Category: INTERNATIONAL
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US Fed meets inflation surge with 75bp hike
The US Federal Reserve voted 10–1 to increase the policy rate by 75 basis points today (June 15), executing its largest rate hike in 28 years as inflation unexpectedly surged. The consumer price index rose by 8.6% over the year ending in May, the highest increase since 1981 and a reversal of April’s short-lived decline…
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As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty
On Wednesday June 15, 2022, Nigeria’s National Bureau of Statistics (NBS) released the Consumer Price (CPI) Index report which showed the country’s inflation rate at an 11-month high of 17.71%, up from 16.82% in April. The report, which was seen by Business Insider Africa, noted that the increase was driven mainly by skyrocketing food and…
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Ticket prices to rise following B.A schedule change on Accra-London-Accra route
Stakeholders in the aviation sector are warning of a hike in ticket prices for passengers using British Airways on the Accra-London-Accra route following the reduction in the number of days that the airline flies to and from Ghana. The airline as a result of several factors including a shortage of staff has decided to cut…
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Bawumia calls for more AfDB support as African economies battle global challenges
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…
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Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo
Foreign illicit financial transactions and tax evasion by multinational companies are draining Africa’s domestic resources and depriving it of crucial investment funds. This is according to President Nana Addo Dankwa Akufo-Addo. According to him, the phenomenon is denying the continent the needed tax revenue to finance important development programmes for the country. Speaking during the…
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Take control of financing on the continent – Ofori-Atta to AfDB
Finance Minister, Ken Ofori-Atta, has urged the African Development Bank to strengthen itself to take control of financing more projects on the continent. According to him, the bank must put in place measures to ensure that no financial institution, including the Bretton Woods, has a deeper foothold on the continent than the African Development Bank.…
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We’ll avert any looming food crisis with effective planning – AfDB Boss
The African Development Bank Group president, Dr. Akinwumi Adesina, says he is confident that Africa will be able to avoid a looming food crisis in the coming months. To tackle the disruption of food imports from the Russian-Ukraine crisis, the Board of Directors of the Bank last week approved a $1.5 billion African Emergency Food…
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Standard of cars assembled in Ghana will not be compromised – GSA assures
The Ghana Standards Authority has pledged its commitment to making sure that standards for vehicle assembly and production in Ghana are not compromised. To achieve this, the Authority is doing all it can to ensure that the vehicles assembled in Ghana are of the highest standards to be able to compete on the African market…
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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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Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo
International Finance Corporation, IFC, a member of the World Bank Group, has appointed Kyle Kelhofer as Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo. Kyle Kelhofer who previously worked for IFC in Ghana, brings almost 30 years of global development experience to his new role supporting private sector growth, job creation, and…