Cedi has depreciated by 43.26%, inflation at 53.76, thanks to Akufo-Addo – Steve Hanke
Steve Hanke, a professor of Applied Economics at John Hopkins University in the United States, has attributed Ghana’s present economic state to President Akufo-Addo’s economic “mismanagement.”
Hanke claims that Ghana’s inflation currently stands at 53.76% annually, and the cedi has depreciated by 43.26% against the dollar.
Hanke expressed his opinion in a tweet on April 10, 2023, stating that “Under Pres. Akufo-Addo, Ghana’s economic death spiral just keeps spinning.”
Hanke also claims that the Ghanaian cedi has been deemed worthless due to the President’s economic mismanagement.
According to the Ghana Statistical Service, inflation stood at 52.8% as of February 2023. Meanwhile, Ghana is looking to receive a $3 billion financial bailout from the International Monetary Fund to assist with the balance of payments and restore confidence in the economy.
However, the Ghana cedi has shown some stability in recent weeks and is presently trading at GH¢11.50 as of April 10, 2023.