Business

Fri
22
Sep

Karpowership pays bursary for 100 students

Karpowership Ghana Company Limited, for the second consecutive year, has offered scholarship to 102 brilliant but needy students in the Tema Manhean Community.

The beneficiaries were selected across five different schools: Manhean Presbyterian Primary A and B schools, Manhean TMA JHS 1 and 2 schools, and the Manhean Community Primary School. Speaking at the presentation ceremony, Sandra Amarquaye, Communication Specialist for Karpowership Ghana, said the act was carried out in consonance with Karpowership’s objective of addressing the educational needs of school children in its catchment area, while meeting the energy needs of the country. “At Karpowership, we have adopted the culture of extending a hand to the communities in which we operate, and the field of education is one area we hold dear,” she said.

Fri
22
Sep

Mike Oquaye meets Indian business community in Delhi

High Commissioner of Ghana to India, Michael Aaron Nii Nortey Oquaye, had his first interaction with the business leaders in India after presenting his credentials to the to the President of India, Shri Ram Nath Kovind.

A welcome dinner was organised by Mr Amardeep S. Hari, Chief Executive Officer of IPMC, Accra and Pankaj Mohindroo, Chairman, Indo-Ghana Agro Industries Limited at Hotel Imperial, New Delhi on Wednesday, September 20 in honour of Mr Oquaye, who had the opportunity to also interact with business leaders in that country.

Mr Amardeep and Mr Pankaj talked about their personal experience of business in Ghana and assured their Indian colleagues of huge business potential and opportunities within a democratic country noted for peace.

Mr Oquaye, in his thank you speech, reiterated the commitment of further strengthening and taking the relations of India and Ghana to the next generation.

Thu
21
Sep

Investors to ditch Ghana over single window blues

Freight forwarders fear a dip in investor confidence with the takeover of the operations of West Blue Consulting Limited at the country’s ports.

They argue that the failure to efficiently manage the change could escalate the somewhat troubled single window system at the ports.

The development, the businesses also argue will eventually affect operations at the ports.

Dubai based firm, Customs World on Wednesday, September 20, 2017 completed the signing of the takeover agreement with West Blue Consulting Limited.

According to a statement on the agreement copied to Citi Business News, ‘the takeover by Ports and Customs World Ghana, will automate Customs, Free Zones and Port processes in Ghana and also build Ghana’s capacities through the application of technology and services that will mirror the operational model in Dubai.’

Thu
21
Sep

Government forced West Blue out of business – Murtala Mohammed

A Former Deputy Minister of Trade and Industry in the Mahama administration, Murtala Mohammed has said that the New Patriotic Party government “frustrated” West Blue Consult out of business to allow a Dubai-based company to take over single window-related services at the ports.

He said the government must provide important details about the new company that will be taking over West Blue’s operations.

A statement from the management of West Blue on Wednesday sighted by citifmonline.com, said an agreement has been entered by the two companies to that effect.

“Customs World, a subsidiary of Ports Customs and Free Zones Corporation (PCFC) Dubai, has signed an agreement to take over West Blue Ghana Limited, the company engaged for the provision of the National Single Window and Risk Management System in Ghana. This agreement formalizes the establishment of ‘Ports & Customs World Ghana Limited,’” the statement said.

Thu
21
Sep

Children in Upper East find solution to armyworm

Three basic-school students in the Nabdam District of the Upper East region have come up with a chemical they claim is an answer to fall armyworm attack.

The invention, credited to Joseph Adule Aberika and Elizabeth Nagroug from the Kongo Junior High School and Elizabeth Bugre from the Presentation Junior High School, comes after a nationwide armyworm raid on farmlands had set government’s teeth on edge.

Scores of educationists greeted the invention with applause at the 7th Regional Science, Technology, Mathematics and Innovation Education (STMIE) Camp held in Bolgatanga, the regional capital, where the students displayed the chemical and explained how it worked.

“We made a garden. We tested it. It drove away the [armyworms] but they came back to destroy the maize. It is used temporarily, not permanently,” explained Elizabeth Nagroug.

Wed
20
Sep

Cocoa farmers get pension scheme

Vice-President Dr Mahamudu Bawumia has revealed that government is planning to “launch a major pension scheme for cocoa farmers”.

He disclosed this in the keynote address at an International Conference on the Political Economy of Economic Transformation at the Alisa Hotel in Accra on Tuesday, September 19 as he disclosed three new programmes targeted by government.

He said government with introduce the Marshall Plan for Agric. This “will complement our programme of Planting for Food and Jobs, it is just going to enhance it. Marshall Plan for Agric will ramp up the investments under the Planting for Food and Jobs programme”.

Wed
20
Sep

Selling thermal plants won’t solve VRA’s problems – Staff

Employees of the Volta River Authority (VRA), say the proposed sale of its thermal plants by government defies modern business logic and can’t address the problems of the power producer.

Addressing the media today [Tuesday], Chairman of the Senior Staff of VRA, Cephas Duse said the current challenges faced by the state power producer is as a result of bad deals with independent power producers, which has been allowed by successive governments.

“For example, we buy power from AMERI at 15 cents and we sell to ECG at 5 cents,” he noted, adding that this is done in the interest of the nation because the government says they cannot sell the power to Ghanaians at 15 cents.

Mon
18
Sep

Fewer banks to strengthen banking sector

Former Trade Minister, Ekow Spio Garbrah has commended the Bank of Ghana for increasing the minimum capital requirement of commercial banks to 400 million cedis.

He argues that this will strengthen Ghana’s banking industry.

The Bank of Ghana on September 11, 2017 announced the new minimum capital requirement for banks.

The figure has been reviewed upwards from 120 million cedis to 400 million cedis.

This represents 233 percent increase from the previous figure.

According to the central bank, the commercial banks have up to December 2018 to meet the new capital requirement.

Mr. Spio-Garbrah’s comment also comes at a time that some financial observers believe the move will be unfortunate for some local banks as they risk being taken up by larger foreign ones.

Such analysts have also contended that some indigenous banks may not be able to meet the new requirement.

Mon
18
Sep

Importers upset over 3% VAT flat rate; insist it's collapsing businesses

Members of the Wholesalers, Importers and Shop Owners Union of Ghana (WISUG) have complained bitterly about the 3% VAT Flat rate, claiming that the new move has contributed to high cost of duties at the port.

Government, in July this year, directed that the new Value Added Tax (VAT) 3% flat rate be implemented. This follows the amendment of the Value Added Tax Act, 2013 (Act 870) by parliament in April this year to reduce VAT from 17.5% to 3%.

The move is in pursuance of the government’s policy to widen the tax net by roping in more taxpayers, especially retailers and wholesalers who hitherto did not meet the VAT’s current threshold of GH¢200,000.

However, importers say the initiative is hurting their businesses as they are unable to breakeven after the sales of their products, adding that they record low sales as prices of their goods have been increased as a result, which significantly limits buyers’ purchasing power.

Mon
18
Sep

Fitch lauds Ghana’s macroeconomic stability

Credit rating agency, Fitch Ratings, has affirmed Ghana at ‘B’ with a stable outlook, citing medium-term growth potential and improving macroeconomic stability.

It noted that falling inflation will allow Bank of Ghana to continue lowering monetary policy rate and take other actions to loosen monetary policy.

According to Fitch, Ghana’s non-oil domestic output is expected to continue to grow as power provision improves while banks continue to clear non-performing loans from their balance sheets.

Key rating drivers

It explained that the ratings reflect the country’s medium-term growth potential and improving macroeconomic stability, which is supported by the authorities’ commitment to putting public finances on a sustainable path. “This is balanced against high government debt, existing weakness in public finances, and low GDP per capita.

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