Monday, February 6

Business

Ghana signs MoU with TradeMark Africa on Abidjan-Lagos corridor
Business

Ghana signs MoU with TradeMark Africa on Abidjan-Lagos corridor

Ghana has signed a Memorandum of Understanding (MoU) with TradeMark Africa (TMA) for the development of trading infrastructure along the Abidjan-Lagos corridor to boost intra-Africa trade. The signing of the agreement on the corridor that connects Côte d’Ivoire, Ghana, Togo, Benin, and Nigeria and accounts for more than 75 per cent of West Africa’s trade, occurred on the back of the just-ended Africa Prosperity Summit. It occurred at Peduase in the Eastern Region of Ghana and coincided with the rebranding of the company from TradeMark East Africa to TradeMark Africa and the expansion of its business operations in West Africa. It also demonstrated the commitment and determination of the parties to improve trade-related infrastructure and environment to enhance the performance of t...
Arab Africa Trade Bridges Program Hosts Series of Bilateral Trade Business-to-Business Meetings in Casablanca, Morocco
Business

Arab Africa Trade Bridges Program Hosts Series of Bilateral Trade Business-to-Business Meetings in Casablanca, Morocco

 The Arab-Africa Trade Bridges (AATB) Program, a multi-donor, multi-country, and multi-organizations program organized the 3rd Arab African Buyers/Sellers Meeting on Agri-food and Derivative Products in Morocco. The two-day event brought together leading agricultural and food industry professionals from across the Arab and African regions. Emphasizing the enormous agricultural market potential of the Arab and African regions, the event provided participating organizations with the opportunity to establish and forge commercial relationships and promote cooperation with partners from both regions. The AATB Program has also renewed its focus on advancing food security which is in line with UN Sustainable Development Goal 2 (Zero Hunger). The B2B event saw active participation...
Ecobank wins Best Place to Work in Africa 2022 Award
Business

Ecobank wins Best Place to Work in Africa 2022 Award

 Ecobank Group (Ecobank.com), the leading pan-African bank, has won the highly coveted Best Place to Work in Africa 2022 Award from the Best Place to Work organisation. The award honors organizations that exhibit the highest standards of excellence in human resources (HR) practices and employee experience. Ecobank is the first pan-African bank to have been awarded the certification. Ade Ayeyemi, Chief Executive Officer, of Ecobank Group, said: “At Ecobank, we recognise that our people are our greatest asset. As a pan-African bank, we are intentional in deploying resources to attract, develop and retain the right talent. We actively provide the tools and processes to achieve a performance-driven culture and enabling environment.  Receiving international recognition as being one of the B...
Ghana can save GHS 83 billion in fiscal readjustments – Committee Report   
Business

Ghana can save GHS 83 billion in fiscal readjustments – Committee Report   

A report by the Joint Technical Committee set up by the Finance Ministry on the exclusion of individual bondholders under the Domestic Debt Exchange Programme (DDEP), says Ghana can save about GHS 83 billion in fiscal re-adjustments.    The Forum in the Report recommended that the Government reviewed and made some specific adjustments to its revenue and expenditure to contain the current economic crises.   This came up during a Public Forum on Ghana's Domestic Debt Exchange Programme dubbed: " Ghana's Debt Exchange Programme in context: A make or break for an IMF bailout or there are viable alternatives?"   It said oil production had dropped from over 200kbpd to below 160kbpd yielding a revenue loss of more than $300 mill (GHS 3.6 billion).     It, therefore, called ...
Africa needs US$170 billion annually to bridge infrastructure gap – Veep
Business

Africa needs US$170 billion annually to bridge infrastructure gap – Veep

Vice President Dr Mahamudu Bawumia says Africa needs between US$130 and US$170 billion annually to bridge its infrastructure gap and generate sustainable growth at five per cent or more per annum. To achieve that objective, he called for public-private partnerships to deliver essential physical and soft infrastructure projects such as roads, rail and other digitisation platforms to speed up Africa's development. "Furthermore, there is a need for innovative policies to mobilise and allocate resources more effectively and for better coordination amongst all African stakeholders and international partners," he said. Vice President Bawumia gave the commendation on Thursday at the opening of the Business and Policy Leaders' Dialogue of the Africa Prosperity Dialogue at Safari Vall...
Insurers agree to participate in domestic debt exchange programme
Business

Insurers agree to participate in domestic debt exchange programme

The Ghana Insurers Association has agreed to participate in the government’s Domestic Debt Exchange program, following the government’s guarantees of cushioning affected insurance companies. This is to be done through the solvency window of the Ghana Financial Stability Fund (GFSF). The Ministry of Finance and the Ghana Insurers Association announced the agreement at the end of a meeting on Thursday, in a joint statement Insurers are expected to engage on similar terms as the banks where the government pays a five percent coupon rate for 2023 and a single coupon rate for each of the 12 new bonds to be issued, resulting in an effective coupon rate of nine percent. “The GIA is happy to reach a deal with the Government that protects its members, but also enables the Governme...
African Development Bank Group team meets Swiss envoys from West Africa to discuss Africa’s development agenda
Business

African Development Bank Group team meets Swiss envoys from West Africa to discuss Africa’s development agenda

Swiss ambassadors meeting in the Ivorian commercial capital Abidjan invited a senior management team from the African Development Bank Group (www.AfDB.org) to exchange views on development and cooperation. The envoys held a working luncheon, hosted by the Swiss assistant state secretary for Sub-Saharan Africa, Siri Walt, on Friday 20 January. Ambassador Walt is the head of the Africa Division at the Federal Department of Foreign Affairs of Switzerland. African Development Bank Group Acting Chief Economist Kevin Urama, Daniel Schroth, Director for renewable energy and energy efficiency, and Joseph Ribeiro, Deputy Director-General for West Africa, were accompanied by Laura Rutishauser, Senior Advisor to the Executive Director for Germany, Luxembourg, and Portugal and Switzerland. T...
Africa requires a new strategy to optimize investment – Yofi Grant
Business

Africa requires a new strategy to optimize investment – Yofi Grant

Heads of African Investment Promotion Agencies, businessmen and women, and academia will meet in Accra on Wednesday, January 25, to strategize on how African nations can add value to their natural resources through foreign direct investment (FDI) to boost their economies and create jobs. The discussions will be held during the First Assembly of African Investment Promotion Agencies (AAIPA) meeting at the Kempinski Gold Coast City Hotel, Accra, where participants would deliberate on measures necessary for the adoption of Common Trade Framework and Investment Protocol to enhance intra-African trade and Investment. This will take place alongside the Africa Prosperity Dialogue series, to discuss ways to enhance economic growth and transformation of the continent.  The World Investmen...
Bank of Ghana, commercial banks agree to pay cocoa bills to retail investors
Business

Bank of Ghana, commercial banks agree to pay cocoa bills to retail investors

The Bank of Ghana says it has agreed to allow commercial banks to use Cocobod’s deposits/placements at various banks to reduce the cash flow challenges faced by retail holders of cocoa bills, who may not want a rollover of their investments. A statement issued in Accra said the decision followed a meeting on Friday, January 20, 2023, among the banks, Cocobod and BoG, during which it was agreed that all institutional investors will roll over their maturing cocoa bills for Tender 6155. The meeting was held after the Bank of Ghana (BOG) failed to reissue on behalf of Cocobod a new six-month Cocoa bill to raise funds to cover a six-month Cocoa bill with a face value of GH¢940.42 million, which matured on Thursday, January 19, 2023. The Bank said it went through the usual processes bu...