Ghanaian press zooms in on launching of 3rd China-Africa Economic and Trade Expo, others

APA – Accra (Ghana)
The launching of the 3rd China-Africa Economic and Trade Expo, meant to promote trade between China and the rest of the world is one of the leading stories in the Ghanaian press on Wednesday.
The Ghanaian Times reports that the 3rd China-Africa Economic and Trade Expo, meant to promote trade between China and the rest of the world, has been launched in Accra.
The event scheduled for June 29 to July 2, 2023, in Changsha, Hunan Province in China was launched during the China (Shaoyang)-Ghana Economic and Trade Exchange Matching Conference in Accra on Monday.
Under the theme “Common Development for a Shared Future,” the event would be jointly organised by the Department of Commerce of Hunan Province Trade Development Bureau of the Ministry of Commerce, Foreign Affairs Office of Hunan Province, China Council for the Promotion of International Hunan Sub-Council and People’s Government of Changsha under the sponsorship of the Ministry of Commerce of the People’s Republic of China and People’s Government of Hunan Province.
The four-day event, which would be held under the auspices of the Shaoyang Municipal People’s Government, is organised by the Shaoyang Municipal Bureau of Commerce.
Speaking at the programme, the Deputy Minister of Trade and Industry, Michael OkyereBaafi, said Chinese companies should take advantage of the African Continental Free Trade Area (AfCFTA) initiative and establish their presence in Ghana.
“We are now at the beginning of the state of the concept so this is the time companies from China should be interested in coming to Ghana to set up companies, so that they take advantage of the huge market the compact presents,” he said at the China (Shaoyang)-Ghana Economic and Trade Exchange Matchmaking Conference in Accra on Monday.
He said AfCFTA presented a market of 1.2 billion people with combined Gross Domestic Product of $3.4 trillion.
The Deputy Mayor of the Shaoyang Municipal People’s Government, Ms Yan Lijn, in her remarks said the expo was expected to receive participants from a lot of African countries to showcase their products and services and also see what China offered.
She said the event would also provide opportunity for businesses and investors to seal business deals and contracts.
The newspaper says that seven persons have lost their lives after an illegal mining (galamsey) pit in which they were working at Korle Teye (Takoroso site) in the Birim North of the Eastern Region, collapsed.
The bodies of the deceased, who are yet to be identified, have since been sent to the mortuary of the Holy Family Hospital in Nkawkaw while five others who were injured are receiving treatment at the same hospital
Others are believed to be still trapped under the debris.
In all, 26 others were said to have been stuck before the rescue operation
It is unclear what caused the collapse of the pit, but some community members suggest that the heavy rainfall recorded in most parts of the country on Monday is a contributing factor.
An eye witness, Yaa Yeboah, told the Ghanaian Times that the incident occurred at about 10am on Monday, when the illegal miners were said to have been on site engaging in their ordeal.
She said as at the time of the incident, only the locals and some policemen were at the scene trying to rescue the victims.
She said some indigenes of the town tried to prevent anybody from taking photographs to prevent them from drawing attention to the incident.
The Graphic reports that the Managing Director of Fidelity Bank, Ghana, Julian Opuni, has acknowledged the instrumental role banks, fintechs and other allied businesses in the banking and finance value chain play in unearthing the enormous potential of Africa’s economy.
He also recognised the contributions of financial institutions in driving business growth across the continent.
Mr Opuni was addressing participants in the 2023 Retail Banking Council Africa meeting held in Accra.
Fidelity Bank partnered the Lafferty Group to host the meeting on the theme, ‘Driving Free Trade in Africa – How financial services can contribute to Digital Trade’.
“The rapid proliferation and increasing sophistication of digital tech in finance and beyond, coupled with significant shifts in regional and global economic policy such as the landmark African Continental Free Trade Area (AfCFTA), suggest that we may be approaching a watershed moment in Africa.”
“This may well be Africa’s moment to emerge as a potent economic power on the world stage,” Mr Opuni noted.
Divisional Director of Retail Banking at Fidelity Bank Ghana, Nana Esi Idun-Arkhurst, said: “It is from proactive engagements, conversations and bonding activities such as these council meetings that powerful relationships and ideas are activated to seize the business opportunities of today and tomorrow.”
IT also helps to create meaningful opportunities for individuals and small businesses, and ultimately transforms the world for the better.”
The newspaper says that the Director of Research of the Institute of Economic Affairs (IEA), Dr John Kwakye, has called on the government to enforce tighter monetary and fiscal rules to ensure a stable cedi and exchange rate regime in the country.
The measures, Dr Kwakye said, should include the enforcement of five per cent ceiling on the Bank of Ghana’s lending to government, a progressive increase of the minimum foreign exchange cover for the cedi issued from the current 40 per cent to 70 per cent between 2023 and 2025, as well as the imposition of a ceiling of 60 per cent on the Gross Domestic Product (GDP) on public debt.
He made the suggestion at a roundtable in Accra last Wednesday which was held on the topic “Achieving durable price and exchange rate stability in Ghana: Is a Currency Board the answer?”
Organised by the IEA, a policy think-tank, the roundtable was attended by financial consultants, bankers and politicians.
Dr Kwakye indicated that achieving price and exchange rate stability had eluded the country for a long time due to the underlying defective structure of the economy, saying it lacked diversification and over relied on imports.
“Obviously, we cannot continue to operate the same lax fiscal and monetary policy systems and expect to have different outcomes.
We need to think outside the box and seek alternative solutions,” he said.
A durable price and exchange rate stability, he said, referred to stable currency that could successfully hold its unit of account or purchasing power over some time.
Dr Kwakye explained that at a basic level, a currency was stable when the international currency exchange rates did not fluctuate too much as against the consumer price index (CPI).
The CPI measures the overall change in consumer prices based on a representative basket of goods and services over time.
GIK/APA