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Ghana’s headline inflation rate dropped to 40.1%. The country's inflation rate for July was pegged at 43.1%.

Science/Technology Sep 14, 2023 0 85 Add to Reading List

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Happy pre-Friday!

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Last week, hacker’s took over the X account of Vitalik Buterin, Ethereum co-founder, and stole about $700,000 from followers by sending them malicious links through his account.

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In today’s edition

Ghana’s inflation drops to 40.1%
Eskom warns against more loadshedding
Africa Union to create it’s own credit ratings agency
Nigeria delists 28 illegal loan apps
The World Wide Web3
Event: Moonshot Conference
Opportunities

Economy

Ghana’s inflation down to 40.1% in August 2023

Image source: BBC

Data from Ghana Statistical Services show that the country’s headline inflation rate dropped to 40.1%.

August inflation’s rate was the slowest rate of change observed in the country since October, according to government statistician Samuel Kobina Annim. Ghana’s inflation rate for July was pegged at 43.1%.

What is driving the Inflation? Like in previous months, food prices were the biggest drivers of inflation. However, food inflation for August was at 51.9%, a little shy of 55% in the previous month.

ICYMI: In May, the International Monetary Fund (IMF) approved a $3 billion, three-year extended loan for Ghana. The loan was disbursed to help with the country’s economic recovery after the impact of the pandemic. Since the country won this bailout, The cedi became fairly stable, trading against the dollar at 11.45.

Zoom out: Ghana’s recent economic developments reflect a mixed picture. While the headline inflation rate has shown a decrease, the figure still indicates a high level of inflation.

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Electricity

Eskom warns of Higher load-shedding risk beyond Stage 6

Gif source: Tenor

The cold weather in South Africa is putting a strain on Eskom’s power grid.

South Africa’s main electricity provider, Eskom, has warned that the country could face higher stages of load-shedding due to cold weather. The country is currently in continuous stage 6 load-shedding, the highest level implemented so far this year.

Save energy to avoid loadshedding: Due to the cold weather, there is a surge in electricity demand and Eskom is urging South Africans to reduce their electricity demand between 5:00 PM and 9:00 PM, when demand is highest. The reduction in demand will help ease the strain on the system and hopefully prevent even higher stages of load-shedding.

Eskom tweeted that the evening peak forecast for Yesterday was 29,609MW, and Tuesday’s demand at the evening peak was 33,423MW, higher than the forecast demand.

Zoom out: In May this year, Eskom warned that it may need to implement high stages of load shedding in order to meet surging demand during the winter months.

Fintech

African Union to create its own credit rating agency

The African Union (AU) wants to launch its own credit rating agency next year.

Why? The AU is launching the credit rating agency as an alternative to the “big three” international rating agencies—Moody’s, Fitch, and S&P Global Ratings—which it believes doesn’t fairly capture the risk of lending of countries on the continent.

The agency would be self funded and private-sector driven with AU oversight, according to Misheck Mutize, AU’s lead expert for country support on rating agencies.

Zoom out: While several African leaders allege that credit ratings from Moody’s, Fitch, and S&P Global Ratings do not do justice to lending assessment on the continent, the new development by the AU offers a consolation. The AU credit rating agency, when established, will provide more context for the data that investors look at when considering whether to purchase African bonds or make a private loan to a nation.

Fintech

FCCPC delists 28 illegal digital money-lending apps

Nigeria is taking action to clean up the digital money-lending sector.

The Federal Competition and Consumer Protection Commission (FCCPC), the agency responsible for regulating competition and protecting consumers in Nigeria, has delisted 28 illegal digital money-lending apps in a bid to sanitise the sector.

Gif source: Tenor

The FCCPC disclosed this in its latest report on approved digital money lender apps. The report shows that the number of delisted apps has increased from 9 to 37, while the number of approved apps has increased from 154 to 164. The Commission has also identified 54 apps that are currently on their watchlist.

The delisted apps: Some of the apps delisted include; Hen Credit Loan App, Cash Door App, SwiftKash App, and Eaglecash App. The full list of delisted apps can be found on the FCCPC website.

Zoom out: The FCCPC has been keeping a close eye on digital money lending in Nigeria. In August, the FCCPC ordered Google to delist 18 more loan apps/digital lending companies from its PlayStore and platforms immediately for invading customers’ privacy in the course of loan recovery.

Crypto Tracker

The World Wide Web3

Source:

Coin Name	Current Value	Day	Month
Bitcoin	$26,254	+ 1.06%	– 10.40%
Ether	$1,607	+ 0.64%	– 12.53%
BNB	$212	+ 0.50%	– 11.36%
Cardano	$0.25	+ 0.95%	– 13.72%

* Data as of 12:10 AM WAT, September 14, 2023.

Events

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Opportuinities

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Calling all emerging conservation photographers and storytellers! Applications are open for the Ocean Storytelling Photography Grant 2023($2,000 prize). Four successful grantees will receive a fully-funded assignment to choose a conservation photo story on location (including day rate and travel), under direct mentorship from the Ocean Storytelling Grant team. Apply by October 13

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