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

African nations need to band together and create a unified currency, like the Euro. They lose a lot of value having to convert to/from one currency to USD for trade. Plus African banks need stricter regulations, right now they have exorbitant and greedy fees. I'm currently living in Zambia and for my bank account with ABSA, I pay monthly, quarterly and I believe yearly fees just to have the account. Add all sorts of transaction fees, atm usage fees etc, it's no wonder people are not able to save money. They are literal robber barons.

I love the communal spirit shown by the Ghana women. If every where can be like that.

This finance minister can't even look in the eyes of the people through a camera lens😅 im not convinced these plans are a priority for the people

It would help if the Nigerians got their act together and produced their own food! It is absolutely crazy that they import so much of it.

Nigeria has a very high population growth rate. More people, but food supply hasn’t grown as fast.

That money box idea in Ghana is a pretty cool idea.

I'm a African American brown colored brother n I love my African People God Bless y'all y'all up next I'm coming back home to🎉🎉🎉🎉

Yes!

They need to buy a safe to store the money or open a bank account where they may negotiate the terms. Otherwise that box can be stolen and so easily openen even without the padlocks.

The drop in exchange rates reminds me of Argentina.. it's really bad.. it's becoming not safe to keep your money in the local currency if it drops so fast

Wow... setting up your own bank system. Must be a super tight community. I wish everyone success.

Afica contributes less than 2% to global trade, we must always expect the worst when there is slow growth of the global economy as we have been seeing since the start of covid.

They do not need money or loans from the banks. The interest is so high. It is more than 30%. How do you service loan at such cost? Not realistic.

Ken Offorit-Atta, is a stable currency the same as a strong currency? In the context of currencies, stability and strength are related but distinct concepts. A stable currency is one that experiences relatively low volatility and fluctuations in its value over time. On the other hand, a strong currency typically refers to a currency that has a high exchange rate compared to other currencies. The latter is what we Ghanaians are expecting. Prices of products in the market have not changed and have rather skyrocketed despite the proclaimed stability of the Cedi.

Are there ANY African countries that are thriving economically?

From 0 to 4% and percentage of what amount? For example $1 is 10% of $100

00:02 Africans are struggling with skyrocketing costs of living 01:36 The cost of living in Nigeria and Ghana has skyrocketed due to currency devaluation and economic instability. 03:10 Rural women in northern Ghana have formed a cooperative savings scheme to cope with economic hardships. 05:11 Village Savings initiatives are helping rural families cope with the economic hardship. 06:51 Ghana's finance minister addresses concerns about the high cost of living. 08:32 Africans are coping with high inflation and currency depreciation. 10:19 Ghanaian government's efforts to alleviate financial struggle 11:56 Ghana aims to reduce inflation to 15% by the end of the year.

i hope they know what they are doing by borrowing money from outside. cause inflation will actually make it more difficult to pay back said debt, cause the debt is given in dollars and not in their state currency.

We will survive we will grow our own food as long we can eat we will survive, and we will stop depending on our governments

Here in DRC Congo before covid19 10$ = 14,000 CFR now, 10$ = 27,500 after covid19