Professor Hanke Mocks Akufo-Addo’s Promise To Turn Economic Crisis In Opportunity; “He Is On Another Planet”

• Prof Steve Hanke is not sure president Nana Akufo-Addo can turn Ghana's economic crisis into an opportunity as he has promised
• He said Ghana's inflation was getting out of hand, explaining that even though the official inflation figure of 40.4% was high his own computations shows Ghana's inflation was 156%
• The Applied Economist says president Akufo-Addo was speaking as if he was not on this planet

Professor Steve Hanke has expressed doubt in president Nana Akufo-Addo's promise to turn Ghana's economic crisis into an opportunity.

According to the John Hopkins University professor of Applied Economics Ghana's president talks as if he is not on this planet.

"Pres. Akufo-Addo says he will turn #Ghana's economic crisis "into an opportunity." SPOILER ALERT: Akufo-Addo must be on another planet. Today, I measure Ghana's inflation at a stunning 156%/yr. That's nearly FOUR TIMES the official rate," the academic tweeted on Friday, November 11, 2022.

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Prices of goods keep increasing as October inflation hits 40.4 percent

Prof Hanke was reacting to Akufo-Addo's address on the measures his government was taking to tackle the economic challenges.

The president said on October 30, 2022 that although the economic crisis was biting, he will soon transform the situation.

“But, as we have shown in other circumstances, we shall turn this crisis into an opportunity to resolve not just the short-term, urgent problems, but the long-term structural problems that have bedevilled our economy,” the president had said.

However, per Prof Hanke's tweet, the president is dabbling in mere rhetoric because even inflation figures remain extremely high and has been rising consistently over the last six months.

Ghana’s Inflation Hits 40.4% For October 2022 As Economic Crisis Worsens

Meanwhile, YEN.com.gh has reported in a separate story that Ghana's inflation rate for October 2022 has hit 40.4% according to the Ghana Statistical Service.

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World Bank ranks Ghana as having the highest food prices in Africa

The figures released by GSS show that food inflation rose to 43.7% while non-food inflation soared to 37.8%.

Ghana's inflation has been rising sharply since March 2022 in what experts say is unprecedented in Ghana's history.

But according Prof Hanke even the 40.4% figure is inaccurate because his famous Hanke's Inflation Dashboard shows Ghana's true inflation for October 2022 stood at 156%.

Source: YEN.com.gh