February 2017

union oil donates GH ¢ 70,000 to improve lighting system at KNUST

The lighting system on the Kwame Nkrumah University of Science and Technology campus could soon be addressed.

This is because indigenous oil marketing company, Union Oil is committing 70,000 Ghana Cedis to address the challenge by installing solar powered lights to illuminate the campus.

Some students in recent times have been robbed or attacked in obscure areas, raising questions about security in recent year.

Marketing Manager for Union Oil, Kissi Appiah explains to Nhyiranews the move is part of the company’s corporate social responsibility.

“The school made a request in our previous meeting that they would want us to assist them to illuminate the campus by installing LED lights. They gave us the estimate of the project and our fulfilment to the promise is to donate 70,000 Ghana cedis,” he said.

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February 2017

ghana: funding nana’s free SHS, senior minister exposed

Reports of disquiet at the seat of government over Yaw Osafo Marfo’s over exuberant ‘coordination of the economic Ministries’ rear its ugly head last week when Ministers and leading members of the governing New Patriotic Party used the Senior Minister’s claim that government will use the Heritage Fund to fund its free SHS policy as launch-pad to “put him where belongs”

Apparently, Ministers and kingpins of the NPP, particularly those at the seat of government, have been brooding over how Mr Yaw Osafo Marfo has arrogated certain powers to himself to bring all appointees of President Akufo-Addo under his surveillance.

Short of opportunity to “deal” with the Senior Minister, The aL-hAJJ’s intelligence gathered that Ministers and government appointees bearing the brunt of Mr Osafo Marfo’s treatment have been plotting how to clip his wings.

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February 2017

prioritise education in allocation of oil revenues, CSOs advise

Some Civil Society Organisations (CSOs) have asked the government to prioritise education in the allocation of oil revenues rather than seeking to use proceeds of the Heritage Fund to finance its landmark policy on education, the free Senior High School (SHS) policy.

They explained that the government could make education one of the four priority areas that receive annual allocations of oil revenues from the Annual Budget Funding Amount (ABFA).

In separate interviews, the CSOs argued that the intended move by government defeated the purpose of establishing the fund as oil was a finite resource and would not be available forever.

The Country Director of SEND Ghana, a non-governmental organisation, Mr George Osei-Bimpeh in an interview on February 16 said although they were in support of children having access to education, there were better avenues to fund the initiative than using the Heritage Fund.

“Already the law allows the Minister of Finance to prioritise four key sectors and so that flexibility is there for the government to prioritise education and with that, no one will have any issue,” he said

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February 2016

Tullow Oil finds potential issue at Ghana field, shares drop

Oil producer Tullow Oil Plc (TLW.L) said there was a potential issue with a storage vessel at its flagship Jubilee field in Ghana, sending shares down more than 7 percent on Thursday morning.

The company, which is expecting a second field in Ghana to begin production this year, said it had taken additional measures to monitor part of a turret bearing in its floating storage and offtake vessel.

"The implications are that the turret may require maintenance that results in an unscheduled shut-in," RBC Capital Markets analysts wrote in a note to clients.

RBC expects Jubilee to contribute nearly half of the company's production in the first half.

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February 2016

PEF calls for review of companies code

The Private Enterprise Federation with support from stakeholders is calling for a review of the country's Companies Code to respond to modern trends and to bring on board the informal sector.

The Federation said the existing company's code lacked the policy framework to direct the operations of the informal sector as far as effective administration of a company is concerned. Mr Moses Agyemang, Senior Economist Private Enterprises Federation, made the call during a panel discussion in Accra on Ghana Journalist Association programme dubbed: "Business Advocate" on Ghana Television supported by BUSAC Fund, Denmark Embassy and United States Agency for International Development and the European Union.

Speaking on the topic: "Reviewing Ghana's Company Code, "Mr Agyemang said the Federation had started private sector consultation to submit its final inputs into the new Companies Bill 2013 for Parliamentary approval.

He said the new bill is regarded as progressive and user friendly than the Companies Act 1963 which is the current code under which companies operate. Mr Agyemang stressed that the Bill under consideration provided a threshold for companies with small capitalization to grow.

He said the existing code did not distinguish the Small and Medium Enterprises and the big institutions in the country. He observed that if there was the need for an auditor's report it would be required from every entity incorporated, and that small businesses whose capitalization is so low mostly cannot afford the cost of getting its books audited.

Mr Agyemang said his outfit had engaged Chartered Accountants to examine various options of financial accounting to ensure that small companies operate freely without difficulties. He said the new companies bill would also reduced the age of an individual who wants to set up a company from 21years to 18years.

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February 2016

Ghana Crackdown Targets Finance Industry Tricksters

Accra — THE future looks gloomy for Ghana's microfinance institutions as the country's central bank cracks the whip on fly-night lenders that have mushroomed across the country.

However, such moves could also have an impact on genuine leaders who are already bearing the brunt of members of the public tarring the sector with the same brush.

Among plans to eliminate illicit lenders, the Bank of Governor (BoG) has hiked the minimum paid up capital for microfinance companies and money lending companies from over US$130 000 (GH500 000) and $78 900 respectively to US$800 000.

There are concerns the hike is too much considering the country's precarious economic performance.

All microfinance institutions have up to December 2018 to meet the capital requirements.

"Failure to do so will lead to revocation of license," First Deputy Governor of Bank of Ghana, Milison Narh, warned.

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February 2016

Finance Ministry supports IMF on eliminating tax exemptions - See more at: http://citifmonline.com/2

The Finance Ministry has backed calls by the IMF for an elimination of tax exemptions in the country’s tax laws. Although the Ministry says a complete elimination may not be possible, it believes the country must renegotiate some of its tax exemption policies in bid to ensure fiscal consolidation. 

Deputy Managing Director of the IMF, Min Zhu last week recommended that Ghana eliminates tax exemption saying it has impacted heavily on the country’s revenue target. A tax analyst, Abdallah Ali Nakyea in an interview with Citi Business News also cast doubt at a complete elimination. -

Head of tax policy unit at the Finance Ministry, Anthony Dzadzra, however tells Citi Business News, the development is as a result of growing concerns which always shoots down government’s efforts at eliminating some tax exemption policies. -

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January 2016

Ghana Central Bank Keeps Key Interest Rate Unchanged at 26%

Ghana’s central bank left its benchmark interest rate unchanged after raising it three times last year to curb soaring inflation.

The Bank of Ghana kept the policy rate at 26 percent, Governor Kofi Wampah told reporters in the capital, Accra, on Monday. That was in line with the forecasts of seven of the 10 analysts surveyed by Bloomberg. Two predicted an increase of 100 basis points and one said the rate would be cut.

“The slower pace of inflation reflects the tight monetary policy stance and the ongoing fiscal consolidation,” Wampah said. “The committee therefore concluded that the current tight monetary policy stance, supported by continued fiscal consolidation and improvement in the energy situation, would provide the necessary impetus to rein in inflation pressures.”

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January 2016

CORRECTED-Despite oil glut, Tullow launches huge new deepwater production vessel

SINGAPORE, Jan 21 Amid one of the deepest oil price crashes in history, Britain's Tullow Oil is sending one of the world's biggest floating deep-water oil production platforms to West Africa to pump crude for at least 20 years.

The 340-metre long production vessel, named after late Ghanaian president Prof John Evans Atta Mills, was converted in Singapore from a Very Large Crude Carrier (VLCC) super-tanker, and is expected to set sail this weekend to Ghana, where it is scheduled to gradually ramp up production from the TEN deepwater oilfield from July/August this year, the company's chief operating officer Paul McDade said on Thursday.

With costs (operating plus capital expenditure) of around $20 per barrel and an expected production life of 20 years or more, London-listed and Africa-focused Tullow hopes it can weather a storm which has seen crude prices tumble over 75 percent in 18 months to under $28 per barrel, levels not seen since 2003.

Despite its low production costs, McDade said the current downturn was causing the industry huge pain, and he added that he didn't expect a sharp rise in oil prices as happened in 2009 after the last crash during the global financial crisis.

"It feels more like a 1986 than a 2008. It's a more fundamental shift. 2008 was a financial crisis, today is very different. We have oversupply, that's structural and takes longer to adjust to," he said in reference to low oil prices in the decade following the price crash of 1986.

Despite the outlook for excessive global output, McDade said the John Evans Atta Mills Floating Production, Storage and Offloading (FPSO) vessel was going ahead as scheduled.

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January 2016

Gov’t withdraws 1% withholding tax

The Ministry of Finance has announced a withdrawal of the one per cent withholding tax imposed on interest earned by individuals on any investments.

The tax imposition on interests is part of provisions in the new Income Tax Act, 2015 (Act 896) which came into force on January 1, 2016.

There has been huge public outcry over the issue after banks and financial institutions sent SMS alerts to their customers about the provision and how it would affect them.

“On the issue of the imposition of a 1% tax on interest earned by individuals, Government has already submitted proposals to Parliament to reverse the position,” a statement from the Finance Ministry said.
 

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December 2015

Employers Receive Funds

The National Pensions Regulatory Authority (NPRA) has transferred GHS 95,136,386.99 from the Temporary Pension Fund Account (TPFA) at the Bank of Ghana to 767 establishments or employers in the private sector.

A statement from the NPRA copied to the Ghana News Agency said the beneficiaries included three establishments namely Electricity Company of Ghana, GOIL Ghana Limited and the Social Security and National Insurance Trust (SSNIT) which had registered 'standalone' Employer Sponsored Schemes.

The remaining beneficiaries include Petra Advantage Pension Scheme (for 336 Employers), Cedar Pension Scheme (for 188 Employers), Pensions Alliance Trust Fund (for 128 Employers) and Secure Pensions Occupational Master Trust Scheme (112 Employers) which were Master Trust Occupational Pension Schemes (Second Tier) administered by Corporate Trustees.

The statement said the amount transferred represented the total contributions and interest from January 2010 to December 2013, and that the amount hit the accounts of custodians of the beneficiary Schemes on Friday, December 11, 2015.

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December 2015

IMF conditions crippling Ghana’s agric sector – Economist

An Economist at the Kwame Nkrumah University of Science and Technology (KNUST) Mrs. Grace Ofori-Abebrese has attributed failure of the agric sector to tough international Monetary Fund (IMF) conditionalities.
According to her, a directive by the Washington-based lender to government against allocating funds to the agric sector is the cause of the sector’s abysmal performance.

“It will be very difficult for the government to over spend against the IMF’s directive, so the government will not resource the sector,” Mrs. Grace Ofori-Abebrese.

Mrs. Ofori-Abebrese who is a Senior Lecturer at the KNUST’s Department of Economics was speaking Monday on Adom FM’s “Burning Issues” programme hosted by Afia Pokua. Presenting the 2016 Budget Statement to parliament, Finance Minister, Seth Tekper announced that the agric sector grew by 0.04% this year, a figure some analysts have condemned as too low.

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December 2015

Ghana receives AfDB support for PFM reform

The African Development Bank has approved a $56.2m loan to support public financial management and private sector competitiveness in Ghana.

Ghana is a middle-income country that used to harbour one of the strongest economies in Africa. However, for the past few years external shocks such as falling commodity prices have sent Ghana’s economy into decline.

Despite efforts by the government public debt and inflation remain high, and along with fiscal consolidation the finance ministry have issued Eurobonds to refinance the nation’s debts.

Jacob Mukete, director of the AfDB’s Governance, Economic and Financial Management Department, said that the programme works towards “strengthening fiscal consolidation, deepening public financial management reform and improving the efficiency and competitiveness of the economy”.

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November 2015

APP tenders value hit over US$37m in first year

he tender value of the African Partner Pool (APP), an online business platform that connects international companies (including banks) to quality, credible and validated local SMEs, has hit more than US$37m in just a year of the platform’s existence.

Sam Brandful, Ghana Manager of Invest in Africa (IIA), creator and manager of the platform, noted that the tender value is one of the many achievements chalked up over the one-year period.

Apart from the value of the tender, other achievements during the first year include close to 1,000 supplier companies across 20 sectors, 13 buyer corporates, and launch of the Business Linkage Programme with training of the first set of 16 companies completed.

“These achievements have only been made possible through the support of suppliers and buyers. In many respects, however, the results of our first year tell us that there is a lot more we can achieve,” he said.

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November 2015

Ghana receives AfDB support for PFM reform

The African Development Bank has approved a $56.2m loan to support public financial management and private sector competitiveness in Ghana.

Ghana is a middle-income country that used to harbour one of the strongest economies in Africa. However, for the past few years external shocks such as falling commodity prices have sent Ghana’s economy into decline.

Despite efforts by the government public debt and inflation remain high, and along with fiscal consolidation the finance ministry have issued Eurobonds to refinance the nation’s debts.

Jacob Mukete, director of the AfDB’s Governance, Economic and Financial Management Department, said that the programme works towards “strengthening fiscal consolidation, deepening public financial management reform and improving the efficiency and competitiveness of the economy”.

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November 2015

BoG under pressure to bring down interest rates

he steady increase of the Bank of Ghana’s policy rate to 25 from 19 per cent at the beginning of the year has given policy makers some breathing space with stable currency but worries over cost of borrowing lingers.

Despite the favourable and handsome profits enjoyed by financial institutions in the country, the cost of borrowing is still high for the average Ghanaian, a phenomenon which has sparked another round of calls for action to bring it down.

Until recently, the Monetary Policy Committee (MPC) of the Bank of Ghana had maintained a fairly stable prime rate—the reference interest rate used by the banks—and yet, on the ground, banks and other loan companies do not reflect this in their lending practices.

 

The adjustment in the policy rate last September to 25 per cent was to offset the risk of inflation, which according to the BoG “has pushed up the disinflation path further from the target in the horizon, and monetary policy needs to be vigilant to avoid a build-up in inflation expectations,"

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November 2015

Ghana: Palm Oil Can Be Ghana’s Biggest Income Earner After Cocoa

The Oil Palm Development Association of Ghana (OPDAG) has repositioned itself in its quest to ensure that Ghana moves from being a net importer of palm oil to a net exporter of the commodity in the next five to 10 years.

Subsequently, the association has been revived to make it a formidable force to champion the cause of its members in particular and the country at large.

The President of OPDAG, Mr Samuel Avaala, has said it was unfortunate for Ghana with all the favourable natural resources to buy more palm oil with scarce resources instead of tapping its local capacity to produce to feed the market and for export.

He said OPDAG was determined to ensure that palm oil became the second commodity after cocoa in terms of foreign exchange earnings.

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November 2015

Switzerland offers Ghana GHC60m budget support

Ghana's successful meeting of targets under the International Monetary Fund (IMF) programme for August this year has started yielding good fruits, with Switzerland being the first country to release its budget support for the country after the second review of the IMF programme.

The Minister of Finance, Mr Seth Terkper, signed an agreement with the Swiss Ambassador to Ghana, Mr Gerhard Bruegger, in Accra yesterday for a general budget support of CHF15 million (Swiss franc), about GHC60 million, for the medium term, spanning 2015 to 2017.

For this fiscal year, the Swiss government will release CHF7 million (about GH¢26.5 million) to support the 2015 budget, with the rest spread over the next two years.

Mr Terkper said the government was aware of the concerns that the country’s development partners had raised about macroeconomic stability and that the government considered it equally serious and would not do anything to derail the progress made so far.

Ghana on track

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November 2015

Public Private Partnerships? They’re as old as Christopher Columbus

Private companies are encouraged to latch onto every potentially-profitable public investment. What’s new or good about that?

Credit: "Columbus Taking Possession" by L. Prang & Co., Boston. Licensed under Public Domain via Wikimedia Commons.

As the global economy limps along with low expected growth rates or recession in major emerging economies, the World Bank and other donor agencies have embraced a new cure-all for poverty reduction and development called ‘Public-Private Partnerships’ or ‘PPPs.’ Though the term is still ambiguous, these arrangements are basically long-term contracts between a government and a private entity for the provision of a public service. In principle, PPPs are meant to transfer risk from governments, while businesses gain through revenue generation and the receipt of assets or guarantees from the state.

Over the last few years there’s been a surge in enthusiasm for PPPs, so much so that they’ve become like a free-market parasite on steroids, latching onto every potentially-profitable public investment opportunity. Multiple projects are being designed and launched in quick succession in all corners of the globe, with 134 developing countries currently participating in partnerships that finance between 15 and 20 per cent of their investment in infrastructure. From Indonesia to Ghana to the small and highly indebted territories of the Caribbean, the World Bank is advocating the establishment of PPP legal and policy frameworks in areas of “public interest” including infrastructure, water, electricity, healthcare, and education.

Ghana is preparing a PPP law to regularize its procurement practices in the hope of attracting more private investment in its drive to become a middle income country. In September 2015, government officials from 12 Caribbean nations were taken through a series of PPP “boot camps” to get them into shape and on track for the onslaught of these mechanisms as they are rolled out across the region. The gap between the demand for infrastructure and the finance available to develop it is also being viewed as an opportunity for PPPs in the Asian region. But does the wide adoption of these partnerships mean that they are actually effective in addressing the challenges of poverty, public service provision and productivity?

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November 2015

Barry Callebaut buys Ghana cocoa group Nyonkopa

ZURICH (Reuters) - Chocolate and cocoa group Barry Callebaut has acquired Nyonkopa Cocoa Buying Company Ltd in Ghana, the Swiss company said on Monday, giving no financial details.

It said in a statement Nyonkopa was a top ten private licensed buying company in Ghana.

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November 2015

GNPC, Partners Pay US$1.6m Compensation For Project Site

NPC and its Partners in the Offshore Cape Three Points (OCTP) block, Eni Ghana Exploration and Production Limited and Vitol Upstream Ghana Limited, have paid an amount of US$ 1.650 million in compensation to land and property owners in Sanzule, in the Elembelle District of the Western Region.

The amount paid forms part of the processes to secure 237 acres of land to serve as site to host an onshore gas receiving plant, dedicated to the upcoming Sankofa-Gye Nyame gas project.  


A total of 205 claimants made up of 175 crop farmers, 14 building/structure owners and 16 fish pond owners, received an amount of US$1 million. The remaining $ 650,000 was used to pay families and clans, as land lease compensation, for a period of 30 years.  This was in line with a Property Leasehold Agreement earlier signed between ENI and the Sanzule community, in April, this year. 

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November 2015

Gov’t strengthens Public Private Partnerships

A Director at the Public Investment Division of the Ministry of Finance has stated that Public Private Partnerships (PPPs) could help close the development gap of the country in view of the huge pressure on the national budget. Magdalene Apenteng said that there is current shortfall in the provision of infrastructure and the government continuously borrows to execute massive projects as a result.

Engaging the PPPs in that direction would help to reduce Ghana’s borrowing, he said.
The director was speaking at a forum yesterday on PPPs organized by the Public Investment Division of the Ministry for Civil Society Organizations (CSOs) under the theme: ‘Leveraging PPPs for accelerated development – role of civil society organizations.’
She said that the ministry had designed a platform to create awareness, improve knowledge and understanding on PPPs and highlight advocacy on a national level.
She said that PPPs are long-term contractual partnership arrangements between private and state institutions to develop public infrastructure and services.
“PPPs are becoming increasingly important in emerging countries like Ghana as a development instrument. The underlying principle is that it would bring together public and private entities to design, finance, build and manage public infrastructure and services,” Mrs. Apenteng added.
She said the government is focusing on water supply, sanitation, public transportation, telecoms and certain aspects of education and health delivery for the PPPs.

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November 2015

Ghana: Gold Fields Pays Dividend to Ghana

Accra — GOLD Fields Ghana (GFG) has announced the payment of US$7 million as an interim dividend to the Government of Ghana for the 2015 financial year.

The amount represents 10 percent of dividends declared, which is due to the government by virtue of the latter's 10 percent ownership in GFG through a free carried interest.

This is the second dividend payment to government this year.

An amount of $4,5million was paid earlier this year in May.

Between its Tarkwa and Damang operations, GFG had, to date, paid over $87 million in dividends, over $548 million in corporate taxes, and over $439 million in royalties to the Government of Ghana, officials said.

Gold Fields' Executive Vice President and Head of West Africa, Alfred Baku, who presented the $7 million cheque to the Deputy Minister of Finance, Mona Quartey, noted the country's political stability and strong democratic credentials gave confidence to the investment community.

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November 2015

Large Real Estate Group From Britain To Invest In Ghana

A reputable British Group, the BOND Group Holdings comprising of a strong real estate arm, SD & B International and an investment arm, Bond Investment Group, have expressed the strongest desire to invest in Ghana’s economy, citing the country’s relative stable economic growth, less security concerns and peaceful political framework.

Senior officials of both companies have since paid a four-day working visit to Ghana to explore possible areas of investment.

Bond Investment Group are global experts in structured equity finance while SD & B International specialises in property and infrastructure Design, Investment, turnkey construction and project Management.

Dr Hitesh Bodani, Chairman of the Bond Group Holdings who led the three member delegation told Ameenu Shardow of myradio360.com that they are overwhelmed by the numerous and attractive investment opportunities in Ghana.

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October 2015

World Bank lauds gov’t efforts to stabilise economy

World Bank President Dr. Jim Yong Kim is confident measures being implemented by government to forestall the precipitous fall of the economy will yield success.
But despite this optimism, Dr. Kim is warning that there will be some tough times ahead for the country before economic stability is achieved.
Speaking in an exclusive interview with Joy Business’ George Wiafe during his recent visit to Ghana, Dr. Kim said robust economic reforms would have to be implemented by managers of the economy before headways in economic stability can be made.

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September 2015

Kosmos to invest more than 60% of global budget in Ghana

Oil exploration giant Kosmos Energy is to spend about 500 million dollars of its operations in Ghana. This is more than half of the 800 million the company is planning to spend on exploration activities across the world. This announcement is coming at a time when several oil firms are cutting down on their expenditure because of declining crude prices. According to Kosmos' 2014 financial report, a chunk of the 500 million dollars will go into the development of the country's second biggest oil area after Jubilee Field , that is the Tweneboa-Enyenra-Ntomme (TEN), which is about 50 percent complete to pour its first commercial oil by next year...read more...

September 2015

50 French businesses to invest in Ghana’s economy

The French ambassador to Ghana Frederic Clavier has revealed that a delegation of 50 investors from France is expected in the country in April. The ambassador in an exclusive interview with Joy News said the business delegation would invest in a number of areas with agriculture being the prime interest. Frederic Clavier said the project is aimed at empowering civil society organizations and non-governmental organizations to play a watchdog role by impressing on duty...read more...

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September 2015

Ministry to procure 1, 000MW of power to resolve crisis

President John Dramani Mahama said the Ministry of Power would procure and feed into the system, 1,000 megawatts of emergency power as an immediate measure to resolve the current energy crisis. The President, delivering the State of the Nation Address in Parliament on Thursday, said guarantees were currently being agreed for Karpower ship from Turkey to provide 450MW, APR from the United Arab Emirates to provide 250MW and GE 300MW...read more...

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September 2015

Swissport Ghana to begin operations

On March 25 – 27 March 2015, the third annual meeting of The Growth Net will be held in New Delhi, India. Swissport International, the world’s leading provider of ground and cargo handling services to the aviation industry, today announced the opening and operational start of Swissport Ghana. Swissport Ghana is an equally owned joint venture company between Swissport International and Ghana Airport Cargo Centre (GACC). GACC is a joint venture between Air Ghana...read more...

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September 2015

IMF says agrees 3-year deal with Ghana worth around USD 930 m

Accra, Reuters. The International Monetary Fund agreed a three-year concessional facility with Ghana worth around $930 million and is confident the deal can restore its fiscal stability, Africa Department division chief Joel Toujas-Bernate said on Thursday. Ghana's economy grew at around 8 percent for years on its exports of gold, cocoa and oil but the country faces serious macro-economic problems and the Fund forecast growth under the deal at 3.5 percent in 2015, rising to...read more...

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September 2015

ABL inaugurates USD 100 m expansion project

The first phase of a multi-million-dollar expansion project of the ABL, a local brewery company, designed to double the company’s production capacity has been inaugurated in Accra. The USD 100 million facility comprises two state-of-the-art packaging lines, an expansive warehouse with a loading bay, material storage areas and two additional power generators. Known within ABL circles as ‘Project Everest,’ the project, which started in 2013, also has 10 beer...read more...

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September 2015

Govt secures USD 145m for agri sector

The government has secured a USD 145 million credit facility from the World Bank and the United States Agency for International Development (USAID) to help transform the agricultural sector into a vibrant commercial sector. The facility is for the implementation of the Ghana Commercial Agricultural Project (GCAP) in the Savanna Accelerated Development Authority (SADA) zone and parts of the Volta, Greater Accra and Eastern regions. The GCAP is to support farmers...read more...

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September 2015

Eximguaranty, USAID sign USD 500 000 agreement for agribusiness

USAID-Financing Ghanaian Agriculture Project (USAID-FinGAP) has reserved an amount of USD 500,000 as grant to Eximguaranty Company Ghana Limited (Exim Ghana) to subsidize the cost of credit guarantee premiums on loans from financial institutions to agribusinesses in the rice, maize and soy value chains...read more...

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September 2015

Boost to Local Digital Economy as fibre optic project comes alive

The over 800km Fibre Optic Broadband Backbone Infrastructure project stretching from Ho in the Volta Region to Bawku in the Upper East Region, with a link from Yendi to Tamale, both in the Northern Region, has been completed by the government. The 38 million euros project which was undertaken by Alcatel-Lucent of Denmark, covers 27 municipal and district assemblies has been extended to the University of Health and Allied Sciences in Ho. President John...read more...

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September 2015

2015 budget likely to be reviewed next month

Finance Minister Seth Terkper is likely to turn to Parliament in April to seek approval to revise the 2015 budget estimates. This possibility has come about due to a USD 700 million decline in government's revenue from the slump in crude oil prices on the international market. The review of the budget estimates will result in significant cuts in government expenditure. Government will have to spend less than the GH¢44 billion it was hoping to do. Some analysts say there.

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September 2015

TEN project may be delayed by Ghana/Ivory Coast dispute

Tullow Oil’s flagship Tweneboa-Enyenra-Ntomme (TEN) project off the coast of Ghana could face serious delays if a request by the Ivory Coast that Ghana suspend the exploration and development of all offshore oil and gas reserves in disputed territory is upheld. The International Tribunal of the Law of the Sea (ITLOS), the body that is handling the territorial dispute between Ghana and Ivory Coast, is expected to make a decision on the request in April...read more...

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September 2015

Ghana and Botwana sign MOU on political consultations

Ghana on Monday signed a Memorandum of Understanding (MOU) with the Republic of Botswana on Political consultations among other things. The signing, which was performed by Madam Hannah Tetteh, Minister of Foreign Affairs and Regional Integration and Dr Pelonomi Vinson-Moitoi, Botswanan Minister of Foreign and International cooperation was witnessed by President John Mahama of Ghana and President Khama of Botswana...read more...

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September 2015

Poor Ghana output weighing on global cocoa forecasts: Olam

Harsh weather in Ghana has pushed many in the cocoa market to predict a global deficit, a senior Olam executive said. "We've been forecasting a deficit in the cocoa market for this season. And a lot of that has been the drop in production that we've seen in Ghana," Gerry Manley, Olam's global head of cocoa, said in an interview. "We do also believe now that the rest of the market is understanding that Ghana won't be as strong...read more...

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September 2015

Ghana Consortium, Shell enter into exlusive negotiations

General Electric (GE), Endeavor Energy and partners Eranove and Sage Petroleum have entered into a long-term supply agreement for Liquefied Natural Gas (LNG) for the Ghana 1000 project. The Ghana 1000 project is an integrated gas-to-power project that will consist of 1,300 MW to be delivered in two phases, a floating storage and regasification unit (FSRU) and related infrastructure...read more...

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September 2015

Ghana state oil company close to signing USD 700 m loan

Accra, Reuters. State-owned Ghana National Petroleum Corporation (GNPC) is close to signing a USD 700 million, five-year loan from private commercial lenders led by commodity trader Trafigura to help fund its expansion, its chief executive said on Tuesday. Alex Mould told Reuters in an interview that GNPC had already concluded due diligence for the deal, the company's biggest loan

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