Portuguese business delegation in Ghana

A Portuguese business delegation arrived in Ghana, on Wednesday for a three-day visit to explore partnership and business opportunities in the local market.

The entrepreneurs are engaged in various public and European Project Promotion, regarding cooperation and development opportunities between Portuguese and foreign companies in collaboration with CH Business Consulting, Portugal and GP Business Associates in Ghana.

The Mission Leader: Santarém’s Chamber of Commerce is - Mr João Salvador, Mission Manager: CH Business Consulting, Portugal- Mr Carlos Lacerda and Mission Manager and GP Business Associates, Ghana – Mr Nicholas Frimpong.

The delegation, which comprised six companies would establish contacts with potential sales agents, importers, distributors, retailers and introduce them into the Ghanaian markets.

The potential partner company profiles include trucks and rolling material traders/importers, logistics operators and transporters, importers of spare parts and used trucks and transport operators.

Mr Lacerda told the Ghana News Agency in Accra on Thursday that Portugal is country made up of 10 million people with very dynamic economy.

He said 23,000 Portuguese companies are engaged in more than 10 million dollars export deals.

Mr Lacerda said the rationale behind the visit is due to the resilience of Ghana’s economy including an impressive GDP.

He said Ghana is an alternative or new destination to Angola where Portugal had done business for a long time.

He said unlike Ghana, which has a diversified economy Angola is concentrated on the oil and gas industry and the prospects for the economy are dwindling.

Mr Lacerda said beside that Ghana is better organised and is a safe country to invest in.

Comments:

Takoradi ports 'oil and gas services agender ' picks up

The quest to position Takoradi Port as the oil and gas services hub in the West African sub-region has been boosted by General Electricals Oil and Gas — a sub-contractor of Tullow Oil —as the company steadily constructs its fabrication yard in the port.

Construction of the facility, which sits on a 10,000 square-metre land, is part of Takoradi Port’s expansion project and will serve as the base area for General Electricals as it plans to produce undersea and heavy equipment for the oil and gas business in the port community.

The fabrication yard will house a lay down for General Electricals to store equipment and work materials, a workshop structure and offices for General Electric Oil and Gas, and cover a wide area that enables them work in an unconstrained environment.

Principal Public Relations Officer of Takoradi Port, Peter Bediako, shared the economic benefits of the facility after a site inspection tour: “This facility could have been built in any other African country, and that would have robbed the country of the economic benefits with regard to employment opportunities for the youth and the revenues that can be accrued by government.

“Currently, about 98 percent of personnel working on the project are Ghanaians; and this adds to the critical role that the facility will play, not only for the Takoradi Port but the national economy as a whole.”

The erstwhile export-led Takoradi Port is gradually being positioned as an oil and gas services hub for the sub-region as part of its ongoing expansion works.

The plans is to set up an oil and gas services platform that takes advantage of the buoyant oil and gas sector, and to ensure that locals have a fair share of the oil booty while creating job opportunities for the country’s teeming unemployed youth.

Mr. Bediako commended General Electricals for the decision to invest in the country, and indicated more of such partnerships will be needed toward the establishment of a formidable oil and gas services platform in the port community.

He added: “This is a strong support base for the oil and gas industry in the country; for the Takoradi Port to position as an oil and gas services hub, we need partnerships with strong industry giants.

“General Electricals Oil and Gas—as a sub-contractor for Tullow Oil—was given a place in the port to build its fabrication yard for undersea drilling and completion works to support the oil and gas platform.”

Project Manager of the company, Catherine Annum, touched on the idea behind the tour: “This forms part of a routine to ensure that construction of the facility meets the set deadline; we are here to ensure that whatever we construct is done according to specifications and meets the satisfaction of our client, as the facility will be needed for drilling and completion works offshore”.

She indicated that the project, when completed, will make it very convenient for the company to execute its business; and is optimistic that the facility will bring immense benefits to the country as it repositions Takoradi Port in the oil and gas industry.

Ghana -Israel chember of comerce in the offing

Ghana and Israel are in the process of establishing a chamber of commerce to boost trade and business between the two countries.

Known as the Ghana-Israel Chamber of Commerce, the centre will become operational before the end of the year.

According to the Israeli Ambassador to Ghana, Mr Ami Mehl, the centre would be beneficial to both countries as it would facilitate the flow of business from Israel to Ghana and vice versa.

“There are lots of Israeli and Ghanaian businesses which are eager to cooperate and implement initiatives that will grow the economy of the two countries. This centre will, therefore, enable us to further strengthen the economic relations between Ghana and Israel.

The economic relations are not only about export and import, but will also focus on investment, knowledge sharing and development,” he said.

Mr Mehl made this known when he spoke to the Daily Graphic on the sidelines of the inauguration of a packaging facility for Holyland Star Limited, an Israeli Company that produces anointing oils and Holy water, in Tema.

The facility has the capacity to package, on a daily basis, more than 2,500 bottles of the company’s products which are manufactured in Israel.
The Israeli Ambassador explained that the establishment of the facility was a testament to the surge in business activities and cooperation between Ghana and Israel this year.

That, he said, was against the backdrop of the challenges the two countries faced in their economic relations which led to a drop in trade between them from $100 million to $40 million in 2015.

“Now the situation is steadily improving with more trading activities going on between the two countries. We are, therefore, gradually building a relation that focuses on promoting the exchange of high quality products and not cheap or inferior products,’’ he stressed.

Throwing more light on the products, the country Director of Holyland Star Limited, Mr Emil Yaw Opare, said the anointing oils were produced from the finest olive fruits in Israel while the holy water also came directly from the River Jordan in Israel.

He added that the products would make consumers have a deeper spiritual connection with God and the holy land of Israel.

Present at the ceremony were some Members of Ghana’s Parliament who are also members of the Ghana-Israeli Parliamentary Friendship Association as well as a renowned international evangelist, Dr Lawrence Tetteh.

Be inspired! British businesses seek local partners

The United Kingdom Prime Minister’s Trade Envoy to Ghana, Adam Afriyie, has said the special relationship that exists between Ghana and the UK provides a unique platform that can be taken advantage of by businesses in the two countries.

Adam Afriyie, who is also the Member of Parliament for Windsor, UK, speaking to the B&FT on the sidelines of the launch of ‘Business is Great’ initiative in Accra recently said: “British companies have vast expertise that can really be of immense benefit to their counterparts here in Ghana”.

According to him, ‘Business is Great’ seeks to highlight the UK capabilities in Healthcare, Technology, Creative Industries, Education, Extractives (including mining and Oil and Gas), Agritechnology, Financial, Legal and Professional services.

“…The UK has so much to offer in these sectors and we want Ghanaian companies to benefit. The reason that ‘Business is Great’ is important to Ghana is because the country is no different from the UK -- similar legal systems, same language, shared history etc.

“Ghana is a country that demands innovation. The UK can help provide that: it rightly has a reputation as a global centre for digital technologies, with world-leading academics and businesses working in media, Internet, communications and cyber security.

“So it has one of the world’s strongest and most advanced communications sectors. London has become the FinTech capital of the world, with more people employed in the sector than any other city worldwide, including New York..,” he said.

Mr. Afriyie stated that Ghana possesses a wealth of well-educated people, of natural resources, and there’s a wealth of knowledge about small-scale agriculture production yet it’s unable to add value to some of its exports.

“So where Britain can really assist is if the British business were to look at the Northern Region of Ghana and has the expertise to come over and invest and demonstrate how one can add value in the next stage of processing agricultural products; so that they can actually be self-sufficient rather than exporting unprocessed products and reimporting the processed goods, which is quite an inefficient way to go,” he stated.

There are a range of areas --- traditional areas around energy, mining, roads and infrastructure -- and they also extend to education, agrochemicals, and many financial services, he added.

“We are hoping to expose ourselves within the coming period, and then we will identify very specific areas where, actually, UK businesses and investors can really add value.

“I know that the UKTI team here at the British High Commission receive many enquiries from Ghanaian companies who are looking for innovative solutions. We want to build on that and provide a free digital service to buyers -- to extend our outreach, and match-up UK and Ghanaian businesses more effectively. The demand is here and UK companies can supply: there are over 20,000 suppliers in Healthcare, Creative Industries and Education alone. Just outline the products and services you need and we will match them with the right British Businesses,” he said.

Thanks ,this is absolutely for your praise and inspiration only!

Queen's 90th birthday :- Prince William pays tribute

Prince William has answered criticism of his commitment to royal duties, saying he is willing to take on more responsibility when the time comes. He was speaking in a BBC interview in which he paid tribute to the Queen on the eve of her 90th birthday. She had been a "guiding example" of what a good monarch should be, he said. Meanwhile, a picture of the Queen, the Prince of Wales, Prince William and Prince George, for stamps to mark the monarch's birthday, has been released. Prince William told BBC royal correspondent Nicholas Witchell: "I think the Queen's duty and her service, her tolerance, her commitment to others - I think that's all been incredibly important to me and it's been a real guiding example of just what a good monarch could be. "And it's been incredibly insightful for me growing up, watching her leadership in that role. "I think it's important to grow into a role with the right characteristics and the right qualities, and I think she's exemplified that in everything she's done." The prince's own commitment to royal duty has been questioned in some quarters in recent months - there have been headlines in some newspapers which have referred to him as "workshy William". He said he did not ignore such criticisms but did not take them completely to heart. "I take duty very seriously. I take my responsibilities very seriously. But it's about finding your own way at the right time and if you're not careful duty can sort of weigh you down an awful lot at a very early age and I think you've got to develop into the duty role," he said. William emphasised the importance he attached to his role as an air ambulance pilot and to the time he spent with his family. He said both his father and grandmother fully supported the fact that he was not yet fully engaged with royal duties, but that when the time came to accept more responsibilities he would be the first person to put up his hand and take them on. Queen's 90th: What's happening and when? *20 April - The Queen will visit the Royal Mail delivery office and open a bandstand, in Windsor *21 April - She will unveil a plaque on Windsor's Queen's Walkway, before lighting the first of a chain of beacons. Gun salutes will also be held across the UK *12-15 May - Celebrations featuring hundreds of horses and performers in the grounds of Windsor Castle *10 June - A national service of thanksgiving at St Paul's Cathedral *11 June - The annual Trooping the Colour at Horse Guards Parade *12 June - The Queen will host a street party for 10,000 people in the Mall Ten special stamps have been released to celebrate the Queen's birthday, including a stamp sheet featuring four generations of the Royal Family. The picture of the Queen, Prince Charles, Prince William and Prince George was taken in Buckingham Palace last year. George, making his first appearance on a Royal Mail stamp, had to stand on four foam blocks bound together with tape so his head was at roughly the same height as the seated royals. Six further stamps have been released for the head of state's 90th birthday, three focusing on the Queen's family life and three honouring her official role. On Wednesday, the Queen, accompanied by the Duke of Edinburgh, will meet staff and view an exhibition at Windsor's Royal Mail delivery office. Her visit marks the 500th anniversary of the postal service and she will hear the Royal Mail choir sing. The royals will then head to Alexandra Gardens in the town for a ceremony to officially open a new bandstand and meet pupils from the six schools involved in its decoration. On her actual birthday on Thursday, the Queen and Prince Philip will undertake a walkabout in Windsor and unveil a plaque marking The Queen's Walkway, a 6.3km self-guided walking trail connecting 63 points of significance in Windsor. It was designed to recognise the moment the monarch broke the record on 9 September 2015 held by her great-great-grandmother Queen Victoria by being on the throne for

Use flexible exchange rate as shock absorbe -IMFr

^ountries that are facing the shock of drop in commodity prices on the world market would have to “use flexible exchange rate regime in order to operate as a shock absorber”. That’s the advice of the Managing Director of the International Monetary Fund (IMF), Christine Lagarde, who says the Fund is alert but not alarmed at the slump in the global economy. The Development Committee of the IMF and the World Bank Group (WBG) at its meeting in Washington DC acknowledged that “global growth continues to disappoint in 2016”. “Substantial downside risks to growth remain, including weak demand, tighter financial markets, softening trade, persistently low oil and commodity prices, and volatile capital flows,” it said in a communiqué. The Committee therefore expects the IMF and the WBG to closely monitor the risks and vulnerabilities in the global economy with a view to updating the Debt Sustainability Framework for Low-Income Countries. The institutions are to provide policy advice and financial support for sustained, inclusive and diversified growth and resilience. “We agree that emerging markets and developing countries are generally very prepared than in the past for a possibly less-favourable environment but many of them are exposed to tighter financial conditions, slowing capital inflows and currency pressures,” observed Agustin Carstens, Chairman of the Committee. He says whilst the Fund is ready to support member countries to address the “complex and interconnected challenges”, clear and effective communication of policy stances would be key to limit excessive market volatility and negative spillovers. Export dependent economies like Ghana have in recent years been challenged by the drop in crude oil prices and other commodities like cocoa and gold. Madam Lagarde says countries that rely on commodity exports would have to be prudent in thinking through diversification models that identify and develop other sources of growth within the country. “We urge the international community to take action in supporting these vulnerable populations who largely live below the poverty line” said the Committee, which believes IDA remains the most important source of concessional financing for the poorest countries. The International Development Association (IDA) is a financial institution offering concessional loans and grants to the world’s poorest developing countries. The IMF boss noted that international taxation – the implementation of a safe network of taxation systems – and the economic framework of the fight against corruption are two new areas the Fund will also need to turn attention.

Renewable energy solution to climate change - Otumfuo

Otumfuo Osei Tutu II has said turning to renewable sources such as wind and energy is the way to tackle the threat of climate change. According to the overlord of Ashanti, Africans have assumed that the debate about climate change is about the industrial world and their excessive consumption, but recent severe weather changes, the combination of droughts and uncontrolled storms and flooding, have brought home forcibly, the idea that climate change is a reality and all are obliged to play their part in saving mankind from its effect. In his opinion, therefore, moving away from fossil fuel to new renewable energy is the way to tackle the threat of climate change. The Asantehene was speaking at the Inauguration of a Solar Power solution (SPS) project. He said the over $20million investment in SPS by businessman Francis Akuamoah Boateng will provide one of the most vital components for the energy mix the nation needs going forward because although Ghana’s energy crisis may be in the past, the path to sustainable energy supply is still bumpy. Otumfuo Osei Tutu II further noted that investment in SPS opens new avenues to high-end-to-high-end research and greater innovation for science and technology graduates in the country. He commended Mr Boateng for investing in the economy despite the uncertainties in an election year. “For a Ghanaian businessman in this climate of uncertainty to decide to invest $20million of his resources entirely without seeking state support is an act of courage and patriotism worthy of the highest honour,” he stated. “This son of the Golden Stool is sending two crucial messages by the act of courage. First, he is telling the world that as Ghanaians, we have abiding faith and confidence in the strength of our economy and that whatever the results of the forthcoming elections may be, our economy will not falter. “The second message he is sending to our countrymen, to businessmen, colleagues, and budding entrepreneurs is: ‘Yes, the climate is tough and the challenge enormous, but we can try a little harder.’ “Let us try to reduce the extent to which the destiny of the country has come to depend upon politicians and create more space for the men of business to move the country forward. “The history of the world should persuade us that politicians do the great talking, but it takes great businessmen taking great decisions, making investments to build great nations.”

Ghanaian Victoria Kwakwa gets top World Bank Job

Bank Group President, Jim Yong Kim, has appointed Dr Victoria Kwakwa as the new Regional Vice President for East Asia and Pacific, effective Thursday April 14. “The appointment of Victoria Kwakwa to this role ensures a seamless leadership transition for this region of increasing importance to the World Bank Group,” said Dr Kim in a statement. “She knows the region well and has been part of our efforts in bringing about change at a time when East Asia Pacific has been rapidly developing and playing a pivotal global role,” he added. Dr Kwakwa, a Ghanaian national, will lead the Bank’s advisory and lending operations in the region and oversee strategic engagement with the region’s 23 member countries. The Bank’s lending in East Asia Pacific is expected to be over $7 billion in the fiscal year ending June 30. “I am honored to lead our engagement in a region that is key to the future relevance of the World Bank Group,” said Dr Kwakwa. “In the last decade, East Asia and Pacific’s share in the world economy has tripled, to about 19 percent. That number is projected to rise to more than 30 percent by 2030. I look forward to working with our client countries to maintain their competitiveness and economic dynamism while tackling challenges including urbanisation, vulnerability to climate change, rapid ageing and rising inequality. I am confident that the region will continue to find innovative solutions that will resonate around the world.” Kwakwa was previously the World Bank’s Country Director of Vietnam, overseeing a multibillion-dollar lending portfolio and an innovative knowledge program. During her tenure, the Bank’s partnership with Vietnam has deepened, responding to the increasingly complex challenges of an emerging middle-income country. Most recently, Dr Kwakwa led a joint team with the government to produce the Vietnam 2035 report, which presents options for Vietnam to achieve its ambitious goal of becoming an upper-middle-income country in a generation. Before moving to Hanoi, Dr Kwakwa was the Country Manager for Rwanda, where she worked with the government to design and pilot programmes in social protection, health financing and agriculture productivity. From 2000 to 2006, she was a senior economist and lead economist in Abuja, Nigeria, where she set up a program of state-level analytical work and provided policy advice on how to efficiently and transparently manage oil revenues. Dr Kwakwa joined the Bank as a Young Professional in 1989 and worked on the 2000-2001 World Development Report on poverty. She holds a bachelor’s in economics from the University of Ghana, Legon and earned a master’s and doctorate from Queen’s University in Canada.

German energy companies to partner local businesses

Ghana has to push harder to attain the target of increasing the portion of renewable energy sources in the power generation mix to 10 per cent by 2020. With Renewable Energy Act considered a good framework, the country’s roadmap to achieving the target must include heavy investments in supporting infrastructure to improve the stability and reliability of the grid. Currently, Ghana has only about 3.3 megawatts of renewable energy (RE) power in its generation mix, making the 10 per cent renewable source target – about 670 megawatts of current generation – an ambitious venture. “It is a good Act; But the infrastructure to support the Act is not in place yet. The grid infrastructure has to be stable to be able to receive such sources of power, but Rome also was not build in a day, an energy expert, Mr Michael Neulinger, said in an interview ahead of a German trade mission to Ghana on Reliable Energy Supply. Mr Neulinger who is the Head of Energy and Environment Department at the Delegation of German Industry and Commerce in Ghana (AHK Ghana), said the five-company mission would explore opportunities to partner local companies not only to supply renewable energy technology and solutions to Ghana and West Africa, but also train local personnel in requisite skills and knowledge to support the industry. Working through its cooperation and development agencies such as GIZ, Germany has supported the development of a framework to promote renewable energy in the country. This is based on its expertise in the area and belief in Ghana’s potential of producing more power from renewable energy. In order to assist German companies to position themselves successfully with their expertise in the Ghanaian market, the development of economic and technical competencies on-site is necessary. These competencies can be built through partnerships with local actors such as industry companies, energy suppliers and public authorities. “With renewable energy growth in sight, these companies are prepared to set up companies to train people to do installations so that there will be skills available to support the growing industry,” Mr Neulinger said. The business trip from April 18-22, 2016 will also hold a trade mission conference on the 18th April 2016 to serves the purpose of meeting potential clients and future business partners. Open for about 70 guests, the one-day conference to start the mission has already been oversubscribed by more than 300 per cent of the expected target participants. Mr Neulinger said there would also be match-making meetings scheduled with local companies during their visit, which is being coordinated by the Delegation of German Industry and Commerce in Ghana, with financing from the German Federal Ministry for Economic Affairs and Energy. The companies on the mission include Eco Energie GmbH, which is into energy efficiency and renewable energy generation solutions and GBG New Energie GmbH, an independent off-grid, hybrid energy generation solutions provider. The rest are Sunset Energie and One Shore Energie, both of which are into off-grid solar and PV hybrid and Planet Biogas GmbH, which is into the construction of biogas plants. Mr Neulinger said some of the companies had been active in Africa for many years with reference projects to point to, they see Ghana as an attractive market for solutions in RE, power efficiency and services.

USAID support center to boost Ghana - U . S trade

The USAID West Africa Trade and Investment Hub (Trade Hub) will on April 12 and 13 train coordinators from seven West African countries to assist businesses with the processes and documentation required for exporting to the United States under the African Growth and Opportunity Act (AGOA). Coordinators from AGOA Trade Resource Centers (ATRCs) in Ghana as well as Benin, Burkina Faso, Cameroon, Côte d’Ivoire, Nigeria and Senegal will convene for training on how to deliver services in trade intelligence, export development, business promotion and trade facilitation to existing and potential exporters. Participants will also learn from best practices across the region and share experiences in supporting exporters. Hosted within local institutions, the ATRCs have assisted over 2,700 businesses seeking to export to the United States under AGOA, which waives duties and quotas on thousands of goods made in eligible sub-Saharan African countries. Since 2005, USAID has provided grants to build the sustainability of the ATRC network and the host institutions which provide trade-related services to private sector companies. The grants cover training and the costs of building a database of exporters, further enabling ATRCs to develop exporters’ capacity, market linkages, and sector-specific strategies to boost trade. USAID supports greater use of AGOA’s tariff advantages across West Africa. Each ATRC is expected to undertake activities that enhance the export potential of companies seeking to take advantage of AGOA. These activities include: developing and providing trade intelligence services through trade and business associations or directly to individual businesses; promoting trade and export development advisory services by providing hands-on assistance directly to companies to help them understand market requirements and regulations, packaging/labeling, costing, and finance; providing business promotion services with trade show/fair participation and facilitation of regional and international business linkages; and providing customs documentation assistance to businesses. This support is building a solid and sustainable network of local institutions that can tailor services to the private sector to enhance their capacity to trade regionally and export to international markets. The ATRC in Accra is located at the Ghana Chamber of Commerce and Industry, First Floor, World Trade Centre.

Italian investors to construct mini dams in Volta Region

Italian investors from Ambiente Pressagio are expected to begin the construction of mini hydro dams on nine sites in the Volta Region. Togbe Afede XIV, the President of the Volta Regional House of Chiefs, announced this at the first general meeting of the House for this year. A mini hydro dam is a type of hydroelectric power unit that could produce from five kilowatts to 100 kilowatts of electricity using natural flow of water. The installations could provide power to small communities. He said the investors had already done the initial feasibility studies and had provisional license from the Energy Commission to construct the dams in Dodi Papase, Wli Waterfalls, Tsatsadu Waterfalls, Hohoe and Afife among others. Togbe Afede said if successful, the project would be the first in the country to bring huge socio-economic opportunities to the people in the region. He therefore charged the chiefs in the region to be selfless in pushing the development agenda forward. Togbe Afede said the region’s agricultural development agenda was also on course and appealed to chiefs to release land for the success of that project aimed at creating jobs and promoting food security.

US $ 10m tractor manufacturing plant to be established

The Ministry of Trade and Industry has signed a Memorandum of Understanding (MoU) with its counterpart in Belarus for the establishment of a US$10million tractor manufacturing plant in the country. Belarus controls an over-14% share in the global manufacturing of tractors, and intends to take advantage of the ECOWAS market by making Ghana the hub of tractor manufacturing in the sub-region. Other areas of cooperation agreed by the two countries include the development and promotion of the Ghanaian-Belarusian manufacturing sectors, and the maintenance of cooperation between industrial enterprises and research organisations of both countries. Speaking at a brief signing ceremony in Accra, Minister for Trade and Industry Ekwow Spio-Garbrah said the agreement will help promote trade and industrial activities between the two countries. “Ultimately, there will be increase in industrial production and exports to rake in the much-needed foreign exchange for growth and development of the Ghanaian economy,” he stressed. He said the mutual cooperation between the two countries will also explore agro-processing in the areas of value addition for fruit, vegetables and other agricultural products in Ghana. The two countries further agreed to form a Council on Trade and Industry to discover potential sectors for investment and mutual cooperation. The Belarusian delegation was led by Vyacheslav Beskosty, Ambassador Extraordinary and Plenipotentiary of the Republic of Belarus in Ghana, and also included Mr. Ade Coker, the Honorary Consul of Belarus to Ghana.

world Bank projects progress for Ghana

Growth is expected to go up in Ghana, the World Bank Group has projected in its 2016 growth forecast. A statement from the Bank said several countries are expected to see moderate growth. Among frontier markets, growth is expected to edge up in Ghana, driven by improving investor sentiment, the launch of new oilfields, and the easing of the electricity crisis, the Bank said. In Kenya, growth is expected to remain robust, supported by private consumption and public infrastructure investment. The projected pickup in activity in 2017-2018 reflects a gradual improvement in the region’s largest economies – Angola, Nigeria, and South Africa – as commodity prices stabilize and growth-enhancing reforms are implemented, the Bank said. In a statement titled: ‘Africa: Low Commodity Prices Continue to Impede Growth’, the World Bank said economic activity in Sub-Saharan Africa slowed in 2015, with GDP growth averaging 3.0 percent, down from 4.5 percent in 2014. This means that the pace of expansion decelerated to the lows last seen in 2009. These figures are outlined in Africa’s Pulse, the World Bank’s twice-yearly analysis of economic trends and latest data for the region. The 2016 growth forecast remains subdued at 3.3 percent, way below the robust 6.8 percent growth in GDP that the region sustained in the 2003-2008 period. Overall, growth is projected to pick up in 2017-2018 to 4.5 percent. The plunge in commodity prices – particularly oil, which fell 67 percent from June 2014 to December 2015 – and weak global growth, especially in emerging market economies, are behind the region’s lackluster performance. In several instances, the adverse impact of lower commodity prices was compounded by domestic conditions such as electricity shortages, policy uncertainty, drought, and security threats, which stymied growth. There were some bright spots where growth continued to be robust such as in Côte d’Ivoire, which saw a favorable policy environment and rising investment, as well as oil importers such as Kenya, Rwanda, and Tanzania. The external environment confronting the region is expected to remain difficult. In a number of countries, policy buffers are weaker, constraining these countries’ policy response. Delays in implementing adjustments to the drop in revenues from commodity exports and worsening drought conditions present risks to Africa’s growth prospects. ”As countries adjust to a more challenging global environment, stronger efforts to increase domestic resource mobilization will be needed. With the trend of falling commodity prices, particularly oil and gas, it is time to accelerate all reforms that will unleash the growth potential of Africa and provide affordable electricity for the African people,” said Makhtar Diop, World Bank Vice President for Africa.

Swiss African Oil & Pet Volta awarded exploration license for Volta Basin

Swiss African Oil Company (a subsidiary of Swiss African Petroleum AG) and PET Volta Investments have been awarded a new exploration and production license for the Keta Delta block, located in the Volta Region of Ghana. The acquisition makes Swiss African Oil and PET Volta the first to explore for oil onshore Ghana. The Keta Delta block license was awarded following ratification by the Parliament of the Republic of Ghana of a joint venture between the Government of Ghana, the Ghana National Petroleum Corporation, Swiss African Oil Company Limited and PET Volta Investments Limited. The new block covers an area of 3,000 square kilometers and it is envisaged that the commencement of operations will provide employment and stimulate local development of the region.