Wednesday 23 August 2017
(Ventures-Africa 06/20/13)
VENTURES AFRICA- American multinational conglomerate General Electric (GE) has signed a memorandum of understanding (MoU) with the Ghana government to build a 1000 megawatts power plant in Ghana. Information released by Ghana’s Energy Ministry disclosed that the power plant, which is expected to be completed over the next five years, will enhance the country’s current power generating capacity. Ghana’s Energy Minister, Emmanuel Buah initialed the MoU for Ghana while Jay Ireland, the President and CEO of GE Africa signed for his company. The John Mahama administration in Ghana has promised to double Ghana’s energy generating capacity to 5000 megawatts of power by 2016. “Under this MoU, GE will be facilitating the development, financing and technical partnership required for the implementation...
(Ventures-Africa 06/20/13)
VENTURES AFRICA – Dr. Donald Kaberuka, President of the African Development Bank (AfDB), and Prof. David Malone, Rector of United Nations University (UNU), have signed a Memorandum of Understanding (MOU) to foster research and knowledge exchange on sustainable development in Africa. According to an official statement, the MOU was signed on June 5 after the Tokyo International Conference on African Development (TICAD V), which held in Yokohama, Japan, from June 1-3. The AfDB-UNU partnership aims to strengthen collaboration between Japan and African countries to strengthen Science, Technology and Innovation (STI) in Africa. The AfDB and UNU will contribute to the establishment of a joint Africa–Asia strategic plan for sustainable development and a joint program of activities for capacity building in...
(Ghana Business News 06/20/13)
The Ghana Interbank Payment and Settlement System (GhIPSS) has given hints of moves to interconnect all mobile money payment platforms in the country. Currently the mobile money platforms in the country are ran by the telecommunications companies such as MTN and Tigo. The interconnection will be done under what GhIPSS calls the ‘mobile money system’, its Chief Executive Officer, Archie Hesse announced today June 19, 2013 at the National Payments Strategy Workshop here in Accra. According to Mr Hesse, there was a need for GhIPSS to offer a mobile money platform but it was beaten by the telecoms companies. “What we will do now is to interconnect the mobile money companies such that if you are with MTN, you are...
(Vibe Ghana 06/20/13)
Minority in Parliament has commended Mr Martin Amidu for his singular effort in pursuing and achieving fairness and justice leading to the Supreme Court’s order for a refund of 25 million Euros by Waterville Holdings Limited, a construction firm, on June 14. A statement read by Mr Joseph Osei-Owusu, Minority Spokesperson on Legal and Constitutional Affairs at a press conference on Wednesday at the Parliament, said the Minority appreciated Mr Amidu’s resilience and tenacity of purpose in the enterprise in the midst of hostility and acrimony that his action provoked within some sections of the society. He said Mr Amidu lost his position as Attorney–General but he remained undaunted, courageous, focused and purposeful, saying he deserved the accolade of First...
(Vibe Ghana 06/20/13)
Ms Helen Adjoa Ntoso, the Eastern Regional Minister, has cautioned candidates writing this year’s Basic Education Certificate Examinations (BECE) to refrain from any form of examination malpractice. She urged them to revise their notes well in order to improve upon the performance recorded in the region last year. “Last year, the region recorded 54 per cent passes but we want you to shoot this up to over 80 per cent this year but as much as possible we also want to record zero cheating,” she said. Ms Ntoso was speaking to the candidates at some selected examination centres in the region. She was accompanied by Ms Adriana Kandelige, the Regional Director of Education, and chief executives of the respective districts...
(Myjoyonline 06/20/13)
Managing editor of the New Crusading Guide newspaper has vouched for the integrity of Chairperson of the Conention People's Party; Samia Nkrumah and 2012 Presidential candidate; Dr. Abu Sakara following reports suggesting the two have allegedly embezzled over GH¢ 700,000 meant as campaign funds. Daily Graphic reported Thursday, a fact-finding committee set up by the CPP to establish alleged acts of financial impropriety involving the leadership of the party, has indicted Dr Abu Sakara, and the Chairperson, Ms Samia Yaba Nkrumah, for failing to account for GH¢700,000 of campaign funds meant for the elections. According to the report, written submissions by persons who appeared before the committee confirmed receipt of substantial funds and two Toyota Hilux vehicles, which were received...
(Ghana Business News 06/20/13)
Security agencies have arrested some people in connection with the recent fire outbreaks in some major markets of the country, Mr Ibrahim Murtala Mohammed, a Deputy Minister for Information and Media Relations, has announced. Although he declined to mention the number of people and where the arrests have been made, the Deputy Minister said it was through the combined efforts of both the Ghanaian and American investigators in the country. Mr Mohammed, who announced this during the daily media briefings at the Flagstaff House, Kanda said investigations were still going on and government would now withhold the names and locations they were arrested. He said the security had also foiled other attempts to burn other markets in some parts of...
(The Chronicle 06/20/13)
The New Patriotic Party (NPP) has reignited the pressure on businessman Alfred Agbesi Woyome to refund the GH¢51 million paid to him as judgment debt into government treasury. The NPP has suggested to the Attorney-General and Minister of Justice to apply to the High Court to order the financier of the National Democratic Congress (NDC), Mr. Alfred Agbesi Woyome, to deposit the GH¢51 million paid to him as judgment with the court, pending the final determination of the government’s action against him. The call, according to the Minority NPP, “is to ensure that at the end of the case, there will be money to revert to the State.” “The Attorney-General should take steps to protect the nation’s funds,” the opposition...
(Bloomberg 06/19/13)
The World Bank’s lending unit is holding off on plans to sell 2 billion cedis ($996 million) of local-currency bonds in Ghana, where Treasury-bill yields are among the highest in Africa. “With rates in the 23 percent range, it would be very difficult,” J.R. Rao, Washington-based principal treasury officer at the International Finance Corp., said by phone this month. He reiterated the comments yesterday in an e-mail. “Even if you issue close to the government level, you’re going to pose challenges to the investment of the proceeds.” Ghana’s 91-day yields rose five basis points at the last auction on June 14 to 23.1 percent, the highest in four months and the second-highest in Africa after Malawi, according to data compiled...
(Ventures Africa 06/19/13)
VENTURES AFRICA – Construction work at the $750 million Atuabo gas processing plant in the Western Region of Ghana has stalled due to lack of funds to pay contractors working on the project. According to report, state-owned Ghana National Gas Company (Ghana Gas), reportedly owes Chinese construction company, Sinopec, more than $400 million, resulting in some sub-contractors abandoning the project site. The situation has been compounded by a vessel which arrived in the country to carry out post-offshore survey on the offshore pipes also leaving the project site. According to official sources, the main contractor has not been able to pay $30 million it owes the sub-contractor and that the post-offshore survey vessel left after several postponements of the dates...
(Ghana Business News 06/19/13)
As from July 1, 2013, consumers of petroleum products especially petrol and diesel in Ghana will bear the full cost of buying these products. Speaking on the sideline at the Institute of Financial and Economic Journalists (IFEJ) and Ghana Business and Finance media seminar on fuel subsidy for journalists in Accra Tuesday June 18, 2013, the Head of Pricing at the National Petroleum Authority, Mrs. Alpha Okaidja Welbeck revealed that, “government has allowed us to price on full cost on petrol and diesel”. Pre-mix fuel, marine gas oil local, kerosene, residual fuel used by industries will however remain subsidized, she added. Last year, President John Mahama, at that time the Vice President, said that government needed GH¢760 million to continue...
(Vibe Ghana 06/19/13)
About 1.02 billion Ghana cedis is expected to be spent on fuel subsidies by government this year. This is irrespective of the removal of subsidies on petrol, diesel and LPG a couple of weeks ago. Last year, government spent 809 million Ghana Cedis on fuel subsidies, about 0.5 percent of GDP. According to the Bank of Ghana, the total out turn of petroleum subsidies last year represent 33 percent of total domestic financed capital expenditure. Head of Research at the Central Bank, Madam Grace Akrofi says the gradual increase in fuel prices will not have significant effect on inflation. She disclosed this to XYZ BUSINESS at a media seminar organized by the Institute of Financial and Economic Journalists as well...
(Ventures-Africa 06/19/13)
VENTURES AFRICA – Ghana is drafting a law under which 30 percent of foreign investments must be ceded to Ghanaians under the revised Ghana Investment Promotion Center (GIPC) Bill currently before parliament. The Chairman of the country’s parliamentary Trade and Industry Committee, Alhaji Amadu Sorogo disclosed this. The revised GIPC bill partly seeks to empower Ghanaian owned businesses whilst restricting foreigners in the retail sector. The initial capital an investor needs to invest in Ghana has now been increased from $300,000 to $1million. Trade and Industry Minister Haruna Iddrisu who moved the motion for the bill in Parliament said investors will however be guaranteed other incentives. He said the legislation was necessitated by some “significant economic and investment development” and...
(Ghana Business News 06/19/13)
The Ghana government has signed a memorandum of understanding (MoU) with US firm, General Electric (GE) to build a 1000 megawatts power plant. The plant is expected to be completed over the next five years in order to support the nation’s power generating capacity, according to Ghana’s Energy Ministry. “Under this MoU, GE will be facilitating the development, financing and technical partnership required for the implementation of an incremental 1000MW of power in collaboration with the government of Ghana over the next five years,” the Enegy Ministry said on its website June 18, 2013. The Ministry explains that the “Ghana 1000MW Project” will introduce the Power Park Concept to enable lower cost of power and faster implementation. It added that,...
(Myjoyonline 06/19/13)
The Minority in Parliament has charged the Attorney General to apply to the High Court for Alfred Woyome to deposit with government the judgment debt paid to him by the state pending the final determination of the case in court. Addressing the media, Member of Parliament (MP) for Bekwai, Joseph Osei-Owusu, said per the Martin Amidu/Waterville ruling, the substance of Alfred Woyome’s claims have been rendered weak. Last week, the Supreme Court ordered construction company Waterville Holdings Ltd to refund €25 million ($47 million) it received illegally from the state in 2009. The NPP MPs are hopeful that the ongoing investigations by the Sole Commissioner, Justice Yaw Appau, would unearth fraudulent dealings similar to that of the Waterville case. According...
(Voice of America 06/19/13)
WASHINGTON, DC — In June, Japan made a five-year commitment of $32 billion dollars in public and private funding to Africa. It will be used in areas prioritized as necessary for growth by the Fifth Tokyo International Conference on African Development (or TICAD). Japan’s new pledge is nearly four times larger than its last commitment to the group. The plan of action is ambitious. Japanese funds will help in a number of areas, including trade, infrastructure, private sector development, health and education, good governance and food production. Boosting agricultural production. TICAD wants African agriculture to grow by five percent a year and double the output of one crop that’s also a main food source and cultural symbol for Japan: rice...
(Ghana Business News 06/19/13)
Mr Emmanuel Armah Buah, Minister of Energy and Petroleum has set up a committee of inquiry to investigate allegations of impropriety at the Accra Plains and Kumasi depots of the Bulk Oil Storage and Transportation company (BOST). A press statement issued by the Ministry of Energy and Petroleum and issued to the Ghana News Agency in Accra said the eight member committee was inaugurated on Tuesday at the Ministry. “The Minister said the move has become necessary following the incessant allegations of irregularities at the afore-mentioned depots and to ensure optimum efficiency in the transportation of fuel products” it noted. It said the committee would be chaired by Mrs Clothilde Akosua Agbenorto of the National Petroleum Authority and has Ms...
(Vibe Ghana 06/19/13)
The main opposition New Patriotic Party has denied claims that it is trying to cover up the extent of its 2012 Flagbearer’s illness. Nana Addo Dankwa Akufo-Addo left Ghana for the UK last two weeks for some “engagements and medical checkup”. His trip followed a Herald Newspaper report that he had suffered a heart attack a day earlier. He was expected back home last week but did not make it. The Party’s directive to its supporters not to troop to the Kotoka International Airport to welcome Nana Akufo-Addo, who arrives on Wednesday has sparked yet another bout of speculations that he is bedridden. Party General Secretary Kwadwo Owusu Afriyie, however tells XYZ News “it’s not true to say that Nana...
(Ghana Business News 06/19/13)
Work on the multi-million dollar gas plant being built at Atuabo in the Western Region has stalled due to lack of funds to pay contractors working on the project. The project, scheduled to be completed by the last quarter of this year, is to feed the country’s thermal generating units and the domestic market. At the moment, the government, through the Ghana National Gas Company (Ghana Gas), owes the main contractor, Sinopec, more than $400 million. This has resulted in some sub-contractors abandoning the project site. The situation has been compounded by a vessel which arrived in the country to carry out post-offshore survey on the offshore pipes also leaving the project site. According to official sources, the main contractor...
( 06/19/13)
International relations expert, Dr. Vladimir Antwi-Danso, is counseling the government against reacting to a press conference called by Chinese diplomats on the controversial subject of illegal Chinese miners in the country. Describing the press conference which was led by a deputy Chinese Foreign Minister as irregular, Dr. Antwi-Danso nonetheless said the government of Ghana must exercise restraint pending a formal statement from Beijing. After months of backroom diplomatic maneuverings, the Chinese diplomat and the Ambassador to Ghana on Tuesday went public with their disapproval of the way Chinese nationals said to be engaged in illegal mining are being treated in the wake of a government clampdown. The delegation told a news conference in Accra they had reports of targeted attacks...

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