A Development Economist, Dr George Domfeh has noted the United States, Germany and the United Kingdom (UK) experienced their highest-ever inflation two years ago, leading to high prices of goods and services.
He says that the high prices of goods and services lead to increased cost of living, a situation that resulted in the governing parties of these countries losing the elections held in those countries.
Dr Domfeh said these when making the point that the present challenges Ghana is facing are due to what has not been done right since 1957 when the West African country gained independence.
Speaking at the University of Professional Studies, Accra (UPSA) and the Institute of Economic Research and Public Policy (IERPP) post-budget dialogue 2025 on Friday, March 14, he said.”Because we are not serious with agriculture and we are not seriously doing anything to cut importation, we depend so much on what others have produced.
“The US experienced the highest inflation in 40 years, and Germany the highest inflation in 70 years, all these, their ruling governments lost. The UK also experienced the highest inflation in about 39 years, almost 40 years and because of that last year July, the conservative party witnessed their worst ever defeats in history because prices have gone up.
“These are the places you go to buy because you haven’t done much with local production. So you depend so much on what people have produced, and if prices over there have gone up, you will also go and buy and sell it at exorbitant prices. You need to take dollars from Ghana to go and buy and so there was heavy pressure on the Cedi,” he said.
READ ALSO: Let’s get Ghana’s agriculture sector improved to create jobs – Dr Domfeh
“It was unfortunate we blamed everything on the ruling government but I will always say that instead of blaming the government, we should know that it is not because of what we didn’t do right in the year 2022 that got us where we were but what we have refused to do right since 1957.
“Since 1957 we have not been serious and we have to stop the politics and come home to think about who to stop over-dependence. Let us get the agriculture sector improved and when you do that you are creating jobs for the people. Manufacturing, let us get the manufacturing sector improved.
The post US, UK, Germany experienced highest-ever inflation, all their ruling govts lost the elections – Dr Domfeh first appeared on 3News.
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