Government of Ghana made a U-turn decision last week to meet the International Monetary Fund (IMF) for a possible bail out .
The cabinet gave its support for the decision at a meeting on Thursday, following a phone conversation between President Nana Akufo-Addo and IMF Managing Director Kristalina Georgieva.
International economist from John Hopkins University, USA, Professor Steve Hanke say the current IMF programme Ghana want work .
According to Professor Steve Hanke, "In Ghana, Pres. Akufo-Addo passes the begging bowl to the IMF. SPOILER ALERT: Like GHA's past 17 IMF programs,a new program won't work."
"Today, I measure Ghana's inflation at 47%/yr."
He also reveal that based on exchange rate data from free and black market, annual inflation rate for Ghana is around 47precent but no the 27percent pronounced by the Ghanaian government.
Until now, Ghana, the continent’s second-biggest gold producer, had refused to seek IMF support to rescue an economy crippled by the pandemic, rampant inflation and a depreciating currency, despite analysts warning it is close to a debt crisis.
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