Japan Motors to assemble Nissan vehicles in Ghana from 2021
According to the Managing Director of Nissan South Africa, Shinkichi Izumi, the new partnership with Japan Motors will not affect Nissan's existing sales and services agreement with its second local partner, Auto Parts Limited. "Establishing a long-term automotive industrial development policy will provide investors with further confidence, boost the local economy and create jobs. We look forward to the continued partnership as Japan Motors officially begins assembling Nissan vehicles in Ghana."
Replace auditors that have served more than 6 years
The Act however mandates that auditors that have served a private company for more than six years must be replaced and not reappointed to audit the company until another six years. The section of the Act also states that "An auditor shall hold office for a term of not more than six years and is eligible for appointment after a cooling-off period of not less than six years."
Finance Ministry fails to account for ABFA for 4th time
A statement issued and signed by Chairman of the Committee, Mr Noble Wadzah said the expenditure information for the period on the ABFA is blank in the Committee's 2020 semi-annual report arising from the failure of the Ministry of Finance to provide the expenditure data. "PIAC reiterates its earlier call on Parliament to strengthen its oversight mandate on the Ministry of Finance. This is because the Ministry's persistent failure to provide half-year data on ABFA utilisation is not only adversely affecting the work of the committee, but also eroding gains in the fight for transparency and accountability in the management and use of Ghana's petroleum revenues for the benefit of citizens," the report stated.
Oil prices climb nearly 2 percent on coronavirus vaccine hopes
Oil prices climbed nearly 2% to their highest in more than eight months on Wednesday. "Crude oil prices are trading at their highest levels since early March, supported by positive market sentiment as a result of vaccine news and strong oil demand in Asia," said UBS oil analyst Giovanni Staunovo.
Tema Port ranked the largest port in West, Central Africa
"We have the biggest container terminal within West and Central Africa. If you look at single terminal volumes that are handled, we were able to do 1 million TEUs at the close of 2018 and 2019. Barring COVID-19, our target was to cross the 1 million mark," the DG asserted. He said the masterplan of the Ghana Ports and Harbours Authority gives room for the development of a cruise terminal at both the Takoradi and Tema Ports the Port Authority would pursue such developments with the private sector when the opportunity presents itself in the future.
Ghana's Port now a preferred choice of shipping lines
The Director-General of GPHA who was speaking on the Eye on Port program, indicated that due to the operational efficiency of the Tema Port, for example, shipping lines prefer calling at the port in comparison to other ports in the sub-region. Mr. Luguje, who is the President of the Ports Management Association of West and Central Africa, also revealed that the introduction of trade facilitation interventions like the single window and paperless ports system have positioned Ghana as one of the three most efficient ports in the African continent, with many countries aspiring to replicate the feat.
Macroeconomic conditions generally improved
Governor of the Bank of Ghana Dr Ernest Addison said at the MPC press conference on Monday, November 23 that global conditions continue to be supportive, domestic inflation is easing, growth prospects are improving, crude oil prices have stabilized, monetary aggregates have expanded but with minimal impact on inflation, the current account deficit is stable, remittances inflow has remained firm, the exchange rate has been stable and reserve buffers continue to remain strong. The Finance Minister had said the government would continue with its efforts to ensure that the benefits of macroeconomic stability is translated into the well-being of all Ghanaians.
Staff of Holiday Inn hotel demand payment of 8 months salary arrears
"Before the COVID-19 would come in, we were having a redundancy to be paid to us, because the hotel has been closed down, but the owner of the Holiday Inn told us to go home but at least they will pay us half of our salary, and we agreed to that." "In the first month the pay was not in, the next month the pay was not in as well for 8 months now, so we went to the Labor Commission for them to help, but the Labor Commission was battling with it because the CEO was proving stubborn," she lamented.
Stock Market advances further on the back of Stanchart
Trading activity strengthened as 10,126,896 shares valued at GH¢6,186,240 changed hands from 172,451 shares valued at GH¢656,759 in the previous session. MTN Ghana dominated trades by volume and value, accounting for 99.79% of the total volume traded and 98.65% of the total value traded.
GEPA assures incentive packages for investors in sugar products
Sugar is part of the 17 integrated list of products in the National Export Development Strategy, and is one of the focal items under the Non-Traditional Exports items that GEPA has outlined in the strategy. Ghana imports about US$2 million worth of sugar annually, while the Komenda Sugar Factory continues to under produce due to the lack of raw materials.
Engineers & Planners bids to acquire all ordinary shares in Cardinal Resources Limited
"Engineers & Planners is pleased to announce a conditional off-market cash offer to acquire all of the ordinary shares in CardinalThe offer values Cardinal at a $564.8 million," the statement read. "The Offer represents a compelling opportunity for Cardinal shareholders to realise the value and stimulate ownership of Ghanaian natural resources by per cent Ghanaian owned entity." Engineers & Planners is a 100 % Ghanaian-owned Mining and Construction Company, headquartered in Accra, Ghana, with a 22-year track record in mining contracting and operational excellence in West Africa.
PIAC report shows indebtedness to Ghana Gas Company hit almost US$1 billion
"Cumulative raw gas production increased significantly by 65 percent; the highest recorded half-year volume of gas produced since 2010. Total petroleum receipts in the Petroleum Holding Fund for the period stood at US$322,571,265.64, indicating a decline of 11.32 percent," portions of the report said. "The Ghana National Gas Company received US$1.78 million under the Cash Waterfall Mechanism in order to address their indebtedness to the Ghana National Petroleum Corporation for gas supplied there was no payment to GNPC. Consistently, the non-payment of gas revenue denies the PHF of its due entitlement," the report added.
Value of Mobile Money transactions drops
From January to October 2020, the value of mobile money transactions has generally risen as compared to figures within the same period in 2019. The value of Mobile Money Interoperability transactions also shot up by almost over 600 percent from GH¢101.
Oil production increment good for revenue generation
Speaking to journalists in Accra, Mr Barimah, who is also an energy expert, said the longer-term outlook for Ghana's crude oil production was positive, based on the expectation for continued field developments. "The longer-term outlook for Ghana's crude oil production is positive, based on the expectation for continued field developments in the offshore blocks. Among the assets that hold the highest upside is the Pecan field located in the Gulf of Guinea, with total production capacity of 110,000b/d."
IATA calls for reopening of air borders with testing and without quarantine
IATA is proposing systematic testing of international travelers. IATA is proposing systematic testing of international travelers which would permit the lifting of border restrictions and provide an alternative to current quarantine rules.
Reinforce supervision mandate on Finance Ministry's prolonged ABFA report
PIAC also urged Parliament to play a significant role with the Ghana National Gas Company and Ghana National Petroleum Corporation agreeing on a payment plan over the receipts from the Cash Waterfall Mechanism. PAIC is the entity established by the Petroleum Revenue Management Act 2011, to have oversight responsibility over the management and utilization of Ghana's petroleum revenues.
Coronavirus: Ghana's trade surplus widens
Total merchandise trade imports fell in value significantly during the first 10 months of 2020. The trade surplus for the first 10 months of 2020, at US$1,743.
We're poised to meet demand for new cars in Ghana
According to Shinkichi Izumi, the effective implementation of Ghana's Automotive Development Policy will impact positively on the ratio of one new car to 9 used cars in Ghana. "In general, we are looking at the new cars to used cars ratio in Ghana which is 1:9 currently. But we see that with the effective implementation of the Automotive Policy there will be a migration from used cars especially ones that are older than 10 years, to new cars" Shinkichi Izumi told Citi Business News.
GPHA applauds efforts to expedite processes for multimodal transport networks
Speaking on Eye on Port on the Status of Ghana's Ports and their readiness for African Continental Free Trade Area, Mr Luguje, indicated that the success of every country's port system is not only seen in the availability of world-class port infrastructure, but also the overall efficiency in its hinterland transport systems. He said it is now more needed than ever for Ghana to step up efforts in developing its rail networks and also develop its inland water transport systems to open up opportunities for increased trade as Ghana intends to lead the way in intra-continental trade.
Oil price rally stalls on large crude build
In the previous week, the API reported a build in oil inventories of 4.174-million barrels, after analysts had predicted a build of 1.95 million barrels for the week. The API reported a build in gasoline inventories of 1.3 million barrels of gasoline for the week ending November 20-compared to the previous week's 256,000-barrel build.