Bible is a poor guide for macroeconomics: Prof. Steve Hanke to “Holy” Ken Ofori-Atta
Prof. Steve Hanke has schooled Ghana’s Finance Minister Ofori-Atta on the difference between Bible and Macroeconomics. He indicated that Bible is a poor guide for macroeconomics.
Hon. Ofori-Atta is getting the heat because any time financial issues, macroeconomic decisions and challenges are faced, he runs into quoting the bible instead of applying his professional Accounting, Finance and Economics learned which are needed to be applied to solve the challenges hunting the ailing Ghanaian economy.
He charged the “Holy” Minister to stop throwing Biblical quotations to the Ghanaian people and put his shoulder to the wheel.
Joseph of Biblical days did not quote the word of God to solve the problem that were revealed in dreams to the king. Instead, due to his ability to interpret Pharaoh’s dream, he was made governor of Egypt, and he wisely rationed the country’s produce in preparation for a time of famine.
This is what “Holy” Ken Offor-Atta needs to do, or bow out of the position gracefully. Joseph saved the land of Egypt from famine and the seven years of dearth that came.” Frankly, “Holy” Ken Offor-Atta is doing the direct opposite of this yet goes on to quote the Bible.
Prof. Steve Hanke’s view that the Bible is a poor guide for macroeconomics is the truth. It provides some level of inspiration, but requires those in authority to have discerning professional spirit, high level ethical values, absence of conflict of interest and some special grace to deal with problems that face their country.
Professor Steve Hanke who also doubles as a Prof. of Applied Economics and a Senior Fellow at the Independent Institute a blog post sighted by GhanaEducation.org said Ghana’s Finance Minister Ofori-Atta justified defaulting on debt by quoting the Bible: “nothing will be lost, nothing will be missing.” The Bible is a poor guide for macroeconomics. It’s time for Ofori-Atta to stop bamboozling Ghanaians and get real”
Prof Hanke’s reaction comes after Ghana struck a preliminary IMF deal and halted debt payments.
“Holy” Ken Offor-Atta’s endless use of Biblical quotations in the face of problems that need economic sense and decisions and the invoking scripture in speeches on the economy need to stop as it is no longer funny.
A publication by The Economist.com and cited by Prof Hanke to call on the Bible quoting Finance Minister partially read
“Recently, as the country defaulted on its domestic debt, he found solace in the first book of Samuel saying “nothing will be lost, nothing will be missing.” Yet the Bible is a poor guide to macroeconomics. Holders of domestic bonds stand to lose a good chunk of money. Now foreign creditors are getting a buzz cut, too. On December 19th Ghana suspended interest payments to foreign creditors, in effect defaulting, pending talks.
It has also appealed to the high priests of economic orthodoxy, agreeing to a preliminary $3bn bail-out (about 4% of gdp) from the imf. It needs the help. Public debt is above 100% of gdp and local and foreign interest payments eat up 70-100% of revenue, according to Mr Ofori-Atta. Inflation is running at 50% and the central bank has raised its main interest rate to 27%. In past crises Ghana has wisely called in the imf early to head off trouble and avoid spending cuts that were too painful. This time, however, it dallied for so long that austerity alone will not save it.