Friday 24 November 2017
( 07/05/13)
Fiber glass canoes and boats were introduced to the fishing community at the James Town Beach in Accra yesterday to replace wooden ones. The new technology, introduced by the Ghana Egypt Fiber Glass Industry, a joint venture firm, is to help the fishing community to add value to its catch and enhance its operations. Launching the products, the Managing Director of the company, Mahammed El Tonsy, said fiber glass canoes and boats for fishing were not new, as they were being used by fishermen in some African countries and the developed world. After a careful study of the operations of fishermen along the country’s coast, the company thought it wise to transfer the technology of fiber glass canoes and boats...
(Myjoyonline 07/05/13)
President John Mahama has directed that government scholarships to study abroad, should be granted only to students who want to pursue courses that are not offered by institutions in Ghana. The directive is one of the strategies government has adopted to achieve greater efficiency in the award of government scholarships. The President has again directed the immediate payment of all arrears due Ghanaian students on government scholarships abroad, Deputy Information and Media Relations Minister, Felix Kwakye Ofosu has announced. Mr. Kwakye Ofosu said the President has further given instructions to the Finance and Education Ministries to put in place measures that will ensure transparency in the award of scholarships. The Deputy Minister was speaking to journalists at the Daily Media...
( 07/04/13)
The over 4,500 traders who lost their wares in market fires in Accra and Kumasi have been identified by government for support. These traders were selected from the four markets namely, Makola No 1 and 2, Kantamanto, and the Kumasi central market. About seven major markets were gutted by fire both in Accra and Kumasi destroying goods worth millions of Ghana Cedis. The cause of the fires which occurred within the last two months is yet to be established but about three persons are in the grips of the Police for allegedly causing some of the fires. According to a Deputy Minister of Information and Media Relations, Felix Kwakye Ofosu, the figure will be subjected to further scrutiny to obtain...
(Myjoyonline 07/04/13)
Ghanaians will soon have the benefit of reading at first hand a comprehensive compilation of documents, articles and pictures describing at firsthand the issues leading to and surrounding the Presidential Election Petition sanctioned by the National Executive Committee of the New Patriotic Party with Nana Akufo-Addo, Dr. Bawumia and Jake Obetsebi Lamptey as the Petitioners. This has been made possible in a 200 page book authored by Ken Ofori-Atta, William Oppong Bio, Boakye Agyarko and Kwasi Busia. The book titled “The Election Petition: Restoring Justice and Democracy for Peace” will be launched on Tuesday, July 9, 2013 at 6pm at the British Council in Accra. According to authors of the publication, the book seeks to inform the Ghanaian public, the...
( 07/04/13)
Cargill Ghana Limited, a major cocoa processing company situated in the freezones enclave, has indicated its intention to process more of the country’s cocoa on the grounds that it gets some more incentives from the government. The company did not specify the kind of incentives it requires to do so but noted that the cost of processing the cocoa beans was expensive irrespective of their fine quality, and that unless it was able to get some more incentives it might not be financially possible to increase the quantity it processed. The Operations Manager, Business Unit of Cargill Cocoa and Chocolate, Mr Wouter Evers, told the Daily Graphic exclusively that “we have the capacity to do more than we do now...
( 07/04/13)
The Ghana Chamber of Telecommunications has expressed outrage at attempts by the government to introduce what it describes as an additional tax on telecom service providers in the country, a move it says could negatively impact the quest of players in the industry to continuously invest in infrastructure development. The chamber, made up of players in the mobile telecom industry in the country, argued that the sector was the only utility service provider overburdened with taxes and indicated that additional taxes could adversely affect investments that would ensure the provision of continuous quality services for consumers. “The Ghana Chamber of Telecommunications is gravely dissatisfied with the Communications Service Tax (CST) Amendment Bill currently before Parliament under a certificate of urgency,”...
(Ghana Business News 07/04/13)
The Africa Finance Corporation (AFC) has announced that it will invest over $250 million into the power systems in Ghana, Kenya and Nigeria. The investment forms part of the $7 billion ‘Power Africa’ initiative announced by US President Barack Obama last week in South Africa during his three-nation African tour. The African-led international financial institution also indicated that it will be catalyzing a further $1 billion in additional investments in sub-Saharan Africa energy projects. The AFC, in a statement said it “will invest over $250 million in the power sectors of Ghana, Kenya and Nigeria, while catalyzing a further $1 billion in additional investments in sub-Saharan Africa energy projects.” The ‘Power Africa’ initiative is to increase access to clean, geothermal,...
(Ghana Business News 07/04/13)
Parliament on Wednesday gave assent to two Bills intended to shore up revenues to bridge this year’s budget deficit and raise funds for national development. The proposals included the National Fiscal Stabilization Levy Bill and the Special Import Levy Bill. The National Fiscal Stabilization Levy is expected to enable government to generate revenues topping some Ghȼ88 million to support shortfalls in this year’s budget. The Bill will re-impose a stabilisation levy of five percent on profit before tax of selected companies and institutions for a period of 18 months to raise funds for fiscal stabilisation of the economy. Government in 2009 introduced the National Fiscal Stabilisation Act, 2009 (Act 785), to garner resources for economic expansion. However, following the stability...
(Ghana Business News 07/04/13)
Ghana has become the fifth largest recipient of foreign direct investment (FDI) inflows into Africa for the year 2012, according to the 2013 World Investment Report (WIR) released last week. The country was the continent’s third largest recipient of FDI inflows in 2011 after receiving $3.2 billion in 2011. According to the UN Conference on Trade and Development (UNCTAD) report, $3.3 billion FDI inflows came into the Ghanaian economy in 2012. “FDI to Ghana remained stable at $3.3 billion,” said the report published June 26, 2013. African countries that received more FDI inflows than Ghana were Nigeria ($7 billion), Mozambique ($5.2 billion), South Africa ($4.6 billion) and DR Congo ($3.4 billion). Ghana received FDI inflows of $2.5 billion in 2010...
(Ventures-Africa 07/04/13)
VENTURES AFRICA – The Ghanaian government has submitted a bill to its parliament seeking to impose an additional 6% taxes on inbound international calls. Mobile telecom operators currently already pay a Communication Service Tax or “Talk Tax”. If passed, the mobile network operators will now pay a six percent tax on interconnection fees. If approved by parliament, it will raise the taxes paid by Ghana’s six mobile telecom operators. Operators are likely to pass this tax hike on to customers, meaning when a mobile customer receives an international call, they will be charged for the call. This is similar to the practice in the United States and India. Additionally, the bill seeks to re-introduce import taxes on mobile phones so...
(Myjoyonline 07/04/13)
The Ministry of Food and Agriculture (MOFA) has denied that fruits from Ghana have been banned from major international markets due to the negative impact of fruit flies and other plant pests and diseases. A Deputy Minister of Food and Agriculture, Dr Ahmed Yakubu Alhassan, told the Daily Graphic in Accra last Tuesday that Ghana was currently exporting fruits to Lebanon and some European countries. He was reacting to a publication in the Tuesday, July 2, 2013 issue of the Daily Graphic that Ghana and 27 other African countries had been banned from exporting fruits to the United States, the European Union (EU) and other international markets in view of fruit flies invasion in those countries. But Dr Alhassan said...
(The New Times 07/04/13)
Mushikiwabo was speaking yesterday in Kigali as a panelist at a national symposium that featured discussions about 50 years of Africa’s independence, Rwanda’s 19 years since the Liberation War, and the role of Africa’s unity in the economic development of the continent. Mushikiwabo said that Africans will have to end rampant corruption, insecurity, and reliance on too much of foreign intervention if they are to record better achievements in their freedom and economic status. “Colonialism has hampered our ability to think for ourselves,” the minister said as she highlighted some of the reasons behind the continent’s ills. She encouraged all Africans to strive to tell their own story if they are to succeed in developing themselves because the current situation...
(The Point 07/03/13)
Standard Chartered has committed to financing more than US$2 billion in energy projects under the Power Africa Initiative, a five-year partnership between the United States, six African governments and the private sector. The partnership represents a coordinated cross-border effort to build the regulatory, economic and policy foundation in order to double access to power in Sub-Saharan Africa. The governments of Ghana, Tanzania, Kenya, Nigeria, Ethiopia and Liberia and a group of private-sector firms are taking part in the initiative to improve access to clean, reliable power in Africa. Power Africa will add more than 10,000 megawatts of cleaner, more efficient electricity generation capacity – equivalent to 250 percent of Nigeria’s current power generation - increasing access to electricity by more...
(The Chronicle 07/03/13)
The World Bank has hinted that government spends a whopping $30 million monthly to import crude oil for power generation for domestic and commercial used in Ghana. According the World Bank, latest report entitled: ‘Emerging Economic Growth in Ghana: Making the Power and Petroleum sectors rise to the challenge’, Ghana is spending $1 million daily to import crude oil for power generation. When multiple $1 million by 30 days. It is equivalent to $30 million. The country could have saved the $30 million dollars per month if work on the first gas processing plant had been fast tracked. Work on the plant, located at Atuabo in the Western Region, has delayed due to failure on the part of government to...
(Myjoyonline 07/03/13)
Deputy Minister of Energy and Petroleum John Abdulai Jinapor has disclosed that his Ministry is considering providing solar energy for all major health facilities in the country, to serve as backup to existing power supplies to prevent death and other occurrences resulting from power outages. The Deputy Minister who made the disclosure during a courtesy call on him by a delegation from Philips further noted that, it is important for theatres and emergency wards of hospitals across the country to be provided with additional power supply as power failures sometimes result in loss of lives especially during operations. Mr. Jinapor further said government has also commenced a program to supply solar lamps in rural areas in order to phase out...
(Myjoyonline 07/03/13)
The Chief Executive of the Ghana Chamber of Telecommunications, Kwaku Sekyi-Addo, says government’s proposal to increase taxes on some telecommunication services "does not look good" for the industry. Government has presented a paper seeking approval to amend the Communication Service Tax (CST) law and to impose additional taxes on some services including incoming international calls and email. But according to Mr. Sakyi-Addo the basis upon which government is seeking to amend the 2008 CST law is factually flawed. “The memorandum says that the CST or talk tax...was intended as an excise tax to raise additional revenue from communication service providers rendered to their customers and to each other...that is wrong”, Mr. Sakyi-Addo said. Speaking on Joy FM’s Super Morning Show...
( 07/03/13)
Ghanaians, especially women, now have a wide-range of options to define their beauty following the introduction of natural, hand-made skin and hair products onto the local market.The skin and hair products are derived from quality local ingredients such as shea butter, cocoa butter, clay and moringa, which are sourced directly from farmers or through community projects. Shea Butter Cottage, a Ghanaian-owned manufacturing company based in Sonning, Reading, in the United Kingdom, is exploring the rich local natural ingredients that people often overlook to manufacture the skin and hair products. “My father (of blessed memory) instilled in me the use of natural ingredients around. Every time I look at trees, I see money on the trees, so to speak, because I...
( 07/03/13)
Microfinance operators have kicked against any increase in the minimum capital required for their operations. As part of its review of the sector’s microfinance regulations, the Bank of Ghana has initiated moves to soon increase the 100 thousand minimum capital in a bid to address the current financial challenges in the sector. This has been triggered by the recent serial reports about many of the firms closing down due to financial difficulties. The issue dominated discussions at the first Microfinance Forum organized here in Accraby the Ghana Microfinance Institution Network. Some of the operators of microfinance firms who later spoke to Joy Business argued that any increase in the capital would not be in the interest of the industry. “I...
( 07/03/13)
Government would offer a two-year tax holiday to any investor prepared to establish an agro-processing industry in four deprived Regions in the country. The Regions are the Central, Northern, Upper East and Western. Mr Haruna Iddrisu, Minister of Trade and Industry, disclosed this on Tuesday when a six-member Turkish delegation paid a courtesy call on him in Accra to declare their interest in investing in economically viable areas in the country. He gave the assurance that Government would provide investors with a friendly investment climate as well as a guarantee to repatriate their profit. Mr Iddrisu said economic fortunes existed in the agricultural, telecommunication, infrastructure and road construction as well as in the medical fields. He said Government was seeking...
( 07/03/13)
The World Bank Ghana Office officially launched today a flagship energy sector report which highlights some of the daunting challenges facing Ghana's power and petroleum sub-sectors, and which threaten to undermine Ghana's bid to become a fully-fledged middle income country. Prepared by a team of World Bank staff and local experts during a period of electricity shortages and rolling power blackouts, the report highlights the potential economic damage this trend is likely to inflict on the country, at a point when Ghana's fast growing economy has evolved to become even more dependent on reliable electricity and fuel supply. The report outlines the opportunities and challenges from managing Ghana's finite oil and gas resources, as well as, the opportunity cost of...

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