US Economist, Prof. Steve Hanke has yet again criticised the gains Ghana cedi is making against the dollar.
Since the start of the year, the professor of applied economics at the Johns Hopkins University in Baltimore has been downgrading the Ghanaian economy and criticised President Akufo-Addo’s government when the cedi became the worst performing currency in the world.
Despite the local current appreciating over 60% in the last couple of weeks, Prof. Hanke is still not convinced the gains the cedi is making is sustainable.
On Tuesday however, Prof. Hanke took to social media to confirm that Ghana has moved to 14th from 15th on his #Currency Watchlist.
Nonetheless, he insists that Ghana is in an economic death spiral because of President Nana Addo Dankwa Akufo-Addo’s bad leadership style.
“By my calculations, the Ghanaian #cedi has depreciated 31.17% against the USD since Jan. 2022, which is why #Ghana is in 14th place in this week’s Hanke’s #CurrencyWatchlist. Thanks to Pres. Akufo-Addo, Ghana is in an economic death spiral,” Prof. Steve Hanke said on Twitter.
By my calculations, the Ghanaian #cedi has depreciated 31.17% against the USD since Jan. 2022, which is why #Ghana is in 14th place in this week’s Hanke’s #CurrencyWatchlist. Thanks to Pres. Akufo-Addo, Ghana is in an economic death spiral. pic.twitter.com/3ZCuqVeQfI
— Steve Hanke (@steve_hanke) December 20, 2022
Source: twitter/modernghana
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