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Increase support for Agric sector to curb inflation – Prof. Quartey to Gov’t – Citi Business News

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Head of the Economics Division at the Institute of Statistical, Social and Economic Research, at the University of Ghana, Prof. Peter Quartey has urged the government to consider identifying and supporting large scale farmers around the country, who would, in turn, support smaller farmers around them as a way to ensure sustained growth of Ghana’s agricultural sector.

Despite Agriculture increasing its contribution to the economy from 19.1% in the first half of 2020 to 21.3% in the first half of 2021, the Bank of Ghana’s Monetary Policy Report released in January this year, points to the fact that developments such as delayed rainfall and input supply challenges including insufficient fertilizer, faced in 2021, outbreaks of Bird Flu disease among other, may lead to a decline in agriculture sector’s contribution to growth in 2022.

Speaking to Citi Business News, about the agriculture sector, Professor Quartey noted that, when adequately supported the increased food production by the sector will help check the rate of inflation in the country, as food inflation is a major driver of national inflation.

“With agriculture, we’ve all spoken about subsidies and the like and yes we ought to do those, but I think the answer also lies in us identifying a few large scale farmers and supporting them so that they can pull the smaller ones along. If you have a large scale farmer that is able to drag other small outgrowers along you will find that agriculture will really pave the way.”

“And then you ensure you support them through the value chain, not just by providing inputs, irrigation et cetera, but by providing credit, marketing among others. If we do more of that I’m sure we can minimize inflation and inflation expectations,” he added.



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Major players in capital market across West Africa push for speedy integration  

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Rev. Daniel Ogbarmey Tetteh

Major players in the capital market across West Africa have intensified efforts to integrate their operations, to enhance cross border trading.

According to the stakeholders, the move to integrate, which began about five years ago was distorted due to uneven regulations among capital markets in the sub region.

Speaking on the first day of the two-day West Africa Capital Market Conference 2021, in Accra, the Director General of the Securities and Exchange Commission, Rev. Daniel Ogbarmey Tetteh stressed that countries with stronger capital markets have decided to start the integration and later allow others to join.

He stressed the need to move faster towards integration since it will enhance the capital market performance in the sub-region.

“Capital markets are key areas for development because they provide funds for long term capital investment. The interesting bit about having integration in the sub-region is that it will enable an issuer to have access to more fund in the region for capital expenditure”.

He stated for example that an integration will provide an opportunity for Nigerians to invest in Ghana and vice versa.

The West Africa Securities Regulators Association (WASRA) is the regional association for Capital Market Regulators in West Africa with the mandate of facilitating corporation and consultation among Capital Markets in the West African region.

As a flagship programme of WASRA, the conference is a biennial event that seeks to present the West African region and indeed Africa as a whole the opportunity to address important issues related to the orderly growth and development of the regional and continental capital markets.

The conference brought together relevant stakeholders and experts including but not limited to regulatory agencies, market operators, inter-regional economic bodies, and stock exchange managers.

The Managing Director of the Ghana Stock Exchange (GSE) Ekow Afedzie emphasized the need for a quick integration of the capital market on the continent.

“The processes have delayed for a while and for some observers the integration can start gradually so that other countries can join later,” he said.



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Ghana hosts 31st Annual Meeting of Board of Governors of ACBF

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The Government of the Republic of Ghana is hosting the 31st Annual Meeting of the Board of Governors of ACBF from May 23rd, 2022, at the International Conference Center.

The main objective of the meeting is to seek broad policy and strategic direction for the foundation as well as discuss sustainability issues.  

In this regard, the Board of Governors will receive from an update on the activities of the Secretariat and the 2021 Financial Statements from the Executive Board.

With 2022 being the last year of the current strategy (2017-2022), the meeting will also discuss what is on the horizon and consider the roadmap to develop the next strategy.

The 31st Annual Meeting presents an opportunity to showcase the continued relevance of the foundation and increase its visibility. This is also an opportunity to deepen the partnership with member countries and strategic institutions such as multilateral and regional partners.

The Board of Governors of ACBF which is the highest policy making body of the Foundation comprises representatives of ACBF member countries and non-African countries, as well as the World Bank, the African Development Bank (AfDB), and the United Nations Development Programme (UNDP). The Governors are usually African Ministers of Finance and/or Economic Planning, Directors-General or other high level representatives of international development cooperation agencies for non-African countries.

The Board of Governors has a bureau of three members, (Chairperson and two Vice-Chairpersons) who are elected annually.

The Minister of Finance, Ken Ofori-Atta, is the current Chair.

Its main responsibility is to set the broad policies for the operation of the Foundation, as well as the appointment of the independent members and chairperson of the Executive Board.



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20m farmers in Africa to benefit from AfDB initiative to avert food crises

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Dr. Akinwumi Adesina

About 20 million farmers on the continent are expected to benefit from an emergency food production fund project by the African Development Bank this year.

The project, which seeks to avert any looming food crises that may come as a result of the global geopolitical tensions will ensure that staple foods are cultivated annually to serve the continent.

President of the Africa Development Bank (AfDB) Group, Dr. Akinwumi Adesina disclosed this to journalists in Accra at a breakfast meeting ahead of its annual meetings in Ghana.

“The Russian war in Ukraine has led to new challenges for Africa, especially in terms of high energy prices, high fertiliser prices, and disruption of food imports. With 30 million tonnes of food imports, especially wheat and maize that will not be coming from Russia and Ukraine. Africa faces a looming food crisis,” he said.

He cautioned that Africa does not need bowls in hand, but needs seeds in the ground.

He maintained that Africa should not be begging for food; but rather must produce its own food, adding that there is no dignity in begging for food.

“That is why the African Development Bank Group, and the African Union Commission, developed the Africa Emergency Food Production Plan. The plan will provide 20 million farmers with improved seeds and fertilisers, as well as other farm inputs, to produce 38 million metric tons of food, worth $12 billion.

This will include 11 million metric tons of wheat, 18 million metric tons of maize, 6 million metric tons of rice, and 2.5 million metric tons of soybeans” he assured.

The AfDB last week also launched a $1.5 billion African Emergency Food Production Plan to help Africa produce food to avert a looming food crisis.



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