Steve H. Hanke, a teacher of applied financial matters, Johns Hopkins University, USA, has expressed that Ghana’s twofold credit demand from the International Monetary Fund, IMF, won’t tackle the desperate financial emergency of the country.
As per him, Ghana’s ongoing IMF bailout will flop as the rest has bombed before.
Prof Hanke encouraged the West African country to mothball its national bank and introduce a cash board to manage the ongoing financial emergency.
He demonstrated that Ghana’s ongoing expansion as estimated from Hanke’s Inflation Dashboard peruses 63%.
“In July, Ghana’s Pres. Akufo-Addo passed the asking bowl to the IMF – for the seventeenth time. Today, GHA’s expansion floods at 63%/yr by my action. To stop it, a cash board is what a decent Money Doctor would endorse.
“Ghana has DOUBLED its advance solicitation from the IMF to $3 billion. Heads up: Requesting more cash won’t modify anything. Like Ghana’s beyond 17 IMF programs, another one will fall flat. All things being equal, Ghana should mothball its national bank and introduce a cash board,” Prof Steve Hanke’s August 13, tweet read.