Politics
Dr. Razak Kojo Opoku (Financial Economist) REPLIES LOVE LETTER from Dr. George Domfe (Development Economist)
It is important to point out to Dr. George Domfe that his suggested contextual factors which underpinned the depreciation of the Ghanaian Cedi to GHS 17 per US Dollar (at the forex market) in October 2022 are FALSE, and these are the REAL FACTS:
First and foremost, It is NEVER TRUE that the depreciation of the Ghanaian Cedi was GHS 17 per US Dollar (at the forex market) in October 2022, it was rather in October 2024. Paying attention to details is one of requirements for holders of PhD, and I hope you are not going to edit your GHS 17 per US dollar in October 2022?
Now, respectfully, these are the CORRECTIONS to the DATA ABNORMALITIES in your love letter addressed to me:
1. At the beginning of 2022, the Ghanaian cedi was trading at approximately GHS 6.05 to the US dollar, not GHS 6.20 as you indicated. For the purposes of education, below is the yearly trends of the performance of the Ghanaian Cedi against the US dollar in 2022 from January to December:
GHS 6.05 per $1 on 1st January but ended at GHS 6.12 per $1 on 31st January 2022.
GHS 6.12 per $1 on 1st February but ended at GHS 6.65 per $1 on 28th February 2022.
GHS 6.59 per $1 on 1st March but ended as GHS 7.30 on 31st March 2022.
GHS 7.30 per $1 on 1st April but ended as GHS 7.30 per $1 on 30th April 2022.
Note: Nana Akufo-Addo’s government did extremely well to achieve the stability of GHS 7.30 against the US dollar predominantly throughout the month of April 2022 with the highest being GHS 7.45 to $ 1 on April 18, 17, 16, 15, and 12.
GHS 7.30 per $1 on 1st May but ended as GHS 7.59 per $1 on 31st May 2022.
GHS 7.65 per $1 on 1st June but ended as GHS 7.88 per $1 on 30th June 2022.
GHS 7.95 per $1 on 1st July but ended as GHS 8.30 per $1 on 31st July 2022.
GHS 8.36 per $1 on 1st August but ended as GHS 9.88 per $1 on 31st August 2022.
GHS 9.94 per $1 on 1st September but ended as GHS 10.14 per $1 on 30th September 2022.
GHS 10.14 per $1 on 1st October but ended as GHS 13.51 per $1 on 31st October 2022.
GHS 13.46 per $1 on 1st November but ended as GHS 14 per $1 on 30th November 2022.
GHS 13.66 per $1 on 1st December but ended as GHS 9.75 per $1 on 31st December 2022.
It is NEVER TRUE that the Bank of Ghana (BoG) held gross international reserves of over US$ 9 billion in 2022, it was rather around US$ 4.7-5.2 billion in 2022.
Again, it is NEVER TRUE that the gross international reserves at the end of 2016 was US$ 6.1 billion, it was rather around $6.8 billion.
For further correction, it was rather in 2021 that Ghana achieved a gross international reserves of a record peak of US$ 9.92 billion (source: Bank of Ghana, and TheGlobalEconomy. Com).
2. Historically, it is NEVER TRUE that the Russian invasion of Ukraine started in February 2022. The Russo-Ukrainian War is a conflict that began with Russia’s invasion of Ukraine in February 2014, and escalated into a full-scale war starting on February 2022.
It is NEVER TRUE that, Germany experienced its highest inflation rate in about 70 years in 2022. Germany’s annual inflation rate for 2022 was 7.9%, driven by sharp increases in food prices, supply chain issues, and energy prices. The highest inflation ever recorded in Germany was averagely 41% per day in October 1923, and the highest recent peak was around 10.4% in October 2022, which is the highest since World War II (September 1, 1939), that is 83years ago in 2022, not 70years as quoted by Dr. George Domfe.
Typically, the inflation rates in Germany has always been between 1.8 – 3.5%.
It is very essential to let you know that at the time Ghana, a far away West African Country was recording 54% Inflation rate, countries closely bordering Russia and Ukraine such as Poland, Romania, Moldova, Slovakia, Hungary, and Belarus were showing better economic recovery with the following respective inflation rates:
Poland – 14.4% in 2022, and 11.6% in 2023.
Romania – 13.8% in 2022, and 6.6% in 2023.
Moldova – 30.2% in 2022, and 4.2% in 2023.
Slovakia – 12.8% in 2022, and 10.5% in 2023.
Hungary – 14.6% in 2022, and 17.6% in 2023.
Belarus – 15.2% in 2022, and 5.8% in 2023.
3. Your narratives under point 3 are correct except the following:
The exchange rate in July 2022 were within the range of GHS 7.95 – 8.30 per US dollar.
In your love letter, you stated that, the international reserves were declining and that was true but these are the Facts surrounding the declination:
A decline from US$ 4.7-5.2 billion in 2022 to US$ 3.66-3.98 billion in 2023, and even before a declination in between 2022-2023, there was a sharp declined of US$ 9.92 billion in 2021 to US$ 4.7-5.2 billion in 2022.
So the question I am asking you is this, how come the Domestic Gold Purchase Programme (DGPP) by Dr.Ernest Addison started in June 2021, and Gold for Oil (G4O) Policy by Dr. Mahamudu Bawumia started in March 2022 but could NOT PREVENT a DECLINE of the:
(a). International reserves in 2022?
(b). Inflation of 54% in 2022?
4. Against this backdrop, I would like to let you know categorically that the Vice-President, Dr. Mahamudu Bawumia and members of the Economic Management Team woefully failed to manage the economy within that period just as the governments of Poland, Romania, Moldova, Slovakia, Hungary, Belarus, and Ukraine itself diligently managed the macroeconomic indicators of their respective countries.
Again, based on facts and data available from 2022-2024, it is intellectually incoherent and dishonest to exonerate as well as justify the failures of Dr. Mahamudu Bawumia and his Economic Management Team from 2022-2024, and rather put all the blame on global economic turmoil triggered by developments which were exogenous in nature because those conditions were NOT beyond the control of domestic policymakers in Ukraine itself, Poland, Romania, Moldova, Slovakia, Hungary and Belarus who share direct borders with Ukraine and Russia.
My question for you here is, can you explain the GHS 2.14 billion losses incurred under the Gold for Oil (G4O) Policy of Dr. Bawumia, as well as the 60.8 billion loss and the negative equity position of GHS 55.1 billion incurred by the Bank of Ghana in 2022 with Dr. Mahamudu Bawumia as the Head of the Economic Management Team?
5. It was a very lazy economic strategy at the time to search for more dollars, and start pumping more dollars to the Secondary Forex Market in November 2022. However, let me once again correct you that by December 2022, $1 WAS EXCHANGED FOR GHS 9.75, not GHS 8.
We went to the IMF in May 2023 for Extended Credit Facility Programme, wow, sad indeed, so what happened to the promise of not going back to the IMF again?
What happened to Restoring the Value of Cedi Economic Lectures and providing Solutions to the 170 Economic Questions?
So, are you saying that the $1 to GHS 14.7 that Dr. Mahamudu Bawumia left behind on 7th January 2025 is far excellent and better than the current exchange rate of $1 to GHS 10.63 as at today, 7th January 2026?
6. Your narratives under point 6 are just pure grammar with no strong economic arguments. A lot of Countries did extremely well in 2022 despite the Russo-Ukrainian War and post COVID-19.
I sincerely respect your background as a Development Economist but I would like to urge you to focus on researching into areas of development economics such as poverty, inequality, human capital, health, education, and governance, and allow the Experts in Financial Economics, Public Sector Economics, Accounting & Finance, and International Economics to write me a LOVE LETTER next time.
Thank you, and have a great day.
Politics
Let the NPP Run From Bottom-Up — Richard Ahiagbah Calls for Grassroots Reform
New Patriotic Party (NPP) National Vice Chairman hopeful Richard Ahiagbah has called for a fundamental restructuring of the party to make it more responsive to the needs and contributions of its grassroots supporters.
In an exclusive interview with Kessben Digital, Ahiagbah disclosed, although the NPP has traditionally been a strong political force, there is a growing need to reconnect the party with its grassroots base and ensure that members directly benefit from their efforts and contributions.
“Our party is not working for the grassroots, but we have a reform idea to make sure the party works for the grassroots,” he stated.
He argued that while politicians frequently speak about the importance of grassroots members, little is done to ensure that the party truly operates as a grassroots organisation.
“We should let the party run from bottom-up,” Ahiagbah stressed.
He further attributed part of the NPP’s poor performance in the 2024 elections to disappointment among grassroots supporters, noting that many party members did not turn out to vote because of their dissatisfaction with the party’s eight years in government.
Ahiagbah also argued that although the NPP relies heavily on its grassroots to win elections, grassroots members are often left out when it comes to benefiting from political power.
“The party wins elections at the grassroots, but when victory comes, the grassroots are hardly affected or influenced by the spoils of power,” he said.
As part of his proposed reforms, Ahiagbah cited Dr Mahamudu Bawumia’s promise to appoint 10 people from every constituency when he wins the presidency as an example of an approach that could create opportunities at the grassroots.
He proposed that constituencies should have a greater say in determining who represents them in such opportunities.
Ahiagbah urged NPP members to unite behind efforts to establish what he described as a “true grassroots agenda” capable of helping the party win future elections and transform its internal structures.
He ultimately appealed to delegates to carefully assess what each candidate brings to the table as they prepare to elect the party’s next leadership.
“Everybody is important and has the content, but it is up to the delegates to know what Ahiagbah brings to bear when voted as First National Vice Chairman,” he said.
By Maurice Otoo
Politics
Nii Lante Vanderpuye Renders Unreserved Apology To Sammy Gyamfi And NDC
Former Member of Parliament for Odododiodoo, Edwin Nii Lantey Vanderpuye, has rendered an unreserved apology to Sammy Gyamfi and the leadership and members of the National Democratic Congress (NDC) over comments he made on Citi TV.
In a statement issued on Wednesday, Vanderpuye said he had listened to his own presentation and acknowledged that he “did not communicate my intended position in the manner I should have.”
“Never My Intention To Undermine Sammy Gyamfi”
The former Sports Minister stated categorically that it was never his intention to undermine or condemn Sammy Gyamfi, who is the Chief Executive Officer of the GoldBod, or to lend support to attacks being directed at him and the institution by the opposition.
“Let me state clearly and without ambiguity that it was never my intention to undermine or condemn our comrade, Sammy Gyamfi, or to lend support to the attacks being directed at him and the GoldBod by the opposition. My record, my convictions and my commitment to the NDC would never permit me to knowingly strengthen the hands of our political opponents against one of our own,” he said.
Vanderpuye explained that his intention during the discussion was to defend the work of GoldBod and the efforts of Sammy Gyamfi, but in reacting to what he described as sustained propaganda, he expressed himself in a way that “created a completely different impression.”
“For that error of judgement and communication, I am sincerely sorry,” he stated.
Apology To Grassroots
He also apologized directly to Sammy Gyamfi, describing him as a “dedicated member of our party who has served the NDC with courage and commitment” and who deserves the support of all as he carries out one of the most important national responsibilities entrusted to him.
“I particularly apologise to Sammy Gyamfi… Whatever observations I may have had should never have been expressed in a manner capable of being interpreted as validating the attacks of our political opponents against him,” he noted.
He extended his apology to the leadership, members and particularly the grassroots of the NDC who were hurt or disappointed by his comments, acknowledging that at a time when party comrades are subjected to politically motivated attacks, members expect solidarity, sound judgement and loyalty.
Vanderpuye reaffirmed his long-standing commitment to the NDC, stating: “The NDC is my political home, and my loyalty and commitment to its cause remain unwavering.”
Nii Lante Vanderpuye
Politics
Supreme Court Dismisses Oppong Nkrumah’s Bid to Halt Legal Vacation Proceedings
The Supreme Court has dismissed an interlocutory injunction application filed by Ofoase-Ayirebi Member of Parliament, Kojo Oppong Nkrumah, seeking to prevent the Chief Justice from issuing warrants for selected High Court judges to hear criminal cases during the legal vacation.
The decision means the warrants issued by the Chief Justice remain valid, allowing the affected judges to continue sitting and determining criminal matters during the legal vacation.
Delivering the ruling, Justice Pwamang explained that although the Supreme Court has the authority to restrain an act by a public officer through an injunction, an applicant must first establish that the substantive case has a strong prospect of succeeding.
According to the court, until that threshold is met, there would be no basis to proceed to consider the other requirements for granting an interlocutory injunction.
The court also examined Mr Oppong Nkrumah’s reliance on Article 17 of the 1992 Constitution, which provides for equality and protection against discrimination.
The Supreme Court found no evidence showing that the Chief Justice’s directive was discriminatory.
It noted that the warrants, on their face, instructed the selected judges to deal with cases already pending before their respective courts. The court further observed that there was no allegation or evidence that the decision to allow the judges to sit was based on the colour, gender or religion of any accused person or witness.
The court also rejected the argument that the Chief Justice’s decision to exercise his discretion and direct certain judges to sit during the legal vacation constituted discrimination.
On the applicant’s reliance on C.I. 47, the Supreme Court held that the argument was misplaced. It explained that the instrument applies to civil proceedings, whereas the application before the court concerned criminal cases.
The dismissal therefore leaves the Chief Justice’s warrants authorising the designated High Court judges to hear criminal matters during the legal vacation intact.
Politics
Four-Year Presidential Term Hindering Ghana’s Development — Dr. Daniel Appiah
Political governance and public sector expert Dr. Daniel Appiah has thrown his weight behind proposals to extend Ghana’s presidential term from four to five years, arguing that the current system does not provide enough room for sustained national development.
According to Dr. Appiah, Ghana must carefully reconsider its development model, noting that several countries that successfully transitioned from developing to developed economies did not achieve that transformation solely under short-term democratic cycles.
He argued that countries such as Rwanda, Germany and South Korea pursued long-term development and industrialisation policies that ensured continuity in national planning.
“If Ghana wants to move from a developing country to a developed country while maintaining the four-year-term policy, then we may be deceiving ourselves,” he argued, stressing that the country must prioritise industrialisation and long-term national policies.
Dr. Appiah further suggested that Ghana’s development challenges go beyond the length of a four year presidential term.
He identified that Ghana could not develop after the overthrow of Osagyefo Dr. Kwame Nkrumah because we ignored patriotism, competence, meritocracy, the rule of law, civic education, truthfulness and strong institutions as critical values that must guide the country’s governance system.
He also referenced Ghana’s political history, arguing that the country adopted the four-year presidential term under the 1992 Constitution without adequately considering its long-term implications for development.
Dr. Appiah maintained that Ghana needs a governance framework that allows governments sufficient time to implement major policies and infrastructure projects while preserving democratic accountability.
By Maurice Otoo
Politics
We’ll See Massive Changes — NPP Member Hails Odeneho’s Victory in Ashanti Region
An New Patriotic Party (NPP) member in the Ashanti Region, Kwabena Marfo, has expressed confidence that the party’s recent electoral process in the region will usher in significant changes under the leadership of Chairman Odeneho.
Speaking in a zoom interview on Kessben Maakye show in Accra,
Marfo said he was pleased with the manner in which the election was conducted and commended Chairman Odeneho Kwaku Appiah, popularly known as COKA, for his strategy during the campaign.
“I am happy with the way the election was conducted especially in the Ashanti Region. I have worked closely with Chairman Odeneho Kwaku Appiah (COKA) and I appreciate how he did his campaign,” he said.
According to him, politics should not be reduced to making noise, insisting that the new leadership would demonstrate its effectiveness through action.
“We are all going to see the change he will effect in the Ashanti Region,” Marfo stated.
He further described COKA as a strategic thinker and planner who understands when and how to implement his policies.
“COKA is a strategic thinker and planner. He knows how and when to effect his policies,” he added.
Marfo also urged members of the NPP to remain calm and adopt wisdom rather than resorting to unnecessary noise and confrontation.
He said the party had previously experienced situations where excessive noise did not produce the desired results, stressing that the focus should now be on strategy and effective planning.
“I am promising everyone that Odeneho is going to effect massive changes in the Ashanti Region,” he declared.
He also emphasized the importance of placing the right people in the right positions, warning that poor planning could undermine political success.
“If you are not a proper planner in politics, you can’t succeed. Don’t put square pegs in round holes,” he cautioned.
Marfo concluded by urging party members to support the new leadership and work strategically, saying the NPP should avoid returning to the kind of unnecessary noise that had characterized previous political activities.
“We wouldn’t be making the noise again,” he said.
By Maurice Otoo
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