🚩 Ghana, currently the 11 biggest economy in Africa, is expected to become the fourth fastest-growing economy in Africa this year, according to the International Monetary Fund (IMF). The West African country is expected to hit 7.6 per cent Gross Domestic Product (GDP) growth rate, from the projected 6.3 per cent GDP in 2018, the IMF said, adding “Ghana is an economic powerhouse in West Africa with a GDP size of approximately $51 billion.”
🚩 Consumers should brace themselves to pay more for fuel at the various pumps as the price exceeds 5 cedis per litre. This is according to the Institute of Energy Security (IES). The IES says the increment in price of fuel is occasioned by the 6.33% rise in average Brent crude price, as well as a corresponding 8.81% and 5.56% increase in prices of Gasoline and Gasoil on the international market respectively. The IES added the increase can also be attributed to the cumulative depreciation of the Cedi against the U.S dollar.
🚩 A release by the Bank of Ghana on Friday, effectively has confirmed that two of the three ongoing mergers between universal banks in Ghana have been completed. The release lists 23 commercial banks as duly registered by the central bank. The list includes First Atlantic Bank, but not Energy Commercial Bank, which it has been in the process of acquiring since December last year; and Omni-BSIC Bank which is the result of a merger between the erstwhile Omni Bank and BSIC (otherwise known as Sahel Sahara Bank), both of which had been in merger negotiations since mid-2018, as a marriage of “two equals” as confirmed by the name now adopted for the merged entity.
🚩 A global cocoa surplus is expected in the 2018/19 season, Informa’s Agribusiness intelligence said on Thursday, with record production driven by favourable weather in West Africa. Global cocoa production was seen hitting a record high of 4.85 million tonnes, leading to a surplus of 71,000 tonnes for the October/September season, it said in a report. The projected surplus was slightly higher than the median forecast of 30,000 tonnes in a Reuters poll earlier this month. The ICCO’s most recent estimate for the 2017/2018 season was a small surplus of 22,000 tonnes.
🚩 Parliament has approved a US$10 million loan facility made available by the African Development Bank (AfDB) to begin the implementation of a project aimed at lowering credit risk in the agriculture sector. In the 2019 budget of the Agriculture Ministry, an amount of US$410 million was voted to de-risk the sector through agricultural insurance cover for farmers and their produce. AfDB subsequently committed to provide a loan facility to support this initiative.
🚩 The President, His Excellency Nana Addo Dankwa Akufo Addo, has appointed Mr Michael Ansah, as Chief Executive Officer of the newly established Ghana Integrated Aluminium Development Corporation. The Government has outlined its intent to develop an Integrated Aluminium Industry which will be one of the major pillars to drive the industrial transformation and accelerated development of the Ghanaian economy.
🚩 Royal Dutch Shell Plc is facing prosecution in the Netherlands over a license in Nigeria, intensifying its legal troubles from a transaction that has dogged the company for years. “We have been informed by the Dutch Public Prosecutor’s Office that they are nearing the conclusion of their investigation and are preparing to prosecute,” The Hague-based Shell said Friday.