Sunday 22 April 2018
(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’...
(Ghana Web 09/11/17)
President Nana Addo Dankwa Akufo-Addo has urged the cement industry to put its acts in order in readiness for an expanded national and private infrastructural development that would be fully dependent on cement. The consumption of cement, according to the President, would continue to increase in leaps and bounds with growing urbanisation, the huge housing deficit, and the anticipated rise in government and private sector infrastructural development projects. Speaking at the 50th anniversary celebration of Ghana Cement (GHACEM) in Accra on Friday, President Akufo-Addo said the continued and expanded local manufacture of cement, would help create jobs and reduce the pressure on the country’s foreign exchange reserve from having to import cement. “As we have already indicated, government is seeking...
(Myjoyonline 09/11/17)
Former President Jerry John Rawlings has cautioned the security in Togo to respect the peaceful protests by the civilians calling for an immediate end to the 50-year rule of the current government. The former Ghanaian leader in a statement Monday, described the situation in the neigbouring country as one of "great concern". There is uneasy calm in Togo following series of protests across the country with some residents fleeing their homes. The protesters want the country to return to the use of the 1992 constitution which imposes limits on presidential terms. But according to former President Rawlings: "The description of an imminent civil war by some commentators shows the extent to which the situation has regressed." The situation in Togo...
(Ghana Web 09/11/17)
The Ghana Employers Association (GEA) will push for a substantial reduction in the electricity tariff in the 2018 national budget. According to the Association, cost of power to businesses in Ghana is among the highest, compared to other West African countries. The Minister of Energy, Boakye Agyarko has already hinted that government will reduce electricity tariff next year. Speaking to Citi Business News after an Annual General Meeting, the Chief Executive Officer of the association, Mr. Alex Frimpong said its members will dialogue with government for their view to be imputed in the 2018 budget. “If you listen to the speech of the president, he indicated that all over the world there is price discrimination in favour of businesses. The...
(Bloomberg 09/11/17)
The South African companies that dominate the U.K.’s growing private hospital industry are counting on more people like Katie Corrie. A children’s party entertainer, Corrie opted to use 13,000 pounds ($17,000) of her savings and inheritance to get a hip replacement rather than spend months on a National Health Service waiting list. Britons like her are forking out almost 1 billion pounds a year to cover their own medical expenses, a trend that’s giving at least one industry the scope to look past Brexit turmoil. “Even if I hadn’t had the money put aside, I would have found a way to pay for it,” said Corrie, 50, who estimates the business she runs with her husband would have lost 10,000...
(Xinhuanet 09/08/17)
The European Union (EU) which placed a ban on vegetable exports from Ghana is likely to re-assess its decision by the end of this year, an official told local media here Thursday. Eric Amoako Twum, Deputy Chief Executive Officer of the Ghana Export Promotion Authority (GEPA), told the state-run Ghana News Agency (GNA) the EU would take a second look at the packaging, quality, information, standards and other key areas of the products. Twum was speaking to the GNA in Sunyani, Brong Ahafo Regional capital, some 400 km north of the national capital, during a meeting on the implementation of Ghana's National Export Strategy and the One - District-One-Exportable-Product policy. District chief executives, coordinating directors and other stakeholders in the...
(The Guardian Nigeria 09/08/17)
Internet Exchange Point of Nigeria (IXPN) has provided link with Ghana Internet Exchange Point thereby making it the first of such interconnection in the sub-region, Nigeria CommunicationsWeek has learnt. An Internet exchange point (IXP) is a physical infrastructure that allows several Internet Service Providers (ISPs) and network operators to exchange traffic between their networks, generally referred to as autonomous systems, by means of mutual peering agreements, which allow traffic to be exchanged at no cost. Reacting to this feat achieved by IXPN, Mohammed Rudman, managing director, IXPN, told Nigeria CommunicationsWeek that the link between Nigeria Internet exchange point and Ghana Internet exchange point was achieved last week and that with the interconnection of the two exchanges, internet traffic among the...
(APA 09/08/17)
The Ghanaian press is awash with the announcement of the release of funds for the implementation of the free Senior High School (SHS) policy. The Daily Graphic said the Ministry of Finance has released more than 50 percent of the funds needed to kick-start the implementation of the free SHS programme introduced by the New Patriotic Party (NPP) government. The Ghanaian Deputy Minister of Finance, Mrs. Abena Osei-Asare, said GHc280 million ($65.12 million), representing half of the total amount of money needed for the programme, had been released by the government. The Ghanaian Times says the money is expected to hit the accounts of 647 public schools across the West African country on Friday. It adds that the deputy minister...
(APA 09/08/17)
Deprivation and marginalization, underpinned by weak governance, are primary forces driving young Africans into violent extremism, according to a comprehensive new study by the United Nations Development Programme (UNDP), the first study of its kind. Based on interviews with 495 voluntary recruits to extremist organizations such as Al-Shabaab and Boko Haram, the new study also found that it is often perceived state violence or abuse of power that provides the final tipping point for the decision to join an extremist group. “Journey to Extremism in Africa: Drivers, Incentives and the Tipping Point for Recruitment” presents the results of a two-year UNDP Africa study on recruitment in the most prominent extremist groups in Africa. The study reveals a picture of a...

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