In 2017 he became Ghana’s minister for finance and economic planning, focusing on cutting the country’s budget deficit to below 5% of gross domestic product and exiting an International Monetary Fund bailout program in April 2019. Then the pandemic dealt a blow to GDP growth, which had exceeded 6% for three straight years. The government redirected its energies toward keeping its people healthy and safe. Ofori-Atta has played a leading role in helping to negotiate a debt standstill for African countries. He spoke with Bloomberg Markets in early July about Ghana’s fiscal challenges, inequities he sees in the global financial infrastructure, and his reaction to the global racial justice movement sparked by the killing of George Floyd in the U.S.
EKOW DONTOH: What are the main challenges that Ghana is facing amid the Covid-19 pandemic?
KEN OFORI-ATTA: This is probably the phenomenon with the greatest economic impact since World War II, at least for Africa. Ghana started the year on an incredible note. We had expected 6.8% GDP growth, and now we realize there is going to be a steep drop—we are expecting growth of 1.2%. The deficit, which we had jealously guarded and kept under 5%, is now expected to widen north of 10%.
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Jonathan Kellner Has Big Money Backing His U.S. Stock Trading Startup
When he was handed a debit card with $70 million in the bank, Jonathan Kellner realized his startup was different. ¶ Members Exchange, known as MEMX, started as a protest by banks and market makers against the rising data and connectivity fees charged by U.S. stock exchanges. In the two years since Kellner, 52, signed on as chief executive officer, MEMX Holdings LLC has locked in more than $135 million in funding from 18 stock trading and investing heavyweights, including BlackRock, Citadel Securities, and Morgan Stanley. ¶ Since it went fully live in October, MEMX has clinched 1% of the U.S. market share. Kellner, previously the CEO of Nomura Holdings Inc.’s Instinet, spoke with Bloomberg Markets in February about launching during a pandemic and the surge in meme stocks.
BINANCE'S CHANGPENG ZHAO: “I'm not using crypto to buy fiat, I'm not using crypto to buy houses. I just want to keep crypto ”
Changpeng Zhao, 44, has spent his life trying to overcome borders. As a child growing up in China, he waited for years until his family could win permission to see his father in Canada, then pursued a career (including a few years at Bloomberg LP) that took him around the world.
Big Oil's Secret World Of Trading
With the future of fossil fuels in doubt, some energy companies are counting on a hidden army of commodity traders to ride to the rescue
Who Should Set The Rules?
TWO OF THE MOST powerful women in finance are at odds over how to use their power.
If You Want to Know What Stock Is Set To Skyrocket, There Are Options
WHAT DO NIKE INC., Raven Industries, and Fortinet Inc. have in common? They exemplify the predictive capacities the options market offers: Recent stock price spikes were preceded by certain telltale signs in the options market, according to data compiled by Bloomberg. Use the terminal to generate ideas for enhancing your portfolio and profit from ever-changing option trading trends.
How Are You Doing? AID Provides the Answers
“HOW’M I DOING?” That’s a question asset managers, sales professionals, and all of us, for that matter, ask daily.
Volatile Markets Reveal Interesting Credit Opportunities in Energy
OIL ROSE ALMOST 50% from the end of October 2020 through mid-January.
Colonies of Retail-Investor ‘Ants' March On Korea's Stock Market
IN LATE JULY, 70-year-old Kim Kyung-rok began frantically sifting through his long-dormant stock brokerage account.
Examine How Market Upheaval Is Affecting Company Results
The coronavirus pandemic sent huge waves of volatility through markets in 2020. How did that affect the financial results of companies that interest you?
Get the Insider Scoop at Newly Public Health-Care Companies
Last year was a good year for at least one thing: initial public offerings in the U.S. With the frenzy of listings of special purpose acquisition companies, or SPACs, IPOs raised a total of $154 billion in 2020. That total was by far the largest of the past 10 years, and more than double the total from 2019, according to data compiled by Bloomberg.
THE IMPORTANCE OF MAINTENANCE IN YOUR LIFE
DR. ICHAK ADIZES shares some thoughts on maintenance and how to make the most of the current corona crisis to prepare the foundation for the future.
EYES ON THE PRIZE
IT student from Ghana has relentless focus on certification and career goals
EDUCATION SYSTEM IN GHANA
High School teachers in Ghana have been on strike for the past week for non-payment of some teachers’ salaries. It also happens to be the examination week before the Christmas break. A High School teacher I spoke with confirmed he had not been paid for three months. Other teachers mentioned higher figures.As at Friday the 13th of December 2019, serious negotiations behind closed doors had been ongoing between the Teachers’ Union and the Ghana Education to resolve the impasse.That, in a nutshell, sums the state of education in Ghana.
Christiana Afotey: Threads By Dreads
It all begins with Africa. That’s the saying, right? Well, for entrepreneur Christiana Afotey, it’s more specific than that.
An African Startup Takes On Counterfeit Medicine
An African startup takes on counterfeit medicine.
Kim Jones celebrates diversity and identity with Ghanian artist Amoako Boafa in Dior Men’s Summer 2021 collection.
A Monumental Man
As a globally feted architect, Sir David Adjaye has reached the upper stories of his profession. Famed for his beguiling facades, he talks to Robb Report about deeper questions of race, history and politics.
THE BODY SHOP
Why Single Origin Cocoa Ingredients are on the Rise
The trend for single-origin cocoa ingredients is going strong as consumers continue to satisfy their sweet tooth but look more closely at how and where cocoa is sourced. Industry figures suggest there has been a 25% increase in chocolate launches with a single origin claim since 2015, presenting a huge opportunity for cocoa suppliers and chocolate manufacturers.
GHANA on the GO
His Excellency Mike Gabo Oquaye, the Ambassador of Ghana to India, talks to SUSH CLAYS about his favourite Indian holiday experiences—from adventuring in Shimla to romancing in Udaipur.