Saturday 18 November 2017
(Ghana Business News 05/31/13)
The African Guarantee Fund (AGF) will by next month issue $25 million worth of guarantee to four Ghanaian banks, its CEO has said. According to Mr Felix A. Bikpo, the Fund is reviewing some projects brought forward by these banks for guarantees. “We are reviewing some projects coming from some Ghanaian banks and I hope by this month (June) we will be issuing like $25 million worth of guarantees for them,” Mr Bikpo told ghanabusinessnews.com in an interview at the ongoing 2013 African Development Bank (AfDB) Annual Meetings in Marrakech, Morocco. Mr Bikpo however did not disclose the names of the four Ghanaian banks requesting for guarantees for their projects but tells ghanabusinessnews.com that “one of them is part of...
(Ghana Business News 05/31/13)
The decision to make Ghana an alternative member of the African Legal Support Facility (ALSF) has been revoked. The decision was taken by ALSF’s Governing Council at the ongoing 2013 African Development Bank’s Annual Meetings in Marrakech, Morocco because Ghana since 2012 has refused to sign for the establishment of the Facility in the country. Ghana was appointed on May 29, 2012 at the ALSF GC’s 7th Meeting. The ALSF was established to provide legal technical assistance for Highly Indebted Poor Countries (HIPCs) to address the growing problem of vulture funds. It is also to help African countries negotiate complex transactions. Noting that Ghana has not yet signed the Agreement for the establishment of the Facility, the Governing Council in...
(Allghananews 05/31/13)
The Chairman of the Electoral Commission (EC), Dr Kwadwo Afari-Gyan Thursday told the Supreme Court that as many as 70,951 voters in the December 2012 elections were persons who suffered permanent or temporary trauma. He defined the categories respectively as persons who had lost their fingers permanently and others who had fingers but whose fingerprints could not be read by the registration equipment but may in the future regrow their finger lines. Such voters have the letters FO (Face Only) against their records in the register. The figure is in sharp contrast to the 3,196 filed by petitioners Nana Addo Dankwa Akufo-Addo, 2012 presidential candidate of the New Patriotic Party (NPP); Dr Mahamudu Bawumia, running mate for Nana Addo and...
(Vibe Ghana 05/31/13)
The Chairman of the Electoral Commission (EC), Dr. Kwadwo Afari-Gyan on Thursday May 30, 2013 told the Supreme Court in the election petition trial that there were close to 80, 000 voters who were designated as ‘FACE-ONLY’ (FO) Voters because the biometric registration machines failed to capture their figure prints during the registration exercise. He disputed claims by the Petitioners’ key Witness, Dr. Mahamudu Bawumia who had said, in his evidence-in-chief, that there were only about 3,200 registered voters who were marked as FOs and thus could vote without biometric verification. Explaining himself further in Court on Thursday at the start of his evidence-in-chief for the Second Respondent, Dr. Afari Gyan said among those classified as FOs Voters were eligible...
(The Wall Street Journal 05/31/13)
Securing Japan's economic recovery has been my priority since returning as the country's prime minister at the end of last year. We have made progress and, as this newspaper has observed, Japanese companies and individuals alike are starting to feel the benefits. The nature of the global economy, however, means that "Abenomics" cannot simply be a domestic endeavor, nor can it be about short-term gain. Japan's economic strength has been built on a cornerstone of cooperation and trade internationally, while our foreign policy is founded on the belief that peace and prosperity abroad contribute to peace and prosperity at home. This stance is also reflected in Japan's approach to global development challenges. On my first official visit to Myanmar this...
(China Daily 05/31/13)
Vice-premier calls on nations to set goals. The destiny of the African Union and African continent are intertwined, and China will closely work with the AU to further enhance the partnership, according to a high level Chinese official. Chinese President Xi Jinping's special representative and Vice-Premier Wang Yang said "a prosperous and strong AU makes a prosperous and strong African continent" when he met Dlamini Zuma, chairman of the AU Commission, on Saturday as celebrations to mark the 50th anniversary of the AU kicked off in the Ethiopian capital city. He said Africa and its people should use the anniversary as an opportunity to further stress and promote the spirit of pan-Africanism and reach a consensus on its renaissance mission,...
(Reuters (Eng) 05/30/13)
ACCRA, May 30 (Reuters) - Ghana's Supreme Court must decide in the coming months whether or not to overturn December elections that handed the presidency to John Mahama, in a rare case of African judicial vigour that has transfixed the country. Proceedings in a packed courtroom, where opposition leader Nana Akufo-Addo is challenging the outcome of the 2012 poll, are broadcast live on the radio and blare from cars and buses as the population of 25 million tunes in for the latest developments. Legal experts say the verdict, expected some time between late June and August, is too close to call, and several believe there is a genuine chance the court could invalidate the victory of Mahama's ruling National Democratic...
(Reuters (Eng) 05/30/13)
May 30 (Reuters) - Explorer Tullow Oil said on Thursday Ghana had given the green light to a second major offshore oil development, paving the way for production to start on the $6 billion project in three years' time. Tullow said the new project, named TEN and located 60 kilometres away from the company's flagship Jubilee project, would pump its first oil in 2016 and should subsequently reach plateau production of 80,000 barrels of oil per day. Tullow, which holds a stake of about 50 percent in TEN, has announced plans to reduce its holding in order to raise additional capital for development. "This is an important project that will give Ghana its second major offshore development," said Chief Executive...
(Ghana Business News 05/30/13)
DALLAS--(BUSINESS WIRE)-- Kosmos Energy Ltd. ("Kosmos") (NYS: KOS) announced today that the Government of Ghana has formally approved the Plan of Development ("PoD") for the Tweneboa-Enyenra-Ntomme ("TEN") discoveries. Approval of the PoD paves the way for Kosmos and its co-venturers, Tullow Oil, Anadarko Petroleum, PetroSA, and the Ghana National Petroleum Corporation to proceed with the development of the discoveries, with associated major contracts expected to be finalized and subsequently awarded. The TEN project is located in the Deepwater Tano Block, 60 kilometers (37 miles) offshore Ghana and approximately 30 kilometers (18 miles) west of the Jubilee Field. The TEN project is expected to deliver first oil in 2016, with a plateau production rate of 80,000 barrels of oil per day...
(Ahram Online 05/30/13)
Ghana and AC Milan star Sulley Muntari revealed on Thursday that he is trying to convince his retired national team players to return to the Black Stars squad for the 2014 World Cup qualifiers. The Black Stars lost the services of several international players for personal reasons. Kevin-Prince Boateng quit the national team squad in November 2011 citing health reasons. "Boateng is one amazing player I have played with, he is a good guy as well and we would love to have him back because we know what exactly he can give and not only him,” Muntari was quoted as saying on Ghanasoccernet on Thursday. Real Madrid's Michael Essien asked to be excused from the squad after he made a...
( 05/30/13)
Africa has witnessed remarkable growth over the past decade but must invest heavily in infrastructure to continue on this path, leaders from the continent said. The economies of countries in sub-Saharan Africa grew annually by nearly 5% in the previous 10 years, the African Development Bank said at the five-day meeting being held in the Moroccan city of Marrakesh. But that "may not benefit a wider section of the population... unless there is a marked improvement in infrastructure," it said. Ibrahim Bocar Ba, commissioner for the Economic Community of West African States, said it was a key concern for the regional bloc. "We have five priorities at ECOWAS. The first is peace of course. But infrastructure comes straight after that"...
(Myjoyonline 05/29/13)
President John Mahama and French President Francois Hollande have agreed on a number of projects to be financed under the French Development Agency's support for Ghana. The two presidents, in a meeting in the Elysee Palace, discussed trade and development assistance to Ghana. They also talked about ways to improve military cooperation, security and democracy in Africa and the need for Ghana to take advantage of its presence within a Francophone block to enhance the teaching and learning of the French language. President Hollande, who just marked his first year in office, observed that Ghana's economic progress has been widely recognised, noting that Ghana is one of the few countries in Africa with huge potential for growth a time of...
(Vibe Ghana 05/29/13)
President John Dramani Mahama on Tuesday expressed the desire and determination of Government to strengthen business relations between Ghana and France in the coming years. He said although there had been existing relations in construction, natural resources and the sciences, more emphasis would be placed on the re-structuring of urban areas of Ghana, energy generation, education and the utmost development of technology. President Mahama said this when he visited Dassault Systems and GNPC-Techniq companies that had been playing vital roles in Ghana over the years. While Dassault Systems had been engaged in training and general consultancy for the mining, oil and gas, water and eco-culture in Ghana, Techniq, on the other hand, had been working with the Ghana National Petroleum...
(Ghana Business News 05/29/13)
Ghana’s economy may expand at 8% by end of 2013, the African Development Bank (AfDB) said in its latest African Economic Outlook (AEO) published May 27, 2013. It is also predicting an 8.7% growth of the Ghanaian economy in 2014. The report estimated that Ghana’s GDP grew at 7.1% in 2012 largely driven by oil revenues, the services sector and the strong export performance of cocoa and gold. According to the 2013 AEO which was launched at the ongoing AfDB Annual Meetings in Marrakech, Morocco, Ghana’s medium term growth outlook remains positive and this is “thanks to large investments in the extractive industries, public infrastructure and commercial agriculture”. “Ghana’s medium-term outlook remains healthy, with projected GDP growth of 8.0% (6.5%...
( 05/29/13)
China has expressed satisfaction with the government’s interventions to improve the lot of Ghanaians and pledged to support those endeavours. “The President of China has outlined his vision for Africa and is aware that Ghana is implementing a Better Ghana agenda. I am confident that the cooperation between the two countries will help promote programmes for the mutual benefit of the people,” the Vice-Chairman of the Chinese People’s Political Consultative Conference (CPPCC) said. Mr Ma Biao made the commendation when he led a high-powered delegation of the conference to call on the Vice-President, Mr Kwesi Bekoe Amissah-Arthur, at the Flagstaff House in Accra yesterday. Mr Ma is leading a 10-member delegation on a three-day working visit to the country. The...
(Huffingtonpost 05/29/13)
New documents on logging permits in Ghana indicate most timber exported from the country is likely illegal, exposing purchasers to possible jail time under a new European Union regulation, the environmental watchdog group Global Witness said Tuesday. In February, Ghana's Forestry Commission gave Global Witness lists of permits covering more than 15,000 square kilometers (5,800 square miles), or nearly 15 percent of the country's land mass, the group said in a new report. Permits for more than 12,000 square kilometers (4,600 square miles) were not covered by the country's 1998 Timber Resources Management Act, calling their legality into question. "Ghana's logging permits are in a mess. Of six types of permits issued by the authorities to logging companies, only two...
(Vibe Ghana 05/29/13)
Vice President Paa Kwesi Bekoe Amissah-Arthur says the country appreciates the impressive record of the development success story of China, and assured of government’s determination to replicate the example. Mr Amissah-Arthur was speaking at a meeting with M. A Blao, the visiting Vice Chairman of the Chinese People’s Political Consultative Conference at the Flagstaff House in Accra. He noted that the relations between Ghana and China go a long way back to the colonial days, and expressed the hope that the two countries would exploit the bilateral ties to the mutual benefit to their people. He expressed happiness that the two countries are deepening cooperation in the economic and political fronts. Vice President said the country has not only become...
(Ghana Business News 05/29/13)
Ghana’s public debt rose to GH¢38.3 billion at the end of April 2013, the Bank of Ghana has stated. The country ended the year 2012 with a public debt of GH¢35.1 billion. This means that the Ghana government added an amount of GH¢3.2 billion to its total public debt from January to April 2013. According to the latest figures from the BoG, the country’s debt is now currently 43.2% of GDP. “Of this, the stock of domestic debt amounted to GH¢20.3 billion compared to GH¢18.5 billion in December 2012,” the central bank indicated in its 55th Monetary Policy Committee (MPC) report released May 22, 2013 in Accra. The external debt stood at US$9.5 billion up from US$8.8 billion over the...
(Myjoyonline 05/29/13)
The acting dean of the Faculty of Business Administration of the Pentecost University College, Prof. Stephen Adei has said, without adding “one pesewa”, Ghana can “totally change” its inefficient primary school system and produce “functionally literate children” – in one year. He was speaking in an interview after delivering a lecture for graduate students of the Pentecost University College at the KAMA conference center last Friday. He said the biggest problem confronting Ghana’s education system is that it does not produce "functionally literate children”. “The teachers don’t teach, the head teachers do not have authority over them, they do less than 40% contact hours... they do nothing”, he charged. This situation, he said, contrasted starkly with the situation in Rwanda...
(Ventures-Africa 05/28/13)
VENTURES AFRICA – The Bank of Ghana (BOG) has attributed delays in approving Merchant Bank’s sale to South African giant FirstRand, to difficulties among shareholders on clearing of outstanding bad debts on former’s books. Ghana’s Central Bank is yet to approve FirstRand’s takeover several months after the South African bank submitted the necessary documents to secure the regulator’s go ahead for a takeover. This has even led to speculations that the deal would not be approved. In August, last year, FirstRand made a bid of $91 million for a 75 percent stake in the Ghanaian bank. Ghana’s workers’ pension scheme SSNIT owns 68 percent of Merchant Bank and the deal, when completed, should place the bank among the country’s five...

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