Bussiness
Ukraine war: World Bank boss warns over global recession
The head of the World Bank has warned that Russia’s invasion of Ukraine could cause a global recession as the price of food, energy and fertiliser jump.
David Malpass told a US business event on Wednesday that it is difficult to “see how we avoid a recession”.
He also said that a series of coronavirus lockdowns in China is adding to concerns about a slowdown.
His comments are the latest warning over the rising risk that the world economy may be set to contract.
“As we look at the global GDP… it’s hard right now to see how we avoid a recession,” Mr Malpass said, without giving a specific forecast.
“The idea of energy prices doubling is enough to trigger a recession by itself,” he added.
Last month, the World Bank cut its global economic growth forecast for this year by almost a full percentage point, to 3.2%.
GDP, or Gross Domestic Product, is a measure of economic growth. It is one of the most important ways of measuring how well, or badly, an economy is performing and is closely watched by economists and central banks.
It helps businesses to judge when to expand and recruit more workers or invest less and cut their workforces.
Governments also use it to guide decisions on everything from tax and spending. It is a key gauge, along with inflation, for central banks when considering whether or not to raise or lower interest rates.
Mr Malpass also said that many European countries were still too dependent on Russia for oil and gas.
That’s even as Western nations push ahead with plans to reduce their dependence on Russian energy.
He also told a virtual event organised by the US Chamber of Commerce that moves by Russia to cut gas supplies could cause a “substantial slowdown” in the region.
He said higher energy prices were already weighing on Germany, which is the biggest economy in Europe and the fourth largest in the world.
Developing countries are also being affected by shortages of fertiliser, food and energy, Mr Malpass said.
Mr Malpass also raised concerns about lockdowns in some of China’s major cities – including the financial, manufacturing and shipping hub of Shanghai – which he said are “still having ramifications or slowdown impacts on the world”.
“China was already going through some contraction of real estate, so the forecast of China’s growth before Russia’s invasion had already softened substantially for 2022,” he said.
“Then the waves of Covid caused lockdowns which further reduced growth expectations for China,” he added.
Also on Wednesday, China’s premier Li Keqiang said the world’s second largest economy had been hit harder by the latest round of lockdowns than it had been at the start of the pandemic in 2020.
He also called for more action by officials to restart factories after lockdowns.
“Progress is not satisfactory,” Mr Li said. “Some provinces are reporting that only 30% of businesses have reopened… the ratio must be raised to 80% within a short period of time.”
Full or partial lockdowns were imposed in dozens of Chinese cities in March and April, including a long shutdown of Shanghai.
The measures have led to a sharp slowdown in economic activity across the country.
In recent weeks, official figures have shown that large parts of economy have been impacted, from manufacturers to retailers.
Source: bbc
Bussiness
Ghana to host mining and minerals convention 2025 to shape future of gold industry
Ghana’s gold and minerals sector is set for a major spotlight as Meetings. Co, in partnership with key industry stakeholders, announces the Mining & Minerals Convention 2025, scheduled from August 26-27, 2025, at the Kempinski Hotel Gold Coast City, Accra.
Held under the theme “Shaping the Future of Ghana’s Gold Industry,”‘ the Convention will convene government leaders, regulators, miners, refiners, investors, sustainability partners, innovators, and responsible mining, and global competitiveness,policy experts to explore strategies that position Ghana’s gold industry for long-term growth.
The two-day convention will feature presidential and ministerial keynote addresses, industry thought leadership, technical paper presentations, policy dialogues, fireside chats, exhibitions, and high-level networking sessions.
Convention delegates can anticipate a dynamic and insightful experience, marked by thought leadership from leading policymakers and regulators, in-depth discussions on key topics such as sustainability, ESG, digital gold, and responsible sourcing, as well as valuable opportunities to forge public-private partnerships and investment deals.
Moreover, the event will offer practical action points aimed at unlocking greater economic value for Ghana.
The 2025 edition will be supported by a strong coalition of strategic partners, including the Ministry of Lands and Natural Resources, the Minerals Commission, GoldBod, the Minerals Income and Investment Fund (MIIF), and the Ghana Extractive Industries Transparency Initiative (GHEITI).
Bussiness
Finance Minister tranfers funds to DACF, NHIS and GETFUND
The Minister for Finance Hon. Cassiel Ato Forson has disclosed that a sum of nine hundred and Eighty-Seven Million, Nine Hundred and Sixty-Five thousand and Seventy-Three Ghana Cedis (GHS987,965,073.00) from the Consolidated Fund into the District Assembly Common Fund Account, being the first quarter amount due to the DACF.
Furthermore, the Finance Minister informed the House that a total amount of Two Billion, Thirty- Three Million, Four Hundred and Sixty-Nine Thousand, Six Hundred and Seven Ghana Cedis (GHS2,033,469,607) has been disbursed to the National Health Insurance Fund.
While the Ghana Education Trust Fund has also received a total of Two Billion, Seven and Ten Million, Two Hundred and Twenty-Seven Ghana Cedis (GHS2,710,227,947.00) for the months January, February, March and April,2025.
The Finance Minister disclosed this in his statement to Parliament on the payments to statutory funds on the floor of the House.
In addition, he cautioned that the Administrator of the District Assembly Common Fund is required to ensure that 80% of this amount is transferred directly to the Assemblies without fail and expenditure returns submitted to the Ministry of Finance before subsequent releases will be made.
He added that Members are encouraged to monitor the utilization of these amounts sent to their respective Assemblies in line with the approved guidelines by Cabinet.
In his closing remark, Ato Forson said he’s going to take the concerns of the House seriously.
For his part, the Majority Leader, Mahama Ayariga made known the President’s prioritization of women in the country stating that President Mahama is “Pro-women”.
This is due to the fact that women are going to be the core beneficiaries from the expenditures going to be made by the MMDA’s, he added.
The Minority Leader Alexander Afenyo-Markin questioned the Finance Minister why road contractors have not been paid for more than five months. He said the Minister must not be applauded for since the allocation of these funds were long overdue.
