Business News Summaries for July 26, 2021
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Govt earmarks $25million for local production of Coronavirus vaccines


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These are: establishing local vaccine manufacturing plants; deepening Research & Development for vaccines in Ghana; upgrading and strengthening the FDA; forging bilateral and multilateral partnerships for vaccine manufacturing in various areas, such as funding, clinical trials, technology transfer, licensing, and assignment of intellectual property rights; building the human resource base for vaccine discovery, development, and manufacture; and establishing a permanent national secretariat to coordinate vaccine development and manufacture.

President Akufo-Addo further indicated the government is procuring some 18,478,670 vaccines through the COVAX facility, African Medicine Supply Platform and other bodies.


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How Ningo Prampram assembly plans to use affordable houses to combat slums
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How Ningo Prampram assembly plans to use affordable houses to combat slums


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The DCE gave the assurance that through the collaboration of the assembly and the security services, they managed to bring the menace of land guards under control and property developers.

Mr Simon Sawer Tetteh, Managing Director of Sawer-Nanor and Sons Company Limited, on his part appealed to government to consider giving some support and tax holidays to real estate and affordable housing developers to cushion the private companies and prospective buyers from the increasing hike in the price of building materials such as cement and iron rods.


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ECOWAS Parliament: Decision to review Ghana's retail trade laws 'laughable'
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ECOWAS Parliament: Decision to review Ghana's retail trade laws 'laughable'


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In an interaction with GhanaWeb in a response to an earlier report published by KaspaFMOnline, Dr Obeng pointed that the ECOWAS Parliament has been 'biased' toward Ghanaians since the inception of the retail trade impasse between Ghana and Nigeria.

GUTA president Dr. Joseph Obeng had earlier called the decision 'as a slap in the face' for the retail trading community in Ghana and he believes it will further worsen the plight of Ghanaian retailers who are already struggling to make ends meet in the retail trade sector.


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Ghana ranked number 1 African country with fastest fixed broadband internet speed
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Ghana ranked number 1 African country with fastest fixed broadband internet speed


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Ghana has been ranked the number one African country with the fastest fixed broadband internet speed.

According to a Speedtest Global Index for the top ten fixed broadband categories in the first quarter of 2021, South Africa, Madagascar, Egypt, Senegal, Seychelles, Morocco, Congo and Burkina Faso were ranked behind the West African country.


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Ahafo North farmers demand adequate compensation from Newmont
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Ahafo North farmers demand adequate compensation from Newmont


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The farmers spread across Susuanso, Afrispakrom, Yamfo, and Adrobaa in the Tano North Municipality, whose farms and other properties are within the Mine's concessional area expressed the fear without the intervention of stakeholders, the company would not pay them the required compensation.

Nana Gyamfi Kumanini, the Convener of the Ahafo North Farmers/Affected Property Owners Association said the farmers expected the Mine to pay the compensation per the Legislative Instrument 2175 of the Mineral and Mining Compensation and Resettlement Regulation, 2012.


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After 29 years of selling coconut, man narrates how he acquired properties for his family
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After 29 years of selling coconut, man narrates how he acquired properties for his family


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The father of four added that he needed to build a home for his family to avoid being ejected after his death.

Speaking on how he managed to make money from the coconut business, Mr. Frimpog revealed that it is due to diligence and hard work.


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DVLA cautions drivers against engaging middle men for license
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DVLA cautions drivers against engaging middle men for license


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Deputy Director in charge of Driver Training Testing and Licensing division, Joseph Clifford Obosu disclosed this to Onua FM when the Compliance and Enforcement Unit of DVLA and the Police Motor Transport and Traffic Directorate arrested 44 drivers with fake licenses in Accra.

He reiterated that DVLA has waged a war against drivers with fake documents and entreated the general public to always acquire every vehicle document at DVLA offices across the country to avoid the wrath of the authority.


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Africa demands local production of coronavirus vaccines


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Matshidiso Moeti, the head of the World Health Organization in Africa, called for local production of vaccines so Africa can tackle future outbreaks.

The balance of Africa's vaccine requirements will come from donors including COVAX, Masiyiwa said, adding that local production is the real answer.


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'Snakes, rats taken over 7,500-job Komenda Sugar Factory'
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'Snakes, rats taken over 7,500-job Komenda Sugar Factory'


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A few weeks ago, a group, Concerned Citizens of the Komenda Traditional Area, wrote to the police about its intention to march in connection with, in its view, the abandonment of the Komenda Sugar Factory in the Central Region.

It will be recalled that the previous National Democratic Congress government contracted a loan of some GHS 35 million for the revamp of the Komenda Sugar Factory.


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Ghana to host UNWTO Africa Youth in Tourism Innovation Summit
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Ghana to host UNWTO Africa Youth in Tourism Innovation Summit


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The Summit is a youth-oriented initiative which focuses on skills development and innovation methodologies for youth in leisure and business tourism as well as Meetings, Incentives, Conferences and Events.

The Pan-African summit also creates an environment for the youth, start-ups and professionals to gather to harness the potential of the tourism industry by sharing insights, knowledge, experiences and opportunities.


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New fisheries law needed as Ghana risks EU seafood ban


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Appearing before Parliament on Thursday to answer a question concerning the warning from the EU, the Fisheries Minister said Ghana expects to address the EU's concerns over a period of 24 months, as the needed actions range from short- to medium- and long-term measures.

The Ministry, she added, is now collaborating with Ghana Navy and the Marine Police- the security agencies involved in the Fisheries Enforcement Unit-to monitor and arrest fisheries offenders for prosecution.


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278 factories under 1D1F at various stages of implementation
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278 factories under 1D1F at various stages of implementation


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Alan Kyeremanten pointed that out of this number, 104 companies are currently in operation with 150 still under construction and 24 others at the mobilization stage.

Giving an update on the 1D1F initiative before Parliament on Wednesday July 21, the trade minister told the House some 113 companies are currently being supported by government under the programme.


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MTN reaffirms commitment to go fully digital by 2023
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MTN reaffirms commitment to go fully digital by 2023


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The envisioned digital repositioning, is in tandem with the company's dedicated plan to lead the delivery of a bold new telecommunication digital evolution aimed at enhancing customer experience and create value for its shareholders and clientele.

The forum provided the opportunity for MTN officials to interact and solicit feedback from its cherished customers including Market Queens, traders, drivers and the public as part of its 25 years services in the country.


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1D1F: Government spends over GH¢260m as interest subsidies for 4 years
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1D1F: Government spends over GH¢260m as interest subsidies for 4 years


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42 was to support loan facilities granted to the Companies under the 1D1F program by Participating Financial Institutions.

Answering questions standing in the name of Bole/Bamboi MP, Yusif Sulemana, on how much has been expended on subsidizing loan interests for One District One Factory companies, and the list of beneficiaries with matching amounts in the last four years, Alan Kyeremanten further disclosed the PFIs have approved loans totaling GH¢2.69 billion on the back of the interest subsidies, of which GH¢1.66 billion have already been disbursed.


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1D1F: 104 factories up and running
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1D1F: 104 factories up and running


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The factories in operation have created 150,975 direct and indirect jobs, up from 139,331 in December 2020, Mr. Kyerematen said.

He added that the youth have not been left out of the programme, since 58 factories are fully owned by youth groups who have been mobilised by government and supported with seed funding to establish their own state-of-the-art agro-processing factories in 58 districts, under what is referred to as the Enable Youth 1D1F Initiative, supported by the African Development Bank and International Fund for Agricultural Development.


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Giving life to plastics: Meet the Ghanaian innovator who builds houses with plastic waste
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Giving life to plastics: Meet the Ghanaian innovator who builds houses with plastic waste


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Ghana alone generates about 1 million tons of plastic waste annually but only about two percent of the country's single-use plastic bottles are recycled.

The costs of inaction on the global plastic pollution is high and more partnerships with organizations like Nelplast, who are taking action to recycle, and reuse plastic waste will contribute to efforts to 'beat' plastic pollution.


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GSE boss asks pension funds to boost equity holdings
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GSE boss asks pension funds to boost equity holdings


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Rev. Daniel Ogbarmey Tetteh, the Director-General of the Securities and Exchange Commission, also underscored the need for pension funds to invest in long-term securities, including equities.

He added that the implementation of some initiatives in the recently launched Capital Market Master Plan will aid in improving liquidity and listings on the GSE. Meanwhile, Mr. Afedzie said some of the key initiatives in the GSE's three-year strategic plan, including the introduction of new products such as green bonds and derivatives, the listing of more companies, and the undertaking of investment literacy programmes for key players and the general public, are aimed at moving the exchange from a frontier to an emerging market, thus making it the preferred platform for investment and long term capital mobilisation.


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Why AfCFTA will not succeed
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Why AfCFTA will not succeed


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According to the President of the Association, Dr Joseph Obeng, data on the Free Trade Area is scanty hence, depriving traders of knowing the advantages of AfCFTA. Dr Obeng, addressing the press during the week intimated that AfCFTA will only be successful if African countries solely trade in goods manufactured in their country of origin to prevent dumping.

AfCFTA Secretary-General, Wamkele Mene, said AfcFTA has the potential to increase intra-African trade by 22 percent of total trade by 2023 following this agreement.


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CWG set to grow cashew industry
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CWG set to grow cashew industry


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A statement issued and signed by Mr Raphael Ahenu, the Acting National Convener of CWG, noted market statistics had shown global demand for cashew products, particularly the kernel was increasing year on year and underlined the need for the industry to be streamlined through formulation and implementation of pragmatic policies.

Then statement assured CWG commitment and willingness to partner key stakeholders, especially Tree Crops Development Authority, GIZ and Olam, to help improve on the nation's cashew sector and enhance foreign exchange earnings on the crop.


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Ghana needs fiscal consolidation to address debt sustainability
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Ghana needs fiscal consolidation to address debt sustainability


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The IMF said Ghana continued to be classified as high risk of debt distress.

On the banking sector, the IMF said the directors noted that the financial sector cleanup had made the sector more resilient but stressed that banks' growing holdings of sovereign debt created risks and crowds out private sector credit.


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