The founding President of policy think tank, Africa Policy Lens, Dr George Domfe, has dismissed claims that the economic challenges Ghana's economy faced in 2022 were as a result of the actions and inactions of those who were in charge of managing the economy.

"The truth is that the 2022 economic turmoil, was externally driven. For 61 good months, the Ghanaian economy has been stabilised with inflation well below 15.4% inherited from the previous administration" he stated.

He explained that the Cedi had stayed between GH¢4.2 to GH¢6.2 for 61 months and it's one of the best records for the local currency since 1957.

"In January 2022, Bank of Ghana had a total reserve of $9.9 billion (Mahama left $6.1 billion in 2016). This was enough to protect the local currency" he said.

"Then suddenly, Russian Ukrainian crisis came from nowhere. Germany recorded its highest inflation in 70 years! Both US and UK recorded their highest inflations in 40 years! Oil moved from $72 a barrel to $121 a barrel! Above all, freight charges went up by 300%" he explained further.

These factors, the University of Ghana economist said, pushed the demand for foreign currencies to uncontrollable levels.

"By August 2022, BOG had almost run out of reserves and 1$ was exchanged for GH¢ 8.2.

"Unfortunately, with no buffer, the Cedi had no protection, and by October 2022, $1 was going for GH¢15 (interbank exchange rate market) and GH¢17 (forex market)" he emphasised.

"No economist anywhere in the world can attribute the 2022 economic turmoil to mismanagement. Facts and figures don't support such assertions" he stated.

Dr George Domfe was responding to critics who have accused the managers of the economy in 2022 for the challenges the country faced.