BY: CHIOMA MADONNA NDUKWU
Professor Steve Hanke of Johns Hopkins University has labeled President Nana Akufo-Addo’s handling of Ghana’s economy as a “masterclass in economic mismanagement.”
In a recent post on X (formerly Twitter), Hanke highlighted that the Ghanaian Cedi is now the fourth worst-performing currency globally, following a significant decline in value. This depreciation, driven by high demand for US dollars to import essential goods, underscores a persistent mismatch in foreign exchange flows despite recovering demand.
Bloomberg’s data revealed that the Cedi depreciated by 0.2% to 14.9335 per dollar by June 10, 2024, marking a 20% decline against the US Dollar since the beginning of the year. The weakening of the Cedi has exacerbated economic challenges in Ghana, affecting prices of imported goods and overall economic stability.
Critics argue that the government’s economic policies have failed to address fundamental issues, leading to a loss of confidence in the local currency.
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