Ghana is grappling with runaway inflation as prices of basic commodities have spiralled. Government finances are also at their weakest in years. Ghana’s local currency, the cedi, is now the world’s worst performer against the US dollar – a signal of the depth of the country’s economic crisis. Over the past few months, various scholars […]
Nigeria’s 2023 budget is a plan of despair and won’t change the tempo of the economy
Nigeria’s 2023 budget, recently presented by President Muhammadu Buhari to the National Assembly, has generated a furore. There are concerns about the impact on the country’s rising deficits and debt, as well as its failure to address some of the structural deficiencies behind declining revenues and rising inflation. The 2023 budget expenditure of 20.51 trillion […]
UK prime minister forced from office amid economic turmoil, chaos in parliament and a party in disarray
The U.K. government is in tatters after Prime Minister Liz Truss resigned on Oct. 20, 2022 – the second leader to be forced out in mere months. It follows an economic mess largely of her own making that resulted in U-turns, a high-profile firing, curious absences and plummeting support. The resignation means that Truss will […]
COVID lockdowns in Nigeria brought the fear of crime closer to home. What communities did next
The COVID pandemic changed people’s lives in many ways. For instance, lockdowns and curfews drove people from their cities’ streets and kept many at home. Nigeria was no different. Many studies about COVID have focused on economic losses, disrupted livelihoods and changes in social relations. But there’s been little research into changes in criminal behaviour. […]
How to understand what’s going on with UK mortgage rates
The UK mortgage market has tightened as confidence in the economy has faltered in recent weeks. Lenders withdrew more than 1,600 homeloan products after the (then) chancellor Kwasi Kwarteng’s September mini-budget sent the UK economy into a tailspin. Rates on the mortgage products that are still available have risen to record levels – average two-year […]
debt restructuring must go hand-in-hand with managing finances better
Ghana is struggling with managing its debt, 20-year high inflation, a weak currency, and rising inequality. For example, inflation rose to 33.9% in August 2022 from 9.7% a year earlier, while the cedi has depreciated by 41% year-to-date against the US dollar. These vulnerabilities have been worsened by the aftershocks of the ongoing Russia–Ukraine war […]
A provincial sales tax is the solution to Alberta’s fiscal roller-coaster
With a new Alberta premier taking office in October and a general election required by the end of May 2023, fiscal policy may become a wedge issue between Alberta’s United Conservative Party and the NDP. A key issue for analysts who study Alberta’s finances is the erratic behaviour of the province’s revenue stream, which is […]
Blaming poor labour conditions in Ghana’s transport sector on ride-hailing companies misses the deeper issues
Ride-hailing services like Uber and Lyft have become ubiquitous in many parts of the world over the past decade. Criticism of their business model has also become commonplace: ride-hailing companies are frequently accused of destroying traditional taxi businesses, undermining wages, and creating the digital equivalent of sweatshops. Though many of the complaints have emanated from […]
five essential reads on why there isn’t an inspiring story to tell
As Nigeria marks its 62nd independence anniversary, many will be checking to see if there is indeed any reason for celebrations. Reasons for pessimism are not hard to find. Major statistics for the economy, security and human development paint a picture of a country in despair. Time was when the naira, Nigeria’s currency, was stronger […]
How the tech giants are innovating to weather the looming downturn
Rising inflation and looming recessions are squeezing household finances, but businesses also worry about an economic downturn. This is not just because of higher bills, but also because consumers spend less and finance from banks and investors dries up when the economy worsens. Even strong industries such as technology feel these effects. With the Standard […]