Professor of applied economics at Johns Hopkins University, Steve Hanke, has described President Nana Addo Dankwa Akufo-Addo’s management of Ghana’s economy as a masterclass in economic mismanagement.
In a post shared on X, formerly known as Twitter, Steve Hanke mentioned that the Ghanaian Cedi has been ranked the 4th worst currency in the world and equated Akufo-Addo to a masterclass in economic mismanagement.
Prof Hanke shared a cartoon photo of the President and wrote, “#GHAWatch🇬🇭: Last week, Bloomberg listed the Ghanaian cedi as the 4th WORST currency in the world. Pres. Akufo-Addo = A MASTERCLASS IN ECONOMIC MISMANAGEMENT.”
Background
The Ghanaian Cedi has been ranked as the fourth worst-performing currency among the top 150 currencies tracked by Bloomberg globally.
The latest verdict on the Cedi comes after the Egyptian Pound, Nigerian Naira, and the Lebanese Pound also experienced weakened performances.
According to recent data from Bloomberg, the Cedi depreciated by 0.2% to 14.9335 per dollar by the close of trading in Accra on Monday, June 10, 2024.
Since the beginning of the year, the local currency has declined in value by 20% against the US Dollar.
The recent record-low performance of the Cedi has been attributed to increased demand for the US dollar to purchase petroleum products, pharmaceuticals, and other imported goods.
“The cedi’s depreciation reflects a mismatch in foreign exchange flows. Despite a recovery in foreign exchange demand this year, it continues to outpace supply,” Gadio is quoted by Bloomberg.
Check out the tweet
Source: www.ghanaweb.com
