The Director of the Institute for Statistical, Social and Economic Research (ISSER) at the University of Ghana, Prof. Peter Quartey, will be a keynote speaker at Citi FM/Citi TV’s Cedi Summit as part of the 2022 Citi Business Festival.
His session, which is under the theme, “the effects of global economic conditions on Sub-Saharan countries” will look at how the activities in the west impact economies in Africa.
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.
Because Sub-Saharan Africa’s economy is highly driven by imports from outside the continent, prices of goods are often vulnerable to changes on global markets.
COVID-19, for instance, slowed a lot of shipments, leading to the shortage of some commodities in parts of Africa.
Prof. Peter Quartey, whose vast experience spans about two decades, has indicated in previous interviews that agriculture and manufacturing sectors hold the key to economic prosperity for Ghana.
He believes that Ghana, like many countries in Sub-Saharan Africa, is endowed with enormous amount of arable lands that can be cultivated, and relevant government policies will make agriculture attractive to the youth – as its value chain will further lead to job creation in the manufacturing sector.
Professor Peter Quartey’s presentation will shed light on how sub-Saharan Africa can cushion itself from changes in western economies and develop to be an economic powerhouse as well.
The Cedi Summit comes off on Monday, June 27, 2022, at Alisa Hotel in Accra.
Other keynote speakers are Jeff Gable, the Head of FICC Research and Chief Economist at ABSA, and David Ofosu-Dorte, a Senior Partner at AB & David.