The New Patriotic Party (NPP) branch in Germany (NPP Germany) has issued a press release hitting out at US-based Professor of Applied Economics at the Johns Hopkins University, Prof. Steve Hanke.
The Economist for several months has been advocating for Ghana to put together a currency board to deal with the continuous depreciation of the cedi.
Reacting to this and other comments by Prof. Steve Hanke on the Ghanaian economy, the NPP Germany says the US-based economist must not be taken seriously.
“It’s his nature to sit in his corner and propose what policies countries should implement to help their economic fortunes without providing any empirical evidence to support his claims. Prof. HANKE has on the past days opined that Ghana “install currency board to save the cedi” and he only said this without any clue of Ghana’s framework when it comes to how the currency is handled alongside other matters within the economy,” part of a press release by the NPP Germany has said.
The NPP Germany is of the view that Prof. Steve Hanke continues to go after Ghana’s government only for shady and not genuine reasons.
This it insists is why the economist has set aside all the global financial crisis and its effects, the challenges Covid is having on even bigger economies, and wants to point at leadership as though it is just a leadership crisis that is causing these shocks in the Ghanaian economy.
“It is the priority of the government to work to stabilize the economy and not even hired professorial commentators will derail the government from focusing on the core mandate. To deliver is the goal and it shall surely be achieved,” the NPP Germany release signed by Communications Director Nana Osei Boateng concludes.
Below is a copy of the release:
Press Release
NPP Germany
28.10.22
PROFESSOR HANKE SHOULD KEEP HIS MOUTH OUT OF GHANA’S ECONOMY
It’s his nature to sit in his corner and propose what policies countries should implement to help their economic fortunes without providing any empirical evidence to support his claims. Prof. HANKE has in the past days opined that Ghana “install currency board to save the cedi” and he only said this without any clue of Ghana’s framework when it comes to how the currency is handled alongside other matters within the economy.
There are financial and economic bodies in Ghana to handle the currency situation. The Bank Of Ghana, the Economic Management Team, the Ministry of Finance, and several units within these bigger institutions handle different aspects of our monetary and fiscal policies. So where does a currency board come in and what will be its need if not to conflict with other institutions already in operation? For Christ’s sake, the Cedi House does not house engineers and if Hanke has lost his pathway of practice he shouldn’t think of using Ghana as his case study.
If not for shady reasons why does Hanke set aside all the global financial crisis and its effects, the challenges Covid is having on even bigger economies and want to point at leadership as though it is just a leadership crisis that is causing these shocks in our economy?
It is the priority of the government to work to stabilize the economy and not even hiring professorial commentators will derail the government from focusing on the core mandate. To deliver is the goal and it shall surely be achieved.
God Bless Ghana, the NPP, and Nana Akufo-Addo.
…Signed…
Nana Osei Boateng
NPP Germany Branch Communications Director.!!!!
