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Ghana: First since May 2021, inflation rate dips in Ghana for January 2023

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Amidst its troubling economic challenges, Ghana’s consumer inflation slowed slightly to 53.6% year-on-year in January from a more than two-decade high of 54.1% in the previous month.

The latest data from the statistic authority shows that it is the first month that inflation has slowed since May 2021…

According to the Ghana Statistical Service figures showed that Ghana’s food inflation was up slightly to 61.0% in January, while non-food inflation was down to 47.9%, with food and non-alcoholic beverages the category that contributed the most to overall inflation.

Government statistician Samuel Kobina Annim told reporters, that “this suggests that the variation in the exchange rate may have contributed to the marginal drop in inflation we saw in January 2023, though we are yet to do a robust analysis.”

Ghana launched a debt swap plan in December as part of attempts to address a spiraling economic crisis, but it has struggled to convince bondholders to register, in part due to a lack of clarity over its terms and concerns about profitability.

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

But the currency has gained about 50% against the dollar in a matter of days around the time the country reached a staff-level agreement with the International Monetary Fund (IMF) on a $3 billion rescue package, after steep falls earlier in the year.

Inflation in Economics is defined as the persistent increase in the price level of goods & services and the decline of purchasing power in an economy over a period of time. Inflation can take place due to various reasons. One of the major reasons is a rapid increase in the money supply which leads to a decrease in interest rates.

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Botswana grants a mining permit for its first manganese operation

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Giyani Metals, Botswana’s first manufacturer of manganese suitable for batteries, revealed that the country had granted it a 15-year mining permit.

The demand for manganese, a crucial component of batteries, is anticipated to rise due to the rise in electric vehicles and other clean energy applications.

One of the few battery-grade manganese projects outside of China is Giyani’s Kgwakwe Hill (K.Hill) project, which will process manganese oxide material on-site to generate high-purity manganese sulphate. 90% of the world’s supply of high-purity manganese is controlled by this Asian nation.

An early economic study from 2023 states that the K. Hill mine will produce 80,000 metric tonnes of high-quality manganese sulphate monohydrate annually throughout a 57-year life.

“The next step is production of battery-grade manganese from our demonstration plant, which is under construction in Johannesburg, South Africa,” the Canadian company said in a statement.

It further stated that the product from the demonstration facility will be utilised for off-taker qualification, an essential stage before the signing of offtake agreements.

The diamond industry is very important to Botswana, which produces the most diamonds globally in terms of value. The gem industry accounts for 30% of national income and 70% of foreign exchange earnings.

The nation wants to diversify its mining industry by using resources including iron ore, nickel, copper, and coal.

The nation is home to three active copper mines in addition to its two active coal mines.

The demand for battery metals like manganese is predicted to decrease the nation’s dependency on diamonds as a result of the growing need for green minerals worldwide brought on by the energy transition.

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Ghana records fastest growth in 5 years as GDP expands by 6.9% in Q2 2024

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Ghana has recorded its strongest rate of economic growth in five years in the second quarter of 2024, with the country’s statistics agency reporting on Thursday that the country’s GDP expanded by 6.9% year over year.

The country, which is a top producer of cocoa, oil, and gold has been battling the greatest economic crisis in a generation as a result of spiralling public debt, the robust rise signifies a noteworthy comeback.

“The 6.9% growth rate is the highest since the second quarter of 2019 and it was driven largely by strong expansion in the extractive sector, just as we saw in the second quarter of 2019,” government statistician Samuel Kobina Annim said.

Mining and quarrying contributed to the 9.3% growth in Ghana’s overall industry sector, while the gold sector climbed by 23.6% during the quarter for the third time in a row. Agriculture expanded 5.4%, but the services sector grew by 5.8%, according to Annim.

However, the cocoa sector shrank by 26.2% for the fourth consecutive quarter, underscoring the effects of a persistent drop in crop output brought on by disease and unfavourable weather.

The West African state is benefiting further from the economic recovery as it restructures its debt. After striking a preliminary restructuring agreement with two bondholder groups, it has extended an invitation to holders of its about $13 billion worth of international bonds to exchange their holdings for new instruments.

Bondholders can accept the offer until September 30. However, there will be a 1% consent fee for those who accept it before an early deadline of September 20.

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