IMF loan will not save Ghana’s economy - US Economist

The Ghanaian government's unexpected decision to meet with the International Monetary Fund (IMF) for a bailout is still the most talked about topic this week.

One group believes that going to the IMF is the right decision, while another believes that it will not help Ghana.

According to a BBC report, Professor Steve Hanke, an international economist at John Hopkins University in the United States, believes Ghana's current IMF program will fail.

In this week's inflation table, #Ghana takes the 9th place. On June 30, I measured Ghana's #inflation at a stunning 49%/yr-almost 2x the official inflation rate of 28%/yr. pic.twitter.com/y8JfR5pVjI
— Steve Hanke (@steve_hanke) July 3, 2022

According to Professor Steve Hanke, another IMF loan will not save Ghana’s economy,

He said just like the past 17 IMF programmes, a new one will fail.

He also revealed that based on exchange rate data from the free and black markets, the annual inflation rate for Ghana will be around 49.35%.

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Professor Steve Hanke