ISSER Boss Speaks At Cedi Summit Monday

Prof Peter Quartey

THE MUCH-anticipated Citi Business Festival Cedi Summit will come off Monday at the Alisa Hotel in Accra.

Prof. Peter Quartey, an astute economist and Director of the Institute of Statistical, Social and Economic Research (ISSER), will be sharing his thoughts and expertise on the current global economic climate, zeroing in on how it is affecting Sub-Saharan countries, including Ghana.

Also speaking at the Cedi Summit will be the Head of FICC Research and Chief Economist of ABSA Bank, Jeff Gable. Mr. Gable will be spotlighting the challenges and prospects which the global economy presents while also David Ofosu-Dorte, a Senior Partner at AB & David Law Firm, will be giving patrons something to ruminate on.

The Cedi Summit is a one-day Economic Summit being organised by Citi TV in partnership with the Institute of Statistical, Social and Economic Research (ISSER) and ABSA Bank Ghana.

The forum will discuss the effects of recent global developments on economies and economic actors, analyse the various policy response options open to governments, and examine the feasibility and implications of possible solutions for SSA economies in general as well as the Ghanaian economy in particular.

The global economy is facing the prospect of a recession precipitated by post-COVID-19 recovery threats, including the Russia-Ukraine war and the threat of COVID-19 lockdowns in China.

This has led to the World Bank cutting its projected growth of the world economy by nearly a percentage point to 3.2%.

The grim outlook for the world economy has been further exacerbated by rising food prices, rising fuel cost and higher fertiliser prices, leading to a high inflation environment for most countries.

Some African countries and emerging markets have not been spared these developments as they face economic shocks, with growth prospects likely to decline to 3.8% in 2022, according to the 2022 African Economic Outlook.

There have been diverse responses from policymakers as they scramble to come up with the right policy responses to deal with the crises.

Some central banks, like those of Ghana and Nigeria, have tried to cool down inflationary pressures by raising interest rates, while agriculture ministries in Ghana and Uganda have imposed cereal export bans, as some others like Kenya have removed tariffs on imported grain.

The increase in policy rates, though, will reduce demand pressures and its effects on inflation; it will also increase the cost of credit, thereby reducing the private sector’s ability to expand production.

This, therefore, calls for serious dialogue on the way forward, which is the rationale for the summit.

A business desk report