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.
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