Wednesday 25 April 2018
( 08/23/13)
The Minister of Trade and Industry, Mr Haruna Iddrisu, has re-affirmed government’s commitment to collaborate with stakeholders to revamp the Volta Star Textiles Limited (VSTL) at Juapong in the Volta Region. “Government has put in place an effective and efficient management structure to work closely with management of the company as they seek to resuscitate the textile industry,” he said. Mr Iddrisu said this at the inauguration of a nine-member board of the VSTL at Juapong. The Minister who administered the Oath of Secrecy to the board tasked members to ensure public-private partnership in their operations as it is one of the key pillars of government priority to create an enabling environment for the private sector to thrive. Mr Iddrisu...
(Vibe Ghana 08/23/13)
The Ghana Police Service has deployed 455 Police officers drawn from its special unit to man flash point areas across the entire country ahead of Thursday’s pronouncement of the election petition verdict. Director General of Operations of the Police Service, COP John Kudalor in an interview with XYZ News said the formation of the special unit is to serve as a precautionary measure ahead of the Supreme Court (SC) verdict. He added that the special unit was carved out of four arms of the police service, including Alpha, Bravo, Challe and Delta. COP John Kudalor added that the Police Force will be headed by a nine-member Police commandant to assist operations of the regional police units at the hotspots. “The...
(Ghana Business News 08/22/13)
Ghana’s external reserves stood at $5.7 billion as of August 20, 2013, the Governor of the Bank of Ghana (BoG), Dr Kofi Wampah, has announced. This translates into more than three months of import cover, meaning that the country’s external reserves can pay for more than three months of imports. Dr Wampah, who was speaking at the opening of the second Economic Policy Co-ordinating Committee Meeting in Accra yesterday, added that the current reserve level was an appreciation of the one recorded last month. He said the country’s external reserves were $4.9 billion in July this year but rose to the current level due to the various gains chalked up in the economy over the period. He attributed those gains...
(Ghana Business News 08/22/13)
Finance Minister Seth Terpker on Wednesday said the Ghanaian economy was on a gradual path to recovery, picking up from the challenges of the first six months of the year. Speaking to journalists at a meeting of the Economic Policy Coordinating Committee, the Minister said, he expected the trend to likely continue to the end of the year. “We are seeing some improvements from the challenges of the first half of the year and that give us the indication that the economy will pick up in the second half of the year,” he said. The Committee’s meeting would access the half year performance to June, including the fiscal situation, subsidies, corporate income taxes, and status of public debts. It would...
( 08/22/13)
Dr Nii Akwei Addo, Programme Manager of the National AIDs Control Programme (NACP), on Tuesday said the prevalence rate of the HIV virus as at last year had reduced to 1.37 per cent as compared to 3.6 per cent in 2000. He said a study last year showed that Ghana had recorded 77 per cent reduction compared to 22 other African countries whose prevalence rate is still high. Dr Addo was answering questions posed to him by members of the Public Account Committee during the examination of the Auditor’s General’s report on Management and distribution of anti-retroviral drugs in Ghana. Institutions that appeared before the Committee included NACP, Ghana Health Service, Central Medical Stores, Regional Medical Stores, Sandema Hospital, KNUST...
(Reuters (Eng) 08/22/13)
JOHANNESBURG | Aug 22 (Reuters) - The Ghanaian cedi's woes are set to continue next week barring any intervention by the central bank to end a persistent dollar shortage, while Nigeria's naira could gain support from dollar sales by oil companies.Ghana's cedi, currently trading at record lows against the dollar, could slide further next week as a dollar shortage in the interbank market shows little sign of easing despite a boost to the country's FX reserves from inflows for last month's Eurobond issue. The local unit, which has weakened around 11 percent against the dollar this year, was indicated at fresh lows of 2.1200/2.1500 to the dollar at midday on Thursday. "The situation is getting out of hand now -...
(Vibe Ghana 08/22/13)
Nana Addo Dankwa Akufo-Addo, presidential candidate of the New Patriotic Party (NPP) in election 2012, on Thursday said the Party would continue to fight for the enhancement of rule of law in the country. He said the rule of the law was very vital for the socio-economic development of any country which wanted prosperity. This, he said, had been the tradition of the Party since the formation of the United Gold Coast Convention (UGCC) from which the NPP had its roots. Nana Akufo-Addo said this during a flag raising ceremony to mark the 21st anniversary of the Party at the NPP Headquarters in Accra on Thursday which attracted a large number of party supporters. The National Chairman of the National...
(Ghana Business News 08/22/13)
The Gold Fields group has cut down its number of Board Directors from 12 to nine, the miner announced August 21, 2013. The company says the move to review the composition of the Board of Directors is in light of its new strategic direction amidst “current low gold price and high cost operating environment”. The Chair of Gold Fields Ms Cheryl Carolus, announced “Following discussions with the Board and the Nominating and Governance Committee, Messrs Delfin Lazaro, Roberto Dañino and Rupert Pennant-Rea volunteered to resign as non-executive directors and have agreed to step down from the Board with immediate effect.” Ms Carolus thanked each of the departing non-executive directors for their experience and expertise to a range of matters over...
(Ghana Business News 08/22/13)
Participants at the just-ended annual water, sanitation and hygiene conference held in Kumasi, Ashanti Region, dubbed Mole Conference XXIV, have tasked the Ghanaian Government to, through the Ministry of Local Government and Rural Development, improve transparency and accountability in sanitation and waste management. In a 12-point communique issued at the end of the three-day conference held on the theme: “Building Effective Partnership for Scaling-Up Sustainable Sanitation Services in Ghana”, the over 100 participants also charged organisers of the conference – the Coalition of NGOs in Water and Sanitation (CONIWAS) and other Civil Society Organizations, to, in collaboration with government, establish and monitor sanitation sub-sector specific transparency and accountability standards. Drawn from communities, civil society organizations, academia, government and development partners...
(Myjoyonline 08/22/13)
The country has been able to save close to $279 million from revenue earned from crude oil export for the first half of 2013. This is contained in the Ghana Petroleum Funds report on the country's earnings from crude oil export since it started exporting crude. According to the report, $77 million will be set aside for future generations in the Heritage Fund, while $202 million has accrued to the Stabilisation Fund to cushion the country in times of crude oil price volatility. Meanwhile, the report revealed that $119 million has been paid to government by the oil companies in terms of corporate taxes. Tullow Oil paid the highest of $79.2 million in total followed by Anardako Petroleum Corporation with $23.9million, while Kosmos Energy paid $15.9 million.
( 08/21/13)
The Ministry of Lands and Natural Resources has admitted that Parliament signed a bad deal with Newmont Ghana Gold that allowed the company to retain all its earnings outside Ghana without retaining part with the Bank of Ghana (BoG). According to the Mining and Minerals Act, mining companies are to surrender a percentage of their earnings to BoG to be lodged into the country's foreign exchange account to bolster the nation's foreign reserves and stabilize the cedi as well. The Public Accounts Committee (PAC) of Parliament is investigating circumstances under which Newmont was not made to comply with this law. The sector Minister, Inusah Fuseini in an interview on Eye Witness News admitted that Parliament did not do due diligence...
(Ghana Business News 08/21/13)
Vice President Paa Kwesi Bekoe Amissah-Arthur would meet the Economic Policy Coordinating Committee later on Wednesday to discuss ways of cushioning the country’s economic sector in the coming months. The Committee which is made up of the Ministry of Finance, Statistical Service and the National Development Planning Commission, meets on quarterly basis to review government’s economic performance. They would also strategize for the smooth implementation of other policies in consonance with the manifesto and constitution of the Republic. Mr Ibrahim Murtala Mohommed a Deputy Minister of Information and Media Relations announced this during the daily media briefings at the Flagstaff House in Accra. “The meeting would give the Committee the opportunity to prescribe mechanisms that would help government to eliminate...
(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...

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