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Feb
15
2024
By CHRISTIAN AKORLIE and MAXWELL AKALAARE ADOMBILA
Ghana president replaces finance minister in reshuffle

Ghana president replaces finance minister in reshuffle

NEWS
GHANA'S president has replaced finance minister Ken Ofori-Atta in a cabinet reshuffle after criticism of the ex-banker's leadership during the West African country's worst economic crisis in a generation. The office of President Nana Akufo-Addo said that Ofori-Atta would be replaced by Mohammed Amin Adam, currently the minister of state at the finance ministry and previously deputy energy minister responsible for the petroleum sector. It did not give a reason for the change. Ofori-Atta has been overseeing Ghana's debt restructuring efforts after the West African gold, oil and cocoa producer defaulted on most of its external debt in December 2022.…
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Jan
09
2024
By NYASHA CHINGONO
Zimbabwe gold output declines 15% amid electricity, forex shortages

Zimbabwe gold output declines 15% amid electricity, forex shortages

BUSINESS
ZIMBABWE produced 30 metric tons of gold in 2023, 15% less than the previous year, official data showed, as electricity cuts and currency volatility impacted output. The southern African country was once among the top gold producers on the continent but has fallen far behind regional peers Ghana, Mali, Burkina Faso, Guinea and Tanzania as an extended economic crisis kept investors away. Zimbabwe remains largely under-explored and its operating mines struggle to raise capital due to concerns over government policy and property rights, especially after the seizure of white-owned farms at the turn of the century. Output plunged to a…
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Nov
11
2023
By DAVE SHERWOOD
As crisis deepens, Cubans scramble to migrate by any means

As crisis deepens, Cubans scramble to migrate by any means

WORLD
Cuban Idalberto Echavarria manoeuvred his wife Olga in a wheelchair to the front of the line at Terminal 2 of Havana's airport, dodging luggage and a sea of people bidding farewell to friends and family. The crowded terminal, a launch point for Cubans making their way by air to Nicaragua and then overland to the United States, is one barometer of the frenzy to migrate from the communist-run island nation. For many, like Echavarria and his wife, it has also become a last resort as Cuba's economic crisis deepens with no end in sight. "There are other ways, but you need money or…
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Oct
25
2023
By FLORENCE TAN and MUYU XU
Ghana looks to market more oil and gas blocks

Ghana looks to market more oil and gas blocks

BUSINESS
GHANA is looking to boost its oil and gas production by selling more exploration rights, aiming to avoid leaving valuable fossil fuels in the ground and generate revenue to fund its energy transition, a Ghanaian official said. The West African country is suffering its worst economic crisis in generations and has been seeking investors from countries such as the United States, China and India for its oil and gas sectors. "For any investor to look at a temporary hiccup as a basis for decisions in Ghana I think would be making a mistake," said Andrew Kofi Egyapa Mercer, deputy minister…
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Sep
25
2023
By FRANCIS KOKOROKO
Multi-day protests over economic crisis grip Ghana’s capital

Multi-day protests over economic crisis grip Ghana’s capital

NEWS
HUNDREDS of demonstrators gathered in the Ghanaian capital Accra on Saturday for a third day of anti-government protests linked to economic hardship that have led to dozens of arrests. Protesters, some waving placards of the Ghanaian flag, decried the high cost of living and a lack of jobs as they marched under the watch of riot police. The gold-, oil- and cocoa-producing nation has been battling its worst economic crisis in a generation brought on by spiralling public debt. "The average Ghanaian can't afford three square meals (per day) ... the government doesn't care," said 24-year-old unemployed protester Romeo, who like others…
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Jul
02
2023
By The African Mirror
Egypt’s Sisi praises sacrifices of Egyptians in 10th-anniversary speech

Egypt’s Sisi praises sacrifices of Egyptians in 10th-anniversary speech

NEWS
PRESIDENT Abdel Fattah al-Sisi paid tribute to the "sacrifices" and "patience" of Egyptians struggling with an economic crisis 10 years after he came to power. His speech marked the anniversary of protests during which Sisi, then army chief, led the ouster of Egypt's first democratically elected president, before becoming president himself the following year. He alluded to the militant attacks and political and economic uncertainty of that era. "I believe that this generation who through their effort and patience transported Egypt from chaos and anxiety to stability and security is able to complete its development transformation," he said, reading from…
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Jun
21
2023
By The African Mirror
Tunisians struggle to buy sheep for Eid as economic crisis bites

Tunisians struggle to buy sheep for Eid as economic crisis bites

NEWS
JIHED ABIDELLAOUI TUNISIANS hoping to buy a sheep to slaughter for Islam's Eid al-Adha festival next week are facing much higher prices because of a drought, adding to public anxiety at an economic crisis that looks set to worsen. Small flocks of sheep are a common sight in Tunisian cities and towns in the run-up to the annual festival, feeding on highway verges and in empty lots as farmers bring in their animals from the countryside for sale. But the bleating that echoes across city neighbourhoods as families fatten animals on rooftops or in gardens may be heard less frequently this…
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Jun
01
2023
By The African Mirror
Zimbabwe to hold general election on Aug. 23

Zimbabwe to hold general election on Aug. 23

NEWS
ZIMBABWE will hold its presidential and parliamentary elections on August 23, President Emmerson Mnangagwa said, as the southern African country continues to battle a raging economic crisis. Mnangagwa, elected president in 2018, will be seeking a second term in office. His election followed a military coup that deposed Robert Mugabe in 2017. The 80-year-old's main rival is lawyer and pastor Nelson Chamisa, 45, who leads the newly formed Citizens Coalition for Change (CCC). The election proclamation comes amid parliamentary debates over electoral reforms. Chamisa's party is demanding access to and an audit of the voters' roll, as well as public…
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Jan
19
2023
By The African Mirror
Ghana-based aid and advocacy groups call for debt cancellation amid crisis

Ghana-based aid and advocacy groups call for debt cancellation amid crisis

NEWS
MORE than two dozen aid and campaign groups called for international creditors to cancel a large portion of Ghana's debts as it struggles to contend with an economic crisis. Ghana's consumer inflation rose to 54.1% year-on-year in December, driven by rising fuel, utilities and food costs. International reserves have dwindled to less than two months of import cover. "The people of Ghana have suffered extensively from the crisis," the groups, which all have operations in Ghana, said in an open letter. "Wealthy private lenders must share in the costs of a crisis they helped to create and cancel the debt."…
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