| Africatime
Monday 27 February 2017
(Ghana Web 02/27/17)
With government scheduled to open discussions with the International Monetary Fund (IMF) about a possible extension of the 3-year bailout programme, following several missed fiscal targets in 2016, the Economist Intelligence Unit (EIU) believes that government could take advantage to borrow more money from the Fund. The current US$918 million Extended Credit Facility (ECF) programme is to end in April 2018, but owing to several missed targets last year, there have been suggestions that government must engaged the Washington-based lender over a possible extension of the scheduled end-date to allow it meet the bailout’s objectives. According to Philip Walker, Regional Manager at the Economist Intelligence Unit (EIU), President Akufo-Addo’s government has enough reasons to amend...
(Ghana Web 02/27/17)
The Energy Ministry has assured consumers of stable power supply in 48hours following more than four weeks of inconsistent service. Technical advisor at the Ministry, Michael Opam, told JOY FM's Super Morning Show Monday that 774MW is to be fed into the national grid after more than 650MW went off beginning last month. The 650MW was lost because of maintenance on the Western corridor power plants which includes TACO, TICO and AMERI plants. The Western corridor plants now contributes only 100MW, he said. "Normally, we would need about 300mw in the western corridor to ensure stability...so with only 100 TIC0 available we had a problem on our hands". The delay in completion of maintenance works on the Ghana national gas...
(Spy Ghana 02/27/17)
Stock market analysts are predicting a rebound of the local bourse and the bonds market with an eventual scrapping of the capital gains tax. They contend that the move should attract investors to Ghana following a likely increase in the US Fed rate. According to a Research Analyst with First Banc Financial Services, Benjamin Amoah-Adjei, recent economic trends like declining inflation should culminate in increased activities on the capital market. “If the capital gains tax is scrapped it will give...
(Ghana Web 02/27/17)
The Chief Executive Officer of the UT Group, Mr. Martyn Mensah, has said the textile industry, which dominated the manufacturing sector of the country some years back, has seen a 90 percent decline in its contribution to employment. He said in 1970, at its zenith, the textile sub?sector dominated the manufacturing sector in Ghana with 16 textile manufacturers which employed 25,000 people. The sad story of the textile industry, he said, is that there are only four players left, operating...
(AFP (eng) 02/27/17)
An African road movie about four women wowed its audience Sunday as it kicked off the Panafrican cinema and television festival (Fespaco), a showcase for the continent's burgeoning film industry. "Borders" ("Frontieres") directed by Apolline Traore, a Fespaco laureate in 2013, sweeps across Africa as its protagonists journey through Senegal, Mali, Burkina Faso and Benin on their way to Nigeria. Along the way the women -- Ivorian, Senegalese, Burkinabe and Nigerian actresses -- are spared nothing as they are beset...
(Xinhuanet 02/24/17)
An expert in investment, Adu Anane-Antwi, has asserted that Ghana's solid democratic credentials is one major boost for its investment attraction. In an exclusive interview with Xinhua this week, Anane-Antwi, former Director-General of the country's Securities Exchange Commission (SEC), said any investors who put money into Ghana would avoid the risk factors that surrounded some regions and countries. "Because we are a democratic nation, political instability is not here as we change our governments through the ballot box. That is...
(Xinhuanet 02/24/17)
Ghana tops the rest of Africa as the most expensive country to live in, Starrfmonline, local news network said here yesterday, citing a survey by an international relocation company. The survey report published by MoveHub, an Independent website, Ghana ranks among 20 other nations the world over considered as the most expensive to reside in. The report said MoveHub based its assessment on a range of costs such as the price of groceries, transport, bills, restaurants and rents. “Ghana is...
(Xinhuanet 02/23/17)
Former Ghanaian President John Dramani Mahama is in South Africa to pick up African Political Leader of the Year Award on Thursday. As part of the events leading to the awards, Mahama will also deliver the keynote address at the African Leadership Magazine (ALM) Person of the Year 2016 Awards Program in Johannesburg on the theme "How can Africa win the progress race?", according to a statement signed by his Special Aide, Joyce Bawah Mogtari. The organizers explained that the...
(Ghana Web 02/23/17)
DESPITE a $2.4 billion debt that has crippled the energy sector, President Nana Addo Dankwa Akufo-Addo has assured of reduce significantly some of the levies and taxes on electricity tariffs. According to him, he is proposing a number of policy interventions, which includes improving on transparency in tariff setting, and introduce a new tariff policy that would reclassify consumer categories in order to protect lifeline and strategic industrial consumers. He added that government would enforce the procurement law and insist...
(Ghana Web 02/23/17)
Mr. Kwame Addo-Kufuor, President of the Ghana Chamber of Mines, is optimistic that gold output from producing member-companies will increase by some 400,000 ounces this year. He told the B&FT that gold output is expected to increase from 2.4 million ounces recorded in 2016 to 2.8 million ounces in 2017, as planned investment projects are expected to boost production. “The producing member-companies of the Chamber will continue to invest in their operations to ensure a sustainable mining sector. Planned projects...
(AFP (eng) 02/23/17)
For the first time in Africa, researchers said Wednesday they have detected a malaria parasite that is partially resistant to the top anti-malaria drug, artemisinin, raising concern about efforts to fight a disease that sickens hundreds of millions of people each year. The discovery means that Africa now joins southeast Asia in hosting such drug-resistant forms of the mosquito-borne disease. Malaria infected more than 200 million people and killed some 438,000 people worldwide in 2015, most of them children in...
(Ghana Web 02/22/17)
The central bank has reportedly put on hold the billion-dollar deal it handed to Sibton Switch, a local IT firm, to interconnect all payment systems in the country, following public outcry over whether such an intermediary was necessary, given the cost implications for consumers. Sources close to the central bank told the B&FT that the Governor, Dr Abdul Nashiru Issahaku, has directed that the deal be halted while a reevaluation of the entire project, known as the Ghana Retail Payments...
(Graphic Online 02/22/17)
The government plans to bring the fiscal deficit down to 7.5 per cent of gross domestic product (GDP) this year after revenue shortfalls, mainly from the petroleum sector, combined with expenditure overruns to push the gap between public expenses and revenues to 8.6 per cent of GDP (on cash basis) in 2016. The 2017 deficit target is due to be announced in the year's budget, scheduled to be presented to Parliament on March 1, the Senior Minister, Mr Yaw Osafo-Maafo,...
(Ghana Web 02/22/17)
The Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has dismissed President Nana Akufo-Addo’s suggestion that the Mahama-led administration left Ghana’s economy in crisis. President Akufo-Addo, in his first State of the Nation address, said his administration did not inherit a stable economy from the erstwhile Mahama-led government. The President revealed that government missed all the targets set for the country under the International Monetary Fund (IMF) programme due to fiscal indiscipline in the management of public funds. But...
(Graphic Online 02/22/17)
The government has been advised to get to work to realise the aspirations of Ghanaians who are full of expectation. Instead of harping on its Danquah-Busia heritage, the ruling New Patriotic Party (NPP) must work hard and leave a lasting legacy just as J.B Danquah had done. The advice from Rev. Prof. Emeritus John S. Pobee, an Anglican Theologian, also included the need for politicians from all sides of the political divide to continue to work in the collective interest...
(Xinhuanet 02/22/17)
Africa Energy Indaba, the continent's premier energy event, kicked off in Johannesburg on Monday with the aim of finding solutions to the continent's energy future. The three-day conference is being attended by the governments' representatives, business and funders. The meeting seeks to unleash the continent's potential by coming up with an energy mix to develop Africa. Dr. Garth Strachan, Deputy Director General and Head of Gas Industrialization Unit in South Africa's Department of Trade and Industry said the recent discoveries...
(AFP (eng) 02/21/17)
Ghana's President Nana Akufo-Addo said Tuesday that he inherited an economy reeling from huge fiscal deficits, rising inflation and high unemployment despite an IMF programme designed to stimulate growth. Ghana, once hailed as a regional growth model, was forced to turn to the International Monetary Fund in 2015 under the former administration for a bailout as global commodity prices tanked. "The IMF programme negotiated was ostensibly to restore fiscal discipline, debt sustainability and increase economic growth.
(Bloomberg 02/21/17)
The new Ghanaian government’s pledge to provide free secondary education at public schools, less than a month after it said it found a budget hole of 7 billion cedis ($1.5 billion), could compound the nation’s financial trouble. After initial reports, citing Senior Minister Yaw Osafo Maafo, that an oil-savings fund would be used to underwrite free education, Finance Minister Ken Ofori-Atta said in a broadcast on Citi FM on Feb. 17 the government won’t touch the so-called Heritage Fund and that schooling would be funded from the budget. President Nana Akufo-Addo, whose New Patriotic Party won a general election in December
(Ghana Web 02/21/17)
The government of Ghana under former president John Mahama missed all the targets set for it by the International Monetary Fund (IMF) under the $918million three-year extended credit facility deal, President Nana Akufo-Addo has said. “In fact, virtually all the targets under the IMF programme, as of December 2016, have been missed,” Nana Akufo-Addo told parliament on Tuesday, 21 February in his first State of the Nation address. “The IMF programme negotiated was ostensibly to restore fiscal discipline, debt sustainability,...
(Ghana Web 02/21/17)
Ghana’s total mobile voice subscriptions increased from 35,008,387 as at the end of 2015 to 38,305,078 by the close of December 2016. This represents a percentage increase of 9.42%, according to latest figures from the National Communication Authority (NCA). The total penetration rate for the month (December) under review was 136.34%. MTN’s voice subscriptions for the period was 19,296,157 representing a percentage increase of 2.82% from November 2016’s figure of 18,766,106. MTN’s market share for the month under review was...

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