Ghana Cedi is Junk, Thanks to Akufo Addo’s Incompetence- Prof. Steve Hanke
Steve Hanke, a professor of Applied Economics at the John Hopkins University in the United States has revealed on his verified Twitter page how Nana Akufo Addo’s incompetence is running down Ghana’s economy.
For his most recent assessment of the economy, the academic who has recently made critical verdicts on Ghana’s economy cited inflationary figures for his latest take on the economy. He maintains that the Ghana Statistical Service was producing inflation estimates that were significantly lower than the actual rate, calling the rate “rubbish.”
“Ghana’s economic death spiral just continues to spin. Today, I measure inflation in Ghana at a stunning 84.95%/yr, ~1.58x the Ghana Statistical Services’ phony official rate. The GSS is producing RUBBISH,” Hanke tweeted on March 11.
He also mentioned in a separate tweet how the cedi has lost its value and why it has been entered into my rogue’s gallery of JUNK currencies.
“In #Ghana, the #cedi is junk. By my measure, the cedi has depreciated ~49.77% against the USD since Jan. 1, 2022. Thanks to Pres. Akufo-Addo’s incompetence & economic mismanagement, the cedi has been entered into my rogue’s gallery of JUNK currencies.”
He posted;
In #Ghana, the #cedi is junk. By my measure, the cedi has depreciated ~49.77% against the USD since Jan. 1, 2022. Thanks to Pres. Akufo-Addo’s incompetence & economic mismanagement, the cedi has been entered into my rogue's gallery of JUNK currencies. pic.twitter.com/0ifxnyfUpF
— Steve Hanke (@steve_hanke) March 11, 2023
Steve H. Hanke is a professor of applied economics at the Johns Hopkins University in Baltimore, Maryland. He is also a senior fellow and director of the Troubled Currencies Project at the libertarian Cato Institute in Washington, DC, and co-director of the Johns Hopkins University’s Institute for Applied Economics, Global Health, and the Study of Business Enterprise in Baltimore, Maryland. Hanke is known for his work as a currency reformer in emerging-market countries.
Source – Tru News Report
