Ghana’s inflation rate has been estimated at 148% by Professor Steve H. Hanke, an associate professor of applied economics at Johns Hopkins University.
This contrasts with the 37.2% inflation rate that is in effect as of September 2022.
The American Economist, a harsh critic of the nation, responded to President Akufo-speech Addo’s about recovering the faltering economy by calling it “dreaming.”
Professor Hanke stated in a tweet that President Akufo-Addo expressed complete trust in his abilities to salvage Ghana’s economy. He is dreaming, SPOILER WARNING. I currently estimate Ghana’s inflation to be 148% on an annual basis.
Professor Hanke reports that Ghana’s inflation rate is 148%.
Without a currency board like the one in the Gold Coast (1913–1958), he continued, Ghana’s economy will remain in ruins.
Since January 1, 2022, the cost of various commodities has skyrocketed by more than 10%, most notably rice and cooking oil.
Since January 1, 2022, the cost of petroleum products has increased by more than 150%.