Slave Descendants are Granted Citizenship by Benin, Nigeria, and Africa’s Christmas Season in Economic focus
With the inauguration of a new government in Ghana, the business community has higher hopes. The primary priorities for sustaining the country’s economy are calls for price stability, job growth, and fiscal restraint. In order to promote sustainable growth and raise the standard of living for Ghanaians, business leaders are also urging immediate changes in taxation, infrastructure spending, and laws.
A recovery program supported by the International Monetary Fund (IMF) is currently in place in the nation, and stakeholders think this is a crucial time for the government to win over investors. If given enough support, areas like technology, agribusiness, and the creative sector are thought to have the potential to revolutionize the economy.
The Naira, the currency of Nigeria, is still in fast slide; last week, it was worth 1,700 USD. According to analysts, if current trends continue, it may weaken even more to 2,000 by the following year. Veriv Africa blames the drop on Nigeria’s strong reliance on imports, which has made the local currency much weaker.
Experts caution that this depreciation may impair the nation’s economic outlook and have disastrous effects on enterprises. They are promoting a move toward local production as a means of countering this. Nigeria could strengthen the Naira, build a more resilient economy, and lessen its reliance on imports by investing in home industry.
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