Sunday 28 May 2017
(Xinhuanet 04/05/17)
Visiting World Bank Vice President for Africa Makhtar Diop urged here late Tuesday a consistent fiscal policy implementation for Ghana. This was key to ensuring longer term credibility of the country, explained Nana Akufo-Addo, who addressed the media after meetings with Ghana’s president. “What I see as the risk, is the risk that has been identified clearly by the government of Ghana that they don’t want to have a reversal of policies. To ensure that there is irreversibility in the fiscal stance that are taken and ensuring that when some measures are taken they are implemented the way that have been decided,” Diop stressed. Diop welcomed the decision by the Ghanaian government to strengthen the Fiscal Responsibility Law so that...
(Ghana Web 04/05/17)
The World Bank’s Vice President for Africa, Mr Makhtar Diop, has extended the Bank’s support towards addressing Ghana’s numerous economic challenges. He said the Bank was concerned about “one of the engines in the sub-region” and was determined to help Ghana emerge out of her current situation. Mr Diop made the commitment when he called on President Nana Addo Dankwa Akufo-Addo at the Flagstaff House on Tuesday, in Accra. He commended President Akufo-Addo’s for his decision to grow Ghana’s economy by stimulate private sector activity, saying that that decision was prudent, considering Ghana’s high levels of indebtedness and the lack of fiscal space. Mr Diop said: “The financing needs that the economy must have to sustain the growth that is...
(Ghana Web 04/05/17)
The government has raised US$2.2 billion from a sale of long-dated domestic bonds on Friday, boosting its central bank reserves by a third, the Finance Ministry said on Monday. A Finance Ministry statement issued in Accra said it successfully issued 15 and 7 year bonds with the same coupon of 19.75%, raising a total amount of USD1.13 billion. In addition, the Ministry of Finance raised the cedi equivalent of USD1.12 billion in 5 and 10 year bonds via a tap-in arrangement. These activities raised a total of USD2.25 billion and resulted in the lengthening of the maturity profile of the instruments available on the domestic market. This issuance represents the largest amount issued by a sub-Saharan African country in a...
(Graphic Online 04/05/17)
The President Nana Addo Dankwa Akufo-Addo on Tuesday welcomed Princess Anne, the daughter of Queen Elizabeth II, to the Flagstaff House in Accra. Princess Anne is on a two-day visit to Ghana to celebrate the unique friendship between the UK and Ghana at a time that Ghana is observing its 60th independence anniversary. President Akufo-Addo and the Princess discussed how to strengthen bilateral ties between Ghana and the UK. The Princess said the UK was interested in helping to improve access to education for Ghanaian children. Princess Ann also presented the president with a gift she brought from the UK. As part of her visit, the princess will meet a number of dignitaries, including the Asantehene, Otumfuo Osei Tutu II,...
(Graphic Online 04/05/17)
The pollution of water bodies in the country through the activities of illegal miners is posing a threat to the quality of water in neighbouring Cote d’Ivoire. The situation, according to the Minister of Environment, Science, Technology and Innovation (MESTI), Professor Kwabena Frimpong-Boateng, had the potential to spark a misunderstanding between the sister countries if care was not taken to stop galamsey. “I went to Cote d’Ivoire last week only to be welcomed by the unpleasant news about how the effects of galamsey in Ghana have resulted in the pollution of some of their water sources. “They find it difficult to even treat the water to make it wholesome, and this is bad for us as a country because it...
(Ghana Web 04/05/17)
Former President John Dramani Mahama has called for a strong focus aimed at encouraging youth to consider opting for agriculture sector. In addition, he advocated for better seeds, fertiliser and irrigation systems which can have far ranging benefits for the nation. He spoke on the importance of agriculture in Ghana during the Chicago Council’s Global Food Security Symposium in the USA. Referring to a programme implemented at Asutsuare, which provided young farmers with improved seeds resulted in an increase in production from under two tonnes of rice per hectare to almost 6.5 tonnes, President Mahama noted that these increases did not only assist the farmers themselves, but the resulting benefits can assist the economy by lowering imports and the associated...
(Voice of America 04/05/17)
A Red Cross report says African countries are failing their internally displaced people. Reversing that trend was the subject of a high level meeting of the International Red Cross and the African Union that wrapped up Tuesday in Zimbabwe. Africa has about 13 million internally displaced people, a third of the global number of IDPs, and more than double the amount of refugees on the continent. By definition, refugees flee across a national border, while IDPs leave their homes but stay within their own country. African Union Commission head of humanitarian affairs, refugees and displaced people Olabisi Dare says the situation of IDPs in Africa is very critical, dire and worsening. "...The issues that are generating internal displacement [are] multiplying...
(Ghana Web 04/04/17)
The Ministry of Finance has raised a total of $1.13 billion through the issuance of 15 and 17 year bonds at the same coupon of 19.75%. In addition, the Ministry raised the cedi equivalent of USD1.12 billion in 5 and 10 year bonds via a tap-in arrangement. These activities raised a total of USD2.25 billion and resulted in the lengthening of the maturity profile of the instruments available on the domestic market. This issuance represents the largest amount issued by a sub-Saharan African country in a day. The pricing obtained was also consistent with the initial price range of 18.95% – 19.85%. The issuance attracted a number of global portfolio investors including a very substantial investment in the 15-year bond...
(Graphic Online 04/04/17)
Government has met with executives of the Association of Ghana Industries (AGI) to seek the association’s counsel on a number of issues regarding the “One district one factory” policy initiative. The meeting was also used to discuss the progress of work so far and to seek further input from the association in the development of the modalities for implementing the policy. The National Coordinator of the project, Mrs Gifty Ohene Konadu, said the government intended to involve the private sector and the AGI in particular in the development of the concept paper to guide the implementation of the policy right from the onset. “AGI is the umbrella grouping of the Ghanaian industries, comprising companies in the manufacturing, service, and the...
(Xinhuanet 04/04/17)
The World Bank will expand by 40 percent its development assistance to Ghana by next year, Country Director Henry Kerali disclosed here on Monday. “Next year, we will have an increase in the amount of IDA (International Development Association) available for Ghana. There will be 40 percent more of IDA for the total of about 1.2 billion dollars to be spent over three years. So we are expecting that the Ghana portfolio will continue to grow as World Bank group support for Ghana increases,” Kerali disclosed on the sidelines of the opening of the Country Portfolio Performance Review (CPPR). Deputy Minister-designate for Finance Charles Adu Boahen, who represented government, urged that disbursement of donor funds be backed by results. “I...
(Bloomberg 04/04/17)
The scores of giant potholes that scar the roads from commercial capital Abidjan to Daloa in the heart of Ivory Coast’s cocoa belt have become deep, muddy puddles, filled by heavy tropical showers. While drivers making the tortuous journey from the Atlantic coast into the hot interior have reason to curse the wet weather, for farmers in the world’s largest cocoa producer the rains mean the prospect of another record crop. "We’ve got beneficial rains this season," said Abdoulaye Baro, head of the Coopago cocoa cooperative in the town of Goudougo. "There’s lots of cocoa. This year it’s really good." The West African country’s crop will reach 2 million metric tons for the first time ever, according to a Bloomberg...
(Ghana Web 04/04/17)
Transport Unions across the country have agreed to a 15 percent increase in transport fares. The agreement was reached at a meeting Monday, April 3, 2017, with the Transport Ministry. The new fares will take effect on Thursday, April 5, 2017. The Ghana Transport Coordinating Council says it is Tuesday morning beginning to sensitise transport operators on the new fares. Acting General Secretary of the Ghana Road Transport Coordinating Council Andrews Kwesi Kwakye said a list of prices of various destinations would be made available to motorists as the increment takes effect on Thursday. In the past, there have been arguments and fights between commuters and transport operators when transport fares have gone up. Passengers accuse drivers and conductors of...
(Ghana Web 04/04/17)
Some taxi drivers in the country have planned to embark on a demonstration this Wednesday, April 5 if government does not reduce the prices of fuel. The drivers who belong to the “True Drivers Union” said taxi drivers spend almost all their daily earnings on fuel resulting in going home with little or no money at ll. A leading member of the Union, Yaw Barimah said all drivers should on Wednesday clad themselves in red or tie a cloth to their vehicles as a sign of an impending demonstration. He said other actions will continue during the Easter festivities if government does not quickly intervene. Yaw Barimah who could not hide his pain about how government has removed taxes on...
(Graphic Online 04/04/17)
Barring any last minute change of mind, former Black Stars coach, James Kwasi Appiah, is set to make a comeback to the senior national team as the head coach following his recommendations by the Ghana Football Association (GFA) six-man search committee and pending approval from the FA’s Executive Committee (ExCo). The Search Committee last Friday interviewed three applicants — Kwasi Appiah, Frenchman Willy Sagnol and Belgian Hugo Broos currently with Cameroun — shortlisted from the hundreds of applicants last month, and after the interview, Appiah was settled on. The GFA has up until now, remained tight-lipped over the process of getting a new coach for Ghana’s senior male football team, but a highly placed source confirmed the search committee’s decision...
(Spy Ghana 04/04/17)
VIVO Energy, the company behind the Shell brand in Ghana, has reduced the ex-pump prices of petroleum products at Shell service stations in the first window for the month of April, in line with new market trends. Customers who visit any Shell service station nationwide should expect a reduction of 5 pesewas per litre at the pump. The new prices which took effect 6pm on Sunday are: Shell FuelSave Diesel – GH?4.07 per litre and Shell FuelSave Super – GH?4.08 per litre In a statement signed by its Managing Director, Mr Ebenezer Faulkner, said Shell is committed to providing motorists with the best value through high quality fuel and other products and services at the best prices. “At our Shell...
(Financial Times 04/04/17)
Countries should develop policies to attract labour-intensive production leaving China. China’s initial wave of investments in Africa focused on natural resource extraction. Their demand for metals and energy was so large that it actually boosted global commodity prices overall, which in turn accelerated growth across the African continent. These times of China propping up global commodity prices are now over, as it has built up excess capacity in many sectors and now faces slow investment growth. This lower demand has contributed to the overall slump in global commodity prices since 2014, making it unlikely that China will again fulfil the role of driving commodity prices. Rather, its position has now shifted to becoming the largest exporter of capital. This provides...
(Reuters (Eng) 04/03/17)
Ghana has raised $2.2 billion from a sale of long-dated domestic bonds on Friday, boosting its central bank reserves by one-third, transaction leads and central bank sources said on Monday. Offshore buyers constituted 90 percent of accepted bids, according to Barclays Bank Ghana sources. The cedi fell to a record low of 4.7420 to the dollar last month but rallied to 4.2750 by noon (1200 GMT) on Monday, down 1.17 percent this year, according to Thomson Reuters data. The transaction should boost the fiscal position of the government of President Nana Akufo-Addo, who was sworn in on Jan. 7, as it reviews a $918-million aid programme with the International Monetary Fund. The government aims to restore rapid growth in Ghana,...
(Graphic Online 04/03/17)
The Japanese government has committed $56.6 million for the improvement of the Tema Motorway Roundabout and the 31.2 kilometre national trunk road, N8, from Assin Fosu to Assin Praso. The funding is one of two grant agreements signed between the two countries last Friday as part of events marking 60 years of diplomatic relationship between the two countries. The other agreement is a $1.8 million sector budget support to promote health service delivery in Ghana as part of Japan International Cooperation Agency (JICA) Poverty Reduction Strategy. To be disbursed within 2017, the JICA grant will support community health activities in the three regions of the north for home visit activities of community health officers and strengthening of health systems. The...
(Ghana Web 04/03/17)
The Chief Executive Officer of the Ghana Investments Promotion Centre, Yofi Grant, has assured investors and the business community of government scrapping its new tax retention policy which request “provisional payments of all imports and taxes” soon. According to Mr. Grant, the new policy which requires qualified applicant for exemption to pay taxes upfront to be refunded later is a huge disincentive to wooing new investors into the country, and a major cashflow issue for businesses. The Minister of Finance Ken Ofori-Atta during the 2017 budget presentation, disclosed of a new policy which required all companies, including importers, who qualify for tax and duty exemptions to pay their taxes upfront and make claims which will be refunded in 30days. This...
(Ghana Web 04/03/17)
Effective Friday (March 31, 2017), importers of products affected by the 1 percent special import levy will no longer pay any of such charges. It comes on the back of the implementation of the tax cuts announced in the 2017 budget. A statement from the Ghana Revenue Authority (GRA) therefore directed the various customs and port officials to be guided by the implementation guidelines. The 1 percent special import levy was among the eight taxes abolished by the NPP government. Among the reviewed taxes was the reduction in the special petroleum tax from 17.5 to 15 percent. The news on the tax cuts was met with much appreciation by traders of spare parts at Abossey Okai, which is the spare...

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