The Ghana Cedi has depreciated by 49.31% against the UD dollar since January 2022, Steve Hanke has asserted.
The professor of Applied Economics at the Johns Hopkins University in Baltimore, Maryland, says the rate of the currency decline is sad that, the cedi is ‘rubbish’.
In a tweet made by the Professor Saturday, February 11, 2023, he said Ghana’s economy is in “shambles” courtesy President Akufo-Addo.
“In Ghana, the cedi is rubbish. By my measure, the cedi has depreciated ~49.31% against the USD since Jan. 1, 2022. Thanksgivings to Pres. Akufo-Addo, Ghana’s economy is in shambles,” his tweet contained.
In #Ghana, the #cedi is rubbish. By my measure, the cedi has depreciated ~49.31% against the USD since Jan. 1, 2022. Thanks to Pres. Akufo-Addo, Ghana's economy is in shambles. pic.twitter.com/gVmqgyBdsg
— Steve Hanke (@steve_hanke) February 11, 2023
Professor Hanke has hit hard on President Akufo-Addo and his Economic Management Team (EMT) especially since the economy took a downturn some years ago.
Contrary.to figures being provided by the Ghana Statistical Service and the Bank of Ghana, the Economics Professor has always given his ‘true’ state of affairs in Ghana backed by his computations.
Ghana’s debt ratio to its Gross Domestic Product at the end of 2022 is 93.5% as per data from the Central Bank.
The country’s currency recently traded above only Sri Lanka as the worst performing in the world.
By Felix Anim-Appau|Onuaonline.com
