Professor of Applied Economics at Johns Hopkins, Steve Hanke, has referenced an article published by The Economist in which the author warned that the Bible is a poor guide for macroeconomics.
The author of the article was talking about Finance Minister, Ken Ofori-Atta’s unfailing use of the Bible to justify some of his macroeconomic decisions.
“Ghana's Finance Minister Ofori-Atta justified defaulting on debt by quoting the Bible: ‘nothing will be lost, nothing will be missing.’ The Bible is a poor guide for macroeconomics. It’s time for Ofori-Atta to stop bamboozling Ghanaians and get real,” Steve Hanke posted on his Twitter page.
The article in The Economist was commenting on the government’s planned debt exchange programme which when effected, will lead to domestic and foreign bondholders losing chunks of their investments with the government.
Meanwhile, in anticipation of the debt exchange programme amid the country’s ailing finances, the government has suspended interest payments to foreign creditors pending engagement with them.
The government is currently banking on the IMF for a 3billion dollar bailout to help fund the country’s economic recovery over three years.
Domestic bondholders since the announcement of the domestic debt exchange have resisted the government’s move leading to an extension of the deadline and an exemption of pension funds from the programme.
Latest Stories
-
Government should resource record labels – Seven Xavier
11 mins -
I need majority in parliament to successfully complete my term – Akufo-Addo pleads
13 mins -
Next NDC government will not recognise illegal contracts signed by current administration – Sammy Gyamfi
23 mins -
Premier League clubs vote in favour of spending cap plans
34 mins -
Nigeria’s fuel crisis brings businesses to a halt
36 mins -
King Promise impresses fans at sold out show in Singapore
40 mins -
Ejisu by-election to proceed after plaintiff withdraws injunction application
50 mins -
CSOs and NGOs unite to push for priority demands at INC-4
53 mins -
Fuel tanker bursts into flames on Kumasi-Accra highway
59 mins -
EC’s stolen BVR kits, laptops: One granted bail, three still on remand
1 hour -
2 Things: Sista Afia releases first song off her upcoming album
1 hour -
GHS to embark on COVID-19 vaccination campaign starting May 4
2 hours -
CAF Confederation Cup: I’ve learned valuable lessons that will help future generations – Karim Zito
2 hours -
Create partnership with Ghanaian businesses – K.T. Hammond tells U.S. business leaders
2 hours -
5 dead, over 14 injured in gory accident near Obuasi
3 hours