2009, he served as a visiting scholar at the University of British Columbia Liu Centre for Global Studies and UBC Fisheries Centre.
In October 2009, Bawumia was honored with an appointment as a Fellow of the International Growth Centre (IGC). The IGC, a research institute jointly based at the London School of Economics and Political Science and Oxford University, offers guidance on economic growth to developing countries’ governments. Specifically, he contributed as an IGC Team Member for Sierra Leone.
Additionally, he provided advisory services to the Central Bank of Sierra Leone, assisting in the redesigning of the bank’s organizational structure and monetary policy framework. From October 2009 to October 2010, Bawumia held the position of Senior Research Associate at the Centre for the Study of African Economies at the Department of Economics, University of Oxford.
In January 2011, he was appointed as the Resident Representative of the African Development Bank for Zimbabwe. He continued in this role until his subsequent appointment as the Vice-Presidential Candidate for the New Patriotic Party in Ghana’s 2012 Presidential Election, running alongside Nana Akufo-Addo.
2012 AND 2016 ELECTIONS
In March 2012, Bawumia was once again chosen as the Vice-Presidential Candidate to Nana Akufo-Addo for the 2012 General Elections. The party achieved success by securing 10 seats in the Northern Region, including Yendi, Walewale, Yagaba – Kubore, Bunkpurugu, Bimbilla, Chereponi, Kpandai, Tatale – Sanguli, Tolon, and Zabzugu. Additionally, they emerged victorious in the Nabdam and Talensi Constituencies in the Upper East Region. However, despite their efforts, Nana Akufo-Addo and Bawumia were unable to secure victory in the presidential elections, ultimately losing to the NDC.
In the 2016 presidential election, Nana Akuffo Addo appointed Bawumia as his running mate. Bawumia’s appointment as Vice President in the 2016 presidential election marked a significant milestone in his political career. His role in the campaign and subsequent contributions to the government have solidified his position as a key figure in Ghanaian politics and a potential future leader of the country.
PHILANTHROPHY
The Vice President has been recognized for his numerous charitable endeavors. In October 2020, he officially inaugurated a state-of-the-art mosque that he personally funded for the community of Prang in the Bono East region. Earlier in June of the same year, Bawumia settled several decades worth of land lease arrears for the Kumasi Central Mosque.
In September 2021, Bawumia committed to providing a monthly stipend of GHS 1500 to Psalm Adjeteyfio to assist with his rent and living expenses. Then, in May 2022, Dr. Bawumia made a generous donation of GHs 20,000.00 to a taxi driver who had returned a significant sum of GHs 8,400.00 to its rightful owner. Additionally, in October 2021, Dr. Bawumia marked his 58th birthday by spending time with the residents of the Weija Leprosarium.
Subsequently, in October 2022, he celebrated his birthday with former leprosy patients from the Weija Leprosarium, and in October 2023, he commemorated his 60th birthday by visiting the orphans at the Kumasi Childrens’ Home.
CHOSEN PEICES
- “Monetary Policy And Financial Sector Reform In Africa: Ghana’s Experience by Mahamudu Bawumia (Aug 31, 2010).
- “The Determination of Bank Interest Spreads in Ghana: An Empirical Analysis of Panel Data” with Martin Ofori and Franklin Belnye, September 2005.
- “Developing a Composite Indicator of Economic Activity in Ghana”, with Benjamin Amoah, Bank of Ghana Working Paper, February 2004.
- “A Simple Vector Error Correction Forecasting Model for Ghana”, with Joseph Atta-Mensah, Bank of Ghana Working Paper, August 2003.
- “Monetary Growth, Inflation and Exchange Rate Policy in Ghana” Research Department, Bank of Ghana, Journal of the West African Monetary Institute, 2003.
- “The Transmission Mechanism for Monetary Policy in Ghana”, with Philip Abradu-Otoo, Bank of Ghana Policy Paper, August 2003.
- “The Determinants of Exchange Rates in Ghana”, with Zakari Mumuni. Bank of Ghana Working Paper. March, 2003.
- “The Feasibility of Monetary Union in West Africa”. Mimeo. Economic Commission for Africa, November 2002.
- “Comparative Institutional Features of Different Common Central Banks”, West African Monetary Institute. Mimeo. February, 2002.
- “Designing an Exchange Rate Mechanism for the West African Monetary Zone”, West African Monetary Institute. Mimeo. February 2002.
- “Explaining African Economic Growth Performance: The Case of Ghana”, with Ernest Aryeetey and A. Fosu. Paper prepared for the African Economic Research Consortium. April 2001.
- “Assessing the effectiveness of Intervention on the Foreign Exchange Market in Ghana”. Research Department, Bank of Ghana, February 2000.
- “A Review of the Literature of the Impact of Financial Sector Liberalisation on the Poor”, with Dr E.K.Y. Addison and Maxwell Opoku Afari, Research Department, Bank of Ghana, August 2000.
- “Financial Markets in Africa. Issues and Challenges for Research,” with Professor Ernest Aryeetey, ISSER. October 2000 AERC .
- “Currency Substitution and Money Demand in Ghana: A Cointegration Analysis”. Research Department, Bank of Ghana, November 2000.
SCHOLARSHIPS AND AWARDS
- 2007 — Fellow of the Chartered Institute of Bankers (FCIB).
- 2000 — Who Is Who Among America’s Teachers? – Baylor University.
- 1999 — Young Researcher Award: Baylor University, Texas, USA.
- 1995–1999 — President’s Research Fellowship: Ph.D. Simon Fraser University.
- 1991–1995 — 4 Graduate Fellowships: Ph.D. Simon Fraser University, Canada.
- 1986 Sir Alan Peacock Prize. Best Economics Student, Department of Economics, University of Buckingham, United Kingdom.
- June 2019, Dr. Bawumia was adjudged Digital Leader of the Year at the 9th Ghana Information Technology & Telecom Awards (GITTA
2024 ELECTIONS
Dr Mahamudu Bawumia emerged victorious in the NPP Presidential primaries, securing his position as the flagbearer for the New Patriotic Party in the upcoming 2024 election. On November 4, 2023, Bawumia garnered an impressive 61.43% of the total valid votes cast across 276 constituencies nationwide, including the Party Headquarters in Asylum Down, Accra. His resounding victory reflects the trust and support he has garnered from party members and constituents alike.
INITIATIVES
The Digital Ghana Agenda, led by the Vice President, Mahamudu Bawumia has brought enormous transformation to the country, which include;
- Mobile Money Interoperability
- National Identification System (Ghana Card)
- National Health Insurance App
- Digitization of the National Lotteries Authority
- Digitized Procurement Platform for the Public Procurement Authority
- Digitized motor insurance database
- Ghana.Gov (Platform to allow MMDAs to offer digitized services to citizens from a single portal)
