'The Ghanaian cedi is a national bank garbage cash' - Renowned US financial expert
Eminent global financial expert at the Johns Hopkins University in the USA, Professor Steve Hanke has depicted the Ghanaian cedi as a 'national bank garbage money'.
Garbage monetary standards are just those whose values are untrustworthy in both the global and homegrown business sectors.
In a July 10 tweet, the US-based financial expert positioned the Ghana cedi in sixteenth put out of 18 different monetary standards on his Currency Watchlist - because of the steady deterioration of the money against others.
"According to my observations, the Ghana cedi has devalued 29.5% against the USD since January 2020. The Ghanaian cedi is a national bank garbage money," he shared on Twitter.
In the mean time, it wouldn't be the initial time Professor Steve Hanke has illustrated Ghana's monetary pointers.
Most as of late on July 9, he fixed Ghana's expansion rate at half/year, portraying the status as horrendous.
The 79-year-old financial analyst additionally shared film from the equitable held 'Emerge Ghana' fight, trumpeting the significant expense of living in the country.
He has since scrutinized Ghana's choice to enter a monetary program with the IMF, depicting the move as one that won't rescue the economy.
He thinks that a monetary bailout from the Bretton Woods organization is probably going to flop very much like the past 17 IMF programs that Ghana has partaken in.
"Today, I measure expansion in Ghana at a staggering 49.35%/yr. In a final desperate attempt, the public authority has started exchanges with the IMF on a bailout bargain. Heads up: Another IMF credit won't save Ghana's economy. Like its beyond 17 IMF programs, another one will fall flat," he prior shared on Twitter.
Nonetheless, a group from the International Monetary Fund showed up in Ghana last week to start formal commitment with government authorities outfitted towards a financial help program.
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