Professor Steve Hanke Declares Akufo-Addo's Promises Will Never Materialize

Professor Steve Hanke Declares Akufo-Addo's Promises Will Never Materialize

  • US-based economist Prof Steve Hanke has dismissed President Nana Akufo-Addo's promise to revive the economy by 2024
  • The professor of applied economics has said Nana Akufo-Addo's promises has never and will never hold water
  • He made the comments on Wednesday, September 7, 2022, in response to the president's assurance that his administration can revive the economy within two years

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Professor of Economics at the John Hopkins University in the United States, Steve Hanke, says President Akufo-Addo's promises to return Ghana's economy to good days are mere rhetoric.

He said in a tweet that Nana Akufo-Addo's promises on the economy are false.

"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," Prof Hanke tweeted on Wednesday, August 7, 2022.

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Prof Steve Hanke
Prof Steve Hanke is an economist at the John Hopkins University in Baltimore, USA. Source: UGC
Source: Twitter

Prof Hanke was responding to President Akufo-Addo's promise to Ghanaians when he ended his two-day working tour of the Central Region last Sunday, August 4.

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He promised to return Ghana's economy to its glory days by the end of 2024.

The president assured Ghanaians that his administration would pursue critical fiscal and economic measures to spur growth and prosperity sooner than expected, despite the tough challenges.

President Akufo-Addo boasted that his administration had a track record of positioning Ghana to become one of the fastest growing economies in the world after it inherited an economy with the lowest growth rate in the history of Ghana's Fourth Republic.

In Prof Hanke's view, all these promises do not hold water.

Professor Steve Hanke: U.S. Economist Says IMF Bailout Will Not Save Ghana

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British-born Ghanaian Kwasi Kwarteng appointed UK's first Black Finance Minister reported in a separate story that the U.S.-based economist has said Ghana’s economy will not be saved by a balance of payment support from the International Monetary Fund (IMF).

The Economics Professor at the prestigious John Hopkins University in the United States tweeted on Tuesday, August 9, 2022, that just like Ghana’s previous bailout programmes, the current one won’t save the troubled economy.

He suggests that the country was merely begging for more money from the IMF for a quick fix.

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