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    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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    Node 8, HTU hold first edition of Node X in Ho

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

    ‘Our IMF negotiations will be in best interest of Ghanaians’ – Oppong Nkrumah

    IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    President and Board Chairman of Afreximbank, Prof Benedict Oramah

    Plans are underway to complete fertilizer, railway projects in Ghana – Afreximbank

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    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

  • TECHNOLOGY

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Bawumia calls for more AfDB support as African economies battle global challenges

byNerteley Nettey
May 30, 2022
in Africa, Top Stories
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Vice President, Dr. Mahamudu Bawumia, has urged the Africa Development Bank (AfDB) and the Africa Development Fund to offer more support to African economies in the midst of on-going global economic challenges.

According to him, the AfDB has lived up to its billing of being at the forefront of the continent’s development, adding that the time has come for the bank to even do more for African countries facing the effects of global economic challenges.

Speaking at the closing ceremony of the AfDB’s three-day Annual General Meeting in Accra, Dr. Bawumia said though the Bank has contributed so much in building the African economies, today it is challenged even more than ever to do more as most economies are facing the fall-outs from the Russia-Ukraine war, which are compounding the existing socio-economic vulnerabilities triggered by the COVID-19 pandemic.

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“The performance of the AfDB over the years has proved the ingenuity and vision of our forefathers. As it was envisioned at the beginning, the bank has evolved to become integral to the sustained and inclusive development of this continent. It is now a triple AAA-rated financial institution, winning global awards and delivering the needed support for its people.

Aside the immense socio-economic interventions, especially in infrastructure, agricultural modernisation, social protection and entrepreneurial development, the bank is at the forefront of seeking fairness for Africa in the global arena. These efforts have substantially improved inequality, vulnerability and fragility on the continent. Together with the millions of the people across Africa, we say thank you for your continued belief in the African course and the African dream,” he said.

Dr. Bawumia noted that following the fallout from the external global factors, the continental average real growth rate is projected to decline from 6.2 percent in 2021 to 4.1 percent in 2022, and the short term economic consequences of this, in the form of rising inflation, subdued growth, increasing inequality, and greater macro-fiscal instability, is affecting cost of living on the African continent.

He therefore urged the AfDB, and expressed optimism that the bank “will rise up to the occasion and help our economies scale over these hard times.”

The Vice President, a former staff member of the AfDB, commended the Boards of Governors of the Bank, for their foresight in endorsing the broad framework of the bank’s Strategic Outlook: 2023 – 2032, for the next ten (10) years, to build a prosperous Africa, based on inclusive growth and sustainable development.

“It would be critical that through this Strategic Plan, the AfDB will work closely with the AU Commission and other sub-regional institutions to urgently operationalize and grow the African Financial Stability Mechanism. This will enhance protection for our economies from future shocks and enable us to join the list of regions with such economic buffer arrangements.”

“It is my view that the successful implementation of this Strategic Plan will draw the continent closer to achieving the goals of the Agenda 2063 and build the Africa we want, amongst others.”

Dr. Bawumia, on behalf of President Nana Akufo-Addo, thanked the President of the Bank, and the Governors, for selecting Ghana to host the high-level annual meetings in Accra.

 

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