• About
  • Contcat Us
  • Privacy Policy
Saturday, January 28, 2023
Primenews.com.gh
No Result
View All Result
  • HomePage
  • Ghana News
  • Politics
  • Entertainment
  • Sports
  • HomePage
  • Ghana News
  • Politics
  • Entertainment
  • Sports
No Result
View All Result
Primenews.com.gh Logo
No Result
View All Result
Home general news

The debt challenges are compounding for us in Africa – Akufo-Addo

by Justice Kofi Bimpeh
2022-05-28
in general news
The debt challenges are compounding for us in Africa – Akufo-Addo
71
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

President Akufo-Addo has told the African Development Bank (AfDB) that the consequences of the Russian invasion of Ukraine, are compounding the emerging socio-economic vulnerabilities, which have been heightened by COVID-19.

Speaking duieng the Annual General Meeting (AGM) of the AfDB in Accra, Mr Akufo-Addo said Africa is now confronted with the consequences of the Russian invasion of Ukraine, which are compounding the emerging socio-economic vulnerabilities, which have been heightened by COVID-19.

ADVERTISEMENT

“Since February,” he said, “prices of staple food commodities have surged drastically. Africa faces a fertilizer shortage of some 2 million metric tons this year, estimated at 2 billion dollars, according to the International Fund for Agricultural Development, potentially creating a productivity deficit of twenty to fifty percent (20-50%) in agriculture.”

READ ALSO

Gov’t launches ‘1D1F Enable Youth Initiative’ to create 16,000 jobs

8 money mistakes you shouldn’t make in 2023

Rising food prices disproportionately affect African families, as food consumes some forty percent (40%) of household income, compared to less than twenty percent (20%) in advanced economies, Mr Akufo-Addo added.

He further indicated that “Energy markets have been significantly volatile, with dire consequences for households and public finances. According to the IMF, a five dollar ($5) per barrel increase in oil prices reduces global output by around 0.25 percent, but, for non-oil exporting economies in Africa, that figure increases to 0.6 percent.

“As a result, the United Nations Conference on Trade and Development has cut global growth prospects by 1 percent, and the World Economic Outlook (April 2022) predicts global growth will slow from 6.1 percent in 2021 to 3.6 percent in 2022; 0.8 percentage points lower than projected in January 2022. Amidst economic slow-down and the rising cost of fuel and food, the cost of living is increasing.

“The immediate economic consequences – whether in the form of rising inflation, lower growth, increased inequality, and greater financial instability – are likely to permeate deeper, as they coincide with weakened economic positions due to the pandemic and preexisting and now elevated debt challenges.

“The debt challenges are compounding for us in Africa. In pursuit of policy autonomy in the ‘Age of Choice’ for economic transformation, our debt profile has changed markedly. According to UNECA, the debt to GDP ratio rose from 60 percent to an estimated 71.1 percent between 2019 and 2020, largely because of the COVID-19 pandemic.

“Eighteen (18) African economies have faced credit downgrades, even when all economies were suffering fallouts from the pandemic last year. Amidst these challenges, we must be aware of our vulnerability to the monetary policy stance of the US Federal Reserve, and the risk of so-called “taper-tantrums”, as investors may exit our markets further exacerbating the increasing cost of borrowing.”

ShareTweetSend
Previous Post

COCOBOD closes purchases for 2021/2022 main crop cocoa season

Next Post

Kwame Jantuah wants Independent Commission to probe Sir John’s will, not OSP

Related Posts

Gov’t launches ‘1D1F Enable Youth Initiative’ to create 16,000 jobs
general news

Gov’t launches ‘1D1F Enable Youth Initiative’ to create 16,000 jobs

2022-12-24
Bawumia presents $2 million worth of mobile identification devices, Mobile Device Management System to Police
general news

8 money mistakes you shouldn’t make in 2023

2022-12-24
Bawumia presents $2 million worth of mobile identification devices, Mobile Device Management System to Police
general news

Bawumia commissions ultra-modern facilities, operational vehicles for Ghana Fire Service

2022-12-24
Bawumia presents $2 million worth of mobile identification devices, Mobile Device Management System to Police
general news

Bawumia presents $2 million worth of mobile identification devices, Mobile Device Management System to Police

2022-12-24
Databank shuts offices, staff to work from home due to threats
general news

Databank shuts offices, staff to work from home due to threats

2022-12-22
Akufo-Addo swears in 15 Appeals Court Justices
general news

Akufo-Addo swears in 15 Appeals Court Justices

2022-12-22
Next Post
Kwame Jantuah wants Independent Commission to probe Sir John’s will, not OSP

Kwame Jantuah wants Independent Commission to probe Sir John’s will, not OSP

Russia-Ukraine conflict presents further risk to recovery – BoG Governor

High price volatility makes crypto assets unattractive as a means of payment – BoG

ADVERTISEMENT

TRENDING NEWS IN GHANA

Jury finds Canadian rapper Tory Lanez guilty of shooting Megan Thee Stallion

Jury finds Canadian rapper Tory Lanez guilty of shooting Megan Thee Stallion

2022-12-24
Gov’t launches ‘1D1F Enable Youth Initiative’ to create 16,000 jobs

Gov’t launches ‘1D1F Enable Youth Initiative’ to create 16,000 jobs

2022-12-24
Bawumia presents $2 million worth of mobile identification devices, Mobile Device Management System to Police

8 money mistakes you shouldn’t make in 2023

2022-12-24
Bawumia presents $2 million worth of mobile identification devices, Mobile Device Management System to Police

Bawumia commissions ultra-modern facilities, operational vehicles for Ghana Fire Service

2022-12-24
Bawumia presents $2 million worth of mobile identification devices, Mobile Device Management System to Police

Bawumia presents $2 million worth of mobile identification devices, Mobile Device Management System to Police

2022-12-24
Databank shuts offices, staff to work from home due to threats

Databank shuts offices, staff to work from home due to threats

2022-12-22
Pele

Pele’s cancer has advanced, says hospital

2022-12-22
Justin Bieber

Justin Bieber nears $200 million deal to sell music rights

2022-12-22
Hajia Lariba Zuweira Abudu and Madam Francisca Oteng Mensah

Parliament approves Gender Ministry nominees

2022-12-22
Akufo-Addo swears in 15 Appeals Court Justices

Akufo-Addo swears in 15 Appeals Court Justices

2022-12-22
ADVERTISEMENT

Must Reads

Pele’s cancer has advanced, says hospital

Justin Bieber nears $200 million deal to sell music rights

Parliament approves Gender Ministry nominees

Akufo-Addo swears in 15 Appeals Court Justices

Bukom Banku granted GH¢50k bail

Parliament must take blame for Ghana’s economic crisis – Haruna Iddrisu

About

A Prime Network Limited Website.

Follow us

No Result
View All Result
  • HomePage
  • Ghana News
  • Politics
  • Entertainment
  • Sports

©2015 - 2020 Primenews.com.gh

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.