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 […]
Inflation is proving particularly stubborn — but jitters over banking failures, softening economy complicate Fed rate decision
The Federal Reserve is facing a rather sticky problem. Despite its best efforts over the past year, inflation is stubbornly refusing to head south with any urgency to a target of 2%. Rather, the inflation report released on March 14, 2023, shows consumer prices rose 0.4% in February, meaning the year-over-year increase is now at […]
the electronic transactions tax is here to stay
Ghana’s finance minister Ken Ofori-Atta has announced that the government intends to introduce an electronic transaction levy (e-levy) in the 2022 budget. He said this was to “widen the tax net and rope in the informal sector”. The proposed levy, which will come into effect on 1 February 2022, is a charge of 1.75% of […]
Ghana’s informal mining harms health and the land – but reforms must work with people, not against them
Artisanal small-scale mining has been practised in Ghana for over a century. In 2018, small-scale miners generated 2.1 million ounces of gold, accounting for 43.1% of total gold production in the country. The sector employs 60% of Ghana’s mining workforce. But this production has come at a cost: water pollution, land degradation, the destruction of […]
5 major challenges facing the country’s next president
Nigerians will soon determine who their next president will be in a general election. Polling is due at the end of February and inauguration is scheduled for 29 May 2023. As Nigerians count down to election day, it’s worth considering the key challenges the country’s next president will deal with as he takes on his […]
What William Ruto’s presidency would mean for Kenya’s economy
William Ruto has been declared the winner of Kenya’s 2022 presidential election and is set to inherit an economy that’s not in great shape. For example, unemployment is running high, a fact that fuelled the youth resentment against the government of outgoing president Uhuru Kenyatta. Kenya’s economy generates less than 200,000 formal jobs for the […]
Ordinary Russians are already feeling the economic pain of sanctions over Ukraine invasion
The daily life of ordinary Russians – not just the country’s political elite or super rich oligarchs – is already being impacted by economic measures imposed by the international community in response to the invasion of Ukraine. As a scholar of Russia’s political economy, I was surprised by the speed and severity of the Western […]
The African Union has had a shaky two decades but problems can be solved
On 9 September 1999, the Heads of State and Government of the Organisation of African Unity issued the Sirte declaration calling for the establishment of an African Union (AU). Their mission was to accelerate the process of integration on the continent while addressing multifaceted social, economic and political problems. The AU was founded in May […]
Nigeria’s poverty profile is grim. It’s time to move beyond handouts
Nigerians have been justifiably confused by conflicting poverty data presented by the Muhammadu Buhari administration and the World Bank. According to Buhari, his administration has lifted 10.5 million Nigerians out of poverty within the past two years. But no sooner had he made the statement than the World Bank asserted that inflation has plunged seven […]
some long, medium, and short term solutions
An economy with strong fundamentals is one that is resilient, has a well-developed exports base, is industrialised, and creates jobs. That kind of economy can mobilise resources domestically, without much reliance on external support, and can even borrow at a lower cost. The citizens of this kind of economy have good roads, good transportation, good […]