He attended the Sakasaka Primary school in Tamale, and gained admission to Tamale Secondary School in 1975 and completed in 1982.
Between 1982 and 1984 he obtained a Chartered Institute of Bankers Diploma (A.C.I. -U.K at Emile Woolf College of Accountancy, London, England.
Between 1984 and 1986 he obtained B.Sc. Economics (First Class Hons.) University of Buckingham, UK.
Between 1987 and 1988 he obtained M.Sc. in Economics University of Oxford, UK (Lincoln College)
Between 1991 and 1995, PhD in Economics Simon Fraser University, Burnaby, British Columbia., Canada Specialization: Macroeconomics, International Economics, and Monetary Economics.
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
From 1988 to 1990, Bawumia worked as a lecturer in Monetary Economics, and International Finance at the Emile Woolf College of Accountancy in London, England.
He also served as an economist at the Research Department of the International Monetary Fund in Washington, DC, USA in 1994.
Between 1996 and 2000, Bawumia served as an Assistant Professor of Economics at Hankamer School of Business, Baylor University, Texas, USA.
He returned to Ghana in 2000 to work as an economist at the Bank of Ghana. He rose from Senior Economist to Head of Department, and subsequently as Special Assistant to the Governor of the Bank.
Between 2001 and 2006
Head, Monetary Policy and Financial Stability Department, Bank of Ghana. Responsible to the analytical work leading to the setting up of the Bank’s Monetary Policy Committee (MPC) and oversight for technical work presented to the MPC.
Leader of Bank of Ghana technical team and part of Government Team that has negotiated with the World Bank and International Monetary Fund since 2001 through HIPC and PRGF.
Member of the Government of Ghana technical negotiating team on HIPC Paris Club and Completion Point Negotiations.
Member of Government team to negotiate the Millenium Challlege Account (MCA) compact with the U.S. Government. Was responsible for drafting the financial sector component of the compact.
Member of Government technical team on the deregulation of the petroleum sector in Ghana.
In June 2006, President J.A. Kufuor appointed Bawumia as Deputy Governor of the Bank of Ghana. Responsible for Monetary Policy, Financial Stabilty, and Payments System Reform.
In August 2008, Nana Akufo-Addo appointed him as his running mate for the 2008 elections and subsequently appointed him 2012, 2016 and 2020.