A Development Economist and a Senior Research Fellow at the Centre for Social Policy Studies (CSPS) of University of Ghana, Dr. George Domfe, has stated that the woes of the country’s economy cannot be blamed on the immediate past Finance Minister, Ken Ofori-Atta.
Speaking on Atinka TV’s Agenda Show on Wednesday, February 15, 2024, Dr. Domfe said it is erroneous to blame Mr. Ofori-Atta for the challenges the Ghanaian economy faces.
“At the beginning of 2022, Ghana had over GH¢9 billion reserves but the extraneous factors came in to disrupt the economic growth trajectory. It happened to be the highest nominal reserves ever for the country” he said.
“The war Putin waged on Ukraine drove oil prices from $72 per barrel to $121 in 2022. The Finance Minister of Ghana does not control that” he averred.
Dr. George Domfe also indicated that unlike the US economy which is not affected if the one in charge of finances even gets sick, Ghana is different, adding, Ghana’s financial sector is not that responsive to such changes.
“Ghana’s economy is not so well integrated into the global economy and for that matter, the removal of the Finance Minister, Ken Ofori-Atta, will not have any effect on the economy”.
Dr. Domfe also indicated that COVID-19 also had debilitating effects on the economy as prices of the factors of production went astronomically high, thereby affecting prices of goods in the country.
“The global supply chain was hugely hit by the closures of factories due to COVID-19. Production went critically low, leading to more monies chasing few goods” he indicated, citing the effects on even the developed economies.
He held that when production factors have their prices increased, the resultant effects were that importers and manufacturers had to adjust their prices upward, and that contributed significantly to bringing the economy to its knees.
“When all these factors are taken into consideration, it’d be an error of judgment to hold Ken Ofori-Atta responsible for our economic crisis. He also is not to blame”, he stated.
Latest Stories
-
‘Reclamation of environment from ravages of galamsey must be our top priority’ – Asantehene
4 mins -
South Africa: The volunteer crime fighters using whistles and whips
38 mins -
Children killed as bomb falls near Sudan hospital – MSF
1 hour -
Ga Traditional Council disrupts church for flouting ban on noise-making
2 hours -
Shonda Rhimes explains why ‘Bridgerton’ season 3 took so long
2 hours -
Mbappe scored in final home game but PSG beaten
2 hours -
Ga culture on display at Manhyia Palace
2 hours -
AMVCA: Bread of Life wins big, GH Queens takes home award; see full list of winners
3 hours -
NDC MPs oppose appointment of NPP parliamentary candidate as NIB’s new MD
4 hours -
Rheumatologist sheds light on hidden challenges persons living with lupus face
5 hours -
Ghana, Nigeria and the quest for UK looted treasure
5 hours -
Meghan, Duchess of Sussex, says Nigeria is ‘my country’ on visit with Prince Harry
5 hours -
Man who received first pig kidney transplant dies
6 hours -
Akufo-Addo pays tribute at funeral of late former DCE and chief of Binaba
6 hours -
Afronita hopeful of making it to Britain’s Got Talent semi-finals
6 hours