Akufo-Addo slamming Ghanaians with more taxes, when will he learn? – Prof. Hanke asks

‘After slamming Ghanaians with more taxes, when will Akufo-Addo learn’? – Prof. Hanke asks

Professor Steve Hanke a top-level and renowned Johns Hopkins University economist Professor has indicated that the decision by Ghana led by President Akufo-Addo to start a new economic programme with the International Monetary Fund (IMF) is a wrong decision which will yield no go results.

Via a Tweet of Twitter, he questions the decision by the government to run to the International Monetary Fund (IMF) adding that the government has only piled more hardship of the people of Ghana by introducing additional taxes in an attempt to save the Ghanaian economy from collapsing.

He indicated that IMF programme Ghana is entering into will end up being a failed effort, just like the other earlier 17 programmes Ghana accessed.

He accused the government and Ghana Statistical Service (GSS) of cooking lower inflation figures. According to Professor Steve Hanke, the real inflation in Ghana is 51% and not the about 30% put out by the (GSS) for June 2022

“After slamming Ghanaians with more taxes to ‘save the economy’, Pres. Akufo-Addo runs to the IMF. When will he learn? SPOILER ALERT: Like Ghana’s past 17 IMF bailout programmes, a new programme won’t work. Today, I measure Ghana’s inflation at 51%/year,” he wrote on Twitter.

 

‘After slamming Ghanaians with more taxes, when will Akufo-Addo learn’? – Prof. Hanke asks -CHECK HIS TWEET

After slamming Ghanaians with more taxes to "save the economy," Pres. Akufo-Addo runs to the IMF. When he learn? SPOILER ALERT: Like GHA's past 17 IMF bailout programs, a new program won't work. Today, I measure Ghana's inflation at 51%/yr.https://t.co/hnzInDMrWT

— Steve Hanke (@steve_hanke) July 24, 2022

The most recent tax on electronic transactions (E-Levy) which was somewhat forced down the throat of the ordinary people of Ghana has failed to achieve the estimated targets, general prices of goods and services have been up, and the CEDI continues to weaken.

The 79-year-old prof has been interested in Ghana’s economy and its performance for some time now and continues to paint a gloomy picture of Ghana’s economic indicators each time he had the opportunity.

 

READ: Check Today’s Currency Exchange Rate for all Currencies

He has once described Ghana’s inflation status as terrible in the past and recently described the CEDI as Ghanaian cedi as a ‘central bank junk currency’.

By this, he means that the Ghana Cedi was a very unreliable currency for undertaking international and domestic markets.

His reactions come after Ghana decided to go to the IMF and the Finance Minister, Hon. Ken Ofori-Atta was instructed by the presidency to begin engaging with the IMF for an economic programme.

The latest budget review by the government on 25^{th July 2022} has been described by the minority in parliament as empty and that the country was in the wrong hands, further calling for the Finance minister to either resign or be fired. They further accused the government of printing over 22billion Ghana cedis through the central bank without parliamentary approval, which the ruling.

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Source: Ghana Education News