Monday 23 October 2017
(Ghana Business News 07/11/13)
Government would by the end of the first quarter of 2014, conclude a deal with the European Union (EU) on an interim Economic Partnership Agreement (EPA) to protect the country’s export products to the EU market. The agreement would be subject to stakeholder consultative discussion on issues such as the future of Ghana’s exports, market size and duration and how these would be realigned with the common Economic Community of West African States (ECOWAS) tariff agreement. Mr Haruna Iddrisu, Minister of Trade and Industry announced this on Tuesday at the 74th National Exporters’ Forum and Launch of the 2012 Non-Traditional Export (NTE) Statistics, organised in Accra by the Ghana Export Promotion Authority (GEPA). The International Committee of Europe in March...
(Ghana Business News 07/11/13)
The first drilling exercise conducted at a well in the Offshore Accra Contract Area has been very disappointing. The operators at the area hoped to encounter oil or gas reserves but to their dismay, they found water instead. According to Ophir Energy, the operator, the Starfish-1 well was drilled in 1490m of water and reached a total depth of 4348m subsea by the Stena DrillMax drillship in the frontier Keta basin, located within the West African Transform Margin play. Drilling started at the well June 21, 2013, according to officials. “Wireling logging has confirmed the presence of a gross c. 230m sandstone interval in the primary (Lower Cretaceous) target interval although logs show these to be water wet,” said Ophir...
(Ghana Business News 07/11/13)
The Parliament of Ghana recently passed into law a bill that places an import tax on telephones and mobile phones. Prior to this, there was zero tax on mobile phones importation. The law, Customs and Excise Amendment Bill 2013 seeks to impose a 20 per cent levy on mobile, cellular and satellite phones imported into the country and is expected to enable government raise an amount of GH¢49.8 million to support its developmental activities for the year. The amended Customs and Excise (Duties and Other Taxes) (Amendment) Act, 1996 (Act 512) imposes import duty on telephone and mobile phones, reduces the environmental excise tax on plastic and plastic products from 15 per cent to five per cent. The new law...
( 07/11/13)
In what may appear to be a retaliatory diplomatic response to Ghana’s crackdown on Chinese illegal miners in the West African country, the Government of the Republic of China is contemplating strict new visa requirements for Ghanaian visitors. The new visa measures, according to XYZ News sorties, will target only Ghanaians, but not restricted to ordinary citizens. Ghanaian Government officials including Ministers are also expected to be affected by the new water-tight Chinese visa regulations. The Government of Ghana launched a hard-hitting and targeted crackdown against the Chinese miners in June. That campaign has led to the arrest and deportation of over 3000 Chinese. Other nationals from Niger, Mali and other West African Countries have also been deported following the...
(Ghana Business News 07/11/13)
Mr James Avedzi Klustse, Chairman of the Parliamentary Select Committee on Finance, has assured small holder farmers that government would not impose tax on imported fertiliser. He said the tax on fertiliser came up in parliament for debate due to the smuggling of the commodity. Mr Avedzi made this known when the Peasant Farmers Association of Ghana (PFAG) held a policy dialogue with the Parliamentary Select Committees of Finance, Agriculture and Government Assurance in Accra on Tuesday. The PFAG used the policy dialogue, supported by OXFAM-Ghana, a non-governmental organisation and the BUSAC Fund, to present the Farmers Manifesto for Election 2012 and beyond and research findings on agriculture extension and challenges of extension. Mr Joseph Awantungo, a Lead Researcher at...
(Myjoyonline 07/11/13)
The Minister of Trade and Industry, Mr. Haruna Idrissu, has said government may, in the future, consider taking measures to discourage the importation of flour into the country in order to reinforce local production. The Minister made the comment at the end of a familiarization tour of Olam’s 500 metric tonnes per day wheat mill at Kpone, near Tema. “It is too early to impose an administrative ban on these imports now, but in the long term, we will need to access whether local manufacturers have the capacity to meet local demand and consumption of flour; once that is established, government will take steps to discourage the importation of flour into the country and encourage the use of what is...
(Voice of America 07/11/13)
LONDON — Malta has been forced to cancel the forced return of dozens of Somali migrants to Libya, after an emergency ruling by the European Court of Human Rights. The EU has criticized the attempted repatriation, but Malta has accused its European partners of a lack of solidarity. It comes after the Pope visited an Italian island earlier this week that's received thousands of migrants. Tired, hungry and dehydrated, 68 migrants who'd set sail from Libya were rescued by Maltese patrol boats Wednesday 50 kilometers off the coastline, after their vessel lost power. It's the second migrant boat to arrive in as many days. Maltese authorities had intended to send two planes back to Libya carrying 45 Somali migrants who...
(Myjoyonline 07/11/13)
Government’s consistent failure to pay GH¢700 million it owes bulk distribution companies (BDCs) since 2012 is posing a serious threat to the existence of the BDCs and commercial banks that extended credit facilities to the companies. Already, the debt, which came about as a result of under-recoveries in petroleum prices which the government considered as subsidies and some foreign exchange losses that the BDCs recorded in the third and fourth quarters of 2011 and the first and second quarters of 2012, is attracting huge interest from the banks. The acting National Co-ordinator of the Association of BDCs, Mr Senyo Hosi, raised the alarm when he presented a paper on, “The BDCs and Deregulation”, at the maiden colloquium on Downstream Deregulation...
(Ventures-Africa 07/11/13)
VENTURES AFRICA – African business leader and philanthropist Tony O. Elumelu joins President Goodluck Jonathan as part of a high powered delegation accompanying the Nigerian leader on a state visit to China from 11 to 12 July 2013. The visit, which will include a meeting with China’s President Xi Jinping, will have Mr Elumelu and other business leaders, including Folorunso Alakija, Femi Otedola and Oba Otudeko, representing Nigeria’s business interests, thus emphasising President Jonathan’s commitment to leveraging the private sector to drive both development and trade and investment links between China and Africa. Speaking at the investment forum, which attracted over 700 potential investors, their Nigerian counterparts and several governors as well as the Ministers for Trade and Investment, Aviation...
( 07/10/13)
The government says it is on course to raise US$1 billion through the issuance of Eurobond on the international capital market later this year. A road show to create public awareness and whip up investor interest from the international community on the bond is expected soon, the Minister of Finance and Economic Planning, Mr Seth Terpker, said and added that the government was currently in discussions with consultants and advisors on the prospectus accompanying the bond. He, however, declined to give the exact date the bond would be issued except to say it would be done this year. "We are well on course on the bond; currently, the advisors and the consultants are in discussions with government on the prospectus...
(Ghana Business News 07/10/13)
Alhaji Inusah Fuseini, Minister of Lands and Natural Resources has revealed that the Mining industry in 2012 contributed 27 per cent of government revenue collected by the Domestic Tax Division of Ghana Revenue Authority. He said the mining sector has produced 4,313,190 ounces of gold, which is the highest ever in the history of the country, resulting in export revenues of more than $5.6 billion. Alhaji Fuseini made this known on Tuesday in Accra at the meet-the-press series being organised by Ministry of Information and Media Relations. He said six mining regulations have been passed by parliament to operationalise the Minerals and Mining Act 2006, (Act 703) as well as strengthen the regulatory framework governing the management of the mining...
(Ghana Business News 07/10/13)
The Ghanaian government’s fight to curb corruption in the public sector is said to be ineffective, a survey conducted by the Transparency International (TI) has shown. According to the anti-corruption watchdog’s 2013 Global Corruption Barometer (GCB) released July 9, 2013, 54% of the 2000 respondents surveyed in Ghana reported that corruption has increased in the past two years (from 2011 to 2013). Only 20% said that corruption had decreased in the country. The GCB is a survey of the public’s perceptions and experiences of corruption. In Ghana, a total number of 2000 people were surveyed, comprising respondents from two MMDAs in each of the ten administrative regions. Despite government’s efforts in curbing the act, the Ghana Integrity Initiative (GII), the...
(Vibe Ghana 07/10/13)
Mr Felix Kwakye-Ofosu, a Deputy Minister for Information and Media Relations, on Wednesday commended President Mahama for initiating a three-day orientation programme for Ministers and Deputy Ministers. He said apart from equipping them with sufficient knowledge to effectively perform their duties, the orientation had also empowered them to significantly improve on their performance by moving them away from old ways of doing government business. “I think the initiative taken by President Mahama has been instrumental as it will go a long way to place us on the right pedals to perform our duties creditably well in our areas of jurisdiction,” the Deputy Minister said. Mr Kwakye-Ofosu, made the commendation during the daily briefings at the Flagstaff House, Kanda, said the...
(Bloomberg 07/10/13)
Ghana will sell 200 million cedis ($98 million) in two issues of seven-year bonds, the first time the West African nation is offering debt of the duration as it seeks to extend the yield curve on government debt. Ghana will sell 100 million cedis next month and 100 million cedis in November, the Accra-based central bank said in a statement on its website today. No dates for the sales, which will be open to foreign and domestic investors, were given. The world’s second-biggest cocoa producer, is offering longer-dated bonds amid attempts to boost debt trading and give investors more ways to buy into the second-biggest economy in West Africa, where growth is expected to reach 8 percent this year, according...
( 07/10/13)
Parliament’s recent approval of the imposition of a 20 percent tax on imported mobile handsets is expected to generate GH¢49 million, as well as protect and expand local businesses. Roland Agambire, Chief Executive Officer (CEO) of rLG Communications Limited, asked foreign mobile phone manufacturing companies to partner local assembling firms in order to boost the latter’s chances of competing favourably with the former on the market. According to him, such partnerships would protect and grow local mobile phone assembling firms to help them remain competitive. Analysts have argued that such a tax would engender the massive smuggling of handsets into the country, but rLG’s CEO insists the revenue could assist government. In February this year, rLG Communications Limited, in partnership...
( 07/10/13)
The Minister of Trade and Industry, Mr Haruna Iddrisu, has expressed grave concern over the decline in non-traditional exported in 2012 and charged non-traditional exporters to step up their efforts to meet the target for 2013. According to him, non-traditional products export in 2012 amounted to $2.364 billion, representing a decrease in value over the previous year’s earnings of $2.423 billion. Addressing the 74th National Exporters Forum and the launch of the 2012 Non-Traditional Export Statistics in Accra yesterday, Mr Iddrisu urged non-traditional exporters to ensure that their products met international standards. He said although news of the ban of fruits exports from Ghana turned out to be false, it was a wake-up call for exporters to pay particular attention...
(Ventures-Africa 07/10/13)
VENTURES AFRICA - Ghana will sell 200 million cedis ($98 million) in two issues of seven-year domestic bonds, the first time the West African nation is offering debt of the duration as it seeks to raise money to close the budget deficit and reign in inflation. The bond issue will be open to both local and international investors, although no specific dates for the issue were announced, according to an official statement on the website of the Bank of Ghana (BOG). The first will be issued in August and the second in November this year. The BOG will sell 100 million Ghana cedis in both August and November. This sale is different from the $1 billion Eurobond that Ghana will...
(Myjoyonline 07/10/13)
Minister of Finance, Mr Seth Tekper says the New Patriotic Party's assessment of the state of Ghana’s economy, is full of factual flaws. According to Mr. Tekper, the country’s nominal GDP has moved from GH¢35 billion to nearly GH¢ 80 billion, indicating that debt situation is not as stark as the NPP sought to put it. The Finance Minister was reacting to comments made by Dr Anthony Akoto-Osei, a former Finance Minister in the John Agyekum Kufuor administration on the Super Morning Show of Joy FM, Wednesday July 10. Describing the economy as “choked” Dr Anthony Akoto-Osei said apart from the just released NPP statement on the economy, the newspapers are rife with reports about government owing several institutions. He...
(The Globalnewsreel.com 07/10/13)
Five banks are leading the race to underwrite a chunk of the $1.2 billion that COCOBOD is seeking to raise through its syndication exercise that comes off in September this year, The Independent Business has learnt. They include French bank Societe Generale which has a subsidiary firm, SG in Ghana, Nedbank and Rand Merchant Bank, all from South Africa and Bank of Tokyo of Japan. SG was until recently SG-SSB. Already, COCOBOD has completed a road show abroad. It has been embarking on a road show to raise the funds from banks to fund cocoa bean purchases during the 2013/2014 crop season. The company raises syndicated loans through local and international financers in Europe for cocoa purchases annually. Public Relations...
(Voice of America 07/10/13)
Only seven of the 53 African Union countries who pledged to commit at least 10 percent of their national budgets to investment in agriculture in 2003 have reached that goal. Aid organizations say that investment in agriculture is key to breaking the cycle of food insecurity and crisis in West Africa. As the declaration approaches its 10th anniversary on Wednesday, the aid groups are calling on AU countries to renew their commitment to the Maputo Declaration. In 2003, 53 African heads of state agreed to allocate at least 10 percent of their national budgets to investment in agriculture and livestock by July 2008. Ten years later, only seven countries - Burkina Faso, Niger, Guinea, Senegal, Mali, Malawi and Ethiopia -...

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