"Ato Forson’s Negative Outlook Of Economy Not Backed By Data" – John Kumah
A Deputy Finance Minister, John Kumah, has criticised the negative outlook of the economy by the Member of Parliament for the Ajumako-Enyan-Esiam constituency, Dr. Cassiel Ato Forson.
In a statement on Facebook, the deputy Minister insisted that Dr. Forson’s predictions are “not supported 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.” While Mr. Forson expects economic difficulties in 2022, Mr. Kumah said “the economy is expected to grow at 4.9% even with ravaging COVID-19.” “The government is turning around the economy back to the era of high growth before the COVID-19 pandemic came to our shores,” he added.
Dr. Forson predicted a 30% increase in the prices of general goods and further depreciation of the cedi as well as more increases in fuel prices.
Defending the performance of the cedi, Mr. Kumah said the cedi had depreciated by 3.63% compared to 3.93%, same time in 2020.
“This represents one of the lowest depreciation seen in the currency in the last decade. The Pound has only depreciated by 1.64% compared to 7 08% in 2020. The cedi as at end December 2021 had appreciated against the Euro by 4.48%.”
“Certainly, it is out of place to speculate about a currency with this sterling performance. 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,” the deputy minister added.
Find below John Kumah’s response to Ato Forson Often, you expect those who are well-informed about development in this economy to speak the truth backed by facts. 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.
It is therefore important, I state categorically, that all the speculations by Hon. Ato Forson are his own creation and are not supported by data.
Indeed, the economy is expected to grow at 4.9% even with ravaging COVID-19. The government is turning around the economy back to the era of high growth befo