How Africans are coping with a skyrocketing cost of living | DW News

Africa is set to be the second fastest-growing economic region in the world – with four percent growth forecast this year. That's according to the International Monetary Fund (IMF). While that sounds like good news, it's not guaranteed. African countries are still suffering the effects of the COVID pandemic, Russia's war in Ukraine and the Israel-Hamas conflict. And let's not forget issues like climate change, increased food insecurity and political instability, creating further challenges.
Even Africa's largest economy Nigeria, has not been spared from high inflation. DW correspondent Olisa Chukwumah in Lagos, Nigeria, went to find out how people are struggling with the high cost of living.
It's a similar situation in Ghana – a country once seen as a model of African development.
To put things into perspective, the economy grew by eight percent in 2019, making it one of the fastest-growing economies in the world.
Fast forward to 2022, Ghana's currency, the cedi, plunged against the dollar and inflation shot to record highs above 50 percent. The resulting economic crisis forced Ghana to seek financial aid from the International Monetary Fund.
As the government battles the sky-high cost of living, some communities are trying to stay afloat financially. They are putting a fresh spin on traditional saving schemes. Maxwell Suuk reports from Northern Ghana.

00:00 Intro and reports from Nigeria and Ghana
07:24 DW speaks with Ken Ofori-Atta, Ghana's Minister for Finance and Economic Planning

Subscribe: https://www.youtube.com/user/deutschewelleenglish?sub_confirmation=1

For more news go to: http://www.dw.com/en/
Follow DW on social media:
►Facebook: https://www.facebook.com/deutschewellenews/
►Twitter: https://twitter.com/dwnews
►Instagram: https://www.instagram.com/dwnews
►Twitch: https://www.twitch.tv/dwnews_hangout
Für Videos in deutscher Sprache besuchen Sie: https://www.youtube.com/dwdeutsch

#Africa #Inflation #Ghana

Видео How Africans are coping with a skyrocketing cost of living | DW News канала DW News