Steve Hanke, a professor of applied economics at Johns Hopkins University in the United States, has taken President Nana Addo Dankwa Akufo-Addo to task for breaking commitments made to the people of Ghana.
Prof. Hanke claimed in a tweet that the president’s claims have never materialized and are always false.
In response to President Akufo-assurances Addo’s that Ghana’s economy would recover more quickly by 2024, the eminent economist expressed his disagreement.
“Pres. Akufo-Addo promises that he will make Ghana’s economy “bounce back.” SPOILER ALERT: Akufo-Addo’s promises HAVE NEVER and WILL NEVER hold water. Today, I measure GHA’s inflation at a punishing,” Prof Hanke tweeted.
Ghanaians complain about the rising expense of living in light of record-high rates of product inflation and fuel price increases as the economy has recently collapsed.
Ghana’s economy has also been downgraded by international rating agencies like Standard and Poor’s (S&P) and Fitch, prohibiting it from accessing the global financial market.
The economic difficulties have been partially attributed by the administration to the effects of the Covid-19 outbreak and the Russia-Ukraine war.
Asserting that the country’s move to the International Monetary Fund was a temporary fix, President Akufo-Addo and his appointees promise to lead the nation out of the economic muck.
Once a program agreement is established, it is reported that Ghana will seek $3 billion from the IMF over a three-year period. The latest loan request was for $2.5 billion, which was double the previous $1.5 billion goal set by the administration.
In the meantime, President Akufo-Addo overpromised the electorate with regard to his policies and programs previous to his election as president, according to Professor Emeritus Stephen Adei in an interview with Accra-based Asaase Radio on August 17.
In his opinion, the president ought to have implemented a plan for staggered implementation of his objectives right away after taking office.
He thinks that by doing this, the government would have had enough time to concentrate all of its resources on a few crucial initiatives at once.
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