In recognition of the devastating effects of the COVID-19 pandemic on African economies, the President of the African Development Bank, Akinwumi Adesina, says the bank is willing to help West African countries accelerate growth and development to ensure economic stability. Speaking at the opening of the 59th ECOWAS Heads of State and Authority summit in
Africa, despite its low contribution to greenhouse gas (GHG) emissions, remains the most vulnerable continent to climate change impacts. It also hosts some of the lowest-income countries in the world, limiting the resources available for adapting to a heating planet. Seven out of the 10 most climate vulnerable nations in the world are located in Africa.
Minister for Food and Agriculture, Dr Owusu Afriyie Akoto, has said the quality of Ghana’s cocoa is unmatched making China no competition in terms of cocoa exports to the international market. “Ghana’s cocoa in terms of quality is matchless to none globally, hence, the international market’s decision to pay up to 25 percent premium on
Multilateral institution, the International Monetary Fund (IMF) says Ghana’s gross financing needs for the year 2020 exceeded 20 percent of its Gross Domestic Product (GDP). In monetary terms, that amounts to some $13.68 billion. Despite having a financing need of $13.68 billion mostly due to the advent of the Covid-19 pandemic, government was able to
The new kids on the oil block—Guyana, Suriname, and Ghana—have no plans to let their newly discovered oil wealth go to waste by joining global decarbonization efforts. They plan to exploit them as best as they can before they become worthless, Reuters has reported, citing statements by government officials made at this week’s Offshore Technology Conference in Houston.
Governor of the Bank of Ghana, Dr. Ernest Addison, has credited the strong resilience exhibited by the economy and the quick return to growth path amidst the ongoing coronavirus pandemic to credible homegrown policies. Speaking at the 10th edition of the Ghana Economic Forum in Accra, organised by the B&FT and themed: ‘Strengthening homegrown policies to underpin the
The Speaker of Parliament Alban Bagbin is on a collision course with President Akufo-Addo over his decision to slash budget estimates for the Judiciary and the Legislature. Alban Sumana Bagbin during the presentation of the 2021 budget statement last Friday directed the Interim Finance Minister Osei Kyei-Mensah-Bonsu and the Vice President Dr Mahamudu Bawumia, who
Ghana’s fiscal deficit to Gross Domestic Product (GDP) ratio for this year will not be much different from that of 2020, according to the International Monetary Fund’s October 2021 Fiscal Monitor.The Fund is forecasting a fiscal deficit to GDP ratio of 14.5% in 2021, which is not too far from the 15.7% recorded in 2020.According
The Nigerian economy is facing a massive foreign exchange crisis and the rate of depreciation of the naira has sparked serious concern among citizens. Since the Central Bank of Nigeria (CBN) banned sales of foreign exchange to Bureau de Change (BDC) operators, we have seen the parallel market exchange rate depreciate from N505/$1 to N570/$1
Despite pandemic-induced supply chain challenges and construction delays, renewable capacity additions in 2020 expanded by more than 45% from 2019, and broke another record. An exceptional 90% rise in global wind capacity additions led the expansion. Also underpinning this record growth was the 23% expansion of new solar PV installations to almost 135 GW in 2020.