Thursday 22 February 2018
(Reuters (Eng) 08/21/13)
(Reuters) - Tanzania-focused miner African Barrick Gold pinned its turnaround hopes on a new chief executive on Wednesday, appointing industry veteran Bradley A Gordon to replace Greg Hawkins at the helm of the struggling group. The FTSE 250 company, whose poor performance meant it was under pressure even before a gold price rout began in April, said Gordon's appointment would be effective immediately. Gordon, who has worked in the gold mining industry for 30 years, was previously CEO of Intrepid Mines, the Canadian and Australian listed precious metals exploration and development company with primary operations in Indonesia. Analysts welcomed the change, and said Gordon's his lack of African experience was balanced by his ability to manage difficult operations. "The announcement...
(Reuters (Eng) 08/21/13)
LONDON | Wed Aug 21, 2013 (Reuters) - Tanzania-focused miner African Barrick Gold on Wednesday named industry veteran Bradley A Gordon as its new chief executive, succeeding Greg Hawkins who has resigned to pursue other opportunities. African Barrick was under pressure even before a gold price rout began in April, hit by illegal mining, power generation problems and strikes, issues which forced it to warn in February that output would shrink for a fifth straight year. Gordon, who has worked in the gold mining industry for 30 years, was previously CEO of Intrepid Mines, the Canadian and Australian listed precious metals exploration and development company with primary operations in Indonesia. African Barrick initiated a review of its operations earlier this...
(Voice of America 08/21/13)
Ghana’s government has assured the United States as well as foreign nationals living in the country of improved security ahead of the Supreme Court ruling over the electoral challenge. “President [John Dramani] Mahama has on many platforms assured of the safety of Ghanaians and all people living in Ghana in the aftermath of the Supreme Court ruling,” said deputy information minister Felix Ofosu-Kwakye. “Indeed over the last few weeks, the security agencies have carried out a number of drills and exercises aimed at instilling public confidence in their ability to manage whatever fallout may come out of the Supreme Court ruling.” The Supreme Court has scheduled an August 29 date to hand down its ruling on the political opposition’s challenge...
(Ghana Business News 08/21/13)
Dr Ebenezer Appiah-Denkyira, Director General of the Ghana Health Service, has said that the focus of his administration was to work effectively towards achieving the Millennium Development Goals (MDGs) four and five, which address issues of maternal and child mortality, Dr Appiah-Denkyira said the country must not experience institutional maternal deaths anymore adding, “all pregnant women must survive, all children should survive” and called on health practitioners to give prompt attention and quality health care to mothers. He said this when interacting with staff of the Northern Regional Health Directorate in Tamale on Tuesday to learn about their challenges and share with them new directions of the GHS to improve health care delivery. Dr Appiah-Denkyira called on staff to double...
(Vibe Ghana 08/21/13)
AddoThe 2012 Presidential Candidate of the main opposition New Patriotic Party (NPP), Nana Addo Dankwa Akufo-Addo has expressed willingness to meet President John Mahama to symbolically demonstrate their commitment to peace ahead of the election petition verdict. Nana Akufo-Addo, who is the first Petitioner in the case, expressed his readiness to meet the President when a group of failed Flagbearers who contested with him in last year’s elections, paid a courtesy call on him to urge him to accept whichever verdict the Supreme Court pronounces. Akufo-Addo and his running mate Dr. Mahamudu Bawumia and the NPP’s national Chairman Jake Obetsebi-Lamptey are in court challenging the 2012 presidential poll. They argue that the polls were fraught with irregularities which robbed Nana...
(Myjoyonline 08/21/13)
Newmont Ghana (Ahafo Mine) has announced the payment of GH¢73,229,446(US$ 37,800,199) to the Large Taxpayer Office of the Ghana Revenue Authority (GRA). The amount represents Corporate Income Tax of GH¢49,813,472 (25,593,933), Mineral Royalty of GH¢12,387,599 (US$6,430,652), Withholding Tax (WHT) of GH¢3,116,175 (US$1,626,816) and Pay As You Earn (PAYE) of GH¢7,912,199 (US$4,148,799). For the first six months of 2013, Newmont Ghana paid total taxes of GH¢152M ($79M). Since Newmont Ghana began production in July 2006, it has made a total tax payment of GH¢904M (US$563M)to the GRA. In its host communities of Ahafo and Akyem, NewmontGhana has also made contributions including the establishment of the Newmont’s Agricultural Improvement and Land Access Programme (AILAP). Under AILAP in the Ahafo mine area, the...
(Myjoyonline 08/20/13)
Recent revelation that foreign mining companies retain close to 100 per cent of their earnings should be a wake-up call to restore sanity in Ghana’s mining industry, Prince William Ankrah, General Secretary of the Ghana Mines Workers Union (GMWU) has stated. He said “If today parliamentarians are hearing that mining firms repatriate 80 per cent of mining receipts, then it should be a wake-up call to all of us and a clear signal to cabinet ministers to sit up” in order to determine the real impact of mining on Ghana’s socio-economic development. Mr Ankrah was speaking in an interview with the Ghana News Agency on the matter which came up before the Public Accounts Committee (PAC) of parliament, Monday. Members...
(AFP (eng) 08/20/13)
ACCRA (AFP) – Ghana looked to defy the trends which have plagued other west African oil producers, replacing graft and waste with prudent spending, but two years after production began there is reason to worry, new reports said. The country's nascent energy sector may yet transform its economy and has thus far been unmarred by the sort of rampant corruption and mismanagement typical of Nigeria, Africa's largest producer, whose vast oil wealth has been squandered for decades. But plans to carefully spend oil revenue on infrastructure, debt payments and agricultural development have not been well executed so far, according to a new study from the Accra-based Africa Centre for Energy Policy. "I think on the quiet we are really moving...
(Ghana Business News 08/20/13)
The Ghana government and the Food and Agriculture Organisation (FAO) have signed two financial agreements totalling $31.6 million for the development of agriculture and sustainable environment. Under the first agreement, the FAO would contribute $3.6 million for the implementation of a Country Programming Framework (CPF) to support more strategic and focused engagement between the government and the FAO through its technical co-operation programme. The FAO and the government are to jointly mobilise $28 million to finance the Agricultural Sector Wide Approach (AGRISWAp) programme intended to enhance planning, harmonising and the co-ordination of interventions in the sector under the second agreement. The Minister of Food and Agriculture, Mr Clement Humado, and the Deputy Minister of Finance and Economic Planning, Mr Ato...
(Independent Online 08/20/13)
Accra - The cost structure at AngloGold Ashanti's flagship Ghana gold mine is unsustainable and the company is looking to make cuts to counter rising costs and falling production, Chief Executive Srinivasan Venkatakrishnan said on Monday. Production costs per ounce have more than doubled since 2008 at Obuasi, which is Ghana's largest mine. A fall in gold prices this year has worsened the financial strain and the company's Ghana unit is relying on its parent company for funding. “Obuasi is currently making losses at the operating level... The current cost structure at the operation is clearly unsustainable,” Venkatakrishnan told Reuters via email. AngloGold Ashanti, Africa's biggest gold producer, swung to a loss in its second-quarter results issued this month. AngloGold...
(Ghana Business News 08/20/13)
Ghana is set to draft a new law that will insure and protect bank depositors, the central bank has hinted. According to officials, the Bank of Ghana (BoG) and the Finance Ministry have “reviewed and approved the Terms of Reference for the Legal consultants to draft a Deposit Insurance law for the industry.” Already a feasibility study financed by the KFW of Germany has been done and the study has since been approved by the BoG, KFW and the Government of Ghana (GOG) through the Ministry of Finance, says Mr Millison Narh, a Deputy Governor of the BoG at the recently-held Annual General Meeting of the Ghana Bankers Association. If the processes are completed and the law is passed, it...
(Ghana Business News 08/20/13)
The growing number of microfinance companies in Ghana is seen as a threat to commercial banks. Their growth has even reduced commercial banks’ share in total assets, according to the Bank of Ghana. While the banking sector has not witnessed new entrants in 2013, the number of licensed microfinance institutions has more than doubled. According to Bank of Ghana (BoG) figures, it has licenced 138 new microfinance firms in the first six months of 2013. A deputy governor at Ghana’s central bank noted that as at the end of June 2013, the number of microfinance institutions it has licensed has risen from 90 in December 2012 to 228 by June 2013. Traditionally, banks are known to focus largely on corporate...
(AFP (eng) 08/20/13)
African immigrants warned Monday of a rise in racist attacks in Morocco, as hundreds gathered outside a morgue holding the body of a Senegalese man who was murdered last week. Some 250 people, mostly Senegalese immigrants, gathered outside the morgue in Rabat, where the man's remains were taken after he was stabbed to death on a bus in the Moroccan capital last Monday. Anna Bynes, a Senegalese student at Rabat university, said the attack was the latest in a string of racist violence targeting sub-Saharan Africans. "It is the last straw... The other day it was a Congolese man killed on a bus in Tangiers. Then a Gabonese woman was raped. Today a Senegalese has been killed." The police on...
( 08/19/13)
Ghana has been cited as the 5th best country in Africa in connecting well to the global trade system. This depicts improvement in how the country trades with the rest of the world and how information and finances move in and out of the country. The country comes behind Mauritius, South-Africa, Nigeria, and Togo in the DHL Global Connectedness Index 2012, which has been developed to provide stakeholders with the most comprehensive and timely source of hard data and analysis to show the actual extent and direction of globalisation around the world. The Managing Director of DHL Express sub-Saharan Africa, Charles Brewer told the B&FT in an interview in Accra that improvement in the country’s ranking will help it to...
(Reuters 08/19/13)
ACCRA, Aug 19 (Reuters) - Ghana must learn to process commodities locally rather than depending on exports of raw gold, cocoa and oil products to fuel its fast-growing economy, President John Mahama said on Monday. The country is one of sub-Saharan Africa's brightest prospects because of its political stability and economic growth, which is forecast to hold steady at 8 percent for 2013. But like many resource-rich African countries with weak infrastructure and a small manufacturing base, its economy depends on unprocessed exports for growth and foreign receipts, leaving it at the mercy of global price fluctuations. Mahama said changing that dynamic is one of his biggest challenges and the country would not mature economically if he fell short, comments...
( 08/19/13)
KLM’s Regional Manager for Ghana, Liberia and Sierra Leone, Mr Axel Metselaar, has expressed optimism about the future of Ghana’s economy, especially as the court case will be determined. Mr Metselaar, who confirmed the turbulent times businesses, including the aviation industry, had faced in the last six months since the election petition hearing, said brisk business had returned as of last month, with increasing arrivals and departures. The KLM regional manager, who has been in the country for the past nine months, said he was hopeful gold, cocoa and other commodity prices would rally, the court case would soon be resolved and the economy would pick up again. “I am confident about the coming six months. In July, the airline...
(Vibe Ghana 08/19/13)
The Ministry of Trade and Industry (MOTI) is to increase the country’s non-traditional export from the current export value of $2.64 billion to $5.0 billion dollars by 2017. This will enhance the Gross Domestic Product to increase the national income. The country also aims at generating considerable number of jobs and incomes, which will be translated into improved standard of living and welfare of the people to consolidate the middle-income status. Mr Gerald Nyarko-Mensah, Director of Export Trade of MOTI, who made this known in Tamale on Friday, said the strategy formed part of the national strategy for the non-traditional export sector from 2013 to 2017. The occasion, which was patronised by exporters, producers and processors in the trade and...
(Vibe Ghana 08/19/13)
The Police Administration has designated a 100 metres radius around the Supreme Court as a no-go area on the day the court will give its judgement in the election petition. That, the police said, was part of security arrangements to ensure sanity on the premises of the Supreme Court on August 29, 2013, a day otherwise designated as “Ghana’s judgement day”. The Director-General of Police Operations of the Ghana Police Service, Commissioner of Police (COP), Mr John Kudalor, said the security zone would be cordoned off but gave no details as to how accredited persons would gain access to the Supreme Court. He was speaking in Accra last Friday when he met the youth wings of the National Democratic Congress...
(Vibe Ghana 08/19/13)
Archbishop Nicholas Duncan-Williams says not only is Ghana’s economy “cursed” but also “broke”. “We really need to pray for Ghana,” he told his congregation in a recent sermon which was played back on Radio XYZ’s Christian programme, ‘Voice of Action’ on Sunday August 18, 2013. According to him, “somebody has cursed the economy”. “It’s sabotage…so we need to break that padlock. We need to remove demonic sanctions and embargoes on the economy and we need to command a healing of our economy and the nation and we need to command new infusion,” Duncan-Williams said. According to his calculations, Ghana has lost about US$2bn due to a fall in the prices of two major export commodities – gold and cocoa. He...
(Myjoyonline 08/19/13)
The Lands and Natural Resources Mminister, Alhaji Inusah Fuseini has announced that government is developing a bill to spell out the disbursement of revenues from the mining sector. This will follow in the steps of the Revenue Management law which guides the usage of revenues from the oil and gas sector. Players in the mining sector have been calling for a fund which would help track revenues from the sector and enable Ghanaians appreciate its contribution to the economy. AlhajisFuseini announced this at the opening of the 6th Revenue Watch/GIZ Summer School for participants from 12 countries, still underway in Accra. He said “Ghana has also decided to put in place a Mineral Development fund Bill which is going to...

Pages