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President John Mahama has said the county has run out of power and the country is facing a reduced economic growth rate as a result.

Speaking at a press conference in Paris after a meeting with French President Francois Hollande, the president said “the most binding constraint to Africa’s economic development is the shortage of power.”

The country is in its fourth year of a crippling power paralysis which has affected economic activities in many ways.

The president said his government is working tirelessly to generate more power to accelerate growth.

He cited government’s rural electrification project which he said has led to job creation especially in the rural areas.

“It is very interesting to see the difference that occurs as soon as you electrify the community. Suddenly small and medium enterprises crop up are little restaurants; there are auto mechanic. People get more jobs to do.

He called for a more innovative means of expanding power generation across the sub-region.

He said government is creating the right atmosphere for private investments into the power sector.

Part of the discussions for the meeting with the French President was on Climate Change and Electrifying Africa.

Ghana’s president also expressed worry over climate change which he says is destroying opportunities for young people in Africa.

He believes the problem is partly encouraging the migration of Africa’s youth to Europe due to deforestation which makes agriculture impossible.

“Part of the reason for the migration from Africa why are young people are crossing the Sahara and the Mediterranean is because of deforestation.

“We cannot discuss migration and climate change in isolation,” he said.




Derrick Asare is an Editor for Xbitgh. He love Music, going to the movies, making friends, web designer, computer science major.

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BREAKING NEWS: BoG takes over Unibank



The Bank of Ghana has announced it has taken over the management of private bank, Unibank.

The Governor of the central bank explained at a press conference, the takeover is due to challenges facing the bank. He mentioned weak supervisory standards and weak operations as the cause of the challenges.

Ernest Addison said the bank, adjudged the 6thbest performing company in Ghana at the Ghana Club 100 awards in 2017, provided inaccurate data during the central bank’s effort to resolve the problems last year.

He assured depositors their money is safe, stressing “we are not liquidating the bank, we are saving it.”

The take-over comes weeks after Unibank announced it was taking over adb.
The top management of Unibank are Dr. Kwabena Duffuor II who is Chief Executive Officer, Ekow Nyarko Dadzie-Dennis Chief Operating Officer, Executive Director Owusu-Ansah Awere, Executive Clifford Duke Mettle, Director of Risk Management Kwesi Nkrumah Pimpah.

Photo: CEO Kwabena Duffour II was awarded the most enterprising young executive award in 2017.
The bank’s company secretary is Sylvia Assimeng-Archer, Executive Head of Treasury and Global Trade John Collins Arthur, Executive Head of Corporate Banking Elsie Dansoa Kyereh and Executive Head of Innovations and Business Execution Florence Ohene.

This executive management are expected to give way to new control, KPMG appointed by the central bank.

The bank was founded in 1997 by Kwabena Duffour who later became Finance minister under the Mills administration.
But after 20 years of private management, Kwabena Duffour who is a former Governor of the Bank of Ghana loses control of unibank to his former employers.

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