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Ghana must prioritise social protection to achieve Sustainable Development Goals, says UN poverty expert

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A UN human rights expert has commended Ghana as a champion of African democracy and a country which has achieved some important development milestones. But says unless growing inequality and continuing high poverty rates are addressed the country will fall far short of meeting the key UN Sustainable Development Goals, including the eradication of extreme poverty by 2030.

“Ghana is at a crossroads and must now decide whether to continue existing policies that will further enrich the wealthy and do little for the poor, or to make fiscal adjustments that would lift millions out of poverty and bring them into the agricultural economy in ways that would contribute significantly to economic growth,” said the UN Special Rapporteur on extreme poverty, Philip Alston, at the end of a 10-day fact-finding mission to the Greater Accra, Northern, and Upper East regions.

“The benefits of record levels of economic growth experienced over the past decade have gone overwhelmingly to the wealthy, and inequality is higher than it has ever been in Ghana,” said Mr. Alston, who examines the human rights implications of poverty in countries around the world.

The most recent official data from the Ghana Statistical Service for 2012-2013 revealed that almost one-quarter of the population were living in poverty and one person in every 12 in extreme poverty. Three-and-a-half million of those in poverty are children, with more than a third of them in extreme poverty.

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“Spending on social protection is surprisingly low by the standards of most comparable African countries, and very little is spent on social assistance,” explained Mr. Alston.

https://iso.keq.mybluehost.me/un-allocates-9-million-to-help-thousands-of-people-displaced-in-north-east-nigeria/

“With a thriving economy and the option to start collecting some of the existing but unpaid taxes that currently exist, choosing to eliminate, or not to eliminate, extreme poverty is a political choice for Ghana,” the UN expert said.

The Special Rapporteur continued: “Ghanaian politicians are immensely fond of, and very good at, creating slogans to describe complex but appealing programmes.  But there is little doubt that the appetite for such slogans has already far outrun the capacity for realistic implementation.”

“The challenge going forward is for the Government to choose its real priorities, make sure that social protection is among them, and to be more transparent about potential costs and possible funding sources,” Mr. Alston stressed.

https://iso.keq.mybluehost.me/8394-2/

The Special Rapporteur’s final report on his visit to Ghana will be presented to the upcoming session of the UN Human Rights Council in Geneva in June 2018.

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Labour union protests Heritage Bank’s dismissal of 1,000 workers

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The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.

The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.

Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.

He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.

“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.

 

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Nigeria not using foreign reserves to defend naira, says CBN governor

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CBN governor

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.

Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.

While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.

Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.

He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”

Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.

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He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”

 

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Dangote Slashes Diesel Price Amidst Economic Optimism

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Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.

The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.

This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.

In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.

“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.

As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.

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