GNPC issues $50m guarantee for power barges
The Ghana National Petroleum Corporation (GNPC) has issued half of the $100 million guarantee required to provide financial security for two emergency power barges to be dispatched from Turkey to the country next month.
Documents on the remaining $50 million are being processed with a local bank and should be completed in the next few weeks, the Chief Executive Officer (CEO) of the corporation, Mr Alex Mould, told the Daily Graphic in an interview.
The $100-million guarantee for the emergency barges, expected to generate and add 450 megawatts (MW) of power to the national grid, is needed to serve as insurance against possible default in payment by the country.
Ghana up three places in latest Global Competitiveness Report
Ghana has gone by three places in the latest Global Competitive Report. The rankings show that Ghana went up from 114 to 111 out of 144 countries assessed in the report.
According to the World Economic Forum, compilers of the report, Ghana’s jump was influenced by improvement in the macroeconomic environment compared to last year and an improved financial market.
For instance when it comes to financial market development, Ghana was ranked 62 out 114 countries in the world.
It was also ranked 11th best country in Africa, when it comes having a conductive environment for doing business, Mauritius came on top as the best in the Africa.
The World Economic Forum noted that Ghana’s made the three-point jump “although fiscal vulnerabilities persist: the government deficit stood at 10.8 percent of GDP in 2013, more than twice that of two years ago; government debt remains over 60 percent; and inflation is over 11 percent.”
SMEs to benefit from three-year intensive training programme
Small and Medium Enterprises (SMEs) are set to benefit from a three year programme that offers essential business skills and governance training.
Known as the Business Linkage Programme (BLP), it is a brainchild of Invest In Africa (IIA) and funded by the African Development Bank (AfDB) Fund for African Private Sector Assistance (FAPA).
At the end of the programme it is expected that about 120 Ghanaian SMEs will be helped to raise their standards, build capacity, access finance from participating banks, and access the supply chain of international companies.
Invest in Africa (IIA) is focused on supporting local Ghanaian businesses by providing greater access to finance, skills and markets, making it easier for international companies working in Ghana to source locally and at scale.
USAID RING presents 920 small ruminants to vulnerable households
The Nanumba South District Assembly in collaboration with the Resiliency in Northern Ghana (RING) project has presented 920 small ruminants to 140 vulnerable households in seven communities of the Nanumba South district of the Northern Region to help improve their livelihoods and nutrition status.
The beneficiary communities are: Kapugu, Gunguni, Kageso, Basare Kuraa, Asafoatse, Egambo, and Amasantido. Presenting the animals to beneficiary women in the Gunguni Community of the Nanumba South district, the District Chief Executive for the area, Alhaji Seidu Amidu, appealed to the people of Nanung in the Northern Region to promote peace and unity in the area so as to attract the much-needed development to the area in order to alleviate the people’s plight.
British business executives to tour Ghana
British Business executives will be in Ghana in the first week October to explore business opportunities.
The twenty member business team will have discussing with the Ghanaian government in the areas of energy and infrastructure under the government’s Public Private Partnership arrangement in Ghana and how the City of London could support its implementation.
The Lord Mayor of the City of London The Rt. Hon. Alderman Alan Yarrow, who announced this at a meeting with Ghana’s High Commissioner to the United Kingdom and Ireland Mr, Victor Smith also indicated that the business team from London will discuss opportunities in the capital markets, bonds, listings, ratings among others.
Ghana to review downwards oil revenue targets again
The Ministry of Finance has hinted it will consider going back to cabinet to review oil revenue targets for the second time this year. “One of the main areas where we’ve suffered some major impact is crude oil prices , just after we read the budget , we in March at a media briefing said that because of the falling crude prices we couldn’t use the 99 dollars per barrel which the petroleum revenue management act require that we use to continue to implement the budget . Then in the mid year review we revised the figure upwards, back then we used approximately 53 dollars instead of the 99. We revised it slightly upwards to about 57 in line with the IMF projection at the time, but within a month you will agree with me that the price has gone down again… as at yesterday it was at 45”, the minister of finance Seth Terkper stated at a press briefing to update Ghanaians on the current state of the economy following various developments on the international front.
Credit: BFT, Graphic, Joy Online, Citi Online