Author: Benjamin Aklama
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Nigeria’s national debt hits an all time as the country struggles with repayment
Nigeria’s public debt has reached an all time high of N44.06tn in the third quarter of 2022. This is according to a report by the Punch Newspaper, which also noted that the rise in debt is coming amidst the country’s struggle to repay its already substantial debt. According to the report, ,the total public debt…
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Cedi now world best performing currency – Bloomberg
Last week, the Ghanaian Cedi was recorded as the best performing currency in the world. This short burst of positive momentum is as a result of Ghana’s plan to reorganize its local debts. Read the story here. This report is courtesy of Bloomberg which revealed that the rise in currency value is coming alongside optimism of realizing the…
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Ghana oil, gas and energy summit shines spotlight on exploration potential and latest midstream openings
Ghana’s vast hydrocarbon potential and the opportunities for investors to participate in the broader energy sector’s development were highlighted by Harry van Schaick, Managing Editor for Africa, Oxford Business Group (OBG), together with other economic analysts and industry experts recently at the Ghana Oil, Gas and Energy Summit 2022, which took place in Accra between…
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Huawei Equips 500 Traders in FinTech
Huawei Ghana as part of its 2022 Women in Tech program, has equipped 500 traders in a Financial Technology workshop to bring them up to speed with advanced technologies and enable them transform their businesses digitally to suit current market trends. The training which was focused on helping female entrepreneurs and traders adopt technology in…
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IMF assures of restored macroeconomic stability in Ghana
The International Monetary Fund (IMF) has assured Ghanaians it will assist government to restore macroeconomic stability, spur growth and bring the much needed relief to them. A statement issued by the Fund’s mission chief for Ghana, Stéphane Roudet prior to the visit of the staff team to Accra said, “the IMF remains fully committed to…
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What does 2023 hold? Predictions in payments for the year ahead for Africa
The sharp economic slowdown brings new difficulties ahead for Africa – including high international food and fuel prices, financial shocks from the tightening of monetary policy in advanced economies, and increased food insecurity in various parts of the region. All of this follows the economic and social effects of the pandemic. 2023 is going to…
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Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company
Employees from Facebook and Instragram met virtually in November to generate ideas around building a text-based app that could take on Twitter, the Times reported. “Twitter is in crisis and Meta needs its mojo back,” one Meta employee wrote in a post, per The Times. “LET’S GO FOR THEIR BREAD AND BUTTER.” At the brainstorming…
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E-commerce in Ghana – statistics & facts
Online purchases in Ghana have experienced continuous growth over the last few years. This development has been facilitated by several factors, such as the nationwide provision and accessibility of internet and payment services. As of 2022, the penetration rate of the e-commerce market in Ghana stood at 27.41 percent. This share increased from nearly 12 percent in…
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Nigeria set to stop importation of refined oil and refine its own oil by 2023
Nigeria is one of the world’s largest oil producers, yet, has failed to develop an oil refinery sector. Fortunately, the Nigerian Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed that Nigeria is a year away from refining its own crude oil. This report is according to Reuters, which stated that the minister had made the…
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EIU analysts forecast grim economic outlook for Africa in 2023
There are major concerns surround the heavy burden of debt servicing, the instability created by election cycles, geopolitics and war, as well as the lingering threat of food insecurity caused by conflict and adverse weather conditions on the African continent. Africa’s economic recovery has been disrupted in 2022 by a range of internal and external…