Africa Business Ghana West Africa World 

Ghana: Ruling party MPs demand the sacking of the finance minister

– – Members of parliament from Ghana’s ruling party on Tuesday asked the country’s president, Nana Akufo-Addo to sack his finance minister. The blame the finance minister Ken Ofori-Atta and one of his deputies for eroding the confidence in the country’s economy. The MPs told reporters in Accra that sacking the finance minister who is also the President’s cousin will… Read More
Africa Business Ghana West Africa World 

Ghana’s cedi is the world’s worst-performing currency

– – Ghana’s currency the cedi on Monday become the world’s worst-performing currency in 2022. The West African nation is facing serious economic crisis and now in discussions with the International Monetary Fund for a bailout. The depreciating levels of the cedi though is compounding the economic plights of citizens and businesses. This year the cedi has lost value to… Read More
Africa Ghana West Africa World 

Ghana: Shortages loom as traders close shops to protest economic hardship

– – There could be shortages of some goods in Ghana in the coming weeks as traders close down shops. The distress action is an initiative of the Ghana Union of Traders Association(GUTA) to protest government’s handling of the country’s current economic challenges. According to GUTA the depreciation of the local currency the cedi has eroded the capital of its… Read More
Africa Business South Africa Southern Africa World 

South Africa’s recovery is on its way but downside risks remain

– – Following a robust recovery in 2021 after the Covid-19 pandemic (+4.9 percent), the GDP of South Africa is anticipated to continue expanding over the next two years, but at a slower pace. Analysts are expecting growth to increase by 1.8 percent in 2022, and by 1.3 percent in 2023 according to the latest OECD forecasts. But the South… Read More
Africa Business Ghana West Africa World 

Ghana goes back to the IMF for support amid economic distress

– – Ghana’s government has announced plans to seek support from the International Monetary Fund (IMF) as it continues to struggle with worsening economic conditions. The West African nation’s economy continues to plummet as it struggles to improve the living standards of citizens. The country’s public debt stock now stands at GH¢341.8 billion ($45.5 billion) with a corresponding debt to… Read More
Africa Business Featured Russia World 

Russia parries off Ukraine invasion blame for global economic crisis

– – The Russian government has rejected recent news reporting with the narrative that its invasion of Ukraine has led to a global economic crisis. Russia is currently engaged in a war with Ukraine, a move that has led to several sanctions being placed on the Eastern European super power. The International Monetary Fund has said that the economic damage… Read More
Africa Ghana West Africa World 

Ghana’s economy in crisis as citizens agitate over high cost of living

– – Ghana’s economy continues to plummet as it struggles to improve the living standards of citizens. The country’s public debt stock now stands at GH¢341.8 billion ($45.5 billion) with a corresponding debt to GDP ratio of more than 77% as of September ending 2021. Analysts say that debt to GDP ratio has already crossed the 81% mark in 2022… Read More
Africa Ghana West Africa World 

Ghana’s finance minister says Africa deserves more help for Covid-19

– – Ghana confirmed its first two COVID-19 cases on March 12; imports from Norway and Turkey. Africa has since recorded more than 1.5 million cases and counting, though, in terms of infections and deaths, we have fared better than most regions. Perhaps this is because of our youthful population, the natural social distancing of outdoor living and experience with… Read More
Africa Business Lesotho Southern Africa World 

Lesotho: Violence against women costs economy $113 million annually

– – A Commonwealth report has revealed violence against women and girls costs Lesotho more than $113 million (about 1.9 billion Lesotho loti) a year. The report estimates the total cost, including loss of income and expenses associated with medical, legal and police support, equates to around 5.5 per cent of Lesotho’s gross domestic product (GDP). The cost of $113 million means… Read More
Africa Business Ghana West Africa World 

IMF says Ghana’s GDP growth will hit 7% in 2019

The International Monetary Fund on Thursday said on Thursday that Ghana’s economic growth is expected to rise to around 7% this year. That increase from 6.3% in 2018 to 7% this year according to the IMF is boosted by the country’s extractive industries. In a statement IMF said Ghana’s exports oil, gold and cocoa, maintained macroeconomic stability since the conclusion… Read More