| Africatime
Thursday 30 March 2017
(AfricaNews 03/30/17)
The Governor of the Bank of Ghana Dr Abdul Nashiru Issahaku has resigned after a year as the head of the country’s central bank. He is reported to have cited personal reasons for his decision which takes effect April 1, 2017. Dr Abdul Nashiru Issahaku was appointed Governor of the central bank last year by former President John Mahama whose presidential term ended after losing the December 7, 2016 election. Prior to his appointment, Dr Issahaku was the Second Deputy Governor and previously the Chief Executive Officer of the Export Development and Agriculture Investment Fund. Dr Issahaku took over the central bank during the country’s phase of rising inflation and depreciation of the cedi last...
(Xinhuanet 03/30/17)
Ghana's cedi currency strengthened further on Tuesday with year-to-date depreciation standing at 2.71 percent from the previous 3.29 percent, the Bank of Ghana announced on Wednesday. The currency depreciated earlier by 8.8 percent on March 8, and 5.0 percent on March 23, as payments for imports before and during the yuletide season of 2016 brought enormous pressure on the cedi in the foreign exchange market. "The foreign exchange market witnessed increased pressures in the year to early March, partly attributed to a strengthening U.S. dollar, seasonal demand factors and speculative activities," Governor of the Bank of Ghana Abdul-Nashiru Issahaku explained. He added that the observed pressures "have significantly eased in recent weeks on the back of renewed confidence in the...
(eNCA 03/30/17)
Ghana's new government is looking to fix a crippling power crisis with a complete overhaul of its deficit-ridden energy sector including a boost for solar energy. Intermittent power supply issues have dogged the west African nation since the 1980s and became particularly acute in the last five years -- although there has been some improvement recently. President Nana Akufo-Addo blames his predecessor John Dramani Mahama whose energy policies, he said last month, had led to "gargantuan debt". Ghana's energy sector...
(Ghana Web 03/30/17)
The Minister of Agriculture, Dr. Owusu Afriyie Akoto has predicted a further drop in revenue from cocoa for this year. This also comes after the ten percent drop in revenue from cocoa exports between February 2016 and February 2017. According to the Minister, the declining global price of cocoa will largely affect the cocoa subsector which is among the top export earners for the country. “Well it is going to happen and even more; of course because since then cocoa...
(Ghana Web 03/30/17)
Prices of petroleum products are expected to fall further in the first pricing window of April, the Institute for Energy Security (IES) has said. Already, the prices have been reduced by oil marketing companies at the pumps twice in the second pricing window of March. The first reduction is attributed to “favourable market indicators” as projected by IES prior to the beginning of the window. The second reduction was as a result of the removal of Excise Levy and the...
(Graphic Online 03/30/17)
‘India Business Day’ seminar has been held in Accra with a call for the two countries to deepen their economic cooperation and collaboration for mutual benefits. The business interaction event which was organised by the World Trade Centre, Accra and brought together high-profile business executives from both countries was on the theme: ‘Promoting India-Ghana Business Relations through Trade and Investment’. It was aimed at showcasing the various programmes and initiatives of the government of India for the benefit of the...
(Ghana Web 03/30/17)
Mr Sunil Dahiya, Chief Business Officer of the Africa Cashew Alliance (ACA), says Ghana must look into strengthening its cashew industry to replace cocoa as the effects of climate change advances in the future. He said climate effects were so profound such that the planet would not be able to cool off in a few years even if activities that contribute to climate change were stopped. Mr Dahiya said climate change should be a red alert for governments who relied...
(AFP (eng) 03/29/17)
Ghana's new government is looking to fix a crippling power crisis with a complete overhaul of its deficit-ridden energy sector including a boost for solar energy. Intermittent power supply issues have dogged the west African nation since the 1980s and became particularly acute in the last five years -- although there has been some improvement recently. President Nana Akufo-Addo blames his predecessor John Dramani Mahama whose energy policies, he said last month, had led to "gargantuan debt". Ghana's energy sector...
(Citifmonline 03/29/17)
New figures from the Bank of Ghana have revealed that Ghana’s total balance of trade for February 2017 recorded a surplus of 573 million dollars. This is equivalent to 1.3 percent of Gross Domestic Product for the period. The surplus is an improvement compared to the over 500 million dollars deficit recorded in February 2016. But the country’s revenue from cocoa for the period dropped by ten percent. The summary of financial and economic data by the Bank of Ghana...
(Ghana Web 03/29/17)
It is the vision of the Nana Akufo-Addo government to make Ghana the most attractive place for investment in Africa, Vice President Dr Bawumia has said. The Vice President made this disclosure when he delivered the key note address at the third Coastal and Maritime Surveillance Africa Conference and Defence Exhibition in Accra yesterday. According to Dr Bawumia, the conference which has the potential to attract technological transfer and investment to the country was in line with the government’s vision...
(Ghana Web 03/29/17)
Ghana is set to benefit from a $1 billion agro-industrail facility for the production of fertilizer. The project would be constructed in the Volta Region. , The Minister of Agriculture, Dr. Owusu Afriyie Akoto described the combination as a unique mix. The American led delegation comprising, Chinese and Dubai Investors looking at agriculture and industry he noted is a great opportunity for job creation. He said, usually investors come into the country with a focus on investing in a specific...
(Ghana Web 03/29/17)
Ghana’s electricity tariffs are too high and uncompetitive for domestic and commercial consumers in the West African sub-region, according to the Deputy Minister-designate for Energy, Dr. Mohammed Anta Amin Adam. “For the domestic consumer, the tariffs in Ghana is around 19-28 cents, La Cote d’Ivoire is 9 cents, Benin is 17 cents, Togo is 16 and Nigeria is 17 cents. “But when you come to the commercial industrial consumer that is where the problem is. Ghana’s is 32.6 cents per...
(Ghana Web 03/29/17)
A Deputy Finance Minister designate, Charles Adu Boahen has warned against capping the number of banks in the country. Calls for a cap on the number of banks in the country have increased following the rising number of banks in the country. There are currently 33 banks operating with the number expected to rise to 35 by the end of this year. Proponents for a cap on the number of banks in the country have argued that despite Nigeria’s population...
(Bloomberg 03/28/17)
Ghana’s central bank cut its benchmark interest rate for a second time in four months as the cedi recovered from record lows and inflation slowed to the lowest rate in more than three years. The Bank of Ghana reduced the rate to 23.5 percent from 25.5 percent, Governor Abdul Nashiru Issahaku told reporters Monday in the capital, Accra. That’s the biggest single cut in borrowing costs since February 2010. Four of the seven economists in a Bloomberg survey forecast the...
(Ghana Web 03/28/17)
Parliament is today (Tuesday) expected to pass the bill that will allow the government to cap its budgetary allocation to statutory funds at twenty-five percent. The bill, on Monday, March 27th, passed the consideration stage. When passed, all allocations to the eight statutory funds will not exceed twenty-five percent of all government revenue for this year. Deputy Minority Leader, James Avedzi had stressed that the move will affect the operations of local assemblies with the reduction from 7.5 to 5...
(Ghana Web 03/28/17)
The Charge’ d’ Affaires of the European Union in Ghana, Mr Paolo Salvia, has reiterated the commitment of the European Union (EU) to continue its support to Ghana in the area of private sector competitiveness, trade facilitation and fiscal transition. This, he said, would be done through the regional envelope of the 11th European Development Fund. Mr Salvia made this remark at the final Steering Committee Meeting of the Trade Related Assistance and Quality Enabling Programme (TRAQUE) in Accra. He...
(Bloomberg 03/24/17)
Ghana’s central bank may have space to cut its benchmark interest rate for a second time in four months as the cedi started to recover from record lows and inflation slowed to the lowest rate in more than four years. Governor Abdul Nashiru Issahaku has enough room to cut the West African nation’s main rate by as much as 100 basis points, according to Courage Kingsley Martey, an Accra-based economist at Databank Group. Two of the four economists in a...
(Ghana Web 03/24/17)
Net debt owed banks and fuel suppliers alone under the energy sector debt hit 1.2 billion cedis at the end of 2016. According to documents cited by Citi Business News as at 31st December, 2016 Government’s net debt in the Energy sector was 2.3 billion dollars. A breakdown of the debt shows that the banks are owed 782 million dollars, while fuel suppliers are owed 440 million dollars. The 782 million is debt owed the banks by state owned power...
(Bloomberg 03/24/17)
After overseeing sub-Saharan Africa’s fastest-growing economy and six years of relative peace, Ivory Coast President Alassane Ouattara is in the midst of a year from hell. First soldiers staged a mutiny, then public workers went on strike and now cocoa prices have fallen. All told, the West African nation is facing the worst social unrest since Ouattara, 75, assumed power in 2011. With cocoa prices in London dropping more than 30 percent from July, the government in the world’s top...
(Citifmonline 03/24/17)
Ghana’s unemployment rate stood at 11.9 percent in 2015. This is according to the latest Ghana Labour Force Survey Report by the Ghana Statistical Service. This is about twice the figure recorded in 2012/2013 (5.8%) based on the Statistical services strict definition of unemployment – where “one was not working, actively looking for a job and available for work.” However, the definition has changed for the 2015 studies, was based on a relaxed definition where “one was available for work...

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