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.
The Office of the National Treasurer of the New Patriotic Party (NPP), led by Dr. Charles Dwamena, has firmly dismissed allegations circulating on social media that party dues are being diverted into a private account through an unauthorized shortcode.
In a statement addressing the claims, the Office described the reports, which originated from a Facebook page known as “Wo Boooowa,” as false, malicious, and intended to discredit the party’s ongoing dues collection efforts.
The Treasurer’s Office clarified that the NPP’s official shortcode for dues payment remains unchanged and is 920270#. It stressed that the alternative shortcode 7142028#, currently being circulated online, has never been used by the party for any financial transactions.
“For the avoidance of doubt, the Party’s dues collection shortcode has always been 920270#,” the statement reiterated.
Party members, supporters, and the general public have been urged to ignore the unauthorized code, which the Office described as a deliberate attempt to mislead unsuspecting individuals.
The Office further assured stakeholders of the transparency, credibility, and integrity of the party’s financial systems.
This incident underscores increasing concerns about the spread of misinformation on social media, particularly within political circles, as the NPP approaches its internal elections.
Dr. Charles Dwamena, popularly known as Dr. China, has distinguished himself as a visionary and grassroots-centered leader whose ideas reflect a deep understanding of the realities of party members at the base. At a time when many speak about empowering the grassroots, he has demonstrated the courage and clarity to design practical systems that directly improve their welfare.
As NPP National Treasurer, his proposal of the Group Accident Insurance Scheme remains one of the most forward-thinking policies ever introduced within the party. It was simple, sustainable, and impactful. With just GHS 1.47 deducted from the minimum annual dues of GHS 24, every member in good standing would have been covered, guaranteeing GHS 100,000 for accidental death or permanent disability, weekly income support for temporary disability, and up to GHS 10,000 in medical care. This was not merely a welfare policy; it was a strategic intervention that combined member protection with financial strengthening of the party.
What makes this initiative even more compelling is that it enjoyed 98.14% support from the grassroots. A clear indication that Dr. China’s leadership resonates with the base and responds directly to their needs. It was a rare opportunity for the party to institutionalize care, build loyalty, and create a strong emotional bond with its members.
Yet, despite its overwhelming support and obvious benefits, this policy was frustrated and never implemented. That failure represents one of the biggest missed opportunities for the NPP, a chance to move from rhetoric to reality in addressing grassroots welfare. The party had before it a ready-made solution to protect its members, motivate its base, and strengthen its internal systems, but internal bottlenecks denied it that breakthrough.
It is within this context that Dr. China’s ambition to serve as NPP General Secretary becomes both relevant and urgent. His experience as Treasurer has exposed the gaps in execution and the structural constraints that stall progress. More importantly, it has strengthened his resolve to fix them.
Dr. China is not offering promises; he is offering proven ideas waiting to be implemented. His vision is clear—to build a party where the grassroots are not only mobilized during elections but are protected, valued, and supported at all times.
In essence, what was halted at the level of Treasurer can be fully realized at the level of General Secretary. And for a party seeking renewal and reconnection with its base, Dr. China represents a practical, results-oriented leadership, one that turns vision into action and places the grassroots at the center of party progress.
DR CHINA FOR NPP GENERAL SECRETARY IS NON- NEGOTIABLE
Obiri Yeboah
Former Polling Station Organizer
054 067 3993
Kaakyire Badu writes:
Donald Trump has threatened to wipe out Iran within hours. He said he will destroy Iran’s power plants and bridges, and even wipe out an entire civilization. But Tehran is not showing fear. Iranian officials are pushing back, and many people are asking if the U.S. is bluffing, and if Iran is ready to call that bluff. This situation raises two main questions.
First, if this is really about the Strait of Hormuz and Trump wants it open, and if he truly has the power to destroy bridges, power plants, or an entire country as he claims, why doesn’t he use that power on the Strait alone? Why threaten the whole nation instead of just taking control of that waterway so ships can pass? Does this mean Iran is so strong at the Strait of Hormuz that even American power cannot do anything there?
Second, Iran’s reaction is strange. When faced with threats to destroy power plants, bridges, and send the country back to the Stone Age, Tehran still looks calm. A country that is weaker militarily would usually try to back down. Iran is instead waiting to see what Trump will do. Is that confidence, a mistake, or are they hiding something?
Does Iran have some hidden power that can match or beat the U.S., and they are just staying quiet and playing weak while they wait? America has said Iran must not build nuclear weapons. Could it be that Iran has already built a nuclear weapon in secret—one that America does not know about—that can reach the U.S. and kill many people? Would that explain why they are not afraid?
Or could it be that other countries like Russia or China are secretly backing Iran? Are they promising to help Iran so it will not surrender? Something about this does not add up, and the whole world could be affected. Many people are now talking about World War III.
My own belief, based on the Bible, is that there will not be a real World War III. I believe God would step in before that happens. But things do look strange right now. It could also be that Bible prophecies are being fulfilled, and that God is hardening hearts like He did with Pharaoh. Pharaoh had a simple way to save Egypt and his family, but he could not obey, and disaster came on him and on Israel.
I think we should be concerned:
That may be the pattern we are seeing now.
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