The Cedi Summit is currently underway at the Alisa Hotel.
The event is being organized by Citi TV in partnership with the Institute of Statistical, Social and Economic Research (ISSER) and ABSA Bank Ghana as part of this 2022 Citi Business Festival.
Keynote speakers at the summit are the Director of the Institute for Statistical, Social and Economic Research (ISSER) at the University of Ghana; Prof. Peter Quartey, the Head of FICC Research and Chief Economist at ABSA; Jeff Gable and David Ofosu-Dorte; a Senior Partner at AB & David.
Prof. Peter Quartey’s session which will be under the theme, “the effects of global economic conditions on Sub-Saharan countries” will delve into how the activities in the west impact economies in Africa.
He will also shed light on how sub-Saharan Africa can cushion itself from changes in western economies and develop to be an economic powerhouse as well.
Jeff Gable will focus on the challenges and prospects of the global economy, following Russia’s invasion of Ukraine and the Covid-19 pandemic, while David Ofosu-Dorte, will touch on “The Global Trends, New Realities & Africa’s Future.”
Other panelists expected to speak at the summit are; Humphrey Ayim Dake, the President of the Association of Ghana Industries, Dr. Yaw Ansu, an advisor to the Minister of Finance, Dr. Maxwell Opoku Afari, 1st Deputy Governor, Bank of Ghana, Dr. Ama Pokua Fenny, Economist & Senior Research Fellow at ISSER and Abena Osei-Poku, the Managing Director at Absa.
The Russia-Ukraine war has recently been highlighted as the single major contributory factor to the skyrocketing fuel prices in Ghana, like other African countries, which has consequently affected the price of general commodities including food.
Before the war started, crude oil was selling below $100 per barrel but has recently spiked above $110.
Russia has slashed its gas supply to Europe, putting many countries in Africa, at a losing end due to the high dependence on Europe for trade.
COVID-19, for instance, slowed a lot of shipments, leading to the shortage of some commodities in parts of Africa.
The summit thus seeks to put global developments in their proper perspective by discussing their effects on economies and economic actors, analysing the various policy response options open to governments, and examining the feasibility and implications of possible solutions for African economies and the Ghanaian economy in particular.