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    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

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    BoG Governor confident inflation has peaked; expects rate to start declining

    ActionAid Ghana Appoints John Nkaw as Country Director

    BoG’s inflation targeting framework can’t reduce rise in inflation – IEA

    Monetary Policy Rate must be increased to 19% to check inflation – IEA

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

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    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

  • TECHNOLOGY

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

    President of Cote d’Ivoire Alassane Ouattara meets Eni’s CEO Claudio Descalzi

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Ghana ranked 6th in RMB’s ‘Where to Invest in Africa’ 2020 report

bycitibusinessnews
March 11, 2020
in Africa, Business, Markets, Top Stories
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Ghana has been ranked the sixth-best country in Africa for investors in the latest RMB Investment Attractiveness 2020 rankings.

The country climbed three places from the previous year’s report – edging closer to the coveted top 5 countries for investments in the whole of the continent.

The report released earlier this week said the country’s growth outlook is strong and concentrated around the oil and gas sector.

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The report forecasts that although the country’s economy has largely been driven by hydrocarbons, the non-oil growth will pick up again, supported by pro-business reforms and a steady improvement in the power supply.

“Political stability will remain underpinned by Ghana’s strong democratic credentials. Ghana’s mining industry was worth US$5.9bn in 2019, the third-highest in Africa, and grew at 6.3% year on year, outshining many of its continental peers in the resources sector,” the report said.

Contributing to Ghana’s strong performance is the fact that it has Africa’s highest ranking in the Fitch Solutions mining risk/return reward index, which assesses potential returns on investment, both in terms of industry size and forecast growth and broader country characteristics like the regulatory environment.

Other sectors of the economy that fed into the report include a vibrant retail sector which largely remains informal.

“However, the Accra retail market is close to saturation, and new developments will be opening in a challenging economic environment. In the short to medium term, retail development is likely to focus on secondary cities such as Takoradi and Kumasi,” the report said.

Other sectors

Ghana’s manufacturing sector is ranked the eighth strongest on the continent is characterised by its small market size but high competitiveness.

In all of this, Ghana remains one of the few West African countries bucking the downward growth trend by continuing to offer positive examples of economic recovery by placing emphasis on diversifying its economy.

Despite the recent deterioration in its operating environment rankings, Ghana remains one of the easier business environments in Africa. Growth over the medium term is expected to average 6.2%, which is supportive of the greater macroeconomic fundamentals.

Drawbacks

According to the report, however, Ghana’s public debt burden (and public arrears in the local sector) requires considerable fiscal consolidation to correct.

The country’s commodity dependency is increasing, with oil, gold and cocoa being the main exports, which leaves Ghana heavily exposed to international price trends.

The risks of a slowdown in global growth that is aggravated by persistent trade tensions are credible and worth noting, the report added.

The six sectors

This year, co-authors Celeste Fauconnier, Neville Mandimika and Nema Ramkhelawan-Bhana delve deeper into the traditional and alternative sectors driving African economies to reach ever-higher levels of economic growth.

“We believe that the six sectors we’ve featured this year are key to inclusive growth across the continent,” says Fauconnier. Contributor, Daniel Kavishe, adds that under the resources banner, “mining, energy and agriculture all offer vast opportunities for the savvy investor.”

Turning to retail, Fauconnier says that it’s all about playing the long game: “While the middle class is not growing as fast as expected, the potential is still evident in the numbers.”

On the topic of finance, Ramkhelawan-Bhana stresses that: “financial services play a critical role in securing Africa’s future. Without sustainable funding and commercial credit, project development in key areas such as infrastructure, healthcare, and energy projects remain concepts rather than reality”; she adds that “the ICT sector and internet access in particular, long-viewed as a luxury in Africa, are fast becoming crucial to inclusive economies.”

According to Fauconnier and contributor Chris Mabanga, manufacturing is set to take centre stage as the continent, with its advantage of an abundance of natural resources, is focusing on turning its raw materials into manufactured goods to boost exports and reduce reliance on imports.

And, finally, Mandimika highlights that construction activity is surging as countries attempt to bridge the funding chasm between what’s needed and what’s actually being spent.

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