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Accusations of Economic Incompetence and Mismanagement Plague Akufo-Addo’s Leadership
In a scathing critique of Ghana’s economic performance under the leadership of President Nana Addo Dankwah Akufo-Addo, renowned economist Steve Hanke, a Professor of Applied Economics at Johns Hopkins University in the United States, has expressed serious concerns regarding the country’s economic trajectory.
Hanke, a well-respected figure in the field of economics, did not mince words when accusing President Akufo-Addo’s administration of economic incompetence and mismanagement. He pointed to several key issues that have raised alarms in the international economic community.
One of the primary concerns highlighted by Professor Hanke is Ghana’s ever-increasing debt burden. He asserts that the Akufo-Addo administration has overseen a significant rise in the country’s indebtedness. In his words, “Thanks to Pres. Akufo-Addo’s economic incompetence, Ghana is the most indebted nation in all of Africa.” The nation’s debt crisis is viewed as a critical challenge that threatens to stifle future economic growth.
Hanke also drew attention to the depreciation of Ghana’s currency and skyrocketing inflation rates, both of which he attributes to the President’s economic policies. The value of the Ghanaian Cedi has suffered, leading to increased prices for essential goods and services, ultimately burdening citizens.
The economist criticized President Akufo-Addo’s reliance on foreign aid and repeated engagements with the International Monetary Fund (IMF). “One thing Ghana’s government knows how to do well,” he remarked, “is pass its begging bowl to the IMF.” Hanke pointed out that the nation’s previous 17 IMF programs had all ended in failure, questioning the effectiveness of these measures in addressing Ghana’s economic challenges.
Following President Akufo-Addo’s signing of Ghana’s 18th IMF program, Hanke argues that the country is experiencing one of the worst economic crises in its history. He asserts that this program has only added to the mounting debt and reduced economic prosperity in Ghana.
In a final blow to the President’s economic record, Hanke noted that Ghana owes more money to the IMF than any other African country, citing this as evidence of Akufo-Addo’s “masterclass in economic mismanagement.”
These criticisms from a respected economist like Steve Hanke are likely to add fuel to the ongoing debate about Ghana’s economic direction. President Akufo-Addo’s administration now faces growing scrutiny both domestically and internationally, as concerns about the nation’s economic stability persist. It remains to be seen how the Ghanaian government will respond to these accusations and work to address the pressing economic issues facing the nation.
