Friday 15 December 2017
(Ventures-Africa 07/12/13)
VENTURES AFRICA – Ghana Cocoa Board (COCOBOD) says it has signed an agreement with The Netherlands to continue the Mabang Megakarya Selection Programme (MMSP) over the next four years. The programme, which is a public-private partnership between the Board, Netherlands, Ghana Cocoa Growing Research Association Limited (GCGRA), Mars Incorporated and MondelezInternational, would contribute more than four million euros ($5.2million) to help Ghana develop improved black-pod resistant varieties of seeds. Black-pod disease is one of the main diseases that affect cocoa seedlings and can either kill them or reduce the cocoa plants output. At the agreement signing ceremony in Accra, Mr Harry van Dijk, Deputy Head of Mission of the Kingdom of the Netherlands, called for an economic growth that translated...
(Ghana Business News 07/12/13)
Ghana ranked 67th among 107 countries worldwide in the 2013 edition of the Global Food Security Index published July 2013 by the Economist Intelligence Unit (EIU) and US company DuPont. With a score of 45.4, Ghana came third on the rankings among 28 countries in the sub-Saharan Africa region. South Africa and Botswana were the two nations ahead of Ghana. The Global Food Security Index considered core issues of affordability, availability, and quality across all the 107 countries. The index, which is a dynamic quantitative and qualitative scoring model, was compiled from 27 unique indicators that measured the drivers of food security across both developing and developed countries. According to the Index, Ghana’s strengths out of a 100 score were...
(Ghana Business News 07/12/13)
An Economic Professor at the Centre for World Food Studies of the University of Amsterdam (SOW-VU) has called for a deliberate policy to encourage more local investment to sustain Ghana’s economy. Dr G.J.M Bart Van Den Boom said the current situation where major investments in the economy were owned by foreigners was not good for the long term development of the nation. Speaking at a seminar for faculty members of the Kumasi Polytechnic, he highlighted the need for a paradigm shift to promote local savings and support local entrepreneurs to go into the various sectors to stimulate sustained growth. The seminar, held under the theme “High growth, North-South divide and foreign ownership: outcomes of a micro-macro simulation model of the...
(Myjoyonline 07/12/13)
Government is expected to issue its first seven year bond next month to raise 100 million Ghana cedis. This would be the first time the country issuing a bond that would mature over that period. It is also planning to issue another seven year bond in November to raise the same amount. The announcement was contained in Government's securities calendar issued for the next half of this year by the Bank of Ghana. Another five year bond would be issued in September to raise 600 million Ghana cedis. JOYBUSINESS gathers proceeds from these bonds would to used to settle debts that are maturing and finance some infrastructure projects. This could bring the total amount of funds government would raise from...
(The Globalnewsreel.com 07/12/13)
The Ghana Chamber of Telecommunications has begun reviewing the Communications Service Tax (CST) Amendment Bill passed by parliament on Tuesday. In a statement, the chamber said it will communicate to government and if possible to inform further consultations before maturing into a law. The chamber had said that the mobile phone operators contributes 37% of government revenues every year as well as created over 1.6 million jobs directly and indirectly. It added that the service providers have invested nearly US$6 billion in the Ghanaian economy. The CST bill includes a 20% tax on imported handsets. It however excludes the controversial tax on international calls and mobile data. The decision to exempt the tax on international calls and mobile data from...
(Voice of America 07/12/13)
GENEVA, SWITZERLAND — The UN Conference on Trade and Development (UNCTAD) is calling on African nations to boost their private sectors to advance intra-regional trade. UNCTAD’s new report on the Economic Development in Africa 2013 says reducing trade barriers alone is not enough to turn regional trade into a winning enterprise. In a newly published report, the UN Conference on Trade and Development says African governments must boost private industry and entrepreneurs if they are to compete successfully with foreign firms unencumbered by trade barriers. The report says Africa has a lot to do to catch up with the world's other intra-regional trading blocs. It notes that trade among African nations was low, just 11.3 percent of total trade in...
(Mining Weekly 07/12/13)
JOHANNESBURG (miningweekly.com) – Gold major Gold Fields produced 451 000 oz of gold-equivalent ounces in the quarter ended June 30, 25 000 oz less than in the first quarter of the year. The 5% quarter-on-quarter drop in output was mainly the result of a week-long illegal strike by workers at its Tarkwa and Damang mines, in Ghana, in April. The JSE- and NYSE-listed miner, however, remained confident of maintaining its full-year target of producing between 1.82-million and 1.9-million ounces. Further, Gold Fields reported that its cash costs and notional cash expenditure (NCE) for the quarter were about $860/oz and $1 250/oz respectively. Cash costs and NCE for the full year were expected to remain at about $860/oz and $1 360/oz...
(Myjoyonline 07/12/13)
The proposed takeover of Merchant Bank Ghana by South Africa’s FirstRand Bank, has been abrogated. The Social Security and National Insurance Trust (SSNIT) – majority shareholder of Merchant Bank – announced Friday July 12, 2013, that the proposed deal had fallen through. A statement issued by Corporate Affairs Director for SSNIT, Evangeline Amegashie said the two parties, First Rand and Merchant Bank, failed to reach an agreement on the commercial principles for the acquisition. According to the release: “FirstRand Limited (FirstRand) of South Africa and Ghana's Social Security and National Insurance Trust (SSNIT) jointly announced today that the original legal and regulatory time frame agreed for FirstRand's offer to acquire Merchant Bank Ghana (MBG), announced in August 2012, has officially...
(Ghana Business News 07/12/13)
Mr Ban Ki-moon, United Nations (UN) General Secretary has called for the support of adolescent girls to realise their potential and contribute to the shared future. Mr Ban Ki-moon made the call on Thursday in a statement to mark World Population Day, which was copied to Ghana News Agency in Accra. The statement said adolescent girls would become greater force for positive change in society if much attention and resources are devoted to their education, health and well being. It the focus for this year’s celebration should be on adolescent pregnancy as an estimated 16 million teenage girls who give birth each year never had the opportunity to plan their pregnancy. “Complications from pregnancy and childbirth can cause grave disabilities,...
( 07/12/13)
Government is advancing its plans to welcome more Independent Power Producers (IPPs) to produce power to augment the efforts of the Volta River Authority (VRA) at generating power for public and government use. The call for IPPs has increased in recent times as Ghana continues to languish in acute power rationing challenges. Civil societies have requested government to invite more independent power producers who have the expertise, the financial muscles and the commitment to venture into other unexplored power generation options to tap power to alleviate the current power banes. At a press conference, the Minister for Energy and Petroleum, Emmanuel Armah Kofi-Buah, said government is fixing ‘its domestic issues’ that inhibited the investments of IPPs. He said government is...
(Ghana Business News 07/12/13)
Mr Kosi Kedem, President of the forum for former Members of Parliament said lack of national computer policy and networking has brought about wastage, negative and inefficient use of the computer. He said members were aware of the ill fated, inefficient and badly managed computer system like the Customs Excise and Preventive Service automated system for Customs data, compromised SSNIT’s database, Ministry of Education’s unreliable integrated personal pay data base and the Ghana commercial bank computer system. Mr Kedem said this at a one day Information Communication Technology (ICT) training programme for former members of Parliament in Accra. He said the nation has bemoaned the upsurge of computer or cyber crime and fraud and has to live with the pain...
( 07/12/13)
Ghana’s mission in China has indicated that it has tightened its visa acquisition process for Chinese who intend to visit Ghana. According to the Deputy Head of the Mission in China, Alfred Saame, this is to ensure illegal Chinese miners do not sneak into the country. It was confirmed earlier this week that the Chinese Embassy in Ghana had tightened its visa application processes for Ghanaians who wished to visit China. The Embassy on its part, denied reports that the new measures were in retaliation to Ghana’s recent deportation of its (Chinese) nationals. In an interview with Citi News however, Mr. Saame stated that the new development came into force before reports emerged that China had done same. “With this...
(AFP (eng) 07/11/13)
A Ghanaian newspaper editor was released Thursday after serving a controversial 10-day jail term ordered by the west African nation's supreme court for criticising the judges' handling of a dispute over last year's presidential election. Ghana Prison Service spokesman Francis Agyirey-Kwakye said Ken Kuranchie, publisher of the Daily Searchlight newspaper, left a prison in Nsawam, a town about 37 kilometres (23 miles) north of the capital Accra, on Thursday morning. "He was released and he's on his own now," Agyirey-Kwakye said. Supreme court justices found Kuranchie guilty of criminal contempt last week and sentenced him to 10 days behind bars, an unusual occurrence in a country viewed as having one of the freest presses on the continent. His detention sparked...
( 07/11/13)
Mr Haruna Iddrisu, Minister of Trade and Industry, has called on foreign investors to venture into the manufacturing industry to help create jobs for the unemployed youth. Mr Iddrisu made the call on Wednesday when Mr Ian Lee, the Centre Director of International Enterprise (IE), Singapore, visited him at his office in Accra. He said as a lower middle income country, there is the need for investors to invest in the manufacturing industry for the growth of the economy. He promised that government would give two -year tax incentive to any company that would invest in the agro-processing industry in the Northern, Upper East, Upper West and Central regions. “Ghana is a destination of choice for business because of the...
(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...

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