Indian sets up $200 mn tractor assembly unit in Ghana

Indian-owned West Africa Agro-Tech Company (Waatco), based in Ghana, has invested $200 million in a tractor assembly plant at nearby Nsawam, to produce 500 tractors a year, the company's managing director Akoliya Patel said. The company is already selling India-made Sonalika tractors and farming machines, and is now planning to build agriculture service, as well as training, centres, in farming communities across the country. Patel said the company will also train the youth both in Ghana and the West African region on how to generate opportunities in various fields of technology and services for farmers. He said the service centres were being established to help "guarantee the lifespan of tractors and also reduce the long distances farmers have to travel to seek spare parts and technical supports in some cases." At the plant launch ceremony, Ghanaian Food and Agriculture Minister Fifi Kwettey appealed for investments in the agriculture sector as it employed more than 50 percent of the country's population. "The opening of the Waatco office in Ghana is a clear indication of the growing partnership between Ghana and India," he said. "This is a huge collaboration between the people of Ghana and India which will bring a lot of transformation into the agriculture sector of this country," he added. Apart from engaging in various forms of business, Patel is also a sports philanthropist and has supported the growth of cricket in Ghana. He has single-handedly financed the building of the country's main cricket stadium in the capital. Patel also brought in a Ranji Trophy player, Amoluk Singh, to train Ghana's national side. On why he chose to develop cricket, Patel told IANS that "as a keen cricket fan, l started going out to watch matches and realised that even though the country had budding stars, it lacked proper grounds and players were poorly trained". "So I felt it was important for me to contribute my quota to improve the game," he said. Patel, who is the chief executive of Balaji Gemlust Company, said he came to Ghana to look for opportunities in the country's diamond sector and by 2003, he had become a diamond exporter. "Initially, I invested $1.5 million in the divestment by state-owned Consolidated Diamonds at Akwatia (in Ghana's eastern region)," he said. The investment paid off as the Indian businessman became the biggest diamond exporter for three years. He has also constructed a number of houses on a 2.5-acre plot that he has sold. In addition, he has acquired another 280 acres land at Kuntunse and Adjinkotoku localities near Accra for the construction of more houses.

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Mahama inauguration in Mauritius

     

President John Mahama has inaugurated the Mauritius campus of the African Leadership Academy, a private tertiary institution, founded by a Ghanaian entrepreneur, Fred Swaniker. He was joined at the short inaugural ceremony at the Beau Plan Business Park by the Deputy Prime Minister of Mauritius, Hon. Charles Xavier-Luc Duval. "I willingly accepted to include this inauguration as part of my 3-day visit, in order to encourage Fred to keep up with his chosen line of investment, education across the continent", President Mahama noted. He also encouraged the founder of the African Leadership Academy and other Ghanaian entrepreneurs to identify such business opportunities across the continent and help tackle "Africa’s major challenges". The AL Group already has an Academy in South Africa. It has however chosen to base the headquarters in Mauritius. President Mahama called for transformational education and entrepreneurial training across the African continent to prepare graduates to tackle head-on the challenges of the world. "That is what we need across the developing world. In Ghana, we have intensified skills development as a full educational course through vocational and technical education." "It is only when we begin to challenge our young ones to think and be innovative that we can reduce increasing youth unemployment", he stated.

Kofi Annan , wife visit potatoes farm in the north

Mr Kofi Annan, former Secretary General of the United Nations, and his wife, Mrs Nane Annan, Friday visited a sweet potato trial field at Nyankpala in the Northern Region to observe the progress being made in sweet potatoes production in the country. The field formed part of the orange-fleshed sweet potato project being undertaken by the Savannah Agricultural Research Institute of the Council for Scientific and Industrial Research (CSIR – SARI), in partnership with the International Potato Center. The visit would enable Mrs Annan to drive international support for the production, marketing and consumption of sweet potatoes in the country to improve nutritional status of children and their mothers to amongst others, prevent stunting in children. Sweet potatoes are a source of vitamin A, which is essential in improving the nutritional status of children. After touring the potato field and attending a durbar of chiefs and farmers at Voggu, near Nyankpala, Mr and Mrs Annan met representatives of some institutions involved in agricultural production, health and nutrition promotion and research in Tamale to learn about their various projects to promote the production of sweet potatoes. The institutions include the Ghana Health Service, Ghana School Feeding Programme, CSIR – SARI, University for Development Studies, Northern Regional Department of Agriculture and the United Nations Children’s Fund, amongst others. Mr Annan said he was impressed by the progress being made to promote the production and consumption of sweet potatoes in the country, stating that, it held tremendous benefits for the citizenry. He said a lot of activities were involved in the value chain of sweet potato production, which could be harnessed as jobs for the people. Mrs Annan said her desire to promote the production, marketing and consumption of sweet potatoes was to amongst others, help to address stunting amongst children whiles ensuring income for the farmers. Alhaji A.B.A Fuseini, Deputy Northern Regional Minister, described the visit by Mr and Mrs Annan as historic, as it would motivate the farmers to do more in the area of sweet potato production in the region. Alhaji Fuseini was full of praise for the initiative by Mrs Annan to promote sweet potatoes, saying that, it would help address issues of nutrition and poverty among the people. Dr Ahmed Yakubu Alhassan Deputy Minister of Food and Agriculture, in-charge of Crops, emphasized the need to improve on food crops to help address hunger and improve nutrition amongst children. Dr Stephen Nutsugah, Director of CSIR – SARI said in the next two years, CSIR – SARI would release two varieties of sweet potato for cultivation by farmers.

Second gold refinery starts operating

Ghana’s quest to add value to its mineral resources was given another boost yesterday with the inauguration of a $7-million gold refinery at Adjiriganor in Accra.

Sahara Royal Gold Refinery Limited has the capacity to refine a minimum of 200 kilos and a maximum of 300 kilos of gold daily.

This brings to two, the number of gold refineries in the country. The first, located at Mataheko in Accra, Asap Vasa Company Limited, has the capacity to refine 100 kilogrammes per day.

The Minister of Lands and Natural Resources, Nii Osah Mills, who cut the tape to open the latest refinery, said although some gold and diamond were processed in the country, there were limited facilities to refine the gold and polish the diamonds.

Last year, Ghana produced a total of 4.4 million ounces of gold. Out of that, the small-scale sector, which is expected to feed Sahara Royal Gold Refinery Limited, produced 1.5 million ounces.

Although Ghana is the second-highest gold-producing country in Africa after South Africa and has attracted a number of multinational companies, the mineral from such companies are not refined but exported mainly to refineries in South Africa and Switzerland.

The country’s two refineries can only refine gold produced by the small-scale sector.

That aside, the licensed gold and diamond buyers who buy these minerals also export them to other countries without value addition.

Nii Osah attributed the situation to the difference in the characteristics of the minerals and the technology required for processing them to meet international standards.

He noted that the country had lost out on by-products of gold refining, saying that “minerals have their associates. For example, gold is associated with silver and when gold is refined the amount of silver recovered is not known to be a product of Ghana”.

Nii Osah said given the volatile nature of prices of the mineral on the international market, the raw export of gold meant that whenever prices dipped, the shock was felt in the Ghanaian economy.

He said if all minerals mined in Ghana were processed locally and value added to them before export, more jobs would be created and ultimately more revenue would accrue to the state.

He said the establishment of the new refinery had proven that it was economically viable to set up a gold refinery in the country.

While urging management of the company to employ highly skilled people and motivate them to achieve high standards, Nii Osah also called on them to promptly meet their financial obligations to the state towards socio-economic development.

The Public Relations Officer of the company, Mr Chris Mensah, said Sahara Royal Gold Refinery Limited had invested in cutting-edge technology to ensure that products from the refinery met international standards.

“We deem this as the beginning of Sahara Royal Gold Refinery’s contribution to the establishment of Ghana as a reputable gold refinery centre in West Africa,” he said.

He said apart from the refinery, the company’s subsidiary—Prime Star Limited— was currently prospecting for gold at Atiwa in the Eastern Region.

Additionally, he said the company was looking at entering the jewellery market with its own products while at the same time ensuring that the country found value in the by-product of gold production which included silver.

Ghana, Togo sign MoU on water supply project

 Ghana and Togo have signed a memorandum of understanding (MoU) with the African Development Bank (AfDB) to construct a Sogakope-Lome trans boundary water supply project. The MoU was signed by Alhaji Ziblim Yakubu, Chief Director of the Ministry of Water Resources, Works and Housing (MWRWH), Ghana and Mr Affo Boni Adjama, Manager of Potable Water Supply, Ministry of Agriculture, Animal Husbandry and Hydraulic of Togo. Mr Daniel Verdeil, Principal Water Resource Management Engineer of the African Development Bank and Mr Frederick Christian Lokko, acting Managing Director of the Ghana Water Company Limited also signed on behalf of their companies. Mr Sampson Ahi, Deputy Minister of MWRWH, Ghana, said the government would make sure the project was implemented and executed because of the nation’s relationship with Togo. “We will work with the Ministry of Finance to ensure that what is necessary to make the project successful is put in place," he said. The scope of the estimated €2 million project will include; construction of new intake on the Volta River at Sogakope; construction of a 40-70mgd treatment plant; construction of transmission pipelines to Lome-Togo (reviewed later to Segbe) and distribution of pipelines to the riparian villages and communities within the project area. There will be construction of Service Reservoirs and Booster Stations at many areas, including Agbozume, Tokor, Gamadzra Anyako, Klikor, Avoeme, Sogakope, Akatsi, Aflao, and Abor. Funding for the current phase of the project (project preparation phase) will be provided by the AfDB under its African Water Facility and the African Legal Support Facility. Alhaji Yakubu said the idea of supplying potable water to Lome, the Capital of Togo, from Sogakope in the Volta Region was conceived in the early 1970’s when feasibility studies were prepared for water supply to the towns along the coast in the south east of Ghana. He explained that Messrs. Lemna Incorporation of Minneapolis, USA, was selected in 2003 out of four US firms which submitted proposals, to undertake the feasibility study and preliminary design of the project. “To move the project into works implementation phase, there is the need for an update of the Lemna Report which was completed in 2005. The African Development Bank has agreed to finance the update of the feasibility and Environmental studies,” he said.

Big data, big opportunity for Ghana - IBM boss

Ghana is in a unique position to establish itself as a regional hub for big data and analytics management due to its emerging business technology markets and fast-growing culture for innovation, says IBM Ghana. “The onus is now on policy and decision makers in education, government and business to foster a new generation of talent with the technical expertise and disruptive ideas needed to make the most of the Big Data challenge,” Country General Manager for IBM Ghana, Ms Angela Kyerematen-Jimoh said. She said in a statement that investment in advanced technology training and education would kick-start the next wave of innovation and growth in Africa’s business ecosystem of which Ghana is no exception. “Big Data has become big business internationally and the Ghanaian business community must partner with the authorities to make sure that Ghana becomes a leading player in the global Big Data revolution,” she said. According to Gartner, a research firm, Big Data demand would drive more than 4.4 million jobs globally by 2015 – only one third of which will be filled. That represents a huge market gap which the next generation of African professionals is well placed to fill. A recent study conducted by the IBM Institute for Business Value (IBV), high-performing Chief Marketing Officers (CMOs) are integrating internal and external data to garner deep insights that, in turn, provide them with a much deeper understanding of their customers. The study reveals that 94 per cent of CMOs believe advanced analytics would play a significant role in helping them reach their goals. However, an increased number of CMOs say their organisations are underprepared to capitalize on the data explosion – 82 per cent compared to 71 per cent three years before. “We may currently be experiencing economic difficulties, but this is not unique to Ghana. “The crucial question to ask is, what sort of investment are we currently making to prepare our economy and society for the future?” Kyerematen-Jimoh queried. Technology experts across Africa note that the internet, mobile telephony and the proliferation of smart devices would further fuel the growth of the data industry on the continent. IBM’s notes that mobile, social and the Internet of things are each creating exponentially growing waves of data, as cloud transforms the underlying agility and economics. Together with the growth of more traditional transactional data streams these trends are fueling Big Data and re-shaping the dynamics of value creation. A big data revolution in Ghana would, therefore, require immediate investment in three core pillars, Kyerematen-Jimoh said. She said “policymakers must cultivate technical skills in big data and analytics by working with tertiary and vocational institutions, developing courses and degrees to train a workforce of professionals whose expertise can be applied not just in Africa, but to projects around the world.” She said “business and government must invest in Ghana’s emerging start-up ecosystems which increasingly seek to disrupt existing entities and market structures by using data as a new ‘natural resource’.” She advocated the need for the education sector to focus on how big data to improve research and development, with a view to coming up with discoveries that can enrich economic, environmental and quality-of-life outcomes not just around the country or the African continent but all over the world. In other parts of the world, she said, researchers are using Big Data for everything from predicting outbreaks of infectious diseases to better understanding what conditions create environmental catastrophes like hurricanes and cyclones. Algeria’s Université Dr Yahia Fares Medea has turned to IBM to deliver a high-performance computing solution that would perform computations 700 times faster than before. She said by investing in that sort of big data research, Africa’s research institutions could establish themselves as thought leaders in academia, generate insights with vast potential to boost economic and quality-of-life outcomes for both their countries and the world. Kyerematen-Jimoh said IBM was poised to deepen its ongoing capacity development programmes with the University of Ghana in Legon and expand the support to other tertiary institutions across the country. Two-thirds of IBM Research’s work is now devoted to data, analytics and cognitive computing.

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GNPC expands the search for more oil fields

     

               

The Ghana National Petroleum Corporation (GNPC) has stepped up the search for more oilfields as it begins work on the Voltaian Basin Project.

The project seeks to confirm the presence of petrochemicals in the voltaian basin that stretches across Volta, Northern, Ashanti, Brong-Ahafo and Eastern regions.

It is being jointly spearheaded by the Ghana National Petroleum Company and the Petroleum Ministry.

A stakeholders’ meeting to sensitise the chiefs in the Asante-Akim North District and collate their views ahead of the preliminary seismic work has been held at Agogo.

Ananekrom, a farming community near Agogo, is one of the 66 communities in 24 districts, where the seismic line passes and therefore the need to engage the people.

Mr Seth Foli, Environmental Engineer of the GNPC, said the project would take off in March, next year, and would be carried out for two years.

Previous works done by the Geological Survey Department, British Geological Survey, Water Resources Institute and other researches pointed to a potential discovery of oil in the basin.

He said mitigation measures had been put in place to control the impact on the people - land, crops and the ecosystem, adding that, a committee would be set up to ensure that those affected by the activity are adequately compensated.

He gave the assurance that GNPC would do everything to collaborate with relevant state agencies to uphold best international practices.

Mr. Peter Anarfi, the Ashanti Regional Minister, welcomed the project and said it was in the nation’s best interest.

He underlined the need for the country to focus on onshore oil and gas exploration and urged the people to cooperate with the GNPC.

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Ghana turns to tidal waves for power

         

TC’s Energy did a successful test generation of 14MW in March 2015. The plant when fully operational will eventually produce up to 1,000MW by year end. Installation works on the six-power generation converters at the Ada Estuary in the Greater Accra Region have since been completed.

According to a spokesperson for TC Energy Lydia Affum Kyerewaa, the generated power will be an important component of government’s plan to increase the country’s current installed generation capacity of 2,845.5MW to 5,000MW in the medium-term in partnership with independent power producers (IPPs).

Under Ghana’s Renewable Energy Act, 10 percent of power generation will come from renewable sources such as hydro, wind, biomass and solar by 2020 as government is providing incentives to attract more IPPs into the energy sector.

According to the Minister of State in charge of Private Sector Development Rasheed Pelpuo, the solution to the country’s energy challenges lay in the use of renewable energy and the most appropriate are the tidal and sea waves, which research had provnd to be suitable for the shores of Ghana while power from the plant will cost less compared to Ghana’s current main power sources of hydro and thermal energy.

According to TC’s Energy CEO Anthony Opoku, the first power was successfully generated in March but due to some technical challenges the plant was shut down to rectify that problem though the original plan to generate the 1,000MW by December is still on track.

Explaining how power is generated, he said the six-power generation converters would be placed under the sea at the Ada Estuary, where the tidal waves are very high. The pressure emanating from the waves would then be used to generate the power.

According to him, the wave-powered project would produce 14,400 kilowatt an hour per day. “We do not use oil or gas. We only use the waves from the sea and once the initial capital is set in place, the installation proceeds,” as he provided assurance that deployment of the technology will not affect the fishing activities of the residents as the generators are well off the coast and marked with floaters.

Opoku said that Ghana’s wave height of about 2.5 metres is ideal, meaning the plant will not have any problem generating electricity power because “we have all the waves here in Ada. This technology mostly depends on the wave height and that’s why we won’t be worried too much about the power output that will be coming out because we have the waves here at Ada,” he added.

“With this plant, there is no need for gas, oil or whatsoever to operate it. All it needs are the waves from the sea. Once those initial things are set in place, everything else is free. We will use this as reserve energy for Ghana so that even when there is no enough power from the producers, the plant can assist in generating energy,” he disclosed.

The generated power would then be transferred to the Electricity Company of Ghana (ECG) for onward distribution to the public at a cheaper rate.

Ghana is the first African country to spearhead the generation of power from the sea with the technology developed by a Swedish company, Seabased Wave Energy. The world’s first tidal power station was constructed in 2007 at Strangford Lough in Northern Ireland where the turbines are placed in a narrow strait between the Strangford Lough inlet and the Irish Sea.

Tidal power is increasingly being seen as the most efficient energy source with an efficiency of approximately 80 per cent, which makes it far better compared to ot

West African Region to create market

       
       

Ms Hannah Serwaa Tetteh, the Minister for Foreign Affairs and Regional Integration, has said the West African region had identified the creation of a market for the free movement of goods of ECOWAS origin, as a priority in the integration of economic and trade affairs.

The creation of a single market, she said, was largely dependent upon a free Trade Area, Common External Tariff (CET), and Custom Union, and that it was in view of this that the sub-region intensified its efforts to implement the ECOWAS Trade Liberalization Scheme, and the adoption of the CET in January this year.

Ms Tetteh made this known when she delivered the keynote address at the opening of the Third National ECOWAS Stakeholders' Retreat at Elmina.

She indicated that ECOWAS Head of States and Government at their summit last year in Ghana resolved to work assiduously towards abolishing resident permit for ECOWAS citizens of member-states.

Ms. Tetteh, who is also the Member of Parliament for Awutu Senya West, said the ECOWAS Commission was subsequently mandated to work out modalities for the adoption and eventual introduction of biometric Identity Cards for community citizens by 2016.

She noted that while measures needed to be taken to ensure free movement of goods and services, other measures needed to be initiated to develop the region’s production capacity, remove all constraints and obstacles to intra-regional trade, and improve product quality, to meet international standards.

Mrs Mona Quartey, the Deputy Finance Minister, explained that the implementation of the CET of the Economic Community of West African States (ECOWAS), would offer additional incentives to the country’s domestic manufacturing sector.

This, she said, was because more than thousand raw materials currently taxed at 10 per cent would be reduced to five per cent when the CET became operational.

These raw materials, the Deputy Minister stated, include earth minerals, such as calcium and sodium; petroleum oils, such as natural gas and other in-organic chemicals and precious minerals.

The CET is one of the instruments that seeks to harmonize ECOWAS Member-States, and strengthen their common market.

Mrs. Quartey disclosed that the CET gave supplementary protection to the agricultural sector, than any other sector, indicating that more than 55 per cent of agricultural products were found in 20 per cent and 35 per cent tariffs band and none in zero per cent band.

Also, about 90 per cent of the agricultural products were in the 35 band, she stated.

She said a study on the impact assessment of the CET on various sectors of the economy had shown an improvement of customs revenue and that additional amount of the Government’s revenue was estimated to be 1.4 per cent of the total imports value.

The report, she said, showed total imports to be GH?93 billion, with an estimated revenue gain of GH?1.3 billion.

She said eight countries had successfully implemented the CET, while seven others, including Ghana, were about to start.

She said Ghana was working hard to meet the deadline agreed by member-states, and had already undertaken a series of activities to ensure the smooth and successful implementation.

The three-day retreat aimed at formulating a strategic policy document to clearly define Ghana's interest in the CET, and define the role key actors would play in the regional integration process.

It was also to strengthen the capacity of National Institutions to effectively support ECOWAS in the execution of its regional integration initiatives as well as evolve a strategic Plan of Action for proper engagement in the activities of the Community Institutions.

GNPC to begin works on Volta Basin

The Ghana National Petroleum Corporation (GNPC) is to commence seismic activities on the Voltaian Basin in the Northern Region to determine its hydrocarbon potential.

This is expected to be done after the Corporation has completed its assessment and feasibility studies to determine the quantity and quality of hydrocarbon in the area.

The Voltaian Basin is an about 104,000 kilometres square onshore oil basin, spread across the country, 52 percent of which is located in the Northern Region.

This came to light when the GNPC held a stakeholders forum in Tamale to seek the views of affected communities.

The consultation forum forms part of its Environmental Impact Assessment process required by the Environmental Protection Agency to ensure the views of the affected communities are heard before execution of the project to avoid any future havoc and conflict.

The corporation has already held stakeholders’ consultative forums in 12 Metropolitan, Municipal and District Assemblies (MMDAs) such as Tamale, Yendi, Nanumba North and South, West and East Mamprusi, Mion, East Gonja, Savelugu/Nanton, Bunkpurugu/Yunyoo and Mamprugu-Moaduri with Central Gonja and Karaga to benefit from the forum.

Speaking at the forum, Mr. Seth Foli -- Environmental Engineer of the Voltaian Basin Project, said the project cannot be executed without notice to the communities though it has been approved by the appropriate authorities.

He said the project will affect vegetation in the communities, such as farming activities; creation of noise and dust will also affect the health status of the people, as well as disturbance of wildlife, archaeological, cultural and religious interests.

According to the engineer, measures will be put in place to ensure that the affected victims are well-compensated in order not to take their source of livelihoods from them, but rather continue life somewhere else.

He assured the views of the public will be addressed for peaceful cooperation when the exercise starts, with the majority of youth in the area benefitting from it.

Though the participants welcomed the initiative, which will go a long way to enhance the economic status of rural areas, they urged the GNPC to ensure fulfilling its promise and complying with rules and regulations of the EPA.

They also advised the GNPC to ensure the project does not affect their water-bodies -- and even where it does, it should endeavour to ensure the people have potable water to drink.

“We will be grateful if they can be free and fair in the course of paying the compensation to avoid any chaos,” they said.

They called on the GNPC to collaborate with the traditional leaders to allocate a better place for some of the farmers to continue their farming activities and earn a living.

IMF holds a 2-day workshop for Journalists

The Deputy Minister of Finance, Cassiel Ato Forson has said that training of journalists to enhance efficiency and accuracy in reporting economic issues is very critical to enabling citizen participation in the economic development process.

He was speaking at the opening ceremony of a two day workshop organized by the International Monetary Fund (IMF) in conjunction with Penplusbytes and the Institute for Financial and Economic Journalists on economic and finance reporting at the New Media Hub in Accra.

The workshop sought to build the capacity of Ghanaian journalists in exercising an oversight role in the utilization of the fund in the area of macroeconomics and international finance.

Also, in attendance were Samir JahJah, IMF’s resident representative for Ghana, Andrew Kanyegirire and Dieng Ismalia of IMF communications department.

The workshop was facilitated by Mathieu Robbins and James Jukwey who are trainers from Thomson Reuters Foundation. Robbins stated that the training would generally refresh the skills of the participants and empower them to easily and transparently cover financial news in Ghana.

Thirteen business reporters from various media houses took part in the workshop. The media houses include; Joy FM/Multi TV, Ghana News Agency, Peace FM, Citi FM, GBC Radio, Daily Guide, The Finder, Business and Financial Times, Business World, Daily Express, CAJ News Africa and TV3.

Participants generally recounted the importance and impact of the programme in the execution of their tasks in reporting economic issues as journalists.

“This training is an eye opener as I have learnt a lot about the IMF and their operations than I initially knew. It will help me in making informed decisions when I am reporting,” said Mercy Darko of the Radio division of the Ghana Broadcasting Corporation.

Ghana, France parliament to collaborate to maximizazion of performance

The Parliaments of Ghana and France have agreed to collaborate and share ideas towards enhancing their performance
The two sides believed that the partnership was necessary in helping their respective governments to improve the welfare of their citizenry and ensuring good governance.
The agreement was reached during a recent visit by the leadership of Ghana’s Parliament, led by the Speaker, Edward Doe Adjaho, to the French Houses of Parliament.
As part of the visit, which was at the invitation of their French counterpart, Ghana’s delegation visited the Palais Bourbon, the lower legislative chamber and the Palais du Luxembourg, the seat of the French Senate and upper chamber, where bilateral discussions were held.
The purpose of the visit was to strengthen collaboration between the Parliaments of Ghana and France and to further consolidate the bonds of friendship between their members.
During the visit, Mr. Gilles Carnez, the Chairman of the Finance Committee of the French Parliament, also briefed the delegation on the procedure for the preparation and approval of the budget.
The delegation, which included Mr. Alban Bagbin and Mr. Osei-Kyei Mensah Bonsu, the Majority and Minority Leaders respectively, also met with Mr. John Paul Chanteguet, MP and Chairman of the Parliamentary Committee for Sustainable Development and Spatial Planning, and President of GLOBE France.
The Global Legislators Organisation (GLOBE) is an international organisation comprising parliamentarians from over 80 countries committed to developing and overseeing the implementation of laws in pursuit of sustainable development.
The French Chapter is playing a key role in the organisation of the Climate Change Conference (COP 21) scheduled to be held in Paris in November and December, 2015.
Mr. Chanteguet underscored the need for effective collaboration between Parliaments and other state institutions for the forthcoming COP21, and indicated that the international community should not only be concerned about global economic recession, but the increasing threat posed by pollution and its attendant global warming.
In his response, the Mr. Adjaho thanked France for accepting to host the COP 21 and promised that Ghana would be represented at the highest level.

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Ghana aims to be port of call for West Africa's offshores oil industri

The Atlantic waters off the west African coast teem with oil rigs and support vessels, most a very long way from home.

Ghana, a new entrant to the energy game, wants to provide them with a closer port of call.

Like many resource dependent countries, Ghana wants to grow its economy beyond raw material exports – and hopes a new port and rig repair depot will help it to do just that.

This year groundbreaking begins on the Atuabo Free Port, a US$1 billion facility on the western side of Ghana’s coastline. Here, oil rigs will be towed to be serviced, saving the almost 10,000 nautical mile journey to the Far East where the work is usually carried out. Atuabo will also serve as a free trade port for energy-related industry.

The project is being driven by Lonrho, a UK-based corporation that has invested in African projects for more than a century. Lonrho and its investment partners will hold 55 per cent of the venture, with another 35 per cent taken up by Ghanaian investors; the government will have a stake of 10 per cent.

In April, the China Harbour Engineering Company was awarded a $600 million contract for the project, which is sited 326 kilometres west of Ghana’s capital, Accra, and just 100km west of Takoradi, the centre of the country’s emerging oil industry.

Dedicated free trade ports are something of a fashion among developing economies, which see them as a way to encourage investment.

Already other African countries have such facilities or are developing them, says the Atuabo development manager, Steven Gray. “These dedicated ports ensure that the needs of the oil and gas industry are addressed in a way that ensures efficiency and reduction of operating costs, and so will it be for Ghana,” Mr Gray says. “Also the market assessment suggests substantial interest for a dedicated oil and gas freeport in Ghana. The pipeline of tenants on the project is very strong.”

Angola has its Sonils facility; Nigeria the Onne oil and gas freeport, and South Africa is developing a rig repair depot at Saldanha Bay near Cape Town.

Atuabo intends to eventually become a regional hub for oil and gas companies operating in the area, with corporate, logistical and manufacturing facilities. Most rigs now must travel 20 days to South Africa for repairs, increasing costs and delays for upstream operators in the Gulf of Guinea, Mr Gray says.

And because South Africa has port constraints, only a limited number of rigs can be accommodated.

This means a far longer journey to Singapore or Indonesia for those unable to secure a berth in Cape Town.

According to South Africa’s Transnet National Ports Authority, about 120 rigs move along the African coastline each year. They are usually in transit to and from ports in South East Asia and the Middle East, for servicing. Many of these could theoretically be repaired closer to their operating grounds along the African coast.

Due to the sheer size of even a modest rig, few ports can accommodate more than one or two at a time. Pressure is likely to grow on regional depots as exploration increases. In June the World Bank gave the nod for $700m funding to underwrite exploration of oil and gas offshore Cape Three Points in the western region of Ghana.

According to RigZone, an international database, the offshore fleet for west Africa now consists of 93 rigs, with just under 60 per cent of these in active use. There are also several hundred support vessels plying between ports and rigs.

Manning a rig at sea is not especially labour intensive but once they enter port, they become a hive of activity as contractors race to complete as many repairs and refurbishments as possible. With up to 1,000 people working on a docked rig at a time, the implications for job creation in Ghana are significant, Mr Gray says.

“With a project of this nature the obvious benefits will be the creation of jobs by the economic activity in the formal sector both direct, indirect and also attracting foreign direct investments, thereby contributing significantly to Ghana’s GDP.”

While the planned port will provide longer-term economic opportunities, in the meantime the country has had to secure outside aid.

The IMF’s $918m aid programme with Ghana is on track and the government has met almost all performance criteria, a senior fund official said last week after an initial review mission.

The programme, which began in April, aims to stabilise the economy. The IMF held its forecast for Ghana’s 2015 GDP growth at 3.5 per cent and said the country was on course to exceed its 2015 deficit reduction target with 7.2 per cent expected versus 7.5 per cent forecast previously.

The IMF forecast 2015 inflation at 13 to 14 per cent, as against its previous target of 12.5 per cent but said the country would probably meet its 2016 target of 8 per cent.

Even though the oil price has reduced the rig count worldwide, demand for local repairs remains brisk, says Jules Lambert, the chief executive of the west Africa-focused Rig Repairs International. The company operates in locations such as Cameroon, Ghana, Nigeria and the Republic of Congo.

“Most of the rigs operating off west Africa have previously worked elsewhere; older rigs operating in other fields are replaced with newer technology, and sent here. So, because they are not new, they require a lot more maintenance.”

Work needed includes everything from light repairs to full overhaul. He notes that dispatching rigs to Dubai, South Korea or other facilities has declined substantially as more work is done locally.

Typically, an operator would dispatch a rig to a port that was closest to its next assignment and, as long as demand off the African coast was strong, so would the need for local ports grow.

The rapid expansion of regional repair depots had also led to direct skills transfers.

“As the oil business took off and people began making money off it, a good work force has developed. The level of expertise in the region has reached the point where our company hardly uses expats anymore,” Mr Lambert says.

Still, as with any venture capital investment, there are risks. The region is still struggling with a piracy problem that has affected supply ships off the coast, if not the rigs themselves. In addition, a chronic shortage of electricity in Ghana and elsewhere has hampered industrial investment.

Developments such as these are part of a trend towards companies active in Africa investing in infrastructure and manufacturing capacity. AP Møller-Mærsk, the owner of the world’s largest shipping container line, says it will bid to build and upgrade ports in Africa, according to reports.

At the same time, Mærsk is working on a $1bn development of Ghana’s main container terminal, Tema.

This includes construction of four new berths and a quadrupling of port capacity. According to Mærsk research, growth in non-commodity trade is increasing at about 5 per cent a year – pointing to a diversification which extends beyond the shipping of raw materials.

“Africa is moving up in the value chain,” says Lars Reno Jakobsen, the company’s senior vice president for Africa.

“People can now probably afford things they couldn’t earlier on. Underlying sentiment is positive. You are still seeing quite healthy growth.”

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Our thoughts , , hearts and prayers gose to the people of Charleston

Ghana/Italy approves list of 99 investment proposals

Ghana and Italy has approved a list of 99 investment proposals submitted by local small and medium enterprises (SMEs), to be eligible for funding with a credit line granted by the Italian Government. Dr Ekwow Spio-Garbrah Minister of Trade and Industries and Laura Carpini Italian Ambassador who co-chaired the 10th Joint Management Committee meeting of the Ghana Private Sector Development Facility (GPSDF) jointly announced the list. The cooperation initiative, worth 20 million Euros has already allocated 75 per cent of the funds, and the Committee is looking forward to utilise the residual funds. The initiative also includes a grant component, worth 1.1 million Euros for technical assistance in favour of the Ghanaian private sector, for education, training and monitoring activities. The Italian Ambassador announced that the disbursement of the second installment of the granted amount equivalent to GH? 2.5 million. Dr Spio-Garbrah commended Italy for the project. The GPSDF aims at supporting the import of Italian equipment to Ghanaian SMEs with reciprocal benefits for the partnership between the two countries. The GPSDF supports Italian exports and promotes made in Italy and made in Ghana with Italy brands to contribute to the upgrade of the Ghanaian private sector capacity to manufacture goods with high standards, improve competitiveness of local productions and contribute to the creation of new jobs. The credit line was designed as the second phase of the Ghana Private Sector Development Fund, a previous cooperation initiative completed in 2009, which has the same structure and aim of the current GPSDF. Upon completion of the initiative, about 60 Ghanaians companies would receive the funds for acquiring Italian equipment. Dr Spio-Garbrah invited the Italian Ambassador to support the Ghanaian request for refinancing of the initiative that could serve as a model for similar projects with other countries.

President lauds Tema Port phase lift collaboration

President John Dramani Mahama has lauded the on-going collaboration between Ghana Ports and Harbours Authority and Meridian Ports Service that would bring about total transformation at the Tema Port.

He said government would continue to forge relationships that would bring mutual benefit and create numerous jobs for Ghanaian youth in the coming days.

President Mahama gave the commendation when the two bodies called on him at the Flagstaff House, Kanda, to inform President Mahama of the new Ghc1.8 billion deal they had signed towards the expansion of the port.

The deal involves the building four new berths to help in expanding the facility to become centre of excellence in the West African sub-region.

President Mahama said the project is the single largest project in terms of investment in the non-oil sector in the country.

He said although the expansion project is privately funded, government would continue to play its role to ensure that the port regained its status as the leading port with efficiency in Africa.

The President said the Tema motorway would also be expanded to accommodate the fleet of vehicles that would be using it due to the expansion programme at the port.

Dr Richard A.Y. Anamoo, Director General of the port said the project, which would effectively commence by December, would witness the completion of two of the berths in the first two years of construction.

He said the construction of the berths would change the maritime system of Ghana to make it iconic in West Africa and beyond.

The Director General said the project would eventually place Ghana in an advantageous economic position to create vital jobs and brisk business in the country.

Steel Industry to receive major boost

                                 
The steel manufacturing industry is to receive a major boost with the establishment of wire coils and sections manufacturing plant at Tema, to serve both the local market and West African sub-region.

The plant, a phase-two project of Sentuo Steel Limited costing about US$53million, is expected to add 500,000 metric tonnes annually to the company’s existing 300,000 metric tonnes of annual production capacity.

The amount was raised from shareholders of Sentuo: Fugian Overseas Chinese Industrial Group Corporation (FOCIGC) which owns a 74 percent shares, and the Social Security and National Insurance Trust (SSNIT) with 26 percent shares.

Mr. Ningqian Xu, Managing Director of Sentuo Steel Limited, told newsmen during a visit to its plant at the Tema Heavy Industrial Area, as part of a media tour, organised by the Chinese Embassy in Ghana.

Mr. Xu explained that the media tour was to highlight Chinese investments in Ghana over the past 55 years of bilateral relations, and said the phase-two project will be completed in about two months’ time.

Mr. Xu noted that the plant, expected to be completed in two months, will be the only one in the West African sub-region that manufactures products such as wire coils and sections like square pipe, steel round pipe, and angle steel among others.

He said Sentuo is fully poised to take advantage of emerging opportunities and challenges, while providing high-quality steel products and services to meet demand on the West African market.

Sentuo Steel currently manufactures reinforced iron rods for the Ghanaian market. With an annual installed capacity of 300,000 metric tonnes, the plant currently produces only about 40 percent of that capacity due to unavailability of enough ferrous scrap metal, its main raw material for production.

Mr. Xu said the company could not produce at full capacity because it cannot get enough scrap metal, despite the ban on exporting scrap metal, and has had to import some from countries such as Mali and Kenya.

Asked how it will feed its production in the second phase to produce enough for both the Ghanaian and West African markets, Mr. Xu said they will import steel billets from Europe and America.

He explained that this will not increase the prices of the finished products, since the cost of importing the raw material is cheaper that buying the scrap from local scrap dealers.

He reiterated the company’s commitment to Ghana, saying: “Ghana and China have a long-standing relationship; one of friendship and brotherliness," noting that Sentuo is interested first in supporting the local manufacturing industry in Ghana, despite current challenges in the economy.

Mr. Emmanuel Ayansu, General Manager and Consultant at Sentuo Steel, called on government to prefer value addition to fundamental raw materials, and do more to support companies that undertake such work.

He said -- in line with the company’s commitment to knowledge and skill transfer, Sentuo Steel’s Chinese investors are thinking of instituting a scholarship programme for Ghanaian employees to understudy the parent company in China.

He said the plant currently employs about 600 people, including 127 foreigners, and hopes to double that number when the second phase became operational.

Accra floods: turn your challenges into praise – Council of State

 The Council of State has appealed to the general public to stop the blame game on who is responsible for Wednesday’s devastating floods in Accra. In a statement signed by the Council of State’s Public Affairs Director, Jemima Asare, said: “Avoid accusatory and divisive actions and language that will compound the already difficult situation.” The Council also expressed its sadness at what it described as the tragic loss of lives recorded on June 3, 2015 as a result of the explosion at a fuel station at the Kwame Nkrumah Circle in Accra. On that day, heavy floods ultimately led to the explosion, which claimed over 90 lives and caused loss of property worth millions of Ghana cedis. “In these heart rending moments of unimaginable pain and distress, the Council wishes to express its deepest condolences to the bereaved families, the families of those who still remain unaccounted for and other victims who have suffered loss of property and remain traumatized by the unfortunate development the  Council further commended the security agencies and the National Disaster Management Organization (NADMO), health officials and ordinary citizens whose interventions helped limit the scale of destruction to lives and property; lending its support for President John Mahama’s declaration of a three day mourning period for the dead.

American investors to ‘flood’ Ghana soon

Ghana will, in the coming months, witness the influx of American investors to the country, the United States of America (USA) Ambassador to Ghana, Mr Gene A. Cretz, has said.

That, according to him, follows the steps being taken by the government to bring the economy back on track after some challenges.

Speaking with the Daily Graphic shortly after hosting the Vice-President of Microsoft and some top business executives in the country to breakfast at his residence in Accra, he mentioned some of the sectors as the oil and gas because of the shape the sector was taking as a result of the Atuabo gas project, and infrastructure among other things.

“We have a network of companies that we are always talking to. The State Department is also encouraging the companies to come and our commercial department is also active in getting out the information about changing economic trends,” he said.

Mr Cretz said: “It is beginning to manifest that the situation in Ghana is beginning to turn and now is really the appropriate time to come here,” he said.

“I am pretty confident that in the next several months we are going to see a real upsurge in America corporate interest in Africa and Ghana in particular,” Mr Cretz added.

According to the May report of the Monetary Policy Committee (MPC) of the Bank of Ghana, preliminary fiscal data for the first quarter indicate that the fiscal consolidation efforts are on track.

Revenue and grants were above target, on the back of strong growth in domestic revenue. Expenditures were below target, as the major items, including the wage bill, were contained within target.

These resulted in a cash fiscal deficit equivalent to 0.6 per cent of GDP, against a target of 1.9 per cent.

The deficit was financed mainly from external sources totalling GH¢1 billion with a domestic net repayment of GH¢278.2 million.

Ghana’s economy had been saddled with a myriad of challenges that have almost forced the nation to its knees.

For instance, the energy crisis is eating away the profits of many businesses while those which are not able to absorb the extra cost brought unto their businesses are being forced to lay off workers.

Inflation is still in the double digits at about 16.6 per cent as of March this year, with no sign of it abating because of the recent rise in petroleum prices.

The cedi, the local currency, has plunged against the United States dollar, having lost more than 20 per cent of its value between January and now. This has taken a serious toll on a country which is predominantly import-dependent.

Interest rates are hovering around an average of 29 per cent on the back of the high interest on government securities such as treasury bills (TBills). Although the Bank of Ghana claims the rates are dropping, the situation is still crowding out the private sector players who rely on bank loans to stay afloat.

For instance, according to the MPC report, interest rates have broadly declined during the period. Between December 2014 and April 2015, both the 91-day and 182-day Treasury bill rates fell from 25.8 per cent and 26.4 per cent to 25.1 per cent and 25.8 per cent respectively.

AFD retrofits Kpong Hydroelectric dam with €50million

AgenceFrancaise de Development (AFD), a public financial institution that implements development policies of the French government, has given a loan for €50million to retrofit the Kpong Hydroelectric Dam in a bid to help ease the current energy crisis in the country.

The rehabilitation work is one of the organisation’s flagship projects in the country. AFD took journalists to the site to inspect the progress of work so far. Currently, one of the four turbines has been shut down and dismantled for rehabilitation.

Additionally, work is being done to change the control system from manual to automatic, and work is being done for the installation of new equipment in the control room.

The project when completed will produce 160 MW of electricity to the national grid, which is expected to provide secured energy to households for the next 30 years and also mitigate climate change.

Speaking to the media, Amelie July - Resident Manager of AFD, said one of the project’s benefits is to help improve the financial situation of VRA, which is necessary for the sustainability of electricity supply and competitiveness in both the national and regional markets.

Other projects that the organisation is undertaking in the country include Ghana Urban Management Pilot Project (GUMPP). The organisation has committed €40.5million to finance certain selected projects such as markets, abattoirs, drains, rehabilitation of neighbourhoods, and training for local authorities on how to manage public and territorial infrastructure in four secondary cities, namely: Kumasi, Tamale, Sekondi-Takoradi and Ho.

In the area of food security and job-creation, AFD in the past 15 years has been supporting rural communities in Northern Ghana to strengthen the rice-growing sector via lowland development. The ongoing €13.8million project aims to develop 6,000 hectares and increase the production and technical skills of 1,000 producers in order to better-serve a rapidly growing domestic market and reduce the cost of rice imports.

In the Central and Western Regions, AFD since 1986 has partnered with industrial operators and producer groups to develop over 26,000 hectares of village plantations for over 6,000 farmers.

AFD will be celebrating its 30-years anniversary this month since it began its operations in Ghana in 1985. Over the past 30 years, AFD’s contribution to the development of Ghana in terms of funding amounts to €1.3billion through more than a hundred projects.

On a cumulative basis, total commitments of the Group from 2004 to 2014 amount to €901million, of which €805million are loans, €84million are grants, and €12million is guarantees.

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More US companies to invest in Ghana

More US companies will be investing in Ghana in the coming months because of the International Monetary Fund (IMF) bailout programme the US Ambassador to Ghana, Gene Cretz has said. The new investments will also be as a result of the signs of economic recovery, he indicated. The companies are expected to invest in infrastructure, oil and gas, technology, and transportation. Some investors and private companies were said to have held on to their funds because of Ghana’s economic challenges. However, speaking to Joy Business, Mr. Cretz, says the environment is now good for US companies to double their investments in Ghana. “We have a network of companies we are talking to, the state department is encouraging companies to come and our commercial department is very active in getting out the information that the situation in Ghana is beginning to turn and now is really the appropriate time to come here." He says he has no doubt that there is going to be a real upsurge in the coming months in American corporate interest in Ghana. He added that for IMF to agree on a bailout programme with Ghana means it is confident in the government and “we are hoping that that confidence in the programme will translate into confidence among international investors because whenever you get the IMF seal of approval, you’ve got pretty much the best you can get.” Gene Cretz said he looks forward to government implementing the steps outlined in the bailout programme. Meanwhile Technology giant, Microsoft has indicated it is looking to increase its investment in Ghana. This will likely be in the areas of technology that will help improve the business environment and the livelihood of Ghanaians. Vice President of Microsoft, Brad Smith told Joy Business, the technology can be used to transform the business environment and skills of young ones. Microsoft has launched a new technology platform TizzaWorks for youth. The platform is expected to act as a one-stop shop for the youth to develop skills for employment. The platform will also look at look at mentorship, entrepreneurship, community building opportunities and jobs. According to Microsoft, this platform should help the Ghanaian youth realize their potential and get skilled, land jobs and be successful in their entrepreneurship endeavours

Food across the borders forum

10:00 am, Thursday, May 14, 2015 Alisa Hotel, Botsio Auditorium, Accra Honorable ECOWAS Commissioner for Agriculture, Environment and Water Resources, Dr. Lapodini Marc Atouga; Honorable ECOWAS Commissioner for Trade, Customs, Free Movement of Persons, and Tourism, Ahmed Hamid; Honorable ECOWAS Commissioner for Industry and Private Sector Promotion, Kalilou Traoré; Honorable Executive Secretary of the Permanent Interstate Committee for Drought Control in the Sahel, Dr. Djime Adoum; Honorable Ghana Minister of Food and Agriculture, Fifi Kwetey; Representatives of West African governments; Representatives of the media, private sector and civil society; Distinguished ladies and gentlemen; We are here this morning to build on the effort we began together at the Food Across Borders Forum in January of 2013 to draw attention to the crucial role that regional trade plays in West Africa’s food security, and the increasingly important role regional trade will need to play to ensure the long-term resilience of the 365 million residents of West Africa. I had the honor of attending that 2013 forum and I am very pleased that the forum’s recommendations have evolved into the ECOWAS Food Across Borders Program, or ProFAB. I understand that ProFAB is truly a cooperative effort. Supported by USAID, it is an ECOWAS and West African Economic and Monetary Union (UEMOA) program, which the Permanent Interstate Committee for Drought Control in the Sahel (CILSS) will implement, and which will be coordinated and facilitated by a special unit based at Hub Rural. Other civil society and producer organizations, including the Borderless Alliance and the Environmental Development Action in the Third World - African Center for Trade, Integration and Development (ENDA-CACID), will have key roles. USAID’s West Africa Trade Hub and Partners network will work hand-in-hand with ProFAB. I am truly pleased that the continuing cooperation among all these partners has brought us to today’s launch of ProFAB. The U.S. Government is proud to support West Africans as you move forward on your regional integration agenda and take actions to increase the food security and well-being of the people in this region. To that end, we support regional and country-level efforts to advance economic growth and resilience. We know the main barriers to cross-border trade include constraints like road harassment, export restrictions, certificates of origin, veterinary certificates and value added taxes on foodstuffs, as well as the often cumbersome procedures at the border posts themselves. We are happy to support ProFAB in its effort to accelerate the harmonization and implementation of ECOWAS economic policies that remove trade barriers. For example, the ECOWAS Trade Liberalization Scheme and the recent launch of the Common External Tariff by ECOWAS member states are both major steps towards economic integration in the sub-region. When regional policies are adopted by ECOWAS, they already have the blessing of each country at the ministerial or Head of State levels. Now it is up to each country to implement and harmonize these policies, which will set a solid foundation for increasing trade and advancing economic growth. By advancing the implementation of ECOWAS trade policies, ProFAB’s work will make it easier for farmers and business people to complete the transactions necessary to move food across borders.  It will increase the volume, value and speed of food movements, make it easier for the private sector to invest, and increase the efficiency of the marketplace. ProFAB is framed by, and will contribute to, wider regional efforts. ECOWAS is moving forward in updating its ECOWAP—the ECOWAS Regional Agricultural Policy—to reflect new targets, such as those agreed on by African Heads of State at Malabo, including the goal of tripling agricultural trade on the continent and creating a continent-wide free trade area. ECOWAS is paving the way to build mutual accountability and advance the 2025 vision of the Comprehensive Africa Agriculture Development Program. In fact, ECOWAS will carry out the first region-wide Joint Sector Review later this year, which will bring key stakeholders to the table to make commitments that they will review on an annual basis to hold each other accountable for progress. These processes will feed into the biennial reviews called for by the Malabo Declaration to inform the annual African Heads of State summits. In closing, let me thank the Government of Ghana for hosting this launch. I understand that Ghana is closely examining barriers along its own trade corridors, with a view to eliminating unnecessary checkpoints and police stops. I applaud this effort and I urge the Government of Ghana to continue to take steps that reduce the time and cost of transiting Ghana’s highways to facilitate a smoother flows of goods from the inland countries to the coast and vice versa. I would also like to thank ECOWAS for its leadership and close collaboration with the U.S. Government over the years, including the organization of this conference. The West African Economic and Monetary Union and the Interstate Committee for Drought Control in the Sahel are equal partners in this endeavor and I thank them for their participation and leadership as well. Appreciation also goes to Hub Rural which is coordinating ProFAB on behalf of all stakeholders. Finally let me thank the representatives of the many countries who are here, as well as the private sector and civil society representatives, for your interest and involvement. I wish you success in realizing the goals of the Food Across Borders Program!

Ghana , Togo and Burkina fasso signed pact

Ghana, Togo and Burkina Faso have signed an agreement to foster trans-border relations between them. A communiqué signed by the heads of delegations from the participating countries, after a three day workshop where they held the fifth trans-border tripartite meeting, encouraged member countries to give priority to issues discussed to realize the goals. Mr Daniel Syme, the Deputy Upper East Regional Minister of Ghana, Colonel Ousmane Traore of Burkina Faso and Mr Yendoukoa Douti Thimbiandja of Togo, jointly signed the communiqué aimed at promoting peace and trade and enhancing cordial relationship among the three countries. The communiqué incorporated a framework to reinforce cross-border cooperation, peaceful coexistence and the optimization of development actions and decentralization of the trans-border zones of Ghana, Burkina Faso and Togo. It said the security, environment, freedom of movement of people and goods and services, would be paramount in governing the three countries. It stated that social services, including health, education, and agricultural activities would be encouraged, while forced marriages and other social vices would be discouraged among the countries involved. The communiqué further stressed the need to tackle smuggling of petroleum products and pirating within the sister countries since they were threats to the development of economic activities in these areas. Mr Syme urged the other member countries to develop strategies to fight cross-border crimes, including armed robbery, ethnic and chieftaincy conflicts, among others, since they were issues that militated against effective development. He reminded other members of the ECOWAS protocols and appealed to them to comply with it because the protocols were the surest way to keep the member countries in harmony. Mr Syme said as the sister countries work together, they should remember to ensure safety and protect the free movement of people within their countries, to promote peace and trade. He called on the youth of Africa to embrace their own cultural values and stop the blind copying of western cultures. Colonel Ousmane Traore, the Governor of the Central East Region of Burkina Faso, called for a stronger bond between the three countries to encourage other countries to join them. He urged the three countries to strengthen the bond to build a common state for the West African sub-region.

Re-elected Carmeron 'to visit Ghana'

    British Prime Minister David Cameron is expected to visit Ghana after his re-election on Thursday, Ghana’s envoy to the United Kingdom has disclosed. Mr Cameron will be in Ghana together with “his team,” the envoy said. The visit will be a reciprocation of a visit by President John Dramani Mahama to the UK in 2013. Speaking to TV3’s Nana Aba Anamoah in the UK on Friday, May 8, Ghana’s High Commissioner Victor Smith noted that he had discussed a possible visit of the UK PM to Ghana during a garden party at Number 10 Downing Street. “I asked him and he said he had to postpone it,” Mr Smith told our reporter in his office, “but he would visit Ghana and that Ghana will be the first country he will visit when he is reelected.” The former Eastern Region Minister was sure PM Cameron’s visit will help “with our development and try and help us get our system going.”

Single free trade zone for africa in 2016

Twenty six African states including Ghana are working towards the removal of trade barriers for a single trade zone for the continent by 2016. A final meeting to approve the Africa Free Trade Zone (AFTZ) treaty is scheduled for June, after which citizens of member states would travel and trade without visa. Mr Ahmed Haggag, a former Assistant Secretary General, Organisation of Africa Unity (OAU) told journalists at the 45th training course for Young African Journalists in Cairo, Egypt. The training course is under the auspices of the Union of African Journalists (UAJ) aimed at offering opportunity to young journalists to share ideas and help find solutions to challenges facing Africa. Mr Haggag said the treaty would also allow citizens of the 26 African states to work freely in any of the member states. He noted that the physical borders erected by colonial masters were major causes of the continent’s dwindling economic fortunes and was happy Africa’s dream of a single free trade zone would materialise next year “hopefully”. “If we consider ourselves as Africans, we should be able to trade among ourselves irrespective of the physical borders and I’m happy next year, Ghanaians can bring their cocoa and other local products to Egypt without any restrictions,” Mr Haggag stated. He expressed optimism that free trade among African states could address high unemployment rate on the continent and reposition Africa as an economic giant. Mr Haggag also believed the treaty would bring to end, issues of ill-treatment meted out to Africans working in member states. He said the future looked bright for the continent and urged the “AU Border Committee” to work towards the removal of artificial borders to further facilitate trade and social cohesion en route for Africa Unity. Mr Haggag expressed concern about the mad-rush for agricultural lands on the continent by Europeans and called on Africa heads of states to address the “abnormality”. A single free trade zone spanning the length of the continent had been a long time dream with some African heads of states unsure its benefits. The recent signing of the Economic Partnership Agreement with the European Union also threatened Africa’s economic integration but trading blocks on the continent are optimistic AFTZ, consisting of 26 countries with a GDP of an estimated $ 624bn (£382.9bn) would ease access to markets.

Great Hogbe Za Carnival

ECOWAS congratulates Togo President

The Economic Community of West African States (ECOWAS) has congratulated Faure Essozimna Gnassingbé on his swearing-in as President of the Republic of Togo following the election of April 25, 2015.A statement signed by the chairman of ECOWAS, President John Mahama said the swearing-in ceremony by Togo’s Constitutional Court is another milestone in the consolidation of democracy in the West African sub-region.He described the just ended Togo election as a “victory for all the people of the Republic of Togo.”ECOWAS saluted every individual who participated in the democratic process including members of the opposition and all domestic and international observers.President Gnassingbé has been the President of Togo since 2005 following the death of his father, President Gnassingbé Eyadéma.In April this year, he was re-elected to serve a third term by winning the election by 58.75% while his main rival, Jean-Pierre Fabre had 34.95%.

Govt’s statement on IMF bailout

INTERNATIONAL MONETARY FUND EXECUTIVE BOARD APPROVES A THREE YEAR PROGRAMME WITH THE GOVERNMENT OF GHANAToday, April 3, 2015, the IMF Executive Board approved a three-year Extended Credit Facility (ECF) programme for Ghana. Access amounts to SDR 664.2 million (about US$ 918 million), or 180 percent of Ghana’s IMF quota.Ghana has made significant progress in achieving strong and inclusive growth over the past decade. However, since 2012, the economy has come under severe stress due to both global and domestic factors, resulting in high fiscal and current account deficits. Whilst these are being corrected through various government programmes, the persistence of the setbacks has not made the pace fast enough as envisaged.To address these macroeconomic imbalances the government since 2013 and subsequently through its 2014 Home-Grown Policy Programme adopted ambitious and comprehensive stabilization and reform programmes as noted. Although these measures helped to improve the situation, new and continuing adverse global and domestic developments continue to pose challenges to economic management.Prices of Ghana’s key commodities, especially gold and cocoa declined, giving rise to a worsened external sector performance and rapid depreciation of the currency. In addition, gas supply disruptions have affected energy supply with its attendant effects on economic activity. Government also presented a statement to Parliament on the impact of the fall in crude oil prices on the 2015 Budget.Therefore, as part of measures to address the current macroeconomic challenges and safeguard the bright medium term prospects, Government decided to sign on to an IMF programme. After announcing this intention, Government formally requested for an Economic Programme with the Fund on Friday, 8th August, 2014. The IMF responded positively and expressed its readiness to help Ghana address the macroeconomic challenges.Approval by the IMF Executive Board was preceded by the Fund fielding Missions to Ghana for programme discussions. In total, 4 rounds of negotiations were held with the Fund with additional discussions via video conferences and exchange of emails. Earlier this year, the Government reached Staff-level agreement with the Fund.Government wishes to stress that the objectives as well as policy measures underlying the programme are consistent with Government’s Home Grown Programme and the 2015 Budget. The program aims to restore debt sustainability and macroeconomic stability to foster a return to high growth and job creation through agriculture and infrastructure investment, while protecting social spending.In addition, a number of ongoing and enhanced structural reforms, including new ones, will be implemented under the programme. The structural reforms are mainly in the areas of revenue administration, tax policy, public financial management, pay roll and human resource management, public sector reforms, debt management, and supervision and regulation of the financial system. Furthermore, initiatives to strengthen institutions, notably GIIF, Sinking Fund and EXIM are included in both the Budget and the programme.Government expects that the programme will boost grant disbursements from development partners, improve macroeconomic stability, help support the credibility of Government’s policy and boost investor confidence in the economy.We wish to stress that the IMF Programme will be implemented over a period when the short-to-medium term prospects for the economy remain strong, supported by potential for further oil and gas exploration and production, further expansion of the services sector, potential for increased FDI as well as completion of the gas pipelines and processing plant. We are convinced that these factors will put the economy on a strong growth trajectory again when the imbalances are addressed.As noted by H.E President John Mahama, Government is committed to implementing the measures agreed over the Programme period.Signed:HON. SETH E. TERKPERMINISTER FOR FINANCE

USAID, GCCI open resource centre for exporters

The United States Agency for International Development (USAID), in partnership with the Ghana Chamber of Commerce and Industry (GCCI), has opened a resource centre to support Ghanaian exporters.

The African Growth and Opportunity Act (AGOA) Trade Resource Centre, which is among 15 other centres across the West African sub-region, is aimed at increasing the value of exports from the region to the US market.

Located on the premises of the World Trade Centre in Accra, the facility will assist Ghanaian exporters to have access to the US market and other global markets.

It will also provide information and technical support for Ghanaian exporters on how to add value to their produce.

In a presentation, the Director of Trade Hub and African Partners Network at the USAID, Mr Jeffrey Povolny, said the centre would encourage competition and increase exports from Ghana to the global market.

That, he said, would lead to the creation of jobs as well as growth in the Ghanaian economy.

“The AGOA Trade Resource Centre will be a one-stop shop for local export-oriented companies to learn about regional and international trade opportunities...,” he said.

Mr Povolny added that the facility would provide advisory services and training for local businesses, “to help them better understand the international demand for certain products and technical requirements for market access”.

The Director of the USAID African Bureau Office for Sustainable Development, Mr Anthony Chan, said “together we are laying a foundation for Ghanaian exporters to successfully meet demands of the global marketplace for quality and timeliness”.

The 2nd Vice-President of the GCCI, Nana Dr Dankawosoo I, noted that the opening of the centre would reignite enthusiasm among exporters to explore the opportunities available in the US market and other international markets.

Citing a 2014 meeting held between the US President, Mr Barack Obama, and some African leaders in the United States, Nana Dankawosoo said the US government gave a clear indication that the country would continue its trade and investment relations with Africa, hence the establishment of the centre was a step in the right direction.

He called on industry players in Ghana to provide the needed support for the smooth running of the research hub.

For his part, the Deputy Minister of Trade and Industry, Mr Ibrahim Murtala Muhammed, emphasised the need for local manufacturers to add value to their produce before exporting to the world market.

“We cannot achieve the purposes of the AGOA Trade Resource Centre if we do not give the needed attention to our local industries,” he noted.