Ghana is 15th most miserable country in the world - Steve Hanke blames Akufo-Addo's for economic woes

Professor of Applied Economics at the John Hopkins University, Steve Hanke has placed Ghana 15th globally as the most miserable country when it comes to economic conditions.

In a Twitter post sighted by GhanaWeb, the US-based professor who placed Ghana’s year on year inflation at 64% attributed the situation to mismanagement on the part of the government led by President Nana Addo Dankwa Akufo-Addo.

“In #Ghana, the #cedi is junk. By my measure, inflation in Ghana stands at a TERRIBLE 64%/yr. Thanks to Pres. Akufo-Addo’s INCOMPETENCE & ECONOMIC MISMANAGEMENT, Ghana is the 15TH-MOST MISERABLE COUNTRY in the world in the Hanke 2022 Annual Misery Index,” he wrote.

In various criticisms of the Akufo-Addo government, Prof Hanke has described Ghana’s cedi as a junk and also referred to the country also as a debt junkie.

Ghana recently received an International Monetary Fund (IMF) Board approval for a $3 billion programme to alleviate the nation’s current economic stress.

Ghana has since late 2019 been under immense economic pressure which has resulted in harsh cost of living for citizens.

The government has serially blamed the situation on the Russia-Ukraine war and the COVID-19 pandemic but critics of the government say the situation is a result of mismanagement.

In #Ghana, the #cedi is junk. By my measure, inflation in Ghana stands at a TERRIBLE 64%/yr. Thanks to Pres. Akufo-Addo’s INCOMPETENCE & ECONOMIC MISMANAGEMENT, Ghana is the 15TH-MOST MISERABLE COUNTRY in the world in the Hanke 2022 Annual Misery Index. pic.twitter.com/niamhUh3V3

— Steve Hanke (@steve_hanke) May 25, 2023