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Inflation Rate Dips In Ghana For Third Straight Month To 10.1%

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The inflation rate of West Africa’s second-largest economy, Ghana has slowed for the 3rd month in a row to a rate of 10.1%. However, food inflation rose to 12.6% in October compared to 11.2% in September.

Statistician to the Ghanaian Government, Kobina Annim, announced the current rate.

He also disclosed that the main factors contributing to the reduction in inflation rate were housing, electricity, and transportation.

Ghana’s food inflation rate climbed to 12.6% in October compared to 11.2% in September as costs climbed by 0.1% monthly.

Ghana’s Central Bank disclosed that it expects inflation to be between 6% to 10% in the second quarter of 2021.

The Ghanaian inflation rate is much less volatile compared to her West African neighbor, Nigeria, which recorded an inflation rate of 13.71% (year-on-year) in September 2020.

According to the Consumer Price Index (CPI) report released by Nigeria’s statistics agency, the National Bureau of Statistics (NBS), Nigeria has a persistent increase in inflationary rate, growing from 12.13% in January to 13.71% in September, which is the highest recorded in 30 months.

Nigeria’s food inflation rate rose by 16.66% in September 2020, 0.66% increase when compared to 16% recorded in the previous month.

On a month-on-month basis, the food sub-index rose by 1.88% compared to 1.67% recorded in August 2020.

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NC Village Square | The Rising Insecurity in Nigeria

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Nigeria is in a security crisis and too many of these incidents have gone unchecked. Boko Haram and ISWAP terrorists are killing with reckless abandon, and the Nigerian people want an end to the bloodshed.

Watch Sulaiman Aledeh as he discusses the rising insecurity in Nigeria with a Security expert from Abuja, Kabir Adamu and a preventive terrorism expert from the UK, Temitope Olodo.

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NC Village Square | What Attributed To The Resurgence Of Terrorism In Nigeria?

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Boko Haram has risen and returned with damning destruction. Nigeria’s President, Muhammadu Buhari has been asked to sack the nation’s Service Chiefs now, before the nation is plunged into a state it may never recover from. The coming days will tell how serious the Nigerian government is about its own people, their stability and security.

Watch Village Square Africa with Sulaiman Aledeh as he asks a retired commodore, Abimbola Ayuba and African affairs analyst, Lanre Suraj what attributed to the resurgence of terrorism in Nigeria.

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Business Edge | CBN Directs Banks to Close International Monetary Transfer Operators’ Proceeds

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Today on Business Edge, Tolulope Adeleru-Balogun and Tunji Andrews, Financial Analyst and Co-founder Awabah talked about the following and how it affects you and I: 1. Nigeria’s CBN Directs Banks to Close International Monetary Transfer Operators’ (IMTOs) Proceeds 2. Forex Liquidity and the Risks to Nigerian Banks’ Ratings according to Fitch

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