Browsing: Ghana

The President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, has stated that for Africa to be able to transform herself, and become the epitome of economic empowerment and self-reliance, she needs to have the wherewithal to be able to protect and optimise the resources at her disposal.

To this end, President Akufo-Addo, speaking at the EBII Africa Investments Risk and Compliance (IRC) Summit, on Friday, 30th July 2021, at the University of Oxford, has admonished African governments to build robust financial compliance systems, and ensure strict enforcement of these systems.

Speaking on the theme “Financial Crime Compliance and ESG – The Future of African Investment”, the President stated a recent report has put the cost of financial crime compliance across all financial institutions, globally, at an all-time high of $180.9 billion for the year 2020.

Part of the reality in Africa, according to President Akufo-Addo, is that there …

The Ghana.gov platform also serves the digitization and revenue-collection needs of other Ministries, Departments and Agencies (MDAs) and Metropolitan, Municipal and District Assemblies (MMDAs)

As of mid-July, 2021, about 624,000 users have logged in to pay for 37 government services, comprising taxes, levies, royalties and stamp duties, directly into Ghana Revenue Authority (GRA) accounts. …

Remittance flows to the Middle East and North Africa (MENA) region increased by 2.3 per cent to record about $5.6 billion in 2020 according to a report by World Bank.

The press release from World Bank noted that strong remittance flows to Morocco and Egypt strongly contributed to the growth.

In 2020, flows to Morocco rose to 6.5 per cent while flows to Egypt rose by 11 percent to record a high of nearly $20 billion. Tunisia also recorded an increase of 2.5 per cent.

According to the statement, other economies in the region experienced losses in the same period such as Iraq, Lebanon, Djibouti and Jordan which led to a double-digit decline.

With weak outflows from the Gulf Cooperation Council (GCC) countries and moderate growth in the Euro area, remittances are likely to grow in 2021 by 2.6 percent.

In the fourth quarter of 2020 the cost of sending …

Kenya

Tax, costs ‘bigger threat to businesses than COVID-19’

According to a survey by the Central Bank of Kenya (CBK), the majority of Kenyan company chief executives said that the high cost of doing business and taxation posed the biggest threat to their business operations over the next 12 months belittling the financial fallout caused by the pandemic.

The CEOs survey pointed out that progression has been hindered by a challenging business environment despite business leaders projecting a substantial economic rebound in the second quarter of the current fiscal year counting on the improving sales and orders.

CBK said that the effects of the pandemic were lesser compared to taxation issues like the introduction of new taxes and withholding tax/VAT refunds and excise duty on fast-moving consumer goods.

“Businesses were also concerned about the effects of the third wave of the COVID-19 pandemic, particularly the success or otherwise of the …

Climate change is a 21st-century phenomenon that has called the attention of most governments on planet earth. In Africa, the cost of adaptation is estimated at approximately $2 billion per year in the period 2030-2100.

According to a US-based think-tank, Brookings, research finding point out that, bold climate action could deliver at least $26 trillion in global economic benefits between now and 2030. On another, it could also generate nearly 65 million new low-carbon jobs by 2030.

All these benefits safeguard Africa’s prosperous future which is filled with exciting development projects execute across the region’s vast landscape.

As far as the adoption of new climate economy models, such as phasing our fossil fuels energy structures and ushering in renewables particularly solar and wind energy—which is proving to be useful in East Africa, the role of green banks and climate funds is inevitable.

The African Development Bank (AfDB) and the Climate …

Analysts at the African Trade Insurance Agency (ATI) annual roundtable noted that Africa is expected to see a subdued economic recovery in 2021 and not likely to reach 2019 growth levels until 2022.

The ATI virtual discussion hosted Uganda, Ghana and Senegal, international financial partners and risk analysts to discuss the most urgent risks and mitigation solutions.

During the virtual meeting, ATI’s newly appointed Chief Executive Officer, Manuel Moses emphasized the importance of partnerships that will help African economies recover from the pandemic. He also said that ATI with the support of partners like the European Investment Bank and the African Development Bank, it plans to go through rapid membership expansions so as to lend more support to the most vulnerable economies.

One of the striking features of the impact of the pandemic that was revealed as a key factor that should guide the continent’s recovery is that the pandemic …

On Thursday 9 November 2020, former President of Ghana, Jerry John Rawlings passed away in Accra, Ghana after a short illness.

A great man has gone to be with his ancestors. For those of us who were privileged and honored to know him, it was truly a sad day.

I met former President Rawlings in 2010 after the former Chairperson of the AU Commission Jean Ping appointed him as the High Representative for Somalia. As a staff of the African Union Mission to Somalia (AMISOM) at the time, I was then asked with my colleague James Gadin our senior political officer to assist the President and his team to understand the dynamics of the conflict.

As I reflected on the former President, I kept thinking about the 5 Cs of leadership: Compassion, Commitment, Courage, Candor, and Competency. Former President Rawlings embodied all the 5 Cs.

President Rawlings was first and …

The United Kingdom partnership  with Ghana brought in £80.3 million to build a new major road system, creating jobs and building expertise across Ghana.

A statement issued by the British High Commission in Accra said the partnership aims to build the Tema-Aflao highway agreed between BHM Construction International, a British company and the Ministry of Roads and Highways.

According to the statement, the more than 500 Ghanaians will be employed by the Tema to Aflao project, which forms part of the ECOWAS coastal expressway.

The Ministry of Roads and Highways signed a contract with BHM Construction International and the British High Commission witnessed the signing.

The statement also said that the project would improve Ghana’s transport links whilst creating skilled jobs for local people across the country.

“The significant strengthening of Ghana’s road system shows the UK-Ghana partnership at its best; a long-term partnership working for the long-term benefit of …

Ghana’s public debt rose to $45.4 billion due to the impact of COVID-19 according to the Central Bank of Ghana.

The bank said that for the first seven months of 2020, provisional data on budget execution, showed an overall budget deficit of 7.4 per cent of GDP, against the revised the target of 7.2 per cent of GDP as the pandemic continued to impact fiscal operations.

In a press release the bank said that the primary balance also recorded a deficit of 3.7 per cent of GDP, above the planned target of 3.4 per cent of GDP.

“Over the review period, total revenue and grants amounted to GH¢27.7 billion ($4.8 billion) compared with the target of GH¢26.8 billion ($4.6 billion). Total expenditures and arrears clearance amounted to GH¢56.2 billion (9.7 billion), above the target of GH¢53.3 billion ($9.2 billion). These developments impacted the stock of public debt which rose to …

The Ghananian government officially handed over the headquarters of the African Continental Free Trade Area (AfCFTA) Secretariat to the African Union.

The ceremony which was held in Accra, Ghana was attended by Ghanaian President Nana Akufo-Addo, Moussa Faki Mahamat, African Union Commission Chairman and AfCFTA Secretary-General Wamkele Mene.

Ghana was selected as the venue for the headquarters by African leaders during a Summit of AU heads of states in July 2019, to launch the implementation phase of the African Continental Free Trade Area.

“The economic integration of Africa will lay strong foundations for an Africa beyond aid. Africa’s new sense of urgency and aspiration of true self-reliance will be amply demonstrated by today’s ceremony,” Akufo-Addo said.

He also appealed to 28 member states that have not ratified to do so before the next AU summit in December so as to pave the way for the smooth commencement of trading from …