11 August 2016 at 15:20Nigeria held onto the top spot for two years after rebasing its Gross Domestic Product (GDP) in 2014.___5369011___https:______static.pulse.com.gh___webservice___escenic___binary___5369011___2016___8___11___17____85152023_fullsizerender-1
Based on the GDP data from the International Monetary Fund, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion.
Based on the calculation, South Africa beat Nigeria by just $5 billion.
The <a href="https://www.pulse.com.gh/news/politics/asepa-files-criminal-complaint-against-hawa-koomson/lxzgdf2">Alliance for Social Equity and Public Accountability</a> (ASEPA) has described as false claims by the government that more than 96 percent of depositors who had their monies locked-up from the banking sector clean-up been paid in full.
The Editor of the New Crusading Guide, Abdul Malik Kweku Baako has said the collapse of Heritage Bank, GN Bank, and uniBank by the <a href="https://www.pulse.com.gh/news/local/agongo-must-sue-bank-of-ghana-for-collapsing-heritage-bank-prof-gatsi/d93y4pr">Bank of Ghana</a> was painful.
Vice-President Dr. Mahamudu Bawumia has said about 15 million Ghanaians now have bank accounts following the implementation of <a href="https://www.pulse.com.gh/news/local/offertory-and-tithe-to-be-paid-through-mobile-money-as-churches-introduce-e-payments/fdz0mhf">mobile money payment</a> interoperability.
The South African rand has gained more than 16% against the dollar since 2016, while the the Nigerian naira has lost a third of its value this year.
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Essentially, the change is due to the depreciation of the naira after the country's central bank removed a currency peg in June.
Despite the development, both countries risk going into recession after contracting in the first quarter of the year.
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