Wednesday 26 July 2017
(Ghana Web 07/18/17)
Government is at an advanced stage of modalities to issue a GH¢2.7 billion, 15 years bond, to offset tier-two pension arrears lodged in the Temporary Pension Fund Account with the Bank of Ghana (BoG) since 2010. Chief Executive of the National Pensions Regulatory Authority (NPRA), Hayford Atta Krufi, in an interview with The Finder, said the bond should be issued by August, 2017. According to him, the money is currently being audited and valued after which the transfers would be done as soon as the modalities put in place for the disbursement are completed. “Government is committed to transferring the amount which is about GH¢2.7 billion. The government wants to issue bonds to cover the amount for the various Public...
(Reuters (Eng) 07/18/17)
Three years after he risked his life crossing the Mediterranean Sea from Libya to Italy on a small boat crammed with migrants, 22-year-old Sow Muhammed can hardly believe his luck. The former street hawker from Guinea now works as a caterer in Venice, rents his own apartment, and sends money back home regularly to his mother and siblings in the West African nation. "I am happy I came to Europe, and my family is also happy," he told the Thomson Reuters Foundation as he packed up leftovers at a training event for people who work with refugees, where he had served a menu which included traditional African dishes. "I talk to my family frequently, ask them their needs, and help...
(Ghana Web 07/17/17)
Finance Minister, Ken Ofori Atta has said he might be presenting the mid-year review of 2017 budget estimates either on July, 25 or 26. These are the dates the finance ministry is proposing to parliament for the review subject to the Houses approval in line with its schedule. Sources say the minister is expected to review some Marco-Economic targets set out in the 2017 budget to ensure that it end the year on good note. Industry expectations Some analysts have maintained that the mid-year review should present a fine opportunity to review its tax revenue target of 34 billion cedis for 2017. This is because for the first four months of this year, government was hoping to mobilize a little...
(Graphic Online 07/17/17)
The Civil Society Organisations’ Platform on Ghana IMF programme says an extension of the package will best serve the nation’s interest since it will allow for better implementation of the structural reforms. A Lecturer of the University of Ghana Business School, Dr Godfred Alufar Bokpin, said there was the need to extend the agreement in order to drive the much needed reform to improve the fiscal governance framework. He said this at the Fourth National Civil Society Forum on Ghana’s International Monetary Fund Programme in Accra last Thursday on the theme: “Three Years into the IMF-Supported Extended Credit Facility Arrangement: Is the Ghanaian economy on the right path?” Fiscal deficit Dr Bokpin explained that the programme had achieved limited effectiveness...
(Bloomberg 07/17/17)
Ghana’s cocoa regulator is warning farmers that the smuggling of beans from neighboring Ivory Coast may jeopardize efforts to keep producer payments unchanged despite a slump in prices. The regulator in Ivory Coast, the world’s biggest producer, expects that as much as 70,000 metric tons of the country’s crop will be smuggled across its borders by the time the season ends in September, a person familiar with the matter said July 5. Ivory Coast cut farmers’ pay by 36 percent to the equivalent of about 700,000 CFA francs ($1,211) per ton in April to cope with prices that have fallen by more than a third in a year on forecasts of an oversupply. Ghana, the second-biggest grower, kept farmer payments...
(Graphic Online 07/17/17)
The World Bank has advised the government to increase investment in the education sector to help produce more quality human resources that will bring to reality the country’s growth aspirations. The investments should go into improving the quality of and access to education, a Senior Director and Head of the Education Global Practice at the World Bank, Mr Jaime Saavedra Chanduvi, said in an interview. As Ghana strives to become a middle income country, Mr Chanduvi said the government would need to raise investments in the sector to ensure that the economy can continue to grow. He was speaking to the paper after a three-day visit to the country. The visit afforded him the opportunity to interact with government officials...
(Ghana Web 07/17/17)
Government will soon submit to Parliament, an amendment to the Public Financial Management Act, to set Ghana’s fiscal deficit at a maximum 5% of Gross Domestic Product (GDP) from the year 2018. The Vice President, Dr Mahamudu Bawumia, who made the disclosure at the launch of Direct Savings and Loans Company in Accra on Thursday, said this was part of measures being undertaken by the Nana Akufo-Addo government to ensure fiscal discipline in Ghana. “We have to continue to take measures to deepen the fiscal consolidation and also to institutionalise the fiscal consolidation. At the end of the day, the fiscal discipline matters. And this is why the President has said that we should look at how to bring more...
(Graphic Online 07/17/17)
The government has decided to abolish the National Health Insurance Scheme (NHIS) capitation policy which was first piloted in the Ashanti region in 2012. The Senior Minister, Mr Yaw Osafo Maafo made this known at the 25th Ashanti Regional New Patriotic Party (NPP) delegates congress in Kumasi on Sunday, Graphic Online’s Kwadwo Baffoe Donkor reports. The Senior Minister said formal announcement would soon be made on the abolishment. Mr Osafo Maafo said although the capitation was supposed to be piloted in the region and extended to other parts of the country, the authority has failed to extend it to the rest of the country. He said the inability of the authority was an indication that The capitation was not good...
(APA 07/17/17)
The Ghana Beekeepers Association of Ghana (GBA) has said that lack of investment in the sector has resulted in the country not taking advantage of the export opportunities available to them in the face of the rising demand for honey in the world. According to the association, the volume of trade in honey in the world, stood at U$2.2 billion as of the end of 2016, but the country was not able to tap into the honey sale opportunity. As a result, they have presented a proposal to the Ministry of Finance, setting up target to export about GHc2 billion (US470 million) worth of honey annually, looking at the opportunities that abound in the West African country. The Business and...
(APA 07/17/17)
The arrest of 15 suspected cop killers dominates the headlines of Ghanaian newspapers on Monday. The Daily Graphic, Ghanaian Times and others said after an attack on two police officers at Abeka Lapaz, a suburb in Accra, which led to the death of one Constable Daniel Owusu, the police have arrested 15 people in an operation to arrest the killers. The suspects include a 27-year old female and some other Nigerian nationals. The Greater Accra Regional Police Command on Sunday undertook different exercises to arrest people suspected to be linked with a shooting incident that led to the shooting of two officers, resulting in the death of one. The Accra Regional Police Commander, DCOP Osabarima Oware Asare Pinkro III, said...
(Agence Ecofin 07/17/17)
Today, July 17th, begins in Accra a regional workshop relating to land tenure in Africa. The three-day event which will focus on Securing Community Land Rights on the Continent, is organized by the Land Policy Initiative, which is a joint programme of the tripartite consortium of the African Union Commission (AUC), the African Development Bank (AfDB) and Economic Commission for Africa (ECA), in partnership with the Rights and Resources Initiative and African land commissions. The press release announcing the event states that 40 land commissioners and senior government officials from 16 African countries are taking part to the meeting which aims to, according to LPI’s coordinator, Joan Kagwanja, “facilitate cross-country learning and information-sharing about results and experiences in different countries...
(Xinhuanet 07/17/17)
Africa is making progress towards the establishment of a trade zone by Oct. 30 that will cover approximately half of the continent's member states. The Common Market for the Eastern and Southern Africa (COMESA) Director of Trade and Customs, Francis Mangeni, said in a commentary published in the Star Newspaper on Monday that so far 19 of the 26 countries involved have signed the agreement. "Three outstanding annexes had meant the tripartite agreement was not complete and this was advanced by some countries as the reason they could not sign or ratify the agreement. However their adoption represented a milestone in the negotiation, as it removed the last obstacle to signing and ratifying the agreement," Mangeni said. The tripartite free...
(Xinhuanet 07/14/17)
Ghanaian President Nana Akufo-Addo on Thursday launched the national entrepreneurship and innovations plan with seed money of 10 million US dollars. The plan is a flagship initiative by the government to serve as the primary vehicle for providing an integrated national support for startups and small businesses. Its overall objective is to stimulate private sector growth at the early stages of businesses to accelerate job creation and to provide enterprising Ghanaian youth with critical alternatives to grow their businesses. President Akufo-Addo said the plan would enable new businesses to emerge and give them the space to grow to ...
(APA 07/14/17)
Some prominent Ghanaians, present and past leaders have sent condolence messages to the victims of the Kumasi Asante Kotoko road crash. The team lost one official in the fatal accident on Wednesday night after honouring a mid-week league match against Inter Allies in Accra. President Nana Addo Dankwa Akufo-Addo and former President John Dramani Mahama, have expressed their heartfelt sympathies to the team and their families as well as the injured, who are recuperating in the hospital. An Assistant Equipment Officer of the club, Thomas Kofi Asare and one other unidentified man in the stationary vehicle the Kotoko team bus ran into, died on the spot on Wednesday night. They used the social media channels to express their consolation and...
(AFP (eng) 07/13/17)
One person was killed and dozens more injured when a bus conveying Ghana's Asante Kotoko football team rammed into a stationary truck after a match, police said on Thursday. The crash happened at Nkawkaw, some 150 kilometres (95 miles) by road from Accra at about 10:00 pm (2200 GMT) on Wednesday, said Eastern region police spokesman Thomas Obeng Asare. The Premier League side was heading back to the central city of Kumasi after a 1-0 defeat to Inter Allies in the capital.
(Bloomberg 07/13/17)
A surge in Ghana’s oil output this year may do little to ease the West African nation’s fiscal strains as crude prices are lower than what it budgeted, eroding the gains from extra production. This year’s average Brent crude price of $52 a barrel is below the $56 forecast in the budget, which could complicate the state’s plans to narrow the fiscal deficit. Output is set to climb by more than a third in 2017 from a year earlier after Eni SpA started up the Sankofa field in May, and as production rises at Tullow Plc’s second project in the country. The world’s second-biggest cocoa producer plans to cut its fiscal deficit to 6.5 percent of gross domestic product this...
(APA 07/13/17)
Ghana's monthly inflation eased to 12.1 percent in June this year, APA learns Thursday. This represents a 0.5 reduction over the figure of 12.6 percent recorded in May. The trend shows a steady decline in the prices of goods and services over the last two months, which economic analysts have attributed to the policies being put in place by government to stabilise the economy. The Acting Government Statistician, Mr. Baah Wadie, has journalists in Accra on Wednesday that the decline was due to food and non-food inflation respectively. Ghana has been working hard to stabilise the prices of goods and services to create a congenial atmosphere of growth and prosperity.
(APA 07/13/17)
The players and officials of Kumasi Asante Kotoko Football Club were involved in a motor accident on Wednesday night after the mid-week league match in Accra, resulting in the death of one person. The identity of the dead person has not been revealed, but the police have confirmed the incident in on Thursday morning in Accra. It was gathered that the bus of the Porcupine Warriors ran into another vehicle at Nkawkaw on its way back to Kumasi. One of the officials was said to have died on the spot, while many others were injured, including journalists, players and coaches. The Porcupine Warriors lost the match by 0-1 to Inter Allies at the El-Wak Stadium in Accra. Meanwhile, the club...
(APA 07/13/17)
The WAFA football team on Wednesday took a three-point lead at the top of the league after beating Bechem United 2-0 at home. They lead the pack with 43 points and they have an outstanding match against AshantiGold FC. Aduana Stars remained in 2nd position with 40 points despite losing 1-3 to league defenders, Wa All Stars at Wa. Hearts of Oak reclaimed the 3rd position with a 2-0 drubbing of Berekum Chelsea, which propelled them to 36 points. Kumasi Asante Kotoko, however, suffered a painful 1-0 defeat at the El-Wak Stadium at the hands of Inter Allies, thereby pushing them down to the 4th position, a position they enjoyed for only three days. Liberty Professionals lost 0-1 at home...
(APA 07/13/17)
The Ghanaian press is awash on Thursday with stories on support to the cocoa production sector. The Daily Graphic says the Swiss Government is assisting Ghana to add value to cocoa produced locally. It said the two countries have also agreed to increase trade volumes in gold and cocoa. Ghana will provide cocoa while Switzerland will supply chemicals, pharmaceuticals and other products. The Ghanaian Times states that Ghana has signed a cocoa deal with Switzerland to undertake joint projects in the areas of cocoa processing in a bid to add value to raw cocoa beans. It reveals that Ghana is currently Switzerland's largest trading partner in sub-Saharan Africa. The agreement was signed at the Flagstaff House in Accra, seat of...

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