Business in Ghana

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Posts Tagged ‘Sub-Sahara Africa’

Decade after debt relief, Africa’s rush to borrow stirs concern

Posted by Business in Ghana on March 22, 2014


(Reuters) – Nearly a decade after Nelson Mandela and anti-poverty activists Bono and Bob Geldof persuaded the rich world to forgive Africa’s crushing debts, many countries’ debt levels are creeping up again, which could undermine the region’s growth boom.  As African states line up to join the growing club of dollar bond issuers, economists and analysts warn of a slide back into indebtedness that could undo recent economic gains and create a “Eurobond curse” to match the distorting “resource curse”.  “Eurobonds have become like stock exchanges, private jets and presidential palaces.  Every African leader wants to have one,” said one investor, asking not to be named.

In 2007, Ghana became the first African beneficiary of debt relief to tap international capital markets, issuing a $750 million 10-year Eurobond.  Since then, previously debt-burdened countries, such as Senegal, Nigeria, Zambia and Rwanda, have also put their names on the list of bond issuers.  Governments seeking to replace declining foreign aid and pay for infrastructure are also taking concessional funds from multilateral institutions, more expensive commercial bank loans and bilateral financing from lenders like China and Brazil. Read the rest of this entry »

Posted in Financial Services, Uncategorized | Tagged: , , , , , , | 2 Comments »

UNESCO report calls for quality education and equal access to technical training

Posted by Business in Ghana on November 12, 2012

ACCRA, 12 November 2012The United Nations Educational, Scientific and Cultural Organisation, UNESCO, says the millennium pledge made by international leaders that all children would have a primary education by 2015 is going to be missed by a large margin. This is as a result of lack of funds and a general lack of interest in education.

These findings are contained in the 2012 Education for All (EFA) UNESCO Global Monitoring Report (GMR), an annual publication that measures progress towards EFA goals.

The Report reveals that in Ghana, quality primary education and availability of entrepreneur skills are fundamental to achieving the goal of putting education to work, and Ghana, like many countries, need to plan for skills development and make it accessible to most disadvantaged people. Devising means of linking the curriculum to local realities and including extracurricular practical exercises in the learning environment is vital to improving critical thinking and building a good understanding of the potential that the communities where pupils live in can offer says Mr. Dos Santos, Acting Director, UNESCO Cluster office in Accra. Read the rest of this entry »

Posted in Education, Uncategorized | Tagged: , , | 2 Comments »

Africa Can Feed Itself, Earn Billions, and Avoid Food Crises by Unblocking Regional Food Trade

Posted by Business in Ghana on October 25, 2012

WASHINGTON, October 24, 2012 A new World Bank report says that Africas farmers can potentially grow enough food to feed the continent and avert future food crises if countries remove cross-border restrictions on the food trade within the region. According to the Bank, the continent would also generate an extra US $20 billion in yearly earnings if African leaders can agree to dismantle trade barriers that blunt more regional dynamism.  The report was released on the eve of an African Union (AU) ministerial summit in Addis Ababa on agriculture and trade. Read the rest of this entry »

Posted in Agriculture, Uncategorized | Tagged: , , , , , | 1 Comment »

African Economies Make Consistent Progress in Improving Business Regulation, Report Finds

Posted by Business in Ghana on October 23, 2012

Washington, D.C., October 23, 2012A new report by IFC and the World Bank finds that of the 50 economies making the most improvement in business regulation for domestic firms since 2005, 17 are in Sub-Saharan Africa. This years report marks the 10th edition of the global Doing Business report series and over the life of the report, Africa has consistently recorded a high number of reforms. Rwanda particularly stands out as having consistently improved since 2005. A case study in this years report features Rwanda, which since 2005 has implemented 26 regulatory reforms as recorded by Doing Business. Read the rest of this entry »

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Despite Global Slowdown, African Economies Growing Strongly

Posted by Business in Ghana on October 4, 2012

World Bank Urges Countries to Spend Their New Oil, Gas, and Mineral Wealth Wisely 

 WASHINGTON, October 4, 2012  Sub-Saharan Africa is expected to grow at 4.8 percent in 2012, broadly unchanged from the 4.9 percent growth rate in 2011 and largely on track despite setbacks in the global economy, according to the World Banks new Africas Pulse, a twice-yearly analysis of the issues shaping Africas economic prospects.

Excluding South Africa, the continents largest economy, growth in Sub-Saharan Africa is forecast to rise to 6 percent. African exports rebounded notably in the first quarter of 2012, growing at an annualized pace of 32 percent, up from the -11 percent pace recorded in the last quarter of 2011. Read the rest of this entry »

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Sub-Saharan Africa’s Recovery Maintains Momentum

Posted by Business in Ghana on January 26, 2011

Source: World Bank Report

In its World Economic Outlook Update, the IMF said most countries in sub-Saharan Africa have recovered quickly from the global financial crisis, with the region projected to grow 5½ percent in 2011.

Low income countries, which escaped the worst impacts of the global crisis, are expected to match pre-crisis growth rates of about 6½ percent in 2011. But the recovery in South Africa has been more subdued, restricting projected growth to about 3½ percent in 2011. Read the rest of this entry »

Posted in Financial Services, Uncategorized | Tagged: , , , , , | 2 Comments »

Government Must Tackle Seriously This Outrageous Interest Rates

Posted by Business in Ghana on November 3, 2010

By Ben Ofosu-Appiah

“Deposit your money with a commercial bank in Ghana and the interest you earn on it can be as low as 7%. Borrow money from a commercial bank in Ghana and you will be faced with an interest rate of 30% or higher.” This was how a friend recently put it. Why are interest rates in Ghana so outrageously high and the Bank of Ghana and the government not doing anything about it? Read the rest of this entry »

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