Business News Summaries for January 23, 2021
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IATA urges governments not to wait for vaccine to open markets
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IATA urges governments not to wait for vaccine to open markets


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IATA has since September been promoting the use of systematic testing as a means to safely replace quarantines implemented by many countries - which the airline association argues are akin to shutting markets completely.
Speaking during a media briefing today, ahead of IATA's AGM on 24 November, the airline body's head of policy analysis James Wiltshire said: "It's really important governments don't wait for vaccines and don't take their foot off the pedal. We know there are governments thinking about doing testing regimes to replace quarantines and we do encourage them to do those plans."


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Energy Sector: Don't impose new taxes, seal revenue leakages


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"Don't let us get to another cycle of finance ministers going to Parliament to say government needs revenue, so we are going to pass new taxes, whereas revenue in billions of dollars, per the report you see in my hand which we are yet to be discussed, is being lost to the state on a day-to-day basis," Duncan Amoah stressed.
To raise revenue for the country, governments over the years have normally imposed new taxes, particularly on petroleum.


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16 Recycling and Composting Plants to be operational this year
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16 Recycling and Composting Plants to be operational this year


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The recycling and composting plants when ready will, in turn, save the environment from pollution and space needed to site new landfills.
"The long-awaited Kumasi Composting and Recycling Plant designed to process 2,400 tonnes of solid waste per day which was commissioned by the President Akufo-Addo was now operational," Dr Agyepong added.


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Patronage of artefacts tumbles at the Accra Arts Centre


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He said that patronage at the centre drastically dropped because of the virus which had also led to a drop in production of the arts and artefacts and so far, they had not seen any improvement in sales since March last year.
Mr Samuel Osei Yaw, a trader in traditional cloth, said many of his customers came to buy from the Arts Centre for religious programmes, weddings, funerals, outdoorings among others but "These types of gatherings are no longer encouraged so business has stopped moving".


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FDA makes changes to its advertisement approval statement
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FDA makes changes to its advertisement approval statement


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In a press release, the Food and Drugs Authority states that the statement will henceforth simply be "This advert is FDA Approved," instead of the existing "This advert has been vetted and approved by the FDA.".
"The FDA would like to take this opportunity to remind all its clients that per Sections 100(2) and 114(1) of the Public Health Act, 2012, it is an offence to advertise any FDA regulated product in the media unless the advertisement has been approved by the Authority," it said.


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Post coronavirus: AfCFTA commencement vital for economic recovery
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Post coronavirus: AfCFTA commencement vital for economic recovery


Summary short_text

"A successful implementation of AfCFTA would be crucial. In the short term, the agreement would help cushion the negative effects of COVID-19 on economic growth by supporting regional trade and value chains through the reduction of trade costs. In the longer term, AfCFTA would allow countries to anchor expectations by providing a path for integration and growth-enhancing reforms," the World Bank said in a report.
Trading on the AfCFTA was tipped to start on July 1, 2020, but suffered a setback as a result of the novel Coronavirus pandemic leading to the suspension of negotiations.


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Mpohor Wassa East district in search of investors for 1D1F
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Mpohor Wassa East district in search of investors for 1D1F


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Speaking in an interview with the Ghana News Agency, Mr Mark Andoh, the Mpohor District Coordinating Director said , the district was yet to receive business proposals from private investors for the establishment of a factory in the area under the 1D1F policy.
Mr Ando underscored that under the 1D1F policy, the government did not directly secure funds for investors, but rather created the enabling environment for investors to secure funds.


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Africa CDC commends African Export-Import Bank for financing coronavirus vaccine
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Africa CDC commends African Export-Import Bank for financing coronavirus vaccine


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"The biggest challenges to COVID-19 vaccine access in Africa have been financing of the vaccines and the logistics of vaccinating at scale, but we are glad that this gap is being filled by the African Export-Import Bank financing facility," said John Nkengasong, Director of Africa CDC. "The critical decision now is how to get started so that once we start there will be no disruptions, and this is where the Africa Medical Supplies Platform will play a very big role," the Africa CDC Director said.
The move by the AMSP, on behalf of the Africa CDC, came a week after the announcement by the South African President and African Union Chairperson, Cyril Ramaphosa, on January 14 that the AU has secured a provisional 270 million COVID-19 vaccine doses for Africa through its COVID-19 African Vaccine Acquisition Task Team.


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TUC considers establishing Labour Banks
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TUC considers establishing Labour Banks


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He said the aim of establishing the labour banks was to relieve workers of high rent charges and provide decent homes for those who retired from active service.
The TUC General Secretary also called for unity among workers to help sustain the strength and solidarity in the fight for better conditions of service for all.


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Oil prices down 2 percent amid coronavirus trigger clampdowns
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Oil prices down 2 percent amid coronavirus trigger clampdowns


Summary short_text

"A rise in Chinese infection numbers is of particular concern. because China is among the world's largest oil consumers and the market that helped oil prices recover the most", she added.
The market is awaiting official oil inventory data from the U.S. Energy Information Administration on Friday, after industry data on Wednesday showed a surprise 2.6 million barrel increase in U.S. crude inventories last week compared with analysts' forecasts for a 1.2 million barrel draw.


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50 shea-based processors sensitised on labeling and standard compliance
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50 shea-based processors sensitised on labeling and standard compliance


Summary short_text

Speaking at the ceremony, the Northern Regional Director for the FDA, Martin Kusi commended the GSA and partner organisations for the initiative, stating that poor labeling and packaging represents one of the biggest challenges for shea-processing SMEs in the region, as it affects marketability of the products.
Taking his turn, Chief Quality Assurance officer at the GSA, Charles Kuranchie stressed that it is an offense to put products on the market without preapproval by the FDA and GSA. He added that there are severe legal repercussions for breaching this directive.


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Stationery dealers see surge in sales after school reopening
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Stationery dealers see surge in sales after school reopening


Summary short_text

Madam Beatrice Naa Kaaley Ankrah, a stationary dealer, told the Ghana News Agency that people were buying the books and other stationery needed for school and academic work which had led to the gradual rise of business.
Mrs. Gabah said the reopening of schools was not a good idea because the COVID-19 active cases kept increasing at an alarming rate.


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Africa remains the world's next business frontier
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Africa remains the world's next business frontier


Summary short_text

Africa as a continent has remained a fertile ground for investment but depends very much on its ability to boost its healthcare sector.
Africa James Duddridge, Minister for Investment Gerry Grimstone, as well as business leaders from Standard Bank, pharmaceuticals firm AstraZeneca and mobile operator Vodacom.


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Focus on homegrown policies or we'll return to IMF


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Moody's said "We expect most SSA sovereigns to see their debt burdens rise further in 2021. The average debt burden in the region will hover around 64% of GDP in the near to medium term compared to the 47% average in 2015-19", Moody's said.
"In SSA, higher external vulnerability indicators - which are a measure of short-term debt and upcoming external debt maturities against international reserves - will be more challenging for sovereigns outside of monetary unions. Zambia and Ghana will see the greatest EVI pressures, with 2021 levels forecast to be 509% in Zambia and 143% in Ghana".


Source: GhanaWeb |
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Block revenue leakages instead of imposing new taxes – COPEC advises government – Citi Business News
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Block revenue leakages instead of imposing new taxes – COPEC advises government – Citi Business News


Summary short_text

The Chamber of Petroleum Consumers, COPEC is asking the government to focus on sealing revenue leakages in the energy sector rather than impose more taxes.
"Don't let us get to another cycle of finance ministers going to Parliament to say government needs revenue, so we are going to pass new taxes, whereas revenue in billions of dollars, per the report you see in my hand which we are yet to be discussed, is being lost to the state on a day to day basis. We will commend Professor Stephen Addai and the board of Ghana Revenue Authority for this diligent job but as to whatever becomes of us collecting whatever we deserve from the foreign oil companies, we should activate them to collect those monies so that the state is not found in need of revenues the trotro driver will not have to come and pay for".
The then Finance Minister argued that the introduction of the tax was necessary to shore up government revenue as crude oil prices had tumbled below US$30 per barrel at the time as against government projected price per barrel.


Source: CitiNewsRoom |
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EPA, Zeal collaborate to operationalize Petroleum Laboratory – Citi Business News
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EPA, Zeal collaborate to operationalize Petroleum Laboratory – Citi Business News


Summary short_text

The Environmental Protection Agency is to collaborate with Zeal Environmental Technologies to help efficiently operationalize EPA's established Laboratory in Takoradi to serve the petroleum industry.
"I'm quite impressed to be here having seen at first hand. I have read a bit about Zeal but having come down myself and then witnessing what is being done, I'm very much impressed. All is not lost on Ghana's quest to have a resilient well-protected environment. We have shared some ideas and identified some gray areas where Zeal is already on top of issues. We have asked for collaborations with EPA office in Takoradi and the headquarters. So going forward we have arranged for a more technical meeting that we will operationalize all that we have and will agree on. First on the agenda will be the Laboratory setup of EPA that was set-up for the Hydrocarbons/petrochemicals."
"Zeal has expressed the interest to collaborate with EPA to help operationalize it and make good use of it. I think it is a good step because it is underutilized and Zeal has identified ways to help us make the Laboratory work efficiently. To add to it, Laboratory work is so key and at the centre of waste management issues particularly such a highly technical area of oil waste," he added.


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Make use of more renewable energy sources – IES urges government – Citi Business News
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Make use of more renewable energy sources – IES urges government – Citi Business News


Summary short_text

The government pushed for the passage of the Bui Power Authority Bill last year to empower the Bui Power Authority to develop renewable energy and other clean energy alternatives in the country as part of its commitment towards achieving the set goal.
"About 1.7 million households are in lakeside areas, islands, and it's difficult for the government to be able to reach them and put them on the national grid. So we think that if the government wants to consider cost and economic benefits of doing this, then it would be best for us as a nation to consider and push forward the renewable energy agenda and ensure that for those areas, renewable energy would be the sources of energy for them," he outlined.
"Because of the need for renewable energy sources in those areas, there would therefore be the need for government to revise its decision on the issuance of licenses for the new power purchase agreement. They should be able to revise this decision and accept companies and institutions in the industry to bid for such projects in the country and ensure that the lacking areas have access to renewable energy."


Source: CitiNewsRoom |
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Kawa Moka strives to transform Ghana's coffee industry – Citi Business News
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Kawa Moka strives to transform Ghana's coffee industry – Citi Business News


Summary short_text

Emi-beth is determined to change this with Kawa Moka, a filtered coffee brand that brings customers all-natural, non-processed coffee and also improves the livelihood of farmers.
"Our objective is to add value to our local treasures. We do this by sourcing our coffee from Leklebi in the South Afadjato District of the Volta Region of Ghana. Since the 1930s, the people of Leklebi have grown a Robusta Variety of Coffee. We work primarily with women farmers to process it, roast and package the coffee locally. Through our work, the farmers are encouraged to continue growing coffee as they now have access to market."
Kawa Moka is not only interested in supplying their customers the best coffee but also helping them enjoy the coffee experience by taking them on tours where they get to appreciate the coffee journey from the farm to their cups.


Source: CitiNewsRoom |
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Gold Fields appoints Chris Griffith as CEO designate – Citi Business News
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Gold Fields appoints Chris Griffith as CEO designate – Citi Business News


Summary short_text

The Board of Gold Fields announced the appointment of Chris Griffith as the Chief Executive Officer designate and Executive Director of the Company.
A graduate mining engineer from the University of Pretoria, he had joined Anglo American in 1990 from JCI. "Cheryl Carolus, Gold Fields' Chairperson, welcomed Mr Griffith on behalf of the Board:"We are delighted that an experienced executive of Chris's calibre will join Gold Fields.
"Above all, Nick prioritised safety and wellness at all our operations and during his tenure, Gold Fields has seen a marked improvement in its safety record. At the same time environmental, social and governance issues have been fully integrated into the day-to-day management of the business, further entrenching Gold Fields' vision of global leadership in sustainable gold mining."


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Push for nuclear power ill-advised


Summary short_text

The institute said the government is seeking to introduce nuclear into the country's energy mix at a time when many countries around the world, including Germany, Spain, Portugal, Belgium, Greece and Italy, have either shut down or are in the process of pulling the plugs off nuclear plants because of complicated relationships with nuclear power.
"The institute sees the push for nuclear power as backward, given that times have changed to favour solar and wind energies, instead of nuclear power, based on economics, safety and security risks, and investment hurdles," IES said.


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