Sunday 20 August 2017
(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 businesses waiting in the wings to invest in Ghana to create opportunities for trade and bring the much needed jobs. But he said there was a caveat: “Businesses want to ensure that the money they invest will not go to...
(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 of 452 pilgrims, who could not make the trip to the holy land last year, but paid their fares. They were seen off by Ghana's Vice President Alhaji Mahamudu Bawumia at the Tamale Airport, who asked the pilgrims to avoid...
(APA 08/11/17)
After heated agitations between workers of the state-owned Electricity Company of Ghana (ECG) and the government over sale of the company, the deal has been signed sealed, APA has learnt here on Friday. This came to light when the Minister of Energy Mr Boakye Agyarko in his inauguration of the Board of Directors of the ECG on Thursday charged the Board Members to hand over all assets of the company to the private investor. This is as a result of Ghana securing a grant of US$498.2 million from the Millennium Challeng Account from the United States of America for the concession agreement which span 20 years of lease of the ECG. He said the funds would be disbursed over five...
(APA 08/11/17)
The Ghanaian press on Friday focused on the advice of President Nana Akufo Addo to chiefs who are involved in illegal mining popularly called galamsey. The Daily Graphic, Ghanaian Times, The Chronicle all focused on the story with the Graphic reporting that President Nana Akufo Addo took his campaign against illegal mining to the Central Region on Thursday with blunt call on chiefs to stop providing support to illegal miners. The newspaper continued that President Akufo Addo pointed out to the chiefs that it was no secret that some of the chiefs were involved in illegal mining, adding that the fight against the menace would only succeed if the chiefs work hard to support the government. "I can't stand before...
(Graphic Online 08/11/17)
Former President John Mahama has used his electoral defeat to urge Kenyans to keep the peace amidst fears of post-election violence. Mr. Mahama was briefing the Kenyan media as Head of the Commonwealth Observer Mission that monitored Tuesday’s general elections in the East African country. “It is not easy to lose an election [because] it can be very disappointing,” he told the journalists while presenting interim statement on behalf of the Commonwealth Observer Group to Kenya. Early results put the incumbent Uhuru Kenyatta of the Jubilee Party ahead of his arch rival Raila Odinga of the National Super Alliance. Kenya's western city of Kisumu, saw some protests on Wednesday after the opposition said the electronic voting system has been hacked...
(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 part of a three-day tour by the President to the Western Region. Mr Gyedu, who is also the Member of Parliament (MP) for Bibiani-Anhwiaso-Bekwai, also announced that $10 million withheld by development partners had been released to further redeem the...
(AFP (eng) 08/10/17)
The skull of an infant ape buried by a volcano 13 million years ago has preserved intriguing clues about the ancestor humans shared with apes -- including a likely African origin, scientists said Wednesday. A previously-unknown creature that shared an extended family with the human forefather, had a flat face like that of our far-flung cousin the gibbon, but did not move like one, its discoverers wrote in the journal Nature. They named it Nyanzapithecus alesi after "ales" -- the word for "ancestor" in the Turkana language of Kenya, where the lemon-sized skull was unearthed. The sole specimen is that of an infant that would have grown to weigh about 11 kilogrammes (24 pounds) in adulthood. It had a brain...
(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 Non-Performing Loan (NPL) is the sum of borrowed money on which the debtor has not made his scheduled payments for at least 90 days. A nonperforming loan is either in default or close to being in default. “So going forward,...
(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 MMIP, according to President Akufo-Addo, will be the first holistic approach in combating illegal mining in Ghana, reduce illegal small scale mining (galamsey) to the barest minimum and find alternative livelihoods for those involved. President Akufo-Addo made this known on...
(Citifmonline 08/09/17)
Ghana ranks high on the list African countries with 90 per cent and above in percentage in vaccinations, Dr Anthony Nsiah-Asare, the Director General of the Ghana Health Service (GHS) has said. He stressed: “Ghana is one of the best African countries as far as vaccinations are concerned, in fact we are 90 per cent and above in percentage rate and this is highly substantial.” Dr Nsiah-Asare said this during an interview in Accra on Tuesday. Confirming the availability and distribution of vaccine to hospitals in the country on August 2, Dr Nsiah-Asare advised mothers to have their children vaccinated for the ones they had missed for three weeks now. “Polio vaccines are in, so parents and mothers whose children...
(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 of establishing a true partnership for the future", Lighthizer said. "By lowering barriers and tackling other constraints that impede trade and investment, we are poised to see U.S.-Africa trade flourish", he said, underscoring that "much more work needs to be...
(Business Ghana 08/08/17)
The Ministry of Finance has begun the process of settling its indebtedness of GH¢3.4 billion to some companies as part of efforts to save them from distress. The payment affects more than 900 different invoices submitted by the affected companies, the Minister of Finance, Mr Ken Ofori-Atta, told the Daily Graphic in an interview last Friday. Settlement of the arrears began on August 1, 2017, after audits had been conducted on the submitted invoices. Accordingly, Mr Ofori-Atta said he had authorised the release of GH¢25m for the implementation of the first phase of the programme. He said the move was in fulfilment of the government’s commitment to provide support to distressed companies as announced in the 2017 budget and mid-year...
(Ghana Web 08/08/17)
President Nana Addo Dankwa Akufo-Addo has reiterated his commitment to addressing the numerous economic challenges that have stifled the country’s growth for some years now. According to him, the current government of the New Patriotic Party (NPP) was putting various pragmatic measures in place to rebuild the “shattered” Ghanaian economy and fix the mess created by the previous NDC government. “We came to meet empty coffers but Ghanaians voted overwhelmingly for me and the NPP to fix the economy, and it was obvious in the ‘Asempa budget’ read by the Finance Minister that the economy will bounce back and the country will get more money for initiatives that will improve the lot of Ghanaians.” Addressing a durbar of chiefs and...
(Business Ghana 08/08/17)
Britain has described Ghana as a model of democracy and rule of law the rest of the African continent can emulate to position the continent as an emerging world power in the years ahead. As such, the UK has declared to remain a strong trading partner of Ghana when it finally exits the European Union (Brexit) in March 2019. Ghana commended In recognition of the country’s political stability and peaceful transfer of power from one political party to the other after seven successful elections, the British government has been motivated to further strengthen ties with Ghana and also partner it to build a stronger Commonwealth. Sharing his perspectives in an exclusive interview with the Daily Graphic in London, the UK...
(Citifmonline 08/08/17)
Auto Parts West Africa and Ghana Motor Show, both international trade shows on Automobiles and its vertical industries will take place in Accra on September 13-16, 2017, at the International Trade Fair Center. Auto Parts West Africa Show will feature aftermarket manufacturers and suppliers showcasing innovative products and services, while Ghana Motor Show will provide an exclusive platform for car dealerships, accessory companies, banks offering auto loans, insurance companies and all stake holders in the car industry to potential buyers under one roof. These trade shows will bring together exhibitors from 15 countries across the globe to create a platform for networking, discuss emerging trends and make connections with professionals from all areas of the automobile industry. “We have created...
(Ghana Web 08/08/17)
The President of the Africa Development Bank, Dr Akinwumi Adesina, has charged Ghana to get off from the bottom of the cocoa value chain and move to the top by processing and adding value to what it produces. Ghana is one of the largest producers of cocoa in the world. Both Ghana and Ivory Cost account for 65 percent for the global production of cocoa. According to Dr Adesina, Ghana does very well in terms of production of raw beans but it is not doing well in terms of processing it into finished products which is exactly the vision of the Cocoa Processing Company (CPC). The CPC currently has a storage capacity of 5,000mt which is 2.5percent of what the...
(Ghana Web 08/08/17)
Ghana Economic Forum 2017 has seen the banking sector express interest in seeing government’s drive to create jobs in the private sector become a reality. The Forum, which brings on board industry players and banking experts, also saw government engage the private sector on practicable ways of meeting its macro economic targets by the end of the year. Senior minister, Yaw Osafo Maafo said the government is intensifying its strategy to make the private sector more competitive to ensure the creation of jobs. Chief Executive Officer of the B&FT, Edith Dankwa said, “Ghana is one of the world’s most attractive investment destinations after more than a decade of substantial economic progress.” She said, “The country is endowed with a new...
(Ghana Web 08/08/17)
As many as 72 unregistered drugs were imported into Ghana without prior approval of the Foods and Drugs Authority (FDA), according to The 2012 Auditor-General’s report. Among the unregistered medicines which got unto the Ghanaian market between 2012 and 2013 per the Auditor General’s report are popular malaria drug Coartem and de-wormer Zentel. In all, some 72 unregistered drugs were imported during that period. The A-G's report also revealed that seven drugs were brought into the country “before the importers applied for permit from the FDA”. Others unregistered drugs include Tres-Orix, Procold, Lofnac-50 tablet, Atenolol, Lofnac Eyedrops and Quine Syrup among others. Appearing before the Public Accounts Committee (PAC) of Parliament on Monday, August 07, 2017, the CEO of the...
(Citifmonline 08/08/17)
The Governor of the Bank of Ghana(BoG), Dr. Ernest Addison has stated that the central bank will strictly implement the new capital requirement for banks in the country. According to him, the bank will depart from the practice where the new capital requirement is just announced and banks are left not to meet it. The Bank of Ghana will soon increase the minimum capital requirement of banks from the current 120 million cedis to what some industry watchers predict will be around 250 million cedis. Some observers have urged the central bank to use the exercise to force mergers. But speaking on day two of the Ghana Economic Forum organized by the B&FT, Dr. Addison maintained that the central bank...

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