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Ghanaians call for President Akufo-Addo’s resignation amidst record inflation, economic woes

Published

2 years ago

November 6, 2022

Ghanaians are calling for the resignation of President Nana Akufo-Addo following record inflation and the government’s handling of the economic crisis.

Demonstrators hit the streets of the capital, Accra, on Saturday 5 November calling for the president’s resignation.

The protest comes barely weeks after members of the parliament called for the sack of finance minister, Ken Ofori-Atta, and his deputy, in order to “restore hope in the financial sector.”

President Akufo Addo had once promised a “Ghana without aid,” but the current financial reality of the West African country has put it in a situation the President last week urged Ghanaians to support his decision to seek an IMF loan.

Leader of the Kume Preko Reloaded movement which organised the protest, Martin Luther Kpebu, lamented the current state of the country’s currency.

“For every cedi and dollar we borrow, the president’s family benefits through a data bank which advises and helps to sell the government security. So, we are here to tell the president that he should step down. Enough of the cronyism, enough of the nepotism, enough of the corruption,” Preko remarked.

According to a Bloomberg report in October, the Ghanaian Cedi has been officially designated as the world’s worst-performing in 2022 as investors continued to squeeze foreign capital into the West African country.

As part of a measure to save costs amidst the national financial crisis, the president last week also announced a 30 per cent cut in budgeted discretionary expenditures and salaries of the President, Vice President, Ministers, Deputy Ministers, and political office holders.

The gold-rich West African country is battling debt, 20-year-high inflation, a weak currency, and rising inequality.

Related Topics:Economics Featured Ghana Protest

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Moroccan annual inflation rises to 0.8% in November

Published

1 day 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.”