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Adnan Adams Mohammed The Minority Caucus in Ghana’s Parliament has raised concerns over the government’s recent borrowing of GH¢7…

The USD 200 million injection is intended to stimulate the growth of Small and Medium Enterprises (SMEs) in critical sectors of the economy, foster job creation, innovation, and sustainable development.

The new instrument offers the opportunity to lend at least US$4 for every US$1 equivalent of SDRs, through the African Development Bank and, the Inter-American Development Bank, and other Multilateral Development Banks, to finance development.

Last week, the Chief Executive Officer of the Ghana Cocoa Board, Joseph Boahen Aidoo, disclosed that the Board has refunded $250 million it acquired from the African Development Bank for irrigation purposes in cocoa farms due to contamination of water bodies in farming areas.

Africa has an abundance of climate resources, but lacks the capacity to access and absorb funds to manage them.

Key stakeholders of forex trade are sceptical as to how soon the cedi will strengthen against the major international trading currencies (US dollar, Euro and Pounds Sterling) as current rate of depreciation stand at 13.35 percent at the end of April.

The Bank of Ghana, (BoG), is expecting US$200million as the second tranche of the cocoa syndicated loan as well as US$360 from the IMF to help stem the speed depreciation of the cedi which is currently trading at GHC14.25 to the American green back on the retail market.

The 2024 edition of the Awards spotlights infrastructure, sustainability, and gender equality. A total of 59 institutions and individuals have passed first round judging and are in the running for the Awards – the highlight of Africa’s banking calendar. 

Based on recent data from the International Energy Agency, the global oil market fell into deficit (with demand outstripping production) in the first quarter of 2024. Due to this evolving supply-demand dynamic and rising geopolitical pressures, we revised up our oil price forecasts, with dated Brent Blend to remain above US$80/barrel until late 2025. This will lift inflationary pressures in many countries at a time when their currencies are losing ground against the dollar.

The decline in maize prices was attributed to competitively priced offers from the Black Sea region, larger production in major exporters, and favorable prospects for the next harvest, with global maize production in the 2023-24 season expected to increase by 6.0% to an all-time high.