Accra, Dec 31, GNA - Below are the headlines of major economic issues covered during 2014
Ban on importation of rice relaxed 02/01/2014
The Ministry of Trade and Industry, has relaxed the ban of importation of rice through the country’s borders.
SSNIT increases minimum monthly pension by 100% 02/01/2014
The Social Security and National Insurance Trust (SSNIT) has increased the minimum monthly pension by 100% from GH¢100.00 to GH¢200.00.
President: "I don't have any interest in Merchant Bank" 07/01/2014
President John Dramani Mahama has appealed to the managements of Merchant Bank and the Social Security and National Insurance Trust (SSNIT), to take diligent actions to retrieve all monies owed them without fear or favour.
"No money has been siphoned from GCB vaults" 07/01/2014
Ghana Commercial Bank (GCB) has denied alleged siphoning of funds from its vaults.
VAT/NHIL increased to 17½ per cent 09/01/2014
The Ghana Revenue Authority (GRA) reminded the business community that the new Value Added Tax (VAT) is 15 per cent, whiles National Health Insurance Levy (NHIL) remains at 2½ per cent.
President Mahama calls for faster release of CDB loan 09/01/2014
President John Dramani Mahama on Thursday appealed to the Chinese government to expedite action on the release of $3 billion China Development Bank (CDB) loan.
Chinese firm to construct Aluminium processing plant at Shama 10/01/2014
A multi-national Chinese construction firm, Huasheng Jiangquan Group, has identified Shama District as a viable place for the construction of an aluminium processing plant.
Government, Anglogold to discuss future of Obuasi Mine 12/01/2014
Alhaji Inusah Fuseini, Minister of Lands and Natural Resources, said the Government would hold discussions with management of Anglogold Ashanti on the future of the Obuasi Mine.
New EDAIF Board inaugurated 14/01/2014
Mr Haruna Iddrisu, Minister of Trade and Industry has inaugurated a new Board for the Export Trade, Agricultural and Industrial Development Fund (EDAIF).
African Development Bank unveils new corporate logo 15/01/2014
Mr Seth Terkper, Minister of Finance, has underscored the need for the banking system to win customers’ trust, has efficient regulation and supervision in order to ensure stability in the financial sector.
Inflation for December last year rises 15/01/2014
The year-on-year inflation measured by the Consumer Price Index for December 2013 stood at 13.5 per cent, an increase from the 13.2 per cent recorded in November 2013.
Vodafone invests GH¢ 55m on network expansion 16/01/2014
Vodafone Ghana is undertaking massive expansion work, to improve network quality for mobile customers in new and existing sites.
Food commodity prices stable despite fuel price increases 17/01/2014
A market survey conducted by the Ghana News Agency in various parts of Accra showed that prices of most commodities remained unchanged despite the fuel price increase.
Ten member Board inaugurated for COCOBOD 20/01/2014
The Minister of Finance, Mr Seth Tekper has inaugurated a 10-member board for the Ghana Cocoa Board (COCOBOD) with a charge to members to deal with the over $200 million debt owed by local cocoa processing companies.
MOTI signs MOU to boost Supply Chain Capacity 22/01/2014
The Ministry of Trade and Industry formalized a working relationship with PYXERA Global, by signing a Memorandum of Understanding (MOU).
President Mahama speaks at World Economic Forum 22/01/2014
President John Mahama opened a World Economic Forum session on Responsible Mineral Development Initiative.
President Mahama inaugurates GIF Advisory Committee
President John Dramani Mahama inaugurated a six- member Ghana Infrastructure Fund (GIF) Advisory Committee.
Ghana to expand production of organic cocoa beans 04/02/2014
A four-day training workshop and the launching of a pruning and clearing saw, for the promotion of organic cocoa production in the country was opened at Bunso Cocoa College in the Eastern Region.
Ghana Gas signs agreement with Tullow 06/02/2014
The Ghana National Gas Company (Ghana Gas) has signed a Construction, Pre-Commissioning and Tie-In Agreement (CTIA) with Tullow Ghana Limited (TGL).
Cabinet endorses action to end dollarization-Ayariga 11/02/2014
Mr Mahama Ayariga, Minister of Information and Media Relations has pledged the commitment of Cabinet to implement policies to stem the fast depreciation of the Cedi against major currencies.
Minexco petroleum begins oil exploration in Tano Block 11/02/2014
Minexco Petroleum Incorporation, the African focused private oil and gas Exploration Company, announced the launch of its work programme for the South Deep Water Tano Block.
CAGD rolls out electronic salary payment voucher 22/02/2014
The Controller and Accountant General’s Department (CAGD), has rolled out an Electronic Salary Payment Voucher (E-SPV), to address concerns regarding the manual payment voucher system.
Rwandan business delegation in Ghana for investment avenues 22/02/2014
Mr Benjamin Gasamagera, Chairman, Rwanda Private Sector Federation has expressed the readiness of business people in Rwanda to invest in Ghana in efforts to boost trade relations between the two African countries.
Ghana losing $1.2 billion annually through tax incentives 26/02/2014
A new report published by ActionAid Ghana (AAG) reveals that Ghana may be losing an estimated $1.2 billion annually as a result of tax incentives.
Turkish Business delegation explores opportunities in Ghana 28/02/2014
The Turkish Kitchenware sector is working to increase its trade investment inflow in Ghana through partnerships with Ghanaian industrialists within the next five years.
Morocco Real Estate Company to establish in Ghana 01/03/2014
A Morocco-based company, Douja Promotion Group Addoha, engaged in the real estate sector, is to locate in Ghana to provide social estate for the people.
Societe Generale Ghana Head Office commissioned 03/03/2014
As part of efforts to consolidate its operations and increase its efficiency, Société Générale (SG), a French multinational banking and financial company commissioned its new Head Office in Accra.
Ghana and Ciments de l'Afrique sign agreement 06/03/2014
The Government of Ghana has signed an agreement with Ciments de l'Afrique (CIMAF) Ghana Limited to establish a cement manufacturing plant capable of producing one million tonnes per annum.
EU supports Ghana with 500 million Euros 07/03/2014
The European Union is supporting Ghana with 500 million Euros to manage its budget, Mr. Ignacio Burrull, Head of Cooperation of the European Union delegation to Ghana has announced.
Ghana, Guinea to share experience in extractive industries 07/03/2014
Ghana and Guinea are planning to engage in exchange programmes to share experiences and develop human capacity for the effective exploitation of their mineral resources, energy and oil and gas industries.
Switzerland provides $2.4 million support to Ghana’s Pension Reforms 10/03/2014
Minister of State at the Presidency in charge of Financial and Allied Institutions, Mr Fiifi Kwetey inaugurated a five-member steering committee for the National Pension Regulatory Authority (NPRA) to oversee the implementation of a three-year capacity building agreement with the Swiss Government.
Investors rally to finance new Ghana Commodity Exchange 13/03/2014
Eleni, a private company positioned as the premier commodity exchange promoter in Africa, announced the formation of a private-public investment consortium to finance the establishment of the Ghana Commodity Exchange (GCX).
Government to establish Alumina Industry- President Mahama 15/03/2014
President John Dramani Mahama on Saturday announced that government would soon come out with a declaration on the establishment of an Alumina industry.
Databank CEO moves to Enterprise Group 21/03/2014
Mr Keli Gadzekpo, Chief Executive Officer (CEO) of Databank, is to leave the company to take up the top management position at Enterprise Group, a financial service company.
Parliament ratifies petroleum agreement 21/03/2014
Parliament has ratified the petroleum agreement among the government of Ghana and five organisations for the exploration of oil in the Expanded Shallow Water Tano Block.
Ghana and Denmark sign Double Taxation agreement 23/03/2014
Ghana and Denmark have signed a Double Taxation agreement, moving the bilateral cooperation between the two countries to another level.
Vodafone appoints new Head of External Affairs 27/03/2014
Vodafone Ghana has appointed Gayheart Mensah as Head of External Affairs with effect from March 24, 2014.
Government makes appointments to Cocobod, others 28/03/2014
Government has made nominations to the Boards of the Produce Buying Company (PBC), Cocoa Processing and others
GIPC and Qingdao Bureau of commerce sign MOU 30/03/2014
The Ghana Investment Promotion Centre (GIPC) and Qingdao Bureau of Commerce, the investment promotion centre of Qingdao Municipal Government, have signed a Memorandum of Understanding (MOU) to deepen trade and investment exchanges between the two agencies.
Tigo Ghana appoints new General Manager 01/04/2014
Ghana’s premier mobile telecom company, Tigo Ghana, has appointed Roshi Motman, as its new General Manager (GM).
Budget deficit of 10.8 per cent recorded in 2013 –BoG 03/04/2014
Dr Kofi Henry Wampah, Governor of the Bank of Ghana (BoG) has said that provisional outturn for broad fiscal performance in 2013 suggests an overall budget deficit estimated at 10.8 per cent of Gross Domestic Products (GDP).
Finance Minister leads delegation to IMF/World Bank Meetings 07/04/2014
Finance Minister Seth Terkper is leading a Government delegation to the IMF/World Bank Spring Meetings in Washington DC.
Veep Amissah-Arthur commissions rice mill at Sogakope 10/04/2014
Vice President Kwesi Bekoe Amissah-Arthur has commissioned a mill for the processing of paddy rice at Sogakope in the South Tongu District of the Volta Region.
GDP growth hit 7.1 per cent in 2013 10/04/2014
The Revised Gross Domestic Product (GDP) estimate for 2013, showed a growth of 7.1 per cent compared to the 2012 final estimates of 8.8 per cent.
Ghana signs agreement with Turkey 16/04/2014
Ghana has signed an economic agreement with Turkey to enhance trade between the two countries.
Chamber of Mines appoints new CEO 16/04/2014
Mr Sulemanu Koney, Chairman of the Technical Committee of the National Petroleum Authority (NPA), has been appointed as the acting Chief Executive Officer (CEO) of the Ghana Chamber of Mines.
EU provides 700,000 Euros to four institutions 21/04/2014
The European Union has provided a grant of 700,000 Euros to four Ghanaian institutions under the Trade Related Assistance and Quality Enabling Programme (TRAQUE) for capacity development.
Minimum wage increase to GH¢6.00 02/05/2014
The National Tripartite Committee (NTC) has announced that the National Daily Minimum Wage (NDMW) for 2014 be increased by 14.5 per cent that is, from GH₵ 5.24 to GH₵ 6.00.
Accra Brewery Limited gets new Managing Director 11/05/2014
Accra Brewery Limited, (ABL) has announced the appointment of Mr. Anthony Grendon as Managing Director effective 1st June, 2014.
Ghana/IMF Executive Board conclude consultations 14/05/2014
The Executive Directors of the International Monetary Fund (IMF) have commended Ghana’s strong and broadly inclusive growth and declining poverty over the past two decades.
Minerals Commission to put moratorium on prospecting license 20/05/2014
The Minerals Commission said on Tuesday it would soon announce a moratorium on prospecting license to new applicants.
United States Commerce Secretary calls on President Mahama 21/05/2014
The United States Secretary of Commerce, Penny Pritzker, has commended the Government’s decision to redesign the National Service Scheme in a manner that will re-orient new graduates in the direction of entrepreneurship.
Ghana-Mauritius initiate stronger economic cooperation 22/05/2014
Ghana and Mauritius have signed a memorandum of understanding, moving the economic cooperation between the two countries a step higher.
GEPA targets $3.1 billion NTEs earnings in 2014 28/05/2014
Ghana Export Promotion Authority (GEPA) says it is targeting $3.1 billion in earnings from the export of non-traditional products in 2014 in line with the National export strategy.
Johan Ferreira appointed head of Newmont’s Africa Operations 29/05/2014
Newmont Africa has announced the appointment of Mr. Johan Ferreira as Regional Senior Vice President of Newmont Mining Corporation’s Africa Operations.
Government appoints transaction advisors for Eurobond issue 30/05/2014
The Government is to issue a $1 billion Eurobond in 2014 for capital expenditures in the Budget, counterpart funding for pipeline projects and the refinancing of domestic and external debt.
Government disbursed €3.3 million to SMEs 03/06/2014
Government with support from the Italian Government has disbursed about 3.3million Euros to eight Small Medium Enterprises to ignite the private sector development.
Trade Minister inaugurates GIPC Board 03/06/2014
Mr Haruna Iddrisu, the Minister of Trade and Industry, has appealed to the newly constituted 10-member Ghana Investment Promotion Council (GIPC) board to establish a One-Stop-Shop for investments within 45 days.
Newmont Ghana to lay off 600 employees 04/06/2014
Newmont Ghana said between 500 and 600 of its workers would lose their jobs in its on-going effort to improve costs and operational efficiency to ensure that the business remains sustainable.
Ghana reaches last stage of MCC compact 06/06/2014
Ghana has reached the last stage of preparation for the second Millennium Challenge Corporation (MCC) funded compact programme.
Bank of Ghana review foreign exchange measures 07/06/2014
The Bank of Ghana (BoG) has announced review measures to ease foreign exchange controls and also ensure clarity, transparency and streamline operations in the foreign exchange market.
Government to launch GH¢10m for youth development 21/06/2014
Government is to launch a GH¢ 10 million youth enterprise business fund to provide access to business financing for young people, who wish to engage in entrepreneurship.
Solidaridad launches West Africa Oil Palm initiative 25/06/2014
Solidaridad’s Sustainable West Africa Palm Oil Programme (SWAPP) launched its incubator and Access to Finance initiative in Accra, to provide support and access to risk capital to help develop the oil palm sector.
President Mahama appointed AU Trade Committee Chairperson 26/06/2014
President John Dramani Mahama was picked as the Chairperson of the high level African committee on trade at the on-going African Union ordinary session in Malabo, Equatorial Guinea.
Ghana Insurers Association swears in new executives 27/06/2014
The Ghana Insurers Association (GIA) has sworn in an 11-member executive to steer the affairs of the Association for the next two years.
Moody downgrades GCB Bank to B2 from B1 02/07/2014
Moody's Investors Service lowered GCB Bank Limited's global local-currency long-term deposit ratings to B2, from B1, and the foreign-currency deposit ratings to B3, from B2, saying outlook is negative.
ECOWAS backs EPA 11/07/2014
The 16 West African Heads of State has agreed to sign the Economic Partnership Agreement (EPA) with the European Union (EU).
Finance Minister presents mid-year budget review 16/07/2014
The Minister of Finance, Mr Seth Emmanuel Terkper has presented to Parliament a Mid-Year Review and revised budget and macroeconomic targets for 2014
Advertising Association of Ghana inducts new officers 28/07/2014
The Advertising Association of Ghana has sworn into office a new executive council for a two-year mandate.
Ghana and World Bank sign $156 million financing agreement 30/07/2014
Ghana and the World Bank have signed a financing agreement for $156 million dollars to enhance access to secondary education in underserved districts of the country.
Standard Chartered doubles commitment to Power Africa to $5bn 31/07/2014
Standard Chartered has more than doubled its commitment to ‘Power Africa’ by increasing its pledge from $2 billion to $5 billion, after reaching its initial commitment in 12 months.
Fidelity Bank inks 5-year deal with IBM 06/08/2014
Ghana’s Fidelity Bank has announced its choice of IBM to manage its technology infrastructure and services.
President Mahama launches Youth Enterprise Support Initiative 13/08/2014
President Mahama on Tuesday challenged Ghanaian youth to demonstrate their creativity and skills in the provision of goods and services to move into the era of prosperity.
Inflation rate hits 4-yr high of 15.3 pct in July 13/08/2014
The annual inflation rate rose to a four-year high of 15.3 per cent in July up from 15.0 per cent in June on the back of increases in the price of utilities and fuel, Government Statistician Dr Philomena Nyarko has said.
Germany commits 122.7 million Euro to Ghana 15/08/2014
The Deputy Minister of Finance, Cassiel Ato Forson and German Ambassador to Ghana, Rüdiger John signed the financial cooperation agreement.
StanChart presents National Payment Strategy to Bank of Ghana 17/08/2014
A National Payments Strategy (NPS) which provides appropriate road map to accelerate the process of moving the country from a cash dominant economy to a cash-lite one has been presented to the Bank of Ghana (BOG).
President Mahama cuts sod for sugar factory construction 19/08/2014
President John Dramani Mahama cuts the sod for Komenda Sugar Factory and said the Government would avoid the negative tendencies and attitudes that led to the collapse of the factory some years back.
Surfline launches maiden 4G LTE network in Ghana 20/08/2014
Surfline Communications Limited launched Ghana’s first 4G LTE network conveying onto the market the fastest and reliable internet services expected to transform business and individual lives in the telecommunication sector.
Ghana bans Tilapia imports 27/08/2014
Ghana has banned the importation of Tilapia, a popular fish on most Ghanaian eateries’ menu, to spur growth in the local budding aquaculture sector.
Ghana and Turkey in negotiations for free trade area 01/09/2014
The Government of Ghana is in discussions with the Turkish Authorities for a free trade agreement to ensure unimpeded access to each other’s markets.
President Mahama breaks ground for Tamale Airport expansion 09/09/2014
President John Dramani Mahama has announced that Government would build three new airports to augment the existing ones and make air travel accessible to all Ghanaians.
Ghana prices third Eurobond 11/09/2014
Ghana has priced and would issue its third Eurobond of $1.0 billion at a coupon rate of 8.125. The bond was largely oversubscribed with orders reaching up to $3 billion.
GCB unveils new brand 14/09/2014
The GCB Bank Limited, a leading commercial bank in Ghana, has unveiled its new brand identity at a colourful ceremony in Accra.
Cote d’Ivoire repeals embargo on Non-ECOWAS cargo import 24/09/2014
Cote d’Ivoire has repealed an embargo placed on the entry of non-ECOWAS cargo through its land borders.
IMF estimates growth to fall to 4.5 per cent 26/09/2014
The International Monetary Fund (IMF) estimates growth to decelerate to 4 .5 per cent in 2014, from 7.1 per cent in 2013, and inflation to reach an average of around 15 per cent for the year.
Ghana signs Phase Two of WCF’s Cocoa Livelihood Programme 03/10/2014
The Ministry of Food and Agriculture (MoFA) and the World Cocoa Foundation (WCF) signed a Memorandum of Understanding for the implementation of Phase Two of WCF’s Cocoa Livelihood Programme (CLP).
Cenpower announces financial close of $900-million 06/10/2014
Cenpower Generation, a special-purpose vehicle created to develop the Kpone independent power plant (KIPP), in the Tema industrial zone has announced the financial close of the required $900-million in project finance.
China will go all the way with Ghana-Ambassador 22/10/2014
China would play a lead role in support of Ghana’s effort to overcome current economic difficulties, the Chinese Ambassador, Sun Baohong has said.
Atuabo Gas Processing Plant ready to be commissioned 30/10/2014
The Petroleum Commission (PC) and the Energy Commission (EC) have given the Ghana Gas Company Limited (GGCL) the go ahead to commission the Atuabo Gas Processing Plant, Mr. Emmanuel Moses, Head of the Construction Department of the GGCL, has said.
Monetary Policy Committee raises Policy Rate 12/11/2014
The Central Bank’s Monetary Policy Committee (MPC) raised the Monetary Policy Rate by 200 basis points to 21 per cent up from 19 per cent.
Finance Minister presents 2015 Budget Statement 19/11/2014
Ghana’s successful structural transformation rests on three strategic interventions, one of which is the strengthening and deepening of the essential elements and institutions of good governance.
Government promises brighter medium term prospects 19/11/2014
Government is hopeful of medium term brighter prospects for the nation next year as it works through the transformational agenda, with access to oil and gas revenue.
Vivo Energy Ghana gets new Managing Director 24/11/2014
Vivo Energy Ghana, the company that distributes and markets Shell-branded fuels and lubricants, has appointed Mr Ebenezer Faulkner as Managing Director.
ECOWAS states on course to implement common external tariff 27/11/2014
Ghana and other member states of the Economic Community of West African States are on course to implement the ECOWAS common external tariff (CET) next year.
Parliament endorses 2015 budget 03/12/2014
Parliament approved the 2015 budget and financial policy of government that seeks to restore fiscal stability.
Nestlé Ghana launches plan to support cocoa farmers 16/12/2014
Nestlé Ghana has launched the “Nestlé Cocoa Plan,” a global initiative meant to support cocoa farmers and increase the quality of their crops.
Ghana begins construction of second FPSO 17/12/2014
Tullow Ghana Limited has started the construction of a new fabrication facility in Sekondi for the Tweneboa, Enyenra and Ntomme (TEN) Project to serve as Ghana’s second floating production storage and offloading vessel (FPSO).
Electricity and water tariffs unchanged for 1st Quarter 2015 24/12/2014
The Public Utilities Regulatory Commission has announced that existing Electricity and Water tariffs would remain unchanged for January-March 2015.