American Economist Prof. Hanke Accuses President Nana Addo of Orchestrating Ghana’s Debt Crisis

Renowned American economist and professor of applied economics at Johns Hopkins University, Prof. Steve Hanke, has taken a critical stance against President Nana Addo Dankwa Akufo-Addo, accusing him of deliberately steering Ghana into a troubling debt crisis.

In a scathing post, Prof. Hanke asserts that Ghana’s current debt predicament is a consequence of intentional actions taken by the President. Despite a reported GH¢14.2 billion reduction in public debt between June and September 2023, the country’s total debt remains alarmingly high at GH¢567.3 billion ($51.0 billion), constituting 66.4% of the GDP.

The fluctuations in the debt figures are attributed to minor currency gains and a temporary pause in international borrowing. The November 2023 Summary of Economic and Financial Data disclosed a revised debt of GH¢581.5 billion in June, escalating to GH¢584.4 billion ($53.0 billion) by August 2023.

Prof. Hanke’s critique raises concerns about the economic decisions and policies implemented under President Nana Addo’s administration, suggesting a deliberate strategy leading to the current debt crisis. The accusation comes at a time when managing public debt has become a focal point in national economic discussions.