Steve Hanke is a renowned professor in applied economics at Johns Hopkins University. He makes use of social media to send reports about the economic performances of various countries.
It is good to note that Professor Steve Hanke has written several articles on the United States, Sri Lanka, China and many other economies. His articles are usually published on his Facebook and Twitter pages.
Ghana’s economy has come under the scrutiny of Professor Steve Hanke as he recently reacted on his Facebook page on 19th August 2022, when the country’s central bank announced the increase in the interest rate by 300 basis points. He stated that he was not surprised because the cedi currency has attained a junk status.
On Monday, 22nd August 2022, Professor Hanke did not mince words at all as he showed concern about the rising inflation in Ghana’s economy.
According to the Top Economist and Professor Steve Hanke, Ghana’s Vice President Dr Bawumia has always played the blame game when it comes to the source of the country’s economic problems.
Even though the Ghana Statistical Services has reported that the inflation rate has moved from 29.8 per cent to 31.7 per cent, the economist would not agree with that.
Interestingly, the economics professor has revealed that after his assessment, the country’s inflation rate is hovering around 80 per cent per year. He has advised addressing the issue through a currency board to prevent the country’s economy from going down the tubes.
Many Ghanaians have reacted vehemently to his comments as some citizens have suggested that he could be playing some responsibilities for the minority and they have advised the ruling NPP government to ignore him entirely.
Other Ghanaians indicated that Professor Hanke’s advice should not be taken for granted since the country’s economy is already not in good shape.
What are your thoughts on the ongoing discussion?
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