Government, in collaboration with the Hungary Government, on Monday unveiled a 70 million-dollar General Electric (GE) turbines built in Hungary for the first stage of the 400-megawatt bridge power project in Tema.

The Bridge Power is being developed by the Early Power Limited Consortium, made up of Sage, a Ghanaian energy firm, Endeavor Energy, a leading independent power development and generation company focused on Africa, and General Power, the world energy leader.

Mr Robert Ahomka-Lindsay, the Deputy Minister of Trade and Industry, said the bridge power would be the biggest power plant in the country after the Bui Dam, providing a significant portion of the country generating capacity with more than 400 megawatt of efficient and combined cycle power.

He said the project would enhance the country’s energy security fuelled by Liquefied Petroleum Gas (LPG), natural gas or diesel and would be responsible for importing its own fuel.

He explained that the first phase of the project would use five GE TM2500 gas turbines and one purpose-built GE steam turbine in a combined cycle gas turbine configuration that would collectively generate 202 megawatt of power.

The Deputy Minister said the phase two of the project would add over 200 megawatt through four GE LM6000 gas turbines and one purpose-built GE steam in a combined cycle gas turbine.

He said Hungary supported the bridge power project with financing through the Hungarian Export and Import Bank and would provide an additional investment of multi-million dollars worth of equipment as part of the phase two of the project.

Mr Ahomka-Lindsay said the project would include infrastructure to import, store and transport LPG, adding that the fuel import infrastructure would be handed over to the Tema Oil Refinery and open to multiple users, which would significantly increase the country’s LPG import capacity.

He said the project would create jobs for the citizenry, provide the needed electricity and have an immediate positive impact on the running of schools, factories, offices, and other local businesses.

Mr Andras Szabo, the Ambassador of Hungary to Ghana, said Hungary’s role in the bridge power project was part of the Central European Nation’s commitment to trade and development with Ghana to advance its goals for industrialisation, leading to the creation of jobs.

He said recognising the great potential of mutual benefits in 2016, Hungary re-opened its embassy in Ghana after a 30-year absence, adding that a priority task of the embassy was to stimulate the exchange of information and to deepen cooperation between the two countries in energy and infrastructure among other things.

Mr Yofi Grant, the Chief Executive Officer of Ghana Investment Promotion Centre, said the initiative formed part of government’s agenda of “Ghana Beyond Aid”, through constructive partnership.

He said the country had made a remarkable achievement through innovation and creativity and there was the need to add value to the raw products to be competitive in the world market.

Source: peacefmonline.com

President Nana Addo Dankwa Akufo-Addo has welcomed the inclusion and participation of Japanese investment in Ghana to help boost Ghana’s significant transformational and developmental agenda.

He said the government had, over the last 23 months, strengthened the Ghanaian macro economy and also brought back discipline in the management of public finances, even though it was under the aegis of an International Monetary Fund (IMF) extended credit facility.

Tokyo summit

President Akufo-Addo made this known when he addressed a joint Ghana Investment Promotion Centre (GIPC)/Japan External Trade Organisation (JETRO) Summit in Tokyo yesterday.

“I believe the decisions we took initially have paid off. We saw, for the first year, a turnaround in the growth of the economy — 3.6 per cent growth in 2016 rose to 8.5 per cent in 2017.

 “We are projecting that this year we will be somewhere around 7.9 per cent growth and the same projection is being made for next year as well,” he explained. Under his leadership, President Akufo-Addo said, the government had brought the deficit down to 5.9 per cent in 2017 and had projected to reduce it further to 4.9 per cent in 2018 and 4.5 per cent in 2019.

“We want to get into a situation where, when we finish with the IMF programme this year, we will organise our public finances in such a way that we will never have to go back under an IMF programme,” he added.

With Parliament set to pass a fiscal rule, which would ensure that no government exceeded a deficit of five per cent every year, President Akufo-Addo explained that all of those measures were implemented to “attract investment into our country, and this is the reason we are very determined to renew the relations that we have with Japan”.

He said the Japanese model of development was the most appropriate form of model for Ghana’s development, as it required significant investment in education, the development of the country’s human resource and infrastructure and industrial and agricultural growth.

Agricultural and industrial development

On agriculture, President Akufo-Addo said the government’s flagship programme, Planting for Food and Jobs, was beginning to witness a significant revival of the sector and that was evident by the fact that the agricultural sector recorded an 8.4 per cent growth last year.

“We are witnessing, for the first time, significant production of the staples in the country. Ghana has begun, again, to be an exporter of foodstuffs, which was inconceivable and unheard of two or three years ago. Agriculture, as a link for the industrialisation of our country, is extremely important,” he said.

Sharing his thoughts on the importance of having a very clear programme for industrial development in Ghana, President Akufo-Addo said raw material-producing and exporting countries could not fit the purposes of the 21st century.

That, he said, required that “we take the measures that will reform and restructure the Ghanaian economy in such a way as to make industrial activity and the making of things a central part of our economy”.

Ghana’s democracy

President Akufo-Addo said Ghana was one of the best performing democracies in Africa and that meant that “Japanese businesses in Ghana could have the security of operating in a climate of the rule of law.

“In the last 25 years, we have had strong stability in the state; we have had three changes of governments through the ballot box which had not shaken the foundations of the Ghanaian state,” he said.

A multi-party democratic system, he said, had become well-entrenched in Ghana to the extent that the people were comfortable with operating a system of rule of law and the principles of democratic accountability.

President Akufo-Addo also espoused the good reputation and the independence of the Judiciary and said that arm of government was a good arbiter for all businesses.

Source: www.graphic.com.gh

President Akufo-Addo has left the country for a three-day visit to Japan, which starts on Monday, to further deepen Ghana-Japan trade ties which have been strong in recent years.

According to Kojo Oppong Nkrumah, the Information Minister, “the bulk of his meetings will focus on the industrial giants of Japan in an effort to strengthen trade relations and deepen efforts at attracting more Japanese FDI and knowledge transfer to Ghana.”

Addressing journalists at the launch of the 2018 National Policy Summit Sunday, he said “the President will also specifically be at the Ghana Investment Promotion Centre (GIPC) – Jethro business seminar to make a strong case for Japanese businesses to situate in Ghana under the 1D1F program.”

He added that “the visit on the invitation of the Japanese Prime Minister Shinzo Abe is to deepen further the already strong relations that exist between the two countries, as well as explore areas of further co-operation to their mutual benefit.”

Whilst in Japan, President Akufo-Addo will pay a courtesy call on the Emperor of Japan, His Majesty Akihito, hold meetings with CEOs of some important Japanese companies and meet with members of the Ghanaian community resident in Japan. “It is our expectation that this visit as well will yield further dividends for the Ghanaian business community,” the Ofoase Ayerebi legislator said.

The President was accompanied by the Foreign Affairs Minister, Shirley Ayorkor Botchway; Deputy Finance Minister, Charles Adu Boahen and officials from the presidency and Foreign Ministry.

The President will return to Ghana on Friday and in his absence, the Vice President, Dr Mahamudu Bawumia, shall, in accordance with Article 60(8) of the Constitution, act in his stead.

 Source: myjoyonline.com

Ghana has made progress to improve the ease of doing business, according to the World Bank Group 2019 Doing Business Report.

Doing Business 2019 is the 16th in a series of annual reports investigating the regulations that enhance business activity and those that constrain it. It  presents quantitative indicators on business regulation and the protection of property rights that can be compared across 190 economies.

Regulations affecting 11 areas of the life of a business are covered: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and labor market regulation.

The labor market regulation data are not included in this year’s ranking on the ease of doing business. Sub-Saharan Africa has been the region with the highest number of reforms each year since 2012.

This year, Doing Business captured a record 107 reforms across 40 economies in Sub-Saharan Africa, and the region’s private sector is feeling the impact of these improvements.The average time and cost to register a business, for example, has declined from 59 days and 192% of income per capita in 2006 to 23 days and 40% of income per capita today.

Furthermore, the average paid-in minimum capital has fallen from 212% of income per capita to 11% of income per capita in the same period.

In the latest report, Ghana has improved its ranking to 114 out of 190 economies up six places from 120 in the 2018 Doing Business Report.Ghana’s ease of doing business score formerly called distance to frontier, has increased by 2.06 to 59.22.

Ghana’s progress reflects reforms in three key areas. First, the Government has made it easier to Deal with Construction Permits by strengthening construction quality control by imposing stricter qualification requirements for professionals in charge of technical inspections.

Second, the Government has made it easier to Pay Taxes, by allowing financial losses to be fully carried forward during any of the following five years of assessment; and third, the Government has made it easier to Trade Across Borders, by implementing a paperless customs clearance processing system.

“It is encouraging to see that progress is being made to improve the business environment to promote investments by both domestic and foreign firms, so necessary to spur growth, provide jobs and further reduce poverty,” said Henry Kerali, Country Director, World Bank, Ghana. “The World Bank Group looks forward to working with the government to build on this progress, including through the establishment of the institutional mechanisms to implement and monitor reforms, to facilitate dialogue between the private sector and the government, and to facilitate peer learning from best reformers”.

Four African economies – Togo, Cote d’Ivoire, Kenya and Rwanda – are among the top 10 most improved economies globally. With Djibouti, which makes it to this list for the second consecutive year, Africa occupies half of the top 10 most improved economies list. Rwanda leads the reform count with 7 reforms; Djibouti and Togo have 6 reforms each; while Cote d’Ivoire, Gabon, Guinea, Kenya, Mauritius and Sudan score 5 reforms each.

“Ghana has begun to regain its reform momentum said Ronke-Amoni Ogunsulire, the IFC Country Manager. “The government’s goal to create a business environment that increases Ghana’s global competitiveness will require challenging the status quo, through enhanced transparency and coordination in providing Government to Business Services, thus enabling the private sector to make investment decisions.

Source: citibusinessnews.com

Germany’s leading manufacturer and supplier of specialist and compound, feeds, HL Hamburger Leistungsfutter GmbH, has signed an €8 million agreement to invest in Ghanaian company, Agricare Ltd. The investment from HL Hamburger into Agricare comprises full technology transfer in animal feed formulation and sales.  It is also to enable Agricare utilise more locally produced raw materials in the formulation of feeds.

President Nana Addo Dankwa Akufo-Addo signed the agreement at the 2018 G20 compact with Africa conference in Berlin, Germany. He expressed delight in Europe’s largest industrial manufacturing company, Siemens AG’s Europe decision to establish its branch in Ghana. “Siemens’ decision, together with that taken by German car manufacturing giant, Volkswagen, to establish an assembly plant in Ghana soon, are testimonies to the efforts government has put into creating the necessary environment for the private sector to flourish.”

“We are not resting on our oars. We will continue to work hard to attract investments, domestic and foreign, into Ghana, so that we can unleash the sense of enterprise, creativity and innovation of the Ghanaian people, and help build a progressive, prosperous Ghana, whose citizens live in harmony and security,” Nana Addo stressed. The Ghanaian leader in a speech extolled the German Chancellor Angela Merkel for her exemplary leadership.

“The Ghanaian people and I will regret her departure very much, for she has been one of the most outstanding leaders of modern times. We shall miss her very much.” “Ghana is delighted with Germany’s decision to re-orient its policy and relationship with Ghana, and, indeed, with Africa, from one based on aid, to relations focused primarily on trade and investment co-operation.” He reiterated the Ghana beyond aid mantra saying, “My Government’s vision of moving our country to a situation beyond aid, i.e. a ‘Ghana Beyond Aid’, is aligned to Germany’s Compact with Africa programme.

Under my leadership, we are determined to discard the mindset of dependence on aid, charity and handouts, and aim towards becoming self-reliant, within the context of strong global co-operation,” he said. “We are well aware that, in order for Ghana to harness the full benefits of the Compact Programme, whose objective is to ensure more private sector investments, we have to get our act together. We have to create an enabling environment for investments in Ghana not just to survive, but to thrive.”

“It is for this reason that my administration has spent the last 21 months to improve the fundamentals of the Ghanaian economy, because we believe that an improved macro-economy is a basic requirement for stimulating the investments we need for the significant expansion and growth of the national economy, and the generation of wealth and jobs.” President Akufo-Addo said his government has initiated and implemented policies that are encouraging and empowering the private sector to grow the Ghanaian economy, within the framework of macroeconomic stability.

“We believe that when the private sector flourishes, and when our enterprises become competitive, not just on the continent, but also in the global marketplace, then can we create the thousands and thousands of jobs our teeming masses of unemployed youth crave,” he added.

He was confident that the premise on which the Compact with Africa conference is being held, will enable Germany and the Compact with Africa Countries to re-shape their countries, and chart a new path of growth and development in freedom. President Nana Akufo-Addo has since left for Paris, France to deliver his keynote speech at the International Economic Forum on Africa of the Powerful Organization for Economic Cooperation and Development (OECD).

Key topics for discussions there are growth employment, migration and development in the wake of Africa’s historic decision for closer integration.

Source: www.ghanaweb.com 

Ghana is pursuing an “aggressive private sector-led investment drive” to fulfil a commitment by the government to reduce dependency on aid, Vice President Mahamudu Bawumia, has said.

The move “Ghana beyond aid” is being driven by President Nana Akufo-Addo, who wants the country to use its vast natural resources to fund its development.

“We are under no illusion that this is easier said than done,” the Vice President told delegates at the two-day Ghana Investment and Opportunities Summit 2018, held in London. “But an even greater illusion is to think that we can build a sustainably good society on the inexhaustible charity of others.”

“History provides no such examples. And we cannot hope that our fortunes will be different”, he added. He said, to achieve a Ghana less dependent on aid for its development, there would be a need to build “some long-term pillars”.

“We are clear in our minds that aiming for a Ghana beyond aid requires the mobilisation and leveraging of domestic savings and revenues, as well as our vast resources in a more effective and efficient manner to ensure development and create wealth for the people.” “The vision to build a Ghana beyond aid should not be seen as mere rhetoric. Nor should it be seen as one of the many passing political platitudes in the past.”

Dr Bawumia said the President and his government were clear in their thinking about where they wanted to take the nation and the pathways of getting there. “Judging from our history and our vision for the future, there is no doubt that we need to rethink how we develop as a country.

It has become obvious that we need to be more efficient and effective in managing our resources to ensure rapid economic growth and transformation to shift from over reliance on foreign aid.”

The Vice President noted that to be able to attract the right level of fair, mutually beneficial investment and trade, the local economy should be seen to be sound and business friendly. “This has been a major pre-occupation of the government since coming into office in January 2017.”

He said in the past 22 months, “we have secured significant improvements in the trends of key macroeconomic indicators such as inflation, exchange rates, and real Gross Domestic Product (GDP) growth rates,” adding: “Ghana’s economy is projected to record one of the highest growth [rates] in the world in 2018”.

Vice President Bawumia told prospective investors at the Summit: “We are with you here in the UK for strategic reasons”. “Apart from the historical political and economic ties between the UK and Ghana, both countries have been business allies for many years.”

According to the Ghana Investment Promotion Centre (GIPC), in the last 30 years almost 430 UK-owned businesses were established in the country while over 150 were joint ventures. During this period foreign direct investments by the UK-owned projects totalled US$6.6 billion while the joint venture projects had total investments of US$6.3 billion.

Mr. Graham Stuart, Minister for Investment at the UK’s Department for International Trade, said that “Ghana beyond aid” was an ambitious vision that the UK would like to be part of. UK Prime Minister Theresa May, he said, planned to make the UK the G7’s largest private sector investor in Africa by 2022.

Mr Stuart said that the recent UK-Ghana summit in Accra and that in London were the first steps to turning Mrs. May’s words into action.  He announced that Mrs May would host a UK-Africa Summit in 2019.

The Ghanaian High Commissioner to the UK, Papa Owusu-Ankomah, said the Summit, under the broad theme “Mobilising for Ghana Beyond Aid”, was “aimed at positioning Ghana as a true partner for economic development and also bring into sharp focus the critical role of the Ghanaian Diaspora in this endeavour”.

“This Summit is also taking place on the heels of the recent release by Standard and Poor giving Ghana a B Credit Rating with a stable outlook after several years of B with a negative outlook” and he said “the current rating makes Ghana a low-risk but high investment return destination”.

The two-day summit was organised by the Ghana High Commission in the UK in partnership with the GIPC.

Source: www.ghananewsagency.org

The UK Prime Minister’s Trade Envoy to Ghana has visited Ghana to promote UK-Ghana bilateral trade relations with a focus on the forthcoming UK-Ghana Investment Summit. Adam Afriyie MP was in Ghana to highlight the world-class offer from UK companies that can partner with Ghana to help realize the President’s vision of moving ‘Beyond Aid’.

He said: “I am happy to be back in Ghana for the second time this year. More than ever, the UK and Ghana are stronger trading partners. One example of such partnership is the UK-Ghana Investment Summit which will seek to bring potential investors including UK companies to Ghana and showcase investment opportunities in the country with the aim of boosting trade and investment”.

“The UK-Ghana Business Council is another great initiative for both countries to work together for a mutual economic benefit. This strategic partnership will allow the UK to set out an incredible offer to support Ghana move ‘Beyond Aid’ through collaborations and partnerships”.

Whilst in Ghana, Adam Afriyie MP met with the Vice President of Ghana Dr Mahamudu Bawumia and several Ministers to discuss the proposed UK-Ghana Investment Summit on 15-17 October 2018 and the new UK-Ghana Business Council.

He also raised awareness on a number of British projects in the country with the Government. This follows the Prime Minister’s visit to Africa in August, which signalled a step change in UK engagement with African partners and an ambitious plan for the UK to become the largest G7 investor in Africa.

Adam Afriyie MP also witnessed the announcement of a joint venture between Baird & Co. and Precious Minerals Marketing Company (PMMC) for the establishment of an assaying plant in Ghana’s International Airport zone. It is the first for the region and increases Ghana’s revenue from its gold industry.

Source: myjoyonline.com