Tag: Africa
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Ken Ofori-Atta writes: Africa deserves more help for COVID-19
Ghana confirmed its first two COVID-19 cases on March 12; imports from Norway and Turkey. Africa has since recorded more than 1.5 million cases and counting, though in terms of infections and deaths, we have fared better than most regions. Perhaps this is because of our youthful population, the natural social distancing of outdoor living…
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World Bank predicts COVID-19 induced economic downturn in Sub-Saharan Africa
Driven by the economic fallout of the COVID-19 global pandemic, growth in Sub-Saharan Africa is predicted to fall to -3.3 percent in 2020, pushing the region into its first recession in 25 years, according to the latest regional economic analysis Africa’s Pulse: Charting the Road to Recovery. The pandemic could also drive up to 40…
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AfCFTA Secretary-General pledges to empower women as part of vision
The Secretary-General of the Africa Continental Free Trade Area, Wamkele Mene, has said part of his vision for the implementation of the Africa trade agreement is the empowerment of women and other vulnerable groups in Africa. He says there must be a conducive atmosphere for women in trade, young Africans and Small and Medium Enterprises…
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African Finance Ministers call for $100 billion stimulus, debt holiday
African finance ministers have called for a $100 billion stimulus package, including a suspension of debt service payments, to help the continent combat coronavirus. According to Reuters, some $44 billion would come from not servicing debt and they would also tap existing facilities in the World Bank, International Monetary Fund (IMF), African Development Bank (AfDB)…
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Akufo-Addo urges lenders to abolish ‘Africa Risk Premium’
President Nana Akufo-Addo has called for the removal of Risk Premium from the credit rating structure for African countries seeking financial assistance on the international capital market. Risk Premium is the additional return or premium demanded by investors to compensate them for the higher risk associated with investing in a foreign country. Delivering a speech…
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IMF cuts Sub-Saharan Africa’s 2019 growth forecast to 3.5 percent
The International Monetary Fund cut its 2019 economic growth projection for sub-Saharan Africa this year to 3.5 percent, from 3.8 percent set last October, hot on the heels of a downgrade by the World Bank earlier in the week. The new forecast reflects downward revisions for Angola and Nigeria with a softening in oil prices,…
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Int’l Civil Aviation Organization ranks Ghana high in aviation safety
Ghana obtained a provisional Effective Implementation (EI) rate of 89.89 per cent, the highest by an African country, after the International Civil Aviation Organization (ICAO) concluded its Coordinated Validation Mission (ICVM) this year. The validation is in line with the United Nations Aviation Agency’s Universal Safety Oversight Audit Programme (USOAP). The ICVM assessed Ghana’s safety…
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Ghana receives €100m from Germany’s ‘Compact with Africa’ programme
Ghana is to benefit from a €100 million funding support from Germany as part of its “Compact with Africa” programme. The funds are targeted at supporting the government’s infrastructure development and enhance investment opportunities for private sector growth. Ghana is one of three African countries which have been signed on for this year’s allocations. The…