Sunday 25 June 2017
(APA 06/21/17)
Ghana's Data Protection Commission (DPC) has started the process of dragging 177 defaulting institutions to court for failing to register with the commission under the new Data Protection Law. The Law mandates any company or institution in the country, which works with or collect biometric data to register with the Data Protection Commission, failure for which would result in court action. The Executive Director of the DPC, Mrs. Teki Akuetteh Falconer, has disclosed to the Daily Graphic that the affected institutions are made up of 25 airlines, 89 hotels, 50 hospitals and 13 shopping centres. He hinted that it was collaborating with the Police Cyber Crime Unit to initiate the legal actions against affect institutions...
(APA 06/19/17)
Ghana’s Ministry of Special Development Initiatives has announced the disbursement of $275 to the various political constituencies in the country to promote local development. The amount would ensure that each constituency received $1 million under the Infrastructure for Poverty Eradication Programme (IPEP), sector Minister, Mrs. Mavis Hawa Koomson, said in Koforidua in the Eastern Region. She noted that government was poised towards eradicating poverty and minimise socio-economic disparities in the rural parts of the country. “To attain this, the IPEP will be the main vehicle to direct capital expenditure towards constituency level specific infrastructure and economic development,” Mrs. Koomson said. The government in its campaign promise last year, said it would provide $1 million to every constituency for development projects,...
(APA 06/15/17)
Ghana stands the risk of losing $13 billion in oil revenues if the price of the commodity continues to fall on the international market for the next two decades, a report by the World Bank has said. The Finder newspaper reports on Thursday that the World Bank report titled, "Fiscal Consolidation to Accelerate Growth and Support Inclusive Development", predicts that oil revenues will decline sharply by 2025 and cease altogether. The bank therefore advises the government to spend efficiently with...
(APA 06/15/17)
Ghana’s annual inflation dropped marginally to 12.6 percent in May 2017, against 13 percent recorded the previous month. Inflation is measured by the change over time in the general price level of goods and services that households acquire for the purposes of consumption. The Acting Government Statistician, Mr. Baah Wadieh, told a press briefing on Wednesday that this represents 0.4 percent decrease over the 13 percent recorded in April 2017. Wadieh explained that the marginal decline in the prices of...
(Bloomberg 06/15/17)
Ghana will probably start drawing from its stabilization fund to cover cocoa farmers’ pay during the season that starts in October as the second-biggest grower props up local prices in the face of a global slump. While Ivory Coast, the largest producer, has already slashed the price it pays farmers for the smaller of two annual crops by 36 percent, Ghana’s Cocoa Board so far kept it unchanged and is ruling out any cuts for the upcoming main crop, despite...
(APA 06/14/17)
Ghana’s Minister of Energy and Petroleum Boakye Agyarko has said that the government of Ghana loses $700 million annually through power purchase agreements. It has therefore decided to review the various power purchase agreements that were signed by the previous government to help the nation save the monies that go down the drain. Speaking at the maiden Ghana Energy Summit in Accra on Tuesday, Mr. Agyarko said the country would continue to lose $700 million annually if such agreements were...
(APA 06/13/17)
The government of Ghana is to receive 100 million euros from the German government to improve conditions in the country for sustainable development. The Finance Minister, Mr. Ken Ofori-Atta, who disclosed this at a meeting with Ghanaians resident in Germany, said the money would be used for infrastructural development, economic participation and employment creation. The Finder newspaper reports on Tuesday that the funds was secured under the Germany Compact With Africa Programme, which is being enjoyed by some three African countries. He noted that Ghana was chosen to benefit owing to the initiative President Nana Addo Dankwa Akufo-Addo has put in place to improve the...
(AFP (eng) 06/12/17)
German Chancellor Angela Merkel will on Monday meet African leaders in Berlin on initiatives aiming to reduce the poverty and conflict driving a mass migrant influx to Europe. The idea is to team up African nations willing to reform with private investors who would bring business and jobs to a continent where instability or graft often scare off foreign companies. Merkel is hosting the initiative as part of Germany's presidency of the Group of 20 powerful economies, whose leaders meet in the northern port of Hamburg a month later. Invited to Berlin are Egyptian President Abdel Fattah al-Sisi and the leaders of Ghana, Ivory Coast...
(Ghana Web 06/07/17)
Finance Minister, Ken Ofori-Atta will later today [Wednesday], appear before Parliament to disclose the full details of the controversial $2.25 billion bond issued by the government in April 2017. This follows the passage of a half-hour motion last week by the House, to summon the minister to provide the full complement of documentation related to the issuance, the participants, the utilization of proceeds and the currency in which the bond was settled. The motion was filed by the Minority Leader,...
(Ghana Web 06/07/17)
President of the Ghana Chamber of Mines (GCM), Mr. Kwame Addo-Kufuor, has indicated that the total direct employment created by the producing companies stood at 11,628, representing about 16 per cent increase over the 2015 recorded figure of 9,939. Out of the present figure, he said, over 98 per cent were Ghanaian nationals, which further buttressed the commitment of member companies to make mining more relevant. Mr. Addo-Kufuor revealed this during the chamber’s 89th Annual General Meeting (AGM) in Accra...
(Ghana Web 06/07/17)
Ghana and India are collaborating under a Pilot Research Project on Tomato Production, which would ensure that there is an abundance production and supply of the crop in the country all year through. The project which seeks to pilot tomato production technologies in three ecological zones Ada, Kumasi and Navrongo is also aimed at producing more pest resistant, high yielding tomato that would last for many days on the shelf. Implementation of the Tomato Partnership agreement was signed between the...
(Ghana Web 06/07/17)
The Ghana House of Port Agents (GHOPA), a group of importers, has asked shipping companies at the Tema port to bring an end to excessive charges on imported goods. According to the group, since the announcement of the abolition of the 1% Special Import Levy by the Akufo-Addo-led government, owners of shipping lines have introduced new charges at the port. A statement issued by the group said: “On 2nd March, 2017, during the maiden budget statement of President Akufo Addo's...
(Myjoyonline 06/07/17)
The absence of transparency in fertilizer distribution and low farm gate prices hampered the effort of cocoa farmers in Ghana to plant more, a World Bank report has revealed. According to the report which is yet-to-be made public, the prices paid farmers for their produce rob them of a good return on their land, labour and capital. It also revealed COCOBOD – the body in charge of the sale of cocoa - has been unable to guarantee farmers stable prices...
(Myjoyonline 06/07/17)
President Nana Addo Dankwa Akufo-Addo, has stated that education and skills training are the most important source of empowering and providing opportunities to the youth to help drive Ghana’s development, and in the process create jobs. According to him, the countries that have done well, even without natural resources, are the countries that have invested in education and skills training, and it is for this reason that his government has found and committed resources to begin the Free Senior High...
(Graphic Online 06/06/17)
The Ghana Cocoa Board (COCOBOD) is to collaborate with its counterpart in Cote d’Ivoire, the Café-Cacao Conseil, to manage the trading of cocoa on the international market. The collaboration is to help regulate the quantity of cocoa beans that is sent to the market by both countries, in a bid to cushion farmers against falling global prices. The Chief Executive Officer of COCOBOD, Mr Joseph Boahen Aidoo, explained that although local farmers would be supported to increase their production, the two countries would manage the stock to be able to influence prices on the world market.
(Myjoyonline 06/06/17)
Trade from Ghana to South Africa is currently pegged at around $7.4 million – a significant drop from three to four years ago when it was quoted in the billions. Both countries are now seeking to close the gap and forge closer trade ties. “We need to go back and understand why suddenly there has been a significant drop,” said the Chief Executive of the Ghana Investment Promotion Center, Yoofi Grant. Mr Grant was part of a 31-member business delegation...
(Reuters (Eng) 06/06/17)
Gold output jumped 45 percent in 2016 compared to the previous year as new projects came online and activities expanded across the industry, the Ghana Chamber of Mines said in a report on Friday. Total gold output from Ghana, Africa's second largest producer, was 4.1 million ounces, the highest level in nearly 40 years, up from 2.8 million ounces in 2015, the report stated. Canada's Asanko Gold, which launched its operations in Ghana late 2015, produced 162,802 ounces of gold...
(Xinhuanet 06/01/17)
The Government of Ghana will issue licenses to new Power Purchase Agreements (PPAs) for only renewable energy, President Addo Dankwa Akufo-Addo announced here on Wednesday. According to him, this is part of the decision to include renewable energy generation significantly in the country's energy. "Our policy is to move Ghana from a reliance on thermal towards renewable energy. We have, thus, decided that new PPAs will only be signed for renewable energy," the president announced while opening the Third Development Finance Forum (DFF) organized here by the World Bank group. Due to the importance of the energy sector in the economy, the president noted that the government sought to address the energy supply
(Ghana Web 06/01/17)
The Bank of Ghana (BoG) will continue its easing cycle, Ratings Agency, Fitch has stated in a report, adding the regulator will review downwards its policy rate forecast for the end of 2017. “The latest cut came on the back of cooling inflation and tepid private consumption, and reflects a dovish shift in monetary policy by the BoG,” BMI a subsidiary of the Ratings Agency said. Some economists had maintained that the BoG could have dropped its policy rate further...
(Ghana Web 06/01/17)
Foreign investors are looking to invest over US$50million in selected Micro Finance Institutions (MFIs) in the country, Executive Director of the Ghana Microfinance Institutions Network, Yaw Gyamfi has said. “The investors who are expected to come into the country from October to December are ready to invest up to US$50million each and will look for MFIs who have strategically positioned themselves,” he said at the 6th Annual General Meeting of the Ghana Association of Microfinance companies in Accra. Currently, there...

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