Thursday 23 November 2017
(Ghana Web 09/25/17)
The Vice President Dr. Mahamudu Bawumia has said that the government is working around the clock to introduce a pension scheme for all cocoa farmers in the country. According to him, the scheme will also benefit all persons in the cocoa value chain. Speaking at the 2017 celebrations of Kundum Festival for the people of Nsein in the Nzema East Municipality of the Western Region, Dr. Bawumia recounted how cocoa farmers whose contribution has put the country at the world stage turns to be the least beneficiaries of their produce. He noted that “we are working on the pension scheme for cocoa farmers. It will be the first ever cocoa pension scheme for cocoa farmers. There is work going on...
(APA 09/25/17)
The settlement of the sea-boundary dispute between Ghana and Ivory Coast dominates the headlines of Ghanaian newspapers on Monday. The Daily Graphic, The B&FT and others dedicated their front pages to the dispute in which Ghana emerged victorious. The three-year dispute had to be settled by the Special Chamber of the International Tribunal for the Law of the Sea (ITLOS) through a unanimous decision. The court rejected all the claims put up by Ivory Coast and upheld that Ghana did not breach any international laws as well as disobeyed the court's order not to further drill oil wells in the disputed sea area. The tribunal generated a new boundary which will work in the interest of both Ghana and Ivory...
(Ghana Web 09/25/17)
Increased oil production in Ghana is boosting energy sector revenues and helping shore up finances after three years of sluggish economic growth and persistent budget shortfalls. A report from the central bank shows Ghana’s state oil revenues more than doubled between the second half of 2016 and the first half of this year, from $93.4m to $191.3m, driven largely by increases in production levels. Output levels have risen steadily since the start of production at the Tweneboa, Enyenra and Ntomme (TEN) oilfields in August 2016, jumping from 91,000 barrels per day (bpd) that month to 121,000 in September 2016 and rising steadily thereafter, to 165,000 bpd as of March, according to the US Energy Information Administration. Together the three fields...
(Voice of America 09/25/17)
African first ladies and activists hailed progress that some governments on the continent are making on gender equality. They met on the sidelines of the United Nations General Assembly in New York. “We used to have 23 percent female representation in parliament but, with the stroke of a pen it went up to 48 percent. So, we managed to double our female representation with that decision,” said Namibia’s first lady Monica Geingos at a roundtable invitation-only event co-hosted by the Global First Ladies Alliance (GFLA) and Facebook. Geingos credited the quota enacted by the ruling SWAPO party of her husband, President Hage Geingob. But she said a similar quota might be needed for Namibia’s private sector, where only 10 to...
(Bloomberg 09/23/17)
Ghana’s cocoa regulator said the nation’s security forces will clamp down on the smuggling of beans as a disparity in producer prices are encouraging illegal trade with neighboring Ivory Coast. The world’s second-biggest cocoa producer is trying to stop smuggling from Ivory Coast, where the chocolate ingredient cost a quarter less than in Ghana. The influx of beans will weigh on Ghana’s ability to maintain the level of farmer payments even as an oversupply of cocoa is weighing on international prices. Because “there’s no border wall between us, it is likely that some cocoa will trickle in,” Ghana Cocoa Board
(Reuters (Eng) 09/22/17)
From deadly droughts and destroyed crops to shrinking water sources, communities across sub-Saharan Africa are struggling to withstand the onslaught of global record-breaking temperatures. But the dangers do not end there. Rising heat poses another threat - one that is far less known and studied but could spark disease epidemics across the continent, scientists say. Mosquitoes are the menace, and the risk goes beyond malaria. The Aedes aegypti mosquito, which spreads debilitating and potentially deadly viruses, from Zika and dengue to chikungunya, thrives in warmer climates than its malaria-carrying cousin, known as Anopheles, say researchers at Stanford University. In sub-Saharan Africa, this means malaria rates could rise in cooler areas as they heat up, but fall in hotter places that...
(Citifmonline 09/21/17)
President Akufo Addo says his government will not make any pronouncements on the yet to be delivered judgment on the maritime border dispute between Ghana and Ivory Coast. Nana Addo maintains that a lot of work is ongoing on how best to handle the outcome of the three year dispute. The International Tribunal of the Law of the Sea (ITLOS), is expected to give its ruling on the matter on Saturday, September 23, 2017. The landmark ruling is also expected to at least bring finality to the litigation between Ghana and Ivory Coast. Speaking to the Bloomberg in the USA, President Akufo Addo stressed that the judgment will inform his government’s decision going forward. “The ruling is on Saturday and...
(Xinhuanet 09/21/17)
Ghana needs to take advantage of China's support to the South-South Cooperation to develop solar irrigation facilities for farmers across the country in the face of high power tariffs, an official of the Ghana Irrigation Development Authority (GIDA) said. This, the official believes, will enable the farmers remain profitable and competitive in their chosen vocation. Francis Ohemeng, Director of Irrigation Technology and Innovations Department at GIDA observed At a one-day workshop on solar energy technology held here Tuesday, Francis Ohemeng, Director of Irrigation Technology and Innovations Department at GIDA observed that increasing electricity cost has been a major hindrance to growth in the agricultural industry and especially irrigated agriculture. The workshop organized by the United Nations Development Program (UNDP) in...
(Myjoyonline 09/21/17)
On a day when hundreds of National Democratic Congress supporters hit the streets in a walk to commemorate the Founder’s Day and the birthday of Ghana’s first president, Dr Samia Nkrumah has thrown a heavy jab at the party, describing its leaders as opportunist. Daughter of Ghana’s first president says the NDC cannot be shouting and preaching Nkrumaist ideologies when they are in opposition only to implement brute capitalist policies when they are in power. That is hypocritical, she suggested on the AM show Thursday, September 21, 2017, a day set aside to commemorate the birth of her father, Dr Kwame Nkrumah who was Ghana’s first president. Since its inception in 2009, the Founder’s Day holiday instituted by the late...
(Myjoyonline 09/21/17)
Opposition National Democratic Congress (NDC) says it will use all available means to resist attempts by the President to impose a distorted Danquah history on Ghanaians. Joshua Alabi, a leading member of the Party has advised President Nana Akufo-Addo to concentrate on developing the country and not changing the history of the country. “We cannot decide to rewrite history, as a nation we should leave that behind us and think of how we can emancipate our people and get the best for them,” he said. According to him, the nation has moved beyond any attempt to rewrite history because the facts are known globally so rewriting it will be a waste of time. “Nkrumah is the founder of this country,...
(Ghana Web 09/21/17)
Freight forwarders fear a dip in investor confidence with the takeover of the operations of West Blue Consulting Limited at the country’s ports. They argue that the failure to efficiently manage the change could escalate the somewhat troubled single window system at the ports. The development, the businesses also argue will eventually affect operations at the ports. Dubai based firm, Customs World on Wednesday, September 20, 2017 completed the signing of the takeover agreement with West Blue Consulting Limited. According to a statement on the agreement copied to Citi Business News, ‘the takeover by Ports and Customs World Ghana, will automate Customs, Free Zones and Port processes in Ghana and also build Ghana’s capacities through the application of technology and...
(Reuters (Eng) 09/21/17)
Makers of generic AIDS drugs will start churning out millions of pills for Africa containing a state-of-the-art medicine widely used in rich countries, after securing a multi-million dollar guarantee that caps prices at just $75 per patient a year. Global health experts hope the deal will help address two looming problems in the HIV epidemic - the rising threat of resistance developing to standard AIDS drugs, and the need for more investment in manufacturing capacity. Bill Gates’ charitable foundation will guarantee minimum sales volumes of the new combination pills using dolutegravir, a so-called integrase inhibitor that avoids the drug resistance that often develops with older treatments. In return the drugmakers, India-based Mylan Laboratories and Aurobindo Pharma, will agree the maximum...
(Graphic Online 09/20/17)
Ghana and Cote d’Ivoire have jointly appealed to the African Development Bank (AfDB) for a loan facility of $1.2 billion to set up warehouses and establish chocolate manufacturing facilities. The decision of the two countries is in response to the sharp decline of the price of cocoa on the international market. The Minister of Food and Agriculture, Dr Owusu Afriyie Akoto, disclosed this to the Daily Graphic after his return from Ivory Coast where he paid a courtesy call on President Alassane Ouattara. Dr Akoto was in Cote d’Ivoire for the African Green Revolution Forum on the theme: “Accelerating Africa’s path to prosperity; Growing inclusive economies and jobs through agriculture,” to showcase Ghana’s agricultural flagship programme, Planting for Food and...
(Business Ghana 09/20/17)
Inflation rises after four months of consistent decline to 12.3 per cent in August, representing a 0.40 percentage point rise from previous month readings of 11.9 per cent. This was due to inflation pressures from rising petroleum prices, new taxes and base effects on the CPI. Inflation at the food and non-alcoholic beverages settled at 7.4 per cent as against 7.2 per cent in July. Inflation at the non-food sector also rose from 14.2 per cent in July to 14.7 per cent in August. In spite of the rise, general inflation outlook is still positive but expected to increase marginally in September as demand for crude oil catches up with global supply. A potential shock from the education sector is...
(Business Ghana 09/20/17)
Ghana’s sales agreement with Russian energy giant, GAZPROM, for the supply of Liquefied Natural Gas (LNG) will impact the country’s economy positively, President Nana Addo Dankwa Akufo-Addo has said. GAZPROM, a world leader in gas production, has reached and signed a Gas Sales Agreement (GSA) with the Ghana National Petroleum Corporation (GNPC) to supply LNG to enable Ghana shore up its energy security. The GSA is expected to add some 1000 Megawatts to the country’s energy supply after the construction of a regasification plant at Tema. Speaking to a delegation from GAZPROM that called on him at the Flagstaff House, President Akufo-Addo said the deal was a testament of governments’ efforts at putting in place the framework to encourage private...
(Bloomberg 09/20/17)
Ghana’s cocoa board pays $27 more for a bag of beans than it’s worth in Ivory Coast. Illicit traders are profiting from the difference. Much of Jamilatu Mohammed’s harvest of cocoa beans is sitting in a storage shed near her dilapidated mud house along Ghana’s western border when it should be on its way to factories of chocolatiers like Nestle SA. The mother of two and other small growers in the world’s no. 2 producer represent the casualties in a global price slump triggered by traders in London and Singapore and aggravated by bureaucrats in distant African capitals. Cheaper beans from neighboring Ivory Coast, the biggest supplier, are flooding the local market and luring the Ghanaian state-licensed agents who were...
(Business Ghana 09/20/17)
The European Union (EU) has commended the Government, civil society organisations and the media for their roles in tackling the menace of illegal small-scale mining across the country. Mr William Hanna, the EU Ambassador to Ghana, who gave the commendation at the opening of a Four-Day Trainer of Trainers’ Workshop for geoscientists in Accra, on Monday, said the EU was impressed with the commitment shown by these stakeholders in handling the issue, which was previously ignored. Mr Hanna, therefore, urged the Government to ensure sustainable exploitation of the natural resources so that it would benefit the ordinary citizens. He urged the Government to ensure that the artisanal small-scale mining sector was properly regulated in order to create decent jobs and...
(Ghana Web 09/20/17)
Ghanaians are currently paying more for petrol and diesel few months after enjoying fairly low prices. Current figures from the petroleum industry show that, prices of the two products at the various fuel stations have hit all time high, with petrol selling at GHc4.29, and diesel going for GHc4.23 per litre, as at the third week of September 2017. The Institute of Energy Security (IES) had earlier predicted a 7% increase in fuel prices. The increase has been attributed to the marginal depreciation of the cedi, as well as increased global crude oil prices due to the recent floods in the US which affected production at major oil companies. The Principal Research Analyst at the Institute of Energy Security, Richmond...
(Graphic Online 09/20/17)
The radical tax exemption reforms introduced by the Ministry of Finance (MoF) this year have started yielding positive results, with revenue from import duties rising steadily. Reports from the Ghana Revenue Authority (GRA) said, for instance, that GH¢7.22 million was received as import duty in the first eight months of the year, an increase over the GH¢5.95 million recorded during the same period in 2016. Total tax exemption recorded in the first eight months of 2017 also amounted to GH¢1.22 million, representing 11 per cent of the total import duty collected within the period. At a press conference in Accra last Monday, the Minister of Finance, Mr Ken Ofori-Atta, in a speech read on his behalf, said the amount was...
(Business Ghana 09/20/17)
The mining and quarrying industry recaptured its position as the leading source of direct domestic revenue and continues to improve in 2017 despite being displaced by the financial and insurance sector in 2015. Data from the country’s fiscal authority, the Ghana Revenue Authority (GRA), shows that the total fiscal receipts attributable to the mining and quarrying sector increased from GH¢1.35 billion in 2015 to GH¢1.65 billion in 2016 and that represented a growth of 22 per cent. The GRA’s statistics indicated that the extractive industry which has been one of the major sources of domestic earnings injected into the economy payments of GH¢399.9 million in PAYE tax, GH¢696.9 million in corporate income tax and GH¢550.7 in royalties, as well as...

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