Sunday 28 May 2017
(Ghana Web 04/27/17)
The Ministry of Trade and Industry (MoTI) has selected 50 companies that will be provided with a stimulus package to revive them. They were among more than a 100 businesses which applied for assistance under the package. The stimulus package is meant to revive local businesses which have been struggling over the past four years due to the power outages, popularly referred to as ‘dumsor’. The Minister of Trade and Industry, Mr Alan kyerematen, announced this at the American Chamber of Commerce (AMCHAM), Ghana business executive meeting in Accra yesterday. The event brought together members of the association and business experts, who shared their views on various business and economic issues in the country. Diagnostic exercise Mr Kyerematen explained that...
(Xinhuanet 04/27/17)
The West African bloc is seeking to strengthen the role of the private sector in health service delivery in the sub-region as financing sources become increasingly difficult, Dr. Xavier Crespin, Director General of the West African Health Organization (WAHO), disclosed here on Monday. He explained that, for the sub-region to be able to attain its health targets, both public and private sector support would be critical in financing the health delivery needs of the countries. Dr. Crespin emphasized this during the opening of a day’s sub-regional meeting for both public and private sectors organized by WAHO here to develop a strategic framework for Public-Private Partnership (PPP) in the health sector. “We cannot really continue to do ‘Business as Usual’. It...
(Business Day Ghana 04/27/17)
There are currently 960 million mobile subscriptions across Africa – an 80 percent penetration rate among the continent’s population. Internet penetration is at 18 percent with 216 million internet users, according to the latest Jumia mobile trend report for Africa. The 2017 edition of the African Mobile Trends Paper is the third white paper presentation from Jumia delving into mobile trends across Africa and specifically Nigeria. The study takes a look at the how the market has democratised mobile internet use, the consumer behaviours driving increased smartphone adoption and the role of mobile brands, mobile operators and m-commerce in creating a synergy of an enhanced customer experience. This year’s Mobile Africa Study was carried out in 15 African countries which...
(AFP (eng) 04/26/17)
Three members of Ghana's parliament and a former lawmaker are facing travel bans to Britain over apparent visa irregularities, according to a leaked document seen by AFP on Wednesday. Britain's High Commissioner to Ghana, Jon Benjamin, wrote to parliament Speaker Mike Oquaye that the four had apparently been involved "in visa fraud directly affecting the United Kingdom". Former MP George Boakye obtained a visa for his daughter, who then overstayed her visa for more than three years and only returned to Ghana this January at Britain's insistence. Another, Richard Acheampong, secured a visa for a woman he said was his wife. But more than a year after she travelled to Britain, supposedly for a two-week holiday, she was still there...
(Bloomberg 04/26/17)
Ghana’s cocoa regulator ruled out cutting the price it pays farmers for the new harvest that starts in October, at a time when nations are working together to stem a rout in prices. The amount paid to farmers in the world’s second-biggest grower will be unchanged and may even rise in the new season, Joseph Boahen Aidoo, chief executive officer of the Ghana Cocoa Board, said in Abidjan, the commercial capital of neighboring Ivory Coast. Aidoo was attending an emergency meeting of International Cocoa Organization members, where they agreed to coordinate production strategies to fight a plunge in prices that has pushed London futures to a five-year low. Aidoo’s comments come after top producer Ivory Coast in March said it...
(AfricaNews 04/26/17)
The United Kingdom has blacklisted three serving legislators of Ghana’s Parliament over visa fraud. A former Member of Parliament (MP) has also been implicated. According to a UK High Commission confidential letter sent to the speaker of Parliament but leaked to the media, the MPs had facilitated the entry of some relatives to the UK using their diplomatic passports. Two of the serving MPs – Hon. Joseph Benhazin Dahah and Hon. Johnson Kwaku Adu, belong to the ruling New Patriotic Party (NPP). The third, Richard Acheampong is a member of the main opposition National Democratic Congress (NDC). The British High Commission considers the actions completely unacceptable. In some cases these behaviours may arguably be criminal in nature. George Boakye, a...
(Ghana Web 04/26/17)
The Ghana Statistical Service (GSS) has announced that the Producer Price Inflation (PPI) which measures the average change over time in the prices by domestic producers of goods and services has increased to 6.0 percent for March, 2017. The rate represents a 0.6 percentage point increase in producer inflation relative to the rate recorded in February 2017. Speaking at a press conference in Accra, Acting Government Statistician, Mr. Baah Wadieh explained that the increase was due to increased inflation for manufacturing and the mining and quarrying sub-sectors. “During the month of March 2017, 11 out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher that the sector average of 4.0 percent,” he said. He explained that,...
(Sudan News Agency 04/26/17)
President of the Republic and Chairman of the National Congress, received Tuesday at the Guest House the visiting leader of the ruling party in Ghana, Hon Faridi, and discussed ways of strengthening the relations between the two countries. Present at the meeting was Deputy Chairman of the National Congress for the Party's Affairs, Engineer Ibrahim Mahmoud Hamid. In a press statement after the meeting, Engineer Hamid said that the meeting comes in the context of the distinguished relations between Sudan and Ghana. He said that the leader of Ghana's ruling party has appreciated the leading role of President Al-Bashir for development at the continent and the opening of Sudan universities and higher education institutes for the African students. He indicated...
(Business Ghana 04/26/17)
For nearly six decades, Ghana and Russia have had an excellent diplomatic relations and still looking to build a stronger economic cooperation. In this exclusive GNA interview, Ms. Shirley Ayorkor Botwe, Minister of Foreign Affairs and Regional Integration, explains to Kester Kenn Klomegah, the Moscow Bureau Chief, a number of significant corporate projects being undertaken by Russians as well as some aspects of the current economic cooperation between the two countries. Q: Hon. Minister, how would you assess the current diplomatic relations between the Republic of Ghana and the Russian Federation? A: Currently, Ghana and Russia have an excellent diplomatic relations, which has been developed over the years, precisely 59 years. Although, for a relationship lasting this long, one would...
(Ghana Web 04/26/17)
The Bank of Ghana has assured the public that it will work harder to stem the volatility in the foreign exchange market to bring about price stability. The Bank of Ghana has assured the public that it will work harder to stem the volatility in the foreign exchange market to bring about price stability. The assurance was given when officials of the Bank appeared before the Public Accounts Committee of Parliament to answer questions on the Report of the Auditor-General on Foreign Exchange Receipts and Payments of the Bank for the half year ended June 30 and December 31, 2015 respectively. 2nd Deputy Governor Johnson Asiamah told the PAC that as a result of pragmatic measures and monitoring systems put...
(Xinhuanet 04/26/17)
The Belt and Road (B&R) Initiative is a golden opportunity to bring about regional integration and sustainable economic growth for Africa, said Berhane Gebre-Christos, special envoy of the Ethiopian Prime Minister, on Tuesday. The special envoy made the remarks at the opening of a seminar organized on the B&R Initiative in Ethiopia's capital Addis Ababa. Welcoming the initiative, the special envoy said he is looking forward to the expected effects of the initiative. "The B&R is a project that will affect millions of people, and it will be one of the most important issues of the 21st century," he said, adding that the comprehensive approach of China means that the aspirations and development strategies of all countries involved will be...
(AFP (eng) 04/24/17)
A new malaria vaccine will be tested on a large scale in Kenya, Ghana and Malawi, the World Health Organization said Monday, with 360,000 children to be vaccinated between 2018 and 2020. The injectable vaccine RTS,S could provide limited protection against a disease that killed 429,000 people worldwide in 2015, with 92 percent of victims in Africa and two-thirds of them children under five. "The prospect of a malaria vaccine is great news. Information gathered in the pilot will help us make decisions on the wider use of this vaccine," said Dr Matshidiso Moeti, the WHO's regional director for Africa. The vaccine should be used alongside other preventative measures such as bed nets, insecticides, repellants and anti-malarial drugs, the WHO...
(Ghana Web 04/20/17)
The Ministry of Energy is currently in the process of developing a Gas Bill and intends to submit it to Parliament for approval, this year. The bill, when approved is expected to provide a transparent regulatory framework for the gas industry, and also address the infrastructure requirements of the sector. It is also expected to provide institutional mandates for the gas sector agencies and ensure a revised gas pricing policy in response to the country’s developmental priorities. This was disclosed by the Minister of Energy, Mr Boakye Agyarko, when he appeared before the Parliamentary Select Committee on Mines
(Ghana Web 04/20/17)
The Ministry of Finance has described attacks on the $2.25 billion bond issued recently as baseless. The Minority group in parliament, led by a former Deputy Finance Minister, Mr. Cassiel Ato Forson alleged that the issuance was done in secrecy, denying other investors an opportunity to participate in the bond. The Minority further alleged that the transaction was “cooked” to favor a particular investor ,Franklin Templeton, while the transaction did not receive parliamentary approval. But responding in a press release copied to Citi Business News, the Ministry of Finance lashed out that “Hon Cassiel Ato Forson, a former Deputy Finance Minister, knows very well the workings and processes for the issue of domestic bonds and as such, should not be...
(Ghana Web 04/20/17)
The Ministry of Trade and Industry has announced measures to set up a policy that will improve the packaging of locally produced food items. According to the ministry, the initiative will aid the implementation of the Planting for Food and Jobs policy as well as the One-District One-Factory project to preserve and package food for local consumption and export. Speaking to Citi Business News on the issue, the Director, in charge of Value Chain and Logistics at the Ministry of Trade and Industry, Mr. Papa Bartels was optimistic the policy will help Ghanaian exporters to be competitive on the international market. “The bane of our development has a lot to do with marketing. For instance the current government is pushing...
(Bloomberg 04/20/17)
WorldRemit Ltd., a British money-transfer operator, sees revenue from transactions involving Africans doubling by 2020 as more people on the continent access mobile-payment platforms and expatriates send cash home. The seven-year-old company, in which Facebook Inc.-backer Accel Partners LP invested $40 million in 2014, will this year open a regional office in South Africa, its largest market on the continent in terms of money-transfer value, founder and Chief Executive Officer Ismail Ahmed said in an interview. Another site will start operating in Kenya, where the London-based business sees Africa’s highest number of individual transactions. “In the next two years we should be doubling our volume every year,” Ahmed said in Kenya’s capital, Nairobi. The continent accounted for half the company’s...
(Xinhuanet 04/19/17)
UN Secretary-General Antonio Guterres, and the chairperson of the African Union Commission, Moussa Faki Mahamat, will convene Wedesday the first UN-AU Annual Conference. The two leaders will look into how to strengthen the partnership between the two organizations to face common challenges and opportunities in the continent, on issues of peace and security, sustainable development and human rights, said Stephane Dujarric, UN spokesman, at a daily briefing. "They will also sign the Joint United Nations-African Union Framework for an Enhanced Partnership in Peace and Security," said Dujarric. It will be the first conference Mahamat will address with the United Nation since he was elected as chairperson of the African Union Commission. Although he had brief talks with Guterres in Addis...
(Citifmonline 04/18/17)
As the Spring Meeting begins this week in Washington D.C, Finance Minster Ken Ofori-Atta is hopeful the Nana Akufo-Addo government has shown clear indications of partnering with the international investor community for economic growth. According to him, the meeting will provide Ghana an opportunity to sell the policies of the new administration to investors who are already enthusiastic of the new government’s pro-business agenda. The spring meeting, which is held in the USA brings thousands of government officials, journalists, civil society organizations, and participants from the academia and private sectors, together in Washington DC for a meeting with the World Bank Group and the International Monetary Fund. Speaking to Citi Business News ahead of the meeting, Mr. Ofori-Atta maintained that...
(Graphic Online 04/18/17)
A chartered tax consultant, Mr Isaac Nyame, has commended the government for abolishing some taxes and reducing others, saying the move will open up the economy for more investment. He said although tax reduction would adversely affect the short-term revenue expectations of the government, it would, in the long term, empower the private sector to build their businesses and create more jobs. Mr Nyame said this at a tax seminar organised by the Graduate School of the Pentecost University College (PUC) in Accra. The seminar, which is held annually, provides a platform to discuss the government’s budget and plans for the economy. This year’s event was on the theme: “The 2017 National Budget Statement in perspective: Does it answer the...
(AFP (eng) 04/18/17)
The International Monetary Fund on Tuesday forecast 2.6 percent growth in sub-Saharan Africa this year, aided by a modest recovery in large economies South Africa, Nigeria and Angola. "Growth is projected to rise to 2.6 percent in 2017 and 3.5 percent in 2018, largely driven by specific factors in the largest economies, which faced challenging macroeconomic conditions in 2016," the IMF said its latest World Economic Outlook report. A slump in commodity price in 2016 and devastating drought had affected growth in several countries in the region, resulting in 1.4 percent growth of gross domestic product (GDP). Nigeria, the continent's most populous nation and a leading oil producer, was expected to return to growth in 2017 after a challenging 2016...

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