Thursday 23 November 2017
(Bloomberg 08/14/13)
Inflation in Ghana, West Africa’s second-biggest economy, accelerated for a sixth month in July as the local currency weakened against the dollar, driving up costs in the import-dependent country. The rate rose 11.8 percent, compared with a revised June figure of 11.6 percent, Philomena Nyarko, an official with Ghana Statistical Service, told reporters in capital, Accra. On a monthly basis, prices increased 1.3 percent, she said. The currency of the world’s second-biggest cocoa producer slumped 1.7 percent against the dollar in July, the worst among 24 African currencies tracked by Bloomberg after the Kenyan shilling. The cedi traded little changed from yesterday’s close at 2.0950 per dollar by 11:10 a.m. “The exchange rate affected costs, especially imported foods,” Nyarko said...
(Myjoyonline 08/14/13)
Government is seeking strategic investors, both locally and foreign, to partner it to restore the deteriorating trade fair centre in Accra to its former glory. According to the Director of Communication at the Ministry of Trade and Industry, Nana Akrasi Sarpong, the move forms part of the government’s Public Private Partnership programme. He was answering questions at a budget advocacy programme organised by the Institute of Financial and Economic Journalists (IFEJ) and supported by Star Ghana. “While the government awaits the strategic investor, the ministry has secured some US$5 million to kick-start some major rehabilitation works at the site in preparation for the hosting of the next ECOWAS Trade Fair later in the year,” he said. The Ghana Trade Fair...
(Ghana Business News 08/14/13)
Ghana’s inflation rate rose to 11.8 per cent in July, compared with 11.6 per cent in June, Dr Philomena Nyarko, Government Statistician, said on Wednesday. Dr Nyarko said the July 2013 inflation main drivers were clothing and footwear, which were largely influenced by the cedi exchange rate. Food inflation was unchanged at 7.3 per cent in July, same as in June while the non-food inflation ticked slightly higher at 15.4 per cent from 15.1 percent. Clothing and footwear contributed 18.1 per cent to the rate of inflation while miscellaneous goods and services added 17.7 per cent. Housing, water, electricity, gas and other utilities recorded inflation of 16.6 per cent whilst the communications sub-group had the lowest inflation rate of 1.3...
(Myjoyonline 08/14/13)
The Vice President Kwesi Amissah-Arthur says the country’s economic growth can be linked to the tremendous support from the World Bank. The Breton wood institution over the years has assisted the country with funding and technical support for majority of government’s projects since country’s independence. Speaking at the opening of the World Bank Groups’ new corporate office in Accra, the vice president said the country could not have come this far without the bank. "Ghana's partnership with the World Bank Group has been long and fruitful," Mr Amissah-Arthur said, noting that the IFC's portfolio in Ghana, he learnt, is the third largest in Africa, "that is something we are grateful for". The 28 million dollar structure would house the private...
(Vibe Ghana 08/14/13)
The embattled General Secretary of the main opposition New Patriotic Party (NPP) has been fined GH¢5,000 or six months imprisonment in default by the Supreme Court for making certain unsavoury comments against the President of the nine-member panel hearing the election petition case. Fellow Party Communicator, Hopeson Adorye was also fined GH¢2,000 or three months imprisonment for default for threatening to behead supporters of the governing National Democratic Congress if the Court rules in favour of the respondents. The Court took strong exception to the comments of the two Politicians and based its judgment and sentence on the gravity of those statements. Sir John was represented by former Attorney General Nii Ayikoi Otoo who offered an unqualified apology on behalf...
(Ghana Business News 08/13/13)
Mr Seth Terkper, Ghana’s Minister of Finance and Economic Planning, on Monday announced government’s readiness to release proceeds from the $1 billion Eurobond for infrastructural development. He said $750 million of the $1 billion was to be released soon for those infrastructural development projects. Mr Terkper, who announced this during the daily media briefings at the Flagstaff House, Kanda said the Eurobond transaction proceeds had been lodged with the Bank of Ghana. He said ongoing road projects at Madina, Kintampo and Konongo were some of the projects to benefit from the facility. The Minister said the gas infrastructure project at Atuabo and the Bui Dam Hydroelectric project would also benefit from the facility. He indicated that the proceeds would be...
(Ghana Business News 08/13/13)
Mr Inusah Fuseini, Minister of Lands and Natural Resources on Monday hinted government’s readiness to present the Mineral Development fund bill for Cabinet consideration in the coming weeks. He said apart from providing transparency in the management of ceded royalties to mining communities, the approval of the bill would also help government to identify the infrastructural needs with accrued resources and supervise development. Mr Fuseini gave this hint during the opening ceremony of the Revenue Watch Institute and the German Development Cooperation 2013 Summer School on Governance of Oil, Gas and Mining Revenues in Accra. The two-week long programme attracted participants from the Media, Civil Society Organisations and natural resource experts from 12 African countries and Switzerland. Some of the...
(Ghana Business News 08/13/13)
The President of the National Farmers Award Winners Association, Mr Philip Abayori, has suggested to the government to differentiate between the subsidised fertiliser for farmers and what is sold on the open market. He said differentiating the product with a unique colour and branding the fertiliser bag with the national colours with a unique name would make for easy identification and help check the abuse associated with the National Fertiliser Subsidy Programme. Mr Abayori made the call on August 7 at a budget advocacy forum organised by the Institute of Financial and Economic Journalists (IFEJ). The IFEJ budget tracking forum, which was on the theme, “Tracking the Performance of the 2013 Budget Statement and Expectations for 2014,” touched on various...
(Voice of America 08/13/13)
YAOUNDE, CAMEROON — The first Pan African Conference on Interreligious Freedoms has ended in Cameroon with participants from 80 countries from Africa and beyond. Participants pledged to work together for the service of peace in the name of God. Conference participants say development across Africa has been greatly slowed by interreligious conflicts. The case of Nigeria was cited as one of the worst, with tens of thousands of lives lost in fighting between Muslim and Christian communities, and thousands more killed by the Islamist militant-sect Boko Haram. South African-based Malawian cleric Hopeson Bonye says nothing good has come out of Boko Haram, saying it is just fighting everyone, and is extending its tentacles to neighboring countries. "It is wrong, and...
(Voice of America 08/13/13)
NAIROBI — The United States is keeping a close watch on potential European trade deals with African nations as Washington reviews its own preferential trade initiative with the continent. African ministers and U.S. officials discussed trade relations at a forum Monday in the Ethiopian capital Addis Ababa. The U.S. is considering an extension to the popular African Growth and Opportunity Act, known as AGOA, an American law that allows sub-Saharan African countries to export certain products to the United States duty free. First signed into law in 2000, the act has already been renewed once, and is set to expire in 2015. U.S. Trade Representative Michael Froman has been meeting with African ministers at an AGOA forum in Addis Ababa...
(Business Ghana 08/12/13)
Svani Motors, one of the leading automobile dealers in Ghana has initiated moves to establish a vehicle assembly plant in the country. As part of preparatory works, Svani Motors, a subsidiary of the Svani Group, has acquired a 9.6- acre land along the Accra-Tema Motorway to build a modern automobile plaza that would house the assembly plant and a service centre. Mr Thomas Svanikier, Executive Chairman of Svani Group, who announced this at the company's launch of new Mahindra vehicles onto the Ghanaian market, said the decision to build the assembly plant was informed by the need to explore the vast investment potentials and service needs of the vehicle market in the sub-region. He said the automobile plaza would explore...
(Reuters 08/12/13)
Aug 12 (Reuters) - Ghana may return to the foreign bond market in 2013 to raise $200-$250 million to finance operations of its cash-strapped power utilities, Finance Minister Seth Terkper told journalists on Monday. The cocoa, gold and oil exporter already issued a second $750-million Eurobond in July to refinance debts and also fund capital projects. "Ghana will remain in the market as part of our strategy to raise funds to support capital projects and one such area is the power sector. We are looking at a smaller amount of $200 to 250 million to support our power utilities," Terkper said. "We are now repackaging our bond issuance calendar to include the foreign bond, and it is possible we may...
( 08/12/13)
The Ghana government recently approved Sonon-Asogli’s proposal to build a 700 MW coal-fired power plant in Ghana, which will be powered by coal imported from South Africa. In a stark twist of events, Ghana also has signed a contract with Tullow and its partners to start Natural Gas (NG) exportation in 2014. I previously published an article (see http://www.ghanaweb.com/GhanaHomePage/features/artikel.php?ID=278985 ) that highlighted the environmental challenges associated with coal-burning electricity generation plants. It also provided some insightful reasons why Ghana should first concentrate on investing its meager resources to build an industry around her indigenous NG in order to provide employment for the youth. Discerning Ghanaians, after reading the previous article, expressed some valid concerns. Since this article is directly related...
(Ghana Business News 08/12/13)
Poultry hatcheries in Ghana are not producing at full capacity, according to a new assessment report on the industry released by the US government. The hatcheries are running at 60% of capacity, says the report prepared by the US Department of Agriculture (USDA) and published August 6, 2013. According to the report titled “Ghana Poultry Report Annual 2013″, there are presently seven hatcheries in Ghana that produce day-old chicks for commercial production of broiler and layer birds. “However most of the poultry hatcheries are only producing about 60% of capacity due to low demand,” the report said. Citing industry sources, the US report indicated that the demand for layer birds from hatcheries is over 80% of total capacity and “only...
(Ghana Business News 08/12/13)
President John Dramani Mahama has said there would still be peace in the country after the Supreme Court ruling on the 2012 Election Petition. He said God had blessed Ghana with peace and that nothing was going to take away that blessing from Ghanaians. “The country has been blessed with peace and what God has blessed no man can curse; we should be rest assured that peace is going to be the winner in Ghana,” the President said. President Mahama said that in a speech read on his behalf by Ms Helen Adjoa Ntoso, the Eastern Regional Minister, on Sunday during the Centenary Anniversary celebration of the Saint Joseph the Worker Catholic Church at Adoagyiri near Nsawam. He said to...
( 08/12/13)
Ghana’s democratic credentials are worth emulating and a challenge to Cote d’Ivoire, the Ivorian Ambassador to Ghana and Togo, Mr Bernard Ehui-Koutoua, has said. “We Ivorians admire Ghana, which is standing out as a model of democracy and peace,” the ambassador said at a cocktail event in Accra to celebrate Ivorian national day. In a speech that touched on the progress of the country after its political hiccup in 2010/2011, Ghana-Cote d’Ivoire relations and Ivorian diplomacy, Mr Ehui-Koutoua said the responsible way Ghana handled the political transition after the death of President J.E.A. Mills and the 2012 elections gave credence to President Barack Obama’s statement that Africa did not need strong men but rather strong institutions. On August 7, 1960,...
(CNN 08/12/13)
UN chief Ban Ki-moon says the Central African Republic (CAR) has suffered a "total breakdown of law and order" since rebels seized power in March. He urged the UN Security Council to consider sanctions or to set up a panel of experts to monitor the situation. Seleka rebel group leader Michel Djotodia ousted President Francois Bozize in March. Last month Medecins Sans Frontieres (MSF) said the country's health care system had collapsed. In a report that the Security Council is due to discuss on Wednesday, Mr Ban said infighting among rebel groups had led to widespread abuses. "They included arbitrary arrests and detention, sexual violence against women and children, torture, rape, targeted killings, recruitment of child soldiers and attacks, committed...
(Ghana Business News 08/12/13)
When it looks like the noise about developing Jatropha as an alternative renewable energy source in Ghana, another Belgium company, QUINVITA has announced it will be developing a jatropha farm in the country. Meanwhile, most of the companies that came to Ghana in the last eight years announcing the discovery of Jatropha as the new renewable energy have gone silent, others have folded up, while some have gone into maize production. This announcement was after Smart Oil Limited, a Ghanaian subsidiary of Italian Smart Oil 2 srl which says it is active in the production of renewable energy from Jatropha curcas, signed a license and services agreement with QUINVITA. According to QUINVITA, the agreement provides access to its advanced agronomy...
(Myjoyonline 08/12/13)
“Any society that does not succeed in tapping into the energy and creativity of its youth will be left behind.” Wherever I go, from Accra to New York to Bangkok, I am struck by how often a young person will ask me: “How can I be a good global citizen?” This is hardly the question of a disinterested, insular group, yet it is said that this generation lacks the drive, the passion and the “get-up-and-go” attitude of previous generations. They are less likely to participate in the political process, less likely to vote than the older population and we often hear them described as apathetic and disengaged. This view of young people is not one that I share. The desire...
(Myjoyonline 08/12/13)
Ghana is to benefit from a $1 million package from the World Food Programme (WFP) to launch an innovative nutrition project for pregnant women, breastfeeding mothers and young children, who are at risk of under nutrition. The WFP suggests that stunted growth rates in Ghana averages 23 per cent in food-insecure areas such as the Northern Region and as high as 37 per cent in the country. A statement issued by the WFP office in Ghana said Sierra Leone would benefit from $500,000 under the package provided by Japan. It said Japan’s Parliamentary Vice-Minister for Foreign Affairs, Dr Toshiko Abe, announced this in Accra last Wednesday when he met Mr Felix Gomez, WFP Deputy Regional Director for West Africa. It...

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