Sunday 28 May 2017
(Myjoyonline 05/05/17)
Lands and Natural Resources Minister, John Peter Amewu says the Chinese government is in full support of Ghana's efforts to end illegal mining known as galamsey. He said the Xi Jinping government has given its backing for punitive measures to be meted out to Chinese nationals who are caught engaging in illegal mining in Ghana. Speaking at Joy FM’s Thought Leadership dialogue on galamsey Friday, Mr Amewu said the President Akufo-Addo government will continue to collaborate with civil society groups to clamp down on the practice. The anti-galamsey campaign has been gathering momentum days after the Lands Ministry's three-weeks ultimatum served miners to end their activities elapsed. As part of activities to consolidate gains made since the start of the...
(Xinhuanet 05/05/17)
Ghanaian authorities announced here on Thursday the resumption of moratorium on the harvesting and exportation of Rose Wood. This is to enable the country take steps to institute strict regulations of the harvesting, as part of its Climate Change control mechanisms; as well as ensure orderly processing and export of the wood from the country. “Future extraction of all Rosewood would be based on the CITES (Convention on International Trade in Endangered Species) approved yearly volume quota for the country,” Deputy Chief Executive Officer (Deputy CEO) of the Forestry Commission John Allotey announced this at a press briefing. Harvesting of Rosewood commenced five years ago in the West African country with some timber companies given the license to trade in...
(Voice of America 05/05/17)
As Africa grapples with a severe drought, and famine threatens millions of people, experts at the World Economic Forum on Africa this week in the South African city of Durban say food security needs to be a major part of discussions on advancing the continent economically. The annual World Economic Forum in Switzerland is usually a high-powered event, but at this week’s Africa meeting of the international organization, the continent’s big players are welcoming the humble farmer, now known as the “agripreneur.” Agricultural economist Paul Makube, with South Africa’s First National Bank, told VOA it makes sense to talk about farming when discussing building competitive markets, and boosting innovation and technology. “For business to prosper, you need a situation where...
(Bloomberg 05/04/17)
Ghana is considering reducing prices for the cocoa beans it sells to local grinders in a bid to boost processing volumes and create more employment. The world’s second-largest producer of the chocolate ingredient plans to raise local processing to 50 percent of national bean output from 20 percent currently, according to the Ghana Cocoa Board, the industry regulator. Ghana has about 12 cocoa-processing companies with an installed capacity that’s estimated to total about 400,000 metric tons, or about half the country’s average harvest over the last three years. Processors in the West African nation, including Barry Callebaut AG
(Xinhuanet 05/04/17)
Fishermen at Teshie, like in many other fishing communities in Ghana, have been plagued by plastic waste. Walking down any street in towns and cities or even in the villages, one can see plastics floating in rivers or blocking drains, with some of the waste ending up on the beaches. At Teshie beach, the fishermen complained about "harvesting" more plastic waste than fish. Dead fish were occasionally found floating on the water, some of which are believed to have died of consuming the plastic. Since plastics in Ghana are not biodegradable, it takes many years for them to decompose. When our reporters visited the coastal community, the whole beach was covered by filth with the fishermen strategizing on how to...
(Xinhuanet 05/04/17)
The entire nation of Ghana was thrown into total darkness by a nationwide power failure late Wednesday. The black-out that began around 10 p.m. Wednesday lasted until about 6 a.m. on Thursday. Checks from media sources across the country revealed that none of the ten political regions (provinces) was left untouched by the power failure. State-owned power distributor Electricity Company of Ghana (ECG) indicated that the power outage was due to system failure. "There was a surge of power around 9:40 p.m. last night; we lost many generators across the country. As a consequence, we lost supply to most parts of the country," Chief Executive Officer (CEO) of Ghana Grid Company Limited (GRIDCO) William Amuna told local media early Thursday...
(Xinhuanet 05/04/17)
The World Economic Forum (WEF) Africa Competitiveness Report 2017 released in Durban Thursday called for urgent policy reforms if the continent intends to create more jobs for its growing young population. According to the report issued at the 27th WEF on Africa, fewer than one-quarter of the 450 million new jobs required in the next 20 years will be created if current policies remain unchanged. The report called for structural reforms in the economies to create more jobs for the youth entering the market. African countries have to prioritize improving infrastructure, skills and adoption of new technology and quality of institutions. To improve competitiveness in the short term Africa needs to increase housing construction through investment, better urban planning and...
(Myjoyonline 05/03/17)
Finance Minister Ken Ofori-Atta says he expects Ghana's credit rating to improve in the next few months. His optimism is based on assurances given to the credit rating agencies that government will be prudent with its expenditure this year, boost revenue and meet most of the macroeconomic targets set out the 2017 budget. This was after the minister met the rating agencies in Washington DC and New York in the U.S. as part of the Non-deal road show which ended in New York on Wednesday. According to the Finance Minister, the rating agencies have shown signs that are encouraging. “I think that they are seeing an economic team that is capable, that has energy, there is some excitement around it...
(AFP (eng) 05/03/17)
World players' union FIFPro urged Italian football powers Tuesday to quash Sully Muntari's yellow card for leaving the pitch over the weekend, after fans hurled racial abused at the Ghanaian player. The former AC Milan and Inter midfielder dramatically left the field Sunday while playing for Pescara at Cagliari after he angrily confronted Cagliari fans, claiming to have been racially abused before being booked. While leaving the pitch in frustration and murmuring "Basta! (Enough)", Muntari went to address more supporters, showing them his arm and shouting: "This is my colour, this is my colour." Muntari, 32, received a one-match ban later Tuesday from Italian league officials for his decision to leave the field seconds before full-time -- a decision that...
(Voice of America 05/03/17)
African military expenditures have finally slowed down after more than a decade of steady increases, according to a new report on global defense spending. The main reason, the report found, is a drop in oil prices. “The sharp decreases in oil prices has affected quite a number of African countries, namely South Sudan and Angola. This has kind of driven almost the entire regional trend,” said Nan Tian, a researcher at the Stockholm International Peace Research Institute’s (SIPRI) Arms and Military Expenditure Program, the organization that authored the report. The SIPRI report found military spending in Africa in 2016 was down by 1.3 percent from the previous year and totaled about $37.9 billion. Despite the drop, Africa’s military spending remains...
(AFP (eng) 05/02/17)
The United States will take on old rivals Ghana in a friendly international on July 1 as they build-up to the CONCACAF Gold Cup, it was confirmed Monday. US Soccer said in a statement the match would take place at the Pratt & Whitney Stadium in East Hartford, Connecticut. "Ghana is certainly a team that brings different challenges, and it's the type of competition we need as we continue to develop our program," US head coach Bruce Arena said in a statement. "Winning the Gold Cup is one of our priorities in 2017, so this is an important opportunity. We've always had great support in Hartford, and look forward to more of the same this summer." The US and Ghana...
(Bloomberg 05/02/17)
Saudi Aramco is seeking to boost its fuel-trading volume by more than a third as the world’s biggest crude exporter expands its capacity to refine oil to grab a bigger share of growing markets in Asia and Africa. Aramco, as Saudi Arabian Oil Co. is known, is building refineries in the kingdom and in Asia to help it increase sales and purchases of gasoline, diesel and other products to more than 2 million barrels a day, said Ibrahim Al-Buainain, chief executive officer of Saudi Aramco’s trading unit, Saudi Aramco Products Trading Co. Owning refineries gives the unit, known as Aramco Trading Co., options for buying and selling fuel that some of its competitors don’t have. “The key is that you...
(Voice of America 04/28/17)
Ghana's finance minister says investors were optimistic in meetings with senior government officials who accompanied Vice President Mahamudu Bawumia to the World Bank spring meetings in Washington. In an interview with VOA, Ken Ofori-Atta said investors detected a new energy, and a sense of hope in a team that is focused on getting Ghana out of its current predicament. He also said that with a new government in place, the world is ready to see Ghana shine again in a much more stable West Africa. "We came in on a platform of change and real hope that we will revitalize the economy and create jobs
(Xinhuanet 04/28/17)
The World Bank says it will support 52 Ghanaian communities in implementing a sustainable Natural Resource Management program. In a release received from the Ghana office of the bank here on Thursday, the bank said selected local communities in the Brong-Ahafo and Western regions of Ghana would benefit from a 5.5 million U.S. dollar grant. The program is designed to strengthen knowledge and practices in these communities toward reducing deforestation and improving the sustainable management of their activities. It is also intended to make them more resilient to man-made pressures and climate change. "This project contributes to the World Bank Group Country Partnership Strategy (CPS) for Ghana and addresses climate change issues" through support for programs related to water management...
(Xinhuanet 04/28/17)
The United States would expel 7,000 Ghanaians this year for breaching terms of their visa agreement, a U.S. diplomat said on Thursday. U.S. Ambassador to Ghana Robert P. Jackson said the Ghanaians had overstayed their permits and were currently at different stages of their deportation process. "About 7,000 of them are currently at different stages of the deportation process, and we are not apologetic about that," Jackson said at an event in the Brong Ahafo region, 400 km north of the capital, Accra. "We have a lot of Ghanaians who have overstayed their visas in the U.S. and I think that they need to be concerned about whether they would be allowed to remain illegally," Jackson said. "My guess is...
(Voice of America 04/28/17)
A low-cost and widely available drug could save the lives of 1 in 3 mothers who would otherwise bleed to death after childbirth, according to a new study. Severe bleeding, known as postpartum hemorrhage, or PPH, is the leading cause of maternal death worldwide, killing more than 100,000 women every year. Even for mothers who survive, it is a painful and traumatic experience. The world's poorest countries, especially in Africa and India, are the worst hit. Drug from 1960s But there is new hope. In the 1960s, Japanese researchers developed a drug called tranexamic acid, which works by stopping blood clots from breaking down. But they could not persuade doctors to try the drug for treating PPH. The London School...
(Reuters (Eng) 04/27/17)
Ghana's gross domestic product growth in 2016 GDP stood at a provisional figure of 3.5 percent year-on-year, down from 3.9 percent in 2015, acting government statistician Baah Wadieh told a news conference on Wednesday. For years, Ghana's economy grew at 8 percent annually on the back of its gold, oil and cocoa exports. But it has slowed sharply since 2014, in part because of lower global commodities prices and a fiscal crisis. The new government of President Nana Akufo-Addo said in March the $40 billion economy would grow at 6.3 percent in 2017. The statistics office said GDP growth for the fourth quarter of last year stood at 4.1 percent as against 3.9 percent for the same period in 2015...
(Ghana Business News 04/27/17)
Ghana’s provisional annual growth rate for 2016 stands at 3.5 per cent, down from 3.9 percent in 2015, acting government statistician Baah Wadieh said on Wednesday. Speaking at a press conference to announce the rate, Mr Wadieh said for the year 2016, the Services sector recorded a year-on-year GDP growth rate of 5.7 per cent. The Information and Communication sub-sector recorded the highest year-on-year GDP growth rate of 21.7 per cent while the Community, Social and Other Personal Activities sub-sector recorded the lowest growth rate of -0.6 per cent. The year-on-year annual GDP growth rate for the Industry sector is -1.4 per cent for 2016. The Electricity sub-sector recorded the highest year-on-year annual GDP growth rate of 11.7 per cent...
(Business Day Ghana 04/27/17)
The African Development Bank (AfDB) has unveiled its new electrification programme, under which it will invest $12bn into the power sector in Ghana and other African countries over the next five years. This fund will support its New Deal on Energy for Africa, which aims to achieve universal access to electricity in Africa by 2025. The plan was born out of the Energy Week conference held in Abidjan, Côte d’Ivoire at the end of March, which brought stakeholders together to discuss methods of improving energy access. Until relatively recently, the AfDB and other organisations regarded off-grid power provision as a stop-gap measure, designed to provide electricity to people until their homes were connected to the grid. However, the global boom...
(Ghana Web 04/27/17)
Unhappy with the tight fiscal space government is confronted with, economic Policy Think-Tank, the Institute for Fiscal Studies (IFS) is advising caution in expenditure to forestall escalation of the fiscal deficit. Even though government has managed to create some space through its review of earmarked funds, the Institute is worried the space created is no match for the expected expenditure from the execution of government’s programmes contained in the budget. Parliament last Friday passed the Appropriation Bill for the 2017 budget, including the landmark re-alignment of statutory funds which is set to free up about GH¢4.5 billion in fiscal space for the year. But Economist and Senior Research Fellow at IFS, Dr Saeed Boakye cautioned that there were numerous campaign...

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