Akufo-Addo needs to scrap ineffective economic policies, install currency board - Prof Hanke

Professor of Applied Economics at Johns Hopkins University, Steve Hanke, has called on President Nana Addo Dankwa Akufo-Addo to scrap all ineffective economic policies and install a currency board.

According to him, the move will help stem Ghana's soaring inflation and address the cedi persistent depreciation against major trading currencies.

In a tweet sighted by GhanaWeb Business, the American economist said Ghana's inflation stands at a sky-high 91%/yr.

"On Jan 12th, I measured #Ghana's inflation at a sky-high 91%/yr, which is why in this week's inflation roundup, GHA takes the 7th place. To end its inflationary disaster, Pres. Akufo-Addo needs to scrap his ineffective economic policies and install a currency board," Prof Hanke stated.

On Wednesday, January 11, 2023, the Ghana Statistical Service (GSS) announced that Ghana's consumer inflation for November last year has hit 54.1%%.

The 54.1% is an increase from the 50.3% recorded the previous month - November.

The consumer price index, according to Ghana Statistical Service measures changes in the price of a fixed basket of goods and services purchased by households.

It further said the assumption is that the basket is purchased each month, hence as the price changes each month, the total price of the basket will also change.

In a press release sighted by GhanaWeb, it said, "year-on-year inflation rate for December 2022 was 54.1%. This means that in the month of December 2022 the general price level was 54.1% higher than December 2021. Month-on-month inflation between November and December 2022 was 3.8%."

Food inflation shot up from 55.3% to 59.7% whiles non-food inflation also rose to 49.9%.

On Jan 12th, I measured #Ghana's inflation at a sky-high 91%/yr, which is why in this week's inflation roundup, GHA takes the 7th place. To end its inflationary disaster, Pres. Akufo-Addo needs to scrap his ineffective economic policies and install a currency board. pic.twitter.com/7ATkZPZpF8

— Steve Hanke (@steve_hanke) January 15, 2023