Tuesday 20 February 2018
(Reuters (Eng) 09/14/17)
LONDON (Thomson Reuters Foundation) - Your afternoon chocolate bar may be fuelling climate change, destroying protected forests and threatening elephants, chimpanzees and hippos in West Africa, research suggests. Well-known brands, such as Mars and Nestle, are buying through global traders cocoa that is grown illegally in dwindling national parks and reserves in Ivory Coast and Ghana, environmental group Mighty Earth said. “Every consumer of chocolate is a part of either the problem or the solution,” Etelle Higonnet, campaign director at Mighty Earth, told the Thomson Reuters Foundation. “You can choose to buy ethical chocolate. Or you’re voting with your dollar for deforestation.” Nestle did not immediately respond to requests for comment while Mars said in an email: “We take a...
(Ghana Web 09/13/17)
About $150 million is lost to corruption at the Tema Port alone every year, Information Minister Mustapha Hamid has revealed, saying the newly-introduced paperless system of collecting revenue at the port is meant to stem the haemorrhaging. “Look, at the Tema Port alone, the experts tell us that every year we lose 150 million dollars at the Tema Harbour alone to corruption and underhand dealings. $150 million go into people’s private pockets so that is why we are introducing the paperless system of working at the port, once that works then you have blocked all the holes,” Mr Hamid told Class91.3FM’s Kwesi Parker-Wilson in an interview on Tuesday, 12 September on the sidelines of the official launch of the government’s...
(Ghana Web 09/13/17)
The government has indicated that it is still committed to reducing the cost of doing business in the country, by reviewing some taxes paid by firms. Managers of the economy have come under some criticisms over delays in removing all the taxes including reduction of corporate taxes, as announced in the New Patriotic Party (NPP) manifesto in the ahead of 2016 elections. But Deputy Finance Minister, Kweku Kwarteng, told Joy Business these reductions must be guided by current developments in the economy. He said, “we promised to cut tax in our manifesto; we have four years and we have promised that we will deliver on all those tax cuts. But we have to be quick to add that we should...
(APA 09/13/17)
President Nana Akufo-Addo of Ghana was in Abuja on Tuesday to celebrate the successful medical treatment his Nigerian counterpart, President Muhammadu Buhari, went through in London. Buhari returned to Nigeria in August after 103-day stay in London for medical attention. ``Ghanaians are happy over the return of President Buhari from a successful medical treatment in London on August 11,’’ Akufo-Addo said. Akufo-Addo told journalists after a closed door meeting with Buhari in the Presidential Villa, that leaders within and outside the African continent were anxious about Buhari’s health and prayed for his safe return to Nigeria. The Ghanaian President stated that he felicitated with Buhari on his return and also engaged him on other bilateral issues bothering on the relationship...
(This Day Live 09/13/17)
The President of Ghana, Nana Akufo-Addo, tuesday said President Muhammadu Buhari’s illness created a volume of anxiety within the rank and file of the Economic Community of West African States (ECOWAS). Akufo-Addo who made this remark while answering questions from State House correspondents in the Presidential Villa after visiting Buhari, said he was very glad to see the president in his vigorous and lively state. Ghana’s president who arrived at the State House at about 3:11 p.m. and was received by Buhari in company of his Chief of Staff, Malam Abba Kyari, and other State House officials, later went into a closed-door meeting with the president. Answering questions after the meeting, Akufo-Addo said he had opted to visit Buhari to...
(BBC News Africa 09/13/17)
Ivory Coast and Benin were the last two teams to qualify for the group stage of the 2017 WAFU Cup of Nations in Ghana. The Ivorians progressed in the West African regional championship with a penalty shoot-out win over Togo after the goalless draw on Tuesday. Benin were 2-0 winners over Cape Verde in the final qualifier. The two winners join Senegal and Niger in Group B of the tournament, while hosts Ghana, Nigeria, Guinea and Mali will contest the other pool. A total of 16 teams began the tournament as opposed to the four that took part in the 2015 edition in Senegal. As the event is not on the international match calendar teams are unable to insist on...
(Ghana Web 09/13/17)
The cedi should begin its losing streak against the dollar from next month (October) if nothing is done to stem the situation. This is the caution from currency analysts. Their arguments are premised on the potential rise in the demand for the dollar by importers and vendors ahead of the festive season. Citi Business News’ checks from the Bank of Ghana have shown that the cedi has maintained a stable streak of 4 cedis 40 pesewas to the dollar, over the last two weeks. As at Wednesday, September 13 2017, the cedi was trading at 4 cedis 41 pesewas to the dollar. As at the beginning of the year, the cedi was trading at 4 cedis 20 pesewas to the...
(Xinhuanet 09/13/17)
In an effort to promote economic development and solve complex conservation challenges facing world heritage sites, the African World Heritage Fund Patron and former President of Namibia Hifikepunye Pohamba will host a business leader's breakfast event in Namibian Capital, Windhoek on Thursday. The African World Heritage Fund is an initiative of the African Member States of the African Union and UNESCO, launched in 2006. Webber Ndoro, executive director of the African World Heritage Fund, at a media briefing on Tuesday in Windhoek said that the aim of the event is to promote a holistic private sector engagement, raise a sense of ownership and accountability for heritage protection as well as transmission of World Heritage sites in Namibia and Africa. "To...
(APA 09/12/17)
President Nana Addo Dankwa Akufo-Addo has said that Ghana will vote in a referendum to decide on the fate of some proposed new districts. The President’s comments followed the presentation of a Bill by the Council of State to the Parliament to facilitate the creation of new regions to make administration of the nation easier. The Daily Graphic on Tuesday reported that President Akufo-Addo in an interaction with some chiefs in Accra at the seat of government on Monday, assured that it would be done, but was not sure exactly when the referendum would take place. He made it clear that a commission of enquiry has been constituted to look into the proposed regions to facilitate the process. The debate...
(Citifmonline 09/12/17)
It is emerging that Ghana may have met only one out of the eleven targets set with the International Monetary Fund (IMF) under the extended credit facility program. The targets were among others to guide the government in achieving key economic growth standards and restore economic stability. Ghana in 2015, entered into an agreement for 918 million dollars to support her economy. Citi Business News’ analysis has shown that Ghana’s underperformance in majority of the targets may have triggered the extension by the current government. The eleven targets comprised; a ceiling on gross credit to government by the Bank of Ghana, a ceiling on wages and salaries, a continuous non accumulation of domestic arrears as well as a continuous non-accumulation...
(Ghana Web 09/12/17)
Ghana Government and her Equatorial Guinean counterpart have signed a Memorandum of Understanding (MOU) to help facilitate growth and development of agriculture in their respective countries. The two countries have agreed to exchange ideas and resources as well as build entrepreneurial skills in areas of agro processing and value addition The Minister of Food and Agriculture of Ghana, Dr. Owusu Afriyie Akoto signed on behalf of Ghana whilst the Minister of Agriculture, Food and Livestock of Equatorial Guinea, Hon. Victor Grange Mehile, signed on behalf of his country. The MOU follows a fruitful discussion between the two countries during the recent state visit by the President of Ghana, His Excellency, Nana Addo Dankwah Akufo Addo, to the Central African country...
(Graphic Online 09/12/17)
Tourism authorities and tour operators from Ghana and Benin have resolved to work together to break down immigration barriers that impede tourism in West Africa. According to them, the strenuous bureaucratic process that even citizens of West Africa are subjected to while travelling across the sub-region make it difficult to promote tourism. Speaking at a dinner organised by the Le Consortium Touristes par Millions au Bénin (CTM-Bénin), a coalition of tour operators, airlines and hotels of Benin, the organisation’s President, Mr Dine M. Bouraima, said although the sub-region was endowed with tourism resources, a lot more needed to be done to encourage travelling around the region. Working together Mr Bouraima said it was time for tour operators to push harder...
(Graphic Online 09/12/17)
Many oil-rich countries have used their oil resources as a major tool to propel development and improve the living conditions of their people. It is in the light of this that the discovery of oil in commercial quantities in Ghana in 2007 was embraced with euphoria by many Ghanaians. This optimism was underpinned by the expectation that the new oil resource would contribute tremendously to an accelerated rate in Ghana’s economic growth and development. The channels through which Ghanaians expect to benefit from the oil resources are through the expansion and deepening of indigenous businesses in the oil and gas sector, increased job opportunities, possible access to cheaper oil and gas resources, and revenue from oil and gas resources for...
(Business Ghana 09/12/17)
The Ghana Chamber of Mines has urged Ghanaian entrepreneurs to fully exploit the enormous investment opportunities in the mining industry to create wealth and jobs. Mr. Sulemanu Koney, the Chief Executive Officer (CEO), noted that there were inputs and equipment, which could be manufactured locally and supplied to the mining companies. In excess of US$363 million is used to import sodium cyanide, caustic soda and other items by the companies and he said this needed to change. He indicated that the local production of these inputs would help the nation to retain the revenue. Mr. Koney told a meeting held by the Chamber with journalists in Kumasi that, there was no reason this could not be done, especially when the...
(Graphic Online 09/12/17)
Barring any adverse developments, the referendum to create more regions in the country will take place by the middle of 2018, President Nana Addo Dankwa Akufo-Addo has said. Following the green light given to the government by the Council of State to constitute a commission of inquiry in furtherance to the creation of new regions, the President said he was in the process of putting up that commission. “I cannot tell how long it will take them to work, but if everything goes right, hopefully by the middle of next year the referendum will take place if the recommendation that comes says we should have new regions,” he said. The President said this when the Overlord of the Mamprugu Traditional...
(Citifmonline 09/12/17)
Investors all over the world lookout for avenues to put their funds in order to get some returns and the Ghana Stock Exchange is one of the possible options. In the article, “The performance of the GSE vs T-Bills”,published on citifmonline.com on 31st January, 2017, it was revealed that in the long term, the GSE returned marginally better than Treasury bills. Looking at the GSE from the foreign investors’ perspective takes a different twist. I was in a discussion with an investor who informed me he had invested about USD5 Million in the Ghana Stock Exchange in the last eight years but has lost more than 50% of his investment even though the stock market is returning about 40% Year-To-Date...
(Ghana Business News 09/12/17)
The Ghana Chamber of Mines has urged Ghanaian entrepreneurs to fully exploit the enormous investment opportunities in the mining industry to create wealth and jobs. Mr. Sulemanu Koney, the Chief Executive Officer (CEO), noted that there were inputs and equipment, which could be manufactured locally and supplied to the mining companies. In excess of $363 million is used to import sodium cyanide, caustic soda and other items by the companies and he said this needed to change. He indicated that the local production of these inputs would help the nation to retain the revenue. Mr. Koney told a meeting held by the Chamber with journalists in Kumasi that, there was no reason this could not be done, especially when the...
(Reuters (Eng) 09/12/17)
Olympic boxing’s governing body, AIBA, has banned African confederation head Kelani Bayor for three years for allegedly provoking the crowd at the continental championships in Brazzaville last June. Bayor is an AIBA vice-president and executive committee member as well as chairman of Togo’s national Olympic committee. “The Disciplinary Commission found that a hostile and threatening reaction to AIBA officials by spectators after the result of a bout on the last day of the competition was exacerbated by comments from Mr Bayor,” AIBA said in a statement on Monday. It found Bayor had “committed serious and unacceptable violations of the AIBA Disciplinary Code” at the tournament in Congo Republic. AIBA said the ban was from all boxing activities and responsibilities and...
(Ghana Web 09/11/17)
A deputy Finance Minister, Kwaku Kwarteng has disclosed that the decision by the government to allow for an extension of the International Monetary Fund (IMF) programme with Ghana was at the behest of the Bretton Wood Institution. The IMF, in a statement in August, announced the extension of the programme following a conclusion of an assessment of the fourth review of the Extended Credit Facility by the fund’s board. The extension contradicts the ruling government’s earlier stance that it would not prolong the programme which was expected to terminate by the end of 2018. It is now set to end in 2019. Ghana entered into an agreement with the International Monetary Fund for economic assistance in 2015 by the then...
(Myjoyonline 09/11/17)
“The emerging markets are a sought after destination for foreign investors – it is in these markets where there is continued economic growth and a need for additional infrastructure. In addition, governments and policy makers are introducing a range of tax incentives and other incentive schemes to foreign investors.” Although the potential for foreign investment has improved substantially in Africa over the past several years, it is not without a number of challenges. Some of these challenges include a drop in oil prices and other commodities, social unrest, unstable electricity supply and the impact of one of the most severe droughts across the African continent. These are some of the highlights from PwC’s 7th edition of the ‘Hotels Outlook: 2017-2021’...

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