Friday 15 December 2017
(Voice of America 04/10/13)
When Ghana struck oil in 2007, citizens expected the industry would bring them better lives and investors anticipated hefty profits from a rising African economic star. Six years later, all of them are complaining. Lower-than-expected production from the offshore Jubilee field and funding a costly presidential election process in 2012 have left the West African nation struggling to deliver promised development projects while keeping its finances in order. The situation underscores the complex reality of translating raw materials into prosperity on a continent notorious for the 'resource curse'' of graft, strife and mismanagement that has hit oil-rich countries like Nigeria, Angola and Equatorial Guinea. Newly-elected President John Dramani Mahama is walking a fiscal tightrope between ordinary Ghanaians demanding swift change...
(Reuters (Eng) 04/09/13)
When Ghana struck oil in 2007, citizens expected the industry would bring them better lives and investors anticipated hefty profits from a rising African economic star. Six years later, all of them are complaining. Lower-than-expected production from the offshore Jubilee field and funding a costly presidential election process in 2012 have left the West African nation struggling to deliver promised development projects while keeping its finances in order. The situation underscores the complex reality of translating raw materials into prosperity on a continent notorious for the "resource curse" of graft, strife and mismanagement that has hit oil-rich countries like Nigeria, Angola and Equatorial Guinea. Newly elected President John Dramani Mahama is walking a fiscal tightrope between ordinary Ghanaians demanding swift...
(Reuters (Eng) 04/02/13)
Ghana's President John Dramani Mahama has appointed Henry Kofi Wampah as governor of the central bank, elevating him from the deputy position he held for four years, a source close to the presidency said on Tuesday. Wampah, 58, replaces Kwesi Amissah-Arthur who is now Ghana's Vice-President. "The President has confirmed him (Wampah) as the governor - he was informed last week," the source told Reuters on condition of anonymity because the government has yet to make an official announcement. Wampah, who holds a Masters' degree and a PhD in Economics with specializations in econometrics and public finance from McGill University in Canada, was appointed by former President John Atta Mills as first deputy governor of the central bank in April,...
(Reuters (Eng) 03/26/13)
"BRICS, Don't Carve Africa" reads a banner in a church hall in downtown Durban where civil society activists have gathered to cast a critical eye at a summit of five global emerging powers. The slogan evokes the 19th Century conference in Berlin where the predominant European colonial states carved up the African continent in a scramble historians see as epitomizing the brash exploitative capitalism of the time. Decades after Africans threw off the colonial yoke, it is the turn of the blossoming BRICS group of Brazil, Russia, China, India and South Africa to find their motives coming under scrutiny as they proclaim an altruistic-sounding "partnership for development, integration and industrialization" with Africa. Led by that giant of the emerging powers,...
(Reuters (Eng) 03/26/13)
President Barack Obama hosts the leaders of four African nations this week, all of which are cited in a new report for effectively increasing spending on agriculture to combat extreme poverty and hunger. The report by the ONE Campaign, an anti-poverty group co-founded by Irish rockers Bono and Bob Geldof, said Senegal, Malawi, Cape Verde and Sierra Leone either met or were close to meeting targets for increased budget spending on agriculture. All of the countries, except Cape Verde where there is little data, are also on track or close to meeting a U.N. target of halving extreme poverty by 2015, the report said. The African leaders will visit the White House on Thursday to showcase their fledgling democracies, but...
(The New York Times 03/26/13)
BEIJING — As President Xi Jinping of China continues his first overseas trip as his country’s leader, arriving in South Africa late on Monday after Russia and Tanzania, he meets with much goodwill – but also some concern among Africans that China may be a “new colonial power,” extracting resources and selling manufactured goods, as I reported on Sunday. China knows it. In a speech in Tanzania, Mr. Xi sought to calm the concerns, as my colleagues Chris Buckley and Jeffrey Gettleman reported. “China frankly faces up to the new circumstances and new problems in Sino-African relations,” Mr. Xi told an audience of Tanzanian politicians and officials in Dar es Salaam, the country’s economic hub and a center of government,...
(Reuters (Eng) 03/14/13)
Catholics in Africa and Asia on Thursday greeted the election of Pope Francis from Argentina as a historic breakthrough that would pump the developing world's vital energy into a struggling Church and amplify the voice of the planet's poor. While there was disappointment that Pope Benedict's successor did not come from the African or Asian continents, Cardinal Jorge Bergoglio's Third World origins spurred hopes of a kindred spirit among Catholics from Manila to Maputo. Argentina, in Latin America's southern cone, is as far from Africa and Asia as Europe, the prime source of previous pontiffs. But these rapidly developing southern continents of the globe, where poverty still looms large, are now home to the world's fastest growing Catholic communities. African...
( 03/07/13)
Insurance companies can now create, market and sell their own micro insurance products with the introduction of a new micro insurance regime by the National Insurance Commission (NIC). The new regime will guide insurance companies to sell micro insurance products, contribute to the development of the micro-insurance sector and ensure that policy holders are adequately protected. Isaac Yaw Boabeng, Head of Marketing, Research and External Affairs at NIC, in an interview with CITY & BUSINESS GUIDE said the move by NIC is aimed at penetrating the uninsured sector of the populace. “Insurance penetration is very low. It is between 1.5 to 1.6 percent as of now. So, we hope the introduction of the micro insurance regime will encourage high patronage,”...
( 03/07/13)
Andre and Jordan Ayew will make their final decision over their immediate future with Ghana by the close of this week following a plea by the Ghana FA for them to drop their temporal retirement plans. Last week the Ghana Football Association (GFA) rejected the request by the Marseille duo to quit the Black Stars provisionally urging them to reconsider their decisions. The Ayew brothers caused lots of controversy by writing separate letters to the GFA citing personal reasons for their surprise request for exclusion from national assignments. The sons of legend Abedi Pele will respond to the letter the GFA sent them with many suspecting they could make a U-turn and return to the Black Stars, insiders close to...
( 03/05/13)
With the current power crisis worsening, many are looking forward to concrete plans and timelines to resolving it. The government’s budget statement is due to be read by the Finance Minister Seth Terkper today. Though officials are tight-lipped on specifics, a release from the ministry said it will focus on stabilising the economy, infrastructure development and accelerated growth. An entrepreneur and Chief Executive Officer of Model Metals, Augusto Obodai, says he is expecting the budget to outline plans to address the ongoing power crisis. He told Joy News’ Anny Osabutey the erratic power supply is negatively affecting his business. “Honestly, sometimes you come and you don’t even know when the power will go off. You come to the office, open...
( 03/05/13)
How to generate growth that creates jobs without impairing the stability of the economy will weigh heavily on the choices government has to make as Finance Minister Seth Terkper unveils President John Mahama’s first budget and economic policy statement to parliament today. In 2012 Ghana’s economy sailed into familiar yet turbulent waters with a blown-out fiscal deficit, a sharply-depreciating currency, and rising debt levels amid concern that the oil-fuelled strong economic growth rates were not providing enough jobs. Mr. Terkper’s budget is expected to address these problems. “The budget is expected to focus on the continuous stabilisation of the economy, infrastructure development and accelerated growth to sustain confidence in the future of the Ghanaian economy,” said a statement from the...
(BBC News Africa 03/05/13)
Ghana's President John Mahama has launched a project to build a $10bn (£6.6bn) IT hub near the capital, Accra, within three years. Dubbed Hope City, it will have Africa's tallest building, at a height of 270m (885ft), an investor says. It will be built on empty land and will employ about 50,000 people and house 25,000 people, the investor adds. In January, Kenya unveiled plans to build an "Africa's Silicon Savannah" within 20 years at a cost of $14.5bn. Kenya's Konza Technology City, about 60km (37 miles) from the capital, Nairobi, is supposed to create more than 200,000 jobs by 2030. "Government has led growth since independence with all the major investments... The time has come for the private sector...
( 02/28/13)
They prefer to be known for preaching about peace and loving thy neighbour, but Ghana's celebrity pastors are becoming embroiled by a rather ungodly row. A well-known pastor has sparked outrage amongst his colleagues by making what Ghanaians are describing as an "earth-shattering" prophecy, that the president John Dramani Mahama, will die this year. The reverend Isaac Owusu Bempah, founder of one of Ghana's burgeoning new charismatic churches, the Glorious Word Ministry International, says that the message came to him directly from God. Owusu Bempah, who first announced the prophecy on New Year's Eve and has repeated it several times on local radio, has also cautioned that the president's refusal to meet him might hamper attempts to avert the disaster...
( 02/28/13)
The Ghana FA's Emergency Committee will not accept the retirement of the Ayew brothers, Citi Sports understands. In a very atypical move of the body, the Ghana FA has not published the statements of the Ayew brothers announcing their temporary withdrawal. "Everything possible will be done to kill the fracas between the team's management and unhappy players. We cannot let this continue otherwise we will lose all our players," a member of the ExCo told Citi Sports. "To preempt the success of these talks, the coach is likely to include them (the Ayew brothers) in the game we will play against Sudan in a few weeks," revealed the source. Ghana play Sudan in a World Cup qualifier in Kumasi on...
( 02/28/13)
Gas has not been flowing from Nigeria for several months now through the West African Gas Pipeline and Ghana is looking at different sources of getting gas to generate power. The unavailability of gas has led to the shutting down of power generating plants subsequently plunging the country into darkness. The state-owned Ghana Gas Company Limited (Ghana Gas) and UK Gasol Plc affiliate, the African Power Generation Limited, have signed a memorandum of understanding (MoU) for the development of some specific projects aimed at providing additional gas to the country. Ghana signed the MoU to be assured of secured gas supply to boost frequent electricity supply as the country is experiencing massive power generation deficit. Under the MoU, Gasol in...
( 02/28/13)
The Ministry of Tourism in collaboration with the Musicians’ Union of Ghana (MUSIGA) is organising the first ever edition of Ghana Music Week festival dubbed; ‘Engaging Music as a catalyst for Unity and National Growth’ in Accra at the National Theatre from March 4 – 10, 2013. As part of the Ghana Music Week celebration, the Ministry and MUSIGA has indicated that, all radio and television stations including entertainment facilities in Ghana should endeavour to use Ghanaian music on Saturday, March 2, 2013. Among some of the dignitaries who will be part of the celebration include the Tourism minister, Elizabeth Ofosu Agyare and the Tourism Officer, Alphonse Kumaza. The main objectives of the Ghana Music Week (GMW) include: creating an...
( 02/27/13)
Ghana's Peter Turkson is the Irish bookmakers' favorite to replace Pope Benedict, putting a non-European in pole position to lead the 1.2 billion-member Roman Catholic Church for the first time in more than a millennium. Irish bookmaker Paddy Power offered odds of 11/4 against for Turkson, meaning successful punters would win 11 pounds for every four staked, while Britain's second largest bookmaker Ladbrokes offered odds of 5/2 against. Turkson would be the first non-European to lead the Catholic church in more than a millennium if he is chosen to succeed Benedict. Italian Angelo Scola is second favorite according to Paddy Power at 3/1 against. "Pope Benedict quitting leaves a tall hat to fill - let's just hope God gives him...

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