Cedi has depreciated by 43.26%, inflation at 53.76%, thanks to Akufo-Addo – Steve Hanke

A professor of Applied Economics at the John Hopkins University in the United States, Steve Hanke, has attributed Ghana’s current economic status to President Akufo-Addo’s “mismanagement” of the economy.

He stated that Ghana’s current inflation can be measured at 53.76% per year whiles the cedi has depreciated by 43.26% against the dollar.

In a Twitter post on April 10, 2023, he said, “Today, I accurately measure inflation in #Ghana at a stunning 53.76%/yr. Under Pres. Akufo-Addo, Ghana's economic death spiral just keeps spinning.”

He also added that “By my measure, the Ghanaian #cedi has depreciated 43.26% against the USD since Jan. 1, 2022. Thanks to Pres. Akufo-Addo’s ECONOMIC MISMANAGEMENT, the cedi is JUNK.”

According to the Ghana Statistical Service, inflation stood at 52.8% as of February 2023.

Ghana is currently seeking to obtain a financial bailout from the International Monetary Fund to the tune of $3 billion.

This is expected to help the country adjust its balance of payments and also restore some confidence in the economy.

However, the Ghana cedi has shown some form of stability in the past few weeks and is currently selling at GH¢11.50 as of April 10, 2023.

Today, I accurately measure inflation in #Ghana at a stunning 53.76%/yr. Under Pres. Akufo-Addo, Ghana's economic death spiral just keeps spinning. pic.twitter.com/BpCIphyKIz

— Steve Hanke (@steve_hanke) April 10, 2023

By my measure, the Ghanaian #cedi has depreciated 43.26% against the USD since Jan. 1, 2022. Thanks to Pres. Akufo-Addo’s ECONOMIC MISMANAGEMENT, the cedi is JUNK. pic.twitter.com/8njiZ5SmmG

— Steve Hanke (@steve_hanke) April 10, 2023