Prof. of Applied Economics at the John Hopkins University in the United States, Steve Hanke has cautioned that Ghana is on the path of an economic death spiral.
The academic who has in the last few months posted critical verdicts on Ghana’s economy cited inflationary figures for his latest take on the economy.
He insists that the Ghana Statistical Service was churning inflation figures far below the real rate describing the rate as ‘rubbish.’
“Ghana’s economic death spiral just continues to spin. Today, I measure inflation in Ghana at a stunning 84.95%/yr, ~1.58x the Ghana Statistical Services’ phony official rate. The GSS is producing RUBBISH,” Hanke tweeted on March 11.
In #Ghana, the #cedi is junk. By my measure, the cedi has depreciated ~49.77% against the USD since Jan. 1, 2022. Thanks to Pres. Akufo-Addo’s incompetence & economic mismanagement, the cedi has been entered into my rogue's gallery of JUNK currencies. pic.twitter.com/0ifxnyfUpF
— Steve Hanke (@steve_hanke) March 11, 2023
