AFRICA

Economists Urges Government To Stop Financing Projects Directly.

Prof. Edward Ghartey Professor Edward Ghartey, an economist at the University of West Indies, has urged government to avoid financing public projects directly. According to him, there were several occasions where government releases money to directly finance public projects and it go waste. Read More | View Original Article

Services Sector Dominates Ghana’s Economy in 2012

In 2012, the service sector recorded the highest growth of 10.2% Gross Domestic Product (GDP). In the sector Information and Communications subsector and Finance and Insurance subsector recorded growth rates of 23.4% and 23.0% respectively. Read More | View Original Article

London Chamber of Commerce visits Ghana

The London Chamber of Commerce and Industry together with UK Trade & Investment North West Business are bringing a trade mission to Ghana today Thursday May 16, 2013. The team’s mission is part of their commitment to help LCCI member develop international trade in new emerging markets and encourage more UK exporters to do business [...] No related posts. Read More | View Original Article

Embarking On Commodity Based Industrialization

The First Attempt Towards Liberating African Economies. Read More | View Original Article

Iran To Bring Investment To Africa With 6 Oil Refineries.

TEHRAN - Iran will establish six oil refineries in Africa, the chairman of the union of Iranian exporters of oil derivatives announced on Sunday. Read More | View Original Article

Ghana Leads in Transparency in Mining and Oil

Ghana has taken important steps to improve mining governance and limit corruption, but the government still fails to give citizens the information they need to make sure they are getting a good deal from mining companies, according to a new governance index released on Wednesday. Read More | View Original Article

World Bank Report Suggests Developing Worlds Share of Global Investment will Triple by 2030

Seventeen years from now, half the global stock of capital, totaling $158 trillion (in 2010 dollars), will reside in the developing world, compared to less than one-third today, with countries in East Asia and Latin America accounting for the largest shares of this stock, says the latest edition of the World Banks Global Development Horizons [...] No related posts. Read More | View Original Article

RWI Release Results on Survey in Natural Resource Governance

More transparency is needed in how natural resources are managed around the world, according to a report. The Revenue Watch Institute said 32 out of 58 countries did not meet “basic standards of resource governance”. Read More | View Original Article

Ghana Plans Second Eurobond This Year

The Ghanaian government will issue a second Eurobond this year to restructure its existing debts, Vice President Paa Kwesi Bekoe Amissah-Arthur announced on Tuesday. The vice president disclosed this during the launch of the May 2013 edition of the Regional Economic Outlook (REO) for sub- Saharan Africa by the International Monetary Fund (IMF). Read More | View Original Article

Poor Power Supply Still Suffocates Businesses

Once again, industry players have identified disruptions in power supply as a major factor affecting the performance of their businesses and have called for speedy action in resolving the power crisis. The latest results of the Association of Ghana Industries [AGI] quarterly Business Barometer Survey released recently indicates that the power crisis bedeviling the country [...] No related posts. Read More | View Original Article

ISODEC Want President Mahama to Do More to Control Illegal Mining

Dr. Steve Manteaw, Campaign coordinator, Integrated Social Development Centre (ISODEC) has said the inter-ministerial taskforce set up by President Mahama to tackle galamsey was a “partial solution” to addressing the menace. Read More | View Original Article

Ministerial Task Force to Clamp Down On Illegal Mining

President John Dramani Mahama on Tuesday inaugurated a five-member inter-ministerial taskforce to fight against illegal small scale mining (galamsey) throughout the mining areas of the country. Read More | View Original Article

Emirates Rakes In Profits Of $845m For 2012-2013

The Emirates Group has recorded a 34 per cent rise in net profit of $845 million for the financial year 2012-2013 despite continuing high fuel prices and a weak global economic environment. Read More | View Original Article

Bank of Ghana Likely To Raise High Its Policy

The Standard Chartered Bank says it sees a small chance the  Bank of Ghana (BoG) will increase its policy rate by 100 basis points. Read More | View Original Article

African Trade Commodities Need Value Says Minister Of Trade

  The Minister of Trade, Haruna Iddrisu, on Tuesday urged African countries to add value to their primary export commodities to enable them to sustain and accelerate the socio-economic growth on the continent. Read More | View Original Article

Ghana’s Public and Private Sector to Share In Infrastructural Development Finance

The Government of Ghana is developing new options that would allow both public and private sectors to share the responsibility of financing infrastructural development. Read More | View Original Article

A Profit Of GH¢13.4m Was Recorded By Benso Oil Palm for 2012

  The Benso Oil Palm  Plantation (BOPP) Limited, posted profit after tax of GH¢13.41 million last year, as against GH¢9.59 million  the previous year, representing an increase of about 40 per cent. Read More | View Original Article

Transport and Agricultural Sector Is The Next In Line Of Business for Ghana and Canada

  President John Mahama President John Dramani Mahama on Tuesday commended the Canadian Government for continuously supporting Ghana in her development agenda, particularly in health, water and agriculture, over the years. Read More | View Original Article

Imports and Export Between Canada and Ghana Reaches $ 236.6 Million

  Two-way merchandise trade between Ghana and Canada reached $236.6 million in 2012, according to an official factsheet dated May 7, 2013 and obtained by ghanabusinessnews.com. Read More | View Original Article

Ghana’s credit market suffers due to Absence of Unique Identification System

The Minister of Finance says there are challenges facing participants of the credit market as a result of lack of a unique national identification system for the country. According to Mr. Seth Terkper, this makes identification of borrowers in the credit market somewhat difficult, leading to certain malpractices. Read More | View Original Article

IMF says Sub-Saharan Africa economy for 2013 looks good

  The International Monetary Fund (IMF) in its May 2013 Regional Economic Outlook titled “Building Momentum in a Multi-Speed World” reveals that following a year of strong growth in 2012 the near-term outlook for sub-Sahara Africa (SSA) remains broadly positive, with growth projected to accelerate modestly to around 5.5% in 2013-14. Read More | View Original Article

Symantec Corp.’s Internet Security Pegs Cyber Fraud At 42% In Africa

  A new report – the Symantec Corp.’s Internet Security Threat Report, Volume 18 (ISTR) released yesterday, May 13, 2013, has revealed a 42 percent surge in cyber fraud during 2012 in targeted attacks compared to the prior year. Read More | View Original Article

Training for regulators of derivatives, commodities exchanges comes to an end

The African Development Bank (AfDB), has concluded a one-week, pan-African training workshop for African regulators of derivatives and commodities exchanges in Abidjan, Côte d’Ivoire. Read More | View Original Article

Canada To Deepen Its Trade and Investment Deal With Ghana

Canada has hinted of its pursuit to sign a new trade and investment agreement with Ghana, a top official said May 13, 2013. Canada’s Foreign Affairs Minister John Baird has signalled his country’s intent to deepen trade and investment with Ghana which it sees as one of the world’s fastest-growing economies. Read More | View Original Article

Merchant Bank Staff Bare Teeth

Seth Terkper It is now evident that management and board of Merchant Bank Ghana have no clue as to what action they are supposed to take to save the financial institution. Read More | View Original Article

HFC Receives $10m Support From IFC.

Asare Akuffo International Finance Corporation (IFC), a member of the World Bank Group, has announced that it will provide a $10 million trade finance facility to HFC Bank to support increased trade. Read More | View Original Article

High Borrowing Cost Bleeds Private Sector

Seth Adjei-Baah with Rashid Pelpuo Seth Adjei-Baah, President of the Ghana Chamber of Commerce and Industry (GCCI), has expressed worry about the high cost of borrowing which is negatively affecting the growth of businesses. Read More | View Original Article

LCCI Delegation To Visit Ghana

Chuka Umunna to lead Trade Mission to Ghana   Shadow Business Secretary, Chuka Umunna, is to lead a joint London Chamber of Commerce and Industry (LCCI) and UKTI North West trade mission to Ghana for a two day visit, May 16-17, 2013. Read More | View Original Article

Africa plundered by secret mining deals – Kofi Annan

 Kofi Annan Tax avoidance, secret mining deals and financial transfers are depriving Africa of the benefits of its resources boom, ex-UN Chief Kofi Annan has said. Firms that shift profits to lower tax jurisdictions cost Africa US$38bn (£25bn) a year, says a report produced by a panel he heads. Read More | View Original Article

Germany finances training programme for Ghana Audit Service

Germany, through its Development Bank, KfW, is supporting the Ghana Audit Service (GAS) through a comprehensive training programme of its staff in the area of Financial Audits. This comes as an accompanying measure to Germany’s support to the Multi Donor Budget Support (MDBS) programme. Read More | View Original Article