The Nation Newspaper

Tag: Ghana

  • AfDB to invest $12bn in power sector in Africa in 4 years – Adesina

    AfDB to invest $12bn in power sector in Africa in 4 years – Adesina

    Dr Akinwumi Adesina, President, African Development Bank ( AfDB ), says the bank would invest 12 billion dollars
    in the power sector in Africa in four years with the goal of leveraging on the aviation sector.

    He said this while speaking in Abuja.

    Adesina said the aviation sector was very important to the continent but that it could not operate in the dark.

    He said the sector was very important to Africa because it accounted for about 73 billion dollars in Gross Domestic Product (GDP) and created about 7 million jobs across the continent.

    “Without electricity, you really cannot operate any effective and efficient airline industry and so this is one of the top priorities of the bank.

    “We are investing in the power sector 12 billion dollars in the next four years with the goal of leveraging between 45 to 50 million dollars in this sector because I firmly believe that Africa cannot develop in the dark.

    “So we must fast track that and when we have electricity, everything functions, even for the aviation industry and the tourism industry is actually quite linked to the avaiation industry as well.”

    He said the bank had invested over 20 billion dollars on infrastructure in Africa in the last 10 years, specifically one
    billion dollars in the aviation sector.

    Adesina said the bank’s investment in the sector covered building new airports in Ghana, Senegal, Casablanca and building of new infrastructure in Morocco.

    As for Nigeria, he said the government was developing a new aviation sector investment plan, adding that the government was interested in a number of areas.

    “First is we are looking at how to support more investment in airport infrastructure; they are also looking at how to create aircraft maintenance, repair and also overhaul facility.

    “But one of the biggest problems in Africa is we do not have any aircraft leasing facilities and that is one of the things that the government is looking at.

    We are looking at upgrading some of the navigational infrastructure.

    So as a bank, we are very strong supporters of the government.

    “Once the government comes up with its plan and what that really means in terms of the need, then we can play the role that they are asking us to play but we do not make decisions for the government.”

    AfDB is a multilateral development finance institution aimed at fighting poverty and improving the living conditions on the African continent.

    It does this by promoting the investment of public and private capital in projects and programmes that are likely to contribute to the economic and social development of the region.

    NAN

  • CHAN 2018: Eagles to face Libya, Rwanda, Equatorial Guinea  

    CHAN 2018: Eagles to face Libya, Rwanda, Equatorial Guinea  

    Nigeria’s Super Eagles will face 2014 champions Libya, as well as Rwanda and Equatorial Guinea, in the group stage of the 5th African Nations Championship (CHAN) in Morocco.

    The competition is holding from Jan. 13 to Feb. 4, with the Eagles playing their Group C matches in Tangier.

    Libya had shocked all by winning in South Africa at the expense of Ghana, in spite of the North African nation being embroiled in political turmoil at the time.

    Nigeria had finished third at the 2014 competition, and will need to be wary of them this time around, after late Friday’s Draw Ceremony in Rabat has now paired them.

    Rwanda were the last team to qualify for the 2018 finals, edging Ethiopia 3-2 on aggregate in a play-off after Egypt decided to forfeit its slot at the championship.

    Equatorial Guinea qualified for the finals following Gabon’s withdrawal of Gabon.

    Hosts Morocco, Guinea, Sudan and Mauritania have been drawn in Group A.

    The Atlas Lions will be facing Mauritania in the competition’s opening match at the Mohamed V Stadium in Casablanca on Jan. 13.

    Hosts of the inaugural edition of the competition in 2009, Cote d’Ivoire, head Group B which will be based in Marrakech, and have Zambia, Uganda and Namibia as group mates.

    Group D, based in Agadir, has 2011 runners-up Angola, Cameroon, Congo and Burkina Faso.

    Group A (Casablanca)

    Morocco

    Guinea

    Sudan

    Mauritania

    Group B (Marrakech)

    Cote d’Ivoire

    Zambia

    Uganda

    Namibia

    Group C (Tangier)

    Libya

    Nigeria

    Rwanda

    Equatorial Guinea

    Group D (Agadir)

    Angola

    Cameroon

    Congo

    Burkina Faso

    NAN

  • Ghana budgets $13.9bn in 2018

    Ghana budgets $13.9bn in 2018

    The Ghanaian government plans to spend 13.9 billion dollars (62 billion Ghana cedis) in the 2018 fiscal year, the country’s finance minister said on Wednesday.

    Presenting the government’s fiscal policy to parliament, Kenneth Ofori-Atta, said the budget, with the theme “Putting Ghana Back to Work”, would continue and expand programmes that began in 2017 and initiate new strategic programmes in 2018.

    This expenditure, the minister said, would be financed from revenue and grants expected to reach 51 billion cedis in the 2018 fiscal year.

    Domestic revenue for 2018 is estimated at 50.5 billion cedis, representing an annual growth of 26.9 per cent, while non-tax revenue is estimated at 8 billion cedis, equivalent to 3.3 per cent of GDP.

    From development partners, the government expects to receive 586.8 million cedis.

    The West African cocoa, gold and oil exporter experienced lower revenue performance in the first half of 2017.

    During the period, domestic revenue fell short of the target by 13.8 per cent, driven mainly by a sharp drop in tax revenue.

    Tax revenue fell short of target and accounted for 75.8 per cent of the drop in total revenue, caused mainly by shortfalls in income taxes and import duties.

    One of the programmes to maximise tax revenue, according to the minister, will be the employment of tertiary graduates in a “Revenue Ghana” programme aimed at employing 100,000 tertiary graduates into various sectors.

    The 2018 budget is expected to result in an overall budget deficit of 10.9 billion cedis or 4.5 per cent of GDP to be financed from both domestic and foreign sources.

    Razia Khan, Chief Economist and Managing Director for Africa and Global Research at Standard Chartered Bank, said it “is a consolidation budget largely as had been expected, given the International Monetary Fund ( IMF )’s likely input into the process”.

    She added that Ghana was favoured by the rise in hydrocarbons production “which provides a boost to nominal growth, although our expectation is for a pick-up in non-oil GDP as well.”

    “The 23 per cent projected rise in total revenue and grants in 2018 will nonetheless still be scrutinised closely, as will the ability of the authorities to keep spending and arrears clearance within the limits outlined.

    “The plan is for a reduction in the budget deficit (on an overall basis) to 4.5 per cent of GDP, from a projected 6.3 per cent of GDP this year,” she stated.

    Given the revenue disappointment to date, Khan pointed out that there might be a case for Ghana to control spending much more stringently in order to achieve a primary surplus in 2018 of the 1.6 per cent magnitude suggested.

    While Ghana has made significant improvements in debt management, the economist maintained that it was still going to require years of primary surpluses to reduce debt ratios meaningfully.

    Khan added that the key test would be the political will to do what was needed, even when the IMF programme came to an end.

    NAN

  • Label to release four Nigerian acts in Ghana

    Label to release four Nigerian acts in Ghana

    Four Nigerian singers have been signed to Ghana-based Kingsnation Worldwide Music and are due to release release their maiden singles, according to owner of the record label, Nzekwesi Nonso.

    Nzekwesi, the CEO of Kingsnation Worldwide Music, who is popularly known as Fraser, said his desire to contribute to the entertainment industry informed his decision to “release the singles of four different artists at the same time, though on the same label.”

    The artistes are Joshua Ojo, a.k.a  Lomor Cute, a fuji pop artiste from Ondo State who holds an National Diploma in Mechanical Engineering, Sylvester Chuwudi, a.k.a Kendi  Ross, a hip-hop act from Imo State, Peter Awe, a.k.a 2icy, a reggae dancehall act who also hails from Ondo State and Ifeanyi Chukwu a.k.a Drumlord, an afropop soul singer from Imo State who has a passion for drumming

  • Ghana seeks more trade with Nigeria

    The Honourable Deputy Minister of Trade and Industry in Ghana, Hon Carlos Kingsley Ahenkorah has called on the federal government of Nigeria to allow more intra trade between Ghana and Nigeria as being done by the French speaking West African nations.

    Ahenkorah also called on business owners in Nigeria to take advantage of the various industrialisation incentives embarked upon by the Ghanian government by investing in various businesses in the country.

  • Former Black Stars defender Yakubu dies at 35

    Former Black Stars defender Yakubu dies at 35

     

    FORMER Ghana and Ajax defensive midfielder Abubakari Yakubu has died at the age of 35, the Ghanaian Football Association confirmed on Wednesday.

    The Ghana FA announced the news on Twitter but did not give the reason for his death. Multiple media reports said that Yakubu died in a hospital in the southern Ghanaian city of Tema on Tuesday.

    “We’re sad to hear the death of former Ghana, Ajax and Vitesse midfielder Abubakari Yakubu, our thoughts are with his family. may his soul RIP,” the Ghanian FA tweeted.

    Yakubu won 16 caps for Ghana and helped his country qualify for the 2006 World Cup. However, he was not picked for the tournament’s finals in Germany.

    A versatile player who slotted into defence when required, Yakubu won the Dutch league and cup double in 2002 and added another league title in 2004.

    He left Ajax for Vitesse Arnhem in 2004 after 89 appearances.

    Born in Tema, Yakubu joined AFC Ajax at only 17, going on to remain in the Netherlands for one full decade. He made his Eredivisie debut on 19 April 2000, playing 50 minutes in a 1–1 away draw against FC Den Bosch and finishing his first season with only five appearances.

    Yakubu played in an average of 15 league games in the following four years, helping the Amsterdam side to two national championships and the 2002 edition of the Dutch Cup. He spent the 2004–05 campaign on loan to fellow league team Vitesse Arnhem.

    In the ensuing off-season, Yakubu signed permanently with the latter club for four years, being intermittently used during four seasons and released in the 2009 summer. In early October, he had an unsuccessful trial with TSV 1860 München from Germany.

  • Buhari for ECOWAS Task Force meeting on common currency ‎in Niamey

    Buhari for ECOWAS Task Force meeting on common currency ‎in Niamey

     

    President Muhammadu Buhari will Tuesday depart for Niamey, Republic of Niger, to participate in a meeting on common currency for the West African sub-region.

    Member countries of the ECOWAS Task Force on Common Currency are ‎Nigeria, Cote d’Ivoire, Ghana and Niger.

    A statement by the Special Adviser on Media and publicity, Femi Adesina, said that the President will be accompanied by the Minister of Finance, Mrs Kemi Adeosun and the Central Bank of Nigeria governor, Mr Godwin Emefiele.

    President Buhari will return to Abuja same day after the meeting.

  • Adesina receives award, commits $250,000 to African youths in agriculture

    Adesina receives award, commits $250,000 to African youths in agriculture

    Nigeria’s image received a boost on Thursday before the international community as former Agriculture Minister Akinwumi Adesina formally received the 2017 World Food Prize ( WFP ) Laureate award in the U. S.

    Adesina was confered with the laureate in Des Moines, U. S. during which he committed the 250,000 dollars cash prize to set up a fund for financing African youths in agriculture.

    Adesina had been announced as winner of the global feat by the WFP for his dogged determination and practical commitment to boosting agriculture and food supply chain both as Minister of Agriculture and President of AfDB.

    Adesina, who is also the President of African Development Bank ( AfDB ), commended his staff for the shared passion to feed Africa.

    The former minister expressed gratitude to ex-President Olusegun Obasanjo for nominating him as minister.

    Adesina also thanked former President GoodLuck Jonathan for giving him the opportunity of his life to serve his country, Nigeria, as a minister.

    He also thanked President Muhammadu Buhari for his strong support to achieve the feat.

    “There wouldn’t be any rest for me until Africa feeds itself and for that we need the youth.

    “And so even though I don’t have the cash in my hand, I hereby commit my 250,000 dollars as a cash prize for  the WFP award to set up a fund fully dedicated to providing financing for the youth of Africa in agriculture to feed Africa.

    “A day is coming very soon when the barns of Africa will be filled and all her children will be well fed, when millions of farmers will be able to send their kids to school.

    “Then you will hear a new song across Africa; thank God our lives are better for us,’’Adesina said.

    The Governor of Iowa, Kim Reynolds, who officially declared Adesina as the 2017 laureate winner of the WFP, said he was a man who grew out of poverty to create wealth.

    Reynolds said that the laureate commitment and dedication in agriculture had impacted on lives of many, not only in Africa but around the world.

    Former President of Ghana, John Mahama, attended the ceremony and other dignitaries from Nigeria and African countries.

    NAN

  • Nigeria signs MoU with Ghana to boost blue economy

    The Nigerian Maritime Administration and Safety Agency (NIMASA) is collaborating with the  Ghana Maritime Authority (GMA) to develop the blue economy and reduce criminalities on the oceans and seas.

    A Memorandum of Understanding (MoU) was signed by the management of the two leading maritime agencies in Lagos yesterday..

    Addressing reporters after the signing of the MOU, NIMASA’s Director- General, Dr. Dakuku Peterside said the MoU would boost bilateral corporation between Nigeria and Ghana.

    The MOU, Peterside said, apart from allowing for joint effort to combat piracy and terrorism, would make oceans and seas unsafe for the criminal.

    ” Africans must come together to solve their own problems. Piracy attack is universal and that is why we need to come together. There are some areas where they are stronger than us, and there are other areas where we are stronger than them. Ghana has maritime university which we are yet to commence our own.

    “What we here to do, is to put our house together and ensure we maximize the potential of the blue economy. It is our dream that we become the giant of maritime administration in Africa,” he said.

    Peterside also called for joint responsibility to regulate seas and oceans.

    The Director-General of the GMA, Mr. Kwame Owusu, commended Peterside for his brilliant initiatives  in repositioning the Nigerian maritime sector and by extension the entire African continent.

    He said: “We are here to strengthen the bilateral relationships that exist between both countries and to learn international best practices from you.”

    He said the delegation from Ghana came to learn and share part of the experience of NIMASA so that they can replicate same in their country.

    The MoU focused  on knowledge sharing and knowledge transfer, capacity building initiatives and Cabotage implementation and enforcement processes among others.

  • 600 investors to attend Nigeria’s Mining Week

    600 investors to attend Nigeria’s Mining Week

    Mrs Elodie Delagneau , Event Manager, IPAD Nigeria Mining and Quarrying Forum, says no fewer than 600 mining investors are expected to attend the second Nigeria Mining Week beginning from Tuesday in Abuja.

    Delagneau disclosed this to the News Agency of Nigeria (NAN) on Monday in Abuja.

    The Mining Week is being organised by the Miners Association of Nigeria, in collaboration with the Ministry of Mines and Steel Development and IPAD Nigeria.

    The event, which commenced on Monday as a pre-conference, will end on Oct. 18.

    The high level conference and expo would also provide the industry with access to the latest mining technologies and services.

    A new feature event, called the Dragons’ Den, would give small scale miners and junior mining licence holders the opportunity to pitch their prospective investors at today’s event.

    She said that 20 countries from Europe, including South Africa, Ghana and Germany have registered to attend this year’s event.

    She explained that more than 120 investors had arrived and were attending the pre-conference, adding that it was a good omen that the event would was more promising, compared to the first edition.

    “The event is for Nigerian mining professionals such as mining operators, service providers; we also have exhibitors and mining investors that came from South Africa to invest in the Nigeria mining.

    “This year’s mining week will be different from 2016 edition because of the turnout and calibre of people that have registered today; investors now trust the Nigerian mining sector as a place to invest, ‘’ she said.

    She said Nigeria’s new mining roadmap and regulations had brought tremendous development to the Nigerian economy, adding that some investors had been able to access funds through the ministry.

    Today’s event is the Dragon’s day, where mining investors present their projects to a panel of judges, financiers and consultants on how they can get partnership and financial assistance to boost their businesses.

    She said the week would not just be only presentations but round-table, where mining investors could meet and discuss how to assist one another.

    The Chief Executive Officers, Ministry of Mines and Steel Development, and the Miners Association of Nigeria would meet at the event to tackle challenges facing the sector.

    There are exhibition stands where both local and foreign investors, consultants and financial institutions would showcase their products, equipment and expertise among others.(NAN)