..... Inflation is hovering at a record 50.3 percent in Ghana, once described as Africa’s shining star by the World Bank. The two parties on Thursday settled on a 30 percent increase to base pay across the board, effective from January 1, 2023. Ghana’s government announced sweeping spending cuts in March, including a lowering of ministers’ salaries, to reduce the deficit, contain inflation and slow the cedi’s slide. Ghana secured a staff-level agreement with the IMF for a $3bn, three-year support package in December. It asked to restructure its bilateral debt under the G20 common framework platform this week.

Source: Daily Observer January 31, 2023 22:57 UTC