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Up to 50 million people around the world, including around five million smallholder farmers, depend on cocoa which is essential to their livelihoods.
Africa is the world’s major cocoa producer with West African nations—Côte d’Ivoire, Ghana, Nigeria, Cameroon and Togo—producing an estimated 70 per cent of the world’s cocoa on 1.5 million farms. The majority of the crop comes from small farms of between three to five hectares.
Producing cocoa is backbreaking for the cocoa farmers yet they do not earn enough from the product that is a global on-demand ingredient. Most farmers are unable to cover their basic needs despite the fact that the worldwide chocolate market is valued at US$103 billion.…
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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 services sector registered a majority of 25 projects followed by the manufacturing and export trade sector with 21 and 11 projects respectively…
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 …
The African Development Bank approved a grant worth $69 million to support Ghana’s efforts to tackle the COVID-19 pandemic and mitigate its socio-economic impact.
The grant is from the African Development Fund (ADF) a concessional arm of the African Development Bank.
The grant will provide fiscal budget support to finance the national COVID-19 Emergency Preparedness and Response Plan and Coronavirus Alleviation Program in Ghana.
The funds will specifically help upgrade the capacity of healthcare facilities to isolate, diagnose and care for the patient and provide more pharmaceuticals, test kits, equipment and beds. It will also support financial incentives and an insurance package for health and allied professionals as well as ensure adequate personal protective equipment (PPE) for health workers.
“Overall, the objective is to help contain the spread of the virus, expand testing and ease the impact of the virus on social and economic life, through measures aimed at protecting …
Investment banking fees in Sub-Saharan Africa reached an estimated US$128.2 million during the first quarter of 2020, a decline of 15 per cent from last year’s strong start.
Advisory fees earned from completed mergers and acquisitions (M&A) transactions generated US$33.5 million, down 38 per cent year-on-year, while syndicated lending fees declined 47 per cent to US$35.7 million.
The authors of the report, Refinitiv, note that Equity capital markets underwriting fees more than tripled to reach US$36.7 million, a first quarter total only exceeded twice since the company’s records began in 2000.
China’s Belt and Road Initiative, AfCFTA to anchor Africa’s economy
Bond underwriting fees increased 20 per cent to US$22.3 million, again the third-highest first quarter fee total since our records began.
Almost one-quarter of fees in the region during the first quarter of 2020 were earned from government and agency deals. Almost two-thirds of all fees were generated in …
For Tullow Oil, the year 2020 has not started particularly well with collapsing hopes, poor oil output and boardroom maneuvers almost pushing the British oil firm into oblivion. In the peak of the storm, the company lost half its value on the stock market after bad fairing in Ghana and Guyana and a delay in the sale of the Ugandan stake. This led to global readjustment with the Kenyan operations announcing job cuts.
This is a situation well explained by Dorothy Thompson, Executive Chair, Tullow Oil plc. “This has been an intense period for Tullow as we have worked hard on a thorough review of the business which has led to clear conclusions and decisive actions. We are focused on delivering reliable production, lowering our cost base and managing our portfolio to reduce our debt and strengthen our balance sheet. Even with recent events in oil markets, Tullow’s assets remain …