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Africa is ending 2024 on an economic upswing as many economies and key sectors continue to rally, the Economist Intelligence Unit (EIU) has revealed. According to the UK-based firm, economic imbalances show signs of improving, and the worst of the region’s sovereign debt pressures appear to be over. Ghana’s economy is expected to expand by 4.0% in 2024. The EIU said the external debt and servicing burdens are however still high, but the larger and most exposed markets have sought and secured additional assistance or restructuring deals. “However, the economic performance varies considerably across the continent, as disruptive regional rivalries…

Global cocoa prices have skyrocketed in 2024, reaching unprecedented levels amid persistent supply shortages and adverse weather conditions. Key producers like Ghana and Ivory Coast, which account for approximately 60% of the world’s cocoa, are at the center of this global market turmoil. In April 2024, cocoa prices surged to nearly $10,000 per ton, a historic peak, driven by declining harvests and soaring demand. The 2023/2024 season is projected to end with a global deficit of 475,000 tons, significantly higher than earlier estimates. This shortfall is largely attributed to climate change, El Niño-induced weather disruptions, and fungal diseases such as…

Finally, Ghana’s crucial and fiercely contested 2024 general elections have been held. As at the time this edition of Economy Times was going to press, voting had closed, but the votes were still being counted and collated. Both presidential candidates of the leading contenders – the incumbent New Patriotic Party and the biggest opposition party, the National Democratic Congress –have made various promises, that would resonate with voters and thus influence their voting decisions in their favour. But the next President and his government – whoever it is – will have to face tasks that go beyond populism and address…

Ghana’s inflation rate for November 2024 has risen to 23%. This marks the third consecutive monthly increase after a five-month decline. The 23.0% rate for November 2024 represents a 0.9 percentage point increase relative to the 22.1% year-on-year inflation recorded the previous month. According to the Government Statistician, Professor Samuel Annim, the high inflation rate is attributed to significant increases in food prices. Food inflation rose from 22.8% to 25.9% due to the high cost of living. “On a month-on-month basis, food inflation surged to 3.8% in November 2024, compared to just 0.3% in October,” he said. “This means that…

Wamkele Mene, Secretary-General of the African Continental Free-Trade Area (AfCFTA) Secretariat, emphasized that digital technology and inclusive value chains are crucial for integrating Africa’s economies into a single dynamic market. He made these remarks at a regional workshop in support of AfCFTA implementation held in Accra. The workshop featured key events and discussions on obstacles such as non-tariff barriers and technical barriers to trade across the African continent. In a speech read on his behalf, Mene highlighted that Africa’s young population is increasingly connected through rapidly growing digital and mobile access. He noted that the burgeoning digital economy creates enormous…

Dr. Akinwumi Adesina, Chairman of the Board of the Africa Investment Forum (AIF) Market Days, says Africa is interested in transformational investments to better the lives of its people. “As far as I’m concerned, the only thing that matters in Africa is what we do big time. Africa doesn’t have time for Mickey Mouse investment. Africa must do big, at scale,” he said. Dr. Adesina, who is also the President of the African Development Bank (AfDB), said this at a press briefing at the 2024 AIF Market Days in Rabat, Morocco, urging governments and investors to deepen partnerships. He stated…

Selected seed companies and young potential seed producers have undergone training on the production of improved pearl millet seed as part of efforts to make the seeds available to farmers. The participants, drawn from IWAD and ANTIKA seed companies and some national service personnel, were educated on both open pollinated variety and hybrid seed production of pearl millet, pest and diseases affecting pearl millet, certification of pearl millet amongst others. The day’s training was organised by the Council for Scientific and Industrial Research-Savanna Agricultural Research Institute (CSIR-SARI) in collaboration with the Seed Systems Group, an international seed company. It formed…

In an era where accurate data drives sustainable development, the Economic Commission for Africa (ECA) is empowering countries with a groundbreaking tool to boost intra-African trade: the African Continental Input-Output Table (AfCIOT). The Input-Output Table is an innovative statistical tool that enables policymakers, businesses, and researchers to make informed decisions and foster sustainable economic development by decoding trends and dynamics of how goods and services are produced and traded across borders. A boost for intra-African trade Speaking at the opening of a Capacity-building regional workshop on the African Continental Input-Output Table in Addis Ababa, Director of the ECA African Centre…

Yango Ride, part of a global tech company Yango Group, has launched its Free Trip Insurance Programme in Ghana. This initiative, in collaboration with Glico Life Insurance, offers insurance coverage for all passengers in a car and partners’ drivers during the rides ordered via the Yango app across the country. This program aims to enhance the safety and security of all those involved in rides ordered via Yango at no additional cost. This launch marks the next step in Yango’s ongoing efforts to introduce more safety features across its services, including the recently implemented insurance coverage for Yango Delivery…

Ecobank Ghana has completed its three-year commitment to the Vice-Chancellor’s “Support One Needy Student with One Laptop” (SONSOL) initiative at the Kwame Nkrumah University of Science and Technology (KNUST). The bank donated the final batch of 100 HP laptops last week, in fulfilment of its pledge to supply 300 laptops to the university over three years. Presenting the laptops at a short ceremony held in the KNUST Council Chamber, Michael Owusu-Acheaw, who represented the Managing Director of Ecobank, Abena Osei-Poku, said the bank considers education as one of the key focus areas of its corporate social responsibilities (CSR), hence…