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"Government cannot make man richer, but it can make him poorer." – Ludwig von Mises
One of the most outrageous bonds out there must be the $1bn lent to Ghana in 2015 at 10.75% interest with a $400m guarantee from the World Bank. A buyer of the bond in 2015 is already guaranteed to get $1.15bn. And they are still 'owed' $1bn, and $860m of interest payments / 🧵
"Since a politician never believes what he says, he is surprised when others believe him." – Charles de Gaulle
#EconWatch: #Ghana's sovereign bonds have lost more than half their value since 2021. Ghana has become a poster child for economic mismanagement and is now on the brink of default.
An IMF bailout will not solve #Ghana's economic problems. I measure inflation in GHA at a stunning 51%/yr, and Ghana ranks 2nd in the countries most likely to default on their debt, according to Bloomberg. GHA needs to mothball its central bank & install a #CurrencyBoard.
In #Ghana, the #cedi is on its back foot. Today, I measure inflation in GHA at a stunning 51.70%/yr, and the cedi has depreciated by ~31% against the USD since Jan. 1, 2020. The cedi is a central bank junk currency.
In this week's inflation table, #Nigeria takes the 18th place. On July 21, I measured Nigeria's #inflation at a stunning 33%/yr, almost 2x the official inflation rate of 17%/yr.
#EconWatch: The price of #Copper, often considered an economic barometer, has dipped below $8000 for the first time in seven months. An economic recession is approaching. It will probably arrive late this year or early next year.
#Ghana is in 16th place in this week's Hanke’s #CurrencyWatchlist. By my calculations, the #cedi has depreciated ~29% against the USD since Jan. 2020. The Ghanaian cedi is a central bank junk currency.
In this week's inflation table, #Pakistan takes the 12th place. On June 30, I measured Pakistan's #inflation at a stunning 40%/yr--almost 3x the official inflation rate of 14%/yr. PAK must mothball the State Bank and install a #CurrencyBoard.
In Zimbabwe, the Central Bank, citing inflation concerns, hiked the key interest rate from 80% to 200%. Today, I accurately measure inflation at 410%/yr. To stop inflation, the key interest rate would have to be raised to ~400%. Zim is too little, too late.bloomberg.com/news/articles/…
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