Ofori-Atta Confirms Economy’s Collapse, Says Galloping Inflation Is Out Of Hand

Finance Minister, Ken Ofori-Atta, is claiming the current galloping inflation is a disaster that is out of the hand of the government.

Addressing a press conference, Ofori-Atta blamed the problem on a wave of inflation that is sweeping through Africa.

According to him, 41 African countries are experiencing similar inflations even though he did not name those countries and what exactly their inflationary rates are.

In Ghana, inflation is a whopping 23.6%, an 18-year high.

“Today, 41 African economies are severely exposed to, at least, one of three concurrent crises, rising food prices, rising energy prices, tightening financial conditions Finance Ministers now call it the dreaded three Fs; food, fuel, and financial conditions,” said Ofori-Atta who has been accused of gross incompetence and corruption.

“That is just a ripple through in all Africa, and food prices easily about 34 percent higher, crude oil prices some 60 percent higher, and global inflation has risen; we saw our numbers yesterday moved to 23.6 percent, a good chunk of it being imported inflation.”

Ofori-Atta’s claim is the umpteenth blame-shifting excuse by the Akufo-Addo government in the face of serious economic challenges facing the country on account of the government’s ineptitude.

At the heart of Ghana’s challenges is a debt conundrum brought on by excessive borrowing by the government.

Mr. Ofori-Atta, as a matter of corruption, contracted his private company, Databank as a so-called bond market expert on government borrowing, and anytime he borrowed Databank got paid service fees.

These fees have been an incentive to Ofori-Atta who has borrowed from the Eurobond market more than all previous governments of Ghana and inexplicable public debt record of GHC 350 billion.

The knock-on effect is serious inflation, since the country imports almost everything that it consumes, while the local currency, the cedi has devalued against all trading currencies. In fact, the cedi is the second worst performing currency in the world.

On Wednesday, May 11, the national year-on-year inflation rate was 23.6% in April 2022.