Business News of Sunday, 4 September 2022
Source: www.ghanaweb.live
2022-09-04'Currency board not solution to Ghana's currency and inflation problems' - Barker-Vormawor to Steve Hanke
Oliver Barker-Vormawor
Oliver Mawuse Barker-Vormawor, one of the conveners of #FixTheCountry Movement, has chastised Prof Steve Hanke, a Professor of Applied Economics at Johns Hopkins University, for claiming that the only option to fix Ghana's economic mess is for the central bank to install a currency board.
Describing the 79-year-old Professor as "silly", Barker-Vormawor is of the view that a currency board
Read full articleis not the solution to Ghana's currency and inflation problems.
He is of the view that Prof. Hanke does not know the people who will be put on the currency board that he is proposing. He, therefore, advised the Professor not to come and create more jobs for hungry men.
"Prof Steve Hanke keeps talking of a currency board, as if it’s the solution to our currency and inflation problems.
"Hahaha. Silly white man. Does he know the people we will put on the Board?" Oliver Barker-Vormawor quizzed.
"Abeg. Sit somewhere. Don’t come and create more jobs for hungry men. Shalom," he concluded in his September 2, Facebook post.
Prof Steve Hanke has for some time now been commenting on Ghana's economic crisis which has propelled the country to seek a bailout from the IMF.
In his constant monitoring of Ghana’s economic situation on his #EconWatch, the Applied Economics Professor concluded that President Nana Addo Dankwa Akufo-Addo-led government is mismanaging the economy, has Ghana's current economic downturn.
In one of his tweets, Prof Hanke stated that Ghanaians are shutting down businesses in protest of the 42.3% Ghana Cedi depreciation to the US Dollar.
He asked when will Nana Addo Dankwa Akufo-Addo will learn, because the current currency depreciation required the installation of a “currency board.”
“Since Jan 1, 2020, the Ghana’s #cedi has depreciated by a stunning 42.3% against the USD. Now, Ghanaians are shutting businesses down in protest.
“When will Pres. Akufo-Addo learn? Ghana MUST mothball its central bank & install a currency board!” Prof Steve Hanke’s tweet said.
He ranked Ghana 6th on his inflation dashboard because the country’s inflation has risen two times the official inflation rate by the Statistical Service of 32%.
“Ghana is in 6th place in this week's inflation table. On August 18, I measured Ghana's #inflation at a stunning 77%/yr-more than 2x the official inflation rate of 32%/yr. To put an end to its economic death spiral, GHA must install the Central Bank and install a #CurrencyBoard,” Prof Hanke added.
