Economic crunch: I was nearly beaten for attempting to buy kenkey for GH¢3 – Ofosu-Ampofo

Chairman of the opposition National Democratic Congress, Samuel Ofosu-Ampofo, has lamented the worsening economic situation confronting the country. Likening the present situation to turbulent times in the Bible, he stated that Ghanaians ought to be mourning with sack cloths and pray as they reel under economic pressures. On the forex rate, an astonished Ofosu-Ampofo said it would not have been believable that the Ghana Cedi will trade at more than GH¢13 to a US Dollar under the New Patriotic Party even if an angel predicted it. This he says was because the NPP while in opposition chastised the John Mahama-led administration over the rate of the Cedi depreciation, promising it will do better. He recounted that he was nearly beaten for attempting to buy a ball kenkey at a price GH¢3 and GH¢4 because the traders said others were selling it at a much higher price. The chairman who is seeking reelection was speaking on Accra-based Power FM on Wednesday October 19, 2022. “The point Ghana has reached, citizens are supposed to mourn with sack cloths like what happened in the Bible. It has gotten to a point where Ghanaians must weep and pray. When the Cedi traded at 8 to a dollar, we felt it was nothing but now it trading at 13.04 to a dollar. “We won’t have believed it if angels predicted that such a thing will happen. I went to a place and said I was buying kenkey GH¢3 and GH¢4, I was nearly beaten because they said kenkey at some places is sold for GH¢5. “If you want to know how the Ghanaian economy is going, look at the size of bread and kenkey. They determine the lifestyle and economy of Ghana. Cement that used to be sold at GH¢28 under John Mahama is sold at GH¢85 at some places depending on where you are,” Ofosu-Ampofo said in Twi parlance. Ghana is currently grappling with economic downturn which has compelled government to initiate a move to secure a programme with the International Monetary Fund. This was necessitated by economic downgrades from rating agencies such as Fitch, Standards and Poor and Moody’s which prevented the country from accessing the international market. Government over the years has partly blamed the worsening economic situation on the adverse impact of the Covid-19 pandemic and the ongoing Russia-Ukraine war. Economists point to fuel price hikes, inflation rate and the Cedi depreciation as basis for the claim that the economy is worse off. The Ghana Statistical Service said the inflation rate (year-on-year) shot up to 37.2% in the month of September. According to the data, food inflation for the month was 37.8%. Watch the latest episode of BizTech below: DS/SARA

Chairman of the opposition National Democratic Congress, Samuel Ofosu-Ampofo, has lamented the worsening economic situation confronting the country. Likening the present situation to turbulent times in the Bible, he stated that Ghanaians ought to be mourning with sack cloths and pray as they reel under economic pressures. On the forex rate, an astonished Ofosu-Ampofo said it would not have been believable that the Ghana Cedi will trade at more than GH¢13 to a US Dollar under the New Patriotic Party even if an angel predicted it. This he says was because the NPP while in opposition chastised the John Mahama-led administration over the rate of the Cedi depreciation, promising it will do better. He recounted that he was nearly beaten for attempting to buy a ball kenkey at a price GH¢3 and GH¢4 because the traders said others were selling it at a much higher price. The chairman who is seeking reelection was speaking on Accra-based Power FM on Wednesday October 19, 2022. “The point Ghana has reached, citizens are supposed to mourn with sack cloths like what happened in the Bible. It has gotten to a point where Ghanaians must weep and pray. When the Cedi traded at 8 to a dollar, we felt it was nothing but now it trading at 13.04 to a dollar. “We won’t have believed it if angels predicted that such a thing will happen. I went to a place and said I was buying kenkey GH¢3 and GH¢4, I was nearly beaten because they said kenkey at some places is sold for GH¢5. “If you want to know how the Ghanaian economy is going, look at the size of bread and kenkey. They determine the lifestyle and economy of Ghana. Cement that used to be sold at GH¢28 under John Mahama is sold at GH¢85 at some places depending on where you are,” Ofosu-Ampofo said in Twi parlance. Ghana is currently grappling with economic downturn which has compelled government to initiate a move to secure a programme with the International Monetary Fund. This was necessitated by economic downgrades from rating agencies such as Fitch, Standards and Poor and Moody’s which prevented the country from accessing the international market. Government over the years has partly blamed the worsening economic situation on the adverse impact of the Covid-19 pandemic and the ongoing Russia-Ukraine war. Economists point to fuel price hikes, inflation rate and the Cedi depreciation as basis for the claim that the economy is worse off. The Ghana Statistical Service said the inflation rate (year-on-year) shot up to 37.2% in the month of September. According to the data, food inflation for the month was 37.8%. Watch the latest episode of BizTech below: DS/SARA