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<p>As Ghana celebrates its 61st independence day today, Yofi Grant, CEO of Ghana Investment Promotion Centre joins CNBC Africa to take stock of the country&#8217;s progress so far and for an outlook for the country in its new year.</p>


Ghana turns 61 today: What are we celebrating?

<p>Ghana will certify the value of gold exports as part of efforts to tighten controls on the sector to ensure the state receives the revenues it is due, the vice president said on Tuesday.</p>
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<p class="">Ghana, Africa’s second largest gold miner after South Africa, earned $5.78 billion from exports of the metal last year, up 17.6 percent on 2016, central bank data showed.</p>
<p class="">Vice-President Mahamudu Bawumia told a regional meeting on the oil and mining sectors that Ghana’s previous administration had allowed companies to assay gold produced from their mines themselves.</p>
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<p class="">However, he said Ghanaian law required that the state-run Precious Minerals Marketing Company test and validate mineral production before export.</p>
<p class="">“We have now begun conversations about the process of making sure every single bar of gold leaving our shores is properly weighed, tested, valued and accounted for,” Bawumia said.</p>
<p class="">The government was also considering passing legislation stating that at least 50 percent of Ghana’s gold output would be refined locally within five years, he said.</p>
<p class="">Bawumia did not accuse any mining firms of wrongdoing and did not suggest past exports had been undervalued.</p>
<p class="">But President Nana Akufo-Addo, who took office last year, has said about $5 billion worth of revenues from gold exports to the United Arab Emirates were unaccounted for.</p>
<p class="">He did not give a timescale or details to support the claim, but industry watchers believe the unreported shipments represented smuggled gold produced by Ghana’s thousands of artisanal miners, whose activities are not properly documented.</p>
<p class="">The government has banned small-scale mining as part of a general clamp-down on illegal miners last year. Their activities have heavily polluted some fresh water supplies and in some instances obstructed the operations of concession holders.</p>
<p class="">Mining firms operating in Ghana include Newmont Mining Corporation, Gold Fields, Anglogold Ashanti and Asanko Gold.</p>
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<p class="Attribution_content_27_rw">Reporting by Kwasi Kpodo; Editing by Joe Bavier and Edmund Blair</p>
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Ghana to tighten controls on gold exports to protect revenues

<p>ACCRA, Feb 9 (Reuters) &#8211; Ghanaian officials will meet investors in Asia next week to explore new markets for a $1 billion Eurobond sale this year, government sources said on Friday.</p>
<p>The major commodity exporter is seeking favourable terms for the bond, slated for April, amid market uncertainty fuelled by the likelihood of a U.S. Federal Reserve hike that could render sub-Saharan African debt unattractive.</p>
<p>Finance Minister Ken Ofori-Atta and a deputy central bank governor will attempt to woo investors in Singapore and Hong Kong to the sale, which is Ghana’s sixth. Previous debt was sold mainly to investors in Europe and the United States.</p>
<p>Analysts said Ghana’s move was unlikely to yield results as Asian markets target higher quality credits such as those offered by Gulf countries.</p>
<p>“It’s an odd choice and we don’t see any interest from Asian accounts in African bonds,” a major Europe-based fund analyst told Reuters. If the Ghanaians succeeded, they would change the dynamics of the African bond market, the analyst said.</p>
<p>Ghana, which exports cocoa, gold and oil is in its final year of a $918 million credit deal with the International Monetary Fund to narrow deficit, inflation and public debt, which hit 68 percent of GDP last year.</p>
<p>The government has yet to announce lead advisors for the 2018 Eurobond sale, which it advertised in this year’s budget. (Reporting by Kwasi Kpodo; Editing by Sofia Christensen and Jon Boyle)</p>


Ghana looks to Asia for next Eurobond sale

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<p>Ernest Hanson, Managing Director of Beaufort Properties joins CNBC Africa from Accra to discuss the investment opportunities in the country&#8217;s real estate space.</p>


Beaufort Properties’ Ernest Hanson sees opportunities in Ghana’s property market

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<p>Akintunde Majekodunmi, Vice President and banking analyst at Moody&#8217;s  joins CNBC Africa from London to discuss the state of Ghana&#8217;s banking sector.</p>


Ghanaian banks’ revenue to decline – Moody’s

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<p>Yofi Grant, CEO Ghana Investment Promotion Center joins CNBC Africa from Accra to discuss the country&#8217;s investment space in 2018.</p>


Investors have confidence in Ghana’s economy – GIPC CEO

<p>By Rachel Kyte, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All</p>
<p><a href="mailto:https://books.google.com/books/about/Africa_Rising.html?id=6V1wB4mze5QC&amp;printsec=frontcover&amp;source=kp_read_button%23v=onepage&amp;q&amp;f=false">Africa Rising</a> is Africa’s clarion call for economic development across the continent and the rest of the world. With the economic case for expanding access to clean, reliable affordable electricity never stronger, 2018 is a year where we should see breakthroughs.</p>
<p>Sustainable Energy for All is working with partners across Africa to strengthen data and <a href="mailto:http://www.seforall.org/content/why-wait-report-quantifies-benefits-accelerating-electricity-access">evidence</a> to support government <a href="mailto:http://www.seforall.org/sites/default/files/Rel_RISE_report.pdf">policymakers</a> to shift towards more integrated energy plans that promote electricity access and exploit the remarkable plunge in renewable energy prices. We have also tracked the amount of <a href="mailto:http://www.seforall.org/content/reports-show-finance-needed-global-goals-2030">finance flowing</a> to close energy access gaps – hint, not enough is landing in African countries with the largest gaps in a form or a price that is useful. African governments are not investing enough in their own energy future, either.</p>
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<p>The bad news then is that there is much to do. The good news is that it’s all within our reach. Across the continent, we see examples of policy reforms that are working, investment climates that are attracting long-term financing and innovation that is poised to grow exponentially. The priority for 2018 must be speed and scale.</p>
<p>Consider the positives – the trends that we must seize on:</p>
<ul>
<li>Solar and wind energy costs are plummeting, as are the costs of storage which opens more opportunities to deploy these technologies together.</li>
<li>More commitments by African leaders, including in Ethiopia, Ghana, Rwanda, Senegal and Zambia, to prioritise making reliable, affordable and clean energy available to all, especially remote and marginalised populations.</li>
<li>Financial innovation backing clean energy growth and development, such as Nigeria’s first-ever <a href="mailto:https://www.reuters.com/article/nigeria-bonds/nigeria-to-issue-29-mln-debut-green-bond-next-week-environment-ministry-idUSL8N1OE4R3">green bonds</a> and the <a href="mailto:https://www.energybillcruncher.com/la/?tg_ref=tvma&amp;camp_id=key&amp;keyword=renewable%20energy&amp;sub2=http%3A%2F%2Fnewbusinessethiopia.com%2Fafrican-development-bank-finances-324-million-renewable-energy-projects%2F&amp;csg_ref=pagen">African Development Bank’s</a> new lending for off-grid electricity and partnerships to mobilize blended finance.</li>
</ul>
<p>With all that in mind, here’s are a few no-regret measures for 2018 that can help move us along even faster toward a sustainable energy future for all.</p>
<ol>
<li><strong>Embrace integration:</strong> Government leaders in Africa have a golden opportunity to re-think their national electrification strategies. Embracing integrated strategies, using both centralized and decentralized energy sources, will allow for a speedier and cheaper pathway to close energy access gaps, especially in rural area where grids are still a distant prospect.</li>
<li><strong>Embrace the moment:</strong> Across the world, we are seeing low auction prices for renewable energy projects. The IFC-backed <a href="mailto:http://www.ifc.org/wps/wcm/connect/news_ext_content/ifc_external_corporate_site/news+and+events/news/scaling-solar">Scaling Solar</a> program helped Zambia secure solar at 6 cents per kilowatt hour, the lowest solar prices to date in Africa. Others can learn from the success of Chile, Argentina and India, as well as South Africa, as they embrace grid connected renewables, and have effectively used power purchase agreements (PPAs) with transparent processes to attract long-term investors.</li>
<li><strong>No more harmful subsidies: </strong>Don’t subsidize dirty energy for poor people; subsidize clean energy services for the poorest. Move more quickly to remove harmful fossil fuel subsidies and put in place systems that support those on low incomes to access clean cooking fuels and electricity. Those who have done it or who have experimented, from Morocco to Malawi, from Indonesia to Mexico to Angola, can be sources of inspiration and confidence.</li>
<li><strong>Lay the table:</strong> The recent <a href="mailto:http://www.seforall.org/content/rise-sustainable-energy-policies">RISE report</a> showed that African countries lagged behind their Asian peers in having supportive policy environments for attracting more renewable energy, energy efficiency and greater energy access. Among those moving to improve the fastest are <a href="mailto:http://www.seforall.org/content/new-heat-maps-show-promise-and-challenge-providing-electricity-access-neediest-countries">Kenya</a> and Morocco, which have made strong progress in recent years enabling grid-scale and decentralized renewable efforts to flourish. Replicating these successes, as well as ensuring that national investment climates are sound, is essential to increase financial flows into what should be a growth sector – a 600 million person market of low income Africans who don’t have energy services today.</li>
<li><strong>Don’t forget clean cooking: </strong>While finance flows for electricity access in Africa are weak, investment in clean cooking solutions is nearly non-existent, according to our recent <a href="mailto:http://www.seforall.org/content/reports-show-finance-needed-global-goals-2030">research</a>. It’s time to build big markets for clean cooking fuels in place of charcoal and other traditional biomass fuels whose use kills millions of people <a href="mailto:https://www.washingtonpost.com/opinions/these-cheap-clean-stoves-were-supposed-to-save-millions-of-lives-what-happened/2015/10/29/c0b98f38-77fa-11e5-a958-d889faf561dc_story.html?utm_term=.0a591ef0d960">worldwide</a> every year. Governments such as Rwanda’s, that have made clean cooking a high priority will benefit from a growing coalition of organizations and businesses who are scaling use of clean fuels, including with fuel pellets and liquid petroleum gas.</li>
</ol>
<p>Africa is at a crossroads on energy. For many decades, the path of choice for closing energy access gaps in Africa was centralized fossil fuel projects and costly distributed diesel and kerosene. Yet, after all that investment, Africa’s energy is not reliable and affordable enough – and far too many people are still in the dark with no power at all.</p>
<p>Today, there is a better path, and many are showing the way with more renewables into electric grids; a stronger embrace of off-grid solar for household access; and subsidy reforms. By embracing a viable, clean energy future, not a myopic dirty past, African governments can leapfrog into a new energy future and make Africa Rising a reality.</p>


A better path for Africa’s energy future

<p>JPMorgan Chase &amp; Co plans to expand its African presence into countries including Ghana and Kenya, Chief Executive Jamie Dimon said in an interview on Wednesday.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-296595 size-full" src="http://cnbc.africa/wp-content/uploads/2018/01/JP-Morgan-Chase-Co_Flickr.jpg" alt="" width="1024" height="683" /></p>
<p>“You’ll see us open in some countries we are not in, in Africa you’ll be hearing about some of that stuff,” Dimon told Bloomberg Television on the sidelines of the World Economic Forum meeting in Davos, Switzerland.</p>
<p>Dimon said the bank would target Ghana and Kenya, two countries in which local regulators have previously blocked the U.S. banking giant’s expansion plans, according to media reports at the time.</p>
<p>The announcement follows JPMorgan’s unveiling of a $20 billion investment plan on Tuesday which will see it hike wages, hire more, and open new branches as it takes advantage of sweeping changes to U.S. tax law and a more favorable regulatory environment.</p>
<p>The five-year plan will see the U.S. bank ramp up overseas investment in addition to its domestic growth plans, after it finished cleaning up troubled mortgages following the 2007-09 financial crisis.</p>
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<p class="Attribution_content_27_rw">Reporting by Lawrence White; Editing by Mark Potter</p>
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JPMorgan plans expansion into Ghana and Kenya

<p>(DAVOS) Senior officials of the United States government say the world shouldn&#8217;t fear its America First policy and as part of this it plans to press on with the Obama baby Power Africa that promises to lift the gloom over the continent &#8211; even if it appears not to be a top priority.</p>
<p style="text-align: center;"><a href="http://cnbc.africa/category/insights/world-economic-forum/wef-davos-2018/">FOR MORE STORIES ON WEF DAVOS 2018 CLICK HERE</a></p>
<p>President Donald Trump will fly into the World Economic Forum at Davos, Switzerland, with the biggest ever US delegation on Thursday to sell his controversial America First policy to world business leaders. It is the first visit by a US president since Bill Clinton in 2000; it is likely to be more significant and controversial. Clinton&#8217;s visit was seen as part of an international  farewell tour at the end of his term; Trump&#8217;s visit comes at the end of a controversial first year in power and protesters have taken to the streets of Zurich and a handful to the conference at Davos to express their displeasure.</p>
<p>US Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross promoted the fruits of Trump&#8217;s first year that ushered in growth and said the world shouldn&#8217;t fear the America First policy as all it meant was US workers first and free and fair trade with the world.</p>
<p>CNBC Africa asked whether the US-backed infrastructure and energy building project would survive under the Trump administration.</p>
<p>&#8220;We have created 400 MW project in Ghana which is only a little over one per cent of what we have promised, but we are planning to go and visit Africa in the second quarter,&#8221; says Ross.</p>
<p>So the Power Africa project survives, but only just if the White House lack of enthusiasm is anything to go by.</p>


Why Africa shouldn’t fear America First policy

<p>(DAVOS) As Davos slides into its snowy fourth day (Thursday) there is the good, the bad and the ugly.</p>
<p>The good comes from the upbeat mood among many of the African delegates -especially those from South Africa &#8211; who are seeing the silver lining after years of fearing interest in investment in Africa was declining. The man likely to be the next president of South Africa, Cyril Ramaphosa was setting out his vision behind closed doors here. Those who were there said it was clear South Africa is open for business and promises to crackdown on corruption.</p>
<p>The ebullient South African Reserve Bank Governor Lesetja Kganyago was full of enthusiasm as he rushed through the media centre on the way to an interview.</p>
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<p>&#8220;A year ago I was here telling people in Davos to stick with their investments in South Africa. This year I do not have enough time in the day to fit in all the people who want to talk to me about investing in South Africa,&#8221; he smiled.</p>
<p>The bad was the reaction from Washington officials when I asked the question about what was to become of the important US-backed Power Africa project to close the massive gap between demand and supply for electricity in the Donald Trump era. The best investors on the continent will tell you no power, no business in Africa.</p>
<p>The question I thought was a fair one &#8211; linked to the lives of 400 million people and a huge chunk of the earth&#8217;s surface filled with vital resources. It drew a vague and detached response. Power Africa was also the brainchild of Trump&#8217;s predecessor Barack Obama and my fear was it could go the same way as Obamacare is going &#8211; into the bin.</p>
<p>&#8220;We have created 400 MW project in Ghana which is only a little over one per cent of what we have promised, but we are planning to go and visit Africa in the second quarter,&#8221; says Wilbur Ross the slow speaking,  United States Secretary of Commerce at a press briefing in Davos. A few hours later Nigerian millionaire Tony Elumelu, who is on the Power Africa steering committee, assured me  that the plan to build 30,000 MW of power generation &#8211; slightly more than the equivalent of the current output of South Africa &#8211; would be seen through by African investors.</p>
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<p>The ugly could be the reception for when he jets into Davos on Thursday. The word on the ground here is protests have been planned. A thousand people marched in Zurich in protest against his visit, on Tuesday and a handful tried to protest at WEF in Davos but were thwarted by tight security..</p>
<p>Many of the African delegates here say they will boycott his speech on Friday in protest against his recent dismissive and disparaging remarks about the continent.</p>
<p>It is likely to be a strange couple of days in Davos. The Wall Street Journal called it :&#8221;First America&#8221; meets &#8220;We are the world.&#8221; Trump has not had much time for the globalists of Davos and it is likely to be awkward to say the least.</p>
<p>Trump will be eager to push his story about how much the US economy is growing since he took over and will also likely talk about the current trade dispute with China. The US has slapped 30% tariffs on solar power equipment and washing machines from China to the outrage of Beijing which is likely to retaliate.</p>
<p>Trump could be questioned about his attitude towards Africa during his flying visit to this tiny ski resort in the Alps. The ugliest part of the Trump visit is that not one constructive word about the economic future of Africa is likely to come out of his mouth. The leader of the free world won&#8217;t be too worried &#8211; Africa should be.</p>


WEF Davos 2018: The good the bad and the ugly

<p>Ghana’s central bank kept its benchmark interest rate at 20 percent on Monday, citing the need to keep inflation within its medium-term target of 8 percent plus or minus two percentage points, governor Ernest Addison told a news conference in the capital Accra.</p>
<div id="attachment_91126" style="width: 810px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-91126" class="wp-image-91126 size-full" src="http://cnbc.africa/wp-content/uploads/2017/03/shutterstock_270259862.jpg" alt="" width="800" height="600" /><p id="caption-attachment-91126" class="wp-caption-text">Photo: Shutterstock.</p></div>
<p>The major commodity exporter is in its final year of a $918 million credit deal with the International Monetary Fund to narrow deficit, debt and inflation. The Central bank has eased rates by 550 basis points in the past year to foster growth.</p>
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<p>Addison said the central bank does not recognize bitcoin as a tradeable medium of exchange. “It is not legal tender and it is not regulated”.</p>
<p>But the bank will not clamp down on users, he said, adding that the bank would soon announce a policy on digital currencies.</p>
<p>Ghana earned $5.78 billion from gold exports last year, up from $4.91 billion in 2016 while cocoa revenue totalled $2.71 billion compared to $2.57 billion in 2016. Oil receipts amounted to $3 billion from $1.34 billion.</p>
<p>Net international reserves stood at $4.52 billion, or 2.5 months of imports cover, compared to two months cover of $3.4 billion at the end of 2016. Total public debt stood at $31.4 billion, representing 68.7 percent of GDP as of November 2017 , compared to 73.3 percent at the end of 2016.</p>
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<p class="Attribution_content_27_rw">Reporting by Kwasi Kpodo; Editing by Tim Cocks and Toby Chopra</p>
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Ghana central bank keeps policy rate unchanged at 20%

<p>Ghana’s economy is rebounding and the major commodity exporter is poised to wean itself off bailouts through sustained fiscal discipline and a battle against corruption, President Nana Akufo-Addo said on Wednesday.</p>
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<p>The former opposition leader, sworn into office a year ago, said his government spent the past year stabilizing the economy, including clearing huge debts while rolling out infrastructure such as schools and roads.</p>
<p>Ghana, which exports cocoa, gold and oil, is in the last year of a $918 million credit deal signed in 2015 with the International Monetary Fund to reduce the deficit, public debt and inflation and lift growth.</p>
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<p>“I am glad to report that the hard work is yielding positive results &#8211; the macroeconomic fundamentals have seen improvements through improved fiscal and monetary discipline,” Akufo-Addo told reporters in Accra.</p>
<p>“The important aspect and the cornerstone of our government going forward is to remain committed to fiscal discipline so that never again will we go back to the IMF or any bailout of the sort.”</p>
<p>GDP growth in the West African state rebounded to 9.3 percent in Q3 2017 from 3.5 percent in the same period of 2016.</p>
<p>Akufo-Addo said the government saved about $7 billion after reviewing power sector deals signed by his predecessor covering a 13-year contract. Eleven of the contracts had been terminated.</p>
<p>It also saved at least $200 million through value-for-money procurement reviews, he said, without giving details.</p>
<p>Akufo-Addo, who last week named a special prosecutor to investigate graft, warned that his appointees would not be spared if found culpable of corruption.</p>
<p>He also said his government had yet to decide whether to extend the stay of two ex-Guantanamo Bay detainees transferred to Ghana under a special arrangement with the United States.</p>
<p>The two Yemeni nationals were sent to Ghana in January 2016 for an initial two-year period after being held for more than a decade at Guantanamo for suspected terrorism.</p>
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<p class="Attribution_content_27_rw">Reporting by Kwasi Kpodo; editing by Mark Heinrich</p>
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Ghana’s economy back on track: President

<p><a href="https://theconversation.com/profiles/gina-porter-267322">By Gina Porter</a>, <em><a href="http://theconversation.com/institutions/durham-university-867">Durham University</a></em> and <a href="https://theconversation.com/profiles/ariane-de-lannoy-333799">Ariane De Lannoy</a>, <em><a href="http://theconversation.com/institutions/university-of-cape-town-691">University of Cape Town</a></em></p>
<p>Many in the international development community view technology –not least, mobile phones – as a possible panacea for Africa’s youth unemployment crisis. Their use is sharply <a href="https://qz.com/748354/smartphone-use-has-more-than-doubled-in-africa-in-two-years/">on the rise</a>. Mobile phones reduce the need for physical travel, allow rapid access to information about job openings and enable people to contact potential employers. They can be used to help run more efficient businesses.</p>
<p><a href="http://www.dur.ac.uk/child.phones/">Research</a> my colleagues and I conducted as part of a study funded by the UK Economic and Social Research Council and the Department for International Development found that some young people in Africa are using mobile phones successfully to access or create employment. But mobile phones are failing many more young people in their search for employment and livelihoods.</p>
<p><a href="http://www.dur.ac.uk/child.phones/">The study</a>, conducted in Ghana, Malawi and South Africa, suggests some important reasons why phones may be unable to help young people fulfil their employment dreams. Our findings demonstrate that phone connections are not enough. Connectivity is only useful if it opens up access to employment opportunities that will pay a living wage.</p>
<p>That’s the crux of the problem: there simply aren’t enough quality jobs available. Ghana and Malawi have extensive informal sectors which have long provided at least some work for young people. Mobile phones have opened up some new opportunities in the informal sector – young people sell airtime or repair handsets, or may grow their service and trading businesses through the phone.</p>
<p>South Africa, meanwhile, has failed to grow a vibrant informal sector since apartheid ended in 1994. Its young people tend to be looking for work in the formal sector, and most do not have the employability skills that might make mobile phones useful to achieving this goal.</p>
<p>In reality the extent to which the mobile phone can support and sustain real improvement in young lives is depressingly finite unless significant interventions occur – particularly in the education and technology sectors.</p>
<h2>Informal versus formal sector</h2>
<p>Our respondents were aged between nine and 25 and came from 24 diverse sites from poor urban neighbourhoods to remote rural locations. We conducted more than 1500 interviews face to face and in focus groups, and followed this up with a questionnaire survey of about 4500 young people.</p>
<p>In Ghana and Malawi – as in much of sub-Saharan Africa – most young people are exposed to work in the informal sector at an early age. There are many problems with this. But limited inputs into the informal sector can bring significant benefits.</p>
<p>It can help children to build a repertoire of knowledge and skills that will later help them to obtain an income. It’s also a way to consolidate social networks young people can draw on when they are subsequently searching for paid work.</p>
<p>Over the last decade, mobile phones have brought potential and new flexibility into young people’s lives. This is especially true for those who are entrepreneurial. Some of the people we interviewed earn a living directly linked to phones: selling airtime, charging and mending phones. This is often short-term, low paid work but can help them to earn money for further training. They also used their phones extensively to build up personal contacts in key support networks while looking for jobs.</p>
<p>The situation in South Africa is very different. In the poor urban neighbourhoods where we conducted the study, virtually every household where we interviewed young people owns at least one phone and smart phone access is growing rapidly. But the devices have had remarkably little positive impact on young people’s livelihoods.</p>
<p>Work opportunities of any kind for low-skilled youth are very sparse, and especially so in the absence of a vibrant informal sector. This is a historical legacy stemming back to bans on informal enterprise during the apartheid era. Unemployed school leavers tend to concentrate on trying to find low-skill jobs in the formal sector. Most formal jobs, however, require higher skill levels; so competition for low-skill jobs is very intense and few young people succeed in their search for work.</p>
<p>Poor young people in South Africa also lack access to productive social networks that could provide them with information about the formal job market. Few have had the opportunity to gain work experience during their school days, which would help them to acquire the key skills and networking opportunities that might promote employability. Many look for volunteer posts which they hope will give them the experience and skills to find paid work.</p>
<p>All of this emphasises a fundamental difference in youth employment stakes between Ghana and Malawi on the one hand, and South Africa on the other: the role of the informal sector. In the first two countries the informal sector dominates. Despite its very many deficiencies, it provides a training ground for learning basic skills and a labour absorption mechanism.</p>
<p>In South Africa the near absence of informal sector openings arguably denies low-skilled young people any early work experience and limits their subsequent access to paid work opportunities.</p>
<p>Access to mobile phones cannot change this reality. Bigger changes at a societal level are necessary.</p>
<h2>Moving on?</h2>
<p>Both the overall basket and the scope of local livelihood opportunities open to young people will have to grow exponentially, across the continent, if mobile phones are to realise their potential in local employment arenas.</p>
<p>Researchers at the <a href="https://www.saldru.uct.ac.za/">Southern Africa Labour and Development Research Unit</a> and the Children’s Institute who were involved in this project suggest various interventions that might help, particularly in South Africa.</p>
<p>For instance, travel vouchers could help young people who currently don’t have enough money to move from deprived areas to areas with labour demand. And, given the stronger demand for skilled over unskilled labour, there’s obviously an urgent need for skills development and training at secondary, post-secondary and workplace level. There are some opportunities to build experience through the country’s public works programme, <a href="http://www.nyda.gov.za/National-Youth-Service-Programme/Pages/default.aspx">National Youth Service</a> and NGO volunteering. But these need to incorporate stronger skills training for young people from poor communities.</p>
<p><img loading="lazy" decoding="async" src="https://counter.theconversation.com/content/88786/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" />South Africa could also consider extending social assistance to the chronically unemployed through a basic income grant or a comprehensive support package for poor youth. This would make sense when many young people are currently trapped in poverty, often exacerbated by the need to contribute to their family incomes – a reality which could hinder their ability to invest in training or business expansion.</p>
<p><a href="https://theconversation.com/profiles/gina-porter-267322">Gina Porter</a>, Senior Research Fellow, <em><a href="http://theconversation.com/institutions/durham-university-867">Durham University</a></em> and <a href="https://theconversation.com/profiles/ariane-de-lannoy-333799">Ariane De Lannoy</a>, Senior Researcher: Poverty and Inequality Initiative, Southern Africa Labour and Development Research Unit, <em><a href="http://theconversation.com/institutions/university-of-cape-town-691">University of Cape Town</a></em></p>
<p>This article was originally published on <a href="http://theconversation.com">The Conversation</a>. Read the <a href="https://theconversation.com/access-to-mobile-phones-wont-magically-fix-youth-unemployment-in-africa-88786">original article</a>.</p>


Mobile phones are not a panacea for Africa’s youth unemployment crisis, these interventions might help

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<p>Year 2017 has been a relatively good year for Ghana and the latest figures released by the Ghana Statistical Service show that Ghana’s gross domestic product growth rose to 9.3 per cent in the third quarter, up from 9 per cent.</p>


Ghana economic outlook for 2018

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<p>The Bank of Ghana will from next year place a temporary ban on the issuance of licenses to new universal banks, savings and loans companies, or microfinance institutions.</p>


BoG to ban licencing on new banks

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<p>Bank of Ghana recently instructed 32 banks to submit credible plans on possible ways to address the high non-performing loans in the banking sector,  NPLs ratio ended in October at 21.6 per cent, almost five times higher than the global benchmark.</p>


Addressing the non-performing loan problem in Ghana

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<p>By Samuel Getachew</p>
<p>Inside the headquarters of Ozzie Business and Hospitality Group, an office that is as small as an ordinary studio apartment in Bole, the exclusive neighbourhoods of Addis Ababa, Kumeneger Teketel is multitasking. He is seated comfortably in an office facing the magnificent landmark Bole Medhanealem Church with a view of the capital that is fast becoming a hub of skyscrapers. He is answering his phone that is ringing regularly, signing checks, mentoring young people who have come to have an audience with him and inquiring about the fresh-cut flower he sent to the mother of a colleague.</p>
<p>There are artefacts on his wall from the countries he has visited, many beautiful African artefacts and a portrait of him with the president of Ethiopia that is placed prominently in front of him and of others. He has had little sleep all week but then again, he rarely sleeps these days. He has become a pioneer in the local hotel industry where leading actors want to consult and be friends with him.</p>
<h4><strong>Green accredited conference destination in Ghana</strong></h4>
<p>Earlier in the week, he was in Accra, Ghana signing an agreement with the Ghana Tourism Authority to have his signature hotel and restaurant show in the West African nation. That was mere days before he was to announce a new milestone conference and spa resort in Bishoftu named Adulita Conference and Spa Resort Hotel PLC, with Carlson Rezidor Group, which will have 152 rooms, with all the facilities of international standard rooms, brand name international restaurants, and a luxury spa that will be managed by an international brand expected to be a colossal conference centre.</p>
<p>“The hotel is being designed as a green accredited conference and wellness destination resort hotel with a botanical environment which will attract local and international Meetings, Incentives, Conference and Exhibitions  (MICE) and leisure travellers,” Sami Getachew, the CEO of Adulita told a press conference earlier this week. “It will be worth 800 million birr and transform the city to a sought-after tourist and conference destination which will directly benefit the already existing hotels and other businesses in accordance with the city administration’s policy”.</p>
<p>The dream is to make Bishoftu a conference destination hub, as Ozzie is focused on MICE hotel projects as a strategy to boost travel business in Ethiopia. Kumeneger said that has been the real motivation and what he wants to be his legacy as a pioneer in the industry.</p>
<p>Since he ventured into the business seven years ago, the local hotel industry has changed. Not long ago, the Hilton, where he started his career was some of the landmark hotels in the nation. That is changing. That was until the Sheraton opened shop and became, perhaps the only international standard hotel in the country. He was said to be one to accept that was the best Ethiopia can accomplish as an important country in the region, still one with one of the fastest growing economies.</p>
<h4><strong> Ambition to be a player in Ethiopia</strong></h4>
<p>He started a three-day hospitality trade annual fair in 2013, followed by MICE (Meeting, Incentives, Conference and Exhibition East Africa Forum and Expo. It has been a boom.</p>
<p>At the beginning, many were sceptical about his vision but he made an impression with his ethics, success in grouping players and his hard work. He sounded a lofty dream, but one that was desperately needed if Ethiopia was to be a tourist destination for the world. He knew Ethiopia was changing and he wanted to be a player. For him, it no longer sounded reasonable to have lower standard hotels; those with several rooms that call themselves as hotels.</p>
<p>He wanted to push for a new standard within the local hotel industry. He created the space for him to be heard. The government took notice of his efforts and dispatched its Minister of Tourism when he hosted his first conference that was seen as an endorsement of what was happening. The government was looking to lure foreign investments to the country and he was ready to help them reach there.</p>
<p>His first conference, held at the United Nations Conference Center, since moved to the Millennium Hall, had many people attending and about a hundred brands represented. The following year, the attendance grew and he became instrumental in the signing of deals and a new phenomenon was started.</p>
<h4><strong>Travelling the road to success</strong></h4>
<p>With an undergraduate degree in Finance and LLB from the Addis Ababa University and MBA from Lincoln University from the United States, the self-made man from Wenji, Oromia Regional State, was fast becoming a person-to-watch. He was able to convince a slew of brands to come to Ethiopia, including the Radisson Blu, Movenpick Hotels and Resorts, Bon Hotel Addis, the Golden Tulip which is constructing a second hub in Adama, Park Inn by Radisson, Dusti Thani, which will be the biggest resort in East Africa. He became a person easy to underestimate but hard to ignore.</p>
<p>He has consulted and advised a number of nations, including most recently Ghana, where in 2018; he will launch his MICE conference there. For him, that will be a chance to embrace his pan-African dream — promoting entrepreneurship that will change the reality of his society. He seems certain that is a vision to behold and something to emulate all across the continent.</p>
<p>“We are an Ethiopian firm and we are aiming to be the hub for the hospitality business and to advance across the continent,” he said. “The success in attracting all these industry players (in Ethiopia) sends a clear signal that suggests launching such a constant platform (across Africa) is an essential element to integrate Ethiopia in the international arena.”</p>
<p>“My passion is to bring my country to the MICE map and transform the MICE destination across Africa,” he added followed by a firm, hand-shake like smile coming from a man that is certainly one-to-watch.</p>


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Ghana

Ghana turns 61 today: What are we celebrating?

Ghana to tighten controls on gold exports to protect revenues

Ghana looks to Asia for next Eurobond sale

Beaufort Properties’ Ernest Hanson sees opportunities in Ghana’s property market

Ghanaian banks’ revenue to decline – Moody’s

Investors have confidence in Ghana’s economy – GIPC CEO

A better path for Africa’s energy future

JPMorgan plans expansion into Ghana and Kenya

Why Africa shouldn’t fear America First policy

WEF Davos 2018: The good the bad and the ugly

Ghana central bank keeps policy rate unchanged at 20%

Ghana’s economy back on track: President

Mobile phones are not a panacea for Africa’s youth unemployment crisis, these interventions might help

Ghana economic outlook for 2018

BoG to ban licencing on new banks

Addressing the non-performing loan problem in Ghana

Op-Ed: On Bringing Brand Name Hotels to Ethiopia

News Tips

Advertise With Us

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