19/02/2026
Dr. George Domfe Writes:
YOU ARE SHAMELESSLY TALKING ABOUT GLOBAL IMPACTS ON THE GHANAIAN ECONOMY? AAAABAH!
In 2022, crude oil prices surged to $121 per barrel. In that same year, Germany recorded its highest inflation in 70 years, while both the UK and the US experienced inflation levels not seen in four decades. Prices went up everywhere in the world!
Unfortunately, when Ghana recorded its highest inflation in 26 years (54% in December 2022 was the highest after January 1996's inflation of 69.2%), and the causes were linked to global shocks, THEY dismissed the explanation and pushed the narrative that the economic crises was purely due to the incompetence of Nana Akufo-Addo.
Meanwhile, both the International Monetary Fund and the World Bank had described the 2022 global economic turmoil as the worst since the Great Depression of the 1930s, but that didn’t matter; THEIR conclusion remained the same: Akufo-Addo was “super incompetent.” Their academics, MPs, communicators, and 'fool soldiers' defended this position relentlessly.
Then, when global gold prices rose and inflows increased, among other things, the Bank of Ghana intervened heavily in the secondary forex market. Yet again, instead of acknowledging global market forces, THEY arrogantly credited it to fiscal consolidation.
Again, when global crude oil prices later dropped to around $60—naturally leading to lower pump prices—they suddenly attributed this to sound economic management.
Now, quite astonishingly, the same people are blaming the fall in cocoa farmgate prices on global market conditions, and their academic machinery is vigorously defending this position. While this position is true and reasonable, a little bit of respect for consistency should guide THEM never to mention global market!
Since when did THEY get to know that global market dynamics can affect our economy? What do THEY take Ghanaians for, people with short memory? I guess