Browsing: Ghana

A currency crisis is defined as a quick and abrupt depreciation of a country’s currency. Currency depreciation goes in tandem with turbulent markets and a loss of confidence in the country’s economy. Historically, crises have arisen when market expectations induce significant movements in the value of currencies.

The global economy is now in turmoil. As the world economy enters another era of a currency crisis, the value of the US dollar keeps rising. Over half of all international trade is billed in dollars. A stronger dollar thus hurts consumers globally, particularly in Africa, who rely on dollars to pay for imports.

The US Federal Reserve’s hawkish approach to increasing interest rates more aggressively than central banks in other major countries has contributed to the dollar’s appreciation. The fact that investors generally see the dollar as a “safe haven” asset during times of economic turmoil has added to its resilience.…

The AfCFTA Agreement has been signed by 54 African nations thus far.  Among them, 46 tariff proposals have been filed, including one by the Customs Union. Furthermore, 29 tariff proposals are technically validated for trade.

Under the Rules of Origin discussions, 87.7% of import tariffs have been settled, while phase two consultations on Investment, Intellectual Property Rights, Competition Policy, Women and Youth in Trade, and Digital Trade are underway.…

The report noted that the value of Africa’s mobile money transactions increased from US$495 billion in 2020 to US$701.4 billion in 2021. Research by American firm Boston Consulting Group (BCG) affirmed that Kenya and Ghana are ranked second and third in mobile payment usage globally after China, the world’s most populated country.

During the period under review, transactions through mobile wallets and phones were the equivalent of 87 per cent of Gross Domestic Product (GDP) in Kenya and 82 per cent in Ghana.

The International Monetary Fund (IMF) and the World Bank ranked Ghana as the fastest-growing mobile money market. That was not the case in 2009 when mobile money services were launched in the West African country. At that time, 70 per cent of Ghana’s population had no access to bank services, while approximately 35 per cent of citizens owned mobile phones.…

• The annual meeting for the African Development Bank Group will be held in Accra, Ghana, from May 23-27, 2022
• The theme for the AfDB 2022 meeting is Achieving Climate Resilience and a Just Energy Transition for Africa
• This year marks the 57th AfDB Annual Meeting of the Bank Group’s Board of Governors and the 48th Meeting of the African Development Fund (ADF), the concessional arm of the Bank Group
• The Bank will launch the 2022 report for the African Development Bank’s African Economic Outlook during the annual meeting

The annual meeting for the African Development Bank Group will be held in Accra, Ghana, from May 23-27, 2022.

This is the first meeting in two years to be held in person since the COVID-19 pandemic hit Africa. The previous two meetings have been held virtually. This year, however, will be both physical, which will take place at the Accra International Conference …

• Nissan has opened a new state-of-the-art Navara assembly plant in Ghana
• This marks the second Nissan assembly plant after the Nissan plant in Rosslyn, South Africa
• Ghana imports over 100,000 vehicles yearly; 90 per cent of these are used vehicles, with an estimated value of US$1.14 billion annually

Nissan and Japan Motors have grown a keen interest in the automotive industry in countries among the largest economies in Africa.

The president of Ghana, Nana Addo Danquah Akufo-Addo, officially opened the brand-new state-of-the-art Nissan Navara assembly plant in Tema, Accra, on March 31, 2022.

This marks the second Nissan assembly plant after the Nissan plant in Rosslyn, South Africa.

Ghana and Nissan started their partnership together in 2018 when the latter became the first mover in the West African country to sign an MoU with the state to work towards creating the Ghana Automotive Development Policy.

Read: Faze Banks Net Worth …

There are twenty-two irrigations projects under GIDA, covering 6,505 hectares. Additionally, there are twenty-two schemes constructed under the Small Scale Irrigation Development Project (SSIDP) and six schemes under the (Small Farms Irrigation Project) SFIP.

The SSIDP and the SFIP projects are all less than 1,000 hectares in size, except for the Tono and Kpong Irrigation Projects, which have about 2,500 hectares and are overdeveloped.

The primary beneficiaries of the irrigation projects have been indigenous small-scale farmers. However, the outputs have not been very encouraging, and the lack of maintenance of the projects has rendered most of the schemes unproductive.

Moreover, 14 companies have been enlisted and have taken up more than 3,000 hectares of land to cultivate commercial farming operations.…

Thomas James, Agritech West Africa’s project director, said that the rising demand for food and the targeted food growth in Ghana and West Africa requires innovation and mechanization in agriculture patterns. This could be done by adopting new and modern agriculture technologies, machines, crop care practices, irrigation, warehousing and storage facilities.

Ghana has invested heavily in mechanisation in agriculture, importing Tractors, Spares, Implements, Agrochemicals and Irrigation setups worth US$1 billion. Annually, Ghana imports over 10,000 tractors and their associated implements and parts.

The seminars, pre-fixed meetings and conferences in the exhibition will help Ghanaian and West African agriculture-based companies an opportunity to network with manufacturers and suppliers from across the globe.…

There were more than 3,000 delegates that participated in the conference this year, boosting trade and investment ties between the continent and the UK.

The UK government is also mobilizing support from the United Kingdom Export Finance (UKEF) to boost exports to Africa. Prime minister Boris Johnson’s administration, provided support worth US$3.04 billion in 2021.

In West Africa, the support has been directed towards a range of significant infrastructural projects, construction of major roads, environmental and social work, medical services and technological equipment.…