Joe Jackson disagrees with Steve Hanke on ‘another loan will not save Ghana’ comment

Govt begins talks with IMF

Another IMF loan won’t save Ghana, Steve Hanke

Ghana likely to get about $2 billion from IMF – Oppong Nkrumah

Chief Operations Officer at Dalex Finance, Joe Jackson, has stated that support from the International Monetary fund is not the reason Ghana’s economic problems are not being solved.

This is in response to an earlier assertion by a Professor of Applied Economics at Johns Hopkins University, Steve H. Hanke, that another IMF loan will not solve Ghana’s problems.

The Professor after the announcement by the Government of Ghana that talks have begun with the IMF economic assistance in a tweet said, “Today, I measure inflation in Ghana at a stunning 49.35%/yr. In a last-ditch effort, the government has begun negotiations w/ the IMF on a bailout deal. SPOILER ALERT: Another IMF loan won’t save Ghana’s economy.

“Like its past 17 IMF programs, a new one will fail.”

Today, I measure inflation in Ghana at a stunning 49.35%/yr. In a last ditch effort, the govt. has begun negotiations w/ the IMF on a bailout deal. SPOILER ALERT: Another IMF loan won't save GHA's economy. Like its past 17 IMF programs, a new one will fail.https://t.co/wpiLLIc6Nb

— Steve Hanke (@steve_hanke) July 2, 2022

Joe Jackson, however, stated that he disagrees.

According to him, IMF programs have not worked for the economy due to attitudinal problems with management.

“I disagree with Steve Hanke. IMF programs have largely worked in Ghana. The problem has been the return to bad old habits when the program ends. ‘Don’t blame the heart surgery. You returned to a junk food diet as soon as you were out of the hospital.”

I disagree with Steve Hanke.

IMF programs have largely worked in Ghana. The problem has been the return to bad old habits when the program ends.

"Don't blame the heart surgery. You returned to a junk food diet as soon as you were out of hospital." https://t.co/C9ewnyV2Oc pic.twitter.com/BHXJoPHaDj

— Joe Jackson (@Joe_Jackson_GH) July 3, 2022

Information Minister, Kojo Oppong Nkrumah, has disclosed that the International Monetary Fund may dispense about US$2 billion to Ghana after deliberations have been concluded.

According to him, Ghana’s quota and macroeconomic data are likely to help the country receive such funding from the Bretton Woods institution.

SSD/FNOQ