Kofi Ahovi

  The US will intervene on Ghana’s behalf with the Paris Club as the country seeks debt forgiveness as part of the International Monetary Fund’s balance of payment support. This was made known by the US Vice President, Kamala Harris at a joint Press Conference with President Akufo-Addo this afternoon. According to Harris, the US will help Ghana with all the support it needs to ensure that it scales through its current economic crisis. We welcome Ghana’s commitment to reform its economy for sustainable and inclusive growth. We support Ghana’s engagement with the IMF, and we will continue to push all bilateral creditors to provide meaningful debt reduction for countries that need it. “It is critical to do so to build long-term economic growth and prosperity and to increase US investments. Our partnership is already strong, and I believe that today we have strengthened it.” Meanwhile Kamala Harris has entreated Ghana’s foreign creditors to help the country meet its debt servicing obli...

  The Vice President of the United States of America, Kamala Harris has expressed her intent to reinforce her country’s partnership with Ghana and other countries on the continent. She made this comment when she arrived at the Kotoka International Airport in Accra to begin her Africa tour. According to her, the aim is to hold discussions that will foster opportunities in various sectors of the continent. While delivering her first address, Kamala Harris highlighted the important role Africa plays in global development issues. “In particular on this trip, I intend to do work that is focused on increasing investments here on the continent and facilitating economic growth and opportunity, specifically, in the areas of economic empowerment of women and girls. Empowerment of youth entrepreneurship, digital inclusion, and to support the work that must be done to increase food security, including adaptation to the effects of the climate crisis,” she said on Sunday. Madam Harris said she w...

  The police have announced a security-induced traffic management arrangement in Accra and Cape Coast for the official visit to Ghana by US Vice President Kamala Harris. The general public is asked to take note of traffic arrangements in Accra and Cape Coast from March 26 to 29. The police have asked motorists to cooperate with them and advised them to use alternative routes wherever possible, to ensure effective traffic management as the country demonstrates its convivial hospitality in line with tradition and culture towards guests. “We would also like to indicate that Police officers would be detailed along the roads mentioned and at other vantage points to assist the public during the entire period. “We apologise to the public for any inconvenience caused by these arrangements,” the police said. Below is the arrangement: A. Sunday, 26th March 2023, Traffic Arrangements within Accra Between the hours of midday and 4:00 pm, there will be intermittent roadblocks along the Liberati...

 The vice president of the United States of America, Kamala Harris, could not hide her excitement when she landed in Accra, Ghana on Sunday to start her African tour. She said she was looking forward to cementing further the “very important relationship and friendship between the people of the United States and those who live on the continent of Africa.” Kamala told the enthusiastic crowd cheering her upon arrival at the Kotoka International Airport that, “I’m very excited about the future of Africa. I’m very excited about the impact of the future of Africa on the rest of the world, including the United States of America.” The US vice president added, “When I look at what is happening on this continent and the fact that the median age is 19 years old and what that tells us about the growth of opportunity, of innovation and of possibilities, I see in all of that great opportunity, not only for the people of this continent but the people of the world.” According to her, there is a lo...

 A new report, produced by Oxford Business Group (OBG) in partnership with ARISE, explores a drive underway across several West and Central African countries to put environmental, social and governance (ESG) policies and practices at the heart of their economic transformation plans. Titled “ESG in Africa,” the ESG intelligence study provides an in-depth analysis of the region’s changing industrial landscape, including its expanding special economic zones (SEZs), in an easy-to-navigate and accessible format, supported by key data and infographics. The report tracks the growth strategies taking shape in West and Central African countries, and their increasing alignment with both ESG principles and the UN Sustainable Development Goals. Key topics examined include the role that ESG is playing in strengthening value-added economic activities throughout the region’s SEZs. The study also considers the potential for ESG-inspired policies to help attract sustainability-focused investment fo...

  Ghana’s public debt stock remained unchanged at ¢575.7 billion at the end of November 2022, about 93.5% of Gross Domestic Product, the Bank of Ghana’s March 2023 Summary of Economic and Financial Data has revealed. The country has already undertaken a Domestic Debt Exchange Programme where there was about 85% participation from investors, largely institutional. 84.91% of ¢97.7 billion of “eligible” domestic bonds were tendered and accepted. Presently, the nation is engaging some of its external creditors in order to conclude the external debt restructuring by the end of March 2023. Finance Minister, Ken Ofori-Atta had travelled to China yesterday March 23, 2023, to negotiate with the Chinese government which holds about $1.7 billion of Ghana’s debt, to restructure the country’s debt. The meeting according to the Finance Minister was successful, saying, China has given Ghana positive assurances on reaching an agreement with the government. According to the data from the Central Ba...

  The Bank of Ghana has put the depreciation of the cedi to the dollar at 22.1% as of March 2023. In its latest Summary of Economic and Financial Data, the Central Bank pegged the cedi at ¢11.104 to one US dollar on the interbank market. In February 2023, the local currency also lost 22.1% in value to the American greenback, but its depreciation in January 2023 was 20.6%. This was after the earlier estimate of 19.1% depreciation was revised. Comparing the cedi’s performance in March 2023 to February 2023, the local currency depreciation to the dollar has slowed down drastically.. For the pound and the euro, the local currency lost 23.5% and 23.1% in value respectively in March 2023. The cedi appears to be faring slightly better on the forex or retail market where it is going for about ¢12.50 to one US dollar. Cedi may record mixed performance to dollar this week Earlier this week, some analysts had projected a mixed performance of the cedi against the US dollar. According to some o...