Akufo-Addo’s Address On Economy: Economist Dr George Domfe Says President Was Spot On

• An economist has broken away from the pack and praised Akufo-Addo's address to the nation on the economic crisis
• Dr George Domfe says Nana Akufo-Addo articulated the appropriate measures to restore the strength of the cedi
• He also said Akufo-Addo's announced long-term measure to cut import and boost export is a good idea

Economist Dr George Domfe has scored top marks for president Nana Akufo-Addo’s national address on Ghana’s economic crunch on Sunday, October 30.

The Development Economist and a Senior Research Fellow at the Centre for Social Policy Studies (CSPS) at the University of Ghana said the president adequately touched on all the relevant issues.

“The address was brief and concise,” Dr Domfe said when YEN.com.gh contacted him on Monday, October 31, 2022 for his views on the president’s address.

Read also

Cedi depreciation: Value of local currency is higher than your 'empty' address – Manasseh Azure

According to the Lecturer of Economics at the University of Professional Studies, Accra (UPSA), the president articulated measures the country needed immediately to address the exchange rate volatilities.

“This included the regulatory framework to ensure flow of foreign exchange through Bank of Ghana to the accounts of the oil and mining companies with the commercial banks (secondary market); the medium-term measures to ensure that Debt-to-GDP ratio declines to 58% by 2028 is commendable,” he said.

His comments follow a flurry of negative reactions on social media about the president’s address on the economy.

Many felt the president was not honest and failed to make bold statements to revive the economy that is currently reeling under the stress of hyperinflation, cedi depreciation and unstable petroleum markets.

According to the economist, the long-term measure by the president cut import and boost export is a good idea.

Read also

Economic Crisis: Akufo-Addo finally admits Ghana is in turmoil; assures it will be over soon

“The details of the import reviews were missing from the address. I expect the president to provide the details in his subsequent addresses.

“Indeed, I agree with him for not giving the details this time because Ghanaians are already annoyed and long essays would've put many off,” he said.

Akufo-Addo Appeals To Traders To Stop Slapping Huge Margins On Prices Of Goods In Address On Economic Crisis

Meanwhile, YEN.com.gh has reported in a related that the president has appealed to market women and other traders to relax the way the put huge margins on the prices of goods on the market.

Addressing the nation on measures his government is taking to tackle the "economic crisis" the president said it is important for the traders to be measured on their pricing decisions.

He also praised suppliers and distributors of goods who have ensured that there is enough products on the market despite the uncertainties.

Source: YEN.com.gh