Uche Uwaleke, Professor of Capital Markets and Director, Institute of Capital Market Studies at the Nasarawa State University Keffi, spoke to the Global Business Report about President Tinubu’s 2024 New Year speech to Nigeria



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Ghana’s economy has been crippled by the pandemic, rampant inflation, the war in Ukraine and a depreciating currency. Now analysts warn that the country is close to a crisis.

In May the central bank governor said Ghana faced an overall balance of payments deficit of $934.5m in the first quarter of 2022, compared with $429.9m in the same period last year. Growth slowed to 3.3 percent in the first quarter of 2022 and inflation hit a record of 27.6 percent in May. Critics say the government has recklessly managed its finances with excessive borrowing. The country now spends about a third of its expenditures in just servicing debt alone, not including principal repayments.

In a U-turn from previous statements, this month the government announced it would hold formal talks with the International Monetary Fund (IMF) on a support package. This came just days after hundreds of citizens took to the streets protesting the mounting economic hardships. It is the second time in the past three years that Ghana has turned to the IMF for help.

Protests organized by the Arise Ghana group in June said they were against the “persistence and astronomical hikes in fuel prices by the Akufo-Addo/Bawumia government”, the “grabbing of State lands'' by government officials, and the introduction of a 1.5% tax levied on all electronic transactions. They are also calling for a full bi-partisan parliamentary probe into COVID-19 expenditures.

There is also dissent within the government on whether seeking assistance from the world body is the best move forward. Several unions have criticised the move saying it will create conditions that are unfavourable to Ghanians. One economist has said Ghana will become “ungovernable” if the IMF bailout requires wages to be frozen.

In this episode we’ll talk about Ghana’s worsening economic crisis and ask what IMF assistance means for Ghanaians.

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As concern mounts over the political stability of Chad, The Economic Community of Central African States met on Friday in Brazzaville.

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Politics in Ghana: Create a life beyond politics; avoid aspiring to be lifelong politicians - Sosu

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2024 Presidential Election: Fitch Solutions predicts victory for John Mahama | The Pulse (26-1-24)
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China is playing an increasingly important role in the development of the archipelago of islands that make up Comoros. According to government officials, where many have lost interest, China has been ready to fill the gap.

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Guinea's self-appointed military leaders have dissolved the government and will appoint a new one, the presidency's secretary general said in a filmed statement on Monday. The West African country has been under military rule since a junta seized power in a September 2021 coup.
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Angola's main opposition party UNITA has rejected claims of victory by the ruling MPLA claiming a series of counting irregularities.

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A protester has been killed in Guinea's capital during demonstrations against the military rulers.
There is anger because no date has been confirmed for elections after last year's coup.
Al Jazeera's @Barbara Angopa reports.

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Pays hôte de la Coupe d'Afrique des nations, la Côte d'Ivoire a sombré lundi soir face à la Guinée équatoriale (4-0). Troisièmes du groupe A, les Éléphants de Jean-Louis Gasset vont désormais devoir espérer un miracle pour se qualifier. France 24 était au stade d'Ebimpé et a rencontré de nombreux supporters avant et après le match. Reportage. 
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Guinea-Bissau's Prime Minister has been released from house arrest and met Friday with the President at the Presidential Palace. Journalists say the capital, Bissau, was back to normal. VOA's Scott Stearns has more.

Egypt and Jordan warned Israel against reoccupying Gaza after the war. The warning came at a meeting between Egyptian President, Jordan's King and President of the Palestinian Authority. Mahmoud Abbas, Jordan's King Abdullah II, and Egypt's Abdel Fattah Al-Sisi also restated their rejection of any plans to displace Palestinians from their lands. A Jordanian official told Reuters, "The Arabs are telling the Americans the priority now is to get a ceasefire and push Israel to allow Palestinians to go back to northern Gaza, and ease the overcrowding near (the southern town of) Rafah, which is alarming both the Egyptians and the Jordanians." Watch for more details.

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President Cyril Ramaphosa has arrived in Kampala Uganda. The President will participate during the Non-Aligned Movement and the G77 plus China summits. For more we are joined by Leon Ssenyange in Kampala.

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