Business News of Sunday, 12 February 2023
Source: www.ghanaweb.com
American economist Prof. Steve Hanke has issued yet another stinging verdict on the Ghanaian economy citing the depreciating of its currency, the Ghanaian cedi.
He alleged via Twitter that the economy was in shambles blaming same on President Nana Addo Dankwa Akufo-Addo.
He described the cedi as 'rubbish' citing his personal depreciation meter which said the currency had depreciated by close to 50% since January 1, 2023.
"In #Ghana, the #cedi is rubbish. By my measure, the cedi has depreciated ~49.31% against the USD since Jan. 1, 2022. Thanks to Pres. Akufo-Addo, Ghana's economy is in shambles," his tweet of February 11, 2023 read.
In #Ghana, the #cedi is rubbish. By my measure, the cedi has depreciated ~49.31% against the USD since Jan. 1, 2022. Thanks to Pres. Akufo-Addo, Ghana's economy is in shambles. pic.twitter.com/gVmqgyBdsg
— Steve Hanke (@steve_hanke) February 11, 2023