Financial Economist Dr. Razak Kojo Opoku has strongly challenged claims made by Development Economist Dr. George Domfe regarding the depreciation of the Ghanaian Cedi and the broader management of the economy between 2022 and 2024, describing them as factually inaccurate and intellectually misleading.

In a detailed response issued on Tuesday, Dr. Opoku dismissed assertions that the Cedi depreciated to GHS17 to the US dollar in October 2022, clarifying that the exchange rate reached that level in October 2024, not 2022.

He stressed that accuracy and attention to detail are fundamental requirements in economic analysis.

Dr. Opoku provided a month-by-month breakdown of the Cedi’s performance in 2022, noting that the currency started the year at approximately GHS6.05 to the dollar and ended December 2022 at GHS9.75, contradicting claims that it fell to GHS17 within that period.

He acknowledged a sharp depreciation between August and November 2022 but argued that the figures cited by Dr. Domfe were exaggerated and incorrect.

He also disputed claims about Ghana’s Gross International Reserves, stating that reserves in 2022 stood between US$4.7 billion and US$5.2 billion, not over US$9 billion.

According to him, Ghana’s reserves peaked at a record US$9.92 billion in 2021, before declining sharply in 2022.

He further corrected figures relating to 2016 reserves, placing them at about US$6.8 billion rather than US$6.1 billion.

On global developments, Dr. Opoku clarified that the Russia–Ukraine conflict began in 2014, although it escalated into a full-scale war in February 2022.

He also challenged claims about inflation in Germany, noting that while inflation reached about 10.4 percent in October 2022—the highest since World War II—it was inaccurate to describe it as Germany’s highest inflation in 70 years.

To counter arguments that Ghana’s economic difficulties were solely the result of global shocks, Dr. Opoku compared Ghana’s 54 percent inflation rate in 2022 with significantly lower rates recorded by countries closer to the conflict zone, including Poland, Romania, Slovakia, Hungary, and Belarus.

He argued that these countries demonstrated stronger macroeconomic management despite facing more direct spillovers from the war.

Dr. Opoku further questioned the effectiveness of flagship interventions such as the Domestic Gold Purchase Programme and the Gold-for-Oil policy, asking why these initiatives failed to prevent the sharp decline in reserves and soaring inflation in 2022.

He cited reported losses of GHS2.14 billion under the Gold-for-Oil programme and highlighted the Bank of Ghana’s GHS60.8 billion loss and negative equity position of GHS55.1 billion in the same year.

He described the decision to inject more dollars into the forex market in late 2022 as a “lazy economic strategy” and corrected claims that the Cedi ended 2022 at GHS8 to the dollar, insisting the correct figure was GHS9.75.

Dr. Opoku also criticised the decision to seek an IMF Extended Credit Facility in May 2023, questioning earlier assurances that Ghana would not return to the Fund.

He contrasted the exchange rate of about GHS14.7 to the dollar at the end of the previous administration in January 2025 with the current rate of about GHS10.63 as of January 7, 2026, arguing that claims of superior economic performance were unfounded.

In conclusion, Dr. Opoku maintained that Vice-President Dr. Mahamudu Bawumia and the Economic Management Team failed to manage the economy effectively between 2022 and 2024.

He urged economists to ground public commentary in verifiable data and encouraged Dr. Domfe to focus on core development economics issues such as poverty, inequality, education, health, and governance.