Connect with us

VenturesNow

Ghana to begin production of Covid-19 vaccines as Nissan sets assembly plant for 5,000 vehicles yearly

Published

on

President Nana Akufo-Addo of Ghana in his State of the Nation Address in parliament on Wednesday said the country will start producing its own COVID-19 vaccines by January 2024.

A National Vaccine Institute would be established to lay out a strategy for the West African country to begin the first phase of commercial production for the jabs, he said without providing further details.

“A bill will shortly be brought to you, in this House, for your support and approval for the establishment of the National Vaccine Institute,” he said.

The development comes after the President announced on Tuesday the opening of sea and land borders on Tuesday, 2 years after he announced the closure of borders to the West African country in the wake of the global pandemic – Covid-19.

The World Health Organization says Ghana has so far vaccinated over 14 million people with a single dose and over five million fully vaccinated – 16.3% of the population.

As a testimonial to its automotive development policy to encourage investment, president Akufo Addo announced that a new assembly plant with the capacity to assemble 5,000 new vehicles per annum has been established by Nissan in the eastern port city of Tema, which is currently producing Nissan and Peugeot brands of vehicles for the Ghanaian and West African markets.

The multinational, JAPAN Motors Trading Company (JMTC) had confirmed the president’s announcement in an earlier update on its official website. “…has been approved to begin producing the all-new ‘Built of More’ Nissan Navara at its brand-new, state-of-the-art assembly plant in Tema, outside the capital Accra”.

The new plant is different from the Navara production facility which is in Accra, the capital of Ghana, that is 100% Ghanaian operated by the Japan Motors Trading Company (JMTC), which invested the US $3 million into its construction, following Ghana’s drafting of its automotive development policy to encourage investment in the sector.

According to the World Bank, Ghana’s rapid growth was halted by the COVID-19 pandemic, the March 2020 lockdown, and a sharp decline in commodity exports. The economy had grown at an average of 7 percent in 2017-19, before experiencing a sharp contraction in the second and third quarters of 2020.

The economic slowdown had a considerable impact on households. The poverty rate is estimated to have slightly increased from 25 percent in 2019 to 25.5 percent in 2020.

With the recent wave of declarations Ghana’s economy is projected to recover gradually over the medium term, thanks to commodity price growth and strong domestic demand.

VenturesNow

World Bank predicts Mozambique economy growing at 5.7% on average

Published

on

The World Bank has predicted that the economic growth in Mozambique is expected to accelerate in the medium term averaging 5.7% between 2022 and 2024, as a result of demand recovery and economy benefits from the start of liquefied natural gas production this year.

In a report released Thursday, the World Bank said the start of LNG production at the offshore Coral Project and the expected resumption of other LNG projects would help spur the southeast African nation’s growth in the intervening year.

The World Bank said a three-year extended credit facility arrangement agreed by Mozambique with the International Monetary Fund (IMF) and budget support from other partners would further help to strengthen its economic recovery.

The IMF’s executive board had, in May, approved a $456 million program for the country, the first since the global lender suspended support to Mozambique six years ago.

However, the World Bank warned that risks remained for Mozambique’s growth, especially from rising import prices due to the conflict in Ukraine, a possible surge in COVID infection waves, and insurgency in the north.

Continue Reading

VenturesNow

Nigeria, Algeria, Niger to revive Saharan gas pipeline talks

Published

on

The governments of Nigeria, Algeria and Niger Republic have held talks to revive a gas pipeline project across the Sahara which had been put on hold for over 40 years, with the potential opportunity for Europe to diversify its gas sources as the world faces a short fall as a result of the Russian-Ukraine war.

The three countries, represented by their various Petroleum Ministers, met in Abuja, Nigeria’s capital on Wednesday and resolved to set up a task force to revive the project and designated an entity to update the feasibility study.

A statement by Niger’s Oil Ministry after the two-day meeting stated that the Trans-Saharan gas pipeline project estimated at $13 billion, could send up to 30 billion cubic metres a year of supplies to Europe.

The statement added that the energy ministers of the three countries will meet again in Algiers at the end of July to “validate the proposals of the newly installed task force.”

“The pipeline should allow Europe to diversify its sources of natural gas supply but also allow several African states to access this high value energy source,” the statement said.

“With a length of 4,128 kilometres (2,565 miles), the pipeline would start in Warri, Nigeria, and end in Hassi R’Mel, Algeria, where it would connect to existing pipelines that run to Europe,” it said.

The gas pipeline idea was first proposed more than 40 years ago with an agreement signed between the three countries in 2009, but progress stalled stalled following a lack of follow through by the countries.

Earlier this month, Nigeria also took steps to revive another gas pipeline project that would pass through West Africa, Morocco to Europe.

Continue Reading

EDITOR’S PICK

Politics6 hours ago

What next as Nigeria’s Supreme Court knocks out President Buhari’s suit challenging electoral act?

Nigeria’s highest court, the Supreme Court on Friday knocked out a suit filed by President Muhammad Buhari and his attorney-General, Abubakar Malami, to...

Culture6 hours ago

Senegal: Thousands explorers visit as African arts dazzle at Dakar Biennale 2022

The 2022 edition of the Dakar Biennale, an art festival in Senegal has come to an end after a month...

Politics6 hours ago

Ex-Tunisian PM Jebali arrested on allegations of money laundering

Former Tunisian Prime Minister Hamadi Jebali, who is also senior member of the opposition Ennahdha Party, was on Friday, arrested...

Metro6 hours ago

South Sudan activists fight child marriage where girls are sold for cows

A group of South Sudanese activists have come together to fight against an obnoxious practice where young girls are auctioned...

Politics6 hours ago

Final report on corruption probe on ex-South Africa President Jacob Zuma released

The final report on a corruption probe of the nine year rule of former South Africa President Jacob Zuma has...

VenturesNow7 hours ago

World Bank predicts Mozambique economy growing at 5.7% on average

The World Bank has predicted that the economic growth in Mozambique is expected to accelerate in the medium term averaging...

Musings From Abroad7 hours ago

US Supreme Court abolishes abortion right after almost 50-year precedence

The US Supreme Court on Friday reversed a nearly half century old constitutional right to abortion. Justice Samuel Alito who wrote for the Majority argued that the 1973 Roe...

Politics9 hours ago

CHOGM: Commonwealth members should decide their structures of government – Prince Charles

As the 2022 edition of the Commonwealth Heads of Government Meeting (CHOGM) continues in Rwanda, heir to the British throne,...

Politics10 hours ago

Congo DR politician, Vital Kamerhe freed of corruption charges after prolonged trial

The former Chief of Staff to Democratic Republic of Congo’s president, Vital Kamerhe, has been freed from corruption charges after...

Politics1 day ago

Tunisia’s new constitution fails to identify Islam as state religion, President Saied says

The new Tunisian Constitution which was commissioned by President Kais Saied to replace the 2014 Constitution does not list Islam...

Trending