Tag: Business

E-Levy: Government determined to find ways of sustaining economy – Akufo-Addo

Akufo Addo111212

Parliament engages stakeholders on E-Levy

Minority, citizens oppose E-Levy

E-Levy to shore up revenue, create jobs – Finance Minister


President Nana Addo Dankwa Akufo-Addo has expressed his administration’s resolve to find ways of addressing revenue gaps in government’s 2022 budget.

According to him, government as a result of the coronavirus pandemic has had to undertake a number of unplanned expenditures to sustain the Ghanaian economy.

Addressing traditional leaders from Dzodze in the Volta region on Tuesday, February 1, President Akufo-Addo said the introduction of tax measures has become necessary to keep the economy afloat despite stiff opposition.null

“Revenues during 2020/2021 went down considerably because of the slowing down of the economic activities that came from the COVID. At the same time, government, in order to keep the country going, did some expenditures – the free water, the free electricity were the unavoidable expenses that government had to make,” President Akufo Addo is quoted by Joy Business.

“These are the efforts that we are now making which are being resisted by the opposition and that is the reason it has become necessary for us to use these measures like this famous tax which has caused so much unnecessary disputation; but nevertheless, we would continue.”

“I am determined to persevere to make sure that we find the means to address some of the issues,” the President expressed.

Meanwhile, government has revealed its plan to amend the rate of the E-Levy from 1.75 percent to 1.5 percent.

Despite this, the Minority Caucus of Parliament have rejected the amendment citing the tax measure in its entirety will be detrimental to jobs, businesses and digital/financial inclusion efforts.null

Finance Minister, Ken Ofori-Atta announced the introduction of E-Levy during the 2022 budget statement in November last year.

The tax measure has since its announcement, received widespread backlash from lawmakers and a cross-section of the well-meaning public who are opposed to the E-Levy.

View their Timepaths below:

https://timepath.co/embed/nana-addo-dankwa-akufo-addo/Y2rpNzAogJCwChpikftN

https://timepath.co/embed/ken-ofori-atta/qfpFeK3MF2BIJWIJzeE4

Source: www.ghanaweb.com

Over 280,000 jobs projected under 1D1F – Trade Minister

Alan Kyerematen1212121213131

1D1F an Akufo-Addo administration initiative

148 projects under construction completed, Alan Kyerematen

106 factories currently operational


Minister of Trade and Industry, Alan Kyerematen has disclosed government is projecting to create over 280,000 jobs under the One-District-One Factory initiative.

According to him, the industrialisation initiative has so far created over 153,000 direct and indirect jobs with some 106 factories currently in operation.

Answering questions on the floor of Parliament on December 15, 2021, sector minister for trade and industry said the initiative is expected to propel job creation efforts and enhance industrilisation.null

“The 106 factories that are currently operational have created a total of 153,782 direct and indirect jobs. Mr. Speaker, it is expected that when the additional 148 projects currently under construction are completed, the cumulative number of direct and indirect jobs created will increase to 288,599,” Alan Kyerematen said.

The One-District-One-Factory initiative forms part of the New Patriotic Party administration’s agenda towards industrialization; value addition and job creation.

The initiative is hinged on promoting local participation in economic development with the motive of encouraging community-based public/private partnerships with an aim of yielding results through a massive private sector-led nationwide industrialization drive.

The industry-focused agenda also seeks to equip and empower communities to utilise their local resources in manufacturing products that are in high demand both locally and internationally.

Source: www.ghanaweb.com

GARIA on course for statutory status – Akufo-Addo

Nana Addo Dankwa Akufo Addo

Work has begun in earnest to present a piece of legislation to Parliament by the middle of December to elevate the Ghana Association of Restructuring and Insolvency Advisors (GARIA) to a statutory body, President Akufo-Addo has revealed.

This, he said, is consistent with Section 171 of the Corporate Restructuring and Insolvency Act, 2020 (Act 1015), which was signed into law in April 2020 and stipulates that within two years of the coming to force of the law, GARIA – an association of corporate restructuring, business recovery and insolvency advisory professionals – attains the status.

The president disclosed this in a speech read on his behalf by the Attorney General of the Republic and Minister of Justice, Godfred Yeboah Dame, at the second GARIA Presidential Fundraising and Awards night – where he said the move is in line with GARIA’s primary objective of playing a leadership role in developing an efficient regime to tackle corporate insolvency and restructuring, as well as enhance corporate governance.

“Section 171 of act 1015 instructs us that within two years of the law coming into force, the attorney general will ensure it attains the status of a statutory body under the authority of an act of parliament,” the president explained. “I am happy to inform you that the Attorney General’s office has commenced work in this regard, and indeed we will conclude by the middle of December 2021.”

President Akufo-Addo remarked that the passage of the Corporate Restructuring and Insolvency Act (CIRA) is another chapter in the long list of business-centric initiatives undertaken under his administration, adding that it could not have been more opportune in light of the ongoing pandemic.

“The passage of act 1015 represented a big shot in the arm of my government’s commitment to improving the ease of doing business. It couldn’t have come at a more appropriate time, as most businesses and indeed economies the world over are facing challenges due to COVID-19,” he said.

Speaking on the event’s sidelines to B&FT, the president of GARIA, Felix Addo, welcomed the development, noting that it will allow for standardisation of the insolvency and restructuring ecosystem. “I am excited about it; despite the delays of COVID-19 we are on course. As it stands, GARIA has been a professional association voluntarily and we did not have the force of law until the passing of CIRA; with the new status in view, we will be able to regulate the space,” he said.

The night, which had as its theme ‘The Corporate Insolvency and Restructuring Act: A Vital Lifeline for Distressed Businesses amid COVID-19’, had three primary objectives: to celebrate the passage of CIRA; relaunch GARIA Trust Fund; and recognise the contribution of three founding council members of GARIA, which was formed in 2006.

The Fund, first launched two years ago, was designed to be the principal financing vehicle for GARIA, which had so far had to rely on erratic funding from subscriptions from its membership, foundation members, development partners and the erstwhile Business Sector Advocacy Challenge (BUSAC) Fund, among others.

The three founding council members of GARIA recognised for their immense contributions were Justice Therese Striggner Scott; Prof. Samuel Nunoo Woode; and Madam Aurora Lokko.

Source: thebftonline.com

1D1F: Akufo-Addo inspects work on 95% complete Central Oil Mills

President Nana Addo Dankwa Akufo-Addo, has inspected work on the Central Oil Mills Limited, a wholly Ghanaian owned agro-processing company located at Jukwa Mfuom/Asamanso in the Hemang Lower Denkyira District of Central Region, which specialises in oil palm development and palm oil processing, and is operating under Government’s 1-District-1-Factory initiative.

President Akufo-Addo visited the factory, on Tuesday, 19th October 2020, on day two of his two-day tour of the Central Region.

As part of the Government’s industrial transformation agenda, Central Oil Mills, established in 2010, was identified as one of the potentially viable but distressed companies.

To this end, an organisational audit was conducted by a team of technical consultants from the Ministry of Trade and Industry, who recommended the company to the Ghana EXIM Bank for support under the One District One Factory (1D1F) programme.

Ghana Exim Bank, on 21st November 2018, approved a medium-term loan facility of GHS12 million for Central Oil Mills Limited to undertake three main activities.

These are the rehabilitation and expansion of an existing primary crude palm oil processing factory at Jukwa-Mfoum, the establishment of a brand new secondary (value-addition) oil palm processing factory at Jukwa-Asamanso, with capacity to process vegetables (Canned and bottled products), and the expansion and development of oil palm plantation.

The Bank subsequently approved a supplementary loan of GHS2 million for the project, thus bringing the total loan approved for the project to GHS14 million.

The new factory at Asamanso and the expansion work at Mfuom are about 95% and 90% completed respectively, and are both expected to be fully completed by 30th November 2021.

The project involves the expansion of an existing oil palm mill with an initial capacity of 2,400 metric tonnes of fresh fruit bunches (FFB) per annum into a bigger mill with a minimum capacity of 12,000 metric tonnes of FFB per annum on a single shift, with capacity to do double shifts.

With a yield of 20%, this will produce 2,400 metric tonnes of palm oil per annum which could be processed into secondary canned and bottled products. In addition, through the revitalisation process, the company has increased its storage capacity from 30 metric tonnes to 150 metric tonnes.

The company has rehabilitated its existing oil palm plantation and has initiated the process to expand its plantation by 200 acres per annum over five years. This is being supported by the acquisition of new trucks, and farm implements to support cultivation and transportation. The company also has existing nucleus farms at Jukwa Mfuom and its environs and also about 50 out-grower individuals.

The project is expected to create a minimum of 200 direct jobs from its current skeletal workforce of 30 persons when fully operational. More than 500 indirect jobs will be created within two years at both factory sites and from the plantation.

Buyers from South Africa, Italy, Netherlands and Nigeria are already in discussions with the company for export of finished products, thus opportunity to generate foreign exchange for the country

Gov’t payroll is full, venture into entrepreneurship – Finance Minister

Ken Ofori Atta, Finance Minister Nominee

The Minister of Finance, Ken Ofori-Atta, has informed the 2021 graduating class of the University of Professional Studies-Accra (UPSA) that government’s payroll is full – making it unsustainable to keep adding to employment figures in the public sector, hence the need to create their own jobs.

According to him, government’s role is to create the needed enabling environment, establish micro-stability and ensure that citizens have the right skillset – and that is what government is going to do: focus on the youth and budget for their demands.

“The future for you in regard to jobs is the most important thing for you at this stage, and we have gone through a period when most people look for a job from government or state institutions; but that payroll is full.

“I can tell you that because we are spending about 60 percent of our revenue on renumerating some 650,000 people, and that is not sustainable,” he said.

The finance minister further indicated that entrepreneurship, skillset and credit are the important things needed in the mix to ensure sustainability for the youth and offer them an opportunity to create their own path to wealth.

According to the minister, education is a ladder to social mobility as well as economic and social prosperity, offering beneficiaries the opportunity to help society – adding that it is important for the graduates to acknowledge the privilege of accessing four years of tertiary education and do their best to impact society through the transformation and renewal of their minds.

Chief Executive-Ghana National Petroleum Corporation (GNPC), Dr. K.K. Sarpong, in his address at the graduation ceremony emphasised that it is important for the graduates to acquire 21st-century skills and core competencies which will enhance their employability and advancement in career.

He emphasised that, currently, industries search for graduates who have more than a university degree, as they consider life-skills such as creativity, innovation, critical-thinking, collaboration, teamwork, communication, empathy and digital literacy, among others, as essential skills for effective individual performance.

“These life-skills underpin the abilities for adaptive and positive behaviour that aids in dealing effectively with the challenges of everyday life, particularly work. It is therefore important that graduates acquire life-skills as mentioned,” he said.

Dr. K.K. Sarpong further singled-out digital literacy and indicated that this is an era of digitisation wherein automation, artificial intelligence and the use of software has dominated the delivery of accounting and financial services, hence the need for them to equip themselves with these skills to stay relevant on the job market.

He further stated that outsourcing of functions such as procurement, payroll, taxation, pensions and benefits, recruitment and training has become a new normal under COVID-19, hence the need for them to respond swiftly to that trend.null

“I encourage you to set up your own firms to tap into the growing outsourced financial and business services. Be entrepreneurial, for your training here has given you what it takes to do that,” he said.

The Vice-Chancellor of UPSA, Prof. Abednego F.O. Amartey, indicated that for the 2020/2021 cohort UPSA is graduating a total of 3,640 students – comprising 793 postgraduates, 2,054 undergraduates and 793 diploma students.

He entreated them to be worthy ambassadors of the school, exhibiting the values and tenets imbibed in them.

“As a marketer, my parting words to you are remember these four Ps – be positive, principled, proactive and productive,” he said

.Source: thebftonline.com

Ghana’s cybersecurity ranking at 89.69%, up from 2017’s 36.2% – Ursula Owusu

Ursula Owusu Ekuful   Minister For Communications And Digitalisation1231

• Ghana has a new cybersecurity act

• The act is a testament of how well Ghana has performed globally in cybersecurity rankings

• Ursula Owusu-Ekuful says this will help the government’s drive for digitalisation

The Minister of Communications and Digitalisation, Ursula Owusu-Ekuful, has hailed the collective work of stakeholders in the cybersecurity sector that has seen Ghana move from a 32.6 percent in cybersecurity rankings in 2017 to 86.69 today.

She explained that with a conscious effort to put Ghana’s ranking in the space better, her outfit has been working tirelessly in achieving this feat, contributing also to the cybersecurity act in 2020.

“The passage of the act in 2020 is indeed a milestone achievement that has set us on the path to a safer and resilient eco-system; digitally. We all need to familiarize ourselves with that law and that’s why this month has been set aside to conduct education and interactions with all sectors of the economy who are impacted by cybersecurity issues

“I’d like to take this opportunity to acknowledge the enormous contributions and the relentless efforts of our stakeholders in accomplishing this feat which has gained us international recognition,” she said.

Ursula Owusu-Ekuful was speaking at Official Launch of the National Cyber Security Awareness Month 2021, the Launch of the Ghana Cyber Security Authority, and the Critical Information Infrastructure (CII) Directive in Accra when she made these comments.

She added that it also had to take the president, Nana Addo Dankwa Akufo-Addo’s, prioritizing cybersecurity and insisting on the expedited establishment of a legal and regulatory framework for cybersecurity for this to come into force.

She also explained the close correlation between cybersecurity and digitalization being a reason there has been the need to have these initiatives established

“We’ve often said that cybersecurity is the other side of the coin of digitalization. You can’t digitalize and ignore cybersecurity because then you leave yourself exposed to all those threats,” she said.

The minister, who is also the Member of Parliament for Ablekuma West, explained how consensus-building in parliament saw to the record-time passing of the bill, adding that it gives it a national feel.

“The law was also passed in record time due to the extensive consultation and collaboration which preceded the formal laying of the bill in parliament under the direction of the leadership of both the majority and the minority caucuses in parliament. This law is truly a national one.

“Indeed, all the efforts have not gone unnoticed as our cybersecurity act 2020; Act 1028 is now considered world-class legislation at par with similar legislation in the United States, the United Kingdom, Singapore, Rwanda, and other countries with robust cybersecurity legislation and that is what has resulted in our ranking as third in Africa on the ITU Cybersecurity Index, and 43rd globally with a score of 86.69 percent. Incidentally, in 2017, we recorded a score of 32.6 percent and that is when we realized that we needed to step-up our efforts in this regard,” she said.

The National Security Technical Working Group that worked on this comprised of representatives of the Judicial Service, the National Information Technology Agency, the National Communications Authority, the Data Protection Commission, the Bank of Ghana, the financial intelligence sector, the National Intelligence Bureau, the Bureau of National Intelligence, the Economic and Organized Crime Office (EOCO), the Criminal Investigations Department of the Ghana Police Service, the National Security Council Secretariat, the National Signals Bureau, Defense Intelligence, Ghana Immigration Service.

Also, there was external intelligence from the Ghana Armed Forces, Office of the Attorney General, and the Ministry of Justice, and the Ghana Domain Name Registry, the minister said

.Source: www.ghanaweb.com

American companies increasing in Ghana due to enabling environment created – US Vice President

Vice President of the United States of America (USA) Kamala Harris has commanded President Nana Addo Dankwa Akufo-Addo for creating the enabling environment for American businesses to thrive in the oil-producing West African country.

She stated that American companies continue to ramp up in Ghana, understanding the significance of the work that they do there to America’s economy much less to the partnership between Ghana and the United States.

She made this known on Thursday, 23rd September 2021, when she held bilateral talks with President Akufo-Addo at the White House, with the aim of stringing the ties of co-operation and friendship that exist between the two countries.

Welcoming President Akufo-Addo to the White House, Mrs. Harris indicated that the meeting with the Ghanaian President “is a reaffirmation of the strength of the relationship between the United States and Ghana, and of course we have deep in historical ties or official bilateral relationship began in 1957.”

She stressed that “American companies continue to ramp up in Ghana, understanding the significance of the work that they do there to America’s economy much less to the partnership between Ghana and the United States.”

“And they do this also because we are confident in the Government of Ghana and the environment, Mr. President, that you have created, which allows for some confidence in the respect and upholding of the rule of law and human rights. And so, with all of that, we look forward to continue to work together.”

On his part, President Akufo-Addo thanked Vice President Harris for the invitation, and stressed that Ghana and the United States of America share very much the same commitments.

“We want to develop our nation as a democracy as a country where freedom and respect for human rights and the rule of law are paramount to our system of governance,” he said.

Whilst expressing gratitude for the support of the United States towards helping to defeat the pandemic in Ghana, he indicated that the “other main preoccupation for us is the co-operation that we have to put together to defeat the Jihadist insurgency in the Sahel.”

It is an area, he said, that requires the support of the United States Government.

“We are looking for support for our armed forces and for the intelligent agencies of our area that they can be in stronger positions. Many of those leading the Jihadist insurrections in West Africa are the people who came from Iraq after they were driven out from Iraq, so I think if there’s information here that can assist us to be able to track down and be able to deal with these people,” he said.

President Akufo-Addo was hopeful that Ghana and America, now and in the coming years, will continue to “advance our mutual causes, and also strengthen the relations between our two countries

American companies increasing in Ghana due to enabling environment created – US Vice President

Vice President of the United States of America (USA) Kamala Harris has commanded President Nana Addo Dankwa Akufo-Addo for creating the enabling environment for American businesses to thrive in the oil-producing West African country.

She stated that American companies continue to ramp up in Ghana, understanding the significance of the work that they do there to America’s economy much less to the partnership between Ghana and the United States.

She made this known on Thursday, 23rd September 2021, when she held bilateral talks with President Akufo-Addo at the White House, with the aim of stringing the ties of co-operation and friendship that exist between the two countries.

Welcoming President Akufo-Addo to the White House, Mrs. Harris indicated that the meeting with the Ghanaian President “is a reaffirmation of the strength of the relationship between the United States and Ghana, and of course we have deep in historical ties or official bilateral relationship began in 1957.”

She stressed that “American companies continue to ramp up in Ghana, understanding the significance of the work that they do there to America’s economy much less to the partnership between Ghana and the United States.”

“And they do this also because we are confident in the Government of Ghana and the environment, Mr. President, that you have created, which allows for some confidence in the respect and upholding of the rule of law and human rights. And so, with all of that, we look forward to continue to work together.”

On his part, President Akufo-Addo thanked Vice President Harris for the invitation, and stressed that Ghana and the United States of America share very much the same commitments.

“We want to develop our nation as a democracy as a country where freedom and respect for human rights and the rule of law are paramount to our system of governance,” he said.

Whilst expressing gratitude for the support of the United States towards helping to defeat the pandemic in Ghana, he indicated that the “other main preoccupation for us is the co-operation that we have to put together to defeat the Jihadist insurgency in the Sahel.”

It is an area, he said, that requires the support of the United States Government.

“We are looking for support for our armed forces and for the intelligent agencies of our area that they can be in stronger positions. Many of those leading the Jihadist insurrections in West Africa are the people who came from Iraq after they were driven out from Iraq, so I think if there’s information here that can assist us to be able to track down and be able to deal with these people,” he said.

President Akufo-Addo was hopeful that Ghana and America, now and in the coming years, will continue to “advance our mutual causes, and also strengthen the relations between our two countries

Ofori-Atta presents mid-year budget review today

The Minister for Finance, Ken Ofori-Atta will today, Thursday, 29 July present the 2021 Mid-Year Budget Review.

Mr Ofori-Atta will announce to Parliament how much the Government has spent in the first half of the year and how it intends to spend for the rest of the year.

There are hints the Government may be seeking Parliamentary approval for additional funds to run the economy on the back of the adverse impact of Covid-19.

The Government has also said the Mid-Year Review, will be providing some economic interventions for the youth

GRA Identifies 14 Million Tax Payers After Integration Of Ghana Card/TIN

The Ghana Revenue Authority (GRA) has identified over 14 million people, who are qualified to pay tax after the successful integration of the Ghana Card and Taxpayer Identification Numbers (TIN).

The GRA and the Registrar-General’s Department in collaboration with the National Identification Authority started the exercise effective April 1, 2021, where the Ghana card Personal Identification Number (Ghana card PIN) will replace the TIN of individuals issued by the GRA for tax identification purposes.

This change is in line with the Government’s policy on the use of a unique identifier for all transactions where the identification of an individual is required.

GRA Commissioner–General, Ammishaddai Owusu-Amoah, said 6.6 million people currently file their tax returns with the recent data available to them.

Speaking at “the time with the Commissioner-General of GRA” event organised by the Ghana National Chamber of Commerce and Industry (GNCCI), Mr Owusu-Amoah said initially only 4 million people were filing their tax returns but with the integration, they had another 2.6 million people.

He said analysis from the date indicated that almost 8 million people were not filing their tax returns annually and the aim of the data was to help people to become compliant, because the data showed the age profile of the people, the professional profile and their residential addresses.

The Commissioner-General said there was no evidence from the data available to them that a number of the people, who are in the legal profession, Accountants and the medical fields had been filing their tax returns.

He said it did not mean that those people were not paying their taxes, “maybe they only pay their PAYE and do not pay any other taxes they were supposed to pay.”

Mr Owusu-Amoah hinted of engaging the persons involved to find out why previously there was no evidence that they had filed their tax returns.

He encouraged all Ghanaians whether employee or self-employed to file their tax returns, saying it was important that everybody became compliant in filing and paying of taxes.

The Commissioner-General also indicated that the data showed that people above the ages of 35 years and below the 65 years lived and resided in the top 10 affluent places in the capital like the Cantonments, East Legon and Labone but yet their names were not in the database.

On the issues of tax waivers, he said the requirement was that any taxpayer, who currently outstanding taxes to pay and had penalty and interest computed had up to the end of the 2020, could apply before the end of September 2021 and make arrangements to pay before the end of 2021.

He said by end September, applications needed to be received by the Authority and discussions held with amicable arrangements made to pay and once it was paid before December 2021, “we will waive all the penalties and interest.”

“l want to encourage you all to take advantage of the arrangement that had been made by the government as part of the COVID-19 alleviation initiatives,” he added.

Victoria M.E Hajar, the First Vice President of GNCCI, expressed appreciation to the GRA for the partnership to address key tax issues affecting businesses as well as sensitize and dialogue with the business community on tax administration and its implications.

She said the timely response in paying overdue duty drawback and significant effort in addressing the technical challenges had ensured improved confidence in the process.

The First Vice-President said the Chamber had identified three issues that needed the attention of the Commissioner-General, which were the delay in refund application, requirement to pay 30 per cent of a tax assessed during tax audit before a taxpayer could make any objection to the assessment and lack of clear procedural rules in the application of some of the provisions in the tax laws.

She said the GNCCI was committed to serving as the link between the private sector and government at the various levels, while offering its members business support services.


GNA

Ghana-Nigeria trade impasse: Speaker Alban Bagbin announces review of GIPC Act

Alban Bagbin 2020212121

Ghana’s Speaker of ParliamentAlban Bagbin, has announced a review of the GIPC Act 2013, Act 865 that will exempt the capital requirement for Nigerian retailers to trade in Ghana..

According to a joint communique issued between Ghana and Nigeria, following the Extraordinary ECOWAS Summit, Nigerian retailers will now be exempted from paying a US$1 million capital requirement under the Act to facilitate trade.

Making the disclosure before Nigeria’s House of Representatives last week, Speaker Alban Bagbin said the development will end long standing retail impasse between Ghana and Nigeria.

“…of particular mention is the reconsideration of the US$1 million minimum requirement for trading enterprises under section 28(2) of the Act. This is to facilitate regularization of the businesses of affected Nigerian retail traders in the trade impasse.”

“Equally commendable is the special concession to be applied to a requirement for a payment of 0.5 stamp duty. Our Parliament is working to make sure this does not apply to our brothers and sisters from Nigeria,” Speaker of Parliament Alban Bagbin announced.

The announcement comes after the Ghana Union of Traders Association (GUTA), in December 2019, locked up over six hundred shops belonging to Nigerian retailers at Nkrumah Circle in Accra.

The move was replicated in Kumasi, Ashanti region as most of the shops belonging to Nigerian traders were also forced to shut down that year after Ghanaian traders alleged that Nigerian traders had taken over the retail business in the country.

The decision then caused a clash between Ghanaian traders and Nigerian traders leading to the arrest of some persons involved while others were badly injured.

Source: www.ghanaweb.com

N-Gas happy $42m legacy debt cleared

The management of N-Gas Limited has expressed gratitude to the government, that is, the Energy Ministry, for settling its $42 million legacy debt.

N-Gas Limited expressed its gratitude when a delegation from the company led by its Chief Executive Officer, Mr. Aliyu Aminu, called on the Energy Minister Dr Mathew Opoku Prempeh in his office on Tuesday, 7 July 2021.

Mr. Aminu further pointed to improved collaboration between N-Gas and the Volta River Authority.

In his remarks, Dr Prempeh indicated that he believed the payment of the debt established a clean slate for fresh negotiations, which are scheduled to take place in a few weeks and further urged N-Gas to improve the reliability and integrity of their service.

“I am looking forward to what the future holds for the partnership between Ghana and Nigeria with regards to gas and its role in our development,” Dr Prempeh added

Ghana: Eni makes major oil and gas discovery

Eni makes major oil and gas discovery offshore Ghana

Eni makes major oil and gas discovery offshore Ghana

The lead operator of the Offshore Cape Three Point (OCTP), Eni has announced a significant oil discovery in Ghana with the potential to produce 700 million barrels of oil equivalent (Mboe).

The company in a statement said the discovery was made on the Eban exploration prospect in Cape Three Points Block 4, offshore Ghana and production testing data show a well deliverability potential estimated at 5,000 barrels of oil per day, similar to the wells already in production from the Sankofa Field.https://googleads.g.doubleclick.net/pagead/ads?client=ca-pub-1220784161199635&output=html&h=280&slotname=3976749912&adk=3253444420&adf=1531280845&pi=t.ma~as.3976749912&w=336&lmt=1625611479&psa=0&format=336×280&url=https%3A%2F%2Fwww.graphic.com.gh%2Fbusiness%2Fbusiness-news%2Fghana-eni-makes-major-oil-and-gas-discovery.html%3Futm_medium%3DSocial%26utm_campaign%3DEchobox%26utm_source%3DFacebook%23Echobox%3D1625605920&flash=0&wgl=1&dt=1625611477766&bpp=5&bdt=1582&idt=1334&shv=r20210630&ptt=9&saldr=aa&abxe=1&prev_fmts=412×343%2C0x0%2C160x600&nras=1&correlator=7326423581930&frm=20&pv=1&ga_vid=1047260957.1625611478&ga_sid=1625611478&ga_hid=1545907932&ga_fc=0&u_tz=0&u_his=1&u_java=0&u_h=892&u_w=412&u_ah=892&u_aw=412&u_cd=24&u_nplug=0&u_nmime=0&adx=38&ady=1082&biw=412&bih=797&scr_x=0&scr_y=280&eid=31060974%2C31061746%2C31060474%2C31061420&oid=3&pvsid=2395928360555041&pem=387&ref=http%3A%2F%2Fm.facebook.com%2F&eae=0&fc=896&brdim=0%2C0%2C0%2C0%2C412%2C0%2C412%2C797%2C412%2C797&vis=1&rsz=%7C%7CpoeEbr%7C&abl=CS&pfx=0&fu=0&bc=31&ifi=3&uci=a!3&btvi=1&fsb=1&xpc=5IkCXOOizR&p=https%3A//www.graphic.com.gh&dtd=1364

“The Eban – 1X well is located approximately 50 kilometers off the coast and about 8 kilometers Northwest of Sankofa Hub, where the John Agyekum Kufuor FPSO is located. It was drilled by the Saipem 10000 drilling ship in a water depth of 545 meters and reached a total depth of 4179 meters (measured depth). Eban – 1X proved a single light oil column of approximately 80m in a thick sandstone reservoir interval of Cenomanian age with hydrocarbons encountered down to 3949m (true vertical depth),” the statement said.

“The new discovery has been assessed following comprehensive analysis of extensive 3D seismic datasets and well data acquisition including pressure measurements, fluid sampling and intelligent formation testing with state-of-the-art technology. The acquired pressure and fluid data (oil density and Gas-to-Oil Ratio) and reservoir properties are consistent with the previous discovery of Akoma and nearby Sankofa field. The production testing data show a well deliverability potential estimated at 5000 bopd, similar to the wells already in production from Sankofa Field.

“The estimated hydrocarbon in place between the Sankofa field and the Eban-Akoma complex is now in excess of 1.1 Bboe and further oil in place upside could be confirmed with an additional appraisal well”.https://googleads.g.doubleclick.net/pagead/ads?gdpr=0&client=ca-pub-1220784161199635&output=html&h=280&slotname=3976749912&adk=3253444420&adf=70639872&pi=t.ma~as.3976749912&w=336&lmt=1625611482&psa=0&format=336×280&url=https%3A%2F%2Fwww.graphic.com.gh%2Fbusiness%2Fbusiness-news%2Fghana-eni-makes-major-oil-and-gas-discovery.html%3Futm_medium%3DSocial%26utm_campaign%3DEchobox%26utm_source%3DFacebook%23Echobox%3D1625605920&flash=0&wgl=1&dt=1625611477780&bpp=17&bdt=1597&idt=1584&shv=r20210630&ptt=9&saldr=aa&abxe=1&cookie=ID%3D522cdeabedc4a06c-2252076163c9000b%3AT%3D1625611477%3ART%3D1625611477%3AS%3DALNI_MYvAUnkyuE2iusTLBqkS_xJPUDBBA&prev_fmts=412×343%2C0x0%2C160x600%2C336x280&nras=1&correlator=7326423581930&frm=20&pv=1&ga_vid=1047260957.1625611478&ga_sid=1625611478&ga_hid=1545907932&ga_fc=0&u_tz=0&u_his=1&u_java=0&u_h=892&u_w=412&u_ah=892&u_aw=412&u_cd=24&u_nplug=0&u_nmime=0&adx=38&ady=2364&biw=412&bih=797&scr_x=0&scr_y=1845&eid=31060974%2C31061746%2C31060474%2C31061420&oid=3&psts=AGkb-H-n9-L23HZIWTVY5yeqpNhA4cNaD4p6S5z8fyA84pWERbHvKn7MWiyn8Nf_ao37YeCCCYdy5XeWUdQ%2CAGkb-H_h7tfJ1fy9tWG6LjQxlEEZW480e2qEBKJrYVZjDgoraA7j_OqtGYKk14O4wxDWc51newJxsRYIlA&pvsid=2395928360555041&pem=387&ref=http%3A%2F%2Fm.facebook.com%2F&eae=0&fc=896&brdim=0%2C0%2C0%2C0%2C412%2C0%2C412%2C797%2C412%2C797&vis=1&rsz=%7C%7CpoeE%7C&abl=CS&pfx=0&fu=0&bc=31&ifi=4&uci=a!4&fsb=1&xpc=ZkN9z5B5nP&p=https%3A//www.graphic.com.gh&dtd=4329

Fast-track production

The statement further disclosed that due to its proximity to existing infrastructures, “the new discovery can be fast-tracked to production with a subsea tie-in to the John Agyekum Kufuor FPSO, with the aim to extend its production plateau and increase production. The Eban discovery is a testimony to the success of the infrastructure-led exploration strategy that Eni is carrying out in its core assets worldwide”.

The Joint Venture of CTP Block 4 is operated by Eni (42.469%), on behalf of partners Vitol (33.975%), GNPC (10%), Woodfields (9,556%), GNPC Explorco (4,00%).

Ghana: Eni makes major oil and gas discovery
Date: Jul – 06 – 2021 , 18:32BY: Kweku Zurek
Eni makes major oil and gas discovery offshore Ghana
Eni makes major oil and gas discovery offshore Ghana
The lead operator of the Offshore Cape Three Point (OCTP), Eni has announced a significant oil discovery in Ghana with the potential to produce 700 million barrels of oil equivalent (Mboe).
The company in a statement said the discovery was made on the Eban exploration prospect in Cape Three Points Block 4, offshore Ghana and production testing data show a well deliverability potential estimated at 5,000 barrels of oil per day, similar to the wells already in production from the Sankofa Field.



“The Eban – 1X well is located approximately 50 kilometers off the coast and about 8 kilometers Northwest of Sankofa Hub, where the John Agyekum Kufuor FPSO is located. It was drilled by the Saipem 10000 drilling ship in a water depth of 545 meters and reached a total depth of 4179 meters (measured depth). Eban – 1X proved a single light oil column of approximately 80m in a thick sandstone reservoir interval of Cenomanian age with hydrocarbons encountered down to 3949m (true vertical depth),” the statement said.

“The new discovery has been assessed following comprehensive analysis of extensive 3D seismic datasets and well data acquisition including pressure measurements, fluid sampling and intelligent formation testing with state-of-the-art technology. The acquired pressure and fluid data (oil density and Gas-to-Oil Ratio) and reservoir properties are consistent with the previous discovery of Akoma and nearby Sankofa field. The production testing data show a well deliverability potential estimated at 5000 bopd, similar to the wells already in production from Sankofa Field.

“The estimated hydrocarbon in place between the Sankofa field and the Eban-Akoma complex is now in excess of 1.1 Bboe and further oil in place upside could be confirmed with an additional appraisal well”.



Fast-track production

The statement further disclosed that due to its proximity to existing infrastructures, “the new discovery can be fast-tracked to production with a subsea tie-in to the John Agyekum Kufuor FPSO, with the aim to extend its production plateau and increase production. The Eban discovery is a testimony to the success of the infrastructure-led exploration strategy that Eni is carrying out in its core assets worldwide”.

The Joint Venture of CTP Block 4 is operated by Eni (42.469%), on behalf of partners Vitol (33.975%), GNPC (10%), Woodfields (9,556%), GNPC Explorco (4,00%).

Eni has been present in Ghana since 2009 and currently accounts for a gross production of about 80,000 barrels of oil per day
Eni has been present in Ghana since 2009 and currently accounts for a gross production of about 80,000 barrels of oil per day

Commodity Exchange Seeks To Transform Ghana’s Economy

Tucci Goka Ivowi

The Chief Executive Officer of the Ghana Commodity Exchange (GCX), Tucci Goka Ivowi, stated that her outfit is working to transform Ghana’s economy through agriculture.

She made this known in an address to the media at the Information Ministry in Accra on Sunday, July 4, 2021.

According to her, “Our vision is to transform Ghana’s economy through agriculture”.

She stated that there were three priority areas the GCX was working with which include: access to storage, access to market and access to finance.

So far, she said GCX has established 10 warehouses in the country mainly in the Ashanti Region, and Bono Region.

She indicated that the GCX started with trading in Ghana but was now doing cross-border trading with countries like Burkina Faso.

She said the Exchange was ensuring transparency and fairness on the market.

She spoke about infrastructure challenges across the country for the agriculture sector.

She reiterated that it’s about 20 years that the Ghana Commodity Exchange has been in the process.

The Exchange is a private entity, with Government as the shareholder.

She said the Ghana Commodity Exchange will be open to private players.

In 2020, the Ghana Commodity Exchange suffered a lot with other entities due to coronavirus.

The Exchange, she said is regulated under the Securities Industry Act.

According to her, trading under GCX is done online.

GCX, she said, is a membership-based organization and that if people want to trade they first have to become members.

She revealed that GCX worked very closely with the Ministry of Food and Agriculture as well as the Ministry of Trade and Industry.

About 22,000 farmers have gotten better prices for their products through trading with GCX

Ghana Taken Off Financial Action Task Force grey list

Ken Ofori-Atta

Ghana has been taken off the Financial Action Task Force (FATF) “grey list”.

Finance Minister, Ken Ofori-Atta, announced this to the media in Accra on Wednesday, June 30, 2021.

According to him, ” The FATF took this decision at their plenary meeting held on June 23, 2021, when it was unanimously agreed that Ghana had satisfactorily completed her Action Plan after the International Cooperation Review Group (ICRG) had submitted their report.”

He said by this decision, FATF and, for that matter, the international community has renewed its confidence in Ghana’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime.

” This is great relief for the country, considering the economic consequences suffered by the country while on the list. This will boost confidence in the integrity of our financial environment and also boost foreign direct investment.
To give you a background of the “grey list”, in 2016, Ghana was subjected to a Second Round of Mutual Evaluation by the Inter-Governmental Action Group against Money Laundering and Terrorist Financing in West Africa (GIABA). Ghana was the first among her peers in the West African sub-region to have gone through the Second Round of Mutual Evaluation.
Even though this round of mutual evaluation showed some progress over an earlier one in 2009, there were still significant gaps that needed to be addressed. Ghana was therefore placed under observation by the International Cooperation Review Group (ICRG), one of the technical groups of the FATF charged with the responsibility of identifying, reviewing, and monitoring jurisdictions with AML/CFT deficiencies that present a risk to the international financial system.”

” The ICRG and Ghana developed a 2-year Action Plan spanning 2019 – 2021 with timelines, to address the deficiencies.
Following the ICRG plan and FATF acknowledgment, the European Union also issued a press release on 18th October, 2020 adding Ghana to their list of high-risk third countries with strategic deficiencies in their Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime as a result of Ghana being on the FATF list.”

“Over the last three years, an Inter-Ministerial Committee led by the Ministry of Finance has been hard at work coordinating key reforms to cure strategic AML/CFT deficiencies. In addition, I have been chairing and guiding a multi-stakeholder National Task Force on AML/CFT.”

He added that “The Inter-Ministerial Committee has worked closely with the President and Cabinet Office to fundamentally transform AML/CFT governance of Ghana by approving the National AML/CFT Policy and Strategy, enacting critical legislation, and instituted key measures.
Ladies and Gentlemen, I wish to inform you that FATF has expressed satisfaction with our work so far, and as indicated earlier, a unanimous decision was taken at their plenary meeting of June 23, 2021, to take Ghana off the
“grey list”.

He added that “as you all know, Ghana is the pillar of stability, good governance, and democracy in a fragile region. Ghana has also positioned itself as the gateway and spearhead for African economic and financial integration.”

“The GhanaCARES) Obatanpa Programme, is Ghana’s post-pandemic recovery and transformation plan. It has been developed to mitigate the impact of the pandemic on the lives & livelihoods of Ghanaians & ensure that we quickly emerge from the pandemic with a stronger and more resilient economy.”

“We now host the headquarters of the AfCFTA. Over the past few years, we have engaged in significant reforms to make Ghana the most attractive investment destination in Africa. We believe that we can achieve this. More importantly, a Ghana Beyond Aid impetus highlights our eagerness for partnerships and linkages to enhance trade and economic cooperation with our friends for mutual benefit. Ghana exiting the ICRG process is also an important signal for the rest of the African sub-region

Ghana Records $3.6bn Remittances Inflow

Dignitaries at the event

GHANA RAKED in $3.6 billion in remittance inflows despite the lockdowns that affected economies globally, a World Bank Migration and Development Report for 2021 stated.

The figure represents a 5 percent increase in remittances from host countries including USA, the UK, Côte d’Ivoire, Italy, Germany and Canada.

Chief of Mission, International Organisation for Migration (IOM), Abibatou Wane, speaking at the GIZ-Ghana Programme Migration and Diaspora Multi-Stakeholder Dialogue on Remittance in Accra, said the World Bank had projected that remittance flows to low and middle-income countries will fall by 7 percent, to $508 billion in 2020.

She said a further decline of 7.5 percent to $470 billion in 2021 was expected due to the lockdown and expected economic effects of the Covid-19 in the remittances sending countries but contrary to expectations, remittances to Ghana rather increased.

Madam Wane said remittances were a growing source of foreign funds, raising the standard of living for the vulnerable and low-income households across Ghana.

She said from a study conducted by IOM in the Ghana market, Ghana, as of 2019 was the second largest recipient of remittances in sub-Saharan Africa.

Madam Wane said the flows through official channels have increased from $117.6 million in 2007 to an estimated $3.8 billion in 2018, with remittances equate to 7.4 percent of Gross Domestic Product.

“It is estimated that if monitored, remittances sent through informal channels could increase total flows by as much as 50 percent,” she said.

She said the financial sector in Ghana, according to Findex, had gone through a period of change over the last five years, with financial inclusion reaching 57 percent in 2017.

Madam Wane informed that the increase in mobile penetration had created opportunities for the expansion of financial services by mobile money providers, making Ghana to overtake several markets to become the fastest growing mobile money market in Africa.

The Dialogue which was on the theme, “Leveraging Remittances for Recovery and Resilience Post-COVID-19” also marked the International Family Day of Remittances

Government to establish one million enterprises nationwide – Akufo-Addo

Akufo Addo 202012121213131231

• Government has promised to establish one million enterprises across the countrynull

• The move is hinged on government’s commitment towards industrialization, value addition and job creation

• The One District – One Factory initiative was introduced by the Akufo-Addo government in 2017

The Akufo-Addo administration has pledged to establish one million enterprises across the country.

President Nana Addo Dankwa Akufo-Addo speaking at Kwaso in the Ejisu Municipality following the commissioning of a One District – One Factory initiative pointed that the move formed part of his government’s agenda towards industrialization; value addition and job creation.

On the back of the president’s pledge, Chief Executive Officer of the Ghana Investment Promotion Centre, Yofi Grant, has disclosed that Ghana is targeting to raise US$3 billion in Foreign Direct Investment (FDI) for 2021.null

Addressing journalists at a press briefing on Sunday June 20, Yofi Grant revealed the country has so far accrued US$780 million in FDIs for this year.

“For every country, foreign direct investments are recognised as very important to its economic and socio-economic development. In Ghana, I dare say that over the past few years we have upped our game and our economy has become more attractive.

“Indeed, I dare say that since 2017 Ghana’s economy grew by 8.1% and through 2019 we had an average growth of 7%. This symbolises a country that is walking the talk and doing all it needs to do to become one of the fastest-growing economies in the world,” Yofi Grant told journalists.

He continued, “Foreign Direct Investments grew. Our FDI in 2017 was $4.9 billion; it dropped marginally in consonance with the drop in global FDIs in 2018 to US$3.54 billion. In 2019, it further dropped to $1.01 billion.

“The interesting thing however is that, despite the negative impact of COVID-19 on global economies, Ghana saw an increase in FDIs in 2020 to $2.65 billion,” he stressed

.Source: www.ghanaweb.com

Bank Of Ghana Launches Domestic Gold Purchase Programme

The Bank of Ghana has launched a domestic gold purchase programme to help shore up the country’s foreign reserves.

The move will enable the Bank of Ghana (BoG) to buy gold from selected local aggregators and mining firms and pay in the local currency at the prevailing market price.

The Bank hopes to double its gold holdings in the next five years from 8.7 tonnes to 17.4 tonnes, the Governor, Dr. Ernest Addison said.

Dr. Addison, who launched the programme, said it would allow the BoG to grow its foreign exchange reserves to foster confidence, enhances currency stability, creates a more attractive environment for foreign direct investments and economic growth.

He said the programme would also enable the Bank to leverage its gold holdings to raise cheaper sources of financing to provide short term foreign exchange liquidity.

He said the Bank had engaged domestic mining firms in collaboration with the Ghana Chamber of Mines to buy refined gold from their refineries.

So far, only one gold aggregator has been selected for the programme after an independent due diligence was conducted.

However, in the near-term, other gold aggregators will be eligible to participate in the programme once a roadmap is developed to ensure they meet the governance, risk, compliance and supply chain requirements.

The Governor said the domestic purchasing programme had the potential to improve the small-scale gold mining sector by ensuring they receive a fair purchasing price for their gold, provide an incentive to formalise and move away from damaging environmental and social practices.

It would also lead to a route to formalise and improve ability to sell into formal gold markets and thereby reduce their vulnerability to illegal actors in the domestic and international gold supply chains.

The Governor of the Bank of Ghana, last year announced that a decision has been taken to increase the country’s reserves.

The Bank of Ghana ‘s foreign reserves has grown steadily over the last years to current levels of almost US$11.00 billion, but the portion of gold reserves has remained unchanged at 8.77 tonnes with the average value of gold reserves held as a percentage of Gross International Reserves (GIR) at 6.14 percent.


GNA