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Dr. Razak Kojo Opoku (Financial Economist) REPLIES LOVE LETTER from Dr. George Domfe (Development Economist)

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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

NDC Is Destroying Its Good Name With Politically Motivated Prosecutions — Former NPP Youth Organiser

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A former New Patriotic Party (NPP) Youth Organiser for Ayawaso West Wuogon, Kwadwo Yeboah, has accused the governing National Democratic Congress (NDC) of damaging its reputation through what he describes as politically motivated acquittal and discharge of its members that are involved in one case or the other.

According to Yeboah, NDC communicators are misleading the public by claiming that a woman implicated in an alleged financial case, Sedina Tamakloe personally did not handle or pay the money involved to the beneficiaries. He contends that she only initiated the transaction and that the payment was allegedly made by her successor.

He further claimed that the matter involved Obaatanpa loans was a financial loss, questioning where the money was deposited after it was allegedly received at Baatsona Total filling station.

Yeboah argued that everyone implicated in criminal cases must be allowed to go through due process rather than being selectively targeted.
“The NDC should allow everyone involved in court cases to go through due process and be fairly acquitted where appropriate, instead of filing nolle prosequi for some people while prosecuting others,” he argued.

He further accused the NDC of equipping the opposition to take advantage of the current position of the government, warning that such actions could deepen political divisions.
“The NDC is speedily destroying the good name it has earned from the good people of Ghana, and that is dangerous,” he said.
His comments come amid heightened political debate over arrests and prosecutions involving opposition figures, with the NPP recently accusing state institutions of being used against its members—claims that have featured prominently in the party’s public statements

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Where Is Sedina ? — Hawk Newspaper Managing Editor Charles McCarthy Questions Government

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Managing Editor of The Hawk Newspaper, Charles McCarthy, has questioned the government over the whereabouts of former MASLOC Chief Executive Officer, Sedina Tamakloe Attionu, amid continuing public discussion about her case.

In a discussion on Kessben Maakye show in Accra, McCarthy stressed that he was not concluding that Sedina Tamakloe had committed any crime but argued that Ghanaians deserved clarity about her current location and the status of the matter.

According to him, Tamakloe was granted permission by the court to travel abroad for medical attention but did not return to continue with the court proceedings.
“Currently, no one knows the exact place Sedina is, before and after the court acquittal and discharge her. It is as if someone is just concocting stories for Ghanaians to believe,” McCarthy claimed.

He questioned how someone involved in such a high-profile case could remain outside the public eye without clear information about her whereabouts.
“Who will doubt if someone says Sedina is not even in the country? Who goes to court without being seen?” he asked.

McCarthy further argued that the government must communicate clearly on the matter to prevent speculation and avoid damaging public confidence.
He also questioned why Tamakloe had not engaged a lawyer to publicly communicate on her behalf, rather than leaving the government to respond to questions surrounding the case.
“Sedina’s issue is disturbing the reset agenda of the government. Where is she hiding, and why can’t anybody see or hear from her?” McCarthy questioned.

He predicted that a time would come when the government would have to provide Ghanaians with clear answers regarding the matter.

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‘Shoot-to-Kill’ Is the Only Way — Forestry Official Backs Tough Action Against Galamseyers

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A forestry official in the Western Region, Nana Poku Bosompem, has called for a drastic change in Ghana’s approach to the fight against illegal mining, arguing that the sophistication and aggression of illegal miners require stronger measures to protect the country’s forests.

According to him, illegal mining, popularly known as galamsey, has become particularly severe in the Western Region, threatening forest reserves and major water bodies.
He noted that the Western Region has 19 forest reserves covering about 209,333 hectares, with eight of the reserves reportedly affected by illegal mining.

Nana Poku Bosompem explained that illegal miners have adopted a strategy of moving from one section of a forest to another whenever enforcement activities intensify, making it difficult for forest guards to permanently contain the problem.

He further disclosed that about 4,000 hectares of forest have been affected, stressing that the lucrative nature of gold mining continues to attract miners into protected areas.
“I subscribe to the shoot-to-kill agenda because the miners are robust and sophisticated,” he said, while commending forest guards for their courage in confronting illegal miners.

He also called for a major shift in the country’s strategy, advocating the establishment of permanent camps and armed security personnel within forest reserves to protect the areas from illegal mining activities.

In a zoom meeting on Kessben Maakye show in Accra, he emphasized that, illegal miners are highly organised and closely monitor the movements of enforcement teams, making conventional approaches increasingly ineffective.
He said authorities must identify and eliminate illegal mining hotspots while deploying permanent security personnel to prevent miners from returning to cleared areas.

Nana Poku also disclosed that a permanent camp had been established at Cape Three Point, where enforcement personnel spent eight days conducting operations.

He said the exercise resulted in the destruction of 59 illegal mining structures, involving both men and women. According to him, they have arrested 41 people with 4 women who were nabbed around 2am. In addition he said they also confiscated 202 industrial water pumps, 125 chanfan machines.

He further observed that many of those operating on the mining sites are citizens from various ECOWAS countries and acknowledged that local communities derive economic benefits from activities associated with illegal mining.

However, he stressed that the environmental destruction caused by galamsey poses a far greater threat to the country’s forests and natural resources.
He therefore urged authorities to strengthen the protection of forest reserves and adopt more effective strategies to permanently halt illegal mining in Ghana.

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Prez. Mahama Reshuffles His Appointees

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President John Dramani Mahama has nominated Klottey Korle Member of Parliament, Dr Zanetor Agyemang-Rawlings, as Minister for Environment, Science and Technology, as part of a cabinet shake-up aimed at filling key government positions.

Subsequently, the Majority Leader and Member of Parliament for Bawku Central, Mahama Ayariga, has also been nominated for the Minister for Local Government, Chieftaincy and Religious Affairs. As part of the changes, President Mahama reassigned Kenneth Gilbert Adjei from the Ministry of Works and Housing to the Ministry of Defence.

Former Local Government Minister, Ahmed Ibrahim, has been moved to the Ministry of Works, Housing and Water Resources.

If Dr. Zanetor passes her vetting with Parliament’s vetting committee, she will then replace the late Minister for Environment, Science and Technology, and Member of Parliament for Tamale Central, Murtala Mohammed.

Dr. Zanetor’s appointment comes after months of speculation over her possible elevation to cabinet, as the legislator having served on Parliament’s Environment, Science and Technology Committee and advocated for measures to address environmental challenges, including flooding.

The nominations were submitted to Parliament on Friday, August 7, 2026, in accordance with Article 78(1) of the 1992 Constitution, which requires parliamentary approval before ministers can assume office.

The Environment  and the Defence portfolios had remained without substantive ministers following the death of Dr Ibrahim Murtala Mohammed and Dr Edward Kofi Omane Boamah in the August 2025 helicopter crash.

In lieu of this, Dr Cassiel Ato Forson, the Finance Minister, who had been acting as Defence Minister since the death of Dr Omane Boamah, is expected to hand over the portfolio once the new nominee is approved.

The appointments were announced in a statement signed by Felix Kwakye Ofosu, MP, Spokesperson to the President and Minister for Government Communications. The nominees are expected to appear before Parliament’s Appointments Committee for vetting before their names are submitted to the House for approval.

This crucial changes come as part of President Mahama’s continued efforts to reset and replenish his administration and fill positions that became vacant following the August 2025 tragedy that claimed the lives of eight officials, including two cabinet ministers.

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NPP’s Democracy Under Attack Claim Is Hypocritical – Hawk Newspaper Editor Fires Back

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The Managing Editor of the Hawk Newspaper has launched a blistering response to the New Patriotic Party’s (NPP) claim that Ghana’s democracy is under attack, arguing that the party’s own record raises serious questions about the credibility of such accusations.

In a strongly worded commentary at Kessben Maakye show in Accra, the editor said Ghanaians must first understand the fundamental elements of democracy before concluding that the country’s democratic system is under threat.

He maintained that freedom of speech, tolerance of opposing views, respect for institutions and the peaceful transfer of political power are central to democracy and must be protected by all political actors.

The editor questioned the NPP’s position, particularly given its status as a minority in Parliament.
“Why would the minority want to have their say over the majority?” he asked, pointing out that the NDC holds a significantly larger number of parliamentary seats.
He argued that democracy does not mean that the minority should override the majority, stressing that parliamentary democracy operates largely on the principle of majority decision-making.

The editor also accused the NPP of selectively invoking democratic principles while ignoring controversies associated with its own period in government.
He cited several issues, including the passage of the Electronic Levy (E-Levy), alleged political interference with state institutions, the creation of a new voters’ register in less that 6 months ahead of the 2020 elections although it was unconstitutional and other political controversies.

He further questioned why the NPP criticised decisions taken by the current administration when, according to him, the party had previously used its parliamentary majority to push through controversial legislation despite opposition from the then-minority.

The commentary also raised concerns about the NPP’s handling of parliamentary and electoral matters, including disenfranchising of the SALL constituency from voting to elect a member of Parliament in the 2020 general election.

The editor argued that political parties must not attempt to manipulate democratic institutions and subsequently accuse their opponents of attacking democracy when political fortunes change.

He also referenced the controversy surrounding removal of the former Electoral Commission Chairperson and argued that due process and available legal remedies should be respected in all cases.

According to him, “when you manipulate the system, undermine the process, then you are attacking democracy.”
He claimed that President Akufo Addo was the only one who ever appointed his own daughter as head of a public institution.

The commentary further cited several controversies involving former government officials and political actors, including alleged arrests of Kwabena Bobi Ansah and presenting a radio show, and an incident involving Minority Leader Alexander Afenyo-Markin who slapped a police officer and was left off the hook.

Concluding his argument, the editor urged political actors to examine their own records before accusing others of undermining Ghana’s democratic credentials.
He suggested that the NPP’s past actions should remain part of the national conversation whenever the party raises concerns about threats to democracy.
“He who lives in a glass house must not throw stones,” he said, in a pointed warning to political leaders.

The commentary comes amid heightened political debate over the state of Ghana’s democracy, with both the governing National Democratic Congress (NDC) and opposition NPP trading accusations over the conduct of democratic institutions and political governance.

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