Another IMF programme will not save Ghana – Steve Hanke

A professor of Applied Economics at Johns Hopkins University in the United States, Steve Hanke, has stated that the newly approved deal from the International Monetary Fund will not solve Ghana’s problems

The Economics Professor who has been monitoring the country’s economic performance for some time now said Ghana’s current inflation stands at 50% almost 5% higher than the rate announced by the Ghana Statistical Service in May 2023.

Prof. Hanke has bemoaned the fact that the computation by the Ghana Statistical Service does not reflect the true state of the country’s inflation.

He also added that another IMF deal will not solve Ghana’s problems since the country had been to the Fund severally without seeing any growth and improvement in the country.

On June 11, 2023, he wrote on Twitter: “Today, I measured inflation for #Ghana at 50%/yr. Another IMF program won't save Ghana. After all, all of Ghana’s past IMF programs have failed. Why would a new one work?”

Ghana has secured a $3 billion loan facility from the International Monetary Fund to aid in its economic recovery.

The 3-year programme is expected to restore macroeconomic stability and boost the country’s balance of payments among other things.

See his tweet below

Today, I measured inflation for #Ghana at 50%/yr. Another IMF program won't save Ghana. After all, all of Ghana’s past IMF programs have failed. Why would a new one work? pic.twitter.com/ecmjCtJFaE

— Steve Hanke (@steve_hanke) June 11, 2023