Thanks to Akufo-Addo, Ghana's economy is in shambles - Prof. Steve Hanke jabs

He alleged via Twitter that the economy was in shambles blaming same on President Nana Addo Dankwa Akufo-Addo.

He described the cedi as 'rubbish' citing his personal depreciation meter which said the currency had depreciated by close to 50% since January 1, 2023.

"In #Ghana, the #cedi is rubbish. By my measure, the cedi has depreciated ~49.31% against the USD since Jan. 1, 2022. Thanks to Pres. Akufo-Addo, Ghana's economy is in shambles," his tweet of February 11, 2023 read.

Cedi sells at GH¢12.50 to $1, GH¢10.80 on interbank market as of February 10

The Interbank forex rates from the Bank of Ghana as of Friday, February 10, 2023; showed that the Ghana Cedi was trading against the dollar at a buying price of GH¢10.7929 and a selling price of GH¢10.8037.

24-hours earlier, it had a buying price of 10.7930 and a selling price of 10.8038.

Meanwhile, at forex bureaux in Accra, the dollar was being bought at a rate of 12.00 and sold at a rate of 12.50.

GhanaWeb's forex bureau rates are provided by Afriswap Bureau De Change in Osu, Accra.

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In #Ghana, the #cedi is rubbish. By my measure, the cedi has depreciated ~49.31% against the USD since Jan. 1, 2022. Thanks to Pres. Akufo-Addo, Ghana's economy is in shambles. pic.twitter.com/gVmqgyBdsg

— Steve Hanke (@steve_hanke) February 11, 2023