Ghana’s inflation soars as IMF deal drags on
27 March 2023 | 4:59 am
The West African nation is facing one of its worst economic crises in decades. Soaring inflation is compounding the sufferings of many Ghanaians who now have to dig deeper into their pockets to afford essential goods.
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Lawmakers in Ghana are calling for legislation to govern the use of artificial intelligence (AI). They argue that the tool could increase inequality and want clarity over machine error. But proponents of AI disagree.
The deal would provide much needed relief to Pakistan, which has been on the verge of default. The IMF board has yet to confirm the agreement.
Annual inflation dropped to 5.5% in the 20 eurozone countries. However, the European Central Bank is still expected to raise interest rates in July.
The agreement should just be viewed as a "stopgap" that gives Pakistan time and some resources needed to pull its economy back from the verge of default, say experts.
African currencies have lost ground against the US dollar this year, further driving inflation in the import-reliant region. Depleting dollar reserves have left policymakers with limited options to arrest the decline.
With advancements in technology and the rise of digital platforms, filmmakers around the world are embracing digital tools and techniques to enhance production, distribution, and consumption of films. Ghana’s film industry has been struggling to keep up with digitalization, although it remains the second-largest producer of films in Africa per year.
A former government minister is investigated for corruption in Ghana. The inquiry comes after Cecilia Abena Dapaah reported her housekeeper for stealing a large sum of money, but prosecutors want to know where the money came from. Also in this edition: at least 30 people have been killed by a building collapse in Cameroon.
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The health and cost-of-living crises has disproportionately affected the poor and women in developing Asia, hurting their chances of long-term improvement.
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The annual meeting (24-26 August) hosted by the US Federal Reserve will be closely watched, especially Federal Reserve chair Jerome Powell on Friday. While the policy of raising interest rates to lower inflation is no longer in doubt, observers will be watching out for clues as to when the US central bank might consider lowering rates again. The Federal Reserve has repeatedly stressed the importance of reaching the 2 percent inflation target.
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