He stated that although there are many of these criticisms from our compatriots here in Ghana, "public concern is warranted when a foreigner who claims to know it all decides to inflict on us his all-knowing misdiagnosis of our situation."
His remarks follow the American professor's recent remarks on social media.
Professor Steve Hanke said the current state of living conditions under the government led by President Nana Addo Dankwa Akufo-Addo is getting worse by the day.
He said the high cost of food and fuel prices have triggered violent protests in the country.
He stated that Ghanaians are facing hard times under Nana Addo's government.
Vice President Dr. Mahamudu Bawumia has recently come under fire from Prof. Hanke for his management of the Ghanaian economy.
Additionally, he recently criticised private lawyer Gabby Asare Otchere-Darko for commending the government's handling of the economy.
He has also questioned the veracity of official economic data made public by state agencies like the Bank of Ghana and the Ghana Statistical Services.
Palgrave Boakye-Danquah said Finance Minister Ken Ofori-Atta deserves 'praise' for handling the economy well.
However, in response to the criticism, Palgrave Boakye-Danquah claimed that Steve Hanke lacked an understanding of Ghana's economy, notably regarding inflation figures.
"His understanding of our economic situation itself, without the corresponding data backing it, makes undeserving of attention," Palgrave Boakye-Danquah said on Accra-based Original FM.
He emphasized the need for praise for the government's management of the economy "in these most challenging times" especially the Ministry of Finance.