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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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Is Nigeria’s Inflation Rate The Highest Under Buhari?
Overview: Mr. Festus Kayamo said that Nigeria’s inflation rate under the current administration is not the highest figure when compared to the Obasanjo administration. We looked back at the figures reported to confirm his claim. The spokesperson for the presidential campaign council of the All Progressives Congress standard bearer, Festus Keyamo, has said that the…
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Businesses Owned By Students Are Crumbling Under Nigeria’s Economy
As the country’s economic metrics have continued to maintain its upward trend, Nigerian students who combine academics with entrepreneurship are facing setbacks in growing their business. For Twentyten Daily, Quadri Yahya spoke to some of these students facing this hardship. In October 2022, Sarah Adegboyega, who owns a fashion accessories store, was making a profit…
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Nigeria’s Inflation Hits 20.77% In September
According to the National Bureau of Statistics, Nigeria’s Inflation hit a new high of 20.77 percent in September as food supply, foreign exchange crisis, and increases in import costs worsened. In August, inflation rose to a 17 year high of 20.52 per cent which has now been broken by September’s figure. NBS disclosed this in…
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How Much Does A Loaf Of Bread Cost In Your Country?
As the Russian/Ukraine war continues, food security around the world remains a real threat, but some countries have it worse than others. In Africa, food insecurity has increased by over 60% since the Russian invasion began, affecting the price of food made with staple ingredients like flour, wheat, sugar, salt and oil. If you eat…
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How Increasing Cost Of Fertilizer Is Affecting Food Security In Africa
The Russian invasion is having far-reaching repercussions on many countries around the world, including in Africa, where it is majorly affecting food security. From shortages in wheat supply to shortages in crop fertilizers caused by sanctions on Russia, Africa suffers the shockwaves of the European war despite being geographically removed from the conflict. According to…
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Inflation Rate Hits 20.5% In August 2022
Nigeria’s inflation rate has risen by 0.92 basis points to 20.52 percent in August 2022, from 19.6 percent in July. This is the highest record since October 2005 and it represents the seventh consecutive monthly rise in Headline inflation since February. Also, Food inflation rose to 23.12 percent in August 2022, representing a 1.1 percentage-point…
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Economy: Here Is Why South Africa Is Extending Fuel Levy Cuts
The South African government is considering an extension on the reduction in the general fuel levy until early August to ease pressure on consumers from high domestic fuel prices linked to the Russia-Ukraine conflict. In March, the government announced a temporary reduction in the fuel levy of 1.5 rands ($0.09) per litre for two months…
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Inflation: Nigeria Has Surpassed 16.0% Rate 25 Times In 88 Months
The National Bureau of Statistics has published that the consumer price index for April 2022 increased to 16.82 percent on a year-on-year basis. The recent figures are 1.3 percent points lower compared to the rate recorded in April 2021 (18.12) percent but 0.9 percent higher than March 2022. According to NBS the headline inflation rate…