Business in Ghana

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Archive for November, 2011

Côte d’Ivoire: Gbagbo’s ICC Transfer Advances Justice

Posted by Business in Ghana on November 29, 2011

Promptly Investigate Ouattara Camp’s Crimes as Well

(Nairobi, November 29, 2011) – The transfer of former President Laurent Gbagbo to the International Criminal Court (ICC) in The Hague for his alleged role in international crimes during Côte d’Ivoire’s devastating post-election violence is a major step toward ensuring justice, Human Rights Watch said today. Human Rights Watch called on the ICC prosecutor to move swiftly on investigations for grave crimes committed by forces allied with the current president, Alassane Ouattara. Read the rest of this entry »

Posted in Politics, Uncategorized | Tagged: , , , , , | Leave a Comment »

International Monetary Fund expands lending tools

Posted by Business in Ghana on November 23, 2011

The International Monetary Fund (IMF) has announced new measures to help countries protect themselves from the eurozone debt crisis.

The Precautionary and Liquidity Line (PLL) is designed to help countries with “sound economic fundamentals” meet short-term financing needs.

To qualify, countries must also have “sound policies”.

Italy and Spain have seen their borrowing costs spike on fears they may fall victim to the debt crisis.

Earlier on Tuesday, Spain raised 2.98bn euros ($4bn, £2.6bn) in an auction of three- and six-month bonds, but at much higher yields than in a similar auction last month. Read the rest of this entry »

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IMF Technical Assistance Finds A Teachable Moment in Africa

Posted by Business in Ghana on November 23, 2011

Source: IMF Survey online

Stephen George is a public high school principal worried about the usual things: how students will fare on upcoming exams, crowded classrooms, and how to make sure his teachers get paid on time.

George has his work cut out for him. Matilda Newport High School in Monrovia, Liberia on the west coast of Africa has all the usual stresses that keep high school principals around the world awake at night, and then some.

The civil war wreaked havoc on daily life for the almost four million people in the small West African country. Roads and buildings were destroyed, people were displaced from their homes, and schools shut their doors. Read the rest of this entry »

Posted in Education, Uncategorized | Tagged: , , , | Leave a Comment »

STATEMENT BY NATIONAL COALITION ON MINING ON 2012 BUDGET

Posted by Business in Ghana on November 21, 2011

PROCEED WITH FURTHER REFORMS IN THE MINING SECTOR

The National Coalition on Mining (NCOM) commends the Government of Ghana for the new fiscal initiatives introduced in the mining sector. This commendation is in line with the Coalitions view that these steps are part of a set of actions that are urgently needed to improve the contribution of the sector to the economy and people of Ghana. It is in this regard that the Coalition calls on the government to ignore complaints from mining companies about these initiatives. Rather, the government should proceed with immediate implementation of these new taxes and the critical review of the fiscal regime and mining agreements. The upward adjustment and an overhaul of the fiscal regime constitute a set of actions that ensure that the country improves upon its share of benefits from mining sector. Read the rest of this entry »

Posted in Trade and Industry, Uncategorized | Tagged: , , , | Leave a Comment »

2012 Budget Missed The Point

Posted by Business in Ghana on November 20, 2011

By Sydney Casely-Hayford, Sydney@bizghana.com

A day before budget reading there was no shortage of advice for the Government.  Most Policy Think Tanks and talking heads offered all the wisdom they had accumulated over the year(s).  Even the opposition New Patriotic Party and the Convention People’s Party had a few kind suggestions for Finance Minister Kwabena Dufuor.  It did not take five minutes after the dead-pan-budget presentation for the cacophony to start.  And there was a lot to criticize.

The Finance Minister is a conservative banker and economist and the President John Atta Mills is ultra conservative.  No surprise therefore that we got a very unimaginative budget with no major departures from previous years.  In fact, most comments from the opposition harped on the fact that current projects carried forward from 2009, 2010 and 2011 budget statements.  How many times are we going to build the landing sites for fisher-folk on the coast?  It started with the NPP Government and we have re-budgeted for it three years in a row from 2009. Read the rest of this entry »

Posted in Financial Services, Sydney Casely-Hayford | Tagged: , , , , | 1 Comment »

Business Regulations Improved in Record Number of Economies in Sub-Saharan Africa

Posted by Business in Ghana on November 19, 2011

Washington D.C., October 20, 2011—A new report from IFC and the World Bank finds that a record number of economies in Sub-Saharan Africa improved business regulations for local entrepreneurs in the past year.

Released today, Doing Business 2012: Doing Business in a More Transparent World assesses regulations affecting domestic firms in 183 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency, and trading across borders. This year, the rankings on ease of doing business have expanded to include indicators on getting electricity.

The pace of regulatory improvements has picked up across Sub-Saharan Africa. Six years ago, a third of Sub-Saharan African economies made improvements to the regulatory climate for domestic firms. Between June 2010 and May 2011, 36 of 46 governments in the region implemented reforms in at least one of the 10 areas measured by the report. Read the rest of this entry »

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Experimental Malaria Vaccine Slashes Infection Risk By Half

Posted by Business in Ghana on November 19, 2011

Source : NPR Health Blog, SHOTS

After decades of disappointment, researchers think they’re finally on track to unleash the first practical vaccine against malaria, one of mankind’s ancient scourges.

In the world’s first large field trial of an experimental malaria vaccine, several thousand young children who got three doses had about 55 percent less risk of getting the disease over a year than those who got a control vaccine against rabies or meningitis.

Dr. Christian Louqc, who’s leading the final-phase clinical trial at 11 sites across Africa, tells Shots that among several thousand children who got “control” vaccines, there were 1,500 cases of malaria — more than one episode per child in the following year. But for every 1,000 children who got the experimental malaria vaccine, there were only 750 cases of malaria. Read the rest of this entry »

Posted in Health, Uncategorized | Leave a Comment »

Ghana’s Poor Reap None of The New Riches:

Posted by Business in Ghana on November 19, 2011

By Ben Ofosu-Appiah. , Tokyo, Japan.

From Poverty to Middle Income Status A Boulevard of Broken Promises

Africa’s long suffering people are all too frequently caught in the crossfire of rampaging wars, millions afflicted with diseases, preyed upon by greedy despots and prevented by corrupt leaders and bureaucracies in a kleptocracy from obtaining basic schooling, medical attention, and any semblance of economic opportunities.

A look at the socio-political and economic environment in Ghana today reveals a horrifying picture. There is massive corruption, staggering poverty, unemployment, poor education, deteriorating infrastructure, and general degree of hopelessness among the youth who feel very disappointed and let down by their political leaders. According to the 2007 World Bank Human Development Index, almost half of the national population live below the poverty line surviving on less than a dollar per day. And as many as over 75% live on less than $2.oo a day. The economic conditions felt by the ordinary Ghanaian are poorer than ever. Read the rest of this entry »

Posted in Ben Ofosu-Appiah, Social Services | Tagged: , , , | 3 Comments »

U.S. deportations reach historic levels

Posted by Business in Ghana on November 19, 2011

Washington (CNN) — Nearly 400,000 people were deported from the United States in the past fiscal year, the largest number in the history of the U.S. Immigration and Customs Enforcement agency, the government announced Tuesday.

The year-end removal numbers “underscore the administration’s focus on removing individuals … that fall into priority areas” such as lawbreakers, threats to national security and repeat violators, the agency said in a news release.

Overall in fiscal year 2011, immigration officials said, 396,906 individuals were removed. Of these, 216,698, nearly 55%, had been convicted of felonies or misdemeanors. That’s an 89 percent increase of criminals from three years ago, the enforcement agency said. Read the rest of this entry »

Posted in Uncategorized | Tagged: , , , | 1 Comment »

Looking Forward to a Forward Looking Budget

Posted by Business in Ghana on November 14, 2011

By Sydney Casely-Hayford, Sydney@bizghana.com

This year’s budget must focus on generating enough revenue to meet our expenditures and more.  The 2011 budget targeted ghc10.6billion in revenue, adjusted in August with an supplementary ghc1.3billion to the end of the year.  On the flip side, expenditure was planned for ghc12.7billion and supplemented with ghc0.9million. This reduced the budget deficit gap by ghc0.5billion, leaving a financing gap of ghc1.5billion.  We plan for our friendly donors to help us finance the deficit.

This year must be different.  We have a lot more with which to plan. Read the rest of this entry »

Posted in Financial Services, Sydney Casely-Hayford | Tagged: , , , , , | Leave a Comment »