Tuesday 23 January 2018
(Ghana Business News 06/26/13)
Ghana’s economy grew year-on-year by 6.7 per cent in the first quarter of 2013, compared to 10.3 per cent for the same period in 2012, Dr Philomena Nyarko, acting Government Statistician has said. She said services recorded the highest growth of 12 per cent, agriculture registered a growth rate of 1.1 per cent, and industry on the other hand, declined by 0.8 per cent. Dr Nyako told the GNA in Accra that on quarter- on-quarter basis, the value of goods and services produced in the first quarter of 2013 declined by 3.1 per cent. She said all the major sectors fell during the period; agriculture dropped by 0.2 per cent, industry dipped by 2.3 per cent while services declined by...
(Myjoyonline 06/26/13)
A new report on the Global Plan towards elimination of new HIV infections among children by 2015 and keeping their mothers alive (Global Plan) has revealed a marked increase in progress in stopping new infections among children across the Global Plan priority countries in Africa. The report outlines that seven countries in sub-Saharan Africa—Botswana, Ethiopia, Ghana, Malawi, Namibia, South Africa and Zambia—have reduced new HIV infections among children by 50% since 2009. Two others—the United Republic of Tanzania and Zimbabwe—are also making substantial progress. It highlights that there were 130 000 fewer new HIV infections among children across the 21 Global Plan priority countries in Africa––a drop of 38% since 2009. “The progress in the majority of countries is a...
(Ghana Business News 06/26/13)
Ghana is now resorting to bridge financing to fund the gas infrastructure at Atuabo in oil-rich Western Region, Finance Minister Seth Terpker has said. The gas project was expected to have been completed last quarter of 2012 but it has been rescheduled to this year due to financing challenges. Chinese contractor, Sinopec, has been pre-financing the project ahead of the disbursement of a $3 billion loan facility from the China Development Bank (CDB). But the disbursement from CDB is not forthcoming and that has led President John Mahama to direct both the Finance and Energy Ministries to look for a bridge financing which is usually on short-term basis for the project. “His Excellency has asked the Finance Minister and the...
( 06/26/13)
Parliament has deferred approval of the country's second EUROBOND to Thursday June 27, 2013 as government plans to turn to the international capital market next month to raise $1 billion. Proceeds from the bond issuance would be used to finance infrastructural projects in the country and restructure maturing debts. The House was expected to give approval to the bond issue after receiving a report from the Finance Committee of Parliament on Tuesday June 25, but errors identified in the report prevented the approval. Some analysts are worried any delay in approving the BOND might affect government’s chances of getting all the funds from investors at a good interest rate. But investment analyst, Derrick Mensah told Joy Business though time is...
(The Chronicle 06/26/13)
Cradling her newborn son in her arms, Gifty Mensah shows him off proudly to family members and friends but her joy is clouded by a secret she dares not share: she is HIV positive. Gifty, who is 26, was shocked to discover her status when she took a test during a regular antenatal visit last year. “I didn’t believe it at first. I just cried,” said Gifty, a market trader in Accra, whose real name has been used here to protect her identity. Yet the test proved a lifesaver for both she and her son. She started taking anti-retrovirals immediately and when her son was born in March he tested negative for HIV. A campaign by the Ghana Government, the...
(Vibe Ghana 06/26/13)
Mr Haruna Iddrisu, Minister of Trade and Industry, has announced that with effect from September 13, 2013 all imported African prints shall be regarded as “High Risk Goods” and subjected to 100 per cent physical examination. He explained that the measure was to clamp down on illegal importation of pirated Ghanaian textile prints, and said imports of textiles would be done only through Kotoka International Airport, Takoradi and Tema ports. Mr Iddrisu announced these at the joint inauguration ceremony organized for the Task Force on Seizure and Disposal of Pirated Ghanaian Textile Prints and the Vetting Committee on the Importation of African Textile Prints in Accra on Tuesday. He said that from September 13 all importers would have to declare...
(UN.org 06/26/13)
New HIV infections among children have been reduced by 50 per cent or more in seven countries in sub-Saharan Africa, the United Nations agency spearheading the global AIDS response said today. Botswana, Ethiopia, Ghana, Malawi, Namibia, South Africa, and Zambia have reduced new HIV infections among children by half since 2009, while Tanzania and Zimbabwe are also making substantial progress. This is according to the latest progress report on the Global Plan towards the elimination of new HIV infections among children by 2015 and keeping their mothers alive (Global Plan), which was launched in July 2011 at the UN General Assembly High-level Meeting on AIDS. The Plan has two main targets for 2015: a 90 per cent reduction in the...
(Vibe Ghana 06/26/13)
Former Attorney General, Martin Amidu, insists he named those behind the payment of illegal judgment debts in connection with the Waterville, Austro Invest and Alfred Woyome case. Responding to Deputy Information Minister Murtala Muhammed’s claim that he was dismissed by late President Mills for failing to name those he (Martin Amidu) accused of perpetuating “gargantuan” fraud in the payment of the judgment debts, the former AG says he was being treated unfairly by the Government. Below is Martin Amidu’s full statement. RE: WHY MARTIN AMIDU WAS DISMISSED: MARTIN AMIDU’S DENIAL AND CHALLENGE TO THE GOVERNMENT OF GHANA – BY MARTIN AMIDU. I read for the first time in the Ghanaian Times of Tuesday, June 25, 2013 and peacefmonline of yesterday...
(Vibe Ghana 06/26/13)
The nine-member Bench hearing the ongoing election petition case, has clarified that its persistent warnings against contemptuous comments cover everyone, irrespective of status, including the President. The clarification was given by the President of the Bench, William Atuguba,when hearing resumed on Wednesday June 26, 2013. Justice Atuguba noted that: “…The touchline we issued last Monday covers everybody in this country; from [the] President down to anybody; everybody is covered; everybody, I want to make that clear. That’s the coverage area of our warning”. President John Mahama, has on three occasions, publicly expressed confidence of victory in the ongoing election petition. He told party supporters on June 10 at the Party’s Headquarters that: “Our victory was won cleanly and fairly”. He...
(Ghana Business News 06/25/13)
On June 12, 2013, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Ghana. Economic growth continued at a robust pace of 8 percent in 2012 amid rising fiscal and external imbalances. Fiscal pressures came to the fore in a mounting public sector wage bill and costly energy subsidies that pushed the deficit close to 12 percent of GDP. The fiscal expansion led to a significant deterioration in the public debt ratio and contributed to a widening deficit in the external current account, with the latter also reflecting sizeable foreign direct investment (FDI). The policy mix deteriorated in the course of 2012. While fiscal policy became increasingly expansionary, the Bank of Ghana tightened monetary...
(Myjoyonline 06/25/13)
The Bank of Ghana is reviewing portions of the regulations covering the micro finance sector. Key among this is the 100 thousand minimum capital requirement for micro-finance companies which is to be increased. This has become necessary especially following the recent spate of bankruptcy reports in the sector. About 5 micro-finance finance firms have in the 6 weeks experienced serious financial challenges which has seen most of them fold. The Head of Banking Supervision at the Bank of Ghana, Franklyn Belnye tells Joy-Business the new review should be completed in a month’s time. “The capital that we set is low and that’s why there’s this influx of the companies. But all of them may not even be coming in with...
(Ventures-Africa 06/25/13)
VENTURES AFRICA – Ghana’s oldest and biggest bank by profitability, the Ghana Commercial Bank (GCB), will in the next few months expand its operations into three other West African countries. The bank which recently rebranded from Ghana Commercial Bank to GCB says it will leverage on this new brand to start operations in other markets. This was disclosed by the Board Chairman of the bank, Dr Fritz Gockel, at a dinner and awards night to celebrate the bank’s 60th Anniversary in Accra over the weekend. GCB, which has the most number of branches in Ghana, 158 in total, registered an impressive profit growth last year of GH¢192.8 million ($96 million) for the year 2012. This represents a profit before tax...
(Ghana Business News 06/25/13)
The Bank of Ghana plans to restructure the Banking Supervision Unit to focus more on payment system issues, a deputy governor of the central bank has hinted. According to the central bank, it wants to take payment systems into a new level. “We need a team that is dedicated to this. So one commitment the BoG is making is to take payment system to another level by restructuring to cater for a payment system and give it a focus,” Mr Millison Narh, Deputy Governor of BoG said at the just-ended National Payments Strategy Workshop held in Accra last week. The workshop was aimed at developing a strategy to promote cashless in the Ghanaian economy. In order to promote a cashless...
(Voice of America 06/25/13)
Ghana President John Dramani Mahama has directed that cabinet ministers sign a performance contract that will determine whether they stay in office or lose their jobs. “It is one of the innovations that President Mahama has introduced in order to provide clarity as to what exactly his government intends to achieve,” said Deputy Information minister Felix Ofosu-Kwakye. “This exercise is meant to remove any doubt as what expectations the president has of ministers and what they are expected to achieve within the period that they are in office,” he said. Ofosu-Kwakye says the directive is included in the promises Mahama made while campaigning in the run up to the 2012 general election. “Ministers of state are expected to do a...
(Myjoyonline 06/25/13)
Government says it will “respond appropriately” to the new UK immigration policy requiring Ghanaian visitors to the UK to deposit £3,000 as guarantee for their return. A deputy Information and Media Relations Minister, Felix Kwakye Ofosu said the new policy has just come to the attention of government, which is now assessing it. The policy, according to the UK government is to prevent residents from “high risk” countries from overstaying in the UK. Once a resident departs from the UK the £3,000 bond is returned to him or her. The policy, once implemented will affect Ghana, Nigeria, India, Pakistan and Bangladesh. But some Members of Parliament in Ghana are livid over the new policy and are calling on government to...
(Ghana Business News 06/25/13)
Awareness and patronage of childhood immunization and Reproductive and Child Health (RCH) in 30 communities in Adaklu District, have improved in the last 18 months. This followed community mobilization and awareness creation on the importance of those interventions by Future Generations International (FUGI) supported by Global Alliance for Vaccines International (GAVI) and the Ghana Health Service (GHS). During the period, the total average coverage of childhood immunization and reproductive and child health recorded in the six health centres in the district, stood at 8.5 per cent. In contrast, FUGI’s Community Based Health Volunteers recorded 53.8 per cent total average immunization in 30 communities where they carried out education on the importance of childhood immunization and reproductive health. A report compiled...
(Myjoyonline 06/25/13)
Another fire outbreak in Kumasi has consumed eight shops at Suame Magazine, a suburban market in the Ashanti regional capital. The fire which started at about 2am Tuesday swept through eight shops and completely burnt four vehicles as well as a corn mill. The fire is believed to started immediately power, which had been cut from the area, was restored. This is the second market fire in a month in Kumasi after a similar occurrence in the Central Market on June 16, 2013. Market activities in the area have been halted with many traders ruing their loss. Luv FM’s Erastus Asare Donkor reported that the people suspect the fire may have started from the corn mill. According to Erastus, eyewitness...
(National Mirror Online 06/25/13)
Africa has lost at least $200 billion in five decades to illegal fishing and another $100 billion in illegal bunkering since 2003. Speaking at the opening of the Summit of Heads of States and Governments of the Economic Community of Central African States, ECCAS, the Economic Community of West African States, ECOWAS, and the Gulf of Guinea Commission, GGC, the African Union Commission Chairperson, Nkosazana Dlamini- Zuma, warned that such incursion should not be allowed to continue. The summit with focus on maritime safety and security in the Gulf of Guinea opened yesterday in Yaoundé, the Cameroonian capital with President Goodluck Jonathan in attendance, among 25 other African leaders. Jonathan, who had last week raised serious concern over crude oil...
(The Africa Report 06/24/13)
The United States has provided $1.4 million to improve research in Ghana's agriculture industry.

 The money through the United States Agency for International Development (USAID) will be used to recruit a technical advisor, train staff, and provide equipment to the newly set up Agriculture and Agribusiness Unit in the ministry of Finance. According to officials, the unit will use the funds to formulate policies for the agriculture sector. It will also compile, analyzes, and summarise information from across the government departments and external sources to advise policy makers on microeconomic developments and policy issues in the agricultural sector. 


The US embassy in Accra said the unit will be the first of its type, and will serve as a model for...
(Xinhuanet 06/24/13)
China and Ghana are working closely to properly handle the issue of Chinese nationals engaged in illegal gold mining in the West African country, a senior Chinese official said here on Tuesday. Gong Jianzhong, the Chinese ambassador to Ghana, told a press conference that the issue of Chinese nationals involved in illegal mining activities in Ghana was a disharmony in the course of development of bilateral relations between the two countries. Gong said China attached great importance to the issue and had dispatched two working groups in March and June to Ghana to hold discussions and consultations with the Ghanaian side to find ways to settle the concern. "This fully embodies the Chinese government's sincerity and determination to resolve this...

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