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New data shows wider-than-expected global gender gap –

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The global gender gap for women in the workplace is far wider than previously thought, a groundbreaking new World Bank Group report shows. When legal differences involving violence and childcare are taken into account, women enjoy fewer than two-thirds the rights of men. No country provides equal opportunity for women—not even the wealthiest economies.

The latest Women, Business, and the Law report offers a comprehensive picture of the obstacles that women face in entering the global workforce and contributing to greater prosperity—for themselves, their families, and their communities. It expands the scope of its analysis, adding two indicators that can be critical in opening up or restricting women’s options: safety from violence and access to childcare services. When those measures are included, women on average enjoy just 64% of the legal protections that men do—far fewer than the previous estimate of 77%.

The gender gap is even wider in practice. For the first time, Women, Business and the Law assesses the gap between legal reforms and actual outcomes for women in 190 economies. The analysis reveals a shocking implementation gap. Although laws on the books imply that women enjoy roughly two-thirds the rights of men, countries on average have established less than 40% of the systems needed for full implementation.

For example, 98 economies have enacted legislation mandating equal pay for women for work of equal value. Yet only 35 economies—fewer than one out of every five—have adopted pay-transparency measures or enforcement mechanisms to address the pay gap.

Effective implementation of equal-opportunity laws depends on an adequate supporting framework, including strong enforcement mechanisms, a system for tracking gender-related pay disparities, and the availability of healthcare services for women who survive violence.

“Women have the power to turbocharge the sputtering global economy,” said Indermit Gill, Chief Economist of the World Bank Group and Senior Vice President for Development Economics. “Yet, all over the world, discriminatory laws and practices prevent women from working or starting businesses on an equal footing with men. Closing this gap could raise global gross domestic product by more than 20% – essentially doubling the global growth rate over the next decade—but reforms have slowed to a crawl. WBL 2024 identifies what governments can do to accelerate progress toward gender equality in business and the law.”

The implementation gap highlights how much hard work lies ahead even for countries that have been instituting equal-opportunity laws. Togo, for example, has been a standout among Sub-Saharan economies, enacting laws that give women roughly 77% of the rights available to men—more than any other country in the continent. Yet Togo, so far, has established only 27% of systems necessary for full implementation. This rate is average for Sub-Saharan economies.

In 2023, governments were assertive in advancing three categories of legal equal-opportunity reforms—pay, parental rights, and workplace protections. Still, nearly all countries performed poorly in the two categories being tracked for the first time—access to childcare and women’s safety.

The weakness is greatest in women’s safety—where the global average score is just 36, meaning women enjoy barely a third of the needed legal protections against domestic violence, sexual harassment, child marriage and femicide. Although 151 economies have laws in place prohibiting sexual harassment in the workplace, just 39 have laws prohibiting it in public spaces. This often prevents women from using public transportation to get to work.

Most countries also score poorly for childcare laws. Women spend an average of 2.4 more hours a day on unpaid care work than men—much of it on the care of children. Expanding access to childcare tends to increase women’s participation in the labor force by about 1 percentage point initially—and the effect more than doubles within five years. Today, only 78 economies—fewer than half—provide some financial or tax support for parents with young children. Only 62 economies—fewer than a third—have quality standards governing childcare services, without which women might think twice about going to work while they have children in their care.

Women also face significant obstacles in other areas. In the area of entrepreneurship, for example, just one in every five economies mandates gender-sensitive criteria for public procurement processes, meaning women are largely cut out of a $10-trillion-a-year economic opportunity. In the area of pay, women earn just 77 cents for every $1 paid to men. The rights gap extends all the way to retirement.

In 62 economies, the ages at which men and women can retire are not the same. Women tend to live longer than men, but because they receive lower pay while they work, take time off when they have children, and retire earlier, they end up with smaller pension benefits and greater financial insecurity in old age.

“It is more urgent than ever to accelerate efforts to reform laws and enact public policies that empower women to work and start and grow businesses,” said Tea Trumbic, the report’s lead author. “Today, barely half of women participate in the global workforce, compared with nearly three out of every four men. This is not just unfair—it’s wasteful. Increasing women’s economic participation is the key to amplifying their voices and shaping decisions that affect them directly. Countries simply cannot afford to sideline half of their population.

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Cedi now responding to hidden picture of our economic mismanagement – UG Professor

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Professor Lord Mensah, a senior lecturer at the University of Ghana Business School (UGBS), has criticized the government’s handling of the economy.

The UG lecturer in his critique highlighted the Cedi’s recent struggles against the US dollar.

Prof. Mensah took to X formally known as Twitter on May 14, 2024, to express his concerns about the country’s economic trajectory.

He noted that the Cedi’s depreciation directly responds to underlying economic issues that the government has obscured.

“The Cedi is now responding to the hidden picture of our economic mismanagement. Too much hope in the dollar now. When you continue to lie about the economy, the exchange rate will expose you,” Prof. Mensah tweeted.

The Interbank forex rates from the Bank of Ghana as of May 15, 2024, showed that the Ghana Cedi was trading against the dollar at a buying price of 13.7161 and a selling price of 13.7299.

At a forex bureau in Accra, the dollar was being bought at a rate of 14.50 and sold at 14.85.

Against the Pound Sterling, the Cedi is trading at a buying price of 17.2590 and a selling price of 17.2777.

At a forex bureau in Accra, the pound sterling was being bought at a rate of 17.90 and sold at a rate of 18.50.

The Euro traded at a buying price of 14.8350 and a selling price of 14.8497.

At a forex bureau in Accra, the Euro went for a buying rate of 15.45 and sold at 15.95.

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Trade Minister halts cement price hike

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The Minister for Trade and Industry, Kobina Tahir Hammond, has ordered the Cement Manufacturing Development Committee (CMDC) to direct cement manufacturers in the country to “reverse immediately the increase in cement prices recently announced in the country.”

The Minister’s directive comes in response to the recent arbitrary increases in cement prices. He further requested the publication of the retail prices of cement by all manufacturers, a move aimed at halting the continuous price hikes.

In a bid to ensure uniform cement prices nationwide, the Minister reiterated his call for the CMDC to adopt a unified cement pricing mechanism. This mechanism is akin to the Unified Petroleum Pricing Fund (UPPF) adopted by the National Petroleum Authority for fuel retail in Ghana.

The CMDC, established under the Ghana Standards Authority (Manufacture of Cement) Regulations, 2023 (LI 2480), is chaired by the Director General of the Ghana Standards Authority (GSA), Prof Alex Dodoo.

The committee comprises representatives from various sectors including cement manufacturers, the Association of Ghana Industries, the Environmental Protection Agency, the Ghanaian Institution of Engineers, the Ministry of Trade and Industry, and the Ministry of Environment, Science, Technology and Innovation.

As the regulator for cement manufacture in the country, the CMDC is charged with promoting the “manufacture, wholesale and retail of cement and cement components.”

This latest directive from the Minister, is considered to be part of the government’s commitment to ensuring fair pricing in the cement industry.

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Ato Forson to Dr. Bawumia – “Fix the depreciating cedi and stop dancing off-beat”

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The Minority in Parliament has expressed concern over the persistent depreciation of the local currency, the Ghana cedi, warning that the situation is likely to deteriorate further if measures are not taken to curtail it.

They highlighted that the local currency has now reached GH¢15 against the US dollar, leading businesses and traders to pass on the increased costs to consumers.

The free fall of the Ghana cedi has already resulted in a noticeable surge in the prices of goods and services across various commercial districts such as Okaishie, Abossey Okai, and Kejetia.

Speaking with journalists in Parliament on May 15, Minority Leader Dr. Cassiel Ato Forson criticized the Chairman of the Economic Management Team and Vice President, Dr. Mahamudu Bawumia, for what he perceives as a failure to effectively address the local currency’s depreciation.

Dr. Ato Forson emphasized the adverse impact of the cedi’s decline on businesses, stressing the need for urgent action to stabilize the situation.

“In spite of the huge inflows of foreign exchange from the IMF and the World Bank into the Ghanaian economy, and I’m talking about billions of Ghana Cedis, billions of US dollars, the government’s actions and its management of the Cedi have continued to fuel steep depreciation with no end in sight, unfortunately.

“So far, the decisions of the Economic Management Team, chaired by our Vice President Alhaji Bawumia, leave a lot to be desired. The reality of the Ghanaian economy today exposes the credentials of the so-called economic wizkid who was marketed as the savior of Ghana’s economy. Alhaji Bawumia’s credibility is now in tatters.

“I want to use this opportunity to urge the Vice President to quit his off-beat dancing on the campaign trail and focus on the dancing Cedi. There’s a lot awaiting our country as a result of reckless mismanagement by Alhaji Bawumia’s government,” he said.

The Minority’s remarks come amidst growing concerns among businesses, traders, and consumers regarding the persistent depreciation of the Ghana cedi against major trading currencies and its ripple effects on the cost of living.

In the past few months, many businesses and traders have been forced to adjust their prices for goods and services upwards to offset the increased exchange rates, further burdening consumers already grappling with economic challenges.

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