Thursday 23 November 2017
(Xinhuanet 08/31/17)
Cooperation between China and Africa has seen remarkable progress in renewable energy, showing the determination of developing countries to harness the huge potential of clean energy and combat climate change. China-Africa Renewable Energy Cooperation and Innovation Alliance, a coalition of financing institutions, smart grid providers and core manufacturers, on Thursday signed a Memorandum of Understanding (MOU) on cooperation with Africa Renewable Energy Initiative (AREI). "Africa has the highest potential for renewable energy, but the least access to it," said Seyni Nafo, chairman of AREI endorsed by the African Union Assembly. The MOU will enable the two parties to cooperate in renewable energy generation in Africa, with Chinese smart grid providers and core renewable energy manufacturers providing technological and financial support...
(Ghana Web 08/30/17)
Finance Minister Ken Ofori-Atta has indicated that banks would be given up to a year to meet the new minimum capital requirement when the recapitalisation announcement is made. The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, recently indicated that the pronouncement by the regulator could be made in the first week of September. Commercial banks in the country require GHC120 million as minimum capital before they can operate in the country. According to the Finance Minister “the increment would be significant and similar to what happened in Nigeria which forced a lot of banks in the country to merge”. Mr Ofori-Atta, however, said government will be willing to help the local banks to recapitalize especially those it...
(Spy Ghana 08/30/17)
Mr Robert Ahomkah-Linsay, a Deputy Minister of Trade and Industry, says Ghana’s 108th position on the Doing Business Ranking in the world is not the best. He, therefore, announced seven specific measures government intended to implement to enhance the business environment in order to move Ghana to the 46th position in the shortest possible time. He said: “We don’t feel comfortable being there, it is the sixth division of football and I don’t like playing in that division so we need to move up the ladder”. The Doing Business Ranking Report, released in 2016 by the World Bank Group, placed Ghana on the 108th position with Mauritius leading the African ranking at the 47th position as the best business-friendly nation...
(Ghana Web 08/30/17)
One of the major energy think tanks in Ghana is predicting of a possible rise in fuel prices in the coming days. The Institute of Energy Security says that this is largely due to the continuous fall in the power of the cedi which subsequently has increased the cost of importing fuel. Leading research consultant with the firm, Richmond Rockson says this development is likely to continue for quiet awhile. Road users are more likely to start paying more for petrol as transport fares are also likely to shoot up in the coming days.
(Bloomberg 08/30/17)
One Thousand & One Voices LLC, a private-equity fund started by the great-grandson of the founder of Coors Brewing Co., said it bought a producer of sushi-quality trout that is the largest such facility in Africa. SanLei’s operations are on the Katse Dam in Lesotho, an enclave surrounded by South Africa, 1K1V, as the fund is known, said in an emailed statement Tuesday. The company didn’t disclose the value of the transaction. SanLei has secured a marketing and distribution agreement with CGC Japan Co., which has more than 4,000 stores and collective revenue of more than $40.5 billion, making it Japan’s largest joint-procurement supermarket chain, 1K1V said. The fund has been hunting for private-equity investments that tap Africa’s growing consumer...
(Bloomberg 08/29/17)
Ghana’s President Nana Akufo-Addo is banking on good news from the International Monetary Fund after his predecessor nearly derailed an economic recovery plan through overspending. As the nation awaits the outcome of a review from the Washington-based lender, which may come as soon as Wednesday, on reforms since Ghana entered a $918 million credit program with the lender in 2015, gross domestic product is growing at the fastest pace in more than two years, the central bank is cutting borrowing costs as inflation slows and bond yields are falling. Ghana’s economy had a soft landing under Akufo-Addo’s New Patriotic Party, with Finance Minister Ken Ofori-Atta announcing tax cuts in March and pledging to reduce the budget deficit by more than...
(Citifmonline 08/29/17)
Government is set to meet the board of the International Monetary Fund (IMF) tomorrow to present its decision not to extend the programme. Finance Minister Ken Ofori-Atta in his mid-year budget review indicated that government’s economic team will meet the board in August. Already, President Akufo-Addo has stated that government will not extend the programme when it ends in December 2018. The Executive Board of the International Monetary Fund in September 2016 approved the third tranche of $116.2 million under Ghana’s three-year programme with the fund. The third approval brought the amount disbursed so far under the programme to $464.6 million. Ghana entered the three-year arrangement under the Extended Credit Facility (ECF) for about US$918 million on April 3, 2015...
(Business Ghana 08/29/17)
Ghana will enjoy uninterrupted and reliable electricity due to the arrival of the world’s largest Powership, the 470 MV Karadeniz Powership Osman Khan ,says the Corporate Communications Specialist for the Karpowership Ghana Company Limited. In a press release on Friday, Ms. Sandra Amarquaye said the Powership, which will generate a total of 450MW of electricity directly into the national grid for ten years, was an agreement signed between the Electricity Company of Ghana (ECG) and Karpowership Ghana Company Limited as part of Government’s bid to end Ghana’s power crisis. She observed that “Karpowership has a proven track record of supplying sustainable, reliable and affordable electricity with its operational 235 MW Karadeniz Powership Aysegul Sultan, which is moored at the Tema...
(Ghana Web 08/29/17)
Vice President Dr Mahamadu Bawumia says government is on course to ramping up the country’s growth to 6.3 percent by the end of this year underpinned by improvements in industry, agriculture and oil. Speaking in Cape Coast, Central Region recently during the annual National Delegates Conference of the New Patriotic Party (NPP), he indicated that provisional estimates show that the trade account recorded a surplus of US$1,429 million for the first half of 2017 due to a significant increase in export earnings combined with lower imports, compared to an almost equivalent deficit of US$1,403.7 million over the same period in 2016. “Our masterful ‘Asempa’ budget delivered by our masterful Minister of Finance, Ken Ofori Atta has set the tone this...
(Business Ghana 08/29/17)
The Ghana Revenue Authority (GRA) is set to increase revenue collections from the ports by ensuring that the various loopholes that give rise to leakages are plugged. The authority intends to achieve this by strictly enforcing the paperless form of processing documents for traders and their value chain operators at the Tema and Takoradi ports. The paperless regime is due to take off on September 1, after which all transactions at the twin ports will be migrated from paper-base to electronic. After spending quality time and resources preparing for the migration, the Commissioner-General of the GRA, Mr Emmanuel Kofi Nti, said the GRA was now in a better position to roll out what could become a game changer for the...
(Ghana Web 08/29/17)
Banks have begun tightening their stance on mortgages due to the rise in their Non-Performing Loans (NPLs). At least according to the Bank of Ghana’s latest banking sector report, the commercial banks decreased their loans for house purchases by some two percentage points from 8 to 5 percent as at June this year. The position by the commercial banks according to the Bank of Ghana’s banking sector stability report comes despite the increase in demand for loans for house purchases by households. At least the report indicates that the demand for loans for house purchases went up marginally from 5 to 6 percent between April and June this year. However, the commercial banks largely attribute their tightening in loan levels...
(Reuters (Eng) 08/29/17)
Europe’s “big four” continental powers and three African states agreed a plan on Monday to tackle illegal human trafficking and support nations struggling to contain the flow of people across the desert and Mediterranean sea. The 28-nation European Union has long struggled to reach a coherent answer to the influx of migrants fleeing war, poverty and political upheaval in the Middle East and Africa, and the crisis is testing cooperation between member states. After hosting the leaders of Germany, Italy, Spain, Chad, Niger and Libya, French President Emmanuel Macron said it was time for greater coordination. “We must all act together - from the source countries to Europe and passing by the transit countries, especially Libya - to be efficient,”...
(Ghana Web 08/28/17)
The Ghana Stock Exchange (GSE) has suspended five companies from trading on the GSE from today for failing to meet “continuing listing obligations, in spite of several promptings to do so.” A statement from the GSE named the five defaulting companies as African Champion Industry Limited (ACI), Clydestone (Ghana) Limited (CLYD), Golden Web Limited (GWEB), Pioneer Kitchenware Limited (PKL) and Transaction Solutions Limited (TRANSOL). Offences It said they breached obligations included failure to submit financial reports, non-payment of annual listing fees and failure to conduct annual general meetings (AGMs). It added that the suspension would last until September 8, this year within which the exchange expected
(Spy Ghana 08/28/17)
Ghana has made strides in the ‘African Social Development Index’ (ASDI) Report, which measures Human Exclusion for Structural Transformation in West Africa, according to the United Nations Economic Commission for Africa (ECA). ASDI was developed to measure problems of development that are specific to the continent and it follows a life-cycle approach which measures the extent of human exclusion in six areas including survival, health, education, employment, means of subsistence and life expectancy at 60. Dr Zack Jones Zulu, Social Affairs Officer, Social Development Policy Division, ECA launching the report said Ghana’s Human Exclusion was estimated to have reduced by almost 32 per cent during the period 2000-2014. This, he explained, was on account of healthy economic growth during that...
(Ghana Web 08/28/17)
The customs division of the Ghana Revenue Authority is wrapping up preparations towards the take off of the paperless system at the ports. To this end, the division is embarking on training for its officers to ensure a smooth transition from the current mixed grill to the paperless system. Deputy Commissioner of the division in charge of policy and programmes, Richard Yawotse at a talkshow on the paperless system organised by the Ghana Shippers Authority noted that the division takes cognisance of the fact that the implementation of the paperless system would culminate in a drastic reduction in the human interface and was taking steps to ensure that the officers are trained to man their computers in their respective offices...
(The Newdawn Liberia 08/28/17)
President Ellen Jonson Sirleaf joined by her Ghanaian counterpart, President Nana Addo Dankwa Akufo-Addo on Friday, August 25, 2017 dedicated and cut ribbon to a new Liberian Chancery complex in Accra, Ghana. According to a dispatch from Accra, Ghana, President Sirleaf applauded the Charge’d Affairs and Head of the Liberian Mission in Accra, Musu Ruhle for being farsighted and innovative in bringing transformation and development to the Accra Mission. The facilities of the Chancery, which have been in ruins for years was completely rebuilt by Madam Musu Ruhle with funding not only from the Government of Liberia but through other initiatives undertaken by the Accra Mission and its head. The rebuilt structures include an Executive Presidential style suite, other lodging...
(Ghana Business News 08/28/17)
In a press release on Friday, Ms. Sandra Amarquaye said the Powership, which will generate a total of 450MW of electricity directly into the national grid for ten years, was an agreement signed between the Electricity Company of Ghana (ECG) and Karpowership Ghana Company Limited as part of Government’s bid to end Ghana’s power crisis. She observed that “Karpowership has a proven track record of supplying sustainable, reliable and affordable electricity with its operational 235 MW Karadeniz Powership Aysegul Sultan, which is moored at the Tema Fishing Harbour.” Ms. Amarquaye said the 470 MW Powership would supply electricity through thermal power generation with its dual fuel engines and combined cycle power generation technology. “The Powership will initially use low Sulphur...
(Reuters (Eng) 08/28/17)
Getting Europe’s migrant crisis under control will be in focus at a summit of Europe’s “big four” continental powers and three African nations in Paris on Monday, with French President Emmanuel Macron seeking concrete action. The 28-nation European Union has struggled to agree on a coherent answer to the influx of migrants fleeing war, poverty and political upheaval in the Middle East and Africa, and the crisis is testing cooperation between member states. Over the summer, Macron sought to take the initiative on managing the flow of migrants crossing the Mediterranean from Libya, mainly into Italy. He proposed hotspots in Africa to handle asylum requests. The viability of such centers was questioned by European and African allies and on Monday...
(Xinhuanet 08/26/17)
Ghana expects its mining reform program to make the mining sector a leading catalyst of economic development, Coordinator of the Multi-Modal Integrated Project (MMIP) Isaac Karikari said. According to him, mining is also expected to boost the livelihoods of mineral-rich communities and eliminate child labor in mining. Speaking to Xinhua on Friday during a two-day National Multi Stakeholder Workshop on the African Mining Vision, Karikari explained that job creation, especially in mining communities, would be the key economic benefits Ghana could derive from the implementation of the project. The project, which is expected to cost 200 million U.S. dollars, will see the Ghanaian government funding
(Myjoyonline 08/25/17)
Finance Minister Ken Ofori-Atta has indicated that banks would be given up to a year to meet the new minimum capital requirement when the recapitalisation announcement is made. The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, recently indicated that the pronouncement by the regulator could be made in the first week of September. Commercial banks in the country require $120 million as minimum capital before they can operate in the country. According to the Finance Minister “the increment would be significant and similar to what happened in Nigeria which forced a lot of banks in the country to merge”. Mr Ofori-Atta, however, said government will be willing to help the local banks to recapitalize especially those it...

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