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Nigeria’s Economic Growth To hit 3.2%
The International Monetary Fund has predicted that Nigeria’s economy would grow from 3.0 per cent in 2022 to 3.2 per cent in 2023. The growth according to IMF would be due to measures made to address insecurity in the oil sector. In its World Economic Outlook Update (January 2023) report, IMF stated that growth across…
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Ghana Increases Salaries By 30 Percent Amid High Inflation Rates
In a joint statement, the Ghanaian government and trade unions have announced an agreement to raise all public employees’ pay by 30% starting in 2023 as the nation works to cut its debt and control skyrocketing inflation. A few months after hardship sparked street demonstrations in Accra that forced the government to request assistance from…
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Special Report: Ghana’s Bumpy Road To Economic Recovery
In the last month of 2022, Ghana’s cedi was reported as the best-performing currency in the world, signalling a significant recovery for the West African country that suffered severe economic downturns throughout 2022. According to a report by Bloomberg, the Cedi rose by 10% in December, the biggest advance among about 150 currencies tracked by…
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Here Is Why Ghanaians Are Calling For Their President’s Resignation
On the 5th of November 2022, Ghana’s citizens came out en masse to protest the worsening economic crisis and call for the immediate resignation of the president, Nana Akufo-Addo. This protest is the latest in a series of demonstrations this year over the soaring cost of living that has made it even harder for people to get…
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2023: Nigeria’s Economic Growth Will Slow To 3%
THE International Monetary Fund has projected that Nigeria’s economic growth will slow to 3.0 percent in 2023. It added that the inflation rate will drop to 17 per cent. IMF also forecasted for global economy growth in 2022 at 3.2 percent, and however lowered its forecast for 2023 to 2.7 per cent, representing 0.2 percentage…
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Debt Relief: Is China Considering Blanket Forfeiture Of Africa’s Debt?
Shortly after Covid-19’s destructive impact on the global economy, the Russian invasion hit the world, further worsening the economic outlook for vulnerable economies. Africa, already drowning in debt is left with no choice but to borrow more if it must survive these challenging times. According to the African Development Bank Group (AFDB), economic disruptions stemming…
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Ghana To Begin Talks With IMF As Inflation Rates Reach An 18-Year High
Last week, hundreds took to the streets of Ghana’s capital, Accra, to protest the country’s spiralling inflation and other economic woes. Perhaps the two-day protest influenced the government’s decision to reconsider its previous stand on seeking financial aid from the International Monetary Fund (IMF). The West African country’s cabinet supported the decision at a meeting…
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Debt Servicing May Gulp 100% Of FG’s Revenue By 2026
The International Monetary Fund has warned that debt servicing may gulp 100 percent of the Federal Government’s revenue by 2026. The IMF predictions are hinged on if the government fails to implement adequate measures to improve revenue generation. The IMF’s Resident Representative for Nigeria, Ari Aisen, disclosed this while presenting the Sub-Saharan Africa Regional Economic…
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Reviewing Nigeria’s 2021 GDP Growth (1)
The National Bureau of Statistics has reported that the country’s Gross Domestic Product increased by 4.03 percent in the third quarter of 2021. This is contained in its Gross Domestic Product Report Expenditure and Income Approach report for Q3, Q4 2021. According to the report, in the third quarter of 2021, Nigeria’s real GDP at…
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Nigeria’s Economy To Grow By 3.4% In 2022
The IMF revealed a 3.1 percent growth projection for the nation in 2023, down from 3.4 percent in 2022 and 3.6 percent in 2021. Nigeria’s economic projection is lower than that of the Sub-Saharan African region, which is expected to grow by 4.5 per cent in 2021, 3.8 per cent in 2021, and 4.0 per…