| Africatime
Wednesday 29 March 2017
(The Associated Press 04/24/13)
Ghana, West Africa’s second-biggest economy, expects oil production to more than double to 250,000 barrels a day by 2021 as output rises at the Jubilee field and other sites start pumping. The country has new crude discoveries at different stages of appraisal and development, Nana Boakye Asafu-Adjaye, chief executive officer of the state-owned Ghana National Petroleum Corp. known as GNPC, said in an interview in the capital, Accra, yesterday. At the Tullow Oil Plc-operated Jubilee field, 60 kilometers (37 miles) off Ghana’s western coast, output has averaged 110,000 barrels a day over the last three months, he said. In the next “five to eight years we will be spending $20 billion” to develop Jubilee and other discoveries, Asafu-Adjaye said. Jubilee,...
(Reuters (Eng) 04/22/13)
African finance ministers told their rich nation counterparts at weekend meetings of the International Monetary Fund and World Bank to work harder and faster to kick-start their economies to avoid a prolonged slump that could undermine strong growth in the developing world. "We are concerned," Nigerian Finance Minister Ngozi Okonjo-Iweala said at the meetings of global finance leaders. "If we continue to see slow growth in the euro zone, which provides a large market for many African countries, and is coupled with a slowdown in emerging economies, then we will become more vulnerable," Okonjo-Iweala told a news conference of African finance ministers. "We need to insist that our partners in other parts of the world work harder and faster." Despite...
(Ghana Business News 04/19/13)
The International Monetary Fund and Ghana have signed a memorandum of understanding (MoU) to establish a new Africa Regional Technical Assistance Center (AFRITAC) in Accra. When completed, the centre will be the second in West Africa after the one in Ivory Coast. The MoU was signed by Ghana’s Finance Minister Seth Terkper and IMF’s Deputy Managing Director in Washington April 18, 2013, according to an IMF statement. The selection of Ghana to become the International Monetary Fund (IMF) Regional Technical Assistance Centre in West Africa was announced in a press statement Wednesday November 11, 2009 by the IMF’s African Department. The Accra AFRITAC is expected to be set up in late 2013 and officials say the center will serve Cape...
(The Guardian 04/19/13)
Ghana facing 'major public health issue' after condoms supplied to health service found to contain holes and burst easily. Ghana is facing a "major public health issue" after condoms supplied to the country's health service were found to contain holes and burst easily. More than 1m "Be Safe" condoms have been impounded by the country's food and drugs authority (FDA), which said they were also too small and not adequately lubricated. "When we tested these condoms, we found that they are poor quality, can burst in the course of sexual activity, and have holes which expose the users to unwanted pregnancy and sexually transmitted disease," said Thomas Amedzro, head of drug enforcement at the FDA. But the FDA said it...
(Xinhuanet 04/16/13)
ACCRA, (Xinhua) -- Sixteen illegal Ghanaian miners including two women were killed in a mine pit collapse and another one died at hospital Monday near the gold mining town Dunkwa in Ghana's central region. Ghana's state media Ghana News Agency reported that the accident happened in a mining landsite at Kyekyewere, a suburb of Dunkwa. The victims were between 18 and 50 years old. It was reported that more people are feared trapped in the pit. Personnel from the Fire, Police and Immigration Services as well as the National Disaster Management Organization (NADMO) are frantically searching for survivors. According to Chief Superintendent Otu Larbi, Municipal Police Commander, Mr. Abu Sadique who owns the God First Mining Enterprise in the Kyekyewere...
(Reuters (Eng) 04/16/13)
At least 17 people were killed while mining illegally at a disused gold mine in Ghana's central region when the ground caved in on them on Monday, local authorities and eyewitnesses said. The dead included one of six injured miners who died in the hospital, the Municipal chief executive Peter Owusu-Ashia told Reuters. "It is an abandoned pit that has attracted a lot of illegal miners," Owusu-Ashia said adding that persistent efforts to ward off such activities have proved futile. He said rescuers had retrieved 16 bodies, using excavators and other earth-moving equipment. It is unclear how many people had gone into the pit, located at Kyekyewere, but rescue workers believed all those trapped had been recovered. Illegal mining is...
(Reuters (Eng) 04/15/13)
Sub-Saharan Africa's economic growth should accelerate to more than 5 percent over the next three years, far outpacing the global average, but the region must do more to convert this into reducing poverty, the World Bank said on Monday. In its latest Africa's Pulse analysis of prospects for the region, the bank saw increased investment, high commodity prices and a pick-up in the global economy driving this expected growth surge in the world's poorest continent. It said foreign direct investment (FDI) inflows to Sub-Saharan Africa were projected to increase to record levels each year over the next three years, reaching $54 billion by 2015. This compared to $37.7 billion in 2012, a 5.5 percent increase in a year when FDI...
(Reuters (Eng) 04/10/13)
Ghana's new central bank chief said on Wednesday he stood ready to vigorously defend price stability in the African oil producer but believed inflation would slip back to single digits by mid-year while the cedi currency remained "broadly stable". In his first interview since taking office last week, Bank of Ghana Governor Henry Kofi Wampah said the primary focus of his five-year term would be achieving price stability in the West African nation, which started pumping oil three years ago. "I intend to vigorously deal with all threats that would prevent us from achieving this target," the 58-year-old economist told Reuters. He said the central bank was seeking powers to punish those flouting foreign exchange restrictions. "My legacy should be...
(Reuters (Eng) 04/10/13)
Carlyle Group (CG.O) is looking at a number of banks in east and west Africa for a potential investment, its Africa co-head said on Wednesday, as the U.S. private equity firm focuses on the continent's growing consumer market. Carlyle, which last year invested in a pan-African grain trading firm, has recently signed a second deal, Marlon Chigwende also told the Reuters Africa Investment Summit. "Banking is very interesting today, and that is the general statement across a lot of sub-Saharan Africa," Chigwende told the Reuters Africa Investment Summit in Johannesburg. "Certainly, there are several opportunities of fast-growing banks, good management teams, interesting market positioning." Although private equity is still at a nascent stage in Africa, investor interest in the fast-growing...
( 04/10/13)
The Africa Development Bank (AfDB) has launched a a multi-country and multi-partner project which seeks to increase food security and improve the income and living standards of small-holder farmers in the 20 African countries by improving the value chains of four important staple crops – maize, wheat, cassava and rice. The project targets to demonstrate by 2016, that it is possible to increase the yields of cassava, maize, rice and wheat by at least 20% on smallholders’ farms, increase the smallholder’s household cash income to $600 from the current $370 and increase food security by at least 20% to 84% from the present 73%. According to media statement from the implementing agency, International Institute of Tropical Agriculture (IITA), key stakeholders...
(Voice of America 04/10/13)
When Ghana struck oil in 2007, citizens expected the industry would bring them better lives and investors anticipated hefty profits from a rising African economic star. Six years later, all of them are complaining. Lower-than-expected production from the offshore Jubilee field and funding a costly presidential election process in 2012 have left the West African nation struggling to deliver promised development projects while keeping its finances in order. The situation underscores the complex reality of translating raw materials into prosperity on a continent notorious for the 'resource curse'' of graft, strife and mismanagement that has hit oil-rich countries like Nigeria, Angola and Equatorial Guinea. Newly-elected President John Dramani Mahama is walking a fiscal tightrope between ordinary Ghanaians demanding swift change...
(Reuters (Eng) 04/09/13)
When Ghana struck oil in 2007, citizens expected the industry would bring them better lives and investors anticipated hefty profits from a rising African economic star. Six years later, all of them are complaining. Lower-than-expected production from the offshore Jubilee field and funding a costly presidential election process in 2012 have left the West African nation struggling to deliver promised development projects while keeping its finances in order. The situation underscores the complex reality of translating raw materials into prosperity on a continent notorious for the "resource curse" of graft, strife and mismanagement that has hit oil-rich countries like Nigeria, Angola and Equatorial Guinea. Newly elected President John Dramani Mahama is walking a fiscal tightrope between ordinary Ghanaians demanding swift...
(Reuters (Eng) 04/02/13)
Ghana's President John Dramani Mahama has appointed Henry Kofi Wampah as governor of the central bank, elevating him from the deputy position he held for four years, a source close to the presidency said on Tuesday. Wampah, 58, replaces Kwesi Amissah-Arthur who is now Ghana's Vice-President. "The President has confirmed him (Wampah) as the governor - he was informed last week," the source told Reuters on condition of anonymity because the government has yet to make an official announcement. Wampah, who holds a Masters' degree and a PhD in Economics with specializations in econometrics and public finance from McGill University in Canada, was appointed by former President John Atta Mills as first deputy governor of the central bank in April,...
(Reuters (Eng) 03/26/13)
"BRICS, Don't Carve Africa" reads a banner in a church hall in downtown Durban where civil society activists have gathered to cast a critical eye at a summit of five global emerging powers. The slogan evokes the 19th Century conference in Berlin where the predominant European colonial states carved up the African continent in a scramble historians see as epitomizing the brash exploitative capitalism of the time. Decades after Africans threw off the colonial yoke, it is the turn of the blossoming BRICS group of Brazil, Russia, China, India and South Africa to find their motives coming under scrutiny as they proclaim an altruistic-sounding "partnership for development, integration and industrialization" with Africa. Led by that giant of the emerging powers,...
(Reuters (Eng) 03/26/13)
President Barack Obama hosts the leaders of four African nations this week, all of which are cited in a new report for effectively increasing spending on agriculture to combat extreme poverty and hunger. The report by the ONE Campaign, an anti-poverty group co-founded by Irish rockers Bono and Bob Geldof, said Senegal, Malawi, Cape Verde and Sierra Leone either met or were close to meeting targets for increased budget spending on agriculture. All of the countries, except Cape Verde where there is little data, are also on track or close to meeting a U.N. target of halving extreme poverty by 2015, the report said. The African leaders will visit the White House on Thursday to showcase their fledgling democracies, but...
(The New York Times 03/26/13)
BEIJING — As President Xi Jinping of China continues his first overseas trip as his country’s leader, arriving in South Africa late on Monday after Russia and Tanzania, he meets with much goodwill – but also some concern among Africans that China may be a “new colonial power,” extracting resources and selling manufactured goods, as I reported on Sunday. China knows it. In a speech in Tanzania, Mr. Xi sought to calm the concerns, as my colleagues Chris Buckley and Jeffrey Gettleman reported. “China frankly faces up to the new circumstances and new problems in Sino-African relations,” Mr. Xi told an audience of Tanzanian politicians and officials in Dar es Salaam, the country’s economic hub and a center of government,...
(Reuters (Eng) 03/14/13)
Catholics in Africa and Asia on Thursday greeted the election of Pope Francis from Argentina as a historic breakthrough that would pump the developing world's vital energy into a struggling Church and amplify the voice of the planet's poor. While there was disappointment that Pope Benedict's successor did not come from the African or Asian continents, Cardinal Jorge Bergoglio's Third World origins spurred hopes of a kindred spirit among Catholics from Manila to Maputo. Argentina, in Latin America's southern cone, is as far from Africa and Asia as Europe, the prime source of previous pontiffs. But these rapidly developing southern continents of the globe, where poverty still looms large, are now home to the world's fastest growing Catholic communities. African...
( 03/07/13)
Insurance companies can now create, market and sell their own micro insurance products with the introduction of a new micro insurance regime by the National Insurance Commission (NIC). The new regime will guide insurance companies to sell micro insurance products, contribute to the development of the micro-insurance sector and ensure that policy holders are adequately protected. Isaac Yaw Boabeng, Head of Marketing, Research and External Affairs at NIC, in an interview with CITY & BUSINESS GUIDE said the move by NIC is aimed at penetrating the uninsured sector of the populace. “Insurance penetration is very low. It is between 1.5 to 1.6 percent as of now. So, we hope the introduction of the micro insurance regime will encourage high patronage,”...
( 03/07/13)
Andre and Jordan Ayew will make their final decision over their immediate future with Ghana by the close of this week following a plea by the Ghana FA for them to drop their temporal retirement plans. Last week the Ghana Football Association (GFA) rejected the request by the Marseille duo to quit the Black Stars provisionally urging them to reconsider their decisions. The Ayew brothers caused lots of controversy by writing separate letters to the GFA citing personal reasons for their surprise request for exclusion from national assignments. The sons of legend Abedi Pele will respond to the letter the GFA sent them with many suspecting they could make a U-turn and return to the Black Stars, insiders close to...
( 03/05/13)
With the current power crisis worsening, many are looking forward to concrete plans and timelines to resolving it. The government’s budget statement is due to be read by the Finance Minister Seth Terkper today. Though officials are tight-lipped on specifics, a release from the ministry said it will focus on stabilising the economy, infrastructure development and accelerated growth. An entrepreneur and Chief Executive Officer of Model Metals, Augusto Obodai, says he is expecting the budget to outline plans to address the ongoing power crisis. He told Joy News’ Anny Osabutey the erratic power supply is negatively affecting his business. “Honestly, sometimes you come and you don’t even know when the power will go off. You come to the office, open...

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