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Economic, Political Actors Engage At Africa CEO Forum

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1,500 business leaders, investors and policy makers from Africa and around the world: the annual summit of the AFRICA CEO FORUM is the largest international meeting of the African private sector; A two days of conferences, debates and high-level meetings dedicated to highlighting the driving role of the private sector in the development of the continent.

The prime purpose is to industrialise the continent, with the private sector, the focal point.

Hence, CEOs of multi facet manufacturing companies in all sectors, ranging from oil and gas, power, infrastructure utilities, construction, telecommunications and others, powered by AFREXIM Bank and hosted by President Alhassan Quatara, with his colleague Presidents in are attendance.

Apart from African CEOs, all DGs of African agencies are also in attendance.

The private sector is the engine of industrialisation and economic development globally.

The summit aims to change the economic development narrative of African countries away from government dependence onto private sector led approach.

Ghana’s New Development Bank Aims To Lend $600 Million

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Ghana Statistical Service In a press release titled “Ghana, May 2022 Consumer Price Index And Inflation” shows Ghana’s inflation accelerated to 27.6% year-on-year in May from 23.6% in April, hitting a new 18-year peak.

The Central bank of Ghana hiked its main interest rate in March and again last month to try to stem runaway inflation, but it is yet to halt the rise in prices. Ghana’s central bank raised its main interest rate by 200 basis points to 19% to curb inflationary pressures and promote macroeconomic stability, Governor Ernest Addison said.

A new Ghanaian government-owned development bank aims to lend $600 million to small businesses over the next one to two years, its chief executive said, to help meet demand for credit and contribute to growth in the inflation-wracked West African country.

In October 29, 2020 – The World Bank Board of Executive Directors approved US$250 million from the International Development Association (IDA)* to support the establishment of the Development Bank of Ghana (DBG) to increase access to long term finance and boost job creation for 10,000 enterprises in key sectors including agribusinesses, manufacturing, and high-value services.

Shock GDP Slide Fuels UK Slowdown Corncern, Investors Eye U.S Fed Rate Decision

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New figures out on June 13 showed the UK’s economy unexpectedly shrank in April. GDP contracted by 0.3%, when economists had expected it to eke out growth.

The UK Office for National Statistics said that might have been the case, but for reduced government spending on health crisis measures. Rising prices are the big worry now, and not just for shoppers. Many firms said increases in the cost of production had affected their business. Meanwhile, soaring energy costs and a recent tax increase are squeezing spending power for families.

Finance minister Rishi Sunak says the UK isn’t alone in facing such problems. He’s already unveiled more support for households, and is expected to announce further measures later in the year. However, the outlook for growth looks grim.

Investors eye US Fed’s big rate decision

Meanwhile, Everyday Americans are feeling the wallop on their wallets from unchecked inflation. From gas prices to food prices, the country is experiencing unprecedented levels of economic woes.

Federal Reserve policymakers on Wednesday are expected to deliver the biggest U.S. interest-rate hike in decades, along with forecasts for more hefty rate hikes this year, their best guesses for how quickly inflation could subside, and at what cost to jobs.

Fed watchers expect a rate hike of 0.75 percentage point, the first such increase since 1994. This would lift the Fed’s short-term target policy rate to a range of 1.5% and 1.75%.

An announcement is due at 2 p.m. EDT (1800 GMT) following the end of the central bank’s two-day meeting.

The Fed will also release updated projections for economic growth, inflation, unemployment and interest rates for the next several years from all 18 central bankers. A summary is expected to show rates rising past 3% by year end but perhaps only moderate cooling in price pressures.

South Korea Truck Strike Hits Chipmakers, Economy For $1.2 Billion

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FILE PHOTO: Members of the Cargo Truckers Solidarity union attend a protest in front of Hyundai Motor's factory in Ulsan, South Korea, June 10, 2022. REUTERS/Byungwook Kim

A strike by truckers in South Korea has cost the economy $1.2 billion in lost production and unfulfilled deliveries. That’s according to government estimates Monday (June 13). The strike is now over one week and has hit major firms.

Auto giant Hyundai has cut production for some assembly lines, while cement makers have lowered output. Average daily shipments from petrochemical factories have also dropped 90%. The disruption also threatened semiconductor producers like Samsung and SK Hynix – which could have a knock-on effect for global supply. Although, neither company has yet reported any issues.

The truckers’ strike in South Korea is starting to bite chipmakers, as supplies of a key chemical used when making semiconductors are now being disrupted.

Crypto Winter: Bitcoin Plunges As Major Lender Halts Operations, Coinbase Cuts Jobs

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In a latest high-profile collapse of a pillar of the cryptocurrency industry, the Price of bitcoin and other cryptocurrencies plummeted Monday after a major cryptocurrency lender effectively failed and halted all withdrawals from its platform, citing “extreme market conditions.”

These meltdowns have erased tens of billions of dollars of investors’ assets and spurred urgent calls to regulate the freewheeling industry.

Bitcoin was trading at roughly $22,400 late Monday, down more than 16% in the past day. Ethereum, another widely followed cryptocurrency, was down roughly 17%. Investors have been selling riskier assets such as digital currencies and technology stocks as the Federal Reserve raises interest rates to combat high inflation.

On Sunday, the cryptocurrency lending platform Celsius Network announced that it was pausing all withdrawals and transfers between accounts in order to “honor, over time, withdrawal obligations.” Celsius, with roughly 1.7 million customers and more than $10 billion in assets, gave no indication in its announcement when it would allow users to access their funds.

In exchange for customers’ deposits, the company pays out extremely generous yields, upwards of 19% on some accounts. Celsius takes those deposits and lends them out to generate a return.

Blood Donor Day: Donating One Unit Can Save Three Lives

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The World Health Organisation (WHO) said that, donating just one unit of blood can save the lives of up to three patients.
Dr Matshidiso Moeti, WHO Regional Director for Africa, said this in a message to commemorate the 2022 World Blood Donor Day, celebrated every June 14.
This year’s theme: Donating blood is an act of solidarity. Join the effort and save lives.
“The day highlights the critical role of voluntary blood donations in saving lives and enhancing community solidarity and social cohesion.


“Donating just one unit of blood can save the lives of up to three patients.”
According to her, the global community marks the day to focus on the gift of life from voluntary unpaid blood donors around the world.
Moeti said that, the organization in the African Region, joined the call for more people to become regular blood donors.
She said compared to other regions globally, the African Region saw a disproportionate number of conditions requiring donor blood, impacting as many as seven million patients every year.


“Examples include haemorrhage associated with pregnancy and childbirth, severe anaemia due to malaria and malnutrition, bone marrow and inherited blood disorders, trauma and accidents, as well as man made and natural disasters.
“While the need for donor blood is universal, access for everyone who needs it is not.’’
Moeti said in the African Region, demand regularly outstripped supply negatively, impacting timely access for all patients who needed safe and quality assured blood to save their lives.

She said that blood transfusion services in many countries reached out to blood donors through public awareness campaigns, transporting donors from and to their homes, using digital platforms and establishing call centres.
She said others were advocacy for integrating blood safety in the plans and strengthening the legal and regulatory framework for blood safety.

U.S. Approves First Pill For Treatment Of Alopecia

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The Food and Drug Administration in the United States of America has approved a drug called baricitinib, as the first oral tablet for treating severe alopecia areata, an autoimmune disorder affecting more than 300,000 people in the United States every year.

Alopecia causes either temporary or permanent patchy hair loss that can affect any hair bearing site of the body, leading to emotional distress. The condition has come to the fore recently through high profile cases including Hollywood actress Jada Pinkett Smith and congresswoman Ayanna Pressley.

Kendall Marcus, an FDA official said, “Access to safe and effective treatment options is crucial for the significant number of Americans affected by severe alopecia.

Baricitinib, which is made by US pharmaceutical company Eli Lilly and known by the trade name Olumiant, belongs to a class of drugs called Janus kinase inhibitors. It works by interfering with the cellular pathway that leads to inflammation.

Its approval for use against alopecia was based on the results of two randomized, controlled clinical trials involving a total of 1,200 adults with severe alopecia.

Each trial split participants into three groups, a placebo group, a group that received a two-milligram dose every day and a group that received a four milligram dose every day.

After 36 weeks, almost 40 percent of those on the higher dose grew back 80 percent of their scalp hair, compared to around 23 percent of the lower dose group and five percent of the placebo group.

Around 45 percent of people in the higher dose group also saw significant eyebrow and eyelash regrowth.

The most common side effects include upper respiratory tract infections, headaches, acne, high cholesterol, and an increase of an enzyme called creatine phosphokinase.

Prior treatments for alopecia include topical or oral drugs, but these have been considered experimental and none was approved.

Journalists Gets Commendation Over Child Spacing Campaign In Gombe

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Gombe government has commended journalists working in the state, for educating the general public on Health-related issues, particularly family Planning, which reduced maternal mortality by 40% in the state.

The Director Community and family health at the Gombe State Primary Health Care Development Agency, Dr Maryam Abubakar gave the commendation at a Media roundtable on Family Planning supported by The Challenge Initiative, (TCI) held at Wildan Care office Gombe State.

The Director appreciated the contributions of the health reporters towards improving maternal and child health in Gombe adding most people are now aware of Family Planning practice.

In an address, the Deputy National President of the Nigerian Union of Journalists, who is also the Gombe State Chairman Advocacy Working Group on Child Spacing Alhassan Yahya lauded journalists for being part of the success stories of health campaigns in Gombe.

In her remarks the Chairman Media working group, Rebecca Caleb Maina, said from the year 2020 to 2022 journalists in Gombe State, have filed more that 100, reports on child spacing in both Electronic and Print Media, which included human interests and success stories, and commended members for the job well done.

she attributed those successes to different trainings given to journalists on Family Planning and related issues.

Major Manufacturers Test Possibility Of Airless Tyres

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Drivers will soon be able to stop worrying about flat tyres as airless prototypes become reality.

Major tyre manufacturers are busy testing fully airless wheels that could soon be in mass production, bringing an end to the issue of flat tyres and punctures for millions of drivers. US firm Goodyear is in Luxembourg using a tyre constructed from plastic spokes and reinforced rubber tread in place of traditional air-filled wheels with tread.

Michael Rachita, Goodyear’s senior program manager for non-pneumatic tyres, told newsmen: “There will be noise, and some vibration. We’re still learning how to soften the ride. But we think you’ll be surprised at the performance.”

With the proliferation of car sharing apps, a spike in food delivery and Uber, the need to keep vehicles on the road is more important than ever.

Mr Rachita said: “While air-filled tyres will always have their place, a mixture of solutions is needed.

“As we move into a world where autonomous vehicles are becoming more common and many cities are offering transport-as-a-service strategies, having a maintenance-free tyre is hugely important.”

Goodyear tests the new tyres for thousands of miles in different conditions and for 24 hours at a time.

While some of the spokes bend and break, the overall structure of the tyre remains.

Mr Rachita explained: “It’s test-learn, test-learn.

“But we’re at a stage that’s given us a huge amount of confidence. This is the real deal.”

Rivals Michelin has also been working on airless tyres for the past three years.

There have been reports that the company’s ‘Unique Puncture-proof Tire System’ (Uptis) could be seen on a new Chevrolet Bolt electric car as early as 2024.

Uptis tyres are made of high-strength resin embedded with fibreglass and rubber to create a mesh structure wrapped around an aluminium wheel.

AbdulRazaq Calls For Increased Investment In Child Social Protection

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The first lady of Kwara state and CEO Ajike People Support Centre, Ambassador Dr. Olufolake AbdulRazaq has called for more attention to be paid to the child social protection systems in our society on the occasion of world day against child labour.

She made the call in her message to mark the auspicious day which was universally set aside to intensify fight against child labour. This year’s edition was themed, “Universal Social Protection to End Child Labour.”

The first lady further said that the essence of the day is aimed at creating awareness for the movement against Child labour, saying that, “The Anti-Child Labour Day observance is intended to serve as a catalyst for the growing movement against Child Labour.”

Ambassador AbdulRazaq also lamented the impact child labour is having on children across the world, depriving them of education, health, basic freedoms and infringement on their rights.

“Boys and Girls throughout the world are engaged in work that deprives them of adequate education, health, leisure and basic freedoms, violating their rights.”

She however, calls for increased investment in social protection systems and schemes to establish solid social protection floors in protecting our children from all forms of Child Labour.