Category Economy & Business

We live in some attention-grabbing instances, which will be summed up as “…. the best of times, ….. the worst of times”, very similar to the contradictory circumstances that Charles Dickens noticed in western Europe within the final quarter of the eighteenth century. Indeed, we live in the most effective of instances as a result of the world is experiencing the very best degree of financial and social prosperity ever. In 1915, 3 of each 4 people lived in excessive poverty (i.e., on lower than a greenback a day) and will count on to dwell solely 31 years. In 2020, only one in each 10 individuals lived in excessive poverty, and the typical particular person might count on to have fun no less than 73 birthdays. The enhancements are much more staggering when one appears on the reductions in toddler and youngster mortality and dying from malnutrition, insufficient well being care, wars and pure catastrophes. Up till the outbreak of the COVID-19 pandemic, world poverty was additionally persevering with to say no.

Yet, these are additionally the worst of instances, particularly for our continent which faces important challenges: More than 50% of the world’s poor dwell in Africa. Over 80% of employment is within the casual sector, and greater than 50% of the inhabitants lives in casual settlements. In 2020, one in 5 younger individuals in Africa was neither in employment, training, nor coaching. One in three youngsters aged 12 to 14 are out of faculty. Sixteen international locations are at present in battle.

Hence, once we consider the Quality of Life, GDP doesn’t come to thoughts as essentially the most acceptable measure. For occasion, whereas it measures the scale of the pie, it doesn’t inform us how this pie is distributed. Similarly, whereas GDP captures the products produced, it doesn’t fairly inform us how a lot environmental harm was performed within the course of.

In this respect, we have to transfer past GDP to seize features of our lives which are extra necessary and to seize the components that matter extra for the standard of lifetime of 1.48 billion individuals residing in Africa.

A important step within the technique of rethinking new measures and approaches is to grasp the actual which means of Quality of Life (QoL). Hence, UN-Habitat partnered with key stakeholders, together with the UN Regional Commissions, to begin an bold initiative to refocus on what issues to individuals and offers worth to their life and, as such, add a human-centered dimension to the measurement of progress in cities and cities.

At the Economic Commission for Africa (ECA), we’re thrilled to be a part of such a big coalition. We consider that this initiative can nudge us away from GDP and supply the inspiration for a brand new measure of human well-being.

The UN Secretary-General António Guterres on the GA in September 2023 affirmed strongly that “The SDGs will not be rescued in New York, but in territories, where mayors and governors are leading change. We need to listen to our local communities.” Taking inspiration from our SG, ECA listened to its personal group. The Gender, Poverty and Social Policy Division (GPSPD), in partnership with the African Center for Statistics, experimented by launching a survey of our employees, providing them an opportunity to lift their voice and make sure that the QoL measure captures what’s necessary to them. This is the very first try to analyze this subject utilizing an African lens.

Our survey collected data from a pattern of virtually 30 per cent of ECA employees (determine), bearing in mind the gender stability and greater than 80% of individuals are of African origin and are available from capital cities.

The survey’s findings highlighted that:

QoL is past GDP. The notion of QoL is impartial of the revenue.

QoL is correlated with fundamental human wants – Basic companies, housing, well being and training are priorities.

QoL has a powerful impression on people – Safety is necessary in absolute phrases however, psychological and bodily well being are extra necessary.

People recognised that city intervention and good governance are the best methods to enhance the QoL.

From the survey, what stood out is that our identities associated to gender, age, race, nationality, training and origin metropolis pale compared to our id as people!! We all have the identical fundamental wants and sure, wants are few and needs are limitless. The most human side that stood out from our survey was that we don’t want an excessive amount of to have a very good life. Hence, a lot of the “material stuff” that’s counted within the GDP is immaterial to people at a bigger scale!

As Bobby Kennedy famously mentioned in a speech from 1968: “[GDP] measures everything except what makes life worthwhile.” Indeed, we have to begin counting issues that matter. For this purpose, QoL must be on the middle of information assortment and evaluation at nationwide and subnational scales. Our member States ought to undertake quality-of-life metrics alongside GDP, specializing in infrastructure, fundamental companies, and environmental points. Simultaneously, worldwide organizations and growth companions ought to again initiatives that broaden using different knowledge sources, fostering quality-of-life metrics past GDP for holistic growth.

Only once we consider what issues most, will we be capable of make our future the most effective of instances!!

By Sweta Saxena & Giuseppe Tesoriere

Source: ECA

The Director of Research on the Institute of Economic Affairs (IEA), Dr John Kwakye has instructed the president-elect, Mr John Dramani Mahama to not additional plunge the nation right into a deep debt disaster by borrowing.

He advised to Mr Mahama to deal with Ghana’s pure sources to generate income internally for improvement.

“The President Mahama government must focus on Ghana’s natural resources as the main source of development financing. It must eschew the habit of borrowing to stem Ghana’s recurrent debt crises.” Dr John Kwakye mentioned on his  X web page after congratulating Mr John Dramani Mahama for being elected the president within the 2024 common elections.

Dr Kwakye additional mentioned that Ghanaians count on Mr Mahama to convey in regards to the wanted change.

“Congratulations, President Mahama, for your bold, inspired and hardfought comeback. It is the hope of Ghanaians that you will use the second opportunity and your experience to bring about the necessary change to meet their aspirations through inclusive government,” he mentioned.

Meanwhile, Mr Mahama has accused the outgoing Akufo-Addo administration of plunging Ghana into extreme financial challenges.

To that finish, Mr Mahama mentioned that it might be powerful for his new administration whereas he seeks to implement governance reforms.

“We should not forget the people of Ghana,” Mahama acknowledged passionately. “We will implement governance reforms. The journey is not going to be easy because the outgoing government has plunged the nation into an abyss.”

Mr Mahama additional emphasised the necessity for unity and collaboration.

“The one we serve is Mother Ghana,” he mentioned.

Meanwhile, President Nana Addo Dankwa Akufo-Addo has formally congratulated Mr Mahama on his decisive victory within the December 7 Presidential Election.

A press release launched by the Communications Directorate on the Jubilee House, mentioned President Akufo-Addo expressed his dedication to making sure a easy switch of energy.

“President Akufo-Addo expressed his commitment to ensuring a seamless transfer of power on 7th January 2025 and looks forward to working with the President-elect and his team to realise this goal,” Director of Communications, Eugene Arhin wrote.

The President praised the Electoral Commission and the Ghanaian populace for conducting a reputable and peaceable election, which he mentioned underscores the power of the nation’s democratic establishments.

He acknowledged the efforts of all stakeholders, whose dedication ensured a clear electoral course of.

President Akufo-Addo known as on all Ghanaians to unite and work collectively to consolidate democracy and uphold the rule of regulation.

In a gesture of goodwill and cooperation, President Akufo-Addo has invited President-elect Mahama to Jubilee House on Wednesday, December 11, 2024, to provoke the transition course of.

He reaffirmed his dedication to the rules of excellent governance and a peaceable transition, additional strengthening Ghana’s status as a democratic beacon in Africa.

The assertion concluded with a prayerful enchantment for continued blessings upon Ghana, urging residents to rally behind efforts to make the nation nice and robust.

This improvement marks a historic second of political unity and demonstrates Ghana’s continued management in democratic governance on the African continent.

Mr Alexander Ato Kwamina Afenyo-Markin, incumbent member of Parliament for Effutu, has been re-elected after beating two different contestants.

Mr Afenyo-Markin, who’s the Majority Leader in Parliament, polled 39,512 votes out of the 59,623 votes and Dr James Kofi Annan acquiring 19,383 votes whereas Ms Louisa Buabeng Independent had 81 votes.

In the presidential bid, former President, Mr John Dramani Mahama of the National Democratic (NDC) secured 25,127 out of 58,275 votes, whereas Dr Bawumia of the New Patriotic Party (NPP) recorded 32,200 votes with 1,348 votes rejected.

Mr Afenyo-Markin, after being declared winner, by Mr Rafai Sabtiwu, the Effutu Returning Officer of the Electoral Commission, gave because of the Almighty God for a way far he had introduced him and expressed appreciation to the constituency executives and all who supported him.

He acknowledged that the individuals of Effutu had been more and more supportive and had confidence in his management due to the varied tasks to enhance their lives.

He promised to work tougher to satisfy the aspirations of the complete citizenry.

Mr Afenyo Markin requested his opponents to unite and work with him.

Dr James Kofi Annan, Effutu NDC  PC, alternatively, expressed concern about some malpractices within the train that wanted to be investigated to make sure that the anomalies had been corrected in future.

He additional expressed concern concerning the steady intimidation and harassment of members of the social gathering within the constituency.

Mr Annan thanked God for being with him in all his endeavours and counseled the teeming members and supporters of the social gathering for his or her steady dedication and dedication to the social gathering.

He urged them to not interact in any act that would disturb the peace in Effutu.

Source: GNA

Thousands of supporters of the National Democratic Congress (NDC), have poured into the streets of Kumasi to have a good time their landslide victory within the 2024 elections. 

Vibrant areas corresponding to Alabar, Asawase, Manhyia, Roman Hill, and surrounding communities had been flooded with jubilant crowds amid the sound of vuvuzelas and celebration songs. 

In an interview with the Ghana News Agency (GNA), a few of the supporters expressed their pleasure and shared their expectations for the incoming authorities. 

“The election was not between the NPP and NDC, it was between the NPP and Ghanaians. We expect the NDC government to jail corrupt officials and rebuild the nation, or we will vote them out in four years,” one supporter informed the Ghana News Agency (GNA). 

Ghana’s Vice President, Dr. Mahamudu Bawumia conceded defeat to his opponent, former President John Dramani Mahama, early Sunday, even earlier than the Electoral Commission formally declared the outcomes. 

“The people of Ghana have voted for change, and I respect the will of the Ghanaian people. I am making this concession speech to avoid tension in the country,” Dr. Bawumia stated throughout a press convention. 

According to the Electoral Commission, 18,772,251 Ghanaians had been registered to vote within the elections, with feminine voters numbering 9,689,987 and males 9,082,264.

Youth voters between the ages of 18 and 35 constituted a good portion, totalling 10,343,810. 

Source: GNA

Consolidated Bank Ghana (CBG) prospects can breathe a sigh of reduction because the financial institution resumes its international trade buying and selling operations.

This comes after the Bank of Ghana (BOG) lifted a brief suspension of CBG’s foreign currency trading license attributable to regulatory non-compliance points.

According to an announcement launched by CBG administration on Friday, December 6, 2024, the financial institution has addressed all issues raised by the regulator, resulting in the swift reinstatement of its license on December 4th.

“We are pleased to announce the restoration of our foreign currency trading license by the Bank of Ghana,” the assertion reads. “Following close collaboration with the regulator, we have addressed all compliance issues and are now fully operational, offering our comprehensive suite of foreign exchange services at all branches nationwide.”

Customers who depend on CBG for purchasing and promoting foreign exchange can now return to their branches for these important monetary transactions. The financial institution acknowledges the inconvenience attributable to the suspension and expresses its honest gratitude to its prospects for his or her endurance and continued belief.

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