The clarion call on African countries by President Nana Addo Dankwa Akufo-Addo to increase trade within the continent for them to stand on their own feet is one of the leading stories in the Ghanaian press on Thursday.
The Graphic reports that President Nana Addo Dankwa Akufo-Addo has made a clarion call to African countries to increase trade within the continent for them to stand on their own feet.
That, he said, was in view of the current derangement of the global commodities market, supply chains and logistics occasioned by the Russia-Ukraine crisis which had culminated in fertiliser shortages around the globe.
He said the situation could affect maize and soya production in African countries, including Ghana, and had “greater shocks” in Ghana’s poultry industry.
President Akufo-Addo made the call when he opened the 22nd Academy of African Business and Development Conference at the University of Professional Studies, Accra (UPSA) yesterday.
The five-day international conference, which has attracted experts, leaders and personalities from academia, the private sector, the public sector and industry, is on the theme: “Sustainable Development Beyond Aid: The focus for Africa”.
The conference conferred a continental honour on President Akufo-Addo for his keen interest, commitment and dedication to the realisation of the African Continental Free Trade Area (AfCFTA) arrangement.
Intra-regional trade
President Akufo-Addo explained that the shocks African nations were experiencing as a result of the COVID-19 pandemic and the Russian invasion of Ukraine might have been less if Africa had shifted focus from dependence on aid to production, productivity, intra-continental trade and exports instead of imports.
He noted that African countries needed to build on their strengths and hold one another up, as that could lead to organic growth and thereby develop the continent.
The newspaper says that the Ministry of Information has condemned the attack on Benya FM’s presenter, who was assaulted by unnamed men during an on-air programme last Monday.
It has therefore called on the District Police Command to promptly investigate and prosecute the alleged perpetrators accordingly.
In a press release issued on Wednesday, May 18, 2022, the Ministry said the action by the thugs was unnecessary and without justification.
“The Ministry of Information condemns the reported assault in no uncertain terms and urges the police to promptly investigate and prosecute the alleged perpetrators accordingly,” the Ministry said.
It described as totally unacceptable the attack on the broadcaster and says “there is no justification whatsoever for a broadcaster to be assaulted simply for doing his work.”
Some unknown men attacked Osofo Blessing, a presenter with Benya FM in Elmina over reports that the radio station was discussing matters of non-availability of premix fuel and how those who are not fishermen were given the product to the detriment of fishers who need it.
The Ghanaian Times reports that the Governor of the Bank of Ghana, Dr Ernest Addison, has described the rising inflation rate of nearly 24 per cent as a complicated matter that will be dealt with decisively in the ongoing Monetary Policy Committee (MPC) meeting that began today, May 18, 2022.
In most scenarios, the Policy Rate – the rate at which commercial banks borrow from the Bank of Ghana – is higher than the inflation rate, but that will not be the case this time around.
Speaking to Bloomberg, the Governor said the rising inflation is a surprise to his team, but will take a major decision to address the issue.
“It’s an issue which in a sense is baffling to all of us. A year ago, inflation in Ghana was near single digit, particularly we were at 7.5 per cent and then we find ourselves a year later in high double digits. It’s a very complicated environment, as you yourself you are aware we have come out of COVID-19. But Ghana fortunately was able to weather the impact of COVD well without recording high interest rates.”
“And is seem as if the economy has pick up significantly with a positive growth rate of 5.4 per cent. At the Central Bank, we have anticipated this. In November last year, we raised the policy rate by 100 basis points (2.0 per cent), and then we were rather surprised by the inflation rate which came out later on. After that in February (2022) in particular which triggered the 250 basis points (2.5 per cent) adjustment in the policy rate,” he explained.
The newspaper says that President Nana Addo Dankwa Akufo-Addo has expressed concerns over the impact the crises in Ukraine is having on food security in the country and on the continent.
According to the President, the Ukrainian crisis has compromised the food security of Africa, causing a disruption of commodity imports and shortages in fertilisers for crops.
“Growing concerns of fertiliser shortages in most African countries including Ghana are worrying.
“Ghana’s maize and soya production could be affected and our poultry industry could suffer greater shocks,” he said at the Annual Conference of the Academy of African Business and Development at the University of Professional Studies at Legon in Accra.
President Akufo-Addo noted that the current derangement in the global commodities market, supply chains and logistics should serve as a clarion call for Africa to rise up and stand on its own feet.
He said the powerful tool to save Africa’s economies and food systems in the wake of current global challenges, was the African Continental Free Trade Area (AfCFTA) which came into effect on January 1, 2021.
“The AfCFTA, whose Secretariat is located here in Accra links 54 markets covering 1.2 billion people with a combined GDP of some three trillion United States dollars into a single market. It is the world’s largest free-trade area outside of the World Trade Organisation (WTO) itself.
“By 2050 it will cover an estimated 2.5 billion people and have over a quarter of the world’s working age population. One in four people on the planet will be by then an African,” he said.
GIK/APA