Ghana's longest serving Finance Minister Prof Kwesi Botchwey has described as "brilliant", a lecture by Dr Mahamudu Bawumia which painted a gloomy picture of Ghana's economy.

Far from the assertions of critics, mostly government spokespersons, who described Bawumia's lecture as lacking substance, Professor Kwesi Botchwey said the Bawumia's diagnosis of the country's economy was apt.

"I am honoured  following on the heels of Mahamudu and his brilliant lecture which stirred healthy debate on the woes of the cedi but generally on our national economy.

"Mahamudu is a young man whose professional credentials I particularly respect.

"So I offer no rebuttals to what he had to say. On the contrary, I do agree with much of what he said," Prof Botchwey admitted when he took his turn at the Distinguished Speaker series organized by the Central University College on Tuesday.

He was speaking on the theme: “State of the Nation’s Political Economy and the Role of Civil Society.”

While Dr Bawumia in his lecture likened Ghana's economy to a 'boneshaker' vehicle riding on a bumpy road, Prof Botchwey's perception of the country's political economy was also not complimentary.

"I see a nation reeling in widespread disaffection; a bit of despair, a popular mood that is marked by some frustration, rising  cynicism about any explanation, assurances by government even by technocrats and public servants.

"A feeling that everybody in public office is somehow engaged in corruption and just money grabbing.

"I see a spill over of this mood onto our roads in a breakdown of discipline as motorists take the laws into their own hands and defy traffic lights and the police. Motorists who drive on multiple lanes and on the shoulders of often badly designed roads and in the process condemn law abiding motorists to long hours of waiting in endless queues as armies of hawkers desperate to make a living thrust a bewildering assortment of words in their faces and into their cars.

"I hear this frustration in the scathing curses of angry motorists, stuck in traffic as the odd despatch rider doing his duty comes swooping by ordering or often screaming at motorists to make way for some functionary in a hurry.

"It is also seen in the desperate faces of destitute who scratch cars or rain insults if one fails to offer help."

Prof Kwesi Botchwey was quick in admitting that Ghana's political economy cannot only be looked through the perceptions he described above saying "we must study and analyse the true state of things."

Interestingly however Prof Botchwey's assessment of Ghana's macro-economic performance was also gloomy.

He said on two consecutive occasions Ghana has missed out on its own macro-economic targets, a situation he said did not bode well for the country.

He said there has to be policy credibility which appears to have been eroded in the eyes of international partners.

Professor Botchwey called for well structured policies that would ensure that loans taken either from the international markets or from the IMF are paid.

While applauding the contributions of the civil society groups which have sprang up in recent years, the former Finance Minister said it is time to refocus on social mobilisation not just on the wrongs of government.