The US economist, Professor Steve Hanke, criticized the increase in the value of the Ghanaian cedi against the dollar.
Since the beginning of the year, a professor of applied economics at Johns Hopkins University in Baltimore has been hammering Ghana’s economy and criticizing the government of President Nana Addo Dankwa Akufo-Addo as the cedi became the worst performing currency.
READ ALSO: Togo Jeans Reshuffle – Sam George Reacts To Nana Addo’s Ministerial Changes
Although the local is currently appreciating more than 60%, Professor Hanke still does not believe that the profits from cedi are sustainable.
Again, he predicts that the Ghanaian cedi will depreciate.
Professor Steve Hanke in a post on Twitter described the Ghanaian cedi as a `junk currency’.
He wrote “In #Ghana, the #cedi is going down the tubes. By my measure, the cedi has depreciated ~49.32% against the USD since Jan. 1, 2022. Thanks to Ghana, my rogue’s gallery of JUNK currencies just keeps growing.”
In #Ghana, the #cedi is going down the tubes. By my measure, the cedi has depreciated ~49.32% against the USD since Jan. 1, 2022. Thanks to Ghana, my rogue's gallery of JUNK currencies just keeps growing. pic.twitter.com/DBdOE08vbC
— Steve Hanke (@steve_hanke) February 6, 2023
The devaluation of the Ghanaian cedi negatively affects imports and increases domestic inflation.
The local currency has depreciated sharply against major currencies, especially USD since 2022.
Since January 30, 2023, the cedi has depreciated 19.1% against the US dollar.
In politics, Member of Parliament for Ningo-Prampram under the ticket of the National Democratic Congress, Sam George has reacted after President Nana Akufo-Addo officially released new ministers in his government.
Earlier on InsightNewsgh.com reported that, President Akufo-Addo has made some new changes in his government with Stephen Asamoah Boateng stepping in with a beauty.
Following this, the controversial NDC bigwig took to his Twitter platform to drop a reaction.
In his tweet, he described the changes made by Nana Akufo-Addo as “Togo jeans,” which implies that is not authentic.
READ ALSO: JUST IN: Prez Nana Addo Finally Reshuffles Minister Following Economic Crisis
He tweeted, “Togo Jeans Reshuffle
Tweeeeeaaa”
In the comment section, some Ghanaians blasted the Sam George over his Togo jeans comment on President Nana Addo’s new ministerial changes.
According to them, they cried for reshuffling and he did it so why would they complain again.
Some also argued these crop of new ministers will do better than John Mahama’s administration during his time.
