Steve Hanke, an economist with Johns Hopkins has stated that Ghana’s Central bank Governor, Ernest Addison was being delusional when he said the country’s Monetary Policy Committee (MPC) could foresee a deceleration in the inflation rate.
“Addison was dreaming”, he said, referencing the statement that justified the Bank of Ghana’s decision to maintain the Monetary Policy rate at 19.0% in July 2022.
The international economist in July reacted to the projection of the Central bank, describing it as a “spoiler alert”.
“Bank of Ghana’s Governor Ernest Addison says Ghana is seeing a “deceleration” in inflation. SPOILER ALERT: Addison is delusional. Today, I measure GHA’s inflation at a stunning 52%/yr—nearly 1.8x the phoney official rate”, he said in a tweet.
The Monetary Policy rate was however reviewed and increased to 22% in August after an emergency MPC meeting.
Currently, Ghana has pegged its inflation rate at 31.7% but Hanke found it to be 80.52%.
Source: opemsuo.com/Hajara Fuseini