Ghana’s inflation hits 21.5% as food prices surge

Published

16 hours ago

October 3, 2024

Food price increases caused Ghana’s inflation to spike in September following five months of decline, the statistics department announced on Wednesday.

According to the statistics service, inflation accelerated to 21.5% year over year in September from 20.4% in August.

Samuel Kobina Annim, a government statistician, stated during a press conference that the rise was caused by a three percentage point spike in food inflation.

“This five-month successive decrease in the rate of inflation has been reversed in September with food recording a higher rate,” Annim said.

Ghana’s central bank cut its main interest rate by 200 basis points to 27% last week in response to better economic data, notably inflation. This was the bank’s first rate cut since January.

The West African nation that produces oil, gold, and cocoa is struggling to recover from the greatest economic catastrophe in a generation.

TotalEnergies CEO to meet Mozambique president for further project discourse

Published

16 hours ago

October 3, 2024

Ifeoluwa Dada

To discuss the company’s proposed LNG project in Mozambique with the nation’s new president, CEO Patrick Pouyanne has announced he will travel to Mozambique later this month.

“The project remains profitable, we remain committed,” Pouyanne said at an investor presentation.

The $20 billion Mozambique LNG project has been delayed because of worries about violent upheaval in the area, although Pouyanne claimed there had been “progress on security” recently.

On October 9, Mozambicans will cast their votes in presidential and legislative elections that will almost certainly prolong the fifty-year rule of the ruling Frelimo party, which is fighting a protracted Islamist insurgency in one of the largest gas reserves in Africa.

Pouyanne went on to say that lenders had affirmed between 70% and 80% of a $14 billion finance package that supports the project.

“We are waiting on the green light on financing from three credit agencies, some are in Western countries where rules on gas have changed … as soon as that is in place we will move,” Pouyanne said.

VenturesNow

Tanzania’s central bank maintains 6% lending rate

Published

16 hours ago

October 3, 2024

Ifeoluwa Dada

Tanzania’s central bank announced on Thursday that it had left its benchmark interest rate at 6% unchanged.

The benchmark rate was maintained by the central bank at 6% in the two quarters leading up to September, up from 5.5% when the rate was first published in January.

Agriculture, construction, and manufacturing led real GDP growth to 5.3% in 2023, up from 4.7% in 2022. Private investments drove demand.

Tight monetary policy and food and energy price moderation reduced inflation from 4.3% in 2022 to 3.8% in 2023. Due to foreign cash shortages, the Tanzanian shilling fell 8% in 2023.

Despite mounting pressure on the shilling, consumer inflation has remained comfortably below the bank’s objective of 5%. August saw a rise in inflation from 3.0% year over year to 3.1%, according to information from the statistics office.

In recent weeks, many African countries announced monetary policy decisions. Nigeria raised its benchmark interest rate by an additional 50 basis points, to a new record high of 27.25%, Ghana reduced its benchmark monetary policy rate by 200 points to 27% at a normal meeting. while South Africa decreased its benchmark interest rate by 25 basis points to 8% after holding seven consecutive meetings at a 15-year high of 8.25%.