Akufo-Addo is 'unfamiliar with the science behind economics' – Steve Hanke

Professor Steve Hanke, an economist from Johns Hopkins University in the United States, has voiced concern over Ghana's economic situation under the leadership of President Nana Addo Dankwa Akufo-Addo.

The professor asserts that the president's lack of understanding of economic principles has contributed to the country's struggle with inflation, which it had targeted to be at 8%.

Hanke posted his views on Twitter, stating, "Pres. Akufo-Addo is quite unfamiliar with the science behind economics. No surprise that Ghana is MILES from its 8% inflation target."

Additionally, he suggested an alternative solution to address the ongoing economic challenges.

Drawing attention to Ghana's historical use of a currency board from 1912 to 1958, he proposed that the country should reconsider the installation of a currency board system to help address the situation.

A currency board system entails the strict pegging of a country's currency to that of a major stable currency, usually backed by a sufficient reserve of foreign currency.

This mechanism aims to provide a credible commitment to price stability and curb inflation.

#GhanaWatch: Pres. Akufo-Addo is quite unfamiliar with the science behind economics. No surprise that Ghana is MILES from its 8% inflation target. It’s time for Ghana to install a currency board, like the one it had from 1912-58. pic.twitter.com/ZTNNdOn8KB

— Steve Hanke (@steve_hanke) August 17, 2023