Category: West Africa
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GUTA urges gov’t to get other countries to open their borders to facilitate trade
The Ghana Union of Traders Association (GUTA) has added its voice to calls on government to get Ghana’s neighbouring countries to also reopen their land borders, more than a week after President Akufo-Addo announced the reopening of Ghana’s land and sea borders President Nana Akufo-Addo’s announcement of a reopening of Ghana’s land and sea borders,…
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ECOWAS postpones implementation date for ‘Eco’ again; moved to 2027
After several postponements, West Africa’s 15-nation bloc- the Economic Community of West African States (ECOWAS), has once again postponed the implementation of its long-time dream of a single currency. The bloc over the weekend announced 2027 as the new date to launch the “Eco.” The Eco was first planned to be introduced in 2003 but…
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ECOWAS needs payment, settlement system as ECO adoption delays – Akufo-Addo
Chairman of the Economic Community of West African States (ECOWAS) President Nana Akufo-Addo has called for the rapid establishment of a payment and settlement system for the ECOWAS region. He made the call during the opening ceremony of the 58th Ordinary Session of the ECOWAS Authority of Heads of State and Government, which was held…
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Reuters poll suggests cocoa prices may drop by 10% due to COVID-19
A Reuters poll of London cocoa futures forecast cocoa would cost 10% less at the end of the year, because of rising production and a hit to demand from the coronavirus crisis. But chocolate bars will not necessarily get cheaper partly because the price of cocoa is only one ingredient in the mix that makes…
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Dangote Fertiliser begins pre-testing of US$2bn world’s biggest plant ahead of opening
Dangote Fertiliser Limited has begun the countdown to the inauguration of its US$2 billion Granulated Urea Fertiliser complex located in the Dangote Free Zone. With a capacity of 3 million tonnes per annum, the plant has been classified as the biggest project in the entire fertiliser industry history in the World. Siapem of Italy is…
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Growth in sub-Saharan Africa to rise to 2.9 percent — World Bank
Growth in sub-Saharan Africa is expected to rise to 2.9 percent in 2020, the World Bank said Tuesday in its January 2020 Global Economic Prospect report. The bank cited improved investor confidence in some large economies, easing of energy hurdles, a rise in oil production, which led to a recovery in oil exporters, as indicators.…
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Renaming CFA as Eco was a unilateral decision — ECOWAS’ Finance Ministers, central bank governors declare
The Finance and Economy Ministers, as well as Governors of central banks in West Africa, have denounced the recent decision by the Ivorian President, Alassane Ouattara, to rename the CFA franc as the ECO — the name of the single currency planned for the sub-region. A communique issued after an extraordinary meeting of the group…
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West African CFA-Franc nations plan to move reserves from France
Francophone nations in West Africa want more control over the management of their currency and plan to move some reserves from France, said Beninese President Patrice Talon. The eight-member nations of the West African Monetary Union “unanimously agree” on ending a decade-old model whereby their foreign-exchange accumulation is kept at the French Treasury, Talon said…
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Allow Ghanaian traders stuck in Nigeria to move out — GUTA
In relation to the recent extension of the border closure by Nigeria to the end of January 2020, The President of Ghana Union of Traders Association (GUTA) Dr. Joseph Obeng is calling on Nigerian authorities to allow Ghanaian traders stuck inside Nigeria to leave with their products back to Ghana. The extension which was approved…
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New report attributes rising e-commerce to expanding middle-class, tech savvy young people
A new report on Ghana’s retail industry has shown a steady rise in the volume of e-commerce transactions, thanks to an expanding middle class, the proliferation of smartphones and tech-savvy young people. The report titled “Digitize or Die” warned that only retailers who can keep up with digital trends and understand the changing lifestyles and…