E-Business
The Hanke’s Misery Index: How Africa’s Economic Challenges Are Holding Back the Continent Part 2
By Evans Woherem, Ph.D
- Economic Challenges in Angola, Ghana, and Other African Nations
The 2022 HAMI rankings provide insights into the economic challenges faced by Angola, Ghana, and several other African countries. Angola is ranked 13th with a HAMI score of 93.518, struggling with a high unemployment rate of 29.6%, an inflation rate of 13.9%, and a bank lending rate of 20.118%. Similarly, Ghana holds the 15th position on the Misery Index, burdened by an alarming inflation rate of 54.1% and achieving an index score of 86.8.
These challenges are not unique to Angola and Ghana. Many other African nations also grapple with significant economic hurdles. South Africa, positioned 16th on the Misery Index, records an index score of 83.492 primarily due to high unemployment rates. Rwanda, ranked 20th, achieves a score of 69.192 with inflation being a major contributing factor. Botswana, at the 21st spot, has an index score of 64.023 mainly influenced by elevated unemployment rates.
Moreover, countries such as Madagascar, Malawi, Eswatini, Gabon, Sao Tome and Principe, Congo (Brazzaville), Ethiopia, Libya, Namibia, Lesotho, Algeria, Nigeria, Tunisia, and Mauritania also face economic difficulties characterized by high unemployment rates, inflation, or lending rates.
The HAMI rankings shed light on the economic challenges experienced by various African countries, highlighting the need for targeted measures to address unemployment, inflation, and lending rates. It is crucial to alleviate the hardships endured by their populations.
The situations in Zimbabwe, Sudan, Niger, Togo, and other African nations serve as poignant reminders of the urgent need to tackle economic instability and implement effective policies across the continent.
Recognizing the profound impact of high inflation rates, unemployment, and other economic challenges on individuals’ well-being, it becomes imperative to prioritize sustainable development, job creation, and economic reforms. These steps are crucial for uplifting the lives of African citizens and ensuring a brighter and more prosperous future for all.
- Contrasting Happiness and Economic Struggles in Africa
It is indeed disconcerting to observe that four African countries—Zimbabwe, Sudan, Angola, and Ghana—are ranked among the top fifteen “most miserable” countries. However, it is worth noting the significant contrast that exists within the African continent. As evidenced by the 2022 HAMI, Niger and Togo were among the top ten “happiest” countries.
This striking disparity highlights the uneven progress made by different African nations in their pursuit of greater happiness and well-being. While some countries have made strides towards improving their conditions, many others continue to face substantial economic challenges, leading to a state of ongoing misery.
The varying experiences of African countries in terms of happiness and well-being underscore the need for concerted efforts to address the underlying economic factors that contribute to misery. By identifying and tackling these challenges head-on, African nations can work towards creating more equitable and prosperous societies for their citizens.
Root Causes of Economic Challenges in African Countries
The economic challenges faced by several African countries, as highlighted by the 2022 Hanke’s Annual Misery Index, are multifaceted and have far-reaching consequences for the well-being of their populations.
In this section, we will explore the root causes of these challenges and their impact on inflation, unemployment, and overall economic stability. By delving into distinct factors such as inflation rates and external factors, high unemployment rates and youth employment, and the influence of political instability, poor governance, and excessive lending rates, we can gain a comprehensive understanding of the complex economic landscape in African countries.
- Inflation and External Factors
Inflation rates have had a detrimental impact on several African countries, including Zimbabwe, Sudan, Angola, Ghana, Rwanda, Ethiopia, and Nigeria. These nations have witnessed significant inflation rates. For instance, Zimbabwe reached an alarming rate of 243.8% in 2022, while Sudan and Ghana faced rates of 176.1% and 54.1%, respectively. This high inflation has resulted in a decline in purchasing power, making it increasingly difficult for individuals and families to afford basic necessities.
A study conducted by the International Monetary Fund in 2022 highlights a significant increase in inflation across sub-Saharan Africa in recent years. This rise in inflation can primarily be attributed to external factors such as global food prices, oil prices, and disruptions in the supply chain. Despite the gradual recovery of domestic demand following the COVID-19 pandemic, its contribution has been insufficient to offset the effects of these escalating external factors.
- Unemployment and the Plight of African Youth
High unemployment rates pose a significant economic challenge in many African countries. For instance, Angola, with a misery index score of 93.518, and South Africa, scoring 83.492 on the index, have been grappling with substantial unemployment issues. In Botswana, Eswatini, Gabon, Sao Tome and Principe, Congo (Brazzaville), Libya, Nambia, Lesotho, Tunisia, and Mauritania, the index scores range from 45.4 to 64.023, indicating the prevalence of unemployment and its impact on their respective economies.
The situation becomes particularly alarming when considering the plight of young people in Africa. The African Development Bank highlights that youth unemployment in many African nations exceeds twice the rate of adults. This means that millions of young individuals struggle to secure employment, severely impacting their future prospects.
Former Zambian finance minister, Alexander Chikwanda, vividly described youth unemployment as a “ticking time bomb.” This analogy powerfully emphasizes the potential consequences of this issue. With an estimated 10-12 million young people entering Africa’s labor market each year, it is evident that youth unemployment demands urgent attention.
Beyond its economic implications, youth unemployment also carries serious security concerns. Nigerian journalist Ahmad Salkida highlights how militant groups like Boko Haram find it easy to recruit frustrated and unemployed young individuals. This underscores the imperative to address youth unemployment not only as an economic challenge but also as a preventive measure against security threats in the region.
- Political Instability, Poor Governance, and Excessive Lending Rates
Political instability, as witnessed in Sudan, exacerbates economic challenges. The recent war in Sudan resulted in loss of life and forced displacement of a significant portion of the population. Political conflicts disrupt economic activities, deter investment, and hamper the implementation of effective economic policies, further deepening the misery experienced by citizens. In 2023, West Africa faces heightened instability with recent coups in Burkina Faso, Guinea, and Mali, coinciding with ongoing conflicts in the Sahel and extending violence to previously peaceful areas like Benin and Togo.
Poor governance, as evidenced by low scores on governance indicators measured by the World Bank, exacerbates the situation, with political instability and violence, including terrorism, experiencing the most significant decline over the past two decades. These governance indicators, particularly instability, not only undermine peace and security but also have adverse effects on the region’s economic growth and development.
Instability brings political risk, which deters investors from the region, leading to minimal foreign direct investment and limited trade. Moreover, our analysis of World Bank data reveals that while West Africa’s GDP has grown at a compound annual rate of 4 % between 1990 and 2021, per-capita growth has been sluggish at just 1.3 % due to rapid population growth. These factors highlight the urgent need for stability, good governance, and effective measures to attract investment and foster sustainable economic growth in the region.
Excessive lending rates, such as those observed in Zimbabwe (131.8%) and Angola (20.118%), pose significant barriers to economic growth and development. These high rates make it difficult for individuals and businesses to access credit, hindering investment, entrepreneurship, and overall economic expansion. In Africa, interest rates play a crucial role in shaping economic growth and affecting access to basic needs.
While higher interest rates can indicate economic potential and stimulate investment, this is not always the case. Zimbabwe stands out with the world’s highest interest rate of 150%, making it the most expensive country to borrow money in. Ghana also faces challenges with high interest rates of 29.5%, reflecting efforts to curb inflation. Sudan, on the other hand, records a benchmark interest rate of 27.30%, attributed to various factors such as macroeconomic imbalances, structural deficiencies, political instability, and the impact of COVID-19. To ensure economic stability and growth, it is crucial to address lending rates and create an environment that fosters economic development.
Watch out for the concluding part
Lagos state government has unveiled a comprehensive set of cybersecurity guidelines designed to enhance digital safety for businesses, public institutions, and residents across the state.
Babajide Sanwo-Olu, Lagos State Governor
Gbenga Omotoso, commissioner for Information and Strategy, said the initiative represents a significant step in Lagos’ ambition to establish itself as a smart, secure, and globally competitive digital hub.
He noted that as one of Africa’s fastest-growing technology ecosystems, Lagos is increasingly exposed to cyber threats, necessitating stronger and more coordinated security measures.
Citing data from the National Information Technology Development Agency (NITDA), Omotoso, said Nigeria loses over $500 million (about N250 billion) annually to cybercrime, emphasizing the urgency of proactive interventions.
According to him, while the state’s transition into a smart city offers vast opportunities, it also heightens vulnerability to digital attacks.
“The guidelines, available online, provide practical and scalable recommendations for small businesses, large enterprises, and Ministries, Departments, and Agencies (MDAs),” he said.
He added that the framework aligns with key national regulations, including the Cybercrime Act (2024), the Nigeria Data Protection Act (2023), and the National Cybersecurity Policy and Strategy (2021).
Omotoso emphasised that the document is not intended as a regulatory instrument but rather as a resource to equip stakeholders with actionable and context-specific guidance.
He reiterated the state government’s commitment to fostering a secure digital environment that supports innovation, attracts investment, and strengthens public confidence.
The commissioner commended the Lagos State Cybersecurity Advisory Council, led by Prof. Fene Osakwe, for its contribution to the development of the guidelines, and also acknowledged Tubosun Alake, commissioner for Innovation, Science and Technology, for his support.
He added that the framework is expected to boost collaboration between the public and private sectors, enabling organisations, from small enterprises to multinational firms, to operate more securely.
Omotoso further noted that the guidelines would be reviewed periodically to keep pace with emerging threats and evolving technologies, stressing that cybersecurity remains central to Lagos’ digital transformation agenda.
E-Business
Laundry Without Interruptions: Why LG Auto Restart Washing Machines Are Perfect for Nigerian Homes
In many Nigerian households, laundry day often comes with an added challenge, unpredictable power supply. A washing cycle that suddenly stops due to a blackout can leave clothes half-washed, soaked, and inconveniently delayed. For families with busy schedules, restarting laundry from scratch is not just frustrating, it wastes time, water, and electricity.
LG Electronics addresses this everyday concern with a simple but powerful innovation: the Auto Restart feature in LG Twin Tub Washing Machines. Designed with real-life Nigerian conditions in mind, this feature ensures your laundry continues seamlessly, even after an unexpected power outage.
Understanding the Auto Restart Feature in LG Washing Machines
The Auto Restart feature allows an LG washing machine to automatically resume its wash cycle from the exact point it stopped when power is interrupted. Instead of resetting the cycle or requiring manual input, the machine retains the previous settings and continues washing once electricity is restored.
This intelligent design removes the need to:
- Restart the wash cycle manually
- Guess how long the clothes were already washed
- Repeat washing unnecessarily
For households experiencing frequent power cuts, Auto Restart turns a common inconvenience into a non-issue.
Why Power-Friendly Washing Machines Matter in Nigeria
Power outages remain part of daily life across many parts of Nigeria. From urban centres to rural communities, sudden electricity interruptions can disrupt household routines, especially when appliances are running.
Traditional washing machines often reset completely after power failure. This can result in:
- Incomplete washing
- Over-washing clothes when cycles are restarted
- Increased water and electricity usage
- More time spent monitoring the laundry
LG’s Auto Restart feature is designed specifically to overcome these challenges, making it a highly practical solution for Nigerian homes.
Key Benefits of LG Auto Restart for Nigerian Households
- Uninterrupted Laundry Experience
With Auto Restart, you don’t need to stay close to your washing machine or worry about power restoration while you’re away. The machine takes care of itself and resumes washing automatically.
- Saves Time, Water, and Energy
Restarting a wash cycle means using extra water and electricity. Auto Restart ensures that no part of the wash is wasted, helping households operate more efficiently.
- Protect Your Clothes
Repeated washing or incorrect restarting can lead to fabric wear. By continuing from the correct wash stage, LG Auto Restart helps maintain proper fabric care.
- Ideal for Busy Families and Professionals
Whether you’re managing a large household or balancing work and home responsibilities, Auto Restart ensures laundry doesn’t become another task that demands constant attention.
LG Twin Tub Washing Machines: Built for Real Living
LG Twin Tub Washing Machines are widely appreciated in Nigeria for their durability, affordability, and strong washing performance. Combined with Auto Restart, these machines become even more responsive to local household needs.
Other features include:
- Powerful wash action for tough stains
- Separate wash and spin tubs for greater control
- Long‑lasting build quality designed for frequent use
- Efficient water usage, especially useful in water‑conscious households
These qualities make LG Twin Tub washing machines a popular choice among Nigerian consumers looking for reliability and value.
Ideal Washing Machine for Areas with Frequent Power Outages
If you live in an area where electricity supply can be unpredictable, choosing a washing machine with Auto Restart is no longer optional but it’s essential. LG washing machines with Auto Restart are especially suitable for:
- Homes with irregular power supply
- Large families with frequent laundry needs
- Users who value convenience and efficiency
- Households looking to reduce water and energy waste
Why LG Washing Machines Stand Out in Nigeria
LG continues to be a trusted name in home appliances across Nigeria due to its focus on durability, smart features, and customer-centric innovation. By designing washing machines that work reliably under local conditions, LG reinforces its position as a brand that understands and responds to everyday challenges.
From Auto Restart technology to powerful wash performance, LG washing machines provide practical solutions that simplify daily life.
Final Thoughts: Less Stress, More Control Over Laundry
Laundry should not depend on the perfect electricity supply and with LG Auto Restart washing machines, it doesn’t have to. By automatically continuing wash cycles after power outages, LG helps Nigerian households enjoy greater convenience, efficiency, and peace of mind.
For anyone searching for the best washing machine for power cuts in Nigeria, LG washing machines with Auto Restart offer a smart, reliable, and stress‑free solution – every wash, every time.
For more information, visit https://www.lg.com/africa/twin-tub-washing-machines
Access Holdings Plc and Coronation Group have partnered with Tate Modern to commemorate World Art Day with a virtual session highlighting the global significance of Nigerian modernism.
Access Holdings
The event, titled “In Conversation with Osei Bonsu: Inside Nigerian Modernism,” featured a virtual tour of the Nigerian Modernism exhibition and discussions on the evolution of modern art in Nigeria.
The session brought together staff members across both organisations, reflecting growing institutional engagement with arts and culture as a driver of societal development.
Speaking at the event, Chief Communications and Marketing Officer of Coronation Group, Ngozi Akinyele, emphasised the role of art in shaping identity and national development.
She said that beyond financial capital, cultural and intellectual capital are essential in defining a nation’s prosperity and inspiring dialogue.
Akinyele noted that both organisations were committed to democratising access to art, ensuring it is accessible to a wider audience rather than a select few.
The discussion also featured insights from Tate Modern Curator, Osei Bonsu, and art expert Daniel Wallis, who examined the development of Nigerian modernism and its global relevance.
Bonsu said Nigerian modernism represents an independent reimagining of global art, rooted in the country’s diverse cultural heritage and expressed through unique visual languages.
According to him, the movement challenges narrow, Eurocentric definitions of modernism and highlights the richness of African artistic expression.
The session further underscored the growing international recognition of Nigerian art, particularly through exhibitions at Tate Modern.
Participants also reflected on the visit of Bola Ahmed Tinubu to the exhibition, described as a milestone in promoting Nigeria’s cultural heritage globally.
In his closing remarks, Chief Communications Officer of Access Holdings, Amaechi Okobi, reaffirmed the organisation’s commitment to advancing African narratives on the global stage.
He said the collaboration with Tate Modern aligns with broader efforts to promote dialogue, preserve cultural identity and support the creative sector.
The event reinforced a shared commitment by Access Holdings, Coronation Group and Tate Modern to elevate African art globally and ensure Nigerian cultural narratives continue to shape international conversations.
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