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| Professor Steve Hanke, John Hopkins University (US). |
The current inflation rate (31.7%) in Ghana has been
refuted by Steve Hanke, a professor of applied economics at the Johns Hopkins University
in the United States.
Inflation in Ghana reached a record high of 31.7
percent in July, according to data released by the Ghana Statistical Service on
August 10. This represents a rise of 1.9 percent from June to July 2022.
Government Statistician Prof. Kobina Annim
speaking with journalists in Accra said, "We composed this from two
perspectives, the food and non-food inflation and from a domestic and imported
perspective. From the food and non-food inflation we recorded food inflation of
32.3, and 31.3% for non-food inflation.”
“From the domestic perspective we recorded 29.2%
and imported inflation of 31.3%.”
However, in a Twitter response, the famous
economist called the current inflation rate for Ghana "fiction" and
"far wrong," as, by his calculations, it should be 61.17%/year.
"In Ghana, the official inflation rate has
surged to a 19-year high of 31.70%/yr. That's FICTION. WAY OFF. Today, I
accurately measure inflation in Ghana at a sky-high 61.17%/yr, -1.9x the phony
official rate”, he wrote.
Professor Steve Hanke has already drawn a bleak
picture of Ghana's economic indices. The 79-year-old economist has often
characterised Ghana's inflation situation as appalling.
He has also said that the Ghanaian cedi is a
"central bank junk currency," which means that its value is unstable
on both foreign and local markets.
Professor Hanke's Twitter post:
In #Ghana, the official inflation rate has surged to a 19-year high of 31.70%/yr. That's FICTION. WAY OFF. Today, I accurately measure inflation in Ghana at a sky-high 61.17%/yr, ~1.9x the phony official rate. pic.twitter.com/uRvy4sDTWX
— Steve Hanke (@steve_hanke) August 11, 2022
Source: ghananews.hrforum.uk
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