Akufo-Addo’s Reign Has Been Very Terrible For Ghana’s Economy – Prof Hanke

Akufo-Addo’s Reign Has Been Very Terrible For Ghana’s Economy – Prof Hanke

  • President Akufo-Addo has gotten a bad review from one of his outspoken critics, US-based Prof Steve Hanke
  • Prof Hanke said during Akufo-Addo's reign, Ghana's economy has "gone down the tubes", which means it has failed
  • Prof Hanke, an applied economics professor, said his estimation of Ghana's inflation was over 80%, more than twice the official inflation figures

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US-based economist Professor Steve Hanke surmised that during president Nana Akufo-Addo’s reign, Ghana’s economy has failed.

Hanke and AKufo-Addo
Prof Steve Hanke and Nana Akufo-Addo. Source: Getty Images.
Source: Getty Images

Making his signature blunt tweet about Ghana’s economy on Tuesday, September 27, 2022, the John Hopkins University applied economics scholar said Ghana’s inflation ranked among the world's top ten.

“Ghana is in 7th place in this week's inflation table. On Sep 22, I measured Ghana's #inflation at a stunning 83%/yr -- over 2x the official inflation rate of 34%/yr. During Pres. Akufo-Addo's reign, #Ghana's economy has gone down the tubes,” he tweeted.

Read also

Bawumia confesses times are hard but promises economic recovery soon

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Before the tweet on Tuesday, Prof Hanke also criticised president Nana Akufo-Addo for always shifting blame about the cause of Ghana's economy.

In the view of the learned professor, president Akufo-Addo is to blame for Ghana's economic challenges.

"When it comes to the source of #Ghana’s economic problems, Pres. Akufo-Addo plays the BLAME GAME. You know, it wasn’t me, it was the guy behind the tree. Today, I measure GHA's inflation at 83%/yr. That's more than DOUBLE the phony official rate," he tweeted earlier.

Ghana's Economy In Dire Situation Due To Unsustainable Debt

Meanwhile, opposition National Democratic Congress MP for the Ajumako-Enyan-Essiam constituency in the Central Region, Dr Ato Forson, has said Ghana's public debt to GDP is dire.

He said the figure is hovering around 100%, which makes it simply unsustainable and scary for the country's economic outlook.

Read also

Akufo-Addo and Dr Bawumia speak excellent English, yet we’re suffering; it’s time to try the illiterates too – Kumchacha to Ghanaians

He also adds that the country's current debt status cannot lead to restructuring, particularly when the government is seeking an IMF bailout.

Bawumia Promises Economic Recovery In Coming Days But Admits Things Are Tough

YEN.com.gh has reported in a separate story that one of the top economists in Ghana, Dr Mahamudu Bawumia, has admitted that the economic conditions are really dire.

The vice president told the Kenyan press that the Akufo-Addo administration was determined to position the economy better before the end of its tenure in 2024.

He said what Ghana needs to move out of the economic difficulty would be for the country to expand its production.

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Source: YEN.com.gh

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George Nyavor (Head of Politics and Current Affairs Desk) George Nyavor writes for YEN.com.gh. He has been Head of the Politics and Current Affairs Desk since 2022. George has over 9 years of experience in managing media and communications (Myjoyonline and GhanaWeb). George is a member of the Catholic Association of Media Practitioners Ghana (CAMP-G). He obtained a BA in Communications Studies from the Ghana Institute of Journalism in 2010. Reach out to him via george.nyavor@yen.com.gh.

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