An American economics, professor Steve Hanke who is surprised as to how his Excellency Nana Akufo-Addo and vice president Bawumia are mismanaging the economy has question when the president will learn sense.
Making analysis in a tweet, professor Steve Hanke noted that Ghana's cedis has depreciated by 42.3% in a space of a year but surprisingly to him he hasn't seen anything president Akufo-Addo is doing to solve the problem.
" Since January 1, 2020, the Ghana's cedis has depreciated by a stunning 42.3% against the USD. Now, ghanaians are shutting down businesses in protest.
When will president Akufo-Addo learn? Ghana must mothball its central bank and install a currency board! "
Steve Hanke continued that he was shocked when he heard vice president Bawumia blaming Russia Ukraine war and Covid 19 as reasons for Ghana's inflation. Whiles Bawumia plays the blame game it is sad to report that Ghana is now among the top countries with the highest inflation globally. " When its comes to the source of Ghana's surging inflation, Ghana's VP Bawumia plays the blame game.
Today, by my measure, inflation in Ghana has reached a punishing 78.21%/year. At present, that's the 6th highest inflation rate in the world.
From where i stand as an economics, president Akufo-Addo is sending Ghana's economy on a journey of no return. Ghana's economy is going down the tubes.
He concluded that government is not just try and error as it is been done by Akufo-Addo. By now he expects the president to learn and do the needful.
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