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Ghana’s finance minister, Ken Ofori-Atta, ‘truly sorry’ over country’s economic troubles

Published

2 years ago

November 18, 2022

Amidst the recent economic turmoil in the West African country, its embattled finance minister, Ken Ofori-Atta said he is “truly sorry” for the country’s economic situation.

Mr. Ofori-Atta apologised for the economic hardship but defended himself against accusations by lawmakers that he is unfit for the job.

The minister has faced criticism over his handling of what has become Ghana’s worst economic crisis in a generation. This comes when he is leading negotiations with the International Monetary Fund (IMF) for a relief package of up to $3 billion.

Recall that the Ghanaian parliament had also called for the sack of the finance minister, and his deputy, in order to “restore hope in the financial sector.”

There are allegations that Ofori-Atta has been benefiting from Ghana’s economic woes through illegal payments and unethical contracts, among other charges but added that the accusations were unfounded.

“The people of Ghana are enduring hardships. I feel the pain personally, professionally and in my soul,” Ofori-Atta said.

The Ghanaian President, Nana Akufo-Addo appears to have yielded when he sacked the country’s Minister of State for Finance, Charles Adu Boahen, over allegations of corruption on Monday.

The country’s currency, Cedi was the world’s worst-performing in 2022 as investors continued to squeeze foreign capital into the West African country.

The country is currently battling debt, 20-year-high inflation, a weak currency, and rising inequality.

Related Topics:Featured Ghana Ken Ofori-Atta

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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.”