Ghanaian press focuses on marginal decline of Ghana’s trade balance, others

APA – Accra (Ghana)
The report that Ghana’s trade balance declined marginally at the end of last year on the back of developments in the prices of the major export commodities, together with lower production levels in cocoa and crude oil is one of the trending stories in the Ghanaian press on Tuesday.
The Graphic reports that Ghana’s trade balance declined marginally at the end of last year on the back of developments in the prices of the major export commodities, together with lower production levels in cocoa and crude oil, the Bank of Ghana has reported.
The country’s trade account recorded a surplus of US$2.63 billion for 2023, lower than a surplus of US$2.87 billion recorded in 2022.
“This decline in the trade surplus was attributed to a greater decline in export earnings relative to imports,” Governor of the central bank, Dr Ernest Addison, said yesterday at the end of the Monetary Policy Committee (MPC) meeting which started last Tuesday to review developments within the ailing economy.
Dr Addison said in the year, merchandise exports declined by 4.9 per cent to US$16.6 billion. However, he said gold exports increased by 15.0 per cent to US$7.6 billion benefiting from both volume and price increases.
Cocoa beans exports on the other hand fell marginally by 1.1 per cent to US$1.3 billion on the back of lower volumes and price.
Crude oil exports also decreased significantly by 29.3 per cent to US$3.8 billion driven by reduced volumes and lower prices.
The newspaper says that Bank of Ghana has reduced the policy rate by 100 basis points to 29 per cent.
This is a result of the macro economic indicators trending in the right direction.
Announcing the decision, the Governor of the Bank of Ghana, Dr Ernest Addison said the macro economic indicators are expected to trend further down as the government implements the IMF programme
The Ghanaian Times reports that Guyana President urges African leaders to fashion out mechanism for payment of reparation
The President of Guyana, Dr Mohammed Irfaan Ali, has appealed to African leaders to focus on fashioning out the necessary mechanisms that will compel perpetrators of the Trans-Atlantic Slave Trade to pay reparations to those affected by the dastardly act.
According to him, the debate had gone past whether there was a legitimate demand for the payment of reparation or not to the affected individuals since the perpetrators had already accepted responsibility and apologised.
“I think we have long gone past that question…that recognition has already been given that reparation must be paid so there is no longer any debate whether there is the need for reparation. We have long gone past that.
What is needed now is mechanism, the structure, how are we going to move from apology to a mechanism that leads to reparation and that definitely cannot take another 100 years. That should be objective…that should be the focus, that should be the singular focus of all of us,” he emphasised.
Dr Ali made the appeal while contributing to the Presidential Panel Dialogue with business leaders at the second edition of the African Prosperity Dialogue (APD) organised by the African Prosperity Network (APN) at Peduase in the Akuapim South Municipality of the Eastern Region.
The Presidential Panel Dialogue section of the three-day ADP is on the theme: “Leveraging Reparations for Infrastructure for Africa and Global Africa.”
He said the issue of reparation now required getting the guilty party to establish a mechanism of payment, adding that “there is nothing to blush over, there is nothing to gloss over. The recognition is there, an apology has been made… are we going to wait for another 500 years for the mechanism for reparation? No!” he stated emphatically.
The newspaper says that the Ghana Meteorological Agency (GMet) has advised Ghanaians to take cognisant of the health risks posed by the harmattan which has the ability to worsen allergies such as asthma.
It, therefore, cautioned the public to take precautionary measures to promote their wellbeing during the period.
The agency explained that it was important to take a lot of water to remain hydrated and avoid setting fires on farms.
It said due to the level of dust in the atmosphere, it would be necessary for people to wear mask.
These were contained in the agency’s 2023/24 Harmattan Advisory Updates released to keep Ghanaians informed about the severe weather changes.
The agency urged the public to handle fire cautiously to avoid outbreaks as the Harmattan season sets in, while advising the public to take a lot of water to avoid dehydration.
Ghana is currently experiencing dry and dusty winds, a characteristic feature of the Harmattan season.
According to the agency, the onset of the dry winds had made it risky for farmers especially who would want to burn unwanted material in their farms.
In light of the potential threats posed by the weather phenomenon, “The agency extends a warning to heighten awareness among the public of the harmattan season along with its risks.”
The Ghanaian Times also reports that the Managing Director of the Consolidated Bank Ghana (CBG), Mr. Daniel Wilson Addo, has reiterated the bank’s commitment to supporting Small and Medium Size Enterprises (SMEs) to grow.
“The overarching ambition is to secure market leadership in SME financing while solidifying its status as a resilient financial institution,” he said at a media event held in Accra.
The event sought to celebrate the impact of the Bank over the years and strengthen ties with the media.
He highlighted CBG’s significant role in supporting businesses, disbursing GHS 1.6 billion in loans to over 5,600 enterprises, with a specific focus on sectors such as energy, tourism, and agriculture.
CBG’s dedication to innovation, he said, was evident through the introduction of programmes such as the ‘CBG SME Adesua Series’ and streamlined loan processing, earning the Bank prestigious awards, including the Euromoney Award for SME Market Leadership in 2022 and 2023.
Mr. Addo emphasized CBG’s commitment to Corporate Social Responsibility (CSR), particularly in health and education, showcasing the broader impact on the community.
Looking ahead, Mr. Addo outlined plans to deepen investment in digitization, upscale support for SMEs, prioritise customer service, and enhance operational efficiency.
He expressed gratitude to the media for the continuous support and pledged an unwavering commitment to transparency, open communication, and collaborative efforts that contribute to the economic landscape of Ghana.
GIK/APA