Former Vice President of Ghana, Dr Mahamudu Bawumia, has criticised contemporary economic policy decisions, saying many policymakers are failing to learn from both historical and economic lessons.

Speaking at the International Democrat Union (IDU) Forum, Dr Bawumia expressed concern over the increasing reliance on tariffs to address trade imbalances, which he argued is a flawed approach. "There are surely trade imbalances," Dr.

Bawumia stated. "But one of the things policymakers are doing recently is a failure to understand the lessons of history as well as the lessons of economics…You cannot fix a trade deficit with tariffs - it just doesn't work." Drawing on global trade data to illustrate the point, he highlighted the disproportionate shares in international trade: Africa accounts for only 2.5% of global exports and 2.9% of imports, while Asia handles 43% of exports and 38% of imports.

China alone contributes 15% of exports and 10% of imports, Europe commands 38% of exports and 51% of imports, and the U.S.