Wednesday 25 April 2018
(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 $1.2 billion that COCOBOD is seeking to raise through its syndication exercise that comes off in September this year, The Independent Business has learnt. They include French bank Societe Generale which has a subsidiary firm, SG in Ghana, Nedbank and Rand Merchant Bank, all from South Africa and Bank of Tokyo of Japan. SG was until recently SG-SSB. Already, COCOBOD has completed a road show abroad. It has been embarking on a road show to raise the funds from banks to fund cocoa bean purchases during the 2013/2014 crop season. The company raises syndicated loans through local and international financers in Europe for cocoa purchases annually. Public Relations...
(Voice of America 07/10/13)
Only seven of the 53 African Union countries who pledged to commit at least 10 percent of their national budgets to investment in agriculture in 2003 have reached that goal. Aid organizations say that investment in agriculture is key to breaking the cycle of food insecurity and crisis in West Africa. As the declaration approaches its 10th anniversary on Wednesday, the aid groups are calling on AU countries to renew their commitment to the Maputo Declaration. In 2003, 53 African heads of state agreed to allocate at least 10 percent of their national budgets to investment in agriculture and livestock by July 2008. Ten years later, only seven countries - Burkina Faso, Niger, Guinea, Senegal, Mali, Malawi and Ethiopia -...
(The Globalnewsreel.com 07/10/13)
Against all expectations, Ghana has dipped low in its Non-Traditional Export (NTE) earnings for 2012. The country’s export earnings declined from US$ 2.423 billion in 2012 to US$2.364 billion in 2012, representing a drop by 2.43%. This drop is against the background of continual hikes in NTE earnings. In 2010 and 2011, the country exceeded targets by 12.3% and a whopping 33% respectively. The Acting CEO of the Ghana Export Promotion Authority (GEPA), Gideon Quarcoo, attributed the downward experience to a drop in the average price levels of some key products such as cashew nuts (about 16%), cocoa paste (about 11%) and canned tuna (about 33%). The CEO added the lifting of the ban on exports of cocoa and its...
(The Globalnewsreel.com 07/10/13)
Some people call it load shedding while others call it power rationing. The truth, however, is that the country is virtually in power crisis. This has been so since 1998 when the country first experienced its major power crisis. Since then, power rationing or load shedding has almost become part of us and there appears to be no end in sight. This worrying development is making our so-called energy experts and their political counterparts appear clueless and their seeming incompetence is making the innocent citizens suffer. When the first major power crisis hit this country in 1998, the major excuse was that the volume of water that powered generators and turbines at the Akosombo Dam had subsided. Fifteen (15) years...
(Ventures-Africa 07/10/13)
VENTURES AFRICA – Shenzhen Energy Group (SEG), the mother company of Sunon Asogli — an Independent Power Producer in Ghana’s power sub-sector, has announced it is to build a 700MW power plant in the country. Mr Hong Can, a director at Shenzhen Energy Group, indicated that the coal-fired power plant will take 24-30 months to complete and also include the construction of a coal-port with approximately 50,000 tonnes berth. The project is projected to cost about $700 million and will need 2 million tonnes of coal per year to run when completed. According to Mr. Can, the coal for the project will be imported from South Africa. These disclosures were made when Mr Can and Sunon-Asogli officials paid a working...
(Vibe Ghana 07/10/13)
Ghana’s inflation rate rose to 11.4 per cent last June compare with 11.1 per cent in May, Dr Philomena Nyarko, acting Government Statistician, said on Wednesday. She said the rate was calculated for the second consecutive month, using the new food basket of 267 items, and the monthly change rate for June was 2.6 per cent. According to Dr Nyarko food inflation was up to 6.3 per cent in June, from 5.8 per cent in May while the non-food inflation was unchanged at 15.7 per cent. Housing, water, electricity, gas and other utilities recorded inflation of 17.4 per cent, clothing and footwear 17 per cent while the communications sub-group had the lowest inflation rate of 0.9 per cent. GNA
( 07/09/13)
Ghana has been ranked 67th in this year’s Global Food Security Index, a marginal improvement over last year’s ranking when it placed 68th out of 105 countries. This year’s Index expands on 25 previously identified food security indicators to determine how two new factors, political corruption and urbanisation, affect access to safe, nutritious and affordable food. “Corruption can impact food availability through distortions and inefficiencies in the uses of natural resources, as well as bottlenecks and inefficiencies in food distribution,” the report said. The report, which was commissioned by DuPont -- a developer of genetically modified crops, was developed by the Economic Intelligence Unit (EIU) to consider the underlying drivers of food security among some 105 countries worldwide. Ghana attained...
(Ghana Business News 07/09/13)
The International Monetary Fund (IMF) has indicated that Ghana’s economy is at what it calls a critical stage of development. In a 113-page report published late June 2013, the IMF noted that despite Ghana reaching a lower middle-income status, the economy still relies heavily on agriculture and natural resources and most jobs are in the informal sector. According to the IMF staff report, Ghana’s concentration of exports on gold, cocoa and oil makes the economy “vulnerable to terms-of-trade shocks”. The Fund notes “Ghana is at a critical stage in its economic development”. The World Bank in July 2011 classified the economic status of Ghana as a low middle-income, moving from a lower income. This means the country has an average...
(The Globalnewsreel.com 07/09/13)
Ghana’s Finance Minister Seth Terkper says the country is not broke but however admits there are a few fiscal challenges to be scaled. He said the Ghana Revenue Authority is performing “very well” despite a few challenges which are being addressed through a series of revenue measures announced by President John Mahama a few weeks ago. “If we generate revenue and spend a higher than proportional [amount] to pay wages and interests, that does not mean that we are not deriving our revenues. We are deriving the revenues. GRA is doing well; it’s performing well even though it has its own challenges…but that by no means, means that we are not collecting enough revenues and therefore the nation is broke”,...

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