Ghana’s economic outlook good even after impact of COVID-19 – John Kumah
Price of petroleum products expected to decrease – John Kumah
A Deputy Minister for Finance, John Ampontuah Kumah in response to the prediction of bad economic outcomes for 2022 by Cassiel Ato Forson said the ex-deputy finance minister was engaging in speculation and propaganda.
In a statement shared on social media, John Kumah said the prediction of Ato Forson was not backed by data.
“It is unfathomable to think that a former Deputy Minister of Finance could be this pessimistic, speculative and propagandist on important issues concerning the economy of Ghana,” he said.
John Kumah said contrary to Ato Forson’s suggestion Ghana’s economy was in good shape despite the effects of the COVID-19 pandemic with the economy expected to grow by 4.9 per cent.
He stated that the prediction of a 30 per cent inflation rate for 2022 and the depreciation of the Ghana cedi to GH¢ 7 to a dollar could not be true.
“It is not true that prices of goods are to increase by circa 30% as Hon. Ato is speculating. There is no evidence to back this speculation.
“On the cedi's performance, I'm surprised at Ato's submission. As at end of December 2021, the cedis had depreciated by 3.63% compared 3.93% same time 2020. This represents one of the lowest depreciation seen in the currency in the last decade,” he said
“Government is confident that the cedi will hold against the major trading currencies in 2022 given all the innovative currency management policies introduced including the forward auction,” he added
John Kumah also said that contrary to the prediction of an increase in the price of petroleum products, the government has put measures in place to ensure that prices decrease.
“The Office of President on 31st December 2021 directed the Ministry of Finance to extend the withdrawal of Price Stabilisation and Recovery Levies on Petrol, diesel and LPG for additional one month. Though fuel prices response to a number of factors, Government is determined to cushion consumers as and when necessary,” he said
Read the full statement from John Kumah and Ato Forson
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