The Christmas season of 2023 would be the most costly in Ghanaian history, according to Dr John Kwakye, Director of Research at the Institute of Economic Affairs.
Dr. Kwakye used the relative drop in social and economic activity as evidence for his argument in a series of posts on X lamenting the state of Ghana’s economy.
“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.
In his 2023 Christmas address, President Nana Addo Dankwa Akufo-Addo acknowledged Ghana’s recent economic challenges but asserted that the nation has turned the corner towards recovery thanks to his government’s careful management.
However, in response to the president’s assertions in his tweets, Dr. Kwakye stated that the facts and the data supporting the president’s claims speak for themselves when it comes to Ghana’s economic realities.
“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.
See the screenshot of his post below:
