Tag: AfDB
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Soaring food, energy prices push 15m Africans into poverty
Some 15 million people in Africa were pushed into poverty in 2022 due to high food and energy prices, the African Development Bank (AfBD) has reported. However, the Bank indicated that the poverty effect of energy price increases was higher than food prices. This was because the energy impact was fully passed through household income,…
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AfDB projects inflation to remain above 44.7 percent until 2024
The African Development Bank (AfDB) is projecting that Ghana’s inflation rate will anchor at 44.7 percent for year ending 2023. According to the AfDB, interest rate is also to remain above 25%. This projection is coming on the back of a three-month continuous increase in inflation to 43.1% in July 2023. This projection is contained…
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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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Top Nigerian banker Akinwumi Adesina cleared after corruption probe
The President of the African Development Bank (AfDB), Akinwumi Adesina, has been cleared of corruption charges after a review by an independent panel. The US, one of the bank’s biggest shareholders, insisted on a new inquiry in April after an internal review cleared Akinwumi Adesina. Whistleblowers had accused the Nigerian of giving contracts to friends…
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AfDB satisfied with Ghana’s macroeconomic stability; set to release $600m cocoa loan
The African Development Bank (AfDB) says it will soon transfer a 600 million dollar loan facility it approved to COCOBOD to help grow Ghana’s cocoa sector. The agreement for the funds was signed in November 2019, but the money is yet to hit the accounts of the Bank of Ghana, due to procedural arrangements. Speaking…
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AU, AfDB sign US$4.8 million grant for free trade secretariat
The African Development Bank Group has signed a US$4.8 million institutional support grant to the African Union (AU) for the implementation of the African Continental Free Trade Area (AfCFTA). The grant, approved by the Group’s Board of Directors on 01 April 2019, forms part of a series of interventions by the Bank in its lead…
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KIA’s Terminal 3 to boost customs revenue
Customs revenue from the Kotoka International Airport (KIA) is bound to see a major boost as the Terminal three begins operations. Officials of the GRA are hopeful that the potential increase in fleet should translate into increased revenue for the Authority. The Terminal three will accommodate all international flights to and from Ghana. The facility…