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NBE achieves its goal of bringing inflation down to 20%

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Several policy measures were authorized by the central bank’s Board of Directors in August 2023 in an effort to significantly and sustainably lower inflation.

According to the statement issued on August 11, 2023, NBE’s overarching goal is to bring inflation down to less than 20% by June 2024 and less than 10% by June 2025.

On the most recent data released by the NBE today, the inflation rate decreased to 19.9% in June 2024 (year over year), down from 29.3% at this time last year and 23.30% previous month. (Press Release)

University research administrators gain experience from the Ohio State University in U.S. Embassy workshop

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As Ethiopia’s public universities transition to new governance models, strong policies and practices to administer research are key to helping universities secure financial resources, improve their research facilities and labs, attract talented faculty and students, and build international partnerships. 

Continuing its effort to support for Ethiopia’s public universities’ as they transition to autonomous governance, the U.S. Embassy in Ethiopia organized a five-day workshop July 8-12 on university research administration for 20 vice presidents and directors of research from the nation’s leading research universities.  The workshop was organized by Institute of International Education (IIE) and The Ohio State University’s Global One Health initiative (OSU-GOHi) in collaboration with the Ministry of Education.

Experienced research administrators and senior research leaders from The Ohio State University facilitated the workshop and shared practical experiences, with the goal of building the capacity of research administrators and strengthening the institutional systems and research culture at Ethiopian public universities.  The president of Europe Canadia Centre for Innovation and Research also shared experience as a research administrator outside the United States. (Press Release)

Monopolistic Competition

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Monopolistic competition exists when many companies offer competing products or services that are similar, but not perfect substitutes.

The barriers to entry in a monopolistically competitive industry are low, and the decisions of any one firm do not directly affect its competitors. Competing companies differentiate themselves based on pricing and marketing decisions.

President Akufo-Addo Cuts Sod For Dualization Of Anwiankwanta-Ahenema Kokoben Road

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In a significant stride towards enhancing the road infrastructure in the Ashanti Region, President Nana Addo Dankwa Akufo-Addo presided over the sod-cutting ceremony for the dualization of the Anwiankwanta-Ahenema Kokoben Road on July 15, 2024.

The ceremony marked the commencement of a crucial 20-kilometre project aimed at alleviating traffic congestion and improving connectivity in the region.

Addressing a gathering of local officials, residents, and stakeholders, President Akufo-Addo emphasized the importance of the project, stating, “The dualization of the Anwiankwanta-Ahenema Kokoben Road will address the perennial congestion experienced on this road, which has affected the movement of goods to towns such as Ahenema Kokoben, Brofoyeduru, Kotwi, Trede, Adjamesu Dominase, Ofoase Kokoben, Anwiankwanta, Bekwai, and Obuasi.”

The President highlighted that the project is part of a broader initiative to improve road conditions across densely populated areas. This effort aims to reduce travel times, lower vehicle operating costs, and enhance road safety. The dualization of the Anwiankwanta-Ahenema Kokoben Road will significantly benefit local communities by facilitating smoother transportation and promoting economic activities.

The project will be executed by M/S Kofi Job Ltd, a reputable Ghanaian company, under the supervision of the Ministry of Roads and Highways through the Ghana Highway Authority. President Akufo-Addo urged the contractor to implement effective traffic management measures to minimize disruptions during the construction phase.

“Our government remains committed to decongesting urban areas and improving the overall infrastructure of our nation. This project is a testament to our dedication to solving real-life challenges and enhancing the quality of life for Ghanaians,” the President remarked.

The dualization of the Anwiankwanta-Ahenema Kokoben Road is expected to be a transformative development for the Ashanti Region, reflecting the government’s proactive approach to infrastructure development and economic growth.

The President also outlined other significant road projects underway in the region. These include the dualization of the Ofankor-Nsawam Road and the Adenta-Dodowa Road. These projects aim to enhance traffic flow, reduce travel times, and improve safety for motorists. Additionally, the government is focused on replicating such initiatives along other road corridors within the region, such as the Suame Roundabout to Tafo Pankrono, and in other parts of the country, such as Takoradi and Tamale.

Highlighting the broader impact of these infrastructure projects, President Akufo-Addo noted, “These efforts are set to enhance significantly traffic flow, cut down travel times, and, most importantly, improve road safety for every Ghanaian.”

The President’s commitment to road infrastructure extends beyond the Ashanti Region. He underscored the importance of developing roads nationwide to support economic activities and improve the quality of life for all citizens. He cited the strategic projects initiated by his administration, which have brought about significant improvements in the country’s road network.

From 2017 to December 2023, the Akufo-Addo administration completed an impressive 12,830 kilometres of roads nationwide. This achievement includes various types of road works, such as asphalt overlays, new constructions, graveling/re-graveling, reconstructions, partial reconstructions, rehabilitations, resealing, surfacing, and the construction of 35 bridges. These projects have enhanced connectivity, boosted economic activities, and improved the overall quality of life for countless Ghanaians.

In his concluding remarks, President Akufo-Addo stressed the importance of continued investment in road infrastructure to address the country’s road deficit and meet the evolving needs of the population. He urged future governments to maintain the momentum and build on the foundations laid by his administration.

“The progress made sets a high standard and serves as a blueprint for what can be achieved with dedication and strategic planning. Successive governments must ensure sustained investment in infrastructure to address the road deficit and meet the evolving needs of our rapidly growing population,” the President remarked.

As the ceremony concluded, President Akufo-Addo expressed his gratitude to the people of the Ashanti Region for their support and patience. He assured them of the government’s unwavering commitment to delivering on its promises and improving the region’s infrastructure. The dualization of the Anwiankwanta-Ahenema Kokoben Road stands as a testament to this commitment, heralding a new era of development and prosperity for the Ashanti Region and beyond.

Distributed by APO Group on behalf of The Presidency, Republic of Ghana.