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Renowned economist at the Johns Hopkins University, Professor Steve Hanke, has slammed President Akufo-Addo over the current state of Ghana\u2019s economy which is under an IMF bailout programme.<\/strong><\/p>\n According to Hanke\u2019s estimation, Ghana is currently experiencing a severe inflation rate of 40% per year, which is significantly higher than the government\u2019s target of 8% per year.<\/p>\n In a post shared via X (formerly Twitter) on July 7, 2024, Prof. Hanke described the Ghanaian economy as \u201cin the tank\u201d and suggested that the current administration\u2019s policies are heavily impacting Ghanaians through what he refers to as an \u201cinflation tax.\u201d<\/p>\n This term implies that the rising prices are effectively acting as a tax on the population, reducing their purchasing power and overall standard of living.<\/p>\n \u201cPres. Akufo-Addo\u2019s INFLATION TAX is slamming Ghanaians. Today, I accurately measure GHA\u2019s inflation at a PUNISHING 40%\/yr, 5x higher than its inflation target of 8%\/yr. Pres. Akufo-Addo\u2019s Ghana = IN THE TANK,\u201d he posted.<\/p>\n The professor\u2019s remarks come at a time when Ghana is grappling with a myriad of economic challenges, and his analysis indicates that the situation may be more dire than officially acknowledged.<\/p>\n This is not the first time Prof. Hanke has expressed concerns about Ghana\u2019s economy and other neighbouring countries in Africa as well as Europe and America.<\/p>\n He has previously pegged Ghana\u2019s inflation rate at different figures compared to that of the Ghana Statistical Service\u2019 figures, all of which point to a troubling trend for the country\u2019s financial stability.<\/p>\n The government of Ghana has yet to formally respond to his latest remarks.<\/p>\n See the post below;<\/p>\n #SaveGhanaNow<\/a>\ud83c\uddec\ud83c\udded: Pres. Akufo-Addo’s INFLATION TAX is slamming Ghanaians.<\/p>\n Today, I accurately measure GHA’s inflation at a PUNISHING 40%\/yr, 5x higher than its inflation target of 8%\/yr.<\/p>\n Pres. Akufo-Addo’s Ghana = IN THE TANK. pic.twitter.com\/73rXA75lvy<\/a><\/p>\n \u2014 Steve Hanke (@steve_hanke) July 7, 2024<\/a><\/p><\/blockquote>\n ghanaweb.com <\/p>\n <\/p><\/div>\n\n