Ghana hikes main rate by biggest ever amount
22 August 2022 | 8:44 am
Ghana's central bank has announced the West African country's biggest ever hike in its main lending rate after an emergency meeting to tackle the deteriorating economy.
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Streets were quiet in the normally bustling heart of Accra's central business district on Wednesday as traders in the Ghanaian capital closed their shops to protest worsening economic conditions.
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The world's two largest cocoa producers boycott a major industry meeting in Europe over a price dispute. Also, South Africa says its government will take the lead in informing the public about any imminent threat to its territory after the US embassy issued a terror alert in Johannesburg for this weekend.
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The mass layoffs announced on Twitter have affected the newly-formed African team of the social media platform based in Ghana. However, Ghanaian lawyers are considering legal action against Twitter for violating Ghanaian labour laws.
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Richarlison scores stunner in Brazil's win over Serbia as Portugal edge thriller against Ghana. Richarlison scored a stunning brace to help Brazil defeat a stubborn Serbia 2-0 after Portugal and Switzerland secured wins earlier.
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Ghana, who lost their opening game to Portugal, are seeking their first points on Monday in a Group H match against South Korea, who kicked off with a 0-0 draw against Uruguay.
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Two more teams qualify for the World Cup last 16, meaning that there are still 13 squads looking to book their place. If you thought the matches were exciting so far, they're bound to get even tougher over the coming days. Portugal make it through with a double from Bruno Fernandes, as do Brazil despite Neymar’s absence. Plus, Cameroon come from behind in a 3-3 thriller against Serbia, while Ghana beat South Korea 3-2.
Ghana has reached a "staff-level" agreement with the IMF for a three-year, $3 bln loan program and, according to its finance minister, expects IMF board approval "early next year".
The raise is more modest than the previous 0.75% consecutive increases, which comes as inflation starts to slow in the US. The move comes hours ahead of expected similar decisions in Europe and the UK.
In Ghana’s Upper West region, a small startup is mounting solar-powered and cost-effective mini-grids across light-poor communities. It also distributes rechargeable solar lamps to its members.
Nigeria’s unemployment rate to hit 37% in 2023 – NESG, Gambia’s Vice President, Badara Joof, is dead
Find these stories and much more when you grab a copy of The Guardian on Thursday.
Ghana has doubled its efforts to achieve universal health coverage by encouraging online registration with the National Health Insurance Scheme (NHIS). Ghanaians can now register for NHIS via a mobile app at their convenience.
With the latest increase, the Fed's target interest rate is set in a range between 4.50% and 4.75% — its highest level since late 2007. The Fed has been rapidly hiking rates since March of 2022 in a bid to snuff out persistent inflation.
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