{"id":178584,"date":"2025-09-24T13:07:10","date_gmt":"2025-09-24T13:07:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/178584\/"},"modified":"2025-09-24T13:07:10","modified_gmt":"2025-09-24T13:07:10","slug":"no-economist-can-attribute-the-2022-economic-turmoil-to-mismanagement","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/178584\/","title":{"rendered":"&#8216;No economist can attribute the 2022 economic turmoil to mismanagement&#8217;"},"content":{"rendered":"<p class=\"article-image\"><a href=\"https:\/\/www.ghanaweb.com\/GhanaHomePage\/business\/No-economist-can-attribute-the-2022-economic-turmoil-to-mismanagement-Dr-Domfe-2002029?gallery=1\" rel=\"nofollow noopener\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2025\/09\/11825334.295.jpg\" alt=\"Founding President of policy think tank, Africa Policy Lens, Dr George Domfe\" title=\"Founding President of policy think tank, Africa Policy Lens, Dr George Domfe\" width=\"295\" height=\"178\" \/> <\/a>Founding President of policy think tank, Africa Policy Lens, Dr George Domfe<\/p>\n<p id=\"article-123\">The founding President of policy think tank, Africa Policy Lens, Dr George Domfe, has dismissed claims that the economic challenges Ghana&#8217;s economy faced in 2022 were as a result of the actions and inactions of those who were in charge of managing the economy.<\/p>\n<p>&#8220;The truth is that the 2022 economic turmoil, was externally driven. For 61 good months, the Ghanaian economy has been stabilised with inflation well below 15.4% inherited from the previous administration&#8221; he stated.<\/p>\n<p>He explained that the Cedi had stayed between GH\u00a24.2 to GH\u00a26.2 for 61 months and it&#8217;s one of the best records for the local currency since 1957.<\/p>\n<p>&#8220;In January 2022, <a target=\"_blank\" href=\"https:\/\/www.ghanaweb.com\/GhanaHomePage\/people\/person.php?ID=3532\" rel=\"nofollow noopener\">Bank of Ghana<\/a> had a total reserve of $9.9 billion (Mahama left $6.1 billion in 2016). This was enough to protect the local currency&#8221; he said.<\/p>\n<p>&#8220;Then suddenly, Russian Ukrainian crisis came from nowhere. Germany recorded its highest inflation in 70 years! Both US and UK recorded their highest inflations in 40 years! Oil moved from $72 a barrel to $121 a barrel! Above all, freight charges went up by 300%&#8221; he explained further. <\/p>\n<p>These factors, the University of Ghana economist said, pushed the demand for foreign currencies to uncontrollable levels.<\/p>\n<p>&#8220;By August 2022, BOG had almost run out of reserves and 1$ was exchanged for GH\u00a2 8.2. <\/p>\n<p>&#8220;Unfortunately, with no buffer, the Cedi had no protection, and by October 2022, $1 was going for GH\u00a215 (interbank exchange rate market) and GH\u00a217 (forex market)&#8221; he emphasised. <\/p>\n<p>&#8220;No economist anywhere in the world can attribute the 2022 economic turmoil to mismanagement. Facts and figures don&#8217;t support such assertions&#8221; he stated.<\/p>\n<p>Dr George Domfe was responding to critics who have accused the managers of the economy in 2022 for the challenges the country faced.<\/p>\n","protected":false},"excerpt":{"rendered":"Founding President of policy think tank, Africa Policy Lens, Dr George Domfe The founding President of policy think&hellip;\n","protected":false},"author":2,"featured_media":178585,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":["post-178584","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/178584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=178584"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/178584\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/178585"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=178584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=178584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=178584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}