The National Communications Officer of the opposition National Democratic Congress (NDC), Sammy Gyamfi, has strongly criticized assertions by government officials that Ghana’s economy is showing signs of recovery.
He says the claims being made by the Vice President, Dr. Mahamudu Bawumia, and the Finance Minister, Dr. Mohammed Amin Adam, concerning the state of the economy are not true.
Speaking to Alfred Ocansey on the Keypoints Saturday, November 23, 2024, the private legal practitioner described the assertions by the duo as deceptive, saying they are disconnected from the realities being faced by Ghanaians and businesses.
Central to Mr. Gyamfi’s argument was the exchange rate, which he described as a critical indicator of economic health.
Quoting Dr. Bawumia’s own words from his time in opposition, Mr. Gyamfi stated that, “if the fundamentals of your economy are weak, the exchange rate will expose you.” This, he says is a claim the Vice President made whilst in opposition and has stated that he still stand by it.
He pointed out that the Ghana cedi has lost approximately 27-28% of its value against the US dollar in 2024 alone, signifying how weak the nation’s fundamentals have become.
“Today, on the black market, the cedi is trading at around 16.4 to the dollar, while banks sell at approximately 15.9 to 16 cedis. Yet, there is a shortage of dollars in the system,” he said, questioning how these figures reflect any signs of recovery.
Mr. Gyamfi also raised alarm over inflation in the country which he claimed has been on an upward trajectory in recent months.
Citing data from the Consumer Price Index (CPI), he highlighted that inflation rose from 20.4% in August to 22.1% in October 2024. Similarly, the Producer Price Index (PPI) increased from 30.5% in September to 33% in October.
“Is this what they call a downward trajectory of inflation?” he asked, accusing government officials of misleading the public with manipulated narratives.
He further criticised the high lending rates in the country, which have reached as high as 36% for some facilities, arguing that such rates stifle businesses rather than support recovery.
Mr. Gyamfi reminded viewers of past controversies, including the distribution of expired food items to flood victims in 2018.
He referenced a 2018 publication by Graphic Online, where NADMO admitted to the distribution error, using this as an example of the government’s alleged mismanagement and failure to uphold standards.
His remarks have sparked debates across the political spectrum, with many Ghanaians echoing his concerns about the worsening economic conditions.
Businesses have expressed frustration at the depreciation of the cedi and the rising cost of operations.
Sammy Gyamfi’s comments add to growing public criticism of the government’s handling of the economy as it approaches the end of its second term.
Many are now calling for greater transparency and accountability in economic management as Ghanaians brace for further challenges in the coming months.
By Christabel Treve
