Assuming
The belt is the correct length
The belt is the correct section for the pulleys
If the belt slips, the pulley grooves may be worn, allowing the belt to slip down the groove and bottom out rather than grip on the sides of the groove.
And obviously, the tension needs to be correct (Again, there will will be difficulty setting the correct tension if the belt is too long, or overtight if too short. 
It won't help, if the bearings are worn allowing the pulley to wobble
Nor is it likely to cut quare, or repeatably (Not talking high precision her ) if there is play in the bearings for the actual hacksaw frame, or the guides for it.
If there is play in the bearings, or shaft can they be bushed, or the shaft removed and turnded down until cleans up and then make bearings to match, sat a thou or two clearnce , maximum)
If the guides are circular, any chance of bushing, turning down, or replacing the guides and the making suitable bushes?.
As each element of wear is reduced, / eliminated, so overall accuracy will improve, until it reaches a level that is acceptable..
Rightly or wrongly, I don't regard bandsaws or power saws as precision instruments, but properly set up in good condition, surprising accuracy can be acchieved from time to time.
Howard