Dr. John Kwakye, Director of Research at the Institute of Economic Affairs, has classified the 2023 Christmas season as the most costly in Ghana’s history.
Dr Kwakye highlighted the relative drop in economic and social activity as proof of his argument in a series of posts on X criticizing the reality of Ghana’s economy.
“When inflation skyrocketed to 54% in Dec 2022, it took prices to record highs. While it has decelerated since then, prices continued to rise, though at lower rates. This Xmas will go down as the most expensive in our history! The relatively low activity is a testimony to that,” he posted.
While highlighting Ghana’s recent economic troubles, President Nana Addo Dankwa Akufo-Addo said in his 2023 Christmas speech that the country had turned a turn toward recovery due to wise management by his government.
However, in response to the president’s assertions in his tweets, Dr Kwakye stated that the reality of Ghana’s economy speak differently than the president’s claim and the statistics that supports it.
“Our economic managers shouldn’t be hasty to make utterances like we have “tamed inflation,” “stabilised the exchange rate,” “turned the corner,” etc. because the economy is still fragile, vulnerable, and fickle,” he stated in one of his tweets.
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