- November 3, 2022
- Posted by: Amos Ekow Coffie
- Categories: Banking and Finance, Economics
A Professor of Applied Economics at Johns Hopkins University, Professor Steve H. Hanke, has pegged Ghana’s inflation rate at 148%.
This is against the current inflation rate (September 2022) of 37.2%.
Reacting to President Akufo-Addo’s speech about reviving the ailing economy, the American Economist who is a hard critic of the country described the President address as “dreaming”.
In a tweet, Professor Hanke said “President Akufo-Addo says he has total confidence in his ability to save Ghana’s economy. SPOILER ALERT: he is dreaming. Today I measure Ghana’s inflation at 148 % year-on-year”.
He added that without a currency board like the Gold Coast (1913-1958), Ghana’s economy will stay in the tank.
Meanwhile, prices of some commodities, particularly, rice and cooking oil have shot up by more than 10 percent since January 1, 2022.
Prices of petroleum products have also surged by over 150% since January 1, 2022.