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MONDAY 27 March 2023 Issue No. 32
A NEW THINKING
Reviewing Russia's trade and business with Africa By Kestér Kenn Klomegâh
Russian President Vladimir Putin spoke at the International Parliamentary Conference Russia – Africa in a Multipolar World held in Moscow under the auspices of the State Duma of the Russian Federal Assembly March 20. The partnership between Russia and African countries has gained additional momentum and is reaching a whole new level, he noted in his speech, and along the line added that additional opportunities are opening up by the process of establishing the African Continental Free Trade Area (AfCFTA), which began in 2021, which in the future will become a continental market which favors developing ties both through the Eurasian Economic Union and bilaterally. "Mutual trade is growing every year, which reached almost $18
billion last year. It is unlikely that such a figure can fully suit us, but we know that this is far from the limit. The development of counter commodity exchanges will undoubtedly be facilitated by a more energetic transition in financial settlements to national currencies and the establishment of new transport and logistics chains," he added. During the African leaders summit at the Black Sea city of Sochi in 2019, Putin rolled out a comprehensive roadmap, particularly questions relating to the development and consolidation of beneficial partnership with Africa, and that Russia would strengthen overall ties in line with the 2063 concept (agenda) developed by the African Union. In his speech, Putin
Putin based his arguments on the fact that Africa is increasingly becoming a continent of opportunities. It possesses vast resources and potential economic attractiveness, Putin further noted that interest in developing relations with African countries is currently visible not only on the part of Western Europe, the United States and the People’s Republic of China, but also on the part of India, Turkey, the Gulf states, Japan, the Republic of Korea, Israel, and Brazil. With a view to expanding trade and cooperation, a memorandum of understanding has been signed between the Eurasian Economic Commission and the African Union Commission at the Sochi Summit. In 2018, Putin's assess-
AfDB Executive Director visits Garden City Mall Ghana to discuss economic to be opened for recovery and growth business this year By Eugene Davis
The nearly completed Garden City Mall located at Tafo Pankrono, near the Suame roundabout in Kumasi is expected to be ready for business this year, the CEO of Retail and Reality, Alex Kwasi Bruks has announced.
2015 and we had delays but it is 85percent complete, it is a huge mall, it was valued two months ago at US$93m. It is two storey , far bigger and when it is officially opened it will be the most beautiful shopping mall in West Africa. We will open this year.
The mall is being developed by Retail and Reality, the managers of Accra Mall and co-partnered by the Methodist Church of Ghana and the Asanteman Council with funding from the ECOWAS Bank for Investment and Development through the Ghana Commercial Bank (GCB).
All shops within the estimated $93m mall, had been leased to prospective business owners who were ready to operate once it was opened.
Mr. Bruks in an exclusive interview with Business24/Investment Times said “Garden City Mall we started construction in An Executive Director of the African Development Bank (AfDB), Mr. Rufus Darkortey recently visited Ghana to engage with stakeholders and explore opportunities for promoting the country's economic recovery and inclusive growth agenda. During the five-day visit from March 5th to March 9th, 2023, Mr. Darkortey and his team met with a range of officials, including Vice President Dr. Mahamoudu Bawumia, Finance Minister Ken Ofori-Atta, and Central Bank Governor Dr. Ernest Addison. They also met with the Commissioner-General of the Ghana Revenue Authority and the management of Development Bank Ghana.
One of the main objectives of the mission was to better understand Ghana's Domestic Revenue Mobilisation programme and identify gaps where the AfDB could provide support. The team also sought to familiarize themselves with some of the Bank's ongoing projects in Ghana. As part of the visit, the team toured the Pokuase interchange, where major construction has been completed and the project was within the liability period. They also visited the Wastewater Treatment Plant at Legon, which has been completed and handed over to the Sewerage Department.
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The treated wastewater is being used for fish and vegetable farming as part of a sustainability plan. The visit was seen as a positive step in strengthening the relationship between Ghana and the AfDB and identifying ways to support the country's economic development. Mr. Darkortey said as part of his final remarks that “the AfDB is committed to working with Ghana to support its recovery and growth efforts. We see a lot of potential for collaboration and look forward to further discussions with our Ghanaian partners."
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International brands such as Shoprite, Game, KFC, Vlisco , and local giants like Nallem and Kiki clothing have all secured a shopping space at the mall. He said when completed, the Garden City Mall would be the
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US VP Kamala Harris in Ghana to commence three-day state visit 3