African Development Bank

Ghana’s Inflation To Remain Above 44.7% Until 2024 – AfDB Report
14 Aug

Ghana’s Inflation To Remain Above 44.7% Until 2024 – AfDB Report

wontumionlineBusiness,
Ghana’s inflation rate is expected to anchor above 44.7 percent until the year 2024, this is the projection from the African Development Bank. The Bank in its recently released West Africa Economic Outlook Report further projected that the country’s interest rates will continue to hover above 25 percent. The report noted that, “Within the West Africa region, inflation is projected to be highest in Ghana (45%), Nigeria (17%), Sierra Leone (27%) and the Gambia (12%). Except Nigeria, local currencies in the three other countries experienced double digit depreciation in 2022. This is expected to continue in the medium term.” For…
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Africa Has Technology, Innovation To Achieve Zero Hunger – Afdb Head
07 Jun

Africa Has Technology, Innovation To Achieve Zero Hunger – Afdb Head

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Africa has the necessary partnerships and technologies to eradicate hunger, said African Development Bank President Dr. Akinwumi A. Adesina. What is needed is action including robust financing, Adesina said Monday during the opening session of the 8th Africa Agribusiness and Science Week (AASW) in Durban, South Africa. “We must pull together the best of science, technology, and innovations to drive a more productive, efficient, and more competitive agricultural system,” Adesina told an audience of stakeholders in agriculture and agribusiness research and innovation in Africa. The Forum for Agricultural Research in Africa (FARA) organized the event with the government of South…
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Efficient Regulation Will Cushion Utilities Against Shocks – AfDB
25 Apr

Efficient Regulation Will Cushion Utilities Against Shocks – AfDB

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Effective regulations can help utilities to successfully navigate the current economic turbulence and energy transition process, says Wale Shonibare, Director for Energy Financial Solutions, Policy and Regulation at the African Development Bank (AfDB). The utilities sector, particularly the power industry, is saddled with numerous challenges including inefficient revenue collection or revenue losses and rising energy sector debt. For instance, as at the end of January 2023, Independent Power Producers were owed US$1.3billion due to the Electricity Company of Ghana’s inability to effectively collect revenues from electricity consumers and pay for the power it buys from producers. However, to effectively overcome…
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Ghana’s Sovereign Bonds Were Already In ‘Junk Status’ Prior To Russia/Ukraine War” – AfDB
24 Jan

Ghana’s Sovereign Bonds Were Already In ‘Junk Status’ Prior To Russia/Ukraine War” – AfDB

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Ghana’s sovereign bonds were already trading distressed prior to Russia’s invasion of Ukraine, the Africa Development Bank’s 2023 Africa’s Macroeconomic Performance and Outlook has revealed. This it said was due to fiscal concerns and widening spread which has expanded further by more than 1,500 basis points since August 2022. The report said the debt vulnerabilities are likely to linger as countries such as Ghana continue to grapple with the economic shocks from the COVID-19 pandemic and Russia’s invasion of Ukraine. At the end of September 2022, 23 African countries were either in debt distress (8 countries) or at high risk of debt…
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Ghana’s Economy Expanded By 3.6% In 2022 – African Development Bank
20 Jan

Ghana’s Economy Expanded By 3.6% In 2022 – African Development Bank

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The African Development Bank says Ghana’s economy expanded by 3.6% in 2022, from 5.4% in 2021. This is slightly lower than the 3.7% forecast by the Government of Ghana and 3.8% by the World Bank. Indeed, this was also 1.8 percentage points lower than the initial forecast of 5.4%. In its latest  2023 Macroeconomic Performance and Outlook Report, it said growth was weighed  down  by  deep  macroeconomic  imbalances— higher inflation, depreciating local currency,  and  high  public  debt,  estimated  at  91% of Gross Domestic Product. The top growth performers in 2022  were  Seychelles (8.3%),  Rwanda  (6.9%) and Kenya (5.5%). Growth in oil-exporting…
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