Economic Spotlight on Ghana, Nigeria, and Africa's Christmas Season

Africa News

27/12 - 11:30

Ghanaians Seek Fiscal Reform and Economic Stability

In Ghana, a new administration takes the reins, and with it comes heightened expectations from the business community. Calls for fiscal discipline, job creation, and price stability top the list of priorities for stabilizing the nation’s economy. Business leaders are also pushing for urgent reforms in taxation, infrastructure investment, and policies that will foster sustainable growth and improve living standards for Ghanaians.

The country is currently under an International Monetary Fund (IMF)-backed recovery program, and stakeholders believe this is a critical moment for the government to build investor confidence. Sectors such as technology, agriculture, and creative industries are seen as potential game-changers for the economy if adequately supported.

Speaking on the matter, philanthropic advisor Amma Gyampo emphasized the importance of collaboration between the public and private sectors. According to Gyampo, aligning policies with the needs of businesses and citizens will be pivotal in ensuring long-term economic resilience.

Naira Depreciation: Import Dependency Cripples Nigeria's Economy

Nigeria’s currency, the Naira, continues its free fall, trading at 1,700 to the US dollar last week. Analysts predict it could weaken further to 2,000 by next year if current trends persist. Veriv Africa attributes the decline to Nigeria’s heavy reliance on imports, which has significantly weakened the local currency.

Experts warn that this devaluation could have dire consequences for businesses and worsen the country’s economic outlook. To combat this, they are advocating for a shift toward local production. By investing in domestic industries, Nigeria could reduce its dependence on imports, strengthen the Naira, and create a more resilient economy.

Christmas in Africa: A Celebration and Economic Boost

Across Africa, Christmas is not just a time for festivity, it’s a major economic driver. The holiday season sparks increased spending as families, businesses, and entire communities participate in the celebrations. From retail shopping to travel and vibrant street parades, the festive spirit fuels commerce across the continent.

Carnivals, gift-giving, and community events bring people together, creating opportunities for small businesses and retailers to thrive. For many, Christmas is a time of cultural expression and economic activity, reinforcing its significance as both a cherished tradition and a boost to local economies.