Prof. Hanke suggests that Ghana adopt the Singaporean approach rather than relying on the IMF

Professor Steve Hanke, a renowned economist, has suggested that Ghana should adopt alternative strategies to address the country’s current economic crisis instead of relying on the International Monetary Fund (IMF). He recommended that the Ghanaian government should implement the “Singapore Strategy,” which involves reducing the size of government and protecting private property rights to improve economic growth.

Prof. Hanke criticized the government of President Nana Addo Dankwa for allowing economic freedom to deteriorate, leading to a decline in GDP per capita growth. He urged Ghana to avoid foreign aid and adopt a stable currency policy, among other measures.

Ghana has been facing economic challenges since 2020, including high inflation that has increased the cost of living. To tackle the situation, the government is seeking a $3 billion loan from the IMF, but the loan has not yet been approved by the IMF board. Despite a promise to finalize the deal by the end of February, the approval is still pending.