Tuesday 26 September 2017
(Myjoyonline 09/06/17)
The Civil Society Platform has commended government and the International Monetary Fund (IMF) for extending country’s program with the Fund. According to a statement issued by the platform, the programme extension is in the best interest of the country, as it will “afford government time to work towards attaining the overall programme objectives of restoring debt sustainability and macroeconomic stability as well as foster a return to high growth and job creation, while protecting social spending.” Admittedly, “the programme extension in itself will not translate into successful completion unless the Government is committed to fiscal discipline and good governance” the civil society group for the IMF added. “Above all, we believe effective implementation of the current arrangement with the IMF...
(Ghana Web 09/06/17)
Government is under pressure to pay $279.4 million for a contract signed by the previous government or face judgement debt. Messrs Santa Baron, the company awarded the contract, which is demanding payment, says the previous government awarded a contract to purchase equipment and upgrade the security infrastructure for Ghana. A report on the project from the Ghana Police Service dated March 2016 indicated that “the National Security Co-ordinator requested details from the Police Administration before sending same to the Interior Ministry for action”. Yaw Donkor denied knowledge of the contract. However, the immediate-past National Security Co-ordinator, Yaw Donkor, has told the Criminal Investigation Department (CID) of the Ghana Police Service, which is investigating the genuineness or otherwise of the contract,...
(Ghana Web 09/06/17)
Woodworkers in the country have called for a ban on the export of timber and timber-related products in the wake of severe shortage of the commodity to sustain their operations. “There is no need to continue exporting timber when there is increasing demand on the local market. The future of the timber industry is very bleak for local actors whose activities revolve around the processing of logs and lumber to feed big infrastructural enhancement projects and for domestic use,” Isaac Avor, Secretary to the Timber Markets Association, told the B&FT. According to Mr. Avor, there is the need for government to consider halting the exportation of timber so as to retain the “little timber in the system” for the local...
(APA 09/06/17)
The Ghanaian press on Wednesday focuses on heavy debts saddling the private sector following protracted power crisis and the frustration of parents over admission to Senior High Schools. The Business and Financial Times (B&FT) states that the delay in the payments to companies for finished government projects and almost a decade of power crisis in the country are responsible for high indebtedness of the private sector to banks. The newspaper quotes a Bank of Ghana (BoG) Industry Report for June 2017 as showing that the private sector, which was the largest recipient of outstanding credit balances, constituted a greater portion of the bank's non-payment loans. The bank's non-payment loans increased from 87 percent in June 2016 to 94.7 percent in...
(Myjoyonline 09/06/17)
The government has cited the Minority MPs for conscious, systematic efforts designed to create negative public sentiments against especially the Finance Minister. According to Deputy Information Minister, Kojo Oppong Nkrumah, the National Democratic Congress Members of Parliament in a series of news conferences, have consistently levelled unsubstantiated allegations against Mr. Ken Ofori-Atta and the New Patriotic Party (NPP) administration. The Minority led by Haruna Iddrisu on Tuesday held a news conference and accused the government of breaching the procurement laws by awarding a contract to a private company, McDan Shipping. "There is a breach of the procurement process .....it is clear that this government is not respecting procurement laws," he called the attention of the media. The Minority said the...
(Ghana Web 09/06/17)
Black Stars skipper Asamoah Gyan has admitted that his absence from the Ghana side that lashed Congo 5-1 in the 2018 World Cup qualifier played a key role in aiding the side to record the massive score line. A hat trick from Thomas Partey and a brace from Boakye-Yiadom gave Ghana a comprehensive win over the Red Devils despite the absence of Gyan and the Ayew brothers – Andre and Jordan. Many have argued that the absence of these players provided the impetus for the team to lash the Congolese at their own backyard calling for many of the senior players to be retired. But Gyan, in an interview with Hot FM in Accra has admitted that his absence helped...
(Business Day Ghana 09/05/17)
The International Monetary Fund (IMF) has challenged the Bank of Ghana to remain vigilant and bring inflation back to target. This, according to Fund, will help increase the country's earnings from foreign exchange market. "As inflation continues to decelerate, the Bank of Ghana (BoG) should remain vigilant in order to bring inflation back to target. The BoG should continue to strengthen the credibility of the inflation-targeting framework, which would benefit from efforts in the development of the foreign exchange market. The central bank should also continue its policy on zero financing of the government," IMF Deputy Managing Director, Mr. Tao Zhang noted at an Executive Board meeting last week. Mr. Tao Zhang, who doubles as Acting Chair of the board,...
(Business Ghana 09/05/17)
Government is committed to encourage the private sector to grow the maritime industry to help strengthen the economy, Kweku Ofori Asiamah, Minister for Transport, has said. “The government is determined to protect the Ghanaian private sector to develop the maritime industry, which is an important part of the economy, to become one of the best in Africa,” he said. Commissioning an office for Prime Meridian Dock Company Limited (PMD) to kick-start a Floating Dock Project at the Takoradi Port, Mr. Asiamah said that government and the Ghana Ports and Harbours Authority (GPHA), would provide about 370 million dollars under a Public–Private Partnership to build multi-purpose container terminals at the Takoradi and Tema ports to boost business activity. The minister said...
(Graphic Online 09/05/17)
The government has intensified its efforts at exploring the possibility of making China a major consumer of cocoa products from Ghana. In the first quarter of 2017, trade volumes between Ghana and China reached nearly US$1.4 billion. But the Ghanaian government is seeking to build a new trade link with China through cocoa, as China's increasing urban population will drive chocolate consumption. Market analysts have projected that chocolate sales in China could grow to $4.3 billion by 2019, up by nearly 60 per cent from $2.7 billion in 2014, driven by demand from the growing urban population. The increase reflects the chocolate industry's continued bet on growing emerging market consumption, in spite of recent indications of slowing demand in fast-growing...
(Ghana Web 09/05/17)
The country office of the Dubai Chamber for Commerce and Industry has held a one-day roundtable workshop for some of Ghana’s exporters of raw vegetable and fruits plus agro-processed materials on the processes and requirements to be met in order to export their produce to Dubai. The Head of the Dubai Chamber of Commerce and Industry, Ghana Office Cyril Darkwa speaking during the workshop called on Ghanaian vegetables and Fruits farmers and exporters to look the UAE which has greater growth opportunities as they look to expand their reach. According to Mr. Darkwa, the UAE provides Ghanaian food manufacturers and exporters with a gateway to access a market of more than 4 billion consumers across the Middle East and Asia...
(Ghana Web 09/05/17)
The International Monetary Fund (IMF) has lauded the Bank of Ghana’s (BoG) swiftness in the resolution of issues pertaining to two insolvent indigenous banks – UT Bank and Capital Bank, saying that such actions are needed to rescue the country’s fragile banking system. The Executive Board of the Fund, commenting on the state of the country’s economy after its completion of the fourth review of the ongoing IMF programme, singled out for praise the purchase and assumption transaction which saw GCB Bank take over the two distressed banks. The statement issued by the Washington-based lender said: “Directors commended the progress made in the strengthening the banking system, in particular through the approval of time-bound recapitalization plans for undercapitalized banks and...
(Graphic Online 09/05/17)
Canada and Ghana have had a very important and long-standing partnership and the two countries continue to work towards further strengthening the relationship for their mutual benefit. “Our diplomatic relations date back to Ghana’s independence and Ghana was Canada’s first international development partner,” the Canadian High Commissioner to Ghana, Madam Heather Cameron, has stated. Speaking with the Daily Graphic in an interview at her residence in Accra, she said Canada’s area of focus in Ghana had been water, agriculture as an engine for inclusive and sustainable growth, improving access to and use of affordable and nutritious foods, sanitation and hygiene services. The High Commissioner said Canada was also concerned about the status and empowerment of women in the country, the well-being...
(Starrfmonline 09/05/17)
The Minority Leader Haruna Iddrisu has predicted that the country’s educational sector is on the verge of collapse. Addressing a news conference Tuesday, he said, “I see chaos within the educational sector.” His comments come in the wake of the Internet-based challenges that have inundated the Computerised School Placement Secretariat (CSSPS), leaving parents and Basic Education Certificate Examination (BECE) graduates extremely frustrated. Early Tuesday some frustrated parents besieged the premises of the Education Ministry to have their wards placed. Reporting live from the ground, Starr News’ Daniel Nii Lartey said the “place can be likened to a call centre.” “It is unfortunate that this issue keeps coming up again,” the Ranking Member of the Education Committee of Parliament, Peter Nortsu...
(Business Ghana 09/05/17)
Queen Margrethe II of Denmark will visit Ghana for two days on Thursday November 23 and Friday November 24, 2017, a statement from the Danish Embassy in Accra has said. Together with a Danish business delegation, Queen Margrethe will be in Ghana on an invitation from President Nana Addo Dankwa Akufo-Addo. “The state visit will emphasise and consolidate the long-standing and well-established relationship between Ghana and Denmark, while at the same time marking the gradual transition from aid to trade,” the statement said. The Queen will come along with representatives of Danish companies and business organisations as part of moves to strengthen long-existing trade and commercial ties between the two countries. “During many years, Denmark through the Danida Development Cooperation...
(AFP (eng) 09/05/17)
Atletico Madrid midfielder Thomas Partey scored a hat-trick as Ghana hammered Congo 5-1 in Brazzaville Tuesday to keep alive their slim 2018 World Cup qualification hopes. Serbia-based Richmond Boakye bagged a brace as the Black Stars achieved their biggest away winning margin in an eliminator since a 4-0 triumph over Cape Verde 12 years ago. Vladis-Emmerson Illoy-Ayyet scored for Congo, who entered the Group E match at Stade Kintele confident of success after holding Ghana 1-1 in Kumasi last Friday.
(Bloomberg 09/05/17)
A surge in agriculture has helped lift Africa’s biggest economies out of their slumps, but the recovery may be weak. Gross domestic product in Nigeria, the continent’s largest crude producer, advanced for the first time in six quarters in the three months ended June from a year earlier, growing 0.55 percent, the statistics agency said. In South Africa, GDP expanded 2.5 percent from the previous quarter, ending the second recession in almost a decade. Both economies had agriculture largely to thank: in South Africa, a bumper corn harvest following the worst drought in more than a century saw the sector surge 34 percent from the prior quarter, while in Nigeria, where farming vies with industries as the second-biggest contributor to...
(Daily Trust 09/04/17)
The International Monetary Fund (IMF) after an assessment of the Ghanaian economy; tacitly endorsed the new government’ economic policies and reforms, which are aimed at fostering high growth and job creation. The Bretton Wood Institution, which approved the amount of $94.2 million under the extended Credit Facility (ECF) to the West African country, also agreed to extend the programme to April, 2018. Ghana in April, 2014 entered an agreement with the IMF for about US$918 million extended loan facility. It was to be disbursed in tranches. The current disbursement brings the total amount so far received to $565.2 million. The IMF Board after the completion of the fourth review under the Extended Credit Facility (ECF) and programme extension: and the...
(Citifmonline 09/04/17)
Research by the Ghana Agricultural Producers and Traders Organization (GAPTO) in two markets in Accra and Kumasi, has revealed that Ghana imported about $120 million worth of onions in 2010 and 2011, although Ghana grows onions. In 2012, Ghana News Agency reported that Ghana loses $5 million annually from the importation of onions. A visit by citifmonline.com to the onion market in Agbogbloshie revealed that, Ghanaians prefer imported onions, especially onions from Niger as compared to the locally grown ones. Mubarak Yakubu, who has been selling onions for the past five years in an interview said “honestly, in Ghana we don’t have onions like that [the foreign ones]. Our onions are not as good as the Niger ones so Ghanaians...
(APA 09/04/17)
The introduction of paperless processes at the ports in Ghana and the demolition exercise dominate the headlines of Ghanaian press on Monday. The Daily Graphic states that the Ghana Port's programme to avoid paper transactions in goods clearance and other port services would be piloted in full on Monday. The newspaper says the system although introduced last Friday was not fully tested because it was a public holiday and added that during the weekend, two requests were received and attended to on Saturday. The online system would be accessed by clearing agents and companies to facilitate the clearing of goods and eliminate the "paper full" system, which sometimes, human interactions delayed. The Ghanaian Times said that the Member of Parliament...
(Bloomberg 09/04/17)
The worst may be over for Africa’s two largest economies as they likely emerged from a slump in the second quarter. Official data on Tuesday will probably show South Africa’s economy expanded in the three months through June, ending its second recession in less than a decade. Nigeria’s gross domestic product probably grew from a year earlier, and came out of its worst slump in a quarter of a century. South Africa and Nigeria together account for almost half of sub-Saharan Africa’s GDP and their recoveries may boost trade and production across the region. The reasons differ: while Nigeria, the continent’s biggest oil producer, is benefiting from a rebound in crude output, stronger retail sales may help drive growth in...

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