| Africatime
Wednesday 29 March 2017
(Xinhuanet 02/01/17)
Newly elected senior officials of the African Union (AU) Commission, including Chairperson and Deputy Chairperson of the AU Commission, were sworn in on Tuesday at the conclusion of the 28th AU summit in Ethiopia's capital Addis Ababa. In addition to the two top officials, other officials took the oath for positions including, peace and security; political affairs; trade and industry; social affairs; infrastructure and energy; and rural economy and agriculture. The 28th AU summit also elected Alpha Conde, President of the Republic of Guinea, for a rotating chairmanship of the African Union. In his acceptance speech on Monday, Conde said, "It is with honor and humility that I accept to preside at the destiny of our Organization during the year...
(Bloomberg 01/30/17)
Ghana targets creating 1.5 million jobs in the next two years with plans to invest in agriculture as the West African nation seeks to produce more of its own food to cut the cost of imports, according to the minister for agriculture. The plan comes after President Nana Akufo-Addo was elected in December after pledging to boost the agricultural sector and create jobs in a country where almost half of people between 15 and 24 years are unemployed. While Ghana is the world’s second-biggest cocoa producer, it imports more than two-thirds of the staples such as wheat and rice that it needs, according to the Food and Agriculture Organization of the United Nations. Farming “is going to take off in...
(AFP (eng) 01/30/17)
Lawmakers in Ghana on Monday called for an investigation into claims that a minister in new President Nana Akufo-Addo's government bribed the committee vetting his candidacy. Energy Minister Boakye Agyarko has been accused of attempting to bribe some opposition party members of the committee with 3,000 cedi (about $700, 650 euros) each to approve his nomination. The allegations were made by an MP from the National Democratic Congress party who sits on the committee but one of his NDC colleagues rejected the claim. Three other lawmakers on the committee on Monday wrote to parliament asking for an internal enquiry "into the veracity of the claims... of attempted bribery". The allegations emerged last Friday and prompted a swift denial from parliament,...
(Xinhuanet 01/30/17)
Ghana's new minister of Finance Kenneth Ofori-Atta has listed wealth creation as one of his top priorities for the country. The minister, who assumed office here on Monday, said his immediate priority would be to protect the public purse, stabilize Ghana's macro economy, spearhead anti-corruption, increase revenue and introduce policy initiatives to grow the economy for the private sector to thrive and create jobs. "We will create wealth and improve people's lives by ensuring economic freedom as the mainstay of the economy," Ofori-Atta said in a statement issued by the Finance Ministry. The minister was among the first batch of 12 new ministers sworn in on Friday, January 27, by President Nana Akufo-Addo. Ofori-Atta pledged his commitment to clean up...
(AFP (eng) 01/30/17)
Mahmoud Kahraba's late goal allowed Egypt to beat Herve Renard's Morocco in the Africa Cup of Nations quarter-finals on Sunday as they joined Ghana in completing the line-up for the last four. Kahraba came off the bench in the second half in Port-Gentil and stabbed home from inside the six-yard box in the 88th minute, just as extra time looked inevitable. The dramatic finish came after the Ayew brothers, Jordan and Andre, both scored to give Ghana a 2-1 win against DR Congo in Oyem that allowed them to advance earlier in the day. Frenchman Renard had been hoping to become the first coach to win the trophy three times with three different countries after triumphs with Zambia in 2012...
(Xinhuanet 01/28/17)
The African Union (AU) has been endeavoring to ensure robust, resilient and long-lasting economic transformation of Africa through promotion of infrastructure and energy development on the continent, noted Elham Mahmood Ibrahim, AU Commissioner for Infrastructure and Energy. Speaking at a press conference Friday ahead of the 28th AU leaders' summit here, the commissioner said the pan-African bloc has scored achievements in its flagship projects and programs on the development of energy, transport as well as in the information and communication technology (ICT) areas, which she said are the biggest priorities in Africa's infrastructure sector. In cooperation and coordination with its regional, continental, and international partners, AU has been committed to development of infrastructure on the continent, which facilitates trade, economic...
(AFP (eng) 01/27/17)
Ghana are hopeful that skipper Asamoah Gyan will be able to feature in Sunday's Africa Cup of Nations quarter-final against DR Congo after tests on an injury he suffered on Wednesday proved encouraging. A Ghana FA statement said the striker had returned to the team's base in Oyem in northern Gabon to continue treatment on the thigh injury he picked up in the 1-0 defeat to Egypt in their last group game in Port-Gentil. "Tests in the Gabonese capital of Libreville have shown that the injury is not as bad as initially feared," said the statement. "Gyan has now joined the Black Stars camp in Oyem to undergo treatment to make him fully fit." Gyan, the former Udinese, Rennes and...
(AFP (eng) 01/27/17)
Ghana's players at the Africa Cup of Nations on Thursday agreed to have their win bonuses at the tournament slashed in half, a source close to the squad revealed. Following a meeting between the squad and the country's sports minister in Gabon earlier this week, players agreed to accept $5,000 per match in the first round and quarter-finals, down from $10,000. Should the Black Stars make the semi-finals, they would receive $6,000 each with $7,500 if they get to the final. In the event of final victory, Ghana's head of state "reserves for them a surprise", said the source. Ghana will face DR Congo in the quarter-finals on Sunday.
(Bloomberg 01/27/17)
Barclays Africa Group Ltd. was targeted by protesters who entered one of its branches on Thursday and demanded the bank pay back money from a bailout provided to a company it bought before the end of apartheid. Demonstrators linked to the youth league of South Africa’s ruling African National Congress gathered outside the branch in Durban on South Africa’s east coast, Johannesburg-based Barclays Africa said in an e-mailed response to questions. Police ensured customers and staff were protected during the incident, it said. The protests come after the leaking of a draft report compiled by South Africa’s graft ombudsman that said Barclays Africa, which traded as Absa then, may have unduly benefited from state support when it bought Bankorp in...
(AFP (eng) 01/26/17)
Ghana coach Avram Grant has admitted captain Asamoah Gyan is a doubt for the quarter-finals of the Africa Cup of Nations after he came off injured against Egypt on Wednesday. "It's not looking so good but Gyan is a very strong boy," said Grant when asked about the extent of the problem. "We will need to wait and see. We will have a scan and then we will know better." Gyan was making his 99th international appearance and was looking to score his 50th goal for his country, but he went down with a groin injury towards the end of the first half and eventually came off. Jordan Ayew replaced him as Ghana lost the Group D game in Port-Gentil...
(Xinhuanet 01/26/17)
Fireworks and performances aside, the biggest thing about this year's Spring Festival celebration at the University of Ghana on Wednesday was the traditional Chinese food on display. Chinese netizens call their country a land of gluttons, for good reasons. The country's cuisines became a major attraction in the celebration hosted by the Confucius Institute at the university to usher in the Lunar New Year. And its appeal to young Ghanaian students is apparent, as many students were spotted enjoying Chinese dishes while several others milling around the many exhibition booths to get a taste of the foods. Others were also seen buying specially-made foods at the fair, eating with their friends and schoolmates. In interviews with Xinhua, many students expressed...
(Xinhuanet 01/26/17)
Adopting African Continental Free Trade Area (CFTA) has been named a major task for the African Union (AU) this year as the 30th session of its Executive Council opened on Wednesday. In her remarks at the opening of the meeting, Nkosazana Dlamini-Zuma, Chairperson of the AU Commission, called for member countries' commitment to meeting the first target in Agenda 2063 of commencing the CFTA by end of 2017. She underlines the need "to do what needs to be done on the free movement of persons, so that we unlock opportunities for intra-African trade, studies, business and tourism." In her remarks at the opening of the 33rd session of the AU Permanent Representatives Committee on Sunday, Dlamini-Zuma said the AU's major...
(Ghana Web 01/25/17)
Ghana has dropped two places and is now ranked 9th least corrupt country according to a Transparency International report on 46 African countries. Ghana failed to improve on its 7th position in 2015 when it scored 47points. In 2016, the country lost four percentage points to garner 43 points. This score is the lowest in Ghana’s CPI scores since 2012. The 2016 CPI score indicates that, in spite of Ghana’s efforts at fighting corruption the canker is still a serious problem. Ghana’s score of 43 points is a likely reflection of the many exposés of public sector corruption in the last few years. The report mentioned the police recruitment scam, Ghana Youth Employment and Entrepreneurial Development Authority (GYEEDA) scandal, Savannah...
(Ghana Business News 01/25/17)
The Ghana Stock Exchange (GSE) for the fourth week in January continues with positive trend and vitality as trading activities registered in ten equities with four gainers. Volume traded was 290,395 shares which were valued at GH¢354,510.30. In effect, the benchmark GSE-Composite Index edged by 0.2 per cent to close at 1,765.2 points, with a year-to-date return of 4.5 per cent, Nordea Capital Investment Stock Market analysis made available to the Ghana News Agency in Accra, on Wednesday depicted. The GSE-Financial Stock Index also rose by 0.3 per cent to close at 1,650.2 points, representing a year-to-date return of 6.8 per cent. According to the Nordea Capital Investment Stock Expert, Total Ghana continued its ascent from the previous session by...
(Bloomberg 01/25/17)
Taiwan’s last two African allies have no plans to switch allegiances and break ties with Taipei as Beijing tries to woo the self-ruled island’s diplomatic partners. Burkina Faso won’t cut relations with Taiwan despite people and companies with links to China offering funding in return for recognition of the One-China principle, according to Foreign Minister Alpha Barry. Swaziland said its relationship with Taiwan is based on mutual interests, not on money. “We get outrageous proposals telling us, ‘if you sign with Beijing we’ll offer you $50 billion or even more,’’’ Barry said in an interview in the capital, Ouagadougou, this month. “Taiwan is our friend and our partner. We’re happy and we see no reason to reconsider the relationship.” Competition...
(Bloomberg 01/24/17)
Ghana’s central bank unexpectedly kept its benchmark rate unchanged as it balanced the risks to inflation and economic growth. The Bank of Ghana’s Monetary Policy Committee left the rate at 25.5 percent, Governor Abdul Nashiru Issahaku told reporters Monday in the capital, Accra. Only two of six economists in a Bloomberg survey said the central bank would keep borrowing costs unchanged, while the remaining four predicted a rate cut of 50 to 150 basis points. “Perhaps concerns over currency stability kept the MPC relatively cautious,” Razia Khan, head of Africa macro research at Standard Chartered Plc in London, said in an e-mailed note. “We saw room for a cautious 50 basis points easing.” Policy makers reduced the rate in November...
(AFP (eng) 01/24/17)
Seven-time champions Egypt face Ghana in Port-Gentil on Wednesday looking for the result that will see them join their opponents in qualifying for the Africa Cup of Nations quarter-finals. The Pharaohs need only draw the game, which kicks off at 8pm (1900 GMT), in the Gabonese port city to be certain of progressing to the last eight, although if Mali fail to beat Uganda they will be through anyway. Meanwhile, a win for Hector Cuper's side would allow them to leapfrog the already-qualified Black Stars and advance as group winners. That might not be what they want, however -- the group winners will remain in Port-Gentil for the quarter-finals while the runners-up must up sticks to Oyem in the north...
(Ghana Web 01/24/17)
The Minister of Foreign Affairs designate, Ms Shirley Ayorkor Botchway, has said that Ghana’s foreign missions will pursue an economic diplomacy policy to attract foreign direct investments and also market the country’s non-traditional exports. Responding to a question from the Member of Parliament for Cape Coast North, Mrs Barbara Asher Ayisi, when she took her turn at the Appointments Committee of Parliament yesterday, she said to secure foreign investors to Ghana, officers of the Foreign Service should be well trained in economic diplomacy. To further advance that, Ms Botchway hinted that the Ministry of Foreign Affairs would work out the modalities for short courses for all Foreign Service personnel if she was given the nod. She explained that although Ghana’s...
(Cnbc Africa 01/24/17)
While Brexit and the U.S. election dominated headlines in 2016, the African continent witnessed major changes of its own. Its two largest economies were destabilized, with Nigeria being driven into recession and the South African political elite grappling for power. Conflict continued to make news, with the continuation of people trafficking across the Mediterranean and violence in South Sudan bubbling over. Macroeconomic concerns Growth in Sub-Saharan Africa fell to 1.5 percent in 2016 according to the World Bank, which deemed this "the weakest pace in over two decades." The slowdown was chiefly blamed on low commodity prices. But, the organization forecasts growth of 2.9 percent in the region for 2017. Africa's two biggest economies have a lot to account for...
(Bloomberg 01/23/17)
Ghana’s central bank unexpectedly kept its benchmark rate unchanged as it balanced the risks to inflation and economic growth. The Bank of Ghana’s Monetary Policy Committee left the rate at 25.5 percent, Governor Abdul Nashiru Issahaku told reporters Monday in the capital, Accra. Only two of six economists in a Bloomberg survey said the central bank would keep borrowing costs unchanged, while the remaining four predicted a rate cut of 50 to 150 basis points. “Perhaps concerns over currency stability kept the MPC relatively cautious,” Razia Khan, head of Africa macro research at Standard Chartered Plc in London, said in an e-mailed note. “We saw room for a cautious 50 basis points easing.” Policy makers reduced the rate in November...

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