Founding President of Africa Policy Lens (APL), Dr. George Domfe, has mounted a strong defense of former President Nana Addo Dankwa Akufo-Addo, arguing that the economic challenges Ghana faced during his tenure were largely driven by global forces beyond his control.
Speaking on Peace FM’s Kokrokoo morning show on Monday, June 16, Dr. Domfe explained that the 2022 global economic downturn, exacerbated by the Russia-Ukraine war, had widespread consequences that affected even the most stable economies — and Ghana could not have been an exception.
“Let me state once again that before Russia invaded Ukraine, in January 2022, a barrel of crude oil was selling at US$72 on the international market. In the middle of the year, oil prices shot up to US$121.
“This drove inflation higher across the world, and Ghana couldn’t have been the only exception,” he explained.
According to Dr. Domfe, Ghana was not alone in facing serious economic distress in 2022.
He cited an unprecedented wave of bailouts across the globe, which highlighted the widespread nature of the crisis.
“The year 2022 was so bad for the global economy that over 50 countries sought bailouts from the IMF, and that was unprecedented in the history of the world,” he said.
The economist added that freight charges also skyrocketed by over 300%, placing further pressure on prices of goods and services in Ghana and fueling inflation.
Dr. Domfe strongly criticized what he described as unfair assessments of the Akufo-Addo administration’s performance, especially in the face of external shocks.
“Ghanaians have not been fair to President Nana Addo Dankwa Akufo-Addo over the challenges the economy faced.
“The excessive demand for US Dollars by importers was not his making,” he stressed.
He concluded by backing the government’s decision to initiate a debt restructuring program, noting that it was a necessary policy response under the circumstances.
“Under the circumstances, amongst other policies and programs, the debt restructuring program was not a bad thing to do,” Dr. Domfe remarked.
