I Completely Lost My Last Ounce Of Hope — Dr Domfe Takes Aim At NDC’s Cedi Appreciation Claims

Dr George Domfe, a development economist and lecturer at the University of Ghana, has criticised the NDC government over its explanation of the cedi’s appreciation against the US dollar in 2025, arguing that the administration placed excessive emphasis on fiscal consolidation while overlooking other contributing factors.

In a post shared on his official Facebook page on November 6, 2026, Domfe said he had completely lost his remaining hope in the government when it went to what he described as extraordinary lengths to promote the narrative that fiscal consolidation was responsible for the cedi’s appreciation between April and June 2025.

According to him, the cedi strengthened from approximately GH¢15 to the US dollar on April 10, 2025, to about GH¢10.20 by June 3, 2025. He questioned the government’s explanation of the development, arguing that it appeared to overlook the role of Bank of Ghana interventions and favourable conditions in the external market.

Domfe expressed concern that the government’s narrative gave the impression that fiscal consolidation alone accounted for the currency’s appreciation, despite the other factors he believed contributed to the development. He suggested that the explanations being presented to the public did not adequately acknowledge the influence of the central bank’s interventions and external market conditions.

The economist further criticised what he perceived as the government’s approach to communicating its economic achievements, accusing it of using propaganda as a tool for explaining economic developments.

He concluded his post with a local expression conveying his dissatisfaction with what he considered an unconvincing explanation of the cedi’s performance during the period.

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