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UK gives Ghana £20m grant

Published

6 years ago

August 29, 2018

Ghana and the United Kingdom have signed an agreement under which the UK will give Ghana a 20-million pound grant under a jobs and economic transformation programme.

The expected outcome of the programme, which will be implemented in the next six years, includes economic diversification and trade boost that will deliver 15,000 formal jobs in the targeted sectors.

The Minister of Trade and Industry, Mr Alan Kwadwo Kyerematen, initialled for Ghana, while the UK Minister of State for Africa, Ms Harriet Baldwin, signed for her country.

Addressing the media at the Jubilee House after the signing ceremony on Tuesday, Mr Kyerematen said the government was working to reduce the volatility of the economy by diversifying its sources of growth, especially from being an export base to a sector that created jobs.

He said the government was also pursuing comprehensive initiatives and strategic interventions to open up investment opportunities for domestic and foreign companies.

The interventions, he said, covered agro-manufacturing, automobile assembling, pharmaceutical, salt-based chemicals and garments and textiles industries.

For her part, Ms Baldwin stated that the provision of the grant represented a new relationship that would make the UK help Ghana realise its policy of a Ghana Beyond Aid.

She said the support would facilitate value addition, promote industrialisation and focus on ensuring that doing business in Ghana was easier.

Related Topics:Ghana Mr Kyerematen Ms Harriet Baldwin Slam Reports UK UK gives Ghana £20m grant United Kingdom

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Moroccan annual inflation rises to 0.8% in November

Published

23 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”