Sammy Gyamfi opposes claims of economic recovery under Akufo-Addo government

The National Communications Officer of the National Democratic Congress (NDC), Sammy Gyamfi, has strongly criticized assertions by government officials that Ghana’s economy is showing signs of recovery.

Speaking to Alfred Ocansey on The KeyPoints, Mr. Gyamfi challenged claims made by the Vice President, Dr. Mahamudu Bawumia describing them as deceptive and disconnected from the reality faced by ordinary Ghanaians and businesses.

Central to Mr. Gyamfi’s argument was the exchange rate, which he described as a critical indicator of the success of the economy. Quoting Dr. Bawumia’s own words from his time in opposition, Mr. Gyamfi stated, “If the fundamentals of your economy are weak, the exchange rate will expose you.”

He pointed out that the Ghanaian cedi has lost approximately 27-28% of its value against the US dollar in 2024 alone.

“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, 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 criticized 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 Ghanaians 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.

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 Success Treve

The post Sammy Gyamfi opposes claims of economic recovery under Akufo-Addo government first appeared on 3News.

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