{"id":3992,"date":"2022-05-16T14:18:29","date_gmt":"2022-05-16T14:18:29","guid":{"rendered":"https:\/\/amnewsworld.com\/?p=3992"},"modified":"2022-05-16T14:18:29","modified_gmt":"2022-05-16T14:18:29","slug":"ghana-time-to-tackle-triple-crises-of-food-energy-and-finances-finance-minister","status":"publish","type":"post","link":"https:\/\/www.amnewsworld.com\/fi\/ghana-time-to-tackle-triple-crises-of-food-energy-and-finances-finance-minister\/","title":{"rendered":"Ghana: Time to tackle triple crises of Food, Energy and Finances – Finance Minister"},"content":{"rendered":"

Minister of Finance, Hon. Ken Ofori-Atta has commend African Development Bank\u00a0 for its massive contributions in Ghana’s development as he addressed journalists at a press conference to launch the institution\u2019s annual meetings on Thursday.<\/strong><\/p>\n

Ofori-Atta described the meetings as seminal, in the context of a world seeking to re-balance in the wake of Covid-19 and the Russian-Ukraine invasion.<\/p>\n

\u201cThe hosting is long overdue. Forty-one African economies are severely exposed to at least three concurrent crises \u2013 rising food prices, rising energy prices and tightening financial conditions \u2013 what finance ministers now call the dreaded three F\u2019s,\u201d Ofori-Atta said.
\nThroughout Africa food prices are currently around 34% higher, crude oil prices 60 % and global inflation is affecting all countries, the minister said, with inflation in Ghana standing at around 23.6%.<\/p><\/blockquote>\n

\u201cThe newly poverty in Africa has increased by 55 million and approximately 35 million formal jobs are at risk,\u201d the Minister said. \u201cThis toxic mix of challenges exists even as we try to recover from the Covid-19 pandemic.\u201d
\n\u201cIn the African Development Bank, we have a well-positioned institution with the convening power and a network of technical and financial resources to significantly contribute toward finding robust solutions to some of these intractable problems that we are experiencing,\u201d Ofori-Atta stated.
\nThe annual meeting has scheduled from 23-27 May in the Ghana’s capital city, Accra. There would be a showcase of products and services of 13 indigenous industrialists and 5 fintechs on the sidelines.<\/p>\n

The Miniater also touched on the replenishment of the African Development Fund (ADF), the African Development Bank Group\u2019s concessional lending arm. This year marks the fiftieth anniversary of the Fund.
\n\u201cOne of the key issues is how to push our non-regionals to accept ADF going to the capital markets to leverage the $25 billion equity so we can get more resources,\u201d Ofori-Atta narrated.<\/p>\n

He added that, the ADF would benefit from cheaper interest rates, should it turn to the capital markets. Donors and multilateral institutions cannot meet the development demand Africa has.<\/p>\n

Speaking of the cocoa value chain, Ofori-Atta noted the importance of adding value to boost the incomes of the country\u2019s farmers in the lucrative cocoa industry. He said an emergency food plan proposed by the African Development Bank is designed to assist farmers, especially with fertilizers.
\nThe plan, which hinges on providing certified seeds of climate-adapted varieties to 20 million African farmers, would see the rapid production of 38 million tonnes of food across Africa over the next two years. With the disruption of supplies arising from the war in Ukraine, Africa is facing a shortage of at least 30 million metric tonnes of food, especially wheat, maize, and soybeans imported from Ukraine and Russia. The Bank has pledged to invest $1.3 billion in the plan\u2019s implementation.<\/p>\n

\u201cThrough our enduring partnership with the Bank, Ghana has undertaken significant infrastructure development,\u201d the minister said. He also noted other areas of collaboration, including education, modernization of agriculture and financing for small businesses.<\/p>\n

\u201cIt is a good time for this AGM to happen. It could lead to some really important change in how the global financial architecture is tackled so that we can get the resources we need to be able to transform the continent,\u201d Ofori-Atta said.<\/p>\n

About the African Development Bank Group.<\/strong><\/p>\n

The African Development Bank Group is Africa\u2019s premier development finance institution. It comprises three distinct entities: the African Development Bank (AFDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF).
\nOn the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states.<\/p>\n

AMN\/Media Report\/Ghana<\/strong><\/p>","protected":false},"excerpt":{"rendered":"

Minister of Finance, Hon. Ken Ofori-Atta has commend African Development Bank\u00a0 for its massive contributions in Ghana’s development as he addressed journalists at a press conference to launch the institution\u2019s annual meetings on Thursday. Ofori-Atta described the meetings as seminal, in the context of a world seeking to re-balance in the wake of Covid-19 and<\/p>","protected":false},"author":1,"featured_media":3993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_1160854738579181570_1160854738579181570":"","facebook_3558452337540614_100649324928663":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[16,40],"tags":[],"class_list":{"0":"post-3992","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-finance"},"yoast_head":"\nGhana: Time to tackle triple crises of Food, Energy and Finances - Finance Minister | Amnewsworld<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.amnewsworld.com\/fi\/ghana-time-to-tackle-triple-crises-of-food-energy-and-finances-finance-minister\/\" \/>\n<meta property=\"og:locale\" content=\"fi_FI\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana: Time to tackle triple crises of Food, Energy and Finances - Finance Minister | Amnewsworld\" \/>\n<meta property=\"og:description\" content=\"Minister of Finance, Hon. Ken Ofori-Atta has commend African Development Bank\u00a0 for its massive contributions in Ghana’s development as he addressed journalists at a press conference to launch the institution\u2019s annual meetings on Thursday. 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