Sunday 28 May 2017
(The East African 04/03/17)
Nairobi — The 2017 Mo Ibrahim Foundation annual Governance Weekend will be held in Marrakech - Morocco from April 7-9. A press release from the Foundation identifies the Palmeraie Resort as the venue for this year's meeting. The three-day event brings together prominent African and Africa-focused leaders, civil society representatives, multilateral and regional institutions and Africa's international partners to identify policy challenges and possible solutions. Violent extremism The conversation is normally extended to a wider audience through music, art and sport at major public events, showcasing some of Africa's brightest talent. The Foundation has released a report that sets the stage for high-level discussions in Morocco. The priority areas for the Marrakech talks, according to the report, include violent extremism...
(AFP (eng) 03/31/17)
A Ghanaian lawmaker was on Thursday found in contempt of parliament and ordered to apologise after claiming that a government minister bribed a committee to approve his appointment. National Democratic Congress (NDC) party MP Mahama Ayariga accused Energy Minister Boakye Agyarko of paying members of the panel 3,000 cedi (about $700, 650 euros) each to rubber stamp his nomination. Agyarko denied the allegation but an investigation was ordered. Lawmakers were told there was no evidence to support the claim. Ayariga was found in contempt of parliament and ordered to "render an unqualified apology to the House, purging himself of contempt". he MP then apologised. New Patriotic Party (NPP) leader Nana Akufo-Addo
(AFP (eng) 03/31/17)
Ghana's new gender minister has warned schoolgirls that what they wear can attract rapists, sparking controversy and debate in a traditional but evolving society. Otiko Djaba told girls at a senior school in eastern Ghana they should demand respect and equality but added short dresses "can attract someone who would want to rape or defile you. "You must be responsible for the choices you make," she said during a visit last week. The minister's comments have been widely criticised, with many arguing they wrongly place the blame for rape and sexual assault on the victim rather than the perpetrator. Djaba joins a growing list of political figures around the world who have caused outrage by making a direct link between...
(Bloomberg 03/31/17)
South African President Jacob Zuma fired Finance Minister Pravin Gordhan and made sweeping changes to his administration in a high-stakes power play that may threaten his own presidency and place the nation’s investment grade credit rating at risk. Zuma replaced Gordhan, with whom he feuded over state finances, with Home Affairs Minister Malusi Gigaba, who has no financial or business experience. He also named lawmaker Sfiso Buthelezi to take over from Mcebisi Jonas as deputy finance minister. The cabinet overhaul came in a late-night move that threatens to split the 105-year-old ruling African National Congress and trigger a revolt against the president. The rand extended losses, heading for its worst week in more than a year. “Zuma has been playing...
(Bloomberg 03/31/17)
Ghana’s President Nana Akufo-Addo has appointed Ernest Addison as the nation’s new central bank governor following the resignation of Abdul Nashiru Issahaku after only a year in the post. Addison, an economics graduate from the University of Ghana, was director of research at the central bank from 2003 until 2011, the Presidency said in an emailed statement on Thursday. Until his reappointment today, he was the lead regional economist of the African Development Bank at its Southern African Resources Centre, the Presidency said. “He comes across as someone who has a very good and hands-on knowledge of the Ghanaian economy, from theory to practice,” Courage Martey, an Accra-based economist at Databank Group, said by phone. Addison is likely “to strike...
(Xinhuanet 03/31/17)
President Nana Akufo-Addo has appointed a new governor for the Bank of Ghana, a statement from the presidency said here late Thursday. Economist Ernest Addison will take over from Abdul-Nashiru Issahaku who tendered his resignation from the central bank governor position Wednesday just about 11 months after being appointed to the role. The statement signed by Eugene Arhin, Director of Communications at the presidency said the president after having received the outgoing governor's letter on Wednesday decided to appoint a replacement. The incoming governor has experiences including serving as Director of Research department at Bank of Ghana between 2003 and 2011; Chief Economist for the West Africa Monetary Institute from 2001 to 2002, and until his appointment , the leading...
(AfricaNews 03/30/17)
The Governor of the Bank of Ghana Dr Abdul Nashiru Issahaku has resigned after a year as the head of the country’s central bank. He is reported to have cited personal reasons for his decision which takes effect April 1, 2017. Dr Abdul Nashiru Issahaku was appointed Governor of the central bank last year by former President John Mahama whose presidential term ended after losing the December 7, 2016 election. Prior to his appointment, Dr Issahaku was the Second Deputy Governor and previously the Chief Executive Officer of the Export Development and Agriculture Investment Fund. Dr Issahaku took over the central bank during the country’s phase of rising inflation and depreciation of the cedi last year which is slowly gaining its value.
(Xinhuanet 03/30/17)
Ghana's cedi currency strengthened further on Tuesday with year-to-date depreciation standing at 2.71 percent from the previous 3.29 percent, the Bank of Ghana announced on Wednesday. The currency depreciated earlier by 8.8 percent on March 8, and 5.0 percent on March 23, as payments for imports before and during the yuletide season of 2016 brought enormous pressure on the cedi in the foreign exchange market. "The foreign exchange market witnessed increased pressures in the year to early March, partly attributed to a strengthening U.S. dollar, seasonal demand factors and speculative activities," Governor of the Bank of Ghana Abdul-Nashiru Issahaku explained. He added that the observed pressures "have significantly eased in recent weeks on the back of renewed confidence in the...
(eNCA 03/30/17)
Ghana's new government is looking to fix a crippling power crisis with a complete overhaul of its deficit-ridden energy sector including a boost for solar energy. Intermittent power supply issues have dogged the west African nation since the 1980s and became particularly acute in the last five years -- although there has been some improvement recently. President Nana Akufo-Addo blames his predecessor John Dramani Mahama whose energy policies, he said last month, had led to "gargantuan debt". Ghana's energy sector was crushed by an accumulated debt of $2.4 billion, he said, as the cost of buying in fuel, paying energy suppliers and running inefficient state companies spiralled out of control. Its bad financial situation "constitutes the single major hurdle to...
(Ghana Web 03/30/17)
The Minister of Agriculture, Dr. Owusu Afriyie Akoto has predicted a further drop in revenue from cocoa for this year. This also comes after the ten percent drop in revenue from cocoa exports between February 2016 and February 2017. According to the Minister, the declining global price of cocoa will largely affect the cocoa subsector which is among the top export earners for the country. “Well it is going to happen and even more; of course because since then cocoa prices on international markets have dropped by nearly one third from over 3,000 dollars per tonne its now just around 2,000 dollars per tonne,” Dr. Afriyie Akoto said. “All producing companies are very worried about such a sharp decline in...
(Ghana Web 03/30/17)
Prices of petroleum products are expected to fall further in the first pricing window of April, the Institute for Energy Security (IES) has said. Already, the prices have been reduced by oil marketing companies at the pumps twice in the second pricing window of March. The first reduction is attributed to “favourable market indicators” as projected by IES prior to the beginning of the window. The second reduction was as a result of the removal of Excise Levy and the review of the Special Petroleum Tax from 17.5% to 15% by the government. In effect, prices at the pump dropped between 2.69% and 4.56%, according to IES, adding: “At the close of the window, the national average pump price stood...
(Graphic Online 03/30/17)
‘India Business Day’ seminar has been held in Accra with a call for the two countries to deepen their economic cooperation and collaboration for mutual benefits. The business interaction event which was organised by the World Trade Centre, Accra and brought together high-profile business executives from both countries was on the theme: ‘Promoting India-Ghana Business Relations through Trade and Investment’. It was aimed at showcasing the various programmes and initiatives of the government of India for the benefit of the private sector in Ghana. The Indian High Commissioner to Ghana, Mr Birender Singh, explained that the partnership with the country would not only deepen the friendly relations between the two countries but would also deepen economic co-operation and collaboration. He...
(Ghana Web 03/30/17)
Mr Sunil Dahiya, Chief Business Officer of the Africa Cashew Alliance (ACA), says Ghana must look into strengthening its cashew industry to replace cocoa as the effects of climate change advances in the future. He said climate effects were so profound such that the planet would not be able to cool off in a few years even if activities that contribute to climate change were stopped. Mr Dahiya said climate change should be a red alert for governments who relied on cocoa production, as it would not be able to thrive in increased temperatures. It is, therefore, important for Ghana, and Africa, to look at alternative crops that would be better able to thrive in the environment that will result...
(Xinhuanet 03/30/17)
The African Union (AU) is extremely appalled by the attacks against African students in Noida and other cities in India. The pan-African bloc has deplored the violence unleashed during the riot that started on Monday targeting Africans of various nationalities, particularly Nigerians, which resulted in loss of innocent lives and serious injuries, the AU said in a statement. The attacks have also resulted in the displacement of many Africans from their normal places of residence, thereby putting their lives in serious danger, it said. AU has expressed heartfelt condolence to the families of the deceased; and it wished speedy recovery to all those who have sustained injuries. AU has called on the Indian authorities to provide all necessary support to...
(AFP (eng) 03/29/17)
Ghana's new government is looking to fix a crippling power crisis with a complete overhaul of its deficit-ridden energy sector including a boost for solar energy. Intermittent power supply issues have dogged the west African nation since the 1980s and became particularly acute in the last five years -- although there has been some improvement recently. President Nana Akufo-Addo blames his predecessor John Dramani Mahama whose energy policies, he said last month, had led to "gargantuan debt". Ghana's energy sector was crushed by an accumulated debt of $2.4 billion, he said, as the cost of buying in fuel, paying energy suppliers and running inefficient state companies spiralled out of control. Its bad financial situation "constitutes the single major hurdle to...
(Citifmonline 03/29/17)
New figures from the Bank of Ghana have revealed that Ghana’s total balance of trade for February 2017 recorded a surplus of 573 million dollars. This is equivalent to 1.3 percent of Gross Domestic Product for the period. The surplus is an improvement compared to the over 500 million dollars deficit recorded in February 2016. But the country’s revenue from cocoa for the period dropped by ten percent. The summary of financial and economic data by the Bank of Ghana also showed that the country’s total exports amounted to 2,489.5 million dollars as at February 2017. This indicates over fifty percent increase from the 1,582 million dollars recorded in the same period last year. While export revenue from gold (1,176.4...
(Ghana Web 03/29/17)
It is the vision of the Nana Akufo-Addo government to make Ghana the most attractive place for investment in Africa, Vice President Dr Bawumia has said. The Vice President made this disclosure when he delivered the key note address at the third Coastal and Maritime Surveillance Africa Conference and Defence Exhibition in Accra yesterday. According to Dr Bawumia, the conference which has the potential to attract technological transfer and investment to the country was in line with the government’s vision and would be given the necessary support. However, the vice president noted that the vast resources and potential available to the country, particularly the Gulf of Guinea, “are being undermined by multifaceted domestic, regional and international threats and vulnerabilities, “resulting...
(Ghana Web 03/29/17)
Ghana is set to benefit from a $1 billion agro-industrail facility for the production of fertilizer. The project would be constructed in the Volta Region. , The Minister of Agriculture, Dr. Owusu Afriyie Akoto described the combination as a unique mix. The American led delegation comprising, Chinese and Dubai Investors looking at agriculture and industry he noted is a great opportunity for job creation. He said, usually investors come into the country with a focus on investing in a specific area but the team of investors, are focusing on agriculture and industrial development. The investment will span over a period of three years the Minister said. The investors he explained are interested in Aveyime and its environs because it is...
(Ghana Web 03/29/17)
Ghana’s electricity tariffs are too high and uncompetitive for domestic and commercial consumers in the West African sub-region, according to the Deputy Minister-designate for Energy, Dr. Mohammed Anta Amin Adam. “For the domestic consumer, the tariffs in Ghana is around 19-28 cents, La Cote d’Ivoire is 9 cents, Benin is 17 cents, Togo is 16 and Nigeria is 17 cents. “But when you come to the commercial industrial consumer that is where the problem is. Ghana’s is 32.6 cents per kWh, Cote d’Ivoire is 13 cents, Benin is 19, Togo is 18 and Nigeria is 17 cents so in comparative terms tariffs in Ghana are higher in the sub-region,” he pointed. Dr. Amin Adam made the revelation when he appeared...
(Ghana Web 03/29/17)
A Deputy Finance Minister designate, Charles Adu Boahen has warned against capping the number of banks in the country. Calls for a cap on the number of banks in the country have increased following the rising number of banks in the country. There are currently 33 banks operating with the number expected to rise to 35 by the end of this year. Proponents for a cap on the number of banks in the country have argued that despite Nigeria’s population of over 189 million people, the Central Bank of Nigeria has allowed only 26 banks to operate, while South Africa, which has a population of over 55 million people, operates about seven banks. But answering questions from law makers during...

Pages