Business

World Bank lauds Ghana’s progress toward economic recovery but warns of ongoing challenges

Published

4 months ago

August 16, 2024

Ghana has made notable strides toward macroeconomic stabilisation, with significant improvements in key areas such as inflation, debt restructuring, and fiscal consolidation, according to the World Bank Country Director.

Robert Taliercio O’Brien said that despite this development, the nation still has considerable work to do to fully recover.

In an interview on Joy News’ PM Express on Thursday, he highlighted government’s efforts to bring inflation under control.

“Inflation has been reduced, so it’s on a declining path, and it needs to keep declining. It’s still too high, but good progress is being made, thanks in part to the policy position of the government,” he noted.

One of the critical areas of reform that the World Bank is optimistic about is debt restructuring.

“Ghana implemented the domestic debt restructuring in 2023 and reached an agreement under the G20 Common Framework with its official creditors,” Robert O’Brien stated.

He stressed the importance of this development, explaining that a Memorandum of Understanding on restructuring the official bilateral debt was achieved and is currently in progress.https://www.youtube.com/embed/vWx0mOl0FVk?si=SWzQtxqF9osUZRbj

“As of June of this year, the government announced an agreement in principle with the commercial bondholders, which is the third piece of the debt restructuring program. So again, very good progress, but more to do,” he added.

The World Bank official also commended government’s fiscal consolidation efforts, which have led to a significant reduction in public spending.

“We saw very important measures taken by the government to reduce expenditures last year, which resulted in a 7.9 percentage point decrease in spending,” he said, describing it as “a very significant effort” to get fiscal management back on track.

Despite the achievements, the World Bank cautioned that Ghana’s economic recovery is not yet complete.

“There’s more to do,” the official reiterated, urging continued focus on sustaining the progress made so far while addressing the remaining challenges.

The interview underscores both the achievements and the ongoing challenges Ghana faces as it navigates its way toward economic stability.

The World Bank’s positive assessment serves as an endorsement of government’s efforts, but also a reminder that the journey to full recovery is far from over.

Source: myjoyonline.com

Business

Ghana’s insurance industry records 22% growth in investments assets

Published

2 months ago

October 30, 2024

Net News Ghana

Ghana’s insurance industry recorded a substantial 22% growth in its investment assets in 2023, reaching a total value of GH₵10.5 billion, up from GH₵8.6 billion in 2022, according to the latest Bank of Ghana’s 2023 Financial Stability Review report.

Ghana’s Insurance industry seems to have weathered the storm of the COVID-19 pandemic and the domestic debt exchange programme.

The life insurance sub-sector led this growth, with investment assets valued at GH₵7.0 billion as of December 2023, compared to GH₵3.5 billion in the non-life sector.

Fixed-income assets remain a common investment strategy across life and non-life sectors.

However, the share of government securities in investment portfolios has seen a notable decline, possibly influenced by the effects of the Domestic Debt Exchange Programme (DDEP).

In the non-life insurance sector, holdings in government securities decreased by 13%, reducing their share from 38% in 2022 to 27% in 2023.

Fixed deposits in this sector now make up 23% of the investment portfolio, with listed securities and investment properties contributing 27% and 19%, respectively.

Similarly, the life insurance sector recorded a 9% reduction in government securities, dropping from 49% of its portfolio in 2022 to 40% in 2023.

This shift has been accompanied by a rise in other asset classes, with investments in properties growing to 23% and fixed deposits increasing by 8 percentage points to 21%.

These shifts indicate strategic diversification in response to market conditions, positioning the insurance industry for resilience and continued growth.

The growth in investment assets and diversification efforts signal the sector’s commitment to adapting to economic dynamics while providing financial stability for policyholders.

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Source: citinewsroom.com

Business

Africa Remittance Conference UK scheduled for September 21

Published

3 months ago

September 18, 2024

Net News Ghana

The much anticipated Africa Remittance Conference UK 2024 dubbed “Market of Remittance” will be hosted in London, the capital of the United Kingdom on Saturday September 21, 2024.

It is scheduled to take place at the Canary Riverside Plaza Hotel (E14 8RS) in East London from 12noon to 6pm.

The event is being organized by Akwaaba UK in collaboration with Emergent, OmniBSIC BankGhana Limitedand Unity Link, under the theme“Leveraging Fintech and Banking Partnership for Growth”.

According to the organizers, Akwaaba UK, Africa Remittance Conference UK 2024, is a premium networking brand and the largest gathering of leading players, key and relevant stakeholders in the Remittance industries in the United Kingdom, across Europe and Africa.

Speaking on the rationale behind the event, the Chief Executive Officer of Akwaaba UK, Mr. Dennis Tawiah, indicated that the annual event is the first of its kind and a platform created for all recognized players in the Remittance Industry in the United Kingdom, Europe and Africa.

“We are excited to be hosting the Africa Remittance Conference UK 2024 after years of working with key players within the sector within the UK, Europe and across the African continent,” he said.

According to him, “We have identified the need to enhance growth and development in the sector. Remittance contributes to ending poverty and hunger, promoting good health, quality education, clean water and sanitation, decent work and economic growth, and reducing inequalities.”

On his part, the International Relations and PR Manager for Akwaaba UK, Chris Koney, highlighted the importance of the Africa Remittance Conference UK 2024and the need for corporate entities to be interested in the conference.

“Strategic partnerships and progress on remittances go hand in hand. Participants at the Africa Remittance Conference UK 2024 will acquire valuable insights, new trends and get to know opportunities in the sector. In addition, the event provides an avenue to explore ways of developing the industry, practitioners and other professionals within the value chain,” he further stated.

In addition to the list of distinguished resource persons and speakers, there will also be Networking and Business-to-Business sessions, Deal Room for Negotiations, Investor Pitching sessions and Exhibition of Innovative Financial and Fintech products and services

Business

Shippers’ Authority, MoT secure release of six Ghanaian cargo trucks in Burkina Faso

Published

4 months ago

September 5, 2024

Net News Ghana

The Ghana Shippers Authority (GSA) with support from the Ministry of Transport (MoT) has secured the release of six Ghanaian cargo trucks detained at the Dakola border in Burkina Faso.

In April of this year, the trucks were initially detained by Burkinabe Customs (Douanes) on suspicion of transporting prohibited goods from Ghana into Burkina Faso.

In June 2024, GSA intervened in the detention of twenty trucks carrying unwholesome cargo, flagged by Burkinabe authorities, after Joint Association of Port Transport Unions-Ghana’s (JAPTU-Ghana) efforts to resolve the issue proved unsuccessful.”

To resolve the issue, the Ghana Shippers’ Authority (GSA) and the Ministry of Transport held a series of stakeholder meetings at the Dakola border and Tema port, and collaborated with its Burkinabe counterpart, the Conseil Burkinabe Des Chargeurs (CBC), to secure the release of the detained trucks.

Group Picture with Staff of the Ghanaian Embassy

On 20th August 2024, Frederick Atogiyire, Northern Zonal Manager of the Ghana Shippers’ Authority (GSA), led a team to meet with Dr. Kassoum Traore, Director General of the Conseil Burkinabe Des Chargeurs (CBC), and his team to discuss the detained trucks.

Dr. Traore clarified that under Burkinabe law, unwholesome cargo can result in the confiscation of both the cargo and trucks.

He assured the team that progress was being made and that an out-of-court settlement had been reached with the shipper, paving the way for the trucks’ prompt release.

Interactions with affected truck drivers at the Dakola border

In a media briefing in Tamale, Frederick Atogiyire, Northern Zonal Manager of the Ghana Shippers’ Authority (GSA), announced that the Burkinabe Customs had efficiently processed the trucks for departure, enabling them to resume their journey to Ouagadougou on 25th August 2024, and subsequently return to Ghana on August 29, 2024.

Mr. Atogiyire expressed his appreciation for the Burkinabe Authorities’ concerted efforts in facilitating the trucks’ release.

Source: Citi Newsroom