{"id":1267855,"date":"2022-12-20T09:31:14","date_gmt":"2022-12-20T09:31:14","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/12\/20\/hanke-fails-to-touch-on-cedi-gain-revises-his-calculation-of-ghanas-inflation-to-56-04-down-from-his-earlier-rate-of-81\/"},"modified":"2022-12-20T09:31:14","modified_gmt":"2022-12-20T09:31:14","slug":"hanke-fails-to-touch-on-cedi-gain-revises-his-calculation-of-ghanas-inflation-to-56-04-down-from-his-earlier-rate-of-81","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/12\/20\/hanke-fails-to-touch-on-cedi-gain-revises-his-calculation-of-ghanas-inflation-to-56-04-down-from-his-earlier-rate-of-81\/","title":{"rendered":"Hanke fails to touch on Cedi gain; revises his calculation of Ghana&#8217;s inflation to 56.04%, down from his earlier rate of 81%"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"522\"  alt=\"\" title=\"Steve-Hanke-2-696x522-1\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/12\/Steve-Hanke-2-696x522-1.jpg\" data- class=\"entry-thumb td-modal-image lazyload\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"522\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/12\/Steve-Hanke-2-696x522-1.jpg\"   alt=\"\" title=\"Steve-Hanke-2-696x522-1\"\/><\/noscript><\/div>\n<p><strong>Despite the official inflation of rate of 50.3 per cent as announced by the Ghana Statistical Service (GSS), a Johns Hopkins Professor Steve Hanke says per his calculation the rate is at 56.04.<\/strong><\/p>\n<p>His new rate is down from the earlier rate he measured,<span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">\u00a081 per cent.<\/span><\/p>\n<p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">In one of his previous tweets, he said \u201cLeading member of the New Patriotic Party (NPP) Gabby Otchere-Darko says Pres. Akufo-Addo deserves \u2018praise\u2019 for his handling of the economy.<\/span><\/p>\n<p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">\u201cSPOILER ALERT: Otchere-Darko must be on another planet. Today, I measure\u00a0<\/span><span class=\"r-18u37iz\"><a class=\"css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1cvl2hr r-1loqt21 r-poiln3 r-bcqeeo r-qvutc0\" dir=\"ltr\" role=\"link\" href=\"https:\/\/twitter.com\/hashtag\/Ghana?src=hashtag_click\">#Ghana<\/a><\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">\u2018s inflation at a stunning 81%\/yr. [For August]\u201d<\/span><\/p>\n<p>Following the GSS\u2019s announcement on December 14, that the official inflation rate has gone up to 50.3 per cent in the month of November 2022 from the previous official rate of 40.4 %, Prof Hanke i<span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">n his usual analyses of Ghana\u2019s economy tweeted on Monday December 19 that \u201cGhana is in 15th place in this week\u2019s inflation table. On Dec 15, I measured Ghana\u2019s <\/span><span class=\"r-18u37iz\"><a class=\"css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1cvl2hr r-1loqt21 r-poiln3 r-bcqeeo r-qvutc0\" dir=\"ltr\" role=\"link\" href=\"https:\/\/twitter.com\/hashtag\/inflation?src=hashtag_click\">#inflation<\/a><\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> at a stunning 56.04%\/yr. That\u2019s 1.1x Ghana Statistical Services\u2019s reported official rate of 50.3 %\/yr.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ghana is in 15th place in this week&#8217;s inflation table. On Dec 15, I measured Ghana&#8217;s <a href=\"https:\/\/twitter.com\/hashtag\/inflation?src=hash&#038;ref_src=twsrc%5Etfw\">#inflation<\/a> at a stunning 56.04%\/yr. That&#8217;s 1.1x Ghana Statistical Services&#8217;s reported official rate of 50.3 %\/yr. <a href=\"https:\/\/t.co\/9J1Ppu4UZl\">pic.twitter.com\/9J1Ppu4UZl<\/a><\/p>\n<p>\u2014 Steve Hanke (@steve_hanke) <a href=\"https:\/\/twitter.com\/steve_hanke\/status\/1604920753404739584?ref_src=twsrc%5Etfw\">December 19, 2022<\/a><\/p>\n<\/blockquote>\n<p>Professor Hanke who constantly criticized the government especially the head of the economic management team, Vice President Dr Mahamudu Bawumia over the performance of the Cedi did not touch on the resurgence of the local currency.<\/p>\n<p>Earlier, he suggested to the Government of Ghana to create a currency board as part of moves to stabilize the Cedi against the dollar.<\/p>\n<p>He previously placed Ghana\u2019s currency 15th among a list of nineteen performing currencies.<\/p>\n<p>\u201cBy my calculations, the Ghanaian Cedi has depreciated 34.17% against the USD since Jan. 2020, which is why Ghana is in 15th place in this week\u2019s Hanke\u2019s #Currency Watchlist,\u201d one of his earlier tweets said.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">By my calculations, the Ghanaian <a href=\"https:\/\/twitter.com\/hashtag\/cedi?src=hash&#038;ref_src=twsrc%5Etfw\">#cedi<\/a> has depreciated 34.17% against the USD since Jan. 2020, which is why <a href=\"https:\/\/twitter.com\/hashtag\/Ghana?src=hash&#038;ref_src=twsrc%5Etfw\">#Ghana<\/a> is in 15th place in this week&#8217;s Hanke\u2019s <a href=\"https:\/\/twitter.com\/hashtag\/CurrencyWatchlist?src=hash&#038;ref_src=twsrc%5Etfw\">#CurrencyWatchlist<\/a>. To save the cedi, Ghana must mothball its central bank and install a <a href=\"https:\/\/twitter.com\/hashtag\/CurrencyBoard?src=hash&#038;ref_src=twsrc%5Etfw\">#CurrencyBoard<\/a>. <a href=\"https:\/\/t.co\/qibcFwfXsJ\">pic.twitter.com\/qibcFwfXsJ<\/a><\/p>\n<p>\u2014 Steve Hanke (@steve_hanke) <a href=\"https:\/\/twitter.com\/steve_hanke\/status\/1556641387663298561?ref_src=twsrc%5Etfw\">August 8, 2022<\/a><\/p>\n<\/blockquote>\n<p>\u201cTo save the cedi,\u201d he said, \u201cGhana must mothball its central bank and install a #CurrencyBoard.\u201d<\/p>\n<p>The Cedi has over the past few days, especially since the start of December 2022, been gaining strength against the major trading currencies particularly, the Dollar.<\/p>\n<p>Per the Bank of Ghana (BoG) rate, the Cedi, as of Monday December 19, was buying at GHS7.9970 to a Dollar and and selling at GHS8.0050 to a Dollar.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bank of Ghana Exchange Rates <a href=\"https:\/\/t.co\/zCoPKhiBP6\">pic.twitter.com\/zCoPKhiBP6<\/a><\/p>\n<p>\u2014 Bank of Ghana (@thebankofghana) <a href=\"https:\/\/twitter.com\/thebankofghana\/status\/1605119669823631360?ref_src=twsrc%5Etfw\">December 20, 2022<\/a><\/p>\n<\/blockquote>\n<p>President\u00a0Nana Addo Dankwa Akufo-Addo\u00a0indicated that the Cedi\u2019s appreciation against the US Dollar is as a result of the measures taken by his government in partnership with the central bank, the Bank of Ghana (BoG).<\/p>\n<p>Mr Akufo-Addo said the appreciation did not happen by chance.<\/p>\n<p>Speaking at the centenary celebration of the Ga presbytery of the\u00a0Presbyterian Church of Ghana\u00a0in Accra on Sunday December 18, he said \u201cAt the height of our challenges there were some who doubted the capabilities of my government and I to return our nation back onto the path of progress and and prosperity and lift us out of our current problems. In those dark moments, my fellow Ghanaians and and congregation, I could only recount the words of the St Matthew chapter 19 vrs 26 which states \u2018But Jesus looked at them and said to them, with men this is impossible but with God all things are possible.\u201d<\/p>\n<p>He added \u201cWith the appropriate policy, determination and hard work on our part things are beginning to turn around. What seemed impossible yesterday is now becoming possible. We are definitely not yet out of the woods. However, today, the Cedi is rapidly appreciating against the US Dollar and all major currencies, making up for its losses and the prices of petroleum products are reducing at the pump.<\/p>\n<p>\u201cThe strengthening of the Cedi has not happened by chance but through the implementation of deliberate policies by government in collaboration with the Bank of Ghana. These include Cedi liquidity tightening measures resulting in the offloading of forex as stalled value by speculators, the improvement of forex inflows from remittances and the mining sector and the reaching of the staff level agreement with the IMF for a 3 billion US Dollar package. All these have combined to bring the Cedi to this position and I can assure you that government will continue to work hard to maintain and sustain the gains made.<\/p>\n<p>\u201cIndeed, in the weeks ahead, the BoG will continue with the purchases of forex from the mining and oil sectors to enhance liquidity supply to the markets, continue with single unified forex forward auction and some modest targeted bilateral support\u00a0 to critical import.\u201d<\/p>\n<p><strong>By Laud Nartey|3news.com|Ghana<\/strong><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite the official inflation of rate of 50.3 per cent as announced by the Ghana Statistical Service (GSS), a Johns Hopkins Professor Steve Hanke says per his calculation the rate is at 56.04. His new rate is down from the earlier rate he measured,\u00a081 per cent. In one of his previous tweets, he said \u201cLeading [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1267856,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[22379,672,6411,2250,2994,250,24112,227,179,6602,6629],"class_list":["post-1267855","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-calculation","tag-cedi","tag-earlier","tag-fails","tag-gain","tag-ghanas","tag-hanke","tag-inflation","tag-rate","tag-revises","tag-touch"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1267855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1267855"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1267855\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1267855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1267855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1267855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}