Saturday 16 December 2017
(Ghana Web 08/24/17)
The Ghana Tourism Authority (GTA) is implementing a one-stop shop to showcase the more than 2000 registered Ghanaian hotels and promote the country’s tourism sector on the world market. The project forms part of the modules of the National Tourism Single Window Destination being executed to deepen public access to information on the country’s tourism profile in a broader perspective. Mrs Catherine Afeku, the Minister of Tourism, Arts and Culture, said this in an address during a Hospitality Excellence Breakfast Meeting organised by the GTA in Accra on Tuesday. It was to school key players in the tourism industry on the progress of the project and the way forward. She said more than 60 per cent of the hotels in...
(Graphic Online 08/24/17)
Government is convinced that a national fiscal policy that seeks to cap the deficit at 3-5 per cent of Gross Domestic Product (GDP) will help stabilise the economy and attract investment into the country, the Minister of Finance, Mr Ken Ofori-Atta, has said. In an interview on the sidelines of the Ghana Investment Summit in Accra, Mr Ofori-Atta said a kind of partnership with the private sector, whether local or international was required to ensure fiscal consolidation by containing deficit, boot out corruption, ensure interest rate is reasonable among other things, irrespective of whether “we go to the International Monetary Fund or not.” “Until we get a stable and consolidated macroeconomic environment, we will be building on a quick sand...
(Ghana Business News 08/24/17)
The year-on-year inflation from the Producer Price Index (PPI) for all industry decreased to 2.0 per cent in July 2017, against the 3.2 per cent recorded in June this year. The rate shows a 1.2 percentage point decrease in producer inflation relative to the rate recorded in June 2017. “The month-on-month change in the producer price index between June 2017 and July 2017 was -0.2 per cent,” Mr Baah Wadieh, the Acting Government Statistician, told a media conference in Accra on Wednesday. According to the Acting Government Statistician, the decline in the rate was mainly due to Mining and Quarrying, which declined by 7.9 percentage point in the month of July. He explained that the decline in the Mining and...
(Ghana Web 08/24/17)
Seven out of 25 banks surveyed by accounting professionals, pwc, controlled about 56.3 percent of the market share in 2016 compared with 54.0 percent the previous year. The banks which are all in the tier one category are Ghana’s biggest bank, Ecobank, GCB, uniBank, Barclays, Stanbic, Stanchart and Fidelity. According to the survey, Ecobank continued to hold the largest market share of industry deposits of 12.1 percent. Barclays Bank’s deposit mobilization drive yielded results with an increase in industry deposits from 6.6 percent to 8.7 percent, almost same as that of GCB Bank. uniBank’s loss in market share of deposits according to the report could be attributable to the competition during the year because the new entrants were aggressively pursuing...
(Bloomberg 08/24/17)
Every African nation that’s sold dollar debt now has at least one junk rating, but it would be hard to tell by looking at the bond market. The average yield on sovereign Eurobonds in Africa has hovered near the lowest level in two years this month, according to a Standard Bank Group Ltd. index, even after Moody’s Investors Service cut Namibia to below investment grade on Aug. 11. The world’s biggest producer of marine diamonds had been the continent’s only dollar-bond issuer without a junk rating. A low interest rate environment in the developed world has encouraged investors to look past the problems plaguing African economies, including low commodity prices, dollar shortages in some of them and rising political tension...
(Ghana Web 08/23/17)
The government of Ghana has signed a Memorandum of Understanding with Equatorial Guinea to receive Liquefied Natural Gas (LNG) from that country to supplement Ghana’s energy needs. This was made known by President Akufo-Addo while on a three-day visit to Equatorial Guinea. Speaking at a State Dinner held in his honour by President of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo, Akufo-Addo said “my presence here is a consummation of this bilateral agreement, and represents a significant step towards matching Equatorial Guinea’s excess gas supply to Ghana’s ever growing demand.” “It is my expectation that during this visit, we shall sign a government-to-government Heads of Agreement for the supply to Ghana
(Ghana Web 08/23/17)
2017 Global Information Security Workforce Study-Benchmarking Workforce Capacity and Response to Cyber Risk conducted by Frost & Sullivan early this year has revealed that 66 per cent of organisations lack the skills in addressing cyber threats across the globe. The study further projected cyber security workforce shortage to hit 1.8 million by the year 2022. This revelation came to light at the official open of a maiden Certificate Course in Cyber Security, jointly organised by the Kofi Annan International Peacekeeping Training Centre (KAIPTC), and the e-Crime Bureau in Accra. Addressing the participants, the Minister of Communications, Mrs. Ursula Owusu-Ekuful, indicated that the unavailability of the critical competencies to deal with cyber security issues was a primary cause of increased global...
(Citifmonline 08/23/17)
The World Bank has commended Ghana for promoting financial inclusion through innovation. According to the organization, the introduction of mechanisms such as mobile money and other digital platforms will help the country to elevate its economic status. Speaking on the issue, the Country Director of the World Bank in Ghana, Henry Kerali said the World Bank would continue to support Ghana in its efforts to grow the economy. “We commend the Bank of Ghana’s leadership for the introduction of mobile money and other digital financial services”, he said. He added, “We have significantly contributed to this and we will continue to do so. As we celebrate the sixtieth anniversary I would like to state the commitment of the World Bank...
(Citifmonline 08/23/17)
The Electoral Commission Chairperson, Charlotte Osei has been honored with the United States Department of State’s Women of Courage Award for 2017. Presenting the award, the US Ambassador to Ghana, Robert P. Jackson affirmed that “Charlotte Osei epitomizes the phrase, woman of courage.” Mr.. Jackson in his speech praised Charlotte Osei for her bravery before, during and after the 2016 general elections. He noted the reforms Mrs. Osei undertook reforms at the Commission to guarantee the credibility of the 2016 election and minimise the risk of a disputed outcome. Accepting the award, Mrs. Osei said she was “totally overwhelmed and humbled by this recognition” as she thanked the government of the United States of America. She was, however, keen to...
(Xinhuanet 08/23/17)
China is dedicated to enhancing its cooperation with Africa in human resource development through knowledge and technology transfer, a Chinese diplomat said Tuesday. Liu Tao, Charge d'Affaires of the Chinese Embassy in Ethiopia, made the remarks at the Chinese Government Training Program Fellowship Reception in Ethiopia's capital Addis Ababa. He said China, since the year 2000, has sent over 2,000 agricultural experts and over 7,000 medical personnel to Africa, and has trained more than 80,000 Africans from more than 50 countries. China has pledged that it would, in three years, train 200,000 technicians and provide 40,000 training opportunities in China, and will offer 30,000 government scholarships, he said. Stating that 1,100 Ethiopian candidates are invited this year to attend short-term...
(Bloomberg 08/22/17)
Ghana is considering scaling down plans for a 10 billion cedis ($2.3 billion) local-currency bond sale as the West African nation struggles to identify revenue sources for interest and capital repayments, according to two people familiar with the matter. The debt, which will be issued through a special-purpose vehicle and backed by a tax on the sale of petroleum products, may be staggered in smaller tranches as the projected income from the levies are only sufficient for a bond sale of 7 billion cedis over 15 years, said the people, who asked not to be identified because they’re not allowed to speak publicly about the issue. The matter was discussed at an August 16 meeting where the finance ministry and...
(AFP (eng) 08/22/17)
Ghanaian international striker Raphael Dwamena is to sign for Premier League newboys Brighton and Hove Albion from Swiss outfit FC Zurich, the English club announced on Monday. The 21-year-old -- who is valued at £8million (8.7m euros, $10.3m) although Brighton did not reveal the transfer fee -- leaves Switzerland after just eight months at FC Zurich where he sparkled, scoring 12 goals last season as they regained their place in the Swiss top flight. Dwamena has also scored twice in five games so far this season in the Swiss Super League and has netted two goals in just three international appearances.
(Ghana Web 08/22/17)
The government of Ghana has signed a Memorandum of Understanding with Equatorial Guinea to receive Liquefied Natural Gas (LNG) from that country to supplement Ghana’s energy needs. This was made known by President Akufo-Addo while on a three-day visit to Equatorial Guinea. Speaking at a State Dinner held in his honour by President of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo, Akufo-Addo said: “my presence here is a consummation of this bilateral agreement, and represents a significant step towards matching Equatorial Guinea’s excess gas supply to Ghana’s ever growing demand.” “It is my expectation that during this visit, we shall sign a government-to-government Heads of Agreement for the supply to Ghana
(Graphic Online 08/22/17)
Dr Papa Kwesi Nduom, the 2016 Flag Bearer of the Progressive People’s Party (PPP), has argued for the various district assemblies to be empowered to operate the towing levy scheme. “ I do not know what the current New Patriotic Party (NPP) administration is planning and doing but in my candid opinion, it is one of the things we need to allow decentralisation to work,” he stated. Sharing his views on the decision by the government not to implement the mandatory towing levy scheduled to have started on July 1, 2017, Dr Nduom told the Daily Graphic in a telephone interview that “it is good for the government to take a second or third look at the mandatory towing levy and...
(Ghana Web 08/22/17)
The Institute for Energy Security (IES) has predicted another marginal increase in fuel prices on the local market in the August second pricing window as a result of various economic developments across the world. The institute explained that unless the government took deliberate steps to ensure fair and healthy competition among the oil marketing companies (OMCs), fuel prices were likely to go up in the country. The Principal Research Analyst of the IES, Mr Richmond Rockson, in a press release issued on August 15, cited the consistent depreciation of the local currency, as well as low stock levels, as a major factor resulting in the price hike. “Taking into consideration the upward adjustment in Brent crude oil price, as well...
(Ghana Web 08/22/17)
There is not going to be any job losses with the rolling of a paperless system at the country’s ports. That is the assurance from port authorities ahead of the implementation of the paperless system at the ports. This is expected to ease the apprehension among some stakeholders with the reduction of human interface in the clearing of goods at the ports. The General Manager in charge of Marketing and Corporate Affairs at the GPHA, Mrs Esther Gyebi-Donkor admits that though there will be some collapse in some auditorial functions in the clearing process, there will be a realignment of the affected personnel. “The staff’s operations will be integrated at the back office and they will be operating from there...
(APA 08/22/17)
The fear of bank depositing public in the face of two collapsed giant banks and others on Tuesday catches the attention of the press in Accra. The Business Week newspaper discusses the aftermath of the takeover of the GCB Bank of two prominent Ghanaian Banks, GT Bank and UT Bank for failure to meet Bank of Ghana's stipulated reserves. The paper states that due to the compulsory takeover of the two banks, depositors have started to worry because they do not know if their banks are in line for compulsory takeover or not. It recounted how some two other banks had earlier been liquidated in the year 2000 following the introduction of a new policy and adds that the phenomenon...
(Xinhuanet 08/22/17)
African officials on Monday called for urgent infrastructural development and regional integration to boost the continent's economy. At the Infrastructure Africa 2017 in Johannesburg, Zambian Minister of Finance Felix Mutati encouraged Africans to speedily address infrastructural deficit. "We have to inject some sense of urgency in ourselves. If we remain captured by business as usual, we are headed for disaster," said Mutati at the opening ceremony of the two-day event. "Competitiveness in Africa is being constrained by infrastructure deficit. We need about 93 billion U.S. dollars every year to address the infrastructure gap in the continent. We need to urgently implement projects," he said. Mutati said Africa has to narrow focus to innovative financing and design, better use of existing...
(Bloomberg 08/21/17)
Ghana plans to cut spending this year as weak revenue collections are the “Achilles’ heel” in getting its accounts to balance, Finance Minister Ken Ofori-Atta said. “We are trying to contain expenditures as much as we can,” Ofori-Atta said at a conference Monday in the capital, Accra. In July, the West African nation trimmed the budget-deficit forecast to this year 6.3 percent of gross domestic product from 6.5 percent. Constant overspending prompted the country to turn to the International Monetary Fund for almost $1 billion in budget support in 2015 after lower prices for its gold, cocoa and oil exports caused debt to balloon and the currency to decline against the dollar while regular power cuts weighed on the economy...
(Ghana Business News 08/21/17)
The government is working assiduously to reduce poverty and restore dignity to the citizenry through the 2017 budget and subsequent ones, the Minister of Finance, Mr Ken Ofori-Atta, has said. He said the key to achieving this agenda is to ensure exclusive growth by addressing the challenges of the sectors which host the poor (in this case, crop farmers) and sharing the dividends of the economic growth poles across the other sectors of the economy. Mr Ofori-Atta said this in a speech read on his behalf at the end of a five-day Workshop for Strategy, Planning and Project Implementation. He said although government has over the years implemented a range of pro-poor programmes such as the Ghana School Feeding Programme,...

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