Steve Hanke, an American economist, has highlighted the issues afflicting Ghana's economy and renewed the need for a currency board to rein in the country's spiraling inflation.

Hanke calculated inflation (using his independent global tracker) to be 77% in a tweet from January 10, 2023, which is 27 percentage points higher than the stated rate of 50%.

He used the phrase "going down the tubes" to emphasize that the current problems indicated that the economy was doomed to disaster.

"Ghana is in 8th place in this week's inflation table. On Jan 5, I measured Ghana's #inflation at a stunning 77%/y. #Ghana's economy is going down the tubes. To rein in inflation, GHA must install a currency board," his tweet read.

It is not the first time he is calling for a currency board to be put in place to help salvage the economy.

Hanke has also been very critical of government's resort to the International Monetary Fund (IMF) amid an economic crunch that government has partly blamed on aftershocks of the COVID-19 pandemic and the Russia-Ukraine war.

Ghana had a torrid 2022 amid an economic crisis that forced government to seek an IMF facility at a time the cedi was rapidly depreciating, inflation was galloping and government was faced with multiple downgrades by rating agencies.

Government has promised to turn around the economic fortunes of the country after sealing a Staff-Level agreement with the IMF with the hope that funds from the US$3 billion facility will be released early this year.