A Letter To Randy Abbey

Your Outbursts over Danquah Institute’s Debt Analysis are Borne out of IgnoranceDear Randy Abbey!I have read your angry outbursts about Danquah Institute’s debt analysis, and was dumfounded by your ignorance and the emptiness of your sentiments.Danquah Institute, at its engagement with the media last week, analyzed the debts Ghana has accrued over the years, between 2009 to 2023, and which political party judiciously utilized the loans contracted.Danquah Institute based their analysis on data sourced from the Bank of Ghana, Finance Ministry and even International bodies like the World Bank and the IMF.In your response to them, you said these; “Danquah Institute, NPP has managed Ghana's debts better.

Even in the face of DDEP (Domestic Debt Exchange Programme), you have the nerves to speak like this,”.For someone who claims to have a PhD to respond to such facts-based analysis with vitriol instead of disagreeing with counter facts or data, one wonders if your PhD is serving its intended purpose.I expected you to disprove Danquah Institute’s analysis with counter facts but not vituperative rantings.

You were driven by your love for Mahama and his NDC to attack the analysis put forward by Danquah Institute.Danquah Institute is a think tank that has well-educated fellows like any other think tank.Moreover, just like other think tanks, DI has the right to freedom of speech and will choose to express itself on matters of national importance.Lack of respect and appreciation of data from you, Randy Abbey, a supposed colleague is quite perplexing.You should question with data and not sentiments laced with attacks with the view to gagging the institute.Retorts like those from you just expose the biased opinion you now profess.

This index serves as a measure of shipping cost on major routes worldwide.Comparing data from February 2020 to September 2021, the index surged astronomically, increasing by a staggering eightfold.

Strange!You seem to have issues with why the Danquah Institute used the US Dollar in its analysis instead of the Ghana Cedi, there is a reason.The US dollar is used in such analysis due to its status as the world's primary reserve currency, and its widespread usage in international trade.Furthermore, the US dollar is recognized for its stability, maintaining its unit of account and purchasing power consistently over extended periods.Another important take away from Danquah Institute’s analysis is that, foreign currency debt carries an exchange rate risk.

This data is from the Bank of Ghana.Interbank Exchange: BoG2008 - 1.22016 - 4.22017 - 4.42018 - 4.82019 - 5.52020 - 5.72021 - 62022 - 8.52023 - 11.82024 - 12.74 (March)Your NDC took the Ghanaian Cedi from 1.2 to the dollar.

This simply means that in the management of the local currency as against the US Dollar, the NPP administration has done far better than the NDC despite the unprecedented challenges the economy has faced as a result of extraneous factors (COVID-19 and Russia/Ukraine conflict).The NDC never faced a quarter of the challenges the Akufo-Addo/Bawumia administration has encountered, yet the currency has been managed better by this administration than Mahama did.If honesty was a trait you hold dear, you’d come to appreciate and admit to the fact that the data supplied by Danquah Institute cannot be controverted.