Browsing: Ghana

President Nana Akufo-Addo

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 …

fintech in ghana

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. …

ECOWAS holds meeting on regional development

The main goal of ECOWAS is to promote economic cooperation among member states in order to raise living standards and promote economic development. ECOWAS has also worked to address some security issues by developing a peacekeeping force for conflicts in the region.

Thus Members of the Economic Community of West African States (ECOWAS) Joint Committee on Political Affairs, Peace, Security and African Peer Review Mechanism (APRM), Legal Affairs and Human Rights, Telecommunications and Information Technology are meeting in Ghana to brainstorm the role of telecommunication in achieving regional development.

The meeting which is underway in Winneba Ghana kicked off on 27th this month and will climax on the 31st of July under the theme “The role of telecommunications and information technology (TIT) in achieving regional development.”

Delegates at the Meeting are discussing several issues ranging from the influence of TIT on elections in member states, regional roaming issues:…

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There is a general consensus that the Small and Medium Enterprises is the key to the economic development of every nation and Ghana is not an exception. Small and medium-sized enterprise (SMEs) are the backbone of the Ghanain economy representing about 85% of businesses, largely within the private sector, and contribute about 70% of Ghana’s gross domestic product {GDP].
Firms of all sizes, across all sectors, are increasingly equipping their staff with digital tools. Digital tools bring many significant benefits for firms. Digitalization reduces transaction costs by providing better and quicker access to information, and communication between staff, suppliers and networks.

The COVID-19 crisis also stressed the need to accelerate SME digitalization, to weather the storm in the short term, as well as for increasing resilience in the longer term and “build back better”. Social distancing imposed during confinement, workers kept home as schools closed doors, and the

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African Ministers and Heads of Delegation of Ministries in charge of Housing and Urban Development, African Finance Ministers, the Directors and Management of Shelter Afrique, and representatives of international, regional and national institutions, the private sector and civil society, have agreed to enhance mechanisms for the mass production of decent and affordable housing in the continent to achieve social and economic development.

During a three-day summit at the 40th Annual General Assembly of shelter-Afrique that was held in Yaunde Cameroon, the participants resolved to address the challenges that have hindered the efforts to provide decent and affordable housing in Africa.

In a research concluded by the Shelter-Afrique, a pan African housing finance and development institution, shows that the overall shortage of housing in Africa is estimated at 56 million housing units with out of this, more than 90 per cent are in affordable housing bracket.

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The Managing Director …

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It is not yet another good year for the Cocoa farmers in Ivory Coast the world’s biggest producer of the key ingredient for chocolate, as the prices of their commodity went down for the second year running.

This is contrary to M’Brimbo, a village in central Ivory Coast which 11 years ago became a testing ground for organic cocoa farming and today is prospering.

The local farmers’ collective, the Fair Cooperative Society of Bandama (SCEB), sell their high-quality produce at twice the market rate for non-organic cocoa.

“When producers are trained and well-paid, they can make very good cocoa in Ivory Coast,” said Arthur Gautier, an agronomist who works for Ethiquable, a French company that specializes in marketing fair-trade products and buys SCEB’s harvest.

ALSO READ: Harnessing Africa’s Sovereign Wealth

The chocolate made from their cocoa is sold in French supermarkets under the brand “Grand Cru M’Brimbo,” a name that …

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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 …

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Zimbabwe rabbit farmers have imported 100 more pure breeds to help shore up efforts by the country’s rabbit producers to support and expand further cuniculture production.

With its significant potentiality to generate revenue for the country, its potential export market includes China and the US and farmers are leaving nothing to chance to the lucrative farming business.

Rabbit farming is a very profitable business with its demand for rabbit meat increasing in Zimbabwe. People want to try a different type of meat which is not chicken, beef, or pork.

A lot of people are switching to more healthy meat with less fat. Rabbit meat has become a perfect replacement for chicken since it is also white meat. Rabbits are easy to keep and are very profitable as the feed costs are low due to the fact that they eat a variety of foods.

An increasing number of farmers in Zimbabwe …

African business at a glance

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 …

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Ghana President Nana Addo Dankwa Akufo-Addo has commissioned an $80 million steel manufacturing company in Ghana.
The company which will be operating under the government’s One District One Factory (1D1F) initiative was inaugurated on Tuesday, April 13, 2021. This is the first phase of the steel company, which is owned by B5 Plus Steel.
Speaking at the inauguration ceremony, President Nana Akufo-Addo said that the commissioning of the plant was a concrete manifestation that the new paradigm of economic development, which his administration has been vigorously pursuing since 2017, of insisting on value-addition industrial activities within a conducive and business-friendly environment, is making headway.
He reiterated his administration’s continued commitment to providing strategic support to companies and enterprises operating in Ghana.
The president also took to his social media handles to post the news about the project.

“On Tuesday, 13th April 2021, I commissioned Phase One of the B5 Plus