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Russia’s Economic Forum Overshadowed by War and Rising Financial Uncertainty

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At the St. Petersburg International Economic Forum this week, economic hardship was on everyone’s mind—whether they said it outright or not.

 

When one Russian MP asked me, “Are you going to bomb Iran?” the bizarre exchange reflected an unease that went beyond the economy itself.

 

President Vladimir Putin’s keynote speech on Friday began with a focus on economic growth, but what grabbed headlines was his comment afterwards: “Where the foot of a Russian soldier steps, that’s ours.”

 

For a leader hoping to attract investors, this bold talk of seizing territory hardly made a strong pitch. But Putin’s remarks underlined Russia’s true priority since the 2022 invasion of Ukraine: winning the war, even at the cost of economic progress.

 

While the Kremlin paints a rosy picture of growth powered by state spending on its military and defense industry, even that is losing steam. Putin dismissed concerns with a literary quip that rumors of Russia’s economic demise were “greatly exaggerated.” Yet nervousness was evident among officials at the forum.

 

Economic Development Minister Maxim Reshetnikov warned that Russia was “on the brink of recession,” while Central Bank Governor Elvira Nabiullina admitted that most of the unused capacity driving recent growth had now been exhausted.

 

Once seen as a polished showcase for Russia’s economy, the St. Petersburg forum this year reflected the deep scars left by Western sanctions and the exodus of international companies. Even as Kirill Dmitriev, Putin’s envoy for foreign investment, spoke of U.S. investors interested in returning, it was clear that any comeback would depend on an end to the war.

 

Robert Agee, president of the American Chamber of Commerce in Russia, noted that companies would need more than promises—they would need peace.

 

More than three years into the war, with inflation high and recession fears mounting, Russia faces an uncertain future. And as debate grows over the economy’s prospects, the path to recovery looks as unclear as ever.

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JUST IN: Retired GBC Journalist Selma Ramatu Al-Hassan Sues Captain Smart, Onua TV and Media General GHS 10 million for Defamation

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Retired GBC journalist Selma Ramatu Al-Hassan has filed a GH¢10 million defamation lawsuit against media personality Captain Smart, Onua TV, and its parent company, Media General, over comments she says have severely damaged her reputation.

According to court documents, the suit arises from statements made by Captain Smart during a broadcast on Onua TV in November 2025, in which he allegedly claimed that Al-Hassan had a child out of wedlock with former President Jerry John Rawlings. The remarks, she says, were false, malicious, and widely circulated after the broadcast went viral on social media.

Al-Hassan is seeking general and aggravated damages amounting to GH¢10 million, alongside a public retraction and unqualified apology. She is also asking the court to grant an injunction restraining the defendants from making or publishing any further defamatory statements against her.

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MINISTER FOR YOUTH DEVELOPMENT AND EMPOWERMENT INAUGURATES GRANT MANAGEMENT COMMITTEE FOR THE ADWUMAWURA PROGRAMME

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Earlier today, the Grant Management Committee of the Adwumawura Programme was officially inaugurated by the Minister for Youth Development and Empowerment.

The inauguration marked a critical stage in the implementation of the Adwumawura Programme, because it symbolizes an essential step in our collective effort to ensure transparency, accountability, and equity in the management of public resources entrusted to the National Entrepreneurship and Innovation Programme under The Adwumawura Programme.

The membership of the committee was drawn from Industry Players, Academia, Financial Institutions, Development Partners and Government Agencies.

 

1. University of Ghana Business School Innovation Center

2. Ministry of Youth Development and Empowerment

3. Ministry of Finance

4. ABSA Bank

5. Venture Capital Trust Fund

6. British Council

7. Private Sector (C.E.O of Akosombo Catering)

8. National Youth Authority

9. National Entrepreneurship and Innovation Programme

10. Ghana Youth Federation

11. MASLOC

In his remarks, the Minister for Youth Development and Empowerment reaffirmed government’s commitment to youth empowerment, job creation, and sustainable entrepreneurship. He emphasized that the Adwumawura Programme is not just about funding, but about building resilient businesses that can drive inclusive national development. He charged them to uphold the highest standards of professionalism, fairness, and diligence in the discharge of their duties.

The C.E.O of NEIP highlighted the need for the Grant Management Committee to be intentional about inclusiveness, equity, impactfulness, and innovation in the selection of at least 2, 000 viable businesses.

On his part, the Board Chairman assured the committee of their full support and urged them to execute their mandate dispassionately, transparently, in a non-partisan manner that will engender trust and confidence in the selection process.

Prof. George Acheampong from the University of Ghana Business School speaking on behalf of the committee thanked the Minister and NEIP for the opportunity to serve. He, on behalf of the committee members, assured the Minister and the Board of NEIP of their readiness and commitment to discharge their mandate diligently, fairly, transparently, and with utmost integrity.

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Chinese Ambassador bids farewell to President Mahama

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President John Dramani Mahama today granted an audience to the outgoing Chinese Ambassador to Ghana, His Excellency Tong Defa. The president lauded Mr Tong for strengthening the existing relations between Ghana and China during his tenure.

“You haven’t just been an ambassador or diplomat, you have been a friend, and I’m sad to see you go. Of course, our relations with China are excellent,” the President remarked.

Mr Mahama also thanked Chinese President Xi Jinping for his country’s involvement in negotiating Ghana’s debt restructuring and for providing significant support for Ghana’s development. He cited a $30 m grant for the Aflao Market Project and another $30m allocated for the construction of a new Science and Technology University in Damango.

“We want to see a greater cooperation with China in terms of logistics, in terms of training to move on anti-terrorism, in terms of building surveillance of our borders to make sure that we don’t have any infiltration of these areas”, he added.

President Mahama suggested a payment and settlement system between the two countries.

Ambassador Tong congratulated President Mahama on the successes chalked up in the first year of his tenure, especially in turning the fortunes of Ghana’s economy. He called for strengthening cooperation between the two countries in industry, trade, mining, and science and technology.

Ambassador Tong noted that the China zero-tariff arrangement for Ghana’s exports would soon be operationalised. He appealed to President Mahama for Ghana’s support for China’s bid to host the Secretariat of the new United Nations treaty on Biodiversity Beyond National Jurisdiction.

 

 

 

 

 

 

 

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