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 […]
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 […]
Which path will humanity choose?
Governments have delayed action on climate change for too long, and incremental changes in energy and food production will no longer be enough to create a climate-resilient future, a new analysis from scientists around the world warns. The world is already seeing harmful impacts from climate change, including extreme storms, heat waves and other changes […]
The plastic recycling system is broken – here’s how we can fix it
The investor Warren Buffett once remarked that “only when the tide goes out do you discover who’s been swimming naked”. For the plastics recycling industry, the pandemic was a bit like the tide going out, exposing its deep-rooted structural problems. Specifically, COVID-19 exposed the plastics recycling sector’s vulnerability to oil-price changes. Economic shutdown driven by […]