| Africatime
Wednesday 29 March 2017
(Reuters (Eng) 03/02/17)
Ghana aims to reduce its budget deficit and inflation in 2017, Finance Minister Ken Ofori-Atta said on Thursday in a budget speech designed to show how the new government plans to stabilise the economy. It was to be done with provate sector growth, he said. The new government plans to cut the budget deficit to 6.5 percent of gross domestic product in 2017 from 8.7 percent on a cash basis last year. The yearly inflation target is a reduction to 11.2 percent 13.3 percent in January, Ofori-Atta told parliament. The $40 billion economy would grow at 6.3 percent in 2017 Ofori-Atta said in his first budget since the New Patriotic Party took power in January following a sweeping election win...
(Ghana Web 03/02/17)
Government says it will shift the focus of economic management from taxation to production in the bid to restore and sustain macro-economic stability in the country. Finance minister, Ken ofori Atta delivering the 2017 Budget and Economic Statement of the NPP government said government will manage the economy competently and with integrity and make the machinery of government work to deliver the benefits of progress for all Ghanaians. He added: “Mr. Speaker prudent monitoring and external sector policies would also be pursued by the Bank of Ghana to complement the fiscal policy stance to ensure price and exchange rate stability.” He continued:”Mr. Speaker, we are confident of the above policies which are discussed in detail in the Budget Statement will...
(Graphic Online 03/02/17)
The government plans to remove import duties on automobile spare parts to help reduce prices of vehicle spare parts in the country, the Finance Minister, Mr Ken Ofori-Atta has said. This, however means that buyers of automobile parts will enjoy relief on vehicle spare parts following the abolishment of the import duties on spare parts. The Association of Used Auto Parts Dealers (ASUAPAD) last week called for a reduction in the tax stamps, three per cent flat Value Added Tax (VAT) and the Common External Tariff (CET) that is implemented across the ECOWAS sub region. Presenting the 2017 budget statement, Mr Ofori-Atta, explained that this was part of an initiative to improve the ease of doing business for importers in...
(Graphic Online 03/02/17)
An estimated 750,000 jobs are expected to be created when government rolls out its “Planting for Food and Jobs” campaign this year. The campaign, which is structured along the lines of the erstwhile “Operation Feed Yourself” (OFY) programme in the 1970s, is aimed at achieving food security and profitability for farmers. Presenting the maiden budget statement to Parliament Thursday, the Minister of Finance and Economic Planning, Mr Ken Ofori-Atta said the campaign is also designed to encourage citizens to take up farming as a full or part-time activity. The campaign, according to the Mr Ofori-Atta will be anchored on five pillars, namely: provision of improved seeds; supply of fertilizers; provision of dedicated extension services; marketing and E-Agriculture and Monitoring. According...
(Ghana Web 03/02/17)
Excise duty on petroleum products will soon be scrapped by the Akufo-Addo government, Finance Minister Ken Ofori-Atta has announced in the new government’s maiden budget. In addition to abolishing excise duty on petroleum products, the government also intends to reduce the special petroleum tax rate from 17.5% to 15%. Additionally, other taxes will also either be abolished completely or reduced to create a conducive business environment. Those to be abolished, according to Mr Ofori-Atta, are: 1. The 1% special import levy 2. The 17.5% VAT on financial services 3. The 17.5% VAT on selected imported medicines not produced locally 4. The 17.5% VAT on domestic airline tickets 5. The 5% VAT on real estate sales 6. Duty on importation of...
(Ghana Web 03/02/17)
The Financed Minister Ken Ofori Atta has announced major tax cuts in government’s first budget presented to Parliament today, Thursday March 2. The tax cuts are in fulfilment of promises made by the Akufo-Addo-led government ahead of the 2016 elections. In some cases the government has completely abolished some taxes introduced by the previous Mahama administration. Among the abolished taxes announced Thursday to Parliament by Mr. Ofori Atta are; The 1 % Special Import Levy – ABOLISHED Kayayei Market Tolls – ABOLISHED 17.5 % VAT/NHIL on financial services – ABOLISHED 17.5 % VAT/NHIL on selected imported medicines, that are not produced locally – ABOLISHED 17.5 % VAT/NHIL on domestic airline tickets – ABOLISHED 5 % VAT/NHIL on Real Estate sales...
(AFP (eng) 03/02/17)
A film raging against colonialism and the exploitation of Africa wowed viewers at the continent's top cinema festival Wednesday, winning shouts of approval at a screening packed to bursting point. "The African Storm" tells the story of an African president who nationalises businesses run by racist, cynical Western executives. Directed and produced by its Beninese star Sylvestre Amoussou, it tackles several hot-button issues including an exit from the CFA franc currency, closer ties with Russia and China as opposed to the West, criticism of the International Monetary Fund and World Bank, and pride in being African. One of 20 feature-length movies on show at the Panafrican Film and Television Festival (Fespaco) in Burkina Faso's capital Ouagadougou, the movie was punctuated...
(Bloomberg 03/01/17)
Ghana’s new finance minister faces having to fulfill election pledges to spend more on education and job creation while trying to raise investor confidence eroded by fears about the nation’s finances. After promises of free high-school education and tax cuts in the run-up to a December vote, Finance Minister Ken Ofori-Atta, 57, will present the 2017 budget on Thursday following last month’s discovery of about 7 billion cedis ($1.5 billion) in unplanned spending by the previous administration. That startled markets, weakening the cedi and raising bond yields. Ghana’s budget deficit was 10.2 percent of gross domestic product last year, almost double the government’s forecast, after the public-finance hole deepened the existing gap caused by lower income from cocoa and oil...
(Xinhuanet 03/01/17)
The Executive Committee of the Ghana Football Association (GFA) Tuesday night set up a six-member committee to search for a new coach for the senior national soccer team, the Black Stars. The committee will be headed by GFA president Kwesi Nyantakyi. The decision was taken at the executive committee's meeting in Accra Tuesday. The committee tasked to search for the Black Stars was directed to use the headhunting and applications from interested coaches as the two methods to be used to recruit the new coach. "The Committee was also mandated to target suitable and competent coaches for consideration even if they don't apply for the post," the GFA said in a release. The assistant coach of the Black Stars Maxwell...
(BBC News Africa 03/01/17)
Ghana have installed Maxwell Konadu as caretaker coach until a permanent successor to Avram Grant is appointed. Konadu, 44, held the position in 2014 after Kwesi Appiah left, and he has also been Ghana assistant coach, Under-20 coach and Under-23 coach. The Ghana Football Association announced its decision on Tuesday as well as the appointment of Professor Joseph Mintah as assistant coach. Mintah will also continue in his role as the team psychologist. Israeli Grant ended his time as Ghana coach after the 2017 Africa Cup of Nations, which coincided with the expiry of his contract. He led the Black Stars to fourth place at the tournament in Gabon.
(Ghana Web 02/28/17)
Operators of the Single Window Project, West Blue Consulting have announced a 28.7 percent increase in revenue collection for the country in 2016 at the Tema Port, despite missing its set target. The Single Window System was introduced by government to provide an integrated clearance process aimed at reducing long hours faced by importers and exporters at the port. Speaking to Citi Business News after a visit by the Parliamentary Select Committee on Trade, Industry and Tourism, the Managing Director of West Blue Consulting Valentina Mintah stated that the company was able to block many revenue leakages in the period under review. “If you look at revenue, the Ghana Revenue Authority [Customs] collected 28.7 percent improvement compared to the previous...
(Reuters (Eng) 02/28/17)
Ghana is embracing the Christian faith with a fervour that is increasingly shaping its national identity. The country is central to a wave that puts West Africa at the heart of global Christianity, said professor Kwabena Asamoah-Gyadu of Trinity Theological Seminary in Accra. More than 70 percent of Ghana's 26 million people are Christian. The statistics understate the fervency of everyday faith. Many attend church on weeknights. All night prayer vigils are common and billboards advertising Christian meetings line the streets. It's common to see people studying the Bible on the bus and many office workers keep open Bibles on their desks. Mega-church pastors such as Mensa Otabil are revered, according to opinion surveys. "By the middle of the 20th...
(Graphic Online 02/28/17)
The Mexican Ambassador to Ghana, Ms Maria De Los Angeles Arriola Aguirre, has called for a closer collaboration between Ghana and Mexico in order to foster bilateral trade and commerce between the two countries. Ms Aguirre said both countries had a lot in common and such a collaboration would enable them to share their rich experiences and become strong strategic partners. For instance, Ghana was known for its peacekeeping support operations worldwide, while Mexico was considering sending troops on such missions for the first time. For that reason, Ms Aguirre said a team of military officers were schedule to visit and learn from Ghana’s peacekeeping experience. She made the call when she paid a courtesy call on the Minister of...
(Ghana Web 02/28/17)
In its 2016 full year audited results presented on the floor of the Nigerian Stock Exchange (NSE) in Lagos yesterday, Dangote Cement sold 8.6 million metric tons of cement outside Nigeria, which is 54 per cent more than what was sold in 2015. LAGOS, Nigeria, February 28, 2017/ -- Following continuous increase in its production capacity, foremost cement manufacturer, Dangote Cement Plc ( www.Dangote.com ) has finally ended the era of Nigeria’s dependence on importation as the company exported 0.4 million tons of the product to other countries in 2016. In its 2016 full year audited results presented on the floor of the Nigerian Stock Exchange (NSE) in Lagos yesterday, Dangote Cement sold 8.6 million metric tons of cement outside...
(Ghana Web 02/28/17)
The Ministry of Food and Agriculture (MoFA) has embarked on a process to recruit 1,000 agriculture extension officers by end of March to augment the woefully inadequate officers in the system to support the government’s ‘Planting for Food and Jobs’ agenda. They are being recruited through the Youth in Agriculture Module under the Youth Employment Agency (YEA) and will be seconded to MoFA. However, as and when clearance is received from the Ministry of Finance, the officers would be migrated onto the payroll of the various district assemblies as employees of the Local Government Service. Allowances for the extension officers have been budgeted for in the 2017 budget. However, cost of logistics such as motorbikes, fuel, protective clothing and basic...
(AFP (eng) 02/28/17)
The Ibrahim Prize for Achievement in African Leadership -- the world's biggest individual prize -- drew a blank once again in finding a suitable laureate, it was announced Tuesday. The prize only goes to a democratically-elected African leader who demonstrated exceptional leadership, served their mandated term and left office within the last three years. The award comes with $5 million (4.7 million euros) paid over 10 years and $200,000 annually for life from then on. The prize, founded by Sudan-born telecoms tycoon Mo Ibrahim, has only been given four times in its 10-year existence. The philanthropist has said in the past that making no award sent just as strong a message on African leadership. "A very high bar was deliberately...
(Ghana Web 02/27/17)
With government scheduled to open discussions with the International Monetary Fund (IMF) about a possible extension of the 3-year bailout programme, following several missed fiscal targets in 2016, the Economist Intelligence Unit (EIU) believes that government could take advantage to borrow more money from the Fund. The current US$918 million Extended Credit Facility (ECF) programme is to end in April 2018, but owing to several missed targets last year, there have been suggestions that government must engaged the Washington-based lender over a possible extension of the scheduled end-date to allow it meet the bailout’s objectives. According to Philip Walker, Regional Manager at the Economist Intelligence Unit (EIU), President Akufo-Addo’s government has enough reasons to amend the programme in its current...
(Ghana Web 02/27/17)
The Energy Ministry has assured consumers of stable power supply in 48hours following more than four weeks of inconsistent service. Technical advisor at the Ministry, Michael Opam, told JOY FM's Super Morning Show Monday that 774MW is to be fed into the national grid after more than 650MW went off beginning last month. The 650MW was lost because of maintenance on the Western corridor power plants which includes TACO, TICO and AMERI plants. The Western corridor plants now contributes only 100MW, he said. "Normally, we would need about 300mw in the western corridor to ensure stability...so with only 100 TIC0 available we had a problem on our hands". The delay in completion of maintenance works on the Ghana national gas...
(Spy Ghana 02/27/17)
Stock market analysts are predicting a rebound of the local bourse and the bonds market with an eventual scrapping of the capital gains tax. They contend that the move should attract investors to Ghana following a likely increase in the US Fed rate. According to a Research Analyst with First Banc Financial Services, Benjamin Amoah-Adjei, recent economic trends like declining inflation should culminate in increased activities on the capital market. “If the capital gains tax is scrapped it will give investors an incentive to put their money in the Ghanaian market rather than sending them to the European or American markets,” he told Citi Business News at the sidelines of First Banc’s breakfast meeting to discuss recent developments of the...
(Ghana Web 02/27/17)
The Chief Executive Officer of the UT Group, Mr. Martyn Mensah, has said the textile industry, which dominated the manufacturing sector of the country some years back, has seen a 90 percent decline in its contribution to employment. He said in 1970, at its zenith, the textile sub?sector dominated the manufacturing sector in Ghana with 16 textile manufacturers which employed 25,000 people. The sad story of the textile industry, he said, is that there are only four players left, operating at different levels of activity, and they currently employ a mere 2,900 Ghanaians; a 90% decline in its contribution to employment over a period of 50 years Even surviving companies Akosombo Textile Limited (ATL), Tex Style Ghana Limited (GTP), Printex...

Pages