Awards, foreign investments and development

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Among news that made headlines over the past week is the award for the world’s emerging economy as well as the doubling of foreign investments. Another news item that is worth remembering is the African Development Bank’s $16 million loan to finance the construction of a Kempinski Hotel in the capital, Accra, among other stories…

World Emerging Economy Award goes to Ghana

After a year of intensive scrutiny and monitoring of global economic activities by the Thomson Financial’s International Financial Review (IFR), an independent global team of expert reporters and analysts, Ghana emerged winner.

The IFR award represents a key benchmark of global capital markets and national economic excellence. Other winners include; Goldman Bachs as bank of the year; Deutsche bank winning two awards, bond house of the year and securitisation house of the year; Loan house of the year went to UBS Citi group whilst HSBC got best bank in terms of loan granting to the Asian economy.

Matthew Davies, Editor of Thomson Financial’s IFR said “many economy watchers and many of its rivals had characterised ghana’s economic strategy as one suitable for a propelling “bull and boomed economy”. He noted that Ghana’s economic performance in 2007, was remarkable “against a background of unprecendented difficulties in world trade and political instability in certain parts of the world especially on the African continent, which saw enormous write downs across the many economies ousted, Ghana’s economy was able to grow”.

Ghana doubles foreign investments

The Ghana Investment Promotion Centre (GIPC) doubled its global investment flow to the tune of GH 1.15 billion ($1.2 billion). Chief Executive Officer of GIPC said that a total of GH144 million of the investment was made up of equity from new companies that registered in 2007 whilst 305 new projects registered with a total estimate of GH 5.27 billion ($67 billon). For 2006, he revealed that GIPC maintained a steady growth.

Bank Loan for Hotel Development

A $16 million loan to finance the constrution of a hotel in Acrra, Ghana, has been accorded by the African Development Bank. The project is in line with the newly approved private sector operations strategy which aims to promote catalytic transactions with a strong demonstration effect and positive impacts on Small and Medium Enterprises will create substantial direct and indirect job opportunities. During the construction phase, about 500 construction workers will be employed in addition to other jobs for subcontractors and suppliers. During the project’s operational phase, about 352 permanent direct jobs will be created and it is estimated that 30-40% of these employees will be women.

Italy to assist Ghana Implent e-government project

A e-governance project has been earmarked for the the Public Sector Reforms Ministry. Last week the ministry revealed that a proposal to set up a bilateral working group between Ghana and Italy to work on a blueprint for the pilot phase had been agreed upon by the two countries.

Ministries involved in this project are; Communication, Finance, Attorney General and Justice, and Foreign affairs. The Italian ambassador called on the ministry to speed up the set up process, saying “the support from the Italian government would put up a certified e-mail infrastructure including digital signature and electronic document work flow that would improve among other things, the quality of work in the public sector”.

Sanitation Development Laws…

The ministry of local government, rural development and environment in their commitment to ensure proper sanitation is putting in place the necessary legal and regulatrory framework to ensure that sanitation laws on all community levels are not only rigidly enforced, but also to make sure that imposition of fines that discourage unsanitory behaviour are put in place.

Sector Minister, Mr. Kwadwo Adjei-Darko, said that “2000 sanitation guards had been deployed in the 138 metropolitan, municipal and district assemblies to assist environmental health officers in education and law enforcement…” He also expressed concern about the absence of reliable data on sanitation.

The minister commended the Royal Netherlands embassy, UNICEF, World Bank, among others for their support.

International  International news in general
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