“Do We Eat Stability?”🔥Felix Kwakye & Nana Akomeah CLASH WILD on live TV over economy—tempers flare😱

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[00:00:00][music] >> NPP policy [clears throat] communication officer, Nana Osei Nyame um Felix Kwakye Ofosu Minister in charge of government communication on the boom when you have some people have huge clash and I come here say about where sorry and I inflation about from stability stability and instability and I and then Felix and the instability and I So we see two two shares more who are joining and they easy not value for money be on the president absentee and ask Kessben at 4:15 a.m. finance minister versus in the film my castle content some writing on sugar to us but your time with you obey enjoy video especially Nana Nyame and Felix and them I think say I'm say Felix busy in the four lines Nana Nyame parallel because I'm not crying or Kelly and the corner the corner and I will say before say before that you must subscribe to me and and your bell notification icon on video number come and search my number like all of you comment in the comment section link in the description and I should copy my little flower green clean solution center and a bus you can feel hospital check bank institution office bearer and when you leave flower green clean solution center I want to know what to say I will show you my friend numbers good screens and the Jama I don't know what to say I I so if you can come and search my digital traffic light no try out there on Saturday for so I will show you 1 2 I see you there on Saturday flower green clean solution center you will clean it up in the digital area papa and the quality at all and you have food to health to with my friend numbers and I will do more and I will say okay to one and one what you want what you clean your office and the Buddha or Uber when you better say wine not I will show you first insect Dr. Kessben at 4:15 you say introduce another layer to make sure say about public contract now they are the end of the treaty and when you know part of you know >> strategies to manage our economy.

[00:02:06]President this morning signed into law the value for money office act.

[00:02:15]Um this singular signature and ascent will mean that going into the future the Republic of Ghana and the government of Ghana will curtail public sector expenditure that has actually risen as a result of over inflation of contract, the government contracts.

[00:02:36]What we seek to do going into the future will be that we'll set up the office and all single source procurement will have to go through the office for value for money.

[00:02:49]In the past the legal division of the Ministry of Finance has been the one that conducts value for money office.

[00:02:56]They did not have the requisite skills and ability to deal with value for money. And so what we've done is to properly institutionalize the value for money office.

[00:03:05]President Mahama, as part of his campaign pledge promised to establish the value for money office and today he has graciously assented to it following Parliament's passage.

[00:03:16]I want to use this opportunity to assure the people of Ghana that the menace of public sector padding of contract and over inflation of contracts will be curtailed by this signature.

[00:03:30]What we seek to do is to use the next 6 month to properly constitute the office nominate the leadership of the value for money office and constitute the technical team that will ensure the implementation of the act. And so I believe that beginning 2027 January this office will be fully implemented and Ghanaians will see the need of a value for money office.

[00:04:00]I have seen value for money office being operated in other countries and I can tell you for a fact that if there's one single office that can pay for itself from day one, it is the office for value for money office because it's reduced public expenditure and obviously create fiscal space that will be used to develop other sectors of the economy.

[00:04:20]Thank you.

[00:04:22]And today was Dr. Cassiel Ato Forson, Finance Minister.

[00:04:41]You see, nobody, no electorate, eats stability. No electorate, eats inflation.

[00:04:52]It is good to achieve stability in the macro economy. It is good to achieve low inflation figures.

[00:05:03]It is not the same as cost of living.

[00:05:08]Forest stability is not the same.

[00:05:12]The forest, the impact, is largely determined by port duties.

[00:05:19]Because we are a big import dependent economy.

[00:05:22]So, when you have you've achieved stability in the dollar, but port charges have gone up by 800%.

[00:05:31]It is that 100% that translates into your pocket and my pocket, not the stability of the dollar.

[00:05:41]Because the port person, after paying 100%, will pass it on to the to the electorate. No, it's it's Look look look into this your office.

[00:05:50]80% of the stuff here is important.

[00:05:53]>> I'm talking about the 100% you you referencing because of the Pelican AI.

[00:05:59]It's an isolated case where you find a few cases where it's going to But that means you're paying the right duty.

[00:06:06]>> That helps our revenue mobilization.

[00:06:08]>> when prices go up 50%, it's coming to my pocket.

[00:06:15]Uh whether it's the right duty or not, it's hitting my pocket directly. That's what I look at. That's what I feel. And that's what helped my decisions.

[00:06:23]So, yes, the dollar the value of the dollar has come down and it seems to be stable and inflation is a single digit and so on.

[00:06:37]But what influences the ordinary person is the impact.

[00:06:42]Just track the price of anything. Once electricity goes up Look, this forest that you are talking about, it's good that it's come the the dollar's value has come down a bit and it is it seems to be stable. It seems to be stable. What what what What is the impact? Because the For you and me, is the effect on our life. One One second.

[00:07:05]For you and me, the stable dollar the effect is what we are looking at, not the mere fact that it's stable. What is the effect? This is an import dependent economy.

[00:07:21]Minister in charge of government communication a better [clears throat] than normal time now.

[00:07:36]Inflation is maybe up to 54%.

[00:07:38]Yendi single digit inflation. Israel, Iran, and the US >> I would like my armor fuel on air around 13.5. for petrol. Diesel 15 cities.

[00:07:49]Dollar no between 10 and 12 cities are stable for the past 12 months.

[00:07:56]2 years ago MPP time strong reply Is Nana Akomea implying then that Ghanaians eat instability?

[00:08:09]I think that uh we need to delineate the issues properly.

[00:08:14]I know that it is a place of the opposition to give government to keep government on its toes and critique policy and all that, but all of that you must be grounded in facts and logic.

[00:08:27]There's nobody in Ghana who can say that the economy we are under today is worse than what we inherited.

[00:08:37]That cannot be argued by any stretch of the imagination.

[00:08:42]The first point is that Nana Akomea and his boss Bawumia and the NPP completely destroyed the Ghanaian economy.

[00:08:51]Every single measure of economic performance showed a downturn.

[00:08:56]You were saddled with unsustainable debts.

[00:08:59]The currency was destroyed.

[00:09:02]It reached its lowest point in Ghanaian history. At a point, it was considered the worst currency in the world.

[00:09:09]The interest rates that people paid to take loans from banks was in excess of 30%.

[00:09:17]Inflation at a point was 54%. You went to the market in the morning to buy an item only to return in the afternoon to find that prices have increased. All these have changed.

[00:09:29]As I speak to you, it is Nana Akomea's own boss Bawumia who is on record to have said that the most important indicator of economic performance for an economy like ours is the exchange rate.

[00:09:43]So, nobody can deny that the exchange rate has been stabilized at a point.

[00:09:48]If you bought an item that is imported and for a country that is as import dependent as ours, the exchange rate matters. It is the reason why for several months, about 15 consecutive months, fuel prices dropped.

[00:10:02]When we came to power, fuel prices were selling at a certain point.

[00:10:05]As I speak to you, despite recent surges in crude oil prices, fuel prices are at the same level that we met it.

[00:10:14]But for the stability of the currency, we would be buying fuel at around 20 CDs, 23 CDs like it was under the MPP.

[00:10:21]So, if at a point under the MPP you were buying fuel for 23 CDs a liter, and today you are buying it for lower, how can Nana Akufo-Addo say that it does not translate? So, when Nana Akufo-Addo goes to the pump, the savings that is made, whose pocket does it go to? Does it not go to his pocket? If we were buying fuel for 23 CDs in November 2022 for 23 CDs a liter, and today you are buying same for around 15 CDs, is that not a saving of about what, eight CDs? Does that not go into Nana Akufo-Addo's pocket? So, how does he say that it is not translating into the lives of the people? We also do know that because of that, there was a point last year where transport operators reduced transport fares by 15%.

[00:11:05]Since then, they have not announced another increase. So, the savings that are made on transport fares that are reduced goes to the pocket of Nana Akufo-Addo. Now, everyday items that we buy in the market, we all do know that because the CD has stabilized, the amount of money needed to go and buy the same quantities as was the case in the past has reduced. And then duty payments too have reduced. And indeed, it has translated into specific reductions in some items. It is true that there are some items that have shifted downwards in terms of prices.

[00:11:39]That a significant number of products have reduced in price, and we all attest to it because we all go to the market.

[00:11:45]So, for an opposition party to disregard all of this and pretend that nothing has happened in this country that signals an improvement is simply not accurate. It is not true. It is mere politicking that is not backed by any substance.

[00:11:59]Uh Felix, uh he's also argued that government is focusing too much on statistics while things like unemployment and the cost of living uh remain a major concern. I want to find out from you, is government out of touch with public sentiment? Also, so I ask you a question, you who are in Ghana, did fuel not sell at 23 cities a liter under the NPP?

[00:12:21]If you can answer me.

[00:12:24]Fuel sold at a point for 23 cities, is that not so?

[00:12:27]Yet, you will testify that for several months, fuel reduced so much that at a point it was sold for under 10 cities a liter.

[00:12:36]So, how can any objective person see that this thing that happened is not reality, and that if we point to it, we are out of touch with the people?

[00:12:45]It is not justified. That narrative is simply false. It is not true.

[00:12:49]So, it is imperative that when members of the opposition make claims, it is subjected to strict scrutiny.

[00:12:57]And I would have thought that you would put these questions to Nana Akufo-Addo.

[00:13:00]To test the accuracy of his claims.

[00:13:03]We do know that prices have come down in many, many, many instances, even if there are others too where people are proving it wrong. Even then, government has done its bit in terms of ensuring that the economic climate is favorable.

[00:13:16]Today, there are people who go to banks who pay interest of around 15%. It was not the case under Nana Akufo-Addo. So, if you ask businesses, they will tell you that they are having to pay less interest than they used to do in the past. Those who import items cannot run away from the fact that they pay lesser duty today than they did in the past.

[00:13:36]All of that translates into the economy.

[00:13:39]And so any claim that nothing has happened and that the cost of living today is higher than it was under the MPP is simply false. It is not true based on the objective reality on the ground. Of course, it can be argued that it should come down some more.

[00:13:54]That should be the case, but nobody can deny the fact that there have been significant improvements in the economic situation of Ghanaians.

[00:14:02]Unemployment is an issue, that is true.

[00:14:05]But it cannot be said that since this government came to power, no employment has been created. The Ghana Statistical Service has put out data that shows that there has been employment in hundreds of thousands in the year or so that this government has been in power. Even if it is the case that the number of unemployed people is very high, it was high under the MPP.

[00:14:26]It's not as if it is a recent phenomenon that it is when we came to power that unemployment has increased. Indeed, unemployment has decreased as the figures show. And as a matter of fact, hundreds of thousands of Ghanaians have been employed, but more needs to be done and we are the first as a government to acknowledge it and we continue to do more to ensure that we create more opportunities for the Ghanaian youth.

[00:14:48]Mhm.

[00:14:48]Uh Felix, we'll try to get Dana Akufo-Addo on the line, but since I still have you on the line, another concern that was raised about the uh you know, the prices of goods and services going down is the publican AI which has been introduced at the ports.

[00:15:05]You get a lot of importers saying that now they are having to pay more for the goods they import into the country than before due to the due to the introduction of the publican AI. So really, if you say that goods and services have come down, some of the importers beg to differ.

[00:15:23]That is also not true because the >> How is it not true?

[00:15:26]Let me show you. You see, the problem with some of you in the media is that you don't verify beyond claims that are made.

[00:15:32]First of all, if in the past you imported a bag of rice which sold at say $100 a bag.

[00:15:42]At the time the MP was leaving office, the foremost bureau rate for the dollar was 17 cedis or let's even say 16 cedis.

[00:15:51]So, at $100 that is 1,600 cedis to import a bag of rice.

[00:15:57]Today, it is 11 cedis let's say even 12 cedis.

[00:16:01]So, a bag of rice now on the world market is 1,200 cedis. The importer saves 400 cedis. In addition to that, the duty that was paid the cedi equivalent was higher in under the MP than it used to be because of the appreciation of the cedi.

[00:16:18]This is fact. That you cannot dispute unless you're telling me that rice is more expensive on the world market now than it was under the MP, which is not the case. Now, in case of the publican, it does not increase duties.

[00:16:32]What it does is to determine the right value so that loopholes that have been exploited in the past to the detriment of the Ghanaian people. In other words, the duty that we need to collect, which is understated because of the exploitation of loopholes, are sealed.

[00:16:50]But, it does not mean that duties have been increased. It simply means that people are paying the real value for the duty that they should pay. That leads to an increase in revenue which the government is able to use to manage the affairs of the country and meet the various competing needs that they are. So, it is imperative that claims that are made are examined and the facts ascertained. Nobody can say that it costs the same as it did under the MP to import the items, because the amount of cedis you need to buy the item, even without duty, has reduced substantially. And I give you the example of a bag of rice in relation to the exchange rate. And then the duty you pay to has reduced, even if the dollar equivalent has remained the same. But the introduction of automation and a system to check under declaration and undervaluation in order that loopholes that are exploited by some people are sealed. So, what is being mistaken for an increase in duty, it is imperative that we put that on record. Managing the exchange rate, because inflation is the biggest enemy of disposable income.

[00:17:57]Exchange rate appreciation is the biggest enemy of disposable income.

[00:18:02]For once inflation remains constant, once that is the case, inflation was 12.4%. What it means is that compared to the same period last year, the prices of goods and services are going up at an average of 12.4%.

[00:18:16]When the NPP was in power, when they said inflation was 23%, it meant that compared to the same period the previous year, the prices of goods and services was going up by 23% per average. So, that alone gives you indication that there is a slowdown in the rate at which the price of goods and services increase. So, government must consistently ensure that the factors that lead to inflation, i.e. the rate of increase in the price of goods and services, come down, so that it does not eat into the disposable income of Ghanaians. And then there's the other issue of expanding the economy, so that businesses are able to employ more people, which then leads to employment, and then more people earn income, so that they really have some to dispose at the end of the day. Those are the things that government has been doing, because everybody will agree in Ghana that the biggest problem that the people of Ghana faced under the NPP was the economy, and therefore any government that was taking over from the NPP was going to work hard to stabilize the economy. While that happens, other policies can add on to ensure that we give jobs and opportunities to the millions of Ghanaian youth who do not have it at the moment. But it cannot be said that since we came to power, things are worse now than that is a simple untruth that cannot be sustained by any stretch of the imagination. Mhm. Uh Felix, I want you to hold on and bring in someone who clearly disagrees with you. Nana Akomea is the chairman of the NPP Communications Committee. Uh he's joining the conversation right now.

[00:19:48]Nana, welcome to the show. You said Ghanaians do not eat stability and Felix is asking, do Ghanaians eat instability?

[00:19:56]Yes. Now, basically, what I've said is very simple.

[00:20:00]That stability in the economy in terms of the macro factors is translate cost of living of the ordinary Ghanaian.

[00:20:17]Otherwise, it it becomes merely statistics.

[00:20:21]So, inflation with with with spent so much money by the Bank of Ghana um according to our claim more than 15 billion cedis to bring inflation to 3 4%.

[00:20:36]What is the impact on prices? Because the the it will be beneficial to the ordinary person in all this money that we spent to bring inflation to 3%. It will beneficial if it's reflected in the cost of living.

[00:20:52]When you look at a lot of the basic things that ordinary people buy, the increment over the last year have been way way way more than 3 4%.

[00:21:04]Way way more. Electricity, which affects everybody.

[00:21:09]Track electricity prices uh over the last 1 year.

[00:21:15]2025. Track water water water rates.

[00:21:20]Um track the price of rice.

[00:21:24]2025, January to December. Uh Felix, I want to believe you're still with me.

[00:21:28]You've been listening to You've been listening to Nana Akufo-Addo double down on his argument that indeed there might be stability, but it's not reflecting in the pockets of Ghanaians.

[00:21:40]But I when you spoke to me earlier, I gave you concrete evidence of same.

[00:21:45]Nana Akufo-Addo wants us to discount how much Ghanaians bought fuel for under them in 2022.

[00:21:51]In November of 2022, the price of a barrel of crude oil was $84.

[00:21:59]And yet fuel sold at 23 cedis a liter.

[00:22:03]The reason for that was a destroyed exchange rate. The cedi was exchanging at 17 cedis 20 pesewas.

[00:22:09]$84 a barrel. Today, the price of oil is close to $100. And yet people are buying diesel for 15 cedis.

[00:22:16]The difference is the exchange rate, which has been stabilized. So, that is what stability does for you.

[00:22:22]Indeed, if he says that we should even use the terminal point of December 2024 as the measure of the price of fuel in comparison to to what we have now, Nana Akufo-Addo knows that for close to 15 months consecutively, fuel price reduced.

[00:22:41]At a point, it sold under 10 cedis.

[00:22:45]So, if you take a sample deduction, up to four cedis per liter was saved on fuel. That money went to Nana Akufo-Addo's pocket because he drives.

[00:22:54]So, he cannot claim that the stability in the economy did not reflect in his pocket.

[00:22:59]You pointed him to transport fare reductions for those who do not own cars and use public transport also paid with due stress.

[00:23:07]He says that VIP has has increased their fares. What would be the basis for that increase? One fuel price has not gone up.

[00:23:14]He says rent has gone up in Teshie. What has increased that warrants that increase in rent?

[00:23:22]Cement was selling at 105 cities under them. Today, there are places where cement sells for 80 something, 90 something. So, on what basis is anybody increasing rent? And how is that attributable to government? Mhm. He says we should look at rice. I also bought rice under the NPP. I buy rice now. And I'm telling you the price has gone down.

[00:23:40]The price of oil, beans, charcoal, gari, maize. Today, farmers are crying about uh lots. Are they not? The reason is that the price is so low, it is not attractive to them. Right.

[00:23:51]>> So, food inflation has reduced. The price at which we used to buy food has gone down. So, every claim that is made must be tested against the fact. Can Nana Addo Danquah deny that until this recent surge in oil prices because of this conflict between Israel, Iran, and the US?

[00:24:09]Did he not benefit from consistent drops in fuel prices? Did fuel price not go under 10 cities in this country such that it even triggered price wars among OMCs? So, these are facts that must be accounted for. Of course, there are recalcitrant elements within the economy who like to exploit people and therefore despite reductions in factors of production, they like to maintain prices. That is economic rent-seeking, but generally, everybody who has been in this country will attest that that happened. Now, let me read you the bit about imports because he said it.

[00:24:41]I'm asking you a question.

[00:24:43]So, look at cement, for instance, clinker.

[00:24:47]When you brought in 50 metric tons of clinker, you bought it at a certain price in dollars. In 2017, you were paying 17.2 dollars.

[00:24:58]22.2 cities I beg your pardon. per dollar to obtain that claim card to manufacture cement. Today, that has reduced to around 11 cities. So, definitely the importance of that product to produce cement in Ghana have made a saving.

[00:25:11]If you are importing a bag of rice from abroad, even if nothing changed, they charge the same amount in dollars. The city equivalent has reduced, so there will be no justification to increase the price of rice. That is the point I'm making, and that is what stability does Mhm. to an economy. They supervised instability, which translated into extreme, unprecedented hardships for the people of Ghana. And our government has come in and has demonstrably brought this instability under control and reigned in all the errant indicators in our economy. Some of which I have proven to you have translated into direct benefits for the people. Right.

[00:25:52]>> Of course, we can do more, and I'll be the first to admit Yeah. But the moment we the first to admit that more must be done to ensure that the cost of living comes down further. But any body in the opposition who claims that nothing has changed and that the same instability that led to hardships under them is prevailing now is simply not being frank with the people of Ghana.

[00:26:11]Yeah. Right. Uh Felix Kwakye Ofosu, thank you very much.

[00:26:14]I hope they will enjoy it.

[00:26:18]Politics will uh and dance you.

[00:26:21]I say opposition party salary Anna and that say I buy a bit me a car I I I say my position party a toss and see the Ghana politics.

[00:26:35]You didn't even see how they respect you. You better change the scenario and your cry and your What I say? It will not work this year.

[00:26:44]Some say they do Obusum Obusum Gamsin.

[00:26:46]A queen yeah.

[00:26:48]Onyim Botum. Enkoyio soa Onyim Obotoum.

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