The Founding President of Africa Policy Lens (APL), Dr. George Domfe, has come out in strong support of former President Nana Addo Dankwa Akufo-Addo, asserting that the economic difficulties Ghana encountered during his administration were primarily influenced by global factors outside of his control.
During an appearance on Peace FM’s Kokrokoo morning show on Monday, June 16, Dr. Domfe elaborated that the global economic downturn in 2022, worsened by the Russia-Ukraine conflict, had far-reaching effects that impacted even the most stable economies — and Ghana was no exception.
“I want to reiterate that prior to Russia’s invasion of Ukraine in January 2022, a barrel of crude oil was priced at US$72 on the international market. By mid-year, oil prices surged to US$121.
“This led to a rise in inflation worldwide, and Ghana was certainly not an exception,” he clarified.
Dr. Domfe pointed out that Ghana was not the only nation grappling with significant economic challenges in 2022.
He referenced an unprecedented wave of bailouts around the world, which underscored the widespread nature of the crisis.
“The year 2022 was so detrimental to the global economy that over 50 countries sought bailouts from the IMF, marking an unprecedented event in world history,” he remarked.
The economist further noted that freight costs also soared by more than 300%, adding additional strain on the prices of goods and services in Ghana and contributing to inflation.
Dr. Domfe vehemently condemned what he termed as unjust evaluations of the Akufo-Addo administration’s performance, particularly in light of external shocks.
“Ghanaians have not been fair to President Nana Addo Dankwa Akufo-Addo regarding the economic challenges faced.
“The heightened demand for US Dollars by importers was not his doing,” he emphasized.
He wrapped up by supporting the government’s choice to pursue a debt restructuring.
Source: HotFmOnline.com
Do you have a story to share? Send it to our editorial team at editor@hotfmonline.com
