The Director of Research at the Institute of Economic Affairs, Dr. John Kwakye, described last December's Christmas period as the most expensive in Ghana’s history.

He attributed this to the economic crisis and high cost of living under the Akufo-Addo-Bawumia administration.

Read the full story originally published on December 27, 2023 by www.ghanaweb.com.

Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye
The Director of Research at the Institute of Economic Affairs, Dr John Kwakye has described the 2023 Christmas period as the most expensive in Ghana’s history.

In a series of posts on X bemoaning the realities of Ghana’s economy, Dr Kwakye cited the relative decline in economic and social activities as testament to his claim.

“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 noting Ghana’s recent economic difficulties, President Nana Addo Dankwa Akufo-Addo in his 2023 Christmas message claimed that the country through prudent management by his government has made a turn towards recovery.

But responding to the president’s claims in his tweets, Dr Kwakye said the realities of Ghana’s economy speak different from the president’s claim and the data that backs same.

“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.

Our economic managers shouldn't be hasty to make uterrances like we have "tamed inflation," "stabilised the exchange rate," "turned the corner," etc. because the economy is still fragile, vulnerable, and fickle.

— J. K. Kwakye (@JohnKwabenaKwa1) December 20, 2023

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