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Ahafo

Africa’s Public Sector Workers Face Declining Wages: Survey Highlights Urgent Need for Reform

A recent survey reveals that public sector workers across Africa, particularly in health and education, are experiencing significant wage declines. The report underscores the pressing need for systemic reforms to address the financial hardships faced by these essential workers. Key Findings from the Survey The ActionAid report, titled The Human Cost of Public Sector Cuts in Africa, surveyed over 600 healthcare workers, teachers, and community members in Ethiopia, Ghana, Kenya, Liberia, Malawi, and Nigeria. The findings are alarming: Wage Declines: Teachers' salaries have plummeted by between 10% and 50% over the past five years. Financial Struggles: An overwhelming 97% of health workers reported insufficient wages to cover basic needs like rent, food, and household expenses. Increased Workloads: Budget cuts have led to overwhelming workloads, with 70% of teachers and 85% of health workers feeling overburdened. Mental Health Impact: The financial […]

Ahmad May 21, 2025

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BoG Governor leads Africa’s call for urgent debt restructuring at World Bank/IMF meeting

The Governor of the Bank of Ghana, Dr Johnson Asiama, speaking on behalf of African Governors, stressed that urgent international intervention is needed to prevent a full-blown economic crisis across the continent. Debt servicingDr Asiama revealed that nearly half of Sub-Saharan African countries are either at high risk of debt distress or already trapped in it.He noted with concern that many nations are now spending more on debt repayments than on essential services such as health and education. This alarming trend, he said, has been worsened by a combination of global shocks, including the lingering effects of the COVID-19 pandemic, geopolitical tensions, climate disasters, and tightening financial conditions.“Africa’s per capita spending on interest payments now exceeds investments in health and education,” Dr Asiama said.He added: “This is unsustainable and demands immediate action from the international community.”Four-pronged solutionThe African Governors outlined […]

Ahmad April 24, 2025

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Mahama to IMF and World Bank: Stay Out of Ghana’s Anti-LGBTQ Debate

In a recent Bloomberg interview, former President John Dramani Mahama urged multilateral institutions like the World Bank and the International Monetary Fund (IMF) to refrain from influencing Ghana’s domestic policies, particularly when it comes to the controversial anti-LGBTQ+ legislation currently under discussion in parliament. Mahama argued that these institutions should focus on their economic mandates and not impose cultural values on Ghana.Mahama’s comments came as speculation grew that the World Bank and IMF might withdraw financial support if Ghana proceeds with the anti-LGBTQ+ bill. Despite potential financial consequences, Mahama maintained that these institutions should not dictate cultural matters, emphasizing the diversity of cultures around the world.While Ghana’s parliament is considering a revised version of the anti-LGBTQ+ bill, Mahama advocated for broader stakeholder consultations to ensure inclusivity in decision-making. He also emphasized that promoting family values should be done through education, […]

Edem 4Style March 12, 2025

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Ahafo

IMF Projects Ghana’s Debt to GDP Ratio Will Reach 83% by end of 2024

The International Monetary Fund (IMF) has projected that Ghana's debt-to-GDP ratio will climb to 83% by the end of 2024, as detailed in its October 2024 fiscal monitor report during the ongoing IMF annual meetings in Washington, D.C. Currently, Ghana's debt stock exceeds GHS 760 million, equating to approximately 75% of GDP.Despite this increase, the IMF forecasts a steady decline in the debt-to-GDP ratio over the next five years, predicting it will drop to 69.7% by 2029. This optimistic outlook is based on anticipated improvements in Ghana's fiscal indicators.In addition to the debt projections, the IMF has maintained its economic growth forecast for Ghana at 3.1% for 2024, which aligns with the government’s end-year target. IMF Chief Economist Pierre-Olivier Gourinchas emphasized the importance of a “triple pivot” strategy—comprising easing monetary policy, rebuilding fiscal reserves, and implementing structural reforms—to ensure sustainable […]

Edem 4Style October 25, 2024

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