Nana Addo’s Promise To Revive Ghana’s Economy Doesn’t Hold Water, He Can’t Do It – Prof. Steve Hanke

A professor of applied economics, Steve H. Hanke who doubles as founder and co-director of the Institute for Applied Economics based in the US, has once again taken a swipe at Akufo-Addo’s government for the economic mess.
President Akufo-Addo’s numerous promises of reviving the economy, according to the renowned global economic expert, are rhetoric.

He asserted in a tweet today, September 7,  that Ghana’s economy can never bounce back as his inflation measure reveals Ghana’s inflation rate is 78%/year.
“Pres. Akufo-Addo promises that he will make Ghana’s economy “bounce back.” SPOILER ALERT: Akufo-Addo’s promises HAVE NEVER and WILL NEVER hold water. Today, I measure GHA’s inflation at a punishing 78%/yr. That’s ∼2.5 TIMES the official rate,” his tweet reads.

This comes after President Akufo-Addo said in an interview with the media during his two-day tour of the Central Region that, “Nevertheless, the issue is not that you are in difficulty alone. We all face difficulties in our lives but the issue is how resolved you are to get out of it and that is what my government is concerned with now.

“I am very determined that by the time I leave office on the 7th of January, 2025, the economy of Ghana will be back again in a strong place, because that is the way I’m going to be able to help my party break the eight,” the President added.

Ghana is currently experiencing a historically high inflation rate of over 31%, resulting in a high standard of living and price increases in general goods and services.

According to Bloomberg’s rankings of highly indebted countries, Ghana is the world’s second most indebted country, trailing only El Salvador.

The local currency has also suffered greatly, as it is currently being sold at GHS10 per dollar, causing massive losses for many indigenous businesses.