Ghanaians Struggles As The Country’s Misery Index Rises To 60.8 In July

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Ghanaians Struggles As The Country’s Misery Index Rises To 60.8 In July

Ghana’s Struggle Index rose to 60.8 in July, nearly doubling the 31.51 recorded at the end of 2021. This also compares to Nigeria’s 62.79 calculated for July 2022.

The index reflects Ghanaians’ current difficult economic conditions, which include currency depreciation, high inflation, and an increasing external debt burden.

The Misery Index is an economic indicator that attempts to track a variety of economic statistics in order to quantify the degree of economic misery felt by ordinary people in a given economy.

According to Hanke (2011), the misery index is calculated by adding the unemployment rate, inflation rate, lending rates, and the country’s GDP growth rate. Otherwise, it is written as follows: Unemployment + Inflation + Bank Lending Rates – GDP Growth Rate = Misery Index).

Ghana’s misery
Nairametrics examined data from Ghana’s Statistical Service and the Bank of Ghana to investigate the level of misery in Ghana. Thus, based on the most recent available data for inflation (31.7%), unemployment (19%), lending rate (13.4%), and GDP growth rate,

Ghana’s most recent Misery Index is 67.4 (31.7% + 19% + 13.4% – 3.3%).
Based on the data, it is clear that inflation and the lending rate are the primary causes of Ghana’s economic difficulties.

It is worth noting, however, that the high loan rate reflects the Bank of Ghana’s efforts to keep inflation under control.

The components of Ghana’s Misery Index are summarized below.

31.7% inflation
Ghana’s inflation rate increased from 29.8% to 31.7% in July 2022. This was the fastest rate since November 2003, and it was the eleventh consecutive month that the rate exceeded the upper limit of the central bank’s target range of 6% to 10%.

This rapid inflation has been linked to trade disruptions caused by the Russian-Ukrainian war, as well as a drop in the cedi’s value, which increased the cost of imported goods such as cooking oil and gasoline.

Since the beginning of the year, the Ghanaian cedi has fallen by 47.10% against the US dollar, making it the world’s second-worst performing currency after the Sri Lankan rupee.

In comparison to the inflation rate in Nigeria

Unemployment is 13.4%.
According to Ghana’s 2021 Population and Housing Census, the unemployment rate is at an all-time high of 13.4%, nearly tripling the 6% recorded in 2010.

This means that more than 1.55 million of the country’s economically active population are unemployed.

 

Nonetheless, Ghana’s unemployment rate remains low when compared to Nigeria’s 33.3%.

Seven-Month Cashless Transactions Rise To 41%, Hits N210tn

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Seven-Month Cashless Transactions Rise To 41%, Hits N210tn

According to data from the Nigeria Inter-Bank Settlement System, cashless transactions in Nigeria increased by 40.66 percent year on year to N210.08 trillion in the first seven months of 2022.

From January to July 2022, N210.08tn was processed through the Nigeria Instant Payment System (NIP) and Point of Sales terminals (PoS), demonstrating how cashless transactions are monitored on the NIBSS.

PoS transactions increased by N1.05 trillion, from N3.56 trillion in the first seven months of 2022 to N4.61 trillion in the same period of 2021.

The NIBSS data also indicated increased use of electronic payment gateways, as NIP and PoS terminals were used 1 billion more times from January to July 2022 than they were in the same period in 2021.

The two payment terminals were used 3.41 billion times during the review period and 2.40 billion times during the same period in 2021.

Since the beginning of the COVID-19 pandemic, the use of electronic payment gateways has increased dramatically. The pandemic increased the number of contactless transactions and transactions.

The NIBSS asserted in its ‘Instant Payments – 2020 Annual Statistics’ that the pandemic had altered the e-Payments landscape and hastened the adoption of instant payments because more people were using electronic channels for funds exchange.

This is in line with the Central Bank of Nigeria’s plan to transition the country’s economy from cash to electronic.

Since the beginning of the COVID-19 pandemic, the use of electronic payment gateways has increased dramatically. The pandemic increased the number of contactless transactions and transactions.

The NIBSS asserted in its ‘Instant Payments – 2020 Annual Statistics’ that the pandemic had altered the e-Payments landscape and hastened the adoption of instant payments because more people were using electronic channels for funds exchange.

This is in line with the Central Bank of Nigeria’s plan to transition the country’s economy from cash to electronic.

 

This is N60.73tn more than the N149.36tn value in the same period in 2021.

 

In the period under review, NIP transactions hit N205.48tn, which is N59.68tn higher than the N145.79tn value in the corresponding period of 2021.

“It taught us many new ways to do things.” COVID has demonstrated that we can do things that we previously thought required the assistance of a third party. COVID aided in the channel’s adoption. Many people used to prefer to go to the bank to make payments, but now they use e-channels.”

According to Lilian Phido, Head of Corporate Communications at NIBBS, more people were accepting payment gateways, and the platforms had become more stable and reliable.

Customers aren’t the only ones who have noticed the rise of electronic payment in Nigeria. The Federal Government included an Electronic Money Transfer Levy in the Finance Act of 2020 to benefit from the nation’s growing use of e-payment.

The EMTL is a one-time payment of N50 made on electronic receipt or transfer of funds deposited in any deposit money bank or financial institution for sums of N10,000 or more. The levy generated N111.84 billion for the government in 2021.

It also forecasts N483.73 billion from the levy over the next three years.

Callsign Value of Digital Trust Index Report reveals first ever economic value to building digital trust of US$3,000 GDP per capita

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Study further found 79% of consumers in Asia Pacific want digital identity system

SINGAPORE – ) with the World Bank , and , which equalled 3.73%. Given that the digital economy grows 2.5x quicker than Global GDP, the digital economy’s growth rate for 2022 was 9.33%.

Compounding this growth until 2025 meant that the digital economy would be worth US $20.8 trillion, while the Global GDP would be US $108.9 trillion. Therefore, the digital economy would account for 19.13% of Global GDP in 2025 an increase of 3.63% over 2021.

Given the current macroeconomic context these are clearly projections, which assume that the economy will continue to grow through 2025 with a significant economic downturn. Additionally, the value of the digital economy may in fact be a greater percentage of the Global GDP in years to come as our economy continues to benefit from digital innovation and more humans getting access and begin contributing to the digital economy. The above analysis was conducted by Callsign Corporate Strategy team.

Affyn’s “Generation Zero Buddies” NFT Collection Reaches High of Over 30x Original Value Within Six Weeks of Launch

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SINGAPORE – | | | | | | | | |

Comba Enables the Large-scale 5G Deployment of Extended Picocell for China Mobile

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HONG KONG SAR – Media OutReach – 16 August 2022 – Comba Telecom Systems Holdings Limited (“Comba Telecom” or “the Group”, SEHK stock code: 2342) – Comba Network Systems Company Limited (“Comba Network”), a subsidiary of the Group, has been providing top-notch equipment and solutions to support telecom operators to build 5G public and private networks globally. Recently, Comba Network was selected by China Mobile to contribute to the rollout of one of the largest deployments of 5G extended picocell, which involves 20,000 small cell base stations. Among more than 20 contenders of the bid, Comba Network ranked first for its overall competitiveness in winning two bid packages, including single-mode extended picocell and dual-mode extended picocell. The corresponding shares of the two winning packages are 23.91% and 18.85% respectively.

In the 5G era, the coexistence of Macro Cell and Small Cell becomes the mainstream for modern network rollout. As the new generation of cost-effective wireless coverage solution, the 5G extended picocell supports 5G single-mode and 4G+5G dual-mode configurations. Dedicatedly designed for complex indoor scenarios, it allows greater flexibility and efficiency for various medium and large-scale indoor radio networks that require medium to high-capacity, such as shopping malls, hotels, office buildings, schools, and hospitals.

As an industry-leading player in the global small cell market, Comba Network was one of the pioneers to invest in R&D of 5G cloud-based small cell solutions, and the remarkable achievements demonstrate its success over the years.

  • Released the world’s first commercial 5G cloud small cell solution jointly with China Mobile and Intel in June 2019.
  • Obtained the first CTA certification in China for cloud-based 5G base stations in October 2020.
  • Comba smart factory application using the 5G cloud small cell solution was awarded first prize and the “Best Commercial Value Award” in the 3rd 5G Application Competition – Guangdong District organized by the Ministry of Industry and Information Technology of China in September 2020.
  • Supported our strategic partners to release the world’s first high-reliability 5G private network solution for the mining industry in October 2020.
  • Released the private network platform FLeX5, an industry-first total solution for 5G+ verticals, including smart mining, smart factory, smart education, and smart healthcare, in February 2021.

Comba Network is committed to continuous innovation and development in the information and communication domains. Selected once again by China Mobile demonstrates the

company’s capabilities in technological novelty in the small cell market. In future, Comba Network will continue to reinforce its leading position in the small cell market, while striving to deliver high-value solutions and services in developing 5G networks for the customers.

Hashtag: #Comba

About Comba Telecom Systems Holdings Limited

Comba Telecom is a leading global solutions and services provider of wireless and information communications systems with its own R&D and manufacturing base, and sales and service teams. The Company offers a comprehensive suite of products and services including antennas and base station subsystems, wireless access, wireless enhancement, and wireless transmission to its global customers. Headquartered in Hong Kong, with manufacturing bases and R&D centers in China, Comba Telecom provides wireless communication solutions and information application services to customers in more than 100 countries and regions around the world. Comba Telecom was included in the MSCI Hong Kong Small Cap Index in November 2019. Furthermore, the Company was included as a constituent stock of Hang Seng Composite SmallCap Index, Hang Seng Internet & Information Technology Index and other Hang Seng Family of Indexes, and the China-Hong Kong Stock Connect under the Shenzhen-Hong Kong Stock Connect in September 2020. For further information, please visit:

Team Sayari Revealed As Title For National Geographic Kids Africa Programme

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Team Sayari Revealed As Title For National Geographic Kids Africa Programme

Following field production commencing earlier this year, as well as the announcement of the local hosts, The Walt Disney Company  Africa, together with its project partners, National Geographic, the U.S. Department of State, the U.S. Agency for International Development (USAID) and WildlifeDirect have today revealed both the title and the set of the highly anticipated National Geographic Kids programme.

Inspired by the programme’s aim to motivate lasting, impactful behavioural change in young viewers across the continent and create the next generation of environmental conservation leaders, the programme will be titled Team Sayari. Incorporating the Swahili term for ‘planet’, the title embodies the programme’s goal – to provide viewers with the knowledge, skills and tools needed to conserve and protect the natural world, in a fun way.

In the series, the young presenters will visit the wild to meet African experts in five countries across the continent to explore, discover, learn about our environmental challenges and be inspired to reduce their impact, protect and restore nature.

Filming has also commenced in a custom-built set in Nairobi, the Sayari Basecamp. A first-of-its-kind in Kenya, the set embodies childhood imagination and adventure with a tree house-inspired hideout that is locally built and designed, including African-inspired and nature-based motifs, coupled with elements of advanced technology. It comes complete with a mission control wall, a cosy chill area and a lively interview spot. The Sayari basecamp was produced almost entirely from recycled and upcycled materials, true to the ethos of the show.

The central feature is a gigantic tree, with a textured trunk named Funzi (derived from the Swahili word for learning) featuring interactive artificial intelligence technology and a DNA helix, and which imparts knowledge about the environment and challenges our young presenters. To impart a sense of movement, Funzi’s inner section spins slowly during interaction.

Wood panelling, leafy foliage and porthole-style windows complete the ambience of a hideaway nestled in a tree, high in the sky. Upholstery on the furniture, that was made from organic materials, features dual-level African print, which provides layers of texture and pops of colour. The set’s shelving is hand-crafted, adding an element of quirkiness to the design. A live-edge table where the markings of the tree have been  preserved for a raw look, will be dressed uniquely per episode.

At basecamp, Funzi gives the studio presenters, Mysha Hodson (13), Marita Lucas (12), Shanah Manjeru (14), Railey Mwai (10) and Adarsh Nagda (12) missions to complete, laying the foundation for the many adventures and fun throughout the episodes. It is also from this intriguing environment that they will link with other presenters from East, West and South Africa.

Team Sayari is the result of a collaborative effort between National Geographic, The Walt Disney Company Africa, USAID, the U.S. State Department and WildlifeDirect. The series, produced by local production company White Rhino Films aims to celebrate the environment and raise awareness of conservation and associated issues in a fun and relatable way, will air later this year on both National Geographic Wild and Disney Channel across Africa. There will also be engaging digital extensions on social media platforms that will allow viewers to further explore topics addressed in the series as well as an outreach programme that will extend the reach of the programme into countries in Sub-Saharan Africa.

Meta’s Display Chief  Displayed 10 Characteristics Of An Ideal VR Headset

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Meta’s Display Chief  Displayed 10 Characteristics Of An Ideal VR Headset

Douglas Lanman has been with Meta for eight years and is the head of the department that develops display systems. In June, his team unveiled new VR glasses prototypes.

The prototypes address various technical challenges such as resolution, brightness, and form factor. The researchers’ goal is to develop a VR display that can visually reproduce physical reality while fitting into a small headset.

Lanman presented on the top ten challenges remaining in developing a near-perfect VR headset at this year’s Siggraph conference. Following is a list of those ten challenges, along with a brief explanation. The video of Lanman’s talk is available at the end of the article.

High resolution
In terms of resolution, current VR headsets do not come close to human vision. The resolution of VR displays must be significantly increased in order for virtual worlds to appear as real and sharp as if they were physical, and for texts to be read well even at medium distances.

Meta’s preliminary target is 8K per eye and a pixel density of 60 PPD. In comparison, the Meta Quest 2 (review) manages only 2K per eye and 20 PPD.

Meta created the Butterscotch prototype, an experimental headset that allows researchers to experience “retina resolution” and evaluate its immersive effect. The most difficult issue is not the development and production of high-resolution displays. Rather, the issue is where to house the computing power required to power such high-resolution displays. Although focalized rendering and cloud streaming may be useful, they present significant technical challenges in and of themselves.

Larger field of view
Lanman believes that much work needs to be done in terms of field of view. The horizontal field of view of a human is approximately 200 degrees wide. Commercially available virtual reality headsets typically have a horizontal field of view of 100 degrees. However, there is still room for advancement in the vertical field of view.

A wider field of view presents significant challenges for lens technology, resulting in image distortions at the field’s edges. The issue of computing power arises here as well. The more pixels the VR headset has to display, the wider the field of view. As a result, power requirements increase and waste heat increases.

Ergonomics VR headsets are still large and cumbersome. Meta Quest 2, for example, weighs over a pound and sticks out nearly three inches from the face. VR headsets should ideally be comfortable to wear for extended periods of time, as well as much narrower and lighter in design.

Pancake lenses and holographic lenses may be useful. Meta’s fully functional Holocake 2 prototype demonstrates the form factor’s potential. The issue is that Holocake 2 relies on custom-built lasers as a light source, which are not yet mass-producible.

Vision correction display
The ideal VR headset should be capable of detecting and compensating for users’ vision deficiencies, so that traditional glasses or contact lenses are not required to see well in virtual reality. Will prescription glasses fit under the virtual reality headset without scratching the lenses or pressing down on the wearer’s face? In the future, consumers should not have to deal with such issues.

The problem could be solved with special attachments or, even better, with a lens that can be adjusted to the user’s own visual acuity.
Variable focus
The human eye cannot naturally focus in VR environments, which is particularly annoying at close range and can lead to eye fatigue and headaches over time. Technically, this is known as vergence-accommodation conflict.
To address this issue, Meta’s researchers created a display that supports “progressive vision.” The display simulates different focal planes as well as blurring, allowing the eye to see the virtual world as if it were created in nature. Meta’s varifocal prototypes are dubbed “Half-Dome.”

The problem with eye tracking is that it doesn’t work equally well for all people and occasionally has dropouts. A reliable solution with broad demographic coverage is needed. Otherwise, the technology frustrates rather than helps and is rejected by consumers.

Distortion correction

Lenses inherently introduce image distortion that must be corrected by software. The slightest movement of the pupil causes fine but noticable distortions. They impair visual realism, especially in combination with other technologies such as progressive displays.

Elon Musk Claims That Tesla Has Produced Over 3 Million Vehicles

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Elon Musk Claims That Tesla Has Produced Over 3 Million Vehicles

Tesla has produced over three million vehicles, according to CEO Elon Musk’s tweet on Sunday. According to the tweet, Tesla’s Shanghai factory has produced one million cars out of that total.

“Congratulations, Giga Shanghai, on producing the millionth car!” “Over 3 million Teslas have now been produced,” Musk tweeted.

Musk’s announcement comes after months of Chinese lockdowns and parts shortages that threatened Tesla’s vehicle production, and it suggests that Tesla’s Shanghai factory is producing a significant number of new vehicles following its opening in 2019 and subsequent years of investment.

Musk’s total vehicle achievement on Sunday comes as Tesla’s reported deliveries, the closest approximation for sales, have been increasing in recent quarters. Tesla announced in July that it delivered 254,695 vehicles in the second quarter, a 26.5% increase year on year.

However, the achievement highlights Tesla’s relative insignificance in comparison to automotive behemoths. Toyota, for example, delivered over 10 million vehicles in 2021 alone. Tesla announced earlier this year that it intends to increase vehicle deliveries by 50% per year.

Tesla also has plants in Fremont, California, Austin, Texas, and near Berlin, Germany, in addition to Shanghai. Musk announced in July that the company’s first factory, in Fremont, had produced 2 million vehicles.

Musk stated in June that he wanted to “get the Shanghai plant back in the saddle,” and that Tesla’s Berlin and Austin plants were “money furnaces,” losing “billions of dollars” due to supply chain and production issues.

In 2022, Tesla stock is down nearly 25% as investors reassess fast-growing companies in the face of inflation and macroeconomic concerns. Musk sold over 7 million Tesla shares worth approximately $6.88 billion last week while also embroiled in litigation over his efforts to terminate a $44 billion deal to buy Twitter.

Illegal Debit: FCMB Customer Battles For Refund Of Millions Stolen From His Account

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Illegal Debit: FCMB Customer Battles For Refund Of Millions Stolen From His Account

A customer of First City Monument Bank (FCMB) who preferred to be called George Braide and who has an account with the bank at the Aba Road by GRA branch of the bank in Port Harcourt, Rivers State Port Harcourt is asking the bank to refund his N7 million which was taken from his account digitally within three days, Independent report.

The customer of the bank, who preferred to maintain some confidentiality due to an ongoing police investigation, said what he first noticed on a Saturday early July 2022 was that his MTN phone line was no longer working and he went to an MTN service centre to log a complaint.

Braide, the 60 year old retiree, after reporting the incidence of phone blockade at the MTN office was told that his phone had no issue that could warrant the blockade and his phone was subsequently unlocked.

After the phone was unlocked, and on his way to his car, messages started pouring in. There were multiple transfers to Opay accounts, binge purchases and all manner of withdrawals from his account starting from Saturday morning when his phone first went off.

Then the climax was the transfer of N4 million from the account done just that Monday morning, probably while he was to the MTN office. In all N7 million was withdrawn from the account that has his retirement benefits between Saturday morning and Monday.

The advent of technology that seems to have reshaped the nation’s banking sector in the quest to meet up with its peers all over the world has created issues and has always made it easy for money belonging to customers disappears from their accounts.

In the past all the banks had to do was to lock up the funds in highly secured vaults. It was always a tough job for the bank robber to reach them, secured by all manner of metallic barriers and human guards.

That’s why they would often target the bank tellers or hope to march the branch manager to lead them to the vault. Even here banks often had measures to make it a most onerous task.

All that has changed in the digital era as criminals can breach the computer systems of financial institutions to reach the digital equivalents of the good, old vaults, and move large sums of money that would’ve made the bank robbers of old quite envious.

Then he began to wonder if something had gone wrong with his linking of his phone line to his national identity number which caused it to be suspended, as he had heard other people complain.

Because he was able to continue using his WhatsApp to make calls and reach people, the incentive for immediate rectification wasn’t there. So, he waited until early Monday morning to go to an MTN office to find out what had gone wrong with his phone line.

Unplug These Appliances To Reduce Your Electric Bill

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Unplug These Appliances To Reduce Your Electric Bill

Even when not in use, your household appliances can consume electricity. Many common devices, from your laptop charger to your printer, still perform certain functions when plugged in, adding unnecessary costs to your electric bill.

Fortunately, there is a simple solution: simply unplug the appliances when not in use. Unplugging them will prevent energy from silently draining out and increasing your bills, ultimately saving you both electricity and money.

But how much money is actually saved by unplugging appliances? Is it even possible to save energy by unplugging appliances? Is it worth the hassle of constantly plugging and unplugging appliances?

We’ll look at why unplugging appliances can save you money, how much you could save, and how to make disabling plugged-in appliances easier. (We also have advice on how to save money on your water bill, the best temperature to set your thermostat to this summer, and whether it’s cheaper to buy groceries online or in-store.)

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