By the year 2000, the government of Ghana had borrowed so much that the country was in debt distress. It then subscribed to the Heavily Indebted Poor Countries initiative of the International Monetary Fund and World Bank. Consequently, much of the country’s external debt of over US$4 billion was written off by creditors. By the […]
The Federal Reserve and the art of navigating a soft landing … when economic data sends mixed signals
With inflation easing and the U.S. economy cooling, is the Federal Reserve done raising interest rates? After all, gently bringing down the trajectory of prices without crashing the economy was the central bank’s objective when it began jacking up rates over a year ago. Gross domestic product, the broadest measure of an economy’s output, expanded […]
Why China’s shrinking population is a big deal – counting the social, economic and political costs of an aging, smaller society
Throughout much of recorded human history, China has boasted the largest population in the world – and until recently, by some margin. So news that the Chinese population is now in decline, and will sometime later this year be surpassed by that of India, is big news even if long predicted. As a scholar of […]
Four priorities for Nigeria’s newly elected national assembly
Nigeria’s National Assembly – the 10th since independence – was inaugurated on 13 June 2023. It has two arms: the Senate and the House of Representatives. The 109 senators and 360 representatives were elected on 25 February 2023. Godswill Akpabio was elected Senate president and Tajudeen Abass House of Representatives speaker. Its primary responsibility is […]
Inflation report is a mixed bag – an economist explains why some items are rising faster than others
Economists worried about soaring inflation got some good news to start the year: The rate of inflation has eased. The first report card of 2023 on consumer prices, released on Jan. 12, showed that the overall cost of goods and services decelerated to an annual pace of 6.5% in December, the slowest in over a […]
here’s how it could work
The credit rating industry in Africa is dominated by the three international agencies: Moody’s, S&P and Fitch. Together they control an estimated 95% of the credit rating business globally. Credit rating agencies are institutions that assess a borrower’s creditworthiness in general terms, or with respect to a particular debt or financial obligation. A credit rating […]
Government to spend $11.3 billion over four years to fund 15% pay rise for aged care workers
Tuesday’s budget will include $11.3 billion over four years to fund the 15% pay rise aged care workers will receive from July 1. The rise was awarded by the Fair Work Commission. Labor committed at last year’s election to fully fund a rise in pay for this sector. Given acute staff shortages, it is hoped […]
The Russian economy is headed for collapse
To justify invading Ukraine, Vladimir Putin has painted Russia as a hegemonic power re-asserting its rightful claim to imperial greatness. Yet even before the invasion, Russia’s economic capabilities were hardly capable of sustaining an empire. Now, with foreign sanctions presiding over a plummeting Russian ruble, Russia’s economic standing has fallen further still. If measured at […]
Ghana had a bad time in 2022 – 4 reads to catch up on what happened
Ghana, a country with a good reputation for democracy, human rights, governance and economic growth in Africa, endured a difficult 2022. The effects of the COVID-19 pandemic and the Russia-Ukraine conflict inflicted economic pain, leaving the country at the doors of the International Monetary Fund. The year also saw protests over a mobile money transaction […]
Why stagflation is an economic nightmare – and may already be here
The economy is cooling while inflation remains elevated. And that is raising alarm bells among economists who worry it means “stagflation” is on the way. But what is stagflation exactly? We asked Veronika Dolar, an economist at SUNY Old Westbury and a visiting professor at Stony Brook University, to explain what it is, what causes […]