e-Transaction tax: Ghana MPs Exchange Blows Over Proposed law
e-Transaction tax: Ghana MPs Exchange Blows Over Proposed law
Lawmakers in Ghana exchanged blows late Monday evening over a proposed electronic payment tax. The government says the new tax would boost revenue for development, but parliament has been split over the idea and fights broke out when supporters tried to force a vote.
Ghanaians in general, and the opposition in particular, have vehemently opposed the proposed 1.75% tax on electronic transactions, popularly known as e-levy, contained in the 2022 budget.
If passed, the law would include taxes on mobile money payments, which is used by 40% of Ghanaians 15 years and older, according to a 2021 data by the central bank.
Up against a deadline, the government wanted the bill passed under a certificate of urgency on the last day of sitting. But a brawl broke out on the floor when the first deputy speaker, Joseph Osei-Owusu, pushed for the vote.
The regular speaker was absent from the session. Opposition MP Mahama Ayariga says the deputy was circumventing normal procedure in an attempt to force the bill through parliament.
“The house is governed by rules. And so when you make it right for persons to undermine those rules what do you expect the MPs to do. They won’t just sit aside and watch the person undermine the rules,” he said.
The acting speaker, Osei-Owusu, says he operated within the standing orders of Ghana’s parliament and had the right to vote for the bill under consideration.
“As long as we can change over then that advantage is restored. In my view and I still hold that view strongly that as long as we can change the seat at any time there should not be that disadvantage,” he said. “Otherwise, no proceedings will go on. Why should I come and preside so that I can’t take any decision, what is the point?”
About 50 lawmakers took part in the brawl.Only one was injured, the minister of youth and sports who got a cut in the face.
The executive director of the African Center for Parliamentary Affairs (ACEPA), Rasheed Draman, told a local radio station that Ghana should brace for more gridlock in the current parliament.
“I have never seen anything like this. And for me I have said this since the beginning of the year that if we’re not careful this is how the eighth parliament is going to be. It will be characterized by a lot of confusion and a lot of gridlock,” he said.
Parliament has now been adjourned until January 18 to give lawmakers more room to consult on the controversial electronic levy.
Sheikh Osman Sharubut is 102 and has led Ghana minority Muslim community for 28 years. Credit, BBC
Solving violence, intolerance in Africa: A Lesson from Ghana
Towards his vision to help eradicate sectarian crises often arising from religious intolerance, Ghana’s chief imam, Sheikh Osman Sharubut has donated more than $8,000 (£5,800) to support the construction of a controversial national cathedral.
The 102-year-old cleric said the gesture was to strengthen peaceful co-existence between Christians and Muslims.
Sheikh Osman Sharubutu has led Ghana’s minority Muslim community for 28 years. His disposition to inter-religious relations is elemental to Ghana having a history of inter-religious harmony.
His recent donation is regarded as unusual.
The leader of Ghana’s minority Muslim community has said before that he wants to ensure that his legacy is peace.
The BBC reports that two years ago, he attended an Easter Catholic Church service – causing a stir on social media.
It is also reported that the government recently launched an initiative to encourage Ghanaians to donate money towards the construction of the cathedral.
“It is to be built in the capital, Accra, and is expected to cost more than $100m.
The complex, to be completed in 2024, is to include a Bible Museum and a 5,000-seat auditorium.
Although it will be privately funded, many have criticised the project, describing it as a misplaced priority given the current economic climate”, reports the BBC.
The Fix The Country protests, which began in March, have been gaining momentum
Fix the Country Protesters march in Ghana’s capital
Several thousand anti-government protesters have marched through the streets of the Ghana capital, Accra, to call for action to address the country’s economic and social challenges.
The Fix The Country protests, which began in March, have been gaining momentum
A social media campaign under the slogan “Fix The Country” has gained momentum in recent months.
President Nana Akufo-Addo’s government has introduced new taxes and increased fuel prices.
Some on the streets criticised the president’s decision to build a $200m (£143m) national cathedral – arguing that bigger priorities including education and housing needed to be addressed.
The protests started in March when a court dismissed an opposition challenge to Mr Akufo-Addo’s re-election in December.
Uncertainty, Ghana on the Balance as polls open to elect President, Parliamentarians
Uncertainty as polls open in Ghana to elect President, Parliamentarians
Ghana is upbeat about the election of president and parliamentarians which opened today in the West African country.
Voters queued overnight in the northern city of Tamale, a BBC reports said, in the election an uncertain polls in which 17 million are eligible to vote.
Polling stations opened on Monday morning as voters thronged to cast votes for president and 275 members of parliament.
President Nana Akufo Addo is seeking re-election for a second term and faces a challenge from former President John Mahama.
This will be the first time since democracy was re-established in 1992 – after years of military rule – that an election will be held without the physical influence of the late former president Jerry Rawlings.
The charismatic and popular leader, who oversaw the return of multiparty politics, died at the age of 73 at a hospital in the capital, Accra, on 12 November following a short illness. However, there is a widespread belief that sympathy votes in honour of Rawlings may sway the election to left.
This is Ghana’s eighth election since the return of multiparty democracy in 1992.
Polls opened at 07:00 local time and are expected to close at 17:00. More than 17 million Ghanaians are eligible to vote in the elections
Covid-19 protocols are expected to be strictly enforced. Those not wearing face masks will not be allowed to vote. People have also been advised to return home after casting their ballots
Ghana has had five presidents since 1992 and three hand-overs of power. It is considered as one of the most democratic countries in West Africa.
Eleven candidates are in the race to unseat President Nana Akufo-Addo. His main challenger is his predecessor and 2016 opponent, John Dramani Mahama.
Youth unemployment, security concerns and effects of the Covid-19 pandemic on the economy are among the top issues Ghanaians will consider when voting.
Here are six things to know about this election.
The world has gone through so much uncertainty and surprises this year but Ghana’s presidential race is remarkably familiar.
The ruling New Patriotic Party (NPP) candidate, Mr Akufo-Addo, 76, and his longtime rival, Mr Mahama, 62, of the National Democratic Congress (NDC), will slug it out for the presidency for a record third time. The two men first ran against each other in 2012.
In the first contest, Mr Mahama unexpectedly became his party’s candidate after then President John Evans Atta Mills died just five months before the presidential poll.
Mr Mahama, 62, went on to defeat Mr Akufo-Addo, 76, who had been tipped to win.
The results were challenged in court on grounds of electoral fraud but after eight months Ghana’s Supreme Court upheld Mr Mahama’s narrow victory. Mr Akufo-Addo, however, got his revenge in 2016.
Mr Mahama told BBC Pidgin in a recent interview that an ailing economy, a power crisis that he resolved a little too late, and “fake news from opposition’s social media troll factory” led to his defeat four years ago.
But whatever happens, there will not be a fourth face-off between the two men – whoever wins will be ruled out of future elections after serving two terms.
“We promise to champion African excellence and deliver a befitting event. We will leave no stone unturned to ensure that this is a seminal event.” – Kenneth Ofori-Atta
I would like to assure you of the Bank’s full commitment and availability to accompany the Government of Ghana on this journey – Vincent O. Nmehielle
Ghana, the host country of the African Development Bank Group’s 2021 Annual Meetings (AfDB.org), signed a Memorandum of Understanding with the institution on Friday, marking an important milestone in preparations for the event.
The 56th Annual Meetings of the African Development Bank and the 47th Annual Meeting of the African Development Fund are scheduled to take place from 24 to 28 May 2021, in Ghana’s capital city, Accra.
Ghanaian Finance Minister Kenneth Ofori-Atta, the current chair of the Bank’s Boards of Governors, signed the MOU on the country’s preparedness to host the event at a ceremony held at the Ministry of Finance office in Accra. Prof. Vincent O. Nmehielle, African Development Bank Group Secretary General, signed on behalf of the Bank Group.
The meeting began with a minute of silence in honour of former Ghanaian president Jerry John Rawlings, who died on Thursday 12 November, with both signatories paying their respects.
In remarks following the signing, Minister Ofori-Atta said he had carefully reviewed the MOU and found it satisfactory. “The signing is yet another indication of our strong commitment to delivering on all the requirements for hosting of the 2021 AGM. As a country, our interest in this event has not diminished. At the highest level, the commitment is visible,” he said.
“We promise to champion African excellence and deliver a befitting event. We will leave no stone unturned to ensure that this is a seminal event.”
The ceremony was witnessed by Finance Ministry officials, a representative of the Bank of Ghana, African Development Bank Acting Country Manager Sebastian Okeke and representatives from the Bank’s headquarters in Abidjan.
Thanking Minister Ofori-Atta for his leadership in the preparations, Prof. Nmehielle said Ghana had been selected to host the meetings in 2016 during the Annual Meetings in Lusaka, Zambia, following the country’s expression of interest.
The Secretary General said due to the unpredictable evolution of the COVID-19 pandemic, the MOU provided three scenarios for the conduct of the meetings: a full-fledged meeting as per the Bank’s normal practice, limited Annual Meetings, focusing only on statutory matters, and virtual Annual Meetings.
“I am delighted that we are here today to sign the MOU. I would like to assure you of the Bank’s full commitment and availability to accompany the Government of Ghana on this journey,” Prof. Nmehielle said.
While the situation on the ground would determine which scenario would be adopted as they got closer to the event, “it is heartwarming to learn that Ghana is working on preparations for the full-fledged Annual Meetings,” Prof. Nmehielle said.
The Bank Group’s Annual Meetings are the most important annual statutory event, at which the Boards of Governors of the Bank and the African Development Fund meet and review Bank Group activities over the previous year.
The 2020 Annual Meetings were held virtually for the first time in the Bank’s history, due to the ongoing COVID-19 pandemic. The highlight of the scaled-back meetings was the election of Bank President Akinwumi Adesina, for a new five-year term.
The meetings usually draw some 3,500 participants, including finance ministers, governors of central banks, policy makers, civil society groups, heads of international organisations and business leaders from the Bank Group’s member states.
Ghana has been a member of the Bank Group since its inception in 1963.
Mr. Yofi Grant, the Chief Executive Officer of Ghana Ghana Investment Promotion Center (GIPC)
Ghana Grows FDI by $785.62 Million in First Half, 2020—Yofi Grant
Mr. Yofi Grant, the Chief Executive Officer of Ghana Ghana Investment Promotion Center (GIPC) said the GIPC and the Petroleum Commission has recorded total investments of US$869.47 million, with total FDI value amounting to US$785.62 million between January to June 2020 as FDI inflow showed rare strength in the final moments of the second quarter of the year, undeterred by the Covid-19 pandemic.
The total FDI of US$785.62 million represents investment recorded by the Ghana Investment Promotion Center (GIPC) (https://www.GIPCGhana.com/) and the Petroleum Commission.
Worldwide, the United Nations Conference on Trade and Development (UNCTAD) has estimated that the Covid-19 pandemic to send global FDI plunging by about 40 percent – driving the total value of FDI below US$1 trillion for the first time since 2005. However, in spite of a sluggish start in the first quarter of 2020 and a worrying slump in the beginning of the second quarter due to severe lockdown measures to contain the spread of the corona virus, FDI to Ghana have begun to rebound resulting in a notable increase in FDI inflow for the first half of the year.
At the GIPC, a total of 69 projects with a total estimated value of US$688.74 million was recorded by the end of June 2020. Of this, the total FDI component amounted to US$627.52 million while local component accounted for an estimated US$61.22 million. The FDI value of US$627.52 million was a considerable increase of about 409.10 percent from last year’s FDI value of US$123.26 million recorded within the same period (Jan-Jun 2019), depicting a strong performance irrespective of the global pandemic.
Out of the 69 projects recorded, the services sector registered a majority of 25 projects followed by the manufacturing and export trade sector with 21 and 11 projects respectively. With regards to value, general trading recorded the highest amount of US$246.05 million. This was tailed closely by the mining exploration sector with US$231.02 million having sealed some major investments such as the Chirano Gold mine project for the exploration of minerals. The manufacturing sector also saw significant investments valued at US$170.67 million on the back of some notable ventures such as a deal by Matrix industries for the manufacture of paper and aluminum products as well as the Rainbow Paints Limited project which is a joint venture between Ghana and Kenya for the manufacturing of paints and related products.
Geographically, the spread of the projects cuts across 6 regions namely, Greater Accra, Central, Eastern, Ashanti and Volta regions with most projects registered in the Greater Accra enclave. Together, the 69 projects are expected to make significant contribution to job creation in the country. Per estimations, a total of 14,614 jobs are expected to be created when the projects are fully operational. Out of this, 14,052 of the jobs representing 96.15 % will be for Ghanaians whilst the remainder of 562 jobs which represents 3.85% will be taken up by foreigners.
Meanwhile, additional equity totaling US$11.56 million was re-invested by existing companies within the first half of the year, while a total of GHC1,365.26 million was recorded as investments from 28 wholly owned Ghanaian businesses.
The seemingly positive performance of FDI inflows to the country has been to an extent attributed to the gradual easing of the Covid-19 restrictions as well as government initiatives and incentives rolled out to buffer businesses and the economy at the height of the pandemic.
Regardless of the upbeat performance, the United Nations Conference on Trade and Development (UNCTAD) predicts that FDI will continue to see a decline of 5-10 percent in 2021 with a slow recovery to be initiated in 2022 driven by restructuring of global Value Chains and a general rebound of the global economy.
In this regard, the GIPC remains cautiously optimistic about the flow of FDI to Ghana, as we move forward. That notwithstanding, the Center will continue to assiduously pursue worthwhile investments for economic development as well as support government initiatives such as the COVID-19 Alleviation and Revitalisation of Enterprises Support (CARES) Programme to help bolster the Ghanaian economy towards a recovery and remain resilient pre and post pandemic.
Ghana gets AfDB $69 million COVID-19 response grant as cases rise
The Board of Directors of the African Development Fund (ADF) on Friday approved a $69 million grant to support Ghana’s efforts to tackle the COVID-19 pandemic and mitigate its socio-economic impact on the nation.
The grant from the ADF, the concessional arm of the African Development Bank (www.AfDB.org), will provide fiscal budget support to finance the government’s national COVID-19 Emergency Preparedness and Response Plan, and Coronavirus Alleviation Program.
Specifically, the funds will help to upgrade the capacity of healthcare facilities to isolate, diagnose and care for patients, and provide more test kits, pharmaceuticals, equipment and beds. It will also ensure adequate personal protective equipment (PPE) for health workers and support financial incentives and an insurance package for health and allied professionals.
Ghana ranks fourth in COVID-19 infections in Africa after South Africa, Egypt and Nigeria. As of 24 July 2020, the West African nation has recorded 30,366 cases of the disease, with 26,687 recoveries and 153 deaths.
“Overall, the objective is to help contain the spread of the virus, expand testing and ease the impact of the virus on social and economic life, through measures aimed at protecting jobs, sustaining livelihoods and supporting small businesses,” said Marie-Laure Akin-Olugbade, the Bank’s Director General for West Africa.
The ADF grant is a Crisis Response Budget Support operation, disbursable in a single tranche under the Bank’s $10 billion COVID-19 Response Facility. The grant aligns with one of the Bank’s High 5 priorities, namely to “Improve the quality of life for the people of Africa”.
Under Ghana’s COVID-19 response program, all affected persons will receive free treatment and free water supply. Micro, Small and Medium enterprises (MSMEs) will benefit from a soft loan scheme with one-year moratorium and two-year repayment period. The private sector will also benefit from a tax freeze and refund, direct subsidies and a guarantee fund, enabling businesses to access bank credit.
The program also aims to increase the percentage of the population tested from one percent to three percent by the end of December 2020, boost the number of points of entry reporting suspected cases of COVID-19 from 1 to 14 by the end of September 2020, and increase designated treatment centers with adequate intensive care facilities to 100% by end December 2020.
As elsewhere, the pandemic has slowed down economic activity in the agriculture, industrial and services sectors. The agriculture sector, in particular, will likely record a lower performance since the disease has coincided with the onset of Ghana’s farming season.
The economy of Ghana, which exports gold, cocoa and oil, is negatively affected by a significant increase in public spending due to COVID-19. Real GDP growth is projected at 2.1% in 2020 compared to 6.1% in 2019, while the current account deficit is forecast to widen to 3.6% compared to 3% in 2019, due to a decline in export earnings and lower tourism revenues and remittances.
The COVID-19 pandemic could also deepen inequalities between men and women, with far-reaching health, social, and economic implications, Bank officials noted.
Ghana Authority demolishes Nigerian diplomatic building in Accra
Diplomatic Row as Ghana demolishes Nigeria’s Embassy house in Accra
The Nigerian foreign Ministry is demanding justice over the demolition of a residential building in Nigeria’s diplomatic premises in Ghanaian capital city Accra.
Geoffrey Onyema, Nigeria’s Foreign Affairs Minister said unknown persons demolished the building using a bulldozer. He did not say when the demolition was carried out.
“We are engaging the Ghanaian Government and demand urgent action to find the perpetrators and provide adequate protection for Nigerians and their property in Ghana,” Onyema said.
Onyeama said on Sunday that the premises was attacked twice.
Fred Smith, the editor of Ghana-based JoyNews said the men who demolished the building were armed and threatened to shoot the staff of the Nigerian High Commission who tried to interfere.
The head of security Emmanuel Kabutey at the high commission said it was likely the people who demolished the building had the backing of some people in government.
“When the police came, they did not come to us or any other person but rather went straight to the man [leader of the armed men] they had a friendly chat, exchanged numbers with him and allowed him to go,” Kabutey told JoyNews
“When they came back in, they took pictures but did not ask me or my boys anything.”
Nigerian businesses and nationals have come under increasing attacks in the West African country in recent years.
37 Nigerian traders were arrested and detained by the Inter-Governmental Task Force constituted by the Ghanaian Government in 2018. About 10 shops owned by Nigerians were also locked up on Tip Toe Lane at the Kwame Nkrumah Circle Ghana on the pretext that they were yet to regularise their business concerns as prescribed by law.
In December 2019, Nigerian lawmaker Tolulope Akande-Sadipe, who chairs the Committee on Diaspora Matters in the House of Representatives, said over 600 shops belonging to foreign traders, most of whom were Nigerians, were forcefully locked up on Sunday, December 1, 2019, at the Kwame Nkrumah Circle by the Ghana Union of Traders Association (GUTA).
Nigeria in January was forced to deny suggestions of any imminent diplomatic row with Ghana after its officials were allegedly forcefully ejected from a diplomatic property in Accra.
The property was in “use by the Federal Ministry of Finance, since 1957, on leasehold and was later bequeathed to the Ministry of Foreign Affairs,” as a spokesman for the Ministry of Foreign Affairs Ferdinand Nwonye said.
He said the Nigerian authorities were in discussion with Ghana to extend the lease on the property after its expiration.
“The property in question is not housing either the Residence of the High Commissioner or the Chancery or staff quarters,” Nwonye said.
Critics of the Nigerian government said its lax handling of attacks on its citizens and their businesses in places like South Africa, Ghana and elsewhere in Africa has emboldened perpetrators.
Coronavirus motivates construction of 90 new hospitals in Ghana
Coronavirus motivates construction of 90 new hospitals in Ghana
Challenges thrown at Ghana by the COVID-19 pandemic has motivated the West African country to start building 90 new hospitals, Ghana’s President Nana Akufo-Addo has announced.
The response to beef up Ghana’s health system which has been questioned by the global pandemic.
According to the president, the pandemic has exposed the weakness in the country’s health system following years of under investment.
But critics have questioned how the government intends to pay for its plans.
In a televised address to the nation, Mr Akufo-Addo said that there will be 88 new district hospitals, six regional hospitals and three infectious disease centres. They will be built in coastal, central and northern Ghana.
The majority of health facilities in the country are poorly resourced and many parts of the Ghana do not have hospitals at all.
According to the World Health Organization, there are currently around nine hospital beds for every 10,000 Ghanaians.
The economy was projected to grow by 6.8% this year, but forecasters have revised that figure downwards, to 1.5%, after the impact of the pandemic was taken into account.
Given the poor economic outlook many have therefore questioned how the government plans to build the health facilities.
Some Ghanaians have also criticised the government for abandoning hospital building projects started under the previous government.
Information Minister Kojo Oppong Nkrumah has said that the government will in July submit to parliament a proposal for the ambitious building project.
Ghana has now extended the ban on public gatherings by two more weeks. Schools are still closed and the country’s borders remain shut to prevent the spread of coronavirus. (BBC)
IMF Africa’s economic growth projection for 2019 puts Ghana ahead
Ghana is world’s fastest growing economy in 2019—IMF
The International Monetary Fund (IMF) has predicted Ghana to be world’s fastest growing economy in 2019. The IMF talks of a growth rate of 8.8% in its World Economic Outlook. Last year, the country’s economy only grew by 5.6%, putting it in sixth position.
Ghana’s economy is skyrocketing. But where does this new impetus come from and in which sectors is Ghana doing particularly well?
Adu Owusu Sarkodie from the University of Ghana believes the main source of growth is the oil sector. “We have discovered new oil fields companies have started operating, they have intensified their operations,” he said in an interview with DW. In the list of top African countries growing economically, Ghana is closely followed by its neighbor Ivory Coast with 7.5%, and Ethiopia with 7.7%. It is interesting that the growth rate from 2018 to 2020 of those two countries appears to be consistent, while Ghana’s growth is predicted to decline again in 2020.
“I think this is more a one-off,”, Papa Ndiaye, Head of the Regional Studies Division at the IMF’s African Department, told DW. “We don’t expect this growth rate (of 8.8%) to be sustained over the medium term. And when you look at it per capita, that is still smaller than what countries like China have experienced in the past.” Ndiaye confirmed that Ghana’s economic growth is expected to slow to a level of around 4.5% to 5%.
A local newspaper writes that for Africa’s number one growth state, Ghana, oil is not the only factor driving the economy. “The non-oil sectors, agriculture, manufacturing and services, they are also picking up. Now they are all growing positively,” Sarkodie said.
The agriculture sector has received a major boost over the past two years, thanks to a strong focus by policy-makers on food and jobs. For example, 200,000 farmers received improved seeds and fertilizers. The sector remains a major backbone of Ghana’s economy. According to Agriculture Minister Owusu Afriyie Akoto, the program has led to a good harvest across the country. “We are expecting a bumper crop because of the impact that this great program has had on agriculture, even in its infancy,” he said.
Cocoa is Ghana’s main agricultural export commodity. But where there are winners, there are also losers. Angola comes in last on the list of African countries, with a predicted economic growth of just 0.4%. Last year it suffered a decline of 1.7%. South Africa is also far behind, with an expected growth rate of only 1.2%, an increase of 0.4% on 2018. Third from last is oil giant Nigeria, with a growth rate of 2.1%.
“These countries have been hit very hard by the decline in commodity prices,” Ndiaye said. “You have to go back to the 1970s to find something of similar magnitude. These countries are now slowly recovering but it will take some time. It also requires countries to implement reforms to diversify the economy and to boost private sector activity by removing some of the constraints that are the biggest impediments to growth, as well as restoring a better business environment.”
The IMF divides the 46 listed countries into three groups: oil exporters, middle-income countries and low-income countries. The group of oil exporters, with a growth rate of 2.0%, is doing less well than middle-income countries with 3.4% and low-income countries with 5.3%, a trend that could already be seen in 2018. In total, sub-Saharan African can register GDP growth of 3.5%. What makes this year’s prediction so interesting for Africa is that it is an African nation that seems to be the economic front-runner, ahead of international heavyweights like China or India.
‘Economy must be Ghana owned’
Ghana is the world’s second biggest producer of cocoa, which is probably also a reason why the West African country is the continent’s and the world’s leader when it comes to increased economic strength. But unlike the agricultural sector, where a lot of Ghanaians are playing a role, investments in the mining and oil sectors have been largely foreign led. According to Sarkodie, this is a problem, even though these investments have a long term effect.
“My major concern has to do with the source of growth,” he told DW. “The GDP is a domestic product, it doesn’t matter what is produced by foreigners or Ghanaians. But we know that in Ghana most of our companies are foreign owned.” This means, Sarkodie says, that “the impact on Ghanaian lives will be minimal.
The newspaper notes that to be able to attract investors, countries need well-designed reforms to assure entrepreneurs of returns. That is what Ghana has been trying to do. Three years ago, the government secured a loan from the IMF of $925.9 million (€820 million). The arrangement, which ended in early April, aimed to restore debt sustainability and macroeconomic stability in the country in order to foster a return to high growth and job creation while protecting social spending. Several economic reforms, including reducing the budget deficit and cutting down on corruption, were rolled out. According to Ghana’s finance minister, Ken Ofori-Atta, some of these measures have re-positioned the economy. “Inflation is at a single digit, which is good. The growth has been strong, 6% through the third quarter of last year. Our budget deficit has gone down and we are also getting surpluses in our current account.”
Sarkodie agrees that Ghana’s domestic economic management has been on the right track. “We went into the IMF program seeking policy credibility; in fact, at the time we went to the IMF program, things were very bad. Now, all the macroeconomic indicators look good. Inflation is down, the exchange rate is a bit rough now, but I am sure it will be stabilized,” he said.
What needs to happen now is that conditions for the high growth rate to be sustained are created, says Ndiaye. “And that means containing vulnerabilities. That means boosting private sector activity, making sure that the private sector is leading growth. And it also requires making growth inclusive because that’s one of the key requirements for sustaining a high growth rate for a long period of time.”
Ghana is now looking to boost technological innovations and get more young people involved in sustaining and improving the country’s economic performance. (With Citi News Report)
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