Sunday 20 August 2017
(Ghana Web 08/18/17)
President Nana Akufo-Addo has charged the Bank of Ghana to address the weaknesses in the banking sector. According to him, such moves will prevent any adverse spillover effect on the economy. Speaking at the 60th anniversary lecture organized by the Bank of Ghana in Accra on Friday, Akufo-Addo said: “a weak banking system undermines growth and on and this basis, the current weakness in our banking sector needs to addressed forcefully to minimize any adverse financial consequences to unsuspecting savers and their spillover effects on the economy.” On recent developments in the banking sector which led to the takeover of UT bank and Capital bank by the GCB bank, the president commended the central bank...
(Ghana Web 08/18/17)
Vice President Dr. Mahamudu Bawumia has directed port agencies and stakeholders at the Tema port to begin the implementation of the Paperless port operations system on pilot basis on Friday 18th August 2017. This is to allow for the agencies to deal with challenges that may arise from the programme and find innovative ways of dealing with it before the general roll-out of the process in September this year. This was disclosed by Acting General Manager in Charge of Marketing and Corporate Affairs at the Ghana Ports and Harbours Authority, Esther Donkor, in an interview at the sidelines of a Talk-show organized by the Ghana Shippers Authority. The talk-show was under the theme “sea port Clearance Processes and Single Window”...
(Ghana Web 08/17/17)
An elaborate plan to make Ghana a major force in the export of petroleum products in the West African sub-region and beyond should make significant strides by the end of this year, Deputy Energy Minister in charge of Petroleum, Mohammed Amin Adam, has revealed. Dr. Adam says a Petroleum Hub taskforce has already been established to develop a master plan for the project. Speaking current affairs programme, Hard Truth, which aired on the Joy News channel on MultiTV, Wednesday, the Deputy Minister said at least three new refineries have been earmarked for construction to facilitate the grand project.
(Ghana Web 08/17/17)
Ghana tourism industry is expected to expand and grow by 5.1percent over the next 10 years, according to The World Travel & Tourism Council (WTTC). Contained in the 7th edition of PwC ‘Hotels Outlook: 2017-2021’ report, Ghana’s hotel industry grew 1.2percent from 2015 to 2016, and expected to grow by grow 1.1percent, 2.1percent, and 2.3percent in 2017, 2018 and 2019. With such a projected growth rate, the country, which already has a total of 2,723 hotels and lodges including a...
(Spy Ghana 08/17/17)
Mrs Ursula Owusu-Ekuful, the Minister of Communications, said Government was keen on establishing a digital economy which would improve efficiency of government business. She said the Ministry of Communications was currently implementing a number of projects under the e-Transform initiative namely e-Immigration, e-Parliament, e-Procurement, Tertiary Institutions Connectivity Programme and e-Justice to achieve that goal. Mrs Owusu-Ekuful who said at the inauguration of the Board of Directors of the National Information Technology Agency (NITA) in Accra, urged the Board to be...
(Graphic Online 08/17/17)
Improving the competitiveness of the private sector should be one of the key priorities of the government, the World Bank Country Director for Ghana, Liberia and Sierra Leone, Mr G. R. Kerali, has stated. That, he said, required a holistic approach to economic diversification that involved sound macroeconomic policies. He said the country’s development strategies should also aim at good management, the creation of a good business environment, efficient trade processes, among other policies. Private sector growth Speaking at the...
(Ghana Web 08/17/17)
Government has begun processes to commission feasibility studies to construct railway lines to connect to the various agricultural producing areas. According to government, six companies have been shortlisted for the contract. President Akufo-Addo upon assumption of office, identified the railways as an important economic infrastructure hence the creation of a separate ministry to that effect. Addressing an audience at a Railway investment opportunities meeting at the Israelis’ s Ambassador’s residence in Accra, the Minister of Railway Development, Joe Ghartey said...
(Business Ghana 08/16/17)
President Nana Addo Dankwa Akufo-Addo on Monday disclosed that the nation lost $680million dollars in 2014 alone equivalent to two per cent of the country’s Gross Domestic Product (GDP) as revealed by the Institute for Social Statistics and Economic Research (ISSER). He said the four years of power crisis led to a loss of more than three billion dollars in economic activities and in the process thousands of Ghanaians lost their jobs. He said the debilitating power crisis brought many small and medium-scale enterprises to their knees, which was induced by the mismanagement of the energy sector by the previous government. President Akufo-Addo made this known at the opening
(Bloomberg 08/16/17)
Ghana’s central bank approved a deal that will see Ghana Commercial Bank Ltd. take over the deposits and selected assets of UT Bank Ltd. and Capital Bank Ltd. after the two lenders failed to meet capital requirements. PricewaterhouseCoopers LLP will sell the rest of the assets to settle liabilities, Raymond Amanfu, head of banking supervision at Bank of Ghana, said by phone on Monday. UT Bank and Capital Bank’s licenses were revoked “due to severe impairment of their capital,” the...
(Ghana Web 08/16/17)
The Vice President, Mahamudu Bawumia, says government would in the coming days officially inaugurate the Ghana International Trade Commission (GITC) to deal with unfair trade issues and enhance the competitiveness of the local private sector, and contribute in making the ten key industrial transformation agenda a reality. Speaking at the National Policy Summit on Trade and Industry Tuesday, he said Ghana International Trade Commission (GITC) would provide for the regulation of the international trade of Ghana in conformity with the...
(Spy Ghana 08/16/17)
Ghana would soon enjoy the privileges under the Continental Free Trade (CFTA) Agreement, the Vice President Mahamudu Bawumia said on Tuesday. The Africa CFTA’s objective is among other things create single continental market for goods and services with free movement of business persons and investments and expand intra-African trade through better harmonization and coordination of trade liberalization and facilitation regimes. Experts say Africa has not done much in liberalizing and promoting trade amongst member countries. Trade between African nations remains...
(Xinhuanet 08/14/17)
Ghana's central bank announced here early Monday it had revoked the operating licenses of two local commercial banks, the UT Bank, a publicly listed bank, and the Capital Bank. Its decision, according to a press release, is due to the extreme insolvency of the two banks which are not able to meet their obligations to customers. "UT Bank and Capital Bank were deeply insolvent, meaning that their liabilities exceeded their assets, putting them in a position not to be able...
(Reuters (Eng) 08/12/17)
The Bank of Ghana said the yield on its weekly 91-day bill rose to 12.62 percent at an auction on Friday, from 12.35 percent at the last such sale on Aug 4. The bank said it had accepted 580.42 million cedis ($130.48 million) worth of bids out of the 627.57 million cedis tendered for the paper, which will be issued on Aug 14. For full details, click here: here%201550.pdf ($1 = 4.4480 Ghanaian cedis) (Reporting by Kwasi Kpodo; editing by Andrew Roche)
(Ghana Web 08/11/17)
Quoting the Danish Ambassador to Ghana, Ms Tove Degnbol, he said: “These companies would rather lose an order than become involved in the endless game of paying and being required to pay even more.” “I can tell that American companies feel the same way. And the problem confronting foreign investments also stymie foreign assistance,” Mr Jackson said at the opening of the Ghana Good Corporate Governance Initiative round table in Accra yesterday. He, however, stated that there were more American...
(APA 08/11/17)
More than 500 Ghanaian pilgrims have left for Mecca on Thursday night to perform their annual religious pilgrimage, APA learns here on Friday. The pilgrims flew directly from the Northern city of Tamale to Mecca and about 3000 pilgrims are expected to be flown from the city in subsequent days to Mecca, thereby reducing the usual congestion at the Kotoka International Airport in Accra. Reports say that out of 500 pilgrims, the Government of Ghana would bear the full cost...
(Graphic Online 08/11/17)
An amount of GH¢500 million has been paid by the government to settle part of its indebtedness to service providers of the National Health Insurance Scheme (NHIS). The payment leaves the government with GH¢700 million of its total indebtedness of GH¢1.2 billion to the service providers. A Deputy Minister of Health, Mr Kingsley Aboagye Gyedu, made this known when President Nana Addo Dankwa Akufo-Addo paid a visit to the Effia Nkwanta Regional Hospital in Takoradi last Wednesday. The visit was...
(Reuters (Eng) 08/09/17)
Ghana's annual consumer price inflation fell a third consecutive time this year to 11.9 percent in July from 12.1 percent the previous month as the local cedi currency stabilized, the statistics office said on Wednesday. The major commodity exporter is aiming to narrow inflation to 11.2 percent by the end of the year to restore economic stability under a three-year assistance programme with the International Monetary Fund. July's index was the lowest since September 2013, acting government statistician Baah Wadieh told a news conference in Accra. "Exchange rate has been fairly stable most of the year and transport inflation is easing.
(Business Ghana 08/09/17)
The Bank of Ghana (BoG) has begun a special exercise to ascertain compliance with the directive for proper loan classifications as part of measures to halt the rising non-performing loans. The Governor of the Bank of Ghana, Dr Ernest Addison told the Graphic Business on the sidelines of the Monetary Policy Committee (MPC) news conference in Accra on July 24 that an asset quality test of the banking sector revealed that the banks were not properly classifying their loans. A...
(Business Ghana 08/09/17)
President Nana Addo Dankwa Akufo-Addo, has stressed that the laws of Ghana indicate that citizens and not foreigners are the only ones allowed to engage in small scale mining. President Akufo-Addo has, therefore, urged Ghanaians not to act as front-men for foreigners in activities solely reserved for Ghanaians, adding that “let us abide by our laws.” To this end, President has outlined his government’s proposal to strengthening the small scale mining industry through the Multilateral Integrated Mining Project (MMIP). The...
(Xinhuanet 08/09/17)
The United States Trade Representative (USTR) on Wednesday affirmed the commitment of his country to Africa and saw "great potential to grow and deepen trade relationship." Robert E. Lighthizer expressed this in opening speech of the ministerial plenary as part of the 16th Forum of the Africa Growth and Opportunity Act (AGOA), on Wednesday here in Togolese capital Lome. "The United States is committed to Africa. We see great potential to grow and deepen our trade relationship, with the goal...

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