The Sudanese government, in an effort to stabilize its crumbling economy, has introduced new banknotes and compelled the largely unbanked population to open bank accounts.

The initiative, launched in December, aims to render funds looted by the paramilitary Rapid Support Forces (RSF) worthless.

According to Finance Minister Jibril Ibrahim, the initiative has been successful, though he did not specify the amount of Sudanese pounds deposited.

Sudan has been embroiled in a two-year conflict between the army and the RSF, which has severely damaged the economy, devalued the currency by three-quarters, and left half the population facing hunger.

Ibrahim stated that the government’s move has significantly boosted bank deposits. “This helps the banking sector, and when you help the banking sector, that helps the state to finance projects, including the war effort and productive activities,” Ibrahim told Reuters in an interview.

Limited amount to be withdrawn daily

To receive the new 500-pound and 1,000-pound banknotes, citizens have been required to deposit their old notes in banks and are allowed to withdraw limited amounts daily. This strategy has drawn funds from a largely unbanked society into the formal financial system.

Since the onset of the war, RSF soldiers have looted numerous banks and obstructed agricultural activities, making it difficult for the army-aligned government to pay salaries and finance essential goods such as medicine.

Ibrahim noted that Sudan produced 64 tonnes of gold last year and officially exported about half, indicating that the proportion of looted gold in army-controlled areas has decreased.

A source at Sudan’s central bank revealed that the new banknotes were printed in Russia, one of several foreign powers intervening in the conflict.

Ghana’s consumer inflation rate rose for the fourth consecutive month to 23.8 percent in December 2024.

Samuel Kobina Annim, government statistician at the Ghana Statistical Service (GSS), announced the figure to journalists in Accra on Wednesday.

Ghana’s inflation rate started rising in September last year, when it rose to 21.5 percent, then climbed further to 22.1 percent in October and 23 percent in November.

Annim said the inflation rate recorded at the end of last year was the highest in eight months.

“The rate of inflation… is the third highest in the last 13 months and highest in the last eight months,” Annim said.

Also, food inflation saw a significant jump, rising from 25.9 percent in November to 27.8 percent in December.

Annim attributed the increase to the contributions from specific food items, such as yams, showing drastic year-on-year price hikes of 63.3 percent.

He also highlighted the need for a dual approach to tackling inflation, addressing both monetary and real-sector issues.

“We do emphasise that there are two perspectives in addressing inflation. One is the monetary side… and the other is the real side, with what we’ve seen with food inflation, more particularly the food that we consume, that are locally produced,” he added.

Annim urged policymakers to focus on production, value chains, transportation, warehousing, and reducing post-harvest losses to stabilise food prices.

“Policymakers put in diverse interventions, rather than focusing on, let’s say, only exchange rate or focusing on just some selected items that do not cover the variety of food items that influence food prices,” he said.

Lagos State Governor, Babajide Sanwo-Olu, on Thursday, signed the 2025 appropriation bill into law.

The Special Adviser on Media and Publicity to the Governor, Gboyega Akosile, made this known in a post on his X handle.

He said the budget size is N3.366 trillion meant for the continuation of the great works of the Sanwo-Olu administration.