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Ghanaian traders close shops as union protest soaring inflation, high cost of living

Published

2 years ago

October 20, 2022

Traders in Ghana’s capital, Accra, on Wednesday, shut their shops and businesses as the Ghana Union of Traders Association (GUTA), declared a three-day protest over the escalating inflation and rising cost of living in the West African country.

GUTA, in a protest notice to all traders and business owners in the country, said the move is meant to send a strong signal to the government that they were frustrated over its poor economic management.

“The government should listen to the plea of these businesses, though the private sector is also one of the backbones of the economy.

“So government should implement policies that will also cushion us for our businesses to grow while looking at other alternatives to also grow the economy.

“If government grows the economy and our businesses grow, there will not be all of these,” the notice signed by Edward Larbie, the chairman of the Ghana Electrical Dealers Association, said.

In the last six months, Ghana has faced an unusually high debt load with the inflation climbing to an all time high of 37 percent in September, while the Cedi has plummeted against the US dollar.

On Tuesday, the Ghanaian Cedi was officially designated as the world’s worst-performing currency in 2022 by international business media platform, Bloomberg, after it took another slump on Monday and depreciated as much as 3.3%.

To cushion the effect of the inflation, Ghana’s Central Bank has increased its benchmark lending rate by 10 percentage points this year to 24.5 percent in a bid to curtail the price growth, but however, increased borrowing costs for the traders and businessmen.

The country’s President, Nana Akufo-Addo, has been under immense pressure over his economic management after reversing his position and entering talks with the International Monetary Fund (IMF), over a $3-billion loan to shore up public finances.

Related Topics:Featured Ghana High Cost of Living inflation Protest Traders

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Moroccan annual inflation rises to 0.8% in November

Published

18 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”