Monday 21 August 2017
(AfricaNews 08/18/17)
The Ghana Food and Drugs Authority has commenced the implementation of the ban on import and sale of skin bleaching products imposed in January this year. The Acting Chief Executive of the Authority, Mimi Darko told a parliamentary committee on Wednesday that they are cracking down on the products in the market. She told the committee that the FDA has stopped registering products containing the bleaching chemical hydroquinone and has launched a sensitization programme against the sale of the product in the market. “The bleaching agent in most bleaching creams is hydroquinone and the Ghana standard now is, there should be zero percent hydroquinone in bleaching
(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 for the swift intervention. According...
(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...
(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...
(Xinhuanet 08/17/17)
The Chinese government has offered scholarships to 65 Ghanaian students for further education in various fields in Chinese institutions of higher learning in the 2017/2018 academic year, Ambassador Sun Baohong disclosed here late Tuesday. Speaking at a farewell dinner attended by 40 of the beneficiaries, Sun expressed delight in the growing number of Ghanaian students who had been studying in Chinese institutions. "China has been receiving Ghanaian students since 1960. Up to now, a total of 1,006 Ghanaian students have...
(Graphic Online 08/17/17)
The Ashanti Regional Police command has sent re-enforcement to the Alabar lorry station following near clashes between two feuding groups. According to reports, the two clashed over management of the Alabar Tamale lorry station. The groups in question clashed in March 2017, leaving six people seriously injured. The Police were at the scene at 3 am on Thursday and only called for reinforcements when it became clear the tension could escalate into clashes. The Ashanti Regional Police Public Relations Officer,...
(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...
(Spy Ghana 08/16/17)
Former President Flt Lt Jerry John Rawlings has called for a paradigm shift in the fight against corruption, to ensure that it does not create undue hardship to the people. He said corruption had eaten so deep into the fabric of the society that the quest to clean up seems to rather create hardship instead of reducing the cost of living. Former President Rawlings made the call in a keynote address at a lecture organised by the University of Ibadan...
(BBC News Africa 08/16/17)
Former Ghana midfielder Kevin-Prince Boateng is once again without a club after ending his contract with Spanish club Las Palmas by mutual consent. Las Palmas cited "irreversible personal reasons" for the decision. The 30-year-old had a contract with the La Liga side until 2020 after signing for them a year ago following a six-month absence from the sport after leaving Italy's AC Milan. He scored 10 goals in 28 appearances at Las Palmas including one on his debut. Boateng has...
(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...
(Bloomberg 08/14/17)
The U.S. will probably maintain its current levels of aid to Africa despite President Donald Trump’s proposals to slash funding, according to Bill Gates, the world’s richest man. Trump said in May his government would no longer allocate funding for family planning, a move that has the potential to undermine aid programs in the poorest countries in the world. However, with Congress in control of the budget, it’s unlikely that all cuts proposed by the Trump administration will go ahead...
(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)
(Citifmonline 08/12/17)
The first batch of Ghanaian Pilgrims for the 2017 Hajj pilgrimage have finally left the Tamale Airport for the Kingdom of Saudi Arabia. Four hundred and thirty out of 506 were airlifted to the Kingdom of Saudi Arabia on Friday after the first flight scheduled for Thursday August 10 failed. Background Vice President, Dr. Alhaji Mahamudu Bawumia under whose supervision the National Hajj Board operates at a pre-departure Durbar in Tamale touted the 2017 Hajj activities organization as unique. He...

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