A professor of applied economics at Johns Hopkins University in Baltimore, Maryland, Steve H. Hanke has called for a complete overhaul of the country’s Central Bank, the Bank of Ghana, as part of measures to avert the country’s economic woes.
Taking to Twitter, he stated that “Ghana must mothball its central bank, put it in museum, and install a currency board, now.”
Under Pres. Akufo-Addo’s leadership, things just keep getting worse. Sky-high food & fuel costs have triggered violent protests. Ghana must mothball its central bank, put it in museum, and install a currency board, NOW.https://t.co/jWmyqmkeN4
— Steve Hanke (@steve_hanke) July 17, 2022
He further intimated that “things keeps getting worse under the leadership of President Akufo-Addo.” Citing the rising cost of fuel and other commodities to back his assertion, he stressed that these are factors fueling violent protests in the country.
Ghana has averted a planned strike over pay of public workers by increasing the cost of living allowance by 15%. SPOILER ALERT: The 15% increase was way too small to keep up with inflation, which I measure at 50%/yr. So, protests will soon reappear. https://t.co/nRtWF6v7VY
— Steve Hanke (@steve_hanke) July 17, 2022