Tuesday 19 September 2017
( 08/01/13)
The Ghana Railway Development Authority (GRDA) has called on government to increase its funding to shore-up the infrastructural deficit in the sector. The call was made in view of the vast economic gain to be derived from an accelerated expansion of rail transport. The Authority has also asked the Finance Ministry to make timely releases of budgetary allocations to enable the GRDA meet contractual obligations on current projects being undertaken, to improve on facilities for enhancing service delivery that would engender public confidence in rail transport. The GRDA made these suggestions on Monday when the Parliamentary Select Committee on Roads and Transport paid a visit to the Authority to appraise itself of the challenges in the rail transport sector, and...
(Vibe Ghana 08/01/13)
The Ghana Union of Traders Association (GUTA) has expressed worry about what it described as cumbersome clearance procedures at the Tema Port, and appealed to Government to suspend the operation of the Task Force there in order not to worsen the agitation among traders and importers. It said while GUTA supported the idea of government widening the tax net at the port it was, however, worried about the mode of operation of the Task Force. A statement signed by Mr Alpha A Shaban, General Secretary of the Association and copied to the Ghana News Agency said: “The Union does not have a problem with the post clearance checks, but it should be done in a manner that gives respect and...
(Vibe Ghana 08/01/13)
Dr Henry Kofi Wampah, Governor of the Central Bank, has said increased production and consumption of local rice and the advent of gas production are alternative sources for sustainable exports and foreign exchange earnings for Ghana. He made the observation at the 56th Monetary Policy Committee (MPC) meeting’s press briefing held in Accra on Wednesday. The Committee maintained the policy rate at 16 per cent. Dr Wampah called for increased support for production and consumption of local rice and appealed to households especially women to urge their households to favour made-in-Ghana rice over foreign ones. He said annual rice imports cost the nation more than 500 million dollars. On gas production, Dr Wampah expressed optimism that the gas plant when...
(This Day Live 08/01/13)
The World Bank Group committed a record $14.7 billion in fiscal year 2013 (July 2012 to June 2013) to support economic growth and better development prospects in Africa, despite uncertain economic conditions in the rest of the global economy. “The region has shown remarkable resilience in the face of a global recession and continues to grow strongly,” said World Bank Vice President for the Africa Region, Makhtar Diop. “Africa is at the centre of the World Bank Group 2030 goals of ending extreme poverty and promoting shared prosperity, in an environmentally, socially, and fiscally sustainable manner.” The World Bank Group, according to a release from its Nigeria office in Abuja, continued its strong commitment to Africa approving $8.25 billion in...
(The Chronicle 08/01/13)
Only five per cent of the nation’s 1.9 million hectares of irrigation potential has been developed, Dr Ben Vas Nyamadi, the Chief Executive Officer of the Ghana Irrigation Development Authority (GIDA), has said. GIDA is managing 56 public schemes representing about 20 per cent while the private schemes are handling 80 per cent. Dr Nyamadi, who was speaking at the opening of a one week refresher training being organized for GIDA technical staff in Tamale, said the Authority was undergoing a restructuring process aimed at partnering with the private sector to harness these potentials. The Northern Rural Growth Programme (NRGP) organized the training with funding from the African Development Bank (AfDB) and the International Fund for Agricultural Development (IFAD). He...
(Myjoyonline 07/31/13)
Ghana is set to create more than 2.3 Million jobs under the Integrated Aluminium Project, which has been described as the key to growing the economy with a capital injection of about 8billion dollars. Under the Integrated Aluminium Project, an Aluminium refinery is to be constructed to refine the rich bauxite deposit at Nyinahin into alumina, would then be processed into aluminium by VALCO, and sold to the several downstream industries as aluminium ingot and billet. Sources close to government say serious consultations have already begun to identify suitable investors to lead the project. It is believed the project hold the key to transforming Ghana’s economy by bringing in benefits, far more than the nation currently receives from oil. The...
(Ghana Business News 07/31/13)
Ghana’s President John Dramani Mahama has directed the Minister of Justice and Attorney General to carry out reforms that would enhance the effective dispensation of justice in the country. The reforms, the President said, should include the improvement of the training of state lawyers, development of a scheme that would ensure increased funding for the sector and the development of an effective administrative and management systems. The President has also directed the Minister to develop automated processes to enable the tracking of cases, attendance in court and attitude to work schedules, digital record keeping to ensure the maintenance of accurate records of government cases and contracts. Mr Ibrahim Murtala Mohammed, Deputy Minister for Information and Media Relations, announced this at...
(New Vision 07/31/13)
A total of 35 police officers from 12 African countries are in Uganda. The officers, on a senior command and staff course of Police at the Rwanda Musanze Police Academy, are in the country to take in Uganda’s experience in social economic transformation as part of their study requirements before graduating. The officers visited the Uganda Industrial Research Institute in Nakawa, a Kampala suburb. Prof. Charles Kwesiga, the institute’s director, took them around the institute - through the various labs and theatres and workshops, explaining to them the institute’s role in equipping young people with practical skills necessary for them to get employment. Detailing to them what goes on at the institute, he said that the institute has a mandate...
(Reuters 07/31/13)
Wed Jul 31, 2013 (Reuters) - Hess Corp (HES.N) reported a bigger-than-expected quarterly profit due to higher oil and gas prices and said it was seeking partners to explore two fields in Kurdistan and a block offshore Ghana, sending its shares up 3.5 percent to a two-year high. The company, which is looking to sell its retail and trading businesses to focus on exploration and production, also said it expected higher production from North Dakota's Bakken shale field in the second half of the year. Hess said in March it would sell its retail gasoline and marketing and trading businesses in response to a campaign by activist investor Elliott Management to break up the company. After months of sparring over...
(Reuters (Eng) 07/31/13)
LONDON, July 31 | Wed Jul 31, 2013 (Reuters) - Africa-focused Tullow Oil Plc said it is to seek a "development carry" from any future partner in its Ten project in Ghana under which the new investor would pay development costs. It put the increased cost of deevloping Ten at $4.9 billion, excluding lease costs for Floating Production, Storage and Offloading (FPSO) vessels. Tulow was reporting first half 2013 net profit that fell to $313 million from $567 million. A Uganda project farmdown payment boosted earnings a year earlier and this was only partly offset by lower exploration writedowns in the 2013 half, Tullow said.
(Ghana Business News 07/31/13)
Professor David Millar, immediate past Pro-Vice Chancellor of the University for Development Studies, said government’s decision to bring private universities into the tax net would marginalise students from the three northern regions. He said the main source of revenue for private universities is tuition fees and the removal of the tax exempt status of these academic facilities would adversely affect northern students as many would not get the opportunity to access tertiary education. Prof Millar, also the Proprietor of the Millar Open University, a private university based in the Upper East Region, said this in an interview with the Ghana News Agency in Bolgatanga on Tuesday. Until recently, private universities in the country were exempted from the payment of corporate...
(Voice of America 07/31/13)
JOHANNESBURG — The United Nations’ AIDS agency is hailing what officials describe as significant progress in the fight against the epidemic in eastern and southern Africa. The report says AIDS-related deaths have declined dramatically and that the number of new infections has decreased - a direct result of more available treatment. But, they warned, challenges remain. Top health and aid officials praised the gains in the fight against AIDS in southern and eastern Africa - among them, a nearly 40 percent drop in AIDS-related deaths since 2005, and a 50 percent drop in new infections among children since 2001. The cause, they said was simple: The number of people receiving anti-retroviral treatment has increased tenfold, from 625,000 in 2005 to...
(Myjoyonline 07/31/13)
An external trade facilitating agency for Singaporean investors - International Enterprise (IE) - has been launched in Accra. Officials of International Enterprise, which is a government promotion agency, subsequently signed memoranda of understanding (MoU) with their Ghanaian counterparts after the official opening of its Accra office. Speaking at the signing ceremony, Ms. Hannah SerwahTetteh, Minister of Foreign Affairs and Regional Integration, re-echoed government commitment to creating the necessary institutional framework for greater investment. Ms. Tetteh added that, the right infrastructure would be put in place to guarantee private sector development to create more opportunities and propel Ghana’s low middle income status to a higher one. Mr. Lee Yi Shyan, Senior Minister of State for Trade and Industry and National Development,...
(Reuters (Eng) 07/31/13)
LAGOS, July 31 | Wed Jul 31, 2013 (Reuters) - The chairman of African lender Ecobank Transnational (ETI) has repaid a set of loans he took from the bank and no company rules were broken by the transactions, Chief Executive Thierry Tanoh said on Wednesday. South African sovereign fund manager PIC, a 20 percent shareholder in the African bank, has said they would wait for the board of directors to investigate and draw conclusions over the allegations around debt taken out by chairman Kolapo Lawson on August 5. The lender itself has said previously that the loans, which the Financial Times reported were the subject of a boardroom battle, were performing. Tanoh said on Wednesday they were contracted two years...
(CNN 07/31/13)
(CNN) -- A decade after Angola emerged from devastating civil war, the sea front road that winds around the bay of its capital, Luanda, is now dotted with multi-million dollar condominiums, exclusive clubs, and boutique stores catering for the country's elite. Most of Luanda's population, however, live in the nearby slums, where health facilities are non-existent and children must work, not study, to survive. Africa's natural resource wealth has certainly fueled a decade of rapid growth, but most Africans have still not seen the benefits. More urgently, rapid population growth combined with deepening inequality could one day prove explosive. It does not have to be this way, of course. Botswana successfully used its diamond wealth to develop quickly, growing from...
(Myjoyonline 07/30/13)
Vice President Kwesi Amissah Arthur, at the weekend reiterated government’s determination to tackle the problem of illegal mining. With reference to the apprehensive reports by the scientist of the negative health consequences of illegal mining, the Vice President in a strong term decried the activities and expressed government's concern about the health of the people in the illegal mining areas. “The issue of illegal mining is not just a simple one of the origin of the people engaging in it. It is about the environmental impact of the activity on human beings. So whether a Ghanaian or foreigner is engaging in illegal mining, a problem is being created”, the Vice President said. Speaking at the 5th congregation of the University...
(Vibe Ghana 07/30/13)
The President of Ghana, John Dramani Mahama has warned against over-reliance on governments in spearheading the developmental agenda of the African continent, arguing that such an attitude has serious repercussions on states’ treasuries. “Government cannot leverage the sort of finance that it needs to create enough power in Africa,” he said. According to the President, in ensuring growth of a country, the private sector was key and, therefore, joined four other African leaders, including Presidents Denis Sassou N’Guesso of Congo, Macky Sall of Senegal, Blaise Compaoré of Burkina Faso and Jacob Zuma of South Africa to advocate increased private sector participation in driving the developmental agenda of the continent. President Mahama made this observation last Thursday when addressing the second...
(Ghana Business News 07/30/13)
The Economist Intelligence Unit (EIU) has attributed Ghan’s yields from the just-issued $750 million Eurobond to the imprudence in the fiscal management of the country’s economy. Ghana, on July 25, 2013 launched a $750m Eurobond at a yield well above other recent issues by some other African countries. According to the EIU’s analysis, although the bond was popular with investors—it was three times oversubscribed—the yield of 8% that encouraged such interest was above that offered by Nigeria, Rwanda and Zambia during the previous 12 months. The EIU noted that though some of the increase in the Eurobond yield can be put down to the recent upsurge in wariness about emerging-market assets in the wake of hints that the US Federal...
(Bloomberg 07/30/13)
Ghana’s central bank will probably keep its key interest rate on hold as proceeds from a sale of Eurobonds and loans for cocoa purchases boost dollar reserves, giving the regulator room to support a weaker currency. The Bank of Ghana will maintain the policy rate at 16 percent tomorrow, according to seven of eight economists surveyed by Bloomberg. Andrea Masia, a Johannesburg-based analyst at Morgan Stanley, predicts an increase of 50 basis points, or 0.5 percentage point. The decision will be announced at about 11:00 a.m. in Accra, the capital. The currency of the world’s second-biggest cocoa producer declined 7.8 percent against the dollar this year amid increased demand from manufacturers and traders for the U.S. currency in the import-dependent...
(Ghana Business News 07/30/13)
The Chief Justice, Mrs Theodora Georgina Wood, has appealed to magistrates and judges to use their powers wisely for the greater good of the nation. “As a country, we should not tolerate a situation where judges and magistrates continue to remand accused persons in custody even when they had been charged with a bailable offence”. The Chief Justice, who is Chairperson of the Judicial Council, said this when she inaugurated a new court building in Winneba. The building, which cost about 300,000.00 Ghana cedis, was constructed by the Judicial Service in collaboration with the Effutu Municipal Assembly with support from the Danish International Development Agency. Mrs Wood said the new building had two court rooms, one of which would be...

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