Tuesday 25 July 2017
(Myjoyonline 07/08/13)
The Trades Union Congress (TUC) has cautioned government over the general state of Ghana’s economy in the past few years. The TUC said the economy has made no real gain in job creation and living conditions among others. The Union during its general council meeting last month discussed economic management policies and current economic situation in the country. In a press statement, the TUC detailed what it said is a regression of various sectors of the economy despite some gains. According to the TUC, the economy in the last five years has made an aggregate improvement as measured by the 8.7% increase in the GDP and the relative stability in the inflation rate which shot up from 8.8% in January...
(Ghana Business News 07/08/13)
The Ghana government’s attempt to amend the Communications Service Tax Act clearly shows that it is clueless, visionless and intent on exploiting Ghanaians at home and abroad. That is notwithstanding the fact that Ghanaians living abroad have become major contributors to the country’s economy. The government after setting a 6.7% budget deficit target for 2012, overrun it to almost 100% by spending more than the revenue it generated. The budget deficit was as a result of increased salaries, lower income taxes, utility and fuel subsidies, according to the Bank of Ghana. After creating a deficit of nearly 12 per cent - it seems to be looking for easy ways to make money, when it has not shown responsible stewardship of...
(Ventures-Africa 07/08/13)
VENTURES AFRICA – The parliament in Ghana has withdrawn a bill that sought to introduce a 6 percent tax on inbound international phone calls. The Communications Service Tax (Amendment) Bill or ‘Talk Tax’ was withdrawn for further consultation and changes to some clauses following opposition to it by Minority members in the house and public outcry after its announcement. The bill was slated for passage last Friday but rather ended up been shot down after various minority members raised concern it was anti-business and ill-thought out. Last week , the country’s parliament introduced an amendment bill to impose a 6 percent tax on incoming international calls, as a way of raising revenue for the government. Information emanating from the country’s...
(The Chronicle 07/08/13)
Two envoys from Australia and Japan on Tuesday and Friday respectively called on the Minister for Energy and Petroleum, Mr Emmanuel Armah-Kofi Buah at his office in Accra. They are the Australian High Commissioner to Ghana, H.E. Ms Joanna Adamson and the Japanese Ambassador, H.E. Mr Naoto Nikai. Discussions during both meetings centered on areas of collaboration and issues of mutual interest, particularly in the area of energy. According to Ambassador Nikai, Ghana’s potential in the energy sector is of interest to his country, saying that Japanese companies are interested in investing in that area. He recalled a recent agreement in which Japan is providing a grant of $14 million to support Ghana’s energy sector. The amount is to be...
(Ghana Business News 07/08/13)
Ghana’s Ministry of Gender, Children and Social Protection, is working with the United Nations International Children’s Emergency Fund (UNICEF) to develop a comprehensive national protection system towards the elimination of cultural practices that affects children and women in Ghana. The sector Minister, Nana Oye Lithur, disclosed this during this year’s commemoration of the AU day of African Child celebration at Sherigu in the Kaseesna-Nankane East of the Upper East Region. The function which had as its theme: “Eliminating Harmful Social and Cultural Practices affecting Children; Our Collective Responsibilities”, attracted stakeholders, including chiefs and representatives from civil society organizations. The Minister expressed regret that Female Genital Mutilation (FGM), infanticide, child labour and forced child marriage among others affect the development of...
(Vibe Ghana 07/08/13)
The petitioners in the ongoing presidential election trial, on Friday filed a motion demanding that accounting firm KPMG establishes the total unique pink sheets counted from the evidence tendered. A statement released by the main opposition New Patriotic Party prays the court to request KPMG to: “Determine the polling station names and codes of the 1,545 pink sheets with incomplete data and determine the unique count thereof with the aid of: a. the further and better particulars filed by Petitioners; and/or b. the official list of 26,002 polling stations established by the 2nd Respondent for the 2012 general elections to be supplied to the Referee by the 2nd Respondent.” The petitioners in the ongoing Presidential Election Petition have filed a...
(Ventures-Africa 07/08/13)
VENTURES AFRICA – Ideas rule the world and in this age, innovation is key. Businesses thrive on Eureka! moments, as innovation has become the benchmark for excellence. For most businesses/entrepreneurs the effective application of ideas determines whether a startup progresses to a multi-billion dollar company, a la Google, Facebook, Apple, or goes bust! African entrepreneurs have also tapped into the endless stream of Eureka! moments and have turned ideas to million-dollar businesses - ask iROKOtv, Justin Stanford or Kamal Budhabatti to name a few. On Africa’s Most Innovative Companies today, we feature Rasello, a company which helps you “manage, understand and communicate better to the people that matter most to your business.” There is no major reason behind the name...
(This Day Live 07/08/13)
The Africa Finance Corporation has disclosed plans to invest over $250 million in the power sectors in Nigeria, Ghana and Kenya.The corporation also said it would also accelerate the investment of another $1billion in additional in sub-Saharan Africa energy projects. A statement from the AFC, also announced that the corporation would be a key partner in the five-year $7 billion power initiative for Africa announced by the US President, Barack Obama during his recent visit to the continent. The US Power Africa Initiative, coordinated by the United States Agency for International Development (USAID), is a multi-stakeholder partnership between the United States government, the Overseas Private Investment Corporation (OPIC); the US Export-Import Bank (Ex-Im); the Millennium Challenge Corporation (MCC); US Trade...
(Vibe Ghana 07/08/13)
Western Development Consortium Limited, a South African investment firm, has paid a total of GH¢100,000 as compensation to property owners at Tanokrom Kokompe in the Sekondi-Takoradi Metropolis. The payment would pave way for the investors to start clearing the 21.5 acre land to start the construction of an ultra-modern shopping mall in the twin-city. The Land Valuation Board conducted the valuation of the property and each property owner received an amount based on the value of his/her assets. Mr. Peter Obosu, Director of Peekob Company Limited, who facilitated the payment, told journalists in Takoradi that it had conducted Environmental Impact Assessment and expected to start the project soon. He said the investors had acquired a 58-acre land at the cost...
(The Chronicle 07/08/13)
The importance of food in the survival instinct of mankind is vividly captured in the Lord’s Prayer, bequeathed by the founder of Christianity, Jesus Christ our Saviour, and universally acknowledged as the Son of the living God. “Give us our daily bread…” is captured even before the appeal to the Almighty God to “forgive us our trespasses.” In the ordinary diction of those of us on earth, “Soldiers march on their stomachs” is one refrain that captures the essence of food in the survival instincts of all living beings.All over the world, the major pre-occupation of governments is to ensure that the ordinary citizen could afford the prices of basic food items to feed himself and the family. In Europe...
(Reuters (Eng) 07/06/13)
Ghana plans to issue its first 7-year domestic bond next month in renewed efforts by the cocoa, gold and oil exporter to borrow over longer terms, the country's treasury head said on Friday. Adams Nyinaku told Reuters the 100 million-cedi ($49 million) bond, open to offshore investors, will be used to benchmark subsequent bonds and manage debt more effectively. The West African nation is currently paying yields of over 20 percent on its 91-day bills. The central bank will also issue 600 million cedis worth of 5-year bonds in September, mainly to roll over maturing debts, and another 7-year paper worth 100 million cedis in November to support current projects, Nyinaku said. "This is the first time we are going...
(Reuters (Eng) 07/05/13)
(Reuters) - Ghana plans to issue its first 7-year domestic bond next month in renewed efforts by the cocoa, gold and oil exporter to borrow over longer terms, the country's treasury head said on Friday. Adams Nyinaku told Reuters the 100 million-cedi ($49 million) bond, open to offshore investors, will be used to benchmark subsequent bonds and manage debt more effectively. The West African nation is currently paying yields of over 20 percent on its 91-day bills. The central bank will also issue 600 million cedis worth of 5-year bonds in September, mainly to roll over maturing debts, and another 7-year paper worth 100 million cedis in November to support current projects, Nyinaku said. "This is the first time we...
(Ghana Business News 07/05/13)
A research conducted by Euromoney has shown that Ghana has a mature market in the eyes of investors as oil replaces cocoa as the country’s number one major export. In just three years, oil replaced cocoa as Ghana’s chief export with crude production set to double above 250,000 barrels a day by 2021. According to the June 2013 Euromoney Research Guides which sampled opinions from economists and market analysts, Ghana, with a stand out market is on a solid growth trajectory. Group Chief Economist at South Africa’s Nedbank, Mr Dennis Dykes was quoted as saying in the research that “Ghana boasts of a sophisticated and a highly educated population. It has Nigeria nearly and a well-established consumer market and a...
(Bloomberg 07/05/13)
Currency traders in Ghana are waiting for the West African nation’s second sale of Eurobonds to revive business as a scarcity of dollars halted buying after the cedi reached a record low. “The interbank market is virtually dead,” Sadiq Abubakar, a currency trader at International Commercial Bank in Accra, the capital, said by phone yesterday. “We’re hoping to see if the Eurobond comes to fruition, then we will see some liquidity in the market.” Finance Minister Seth Terkper said Ghana plans to sell $1 billion of international debt this month, following Rwanda and Nigeria as African nations tap investor appetite for assets from the world’s fastest growing region after developing Asia. Ghana became the first sub-Saharan African nation outside of...
( 07/05/13)
Farmers in the Northern Region of Ghana are to benefit from a £10-million fund to support their agricultural businesses and irrigation schemes. The amount, provided under the United Kingdom's Department for International Development (DFID), is Ghana’s share of the £50-million fund package to support Africa’s agricultural development. The fund, which will be operational by the end of September, 2013, is expected to link 160,000 small-scale farmers to profitable markets and generate revenue for their families. The Northern Ghana Catalytic Fund (NGCF), will invest the fund in small and medium enterprise (SME) initiatives through concessional debt and equity, with the express goal of increasing the incomes of the poor farmers the fund works with. The UK Minister for the Commonwealth and...
(Vibe Ghana 07/05/13)
Dr Kwesi Amissah-ArthurVice President Kwesi Bekoe Amissah-Arthur has called for greater collaboration and the harnessing of policies to boost relations between Ghana and the United Kingdom, especially in the area of trade. “Such a partnership will deepen the quality of economic and political relations that exist between both countries’’, he said. Mr. Amissah-Arthur made the statement during a courtesy call on him on Wednesday by the UK Foreign and Commonwealth Minister for African Affairs, Mark Simmonds at Flagstaff House in Accra. He indicated that government was following developments in the UK with keen interest to ensure that policies and decisions adopted would be in the best interest of the two countries. The Vice President added that Ghana was currently the...
( 07/05/13)
The West Africa Gas Pipeline is 95% complete; this is according to Energy Minister, Emmanuel Kofi Armah Buah. Addressing a news conference on Thursday, Mr. Buah said the ruptured West African Gas Pipeline (WAGPco), which resulted in an acute shortage of gas to Ghana to power the 200 Megawatt Sunon-Asogli power plant, has been repaired and the operators are ready to resume gas supply. The destruction of the pipeline in August last year plunged the country into a power crisis resulting in a long-drawn load shedding regime. Mr. Buah said Government is undertaking measures to ensure Ghana becomes energy sufficient. “We are therefore working to resolve all the funding challenges to ensure early completion of the Western Gas Infrastructure project...
(Voice of America 07/05/13)
LONDON — A new satellite system was launched into orbit last week that aims to bring high-speed Internet to remote communities across the globe. Its backers say it could have a big impact in rural parts of Africa by speeding up economic and social development. Others argue the huge amounts of money, however, should be spent on more basic needs. Lift-off for the O3b - or "Other 3 Billion" - satellite system occurred last week in French Guiana. The system goes "live" later this year when eight satellites will enter a lower orbit to provide a faster connection. Its backers include Google and the Development Bank of Southern Africa, among others. Founder Greg Wyler said the "Other 3 Billion" are...
(Vibe Ghana 07/05/13)
Justice AtugubaThe Supreme Court hearing the 2012 presidential election petition have stated emphatically that it would not be influenced by any acts of intimidation from any person or group in coming out with its final verdict on the ongoing case. According to the court, it is sitting on a matter that touches on the governance of the country and will, therefore, come to a conclusion that must be accepted by all. Justice Baffoe Bonnie, a member of the nine-member panel, expressing an opinion about what the court sees as an attempt to undermine its authority, said whatever determination comes out of the ongoing election petition must be accepted by all. “Those of you in a fool’s paradise should think twice;...
( 07/05/13)
Fiber glass canoes and boats were introduced to the fishing community at the James Town Beach in Accra yesterday to replace wooden ones. The new technology, introduced by the Ghana Egypt Fiber Glass Industry, a joint venture firm, is to help the fishing community to add value to its catch and enhance its operations. Launching the products, the Managing Director of the company, Mahammed El Tonsy, said fiber glass canoes and boats for fishing were not new, as they were being used by fishermen in some African countries and the developed world. After a careful study of the operations of fishermen along the country’s coast, the company thought it wise to transfer the technology of fiber glass canoes and boats...

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