A senior research fellow at the University of Ghana, Legon, Dr. George Domfe, has stated that Mahama’s management of the cedi is the worst Ghana has ever experienced.
Speaking to Gordon Asare Bediako on Movement In The Morning on Movement TV, he compared the economic performance of the current government under President Nana Addo to that of former President John Dramani Mahama.
He noted that aside from inflation, which stands at 23.1% compared to Mahama’s 15.4%, and the policy rate, which is 29% compared to Mahama’s 25.5%, all other economic indicators under Nana Addo’s administration are better than those recorded during Mahama’s tenure.
Domfe further analyzed the exchange rate, stating that Mahama’s management of the cedi was the worst since Ghana gained independence. He recalled that in 2022, the dollar exchange rate began at 6.20 cedis but depreciated to 17 cedis per dollar by the end of the year, resulting in a 36% depreciation rate. In contrast, Mahama’s depreciation rate was 55%.
Domfe concluded that the current administration’s economic performance is superior to that of the previous government, and that critics should not present themselves as the only intelligent voices on the matter.