Steve Hanke, a professor, claims that "Ghana's economy is in the tank." Featured
08 August 2022
According to Steve Hanke, an applied economics professor at Johns Hopkins University in the United States, the economy of the nation does not appear to be in good shape.
The academic cited the weakening Cedi as support for his assertion in a tweet on August 6th. He thinks the nation needs a currency board to deal with the issue. The Cedi has recently experienced a slight decline, and some analysts believe that by the end of the year it may trade at GH10 to the US dollar, a significant exchange rate. "The economy of Ghana is in shambles. According to my calculations, the #cedi has lost value relative to the USD by about 34% since the start of 2020. A central bank garbage currency is the cedi. GHA needs to put its central bank on hold and set up a currency board, tweeted Prof. Steve Hanke. What Professor Steve Hanke has previously said on the economy of Ghana For some time now, Professor Steve Hanke has been keeping tabs on and drawing attention to Ghana's economic development. The researcher wrote in one of his #EconWatch blogs that Ghana has lost more than half of its sovereign bonds since 2021, particularly given that it is applying for an IMF economic rescue program. According to him, this has turned the West African nation—which is on the verge of defaulting on its debt—into "a poster child for economic mismanagement." "Since 2021, the value of Ghana's government bonds has decreased by more than half. Ghana has emerged as a symbol of economic incompetence and is currently on the verge of default, according to Prof. Steve Hanke's tweet from August 2. He has also predicted that Ghana's rejoining the IMF will fail, just like its prior initiatives www.rtvgh.com
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