Steve Hanke, a professor of applied economics at Johns Hopkins University in the United States, has taken President Nana Addo Dankwa Akufo-Addo to task for breaking commitments made to the people of Ghana.
Prof. Hanke claimed in a tweet that the president’s claims have never materialized and are always false.
In response to President Akufo-assurances Addo’s that Ghana’s economy would recover more quickly by 2024, the eminent economist expressed his disagreement.
“Pres. Akufo-Addo promises that he will make Ghana’s economy “bounce back.” SPOILER ALERT: Akufo-Addo’s promises HAVE NEVER and WILL NEVER hold water. Today, I measure GHA’s inflation at a punishing,” he said.
Pres. Akufo-Addo promises that he will make Ghana's economy "bounce back." SPOILER ALERT: Akufo-Addo's promises HAVE NEVER and WILL NEVER hold water. Today, I measure GHA's inflation at a punishing 78%/yr. That's ∼2.5 TIMES the official rate.https://t.co/Eo3Fgp748D
— Steve Hanke (@steve_hanke) September 7, 2022
The economy has recently collapsed, with Ghanaians bemoaning the rising cost of living in light of historically high rates of product inflation and increases in fuel prices.
Additionally, the economies of Ghana have been downgraded by international rating agencies like Standard and Poor’s (S&P) and Fitch, blocking access to the global capital market.
Meanwhile, the government has attributed some of the economic difficulties to the effects of the Covid-19 outbreak and the Russia-Ukraine war.
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Asserting that the country’s move to the International Monetary Fund was a temporary fix, President Akufo-Addo and his appointees promise to lead the nation out of the economic muck.
Once a program agreement is established, it is reported that Ghana will seek $3 billion from the IMF over a three-year period. The latest loan request was for $2.5 billion, which was double the previous $1.5 billion goal set by the administration.
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