Sunday 22 October 2017
(Graphic Online 09/29/17)
The Forum for Public Sector Registered Pension Scheme has suspended its intended indefinite nationwide strike slated to begin today. The strike was intended for the forum to press home its demand on the government to transfer funds belonging to it from the Temporary Pension Fund Account (TPFA) with the Bank of Ghana (BOG) into the accounts of the four fund managers responsible for the public sector occupational pension scheme. “The forum has resolved to suspend temporarily the intended September 29, 2017, indefinite nationwide strike communicated earlier through our press release dated September 4, 2017, while the joint technical committee completes its work,” the Chairman of the forum, Mr Isaac Bampoe Addo, told journalists in Accra on Thursday. Membership of the...
(AFP (eng) 09/29/17)
Government shutdowns of the internet have cost sub-Saharan Africa about $237 million since 2015, according to a study released Friday, as authorities increasingly implement planned disruptions. At least 12 countries have had internet shutdowns, often before elections or when protests erupt, with mobile internet networks most recently suspended in Togo during opposition demonstrations. "Internet disruptions, however short-lived, undermine economic growth, disrupt the delivery of critical services, erode business confidence, and raise a country’s risk profile," the CIPESA report said. The Collaboration on International ICT Policy for East and Southern Africa (CIPESA) released its...
(Bloomberg 09/28/17)
Ivory Coast President Alassane Ouattara will propose to his counterpart in Ghana that the two neighboring countries and world’s biggest cocoa producers narrow a gap in producer prices to discourage smuggling of beans, according to a person familiar with the matter. Ouattara will call Ghanaian President Nana Akufo-Addo on Thursday before Ivory Coast announces a new minimum price for cocoa purchases on Oct. 1, said the person, who asked not to be identified because he’s not authorized to speak about the matter. Ivory Coast is proposing payments of 750 CFA francs ($1.31) per kilogram for its farmers for the bigger of the two annual harvests that starts next month, compared with 1,100 francs for the previous main crop, said the...
(Citifmonline 09/28/17)
Ghana’s economy recorded strong growth in the second quarter of this year, much higher than the previous quarter. New figures recorded by the Ghana Statistical Service reveal that Ghana grew by 9.0 percent as compared to the same period last year which had a growth of 1.1 percent. Industry led the growth followed by the services sector. The growth recorded in 2017 second quarter is an astronomical jump from the figure recorded in the first quarter this year. In the first quarter of this year, growth was at 6.6 percent led by the same industry sector. Growth however for the second quarter shot up by 9 %, largely influenced by the industry sector again. According to figures from the Ghana...
(AfricaNews 09/28/17)
Ghanaian President Nana Addo Dankwah Akufo-Addo has called on the police to drop an “incitement” case against man arrested for sharing an audio on social media accusing him of being a marijuana smoker. The popular opposition National Democratic Congress (NDC) party member Frank Kwaku Appiah was arrested on Tuesday in the Ashanti Region and transferred to the police headquarters in the capital Accra for intent to “cause fear and panic” with the publication on Facebook, his lawyer explained to local media. “Initially, the police were reminded to bring the issue of insulting the president. But as you are aware, post-2001 that law was repealed … for now there’s no such thing in our statute books,” his lawyer Godwin Tamakloe told...
(Citifmonline 09/28/17)
Energy Minister Boakye Agyarko has stated that government will reduce electricity tariff in the national budget which will be presented before parliament in November this year. Mr. Agyarko explained that government could not reduce the tariff in this year’s budget due to moves to stabilize power supply in the country. Speaking at a conference in Accra, Mr. Agyarko assured that government is working to input the tariff reduction in the budget to bring relief to businesses and domestic uses. “On the budget, it is our faithful expectation that we should be able to reduce tariff. We are getting a lot of corporation in so doing. So we believe that through this budget to the end of the year we should...
(AFP (eng) 09/27/17)
Hundreds of Togolese nationals have fled to neighbouring Ghana to escape reprisals after a wave of anti-government protests, a Ghanaian official said on Wednesday. Paddy Tetteh, from the Ghana Refugee Board, said the first batch arrived last Wednesday and although numbers had since fallen, more were still trying to come in. "They are close to 300," he told AFP. Most were in the northern district of Chereponi, close to Ghana's eastern border, he added. Chereponi chief executive Abdul Razak Tahiru told reporters that food, mats, bedding and mosquito nets had been distributed to the refugees. "Due to the demonstrations in Mango (northern Togo), they are beating them and they have decided to run for their lives," he was quoted as...
(Myjoyonline 09/27/17)
The total value of goods and services produced in the country ending June this year witnessed its biggest growth in a long while. Figures released by the Ghana Statistical Service put the year -on- year growth at 9 percent. This is the biggest increase in GDP growth based on figures published by the Statistical Service over the last two years. The Statistical Service attributes the expansion to some significant growth in the mining and quarrying sector, oil and gas production, which recorded 188 percent growth. Industry recorded a growth rate of 19.3 percent, Services - 5.6 percent, while Agric had 3.4 percent. The year-on-year inflation from the producer’s perspective for all industry was 6.6% in August 2017. This rate is...
(AFP 09/27/17)
The villagers of Tafi Atome, in Ghana's Volta Region, grew up listening to tales of their spiritual links to the 1,000 or so mona monkeys that inhabit the surrounding lush forest. But they have also turned that reverence into revenue, by making the cheeky primates part of an eco-tourist attraction that benefits both animals and locals alike. Francis Acquaye, the manager of the Tafi Atome Monkey Sanctuary and Cultural Village, said the monkeys and the forest were considered sacred until the 1980s, when the spread of Christianity eroded traditional beliefs. The red, brown and white monkeys, which are found between Ghana and Cameroon, were soon hunted and trees were chopped down until the village became an eco-tourist attraction in 1996...
(Reuters (Eng) 09/27/17)
Ghana’s gross domestic product (GDP) growth was 9.0 percent in the second quarter of 2017 compared to 6.6 percent in the previous three months, the statistics office said on Wednesday. For years, Ghana’s economy grew at around 8 percent per year, but it slowed sharply in 2014 due to lower prices for its commodity exports and a fiscal crisis that forced the government to sign a $918 million credit programme with the International Monetary Fund. The growth figure is subject to revision, the statistics office said.
(Mining Weekly 09/27/17)
Aim-listed Goldstone Resources is raising £1.5-million to advance the development of its Homase-Akrokerri project, in Ghana. The funds will be raised by way of a subscription for 100-million new ordinary shares at 1.5p a share with new and existing shareholders. The subscription shares will represent about 40.17% of the company's enlarged issued share capital. Private contract miner BCM Investment (BCM) is subscribing for 50-million of the subscription shares, representing about 20.08% of the company's issued share capital. “We are delighted to welcome BCM as a shareholder and partner to Goldstone and with the continued support from existing shareholders in raising £1.5-million in an uncertain market. We look forward to applying these funds to furthering the company's objectives and accelerating growth...
(Dw-World 09/27/17)
After an international maritime court backed Ghana in a dispute with Ivory Coast over claims to oil fields in the Gulf of Guinea, Ghanaians hope they will profit from the country's oil wealth. Isaac Kaledzi reports. Ghana and neighboring Ivory Coast have been arguing over who owns which oil field in the Gulf of Guinea for years. On Saturday, the Hamburg-based International Tribunal for the Law of the Sea (ITLOS) ruled Ghana did not violate maritime borders by conducting oil exploration in its waters along its boundaries with Ivory Coast. This means oil exploration in Ghana's waters can continue. Since 2011, the country's budget has been considerably supported by oil revenues. "Currently, over four billion dollars have been realized from...
(Bloomberg 09/27/17)
Studio 189, a label founded by actress Rosario Dawson and fashion executive Abrima Erwiah, is reinvesting in its African roots. It’s hard enough to build a fashion brand, let alone an empire. Rare is the person who makes a mission of using fashion to build communities. Such is the case with Studio 189, a label founded by longtime friends Abrima Erwiah (formerly a marketing executive at Bottega Veneta) and Rosario Dawson (an enduring star most recently seen in Netflix’s Marvel franchise). “The idea is to produce everything in local markets,” says Erwiah. “Particularly in Africa, particularly in Ghana.” The founders set up the company in partnership with the United Nations’ Ethical Fashion Initiative, which also works with such socially conscious...
(Bloomberg 09/26/17)
Ghana’s central bank kept its key lending rate at the lowest since 2015 after inflation accelerated for the first time in four months. The Bank of Ghana left the rate at 21 percent, Governor Ernest Addison told reporters Monday in the capital, Accra. Two of seven economists in a Bloomberg survey predicted the hold, while the rest forecast cuts ranging from 50 to 100 basis points. The central bank of West Africa’s biggest economy after Nigeria’s had reduced the key rate for three straight meetings until July as consumer prices rose at the slowest pace in four years in that month. The government has vowed to boost growth from last year, when the economy expanded at its slowest rate in...
(APA 09/26/17)
The Executive Secretary of the Ghana Free Zones Board (FZB), Mr. Michael Okyere Baafi, has said that his organisation is targeting $6 billion in export revenue next year. He noted that the board garnered $2.3 billion in export revenue in 2016 and has put in place measures to improve on the figure this year. According to an interview published by the Daily Graphic on Tuesday, the FZB is making efforts to attract investors from Asia and Eastern Europe to the country to help shore up investments. "We are targeting investors from these regions because we know they have the clout and financial muscle to provide that critical funding," he said. Mr. Baafi is currently among a trade mission to the...
(Reuters (Eng) 09/26/17)
Israel’s Elbit Systems Ltd said on Tuesday it won a contract worth $240 million to provide a wide array of defense electronic systems to an unnamed country in Africa. The contract, which will be carried out over a two-year period, is comprised of Directed Infra-red Counter Measure (DIRCM) systems to protect aircraft from shoulder fired missiles, based on passive infrared systems, and includes missile warning systems, radio and communication systems, land systems, mini-unmanned air systems and helicopters upgrade.
(AFP (eng) 09/25/17)
Tullow Oil said Saturday it would restart drilling by the end of the year after a ruling in a maritime boundary dispute between Ghana and Ivory Coast. The International Tribunal for the Law of the Sea found that "Ghana did not violate the sovereign rights" of Ivory Coast by drilling for oil in the region. The Hamburg-based court precisely mapped the maritime border and backed Ghana on the principle that the boundary line be based on equidistance. "Tullow will now work with the government of Ghana to put in place the necessary permits to allow the restart of development drilling in the TEN fields," the London-based oil firm said in a statement. "Tullow expects to resume drilling around the end...
(Ghana Web 09/25/17)
In the background of the issuance of the 2015 and 2016 bonds, Ghana’s financing of the $750 million 2007 bond, was at stake because of the maritime dispute with Côte d’Ivoire at the International Tribunal of the Law of the Sea. A former Finance Minister, Seth Terkper, revealed on the Citi Breakfast Show that the litigation at ITLOS was a point of interest in the issuing of these bonds, to the extent that confidential information had to be divulged. Although the full extent of the financial victory could not be quantified, he said the 2015 and 2016 sovereign bond, were enveloped by the litigation posing some significant risk to the financing of the 2007 bond, which is due in October...
(Reuters (Eng) 09/25/17)
Africa’s biggest independent oil producer, Tullow Oil, is back on track to expand its flagship oilfields off Ghana’s coast after a two-year drilling block due to a border dispute. The news sent Tullow’s shares to the highest in four months, last trading at 189.6 pence, up 6.3 percent from Friday’s close, on an expected revenue boost from higher production although the company did not give details. Tullow said it will resume drilling at the Tweneboa, Enyenra and Ntomme (TEN) oilfields around the end of the year to lift production to full capacity of 80,000 barrels per day (bpd), following an international tribunal ruling on Saturday favoring Ghana in a dispute with its neighbor Ivory Coast. The maritime border dispute with...
(Reuters (Eng) 09/25/17)
Ghana’s central bank ended a run of rate cuts by keeping its benchmark unchanged at 21 percent on Monday, citing global economic uncertainties and threats to consumer price stability. The hold - not expected by analysts - should moderate price conditions toward the bank’s medium term inflation target of 8 percent plus or minus 2 percent in 2018, governor Ernest Addison told a news conference in Accra. Consumer inflation rose to 12.3 percent in August from 11.9 percent in July. Fuel prices also went up nearly 8 percent in September and could post risks to inflation in the coming months, analysts said. “The committee decided it was time to pause the easing cycle in view of emerging risks to the...

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