Dutch Prime Minister Mr Mark Rutte arrived in Accra Wednesday night to begin a two-day State visit to Ghana. He was met on arrival by Vice President Dr Mahamudu Bawamia at the Jubilee Lounge at the Kotoka International Airport.

This is the first time a Dutch leader has visited Ghana. His presence in Ghana is expected to bolster relations and bilateral ties existing between Ghana and the Netherlands. Mr Rutte’s visit precedes that of the French President, Emmanuel Macron, who is expected in Ghana on Thursday.

Both leaders attended the 5th AU-EU Summit in Abidjan, Cote d’Ivoire, at which both Continents seek to define and strengthen relation for their mutual benefit. President Nana Addo Dankwa Akufo-Addo who also attended the Summit is expected back in Ghana today.

He would meet with both Mr Rutte and Mr Macon at the Presidency, hold talks with them centred on trade and investment and later host them both to lunch. Whilst in Ghana, Mr Rutte would interact with the Ghanaian business community and visit Dutch businesses in the country.

Source: ghananewsagency.org

President Nana Addo Dankwa Akufo-Addo and his French counterpart, Emmanuel Macron, have committed to collaborate more to eradicate the twin evils of terrorism and instability that threatened the security and socio-economic fortunes of Africa and Europe.

Both leaders also pledged to strengthen the bonds of friendship between their countries and forge more mutually beneficial cooperation in the areas of trade and investment to foster sustainable growth and opportunities for the people of Ghana and France.

Presidents Akufo-Addo and Macron made those affirmations after symbolically laying wreaths and lighting the Perpetual Flame at the Cenotaph on the Liberation Monument at the Independence Square in Accra. The symbolism of the ceremony was a remembrance of heroes who fell in the fight for world peace.

Mr Macron is in Ghana on a day’s official visit. His historic presence in the country, which  celebrates over six decades of relations between both nations, tilts more towards diplomacy and economic advantages, particularly in the areas of trade, investment, educational and cultural exchanges, as well as seeking greater cooperation in the fight against migration and Islamic militancy.

Both Presidents harped on the need for unity between Africa and Europe to promote greater human rights across the globe, pursue more integration efforts, and forge partnerships that would tackle the challenges of health, security, climate change, sustainable development, growth and employment, terrorism and education.

President Akufo-Addo told the French leader that Ghana stood with France in the fight against extremism and would spare no efforts to strengthen cooperations that would yield positive outcomes for the peoples of both nations and continents

Noting that Ghana shares borders on the East, West and North with French-speaking countries, he said “we recognize the strategic importance of our immediate neighbours and France to the development of Ghana”

It is for the reason that during his time as Ghana’s foreign minister under former President Kufuors tenure, he led a delegation in 2006 to the Francophonie Summit in Budapest, during Jacques Chirac administration, which resulted in Ghana being a member of the Francophonie, without first being made an observer nation.

President Akufo-Addo said projections that French would be the world’s most spoken language by 2050, makes it necessary that, “our lives as Ghanaians are linked with the Francophone world, and this strategic association should serve as a big boost for addressing some of our mutual concerns”

Ghana’s strategic interest, he said, requires that “we promote regional integration of countries of West Africa…we have to play a central role in enhancing the process of creating a genuine regional market out of ECOWAS, which is dominated by Francophone countries.

Ghana and France have strong ties in trade and investment, security cooperation among others.  Statistics indicate that French investment in Ghana totalled some 1.5 billion Euros in 2015, making Ghana the seventh biggest destination for French investment in sub-Saharan Africa.

“We believe we can improve on this,” President Akufo-Addo said, adding that, his government was taking measures to make Ghana the most business-friendly economy in Africa.

“These measures are aimed at attracting investments into Ghana, as well as stimulating growth of the private sector… we have decided to turn our back on the old economy that is dependent on export of raw material. We want to build a value-added industrialized economy with a modernized agriculture. We would not want to be a pawn of the world economic order,” he stressed.

President Akufo-Addo told his French counterpart that Ghana-France relations should be characterized by investment, trade and cooperation and not aid.

“This is the way to develop healthy relations between our two countries and put Ghana at the high end of the value chain in the global marketplace and create jobs for the teeming masses of Ghanaians ….our vision is to build a free, prosperous nation, a Ghana beyond aid.”

“We stand shoulder to shoulder with France in the promotion of human rights on the African Continent, and across the globe …the current barbaric slave auctions of Africans in Libya are not only gross and scandalous abuse of human rights but are also mockeries of the alleged solidarity of African nations grouped in the African Union of which Libya is a member.

“We stand shoulder to shoulder with France in the rejection of terrorism as a legitimate means of resolving political issues…we appreciate France’s courageous participation very much in the fight against terrorism in Mali and the rest of the Sahel.

“We stand should to shoulder with France in attempting to develop our economies to provide opportunities for its citizens to fulfil its aspirations. We stand ready to renew and deepen our relations with France for the prosperity and progress of our two peoples,” president Akufo-Addo said

Mr Macron, who was elated to be in Ghana, said his country wanted to build a partnership with Ghana based on the “common past and common aspirations.”

He said France shared in Ghana’s value of championing freedom, human rights and democratic values, which has inspired many other African nations and the global community as a whole.

“Ghana remains an inspiration today…Its sense of democracy is a beacon for many countries in Africa and beyond. I am grateful to be here to celebrate Ghana’s history, its democracy and good governance.” he said.

President Macron called for unity among African states, commending Ghana on its role in the quest for regional integration, saying that, Africa could only take control of its future when there was unity and stability on the Continent

“I am proud that Ghana and France have always been calling for the unification of the continent. France is strong in Europe and Ghana is strong in West Africa and the AU, not only must Africa unite but also Europe and Africa must unite.

“Unite to join forces and energy to build a common future, unite to tackle challenges that face our generation; education, health, security, terrorism, climate change, sustainable development, growth and employment….all these challenges shared by both continents can only be addressed by both Continents uniting,” he said.

“I don’t think that we can succeed.I don’t think France or Europe can succeed without Africa, And I don’t think at all that countries like Ghana can succeed without a stronger Africa and a stronger partnership between Africa and Europe.”

Mr Macron said his country would strengthen its partnership with Ghana at every level; political, economic, security and culture, saying that, “we must reinforce our bilateral exchanges, education and business exchanges and cross investment because of the common interest both our countries share”.

Source: ghananewsagency.org

The Queen of Denmark, Margarethe II, after her three-day State Visit, said her experience of Ghana was very wonderful and would be a lasting memory. She stated at a media conference: “I will like to tell everybody that my three days in Ghana has been really wonderful. I have been so kindly been received by, first all, the President, and also by everybody else, that I have come into contact with.

“Really it was a wonderful experience and these days will be something I will always remember. “It’s been three wonderful days. I have enjoyed every moment and I am very pleased to have been able to see for myself what Ghana is like; and I’m most impressed.” She was addressing the media at Senchi, in the Eastern Region, on her experience, before she departed to Denmark.

Queen Margarethe described Ghana as “a wonderful country with so many opportunities”.She said the relationship between Ghana and Denmark had always been a good one and expressed the belief that her visit would even better help to deepen the ties.

She said the 39 representatives from 39 Danish firms that she travelled with; who participated in various discussions, all expressed the interest to explore the investment opportunities in Ghana, with some already having invested in the country.

Sharing her reflections on the shared past between Ghana and Denmark after her visit to the Osu Castle, formerly known as the Christiansburg Castle, the Queen said the Castle represented a remote history in many ways and it was an important story, which seemed unbelievable in this modern days. “But it is very important not to judge the past by our present standards,” the Queen admonished.

The Danish Foreign Affairs Minister, Mr Anders Samuelsson, who addressed the media together with the Queen, said: “We feel very optimistic leaving Ghana now because we have made some good talks and very constructive talks as well”. He said the Danish business team had good talks with Ghana’s Minister of Foreign Affairs and the Minister of Trade and also had some good business meetings.

“Going from aid to trade is really the right thing to do now and I do agree with the President of Ghana that this is the way forward, and think it’s going to be good and deepened cooperation,” he noted. He said President Nana Addo Dankwa Akufo Addo’s focus of making the business environment secure, progressive and attractive to investors all around the world was a good focus just as the resolve of educating the next generation.

“These two things combined will certainly make it very attractive to do business in Ghana,” he stated. As part of the Queen’s itinerary, she paid a courtesy call on the chiefs and people of Akwamu in the Eastern Region. The visit to the Akwamufie was the climax of the Queen’s visit of various cultural and historic sites that formed the itinerary of her first time visitation to Ghana, as a West African nation.

Prior to the visit to the Akwamu Palace, Queen Margarethe earlier in the day visited the Odumase/Agomanya Market, which is well known as a popular beads market, to interact with the dealers of the beads and also have a feel of a true Ghanaian marketplace. The Queen also visited the Cedi Bead Factory, a popular bead manufacturing centre at Agomanya, where Mr Nomoda Ebenezer Djaba, the Chief Executive Officer of the Factory, briefed the Queen on the process of professional bead making.

At the Akwamu Palace, Odeneho Kwafo Akoto III, the Paramount Chief of Akwamu, on behalf of the people of Akwamu State, received Queen Margarethe and her entourage at the palace amidst drumming and singing of traditional music to welcome the Queen. An elder at the Palace recounted the history of the Danes, who shared a history of the dark story of slave trade, and the interesting story related to shifting alliances and conflicts between the Danes and the Akwamu people.

The Christiansborg Castle, originally built by the Danes in the17th Century, has changed ownership several times. History has it that in the 1693, the Akwamu people, disguised as tradesmen, took over the Castle. Conflicting reports say the Danes had either drunk too much schnapps, or were weakened by sickness.

The Elder at the Palace, however, said, a Prince of Akwamu, by name Asameni, who went to the Castle to study the Dutch Language, in 1693, later hatched a plan to overtake the Danes and later took the keys to the Castle to the Akwamu Palace. Later, when the then Akwamu King, Asameni, sold the Castle back to the Danes for 12 kilograms of gold, but he kept the keys in his possession.

Since then, the Akwamu people have kept the keys safe as a trophy and a proud symbol of the resistance of the Akwamus against the Danes. Queen Margarethe on her part, said she was happy to be there to hear: “Some of your fascinating stories about the connection between Denmark and this part of Ghana in a long time ago.

“But I’m touched to know that you still cherish the memory of those times and that you keep up the story. And that is something I should take back with me to Denmark, in particular, the memory of this part of Ghana. The Queen was later taken to a room where the keys were being kept to have a look at them.

At the Chief’s Palace were Ms Catherine Afeku, Minister of Tourism, Culture and Creative Arts, Mr Eric Kwakye Darfour, Eastern Regional Minister, and Mr Thomas Ampem Nyarko, MP for Asuagyaman Constituency.

Source: ghananewsagency.org

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Turkey’s Ambassador to Ghana Her Excellency Nesrin Bayazit has commended the political stability, strong democracy and skilled young people in the country indicating that they are factors which have made Ghana attractive for investors from Turkey.

Delivering her keynote address at the Turkey’s National Day celebrations which was held at the La Palm Royal Beach Hotel in Accra, Nesrin Bayazit stated that the Turkey-Ghana bilateral relations have been fruitful and encouraged companies from his country to invest in the sub-region.

She also revealed that Ghana has become Turkey’s third largest trade partner in Sub-Saharan Africa following the increase in trade volume to 480 million in 2016. Madam Nesrin Bayazit reiterated the Turkish government’s support to President Akufo-Addo’s policies.

“The Turkish Government do support policies of the Ghanaian Government like One-District-One Factory; Planting for Food and Jobs; One-Village-One-Dam, etc.” The Turkish government was celebrating the country’s 94th anniversary.

Also present at the event were Attorney General and Minister of Justice Gloria Akuffo, members of the diplomatic corps among others.

Minister of Justice and Attorney General Gloria Akuffo together with the Turkish Ambassador to Ghana Nesrin Bayazit cut the cake to cap off the event.

Source: goldstreetbusiness.com

Deputy Minister for Trade and Industry, Carlos Ahenkorah has stated that government is diligently implementing the business environment and regulatory reforms to ensure Ghana becomes the most business-friendly environment in Africa. Speaking at the opening ceremony of the Ghana-Morocco Business Forum in Accra, the Deputy Minister reiterated government’s commitment to supporting the private sector in order to deepen the business relations between Ghana and the rest of the world.

He said, “a centralised consultation work portal for business regulations to act as a one-stop portal, two-way public consultation forum will soon be developed”. “All government ministries, department and agencies are collaborating to ensure the removal of bottlenecks and impediments that are adversely affecting business operation in Ghana,” he added. Carlos Ahenkorah urged the forum to discuss the best ways to benefit from government’s key industrial agenda.

He noted that the “Ghana International Trade Commission will be operationalised and empowered to ensure compliance with rules and regulations of the world trade system and deal with related matters”.

President of the African and South-South Commission of CGEM, Abdou Souleye Diop noted that for the trade relations between Ghana and Morocco to be sustainable, Ghanaian companies need to invest in Morocco as the Moroccans are doing in Ghana.

He called on the Ghana Chamber of Commerce and the Association of Ghana Industries to visit Morocco in 2018 to begin the process. “We need to be really pragmatic, we need to build our cooperation in areas in which each of us have developed real expertise to share that expertise and also we need to be acting in the development plan of our countries in sectors that are key for our economies,” he said.

Source: ghanaweb.com

The CEO of Ghana Investment Promotion Centre (GIPC), Mr. Yofi Grant has asked businesses in Canada to invest in Ghana.  Mr. Yofi who reports directly to the President of Ghana on business and investment was speaking at a business forum organized by the Ghana Trade Mission currently touring Canada to promote investments in the economy of Ghana.

The event was supported by the Ghanaian Canadian Association of Ontario (GCAO) and the newly outdoored Ghanaian Canadian Chamber of Commerce (GCCC). The event took place at 250 Yonge Street in Toronto, the capital city of Ontario-Canada under the theme: ‘Business Opportunities in Ghana’.

Yofi in his powerful presentation to the participants stressed the fact that Ghana is open for business and, that the economic, social, political indicators pivot the country for quantum leap in economic renaissance.
He expounded on the Ghana government’s new business initiative which welcomes foreign investments in its national economy under favourable socio-political climate.

He asked Ghanaians abroad to take advantage of the government’s policy of ‘1 district, 1 factory’ and invest in Ghana. There was questions and answers section during the forum to alleviate the fears of foreign investors who wanted to do business in Ghana.

 Source: ghanaweb.com

The auction of the GH¢6 billion cedi-denominated energy sector bond is set to begin today as the government seeks funds to refinance the huge energy sector debt which seems to be crippling the banking sector.

Local and offshore investors, made up of local pension fund managers, were yesterday briefed on the nature and structure of the bond, which has been described as a better alternative to government papers (treasury bills) on the market because of its size and risk profile.

The bond, to be issued in two tranches of GH¢2.4 billion and GH¢3.6 billion, will have a seven-year and a 10-year tenure, respectively.

The Ghana cedi-denominated bond will be listed and traded on the Fixed Income Market of the Ghana Stock Exchange (GSE) under conditions yet to be announced.

Addressing a news conference in Accra shortly after meeting the investors, the fund managers, Fidelity Bank Ghana Limited and Standard Chartered Bank Ghana Limited, said the enthusiasm shown by the investors was high and, therefore, they expected to raise the targeted amount for its intended purpose.

Coupon rate

The Country Head of Global Banking of the Standard Chartered Bank Ghana Limited, Mr Xorse Godzi, said the coupon rate for the bond would be determined after the close of the process on Thursday.

“There are a lot of commitments from local investors who came yesterday and we hope they will respond favourably when the auction formally opens.

“We had over 200 investors who participated in the roadshow yesterday and the enthusiasm from all of them was remarkable. The bond is open to both local and offshore investors.

“The offshore entities which have already set up in Ghana to hold such instruments will be able to come through and buy, likewise the local ones,” Mr Godzi added.

Public debt

In response to concerns raised in various quarters that the money being raised would worsen the country’s public debt status, he said: “The bonds that are being raised will not affect government debt servicing capacity in any way because the source of repayment for the coupon and the bond itself is a levy which is already being collected.”

“The bonds do not place additional responsibility on the ability of the government to repay its debt, so that is the fundamental thing. There is a history of collection and the history is from last year January to July and based on the amount that has been collected — that amount can support an issue of GH¢6 billion,” he explained.

Mr Godzi said over the last 18 months, the collection of the energy sector levy had been consistent. “The collection is, on the average, from GH¢110 to GH¢120 million a month and that is what will be used,” he said.

According to him, the money would flow from the oil marketing companies (OMCs) to collection banks and “then to the Bank of Ghana and will return to the banks which have been mandated to keep and use it to pay the coupon which will be paid every six months, and that will eventually be used to pay off the actual bond amount”.

Bond structure

On the structure of the bond, the Director of Treasury and Markets at the Fidelity Bank, Mr Sam Aidoo, said: “The structure of the bond is a semi unsecure instrument and backed by the Energy Sector Levy Act (ESLA) flows which is an Act of Parliament which came into being in December 2015.

“To be honest, what we are able to do today is what the levies allow us to do, which is the GH¢6 billion, so if we need to give it some time and see how the levies accrue, and if there is enough to be able to issue a second tranche, then we will issue for the remaining GH¢4 billion.

“We have KPMG, Ernst and Young and Deloitte all being part of this structure and so that brings a lot of accounting and measuring to the levy flow,” he said.

According to Mr Aidoo, the issuance would bring stability to the energy and the banking sectors, while making the GSE more active. He said the bond would also help improve liquidity on the market, while non-performing loans (NPLs) would also reduce drastically.

Source: www.graphic.com.gh

A high-powered business delegation representing Ghana – led by the High Commissioner to Canada, E. Ayikoi Otoo, and CEO of the Ghana Investment Promotion Centre, Yofi Grant – rang the closing bell on the US$2.2trillion Toronto Stock Exchange (TSX) on Tuesday, October 17, 2017.

Other members of the delegation included President of the Canada Ghana Chamber of Commerce Frederick Attakumah, and senior officials of the Ghana Export Promotion Authority, Ghana Free Zones Board, National Communications Authority, as well as leading Ghanaian business leaders.

The TSX, which raises nearly 60% of total global capital investment in the mining, energy and natural resources sector of over US$5trillion, invited leading Ghanaian companies to consider cross-listing on the exchange.

Officials of the Exchange expressed support for Ghana’s industrialisation efforts and the ‘One District – One Factory’ initiative, as well as the move to a Free Secondary School system to provide the necessary human capital base to industrialise Ghana.

The Ghana reception at the Toronto Stock Exchange, and a week-long investment promotion visit to Canada, was ably organised by the Accra-based Canada Ghana Chamber of Commerce (CanCham), which has almost 100 corporate members.

It was in collaboration with the very influential Toronto-based Canada-Africa Chamber of Business, which has as its members some of the largest global companies listed on the Toronto Stock Exchange and leading captains of industry in Canada.

Commenting on the investment promotion effort, Mr. Attakumah stated that other than mining sector investments in Ghana, Canada remains a largely untapped source of capital for developing other sectors of the Ghanaian economy – including renewable energy, an integrated aluminium industry and agrobusiness.

In view of this, he stated that the Canada Ghana Chamber of Commerce was committed to working with the private sectors of both countries in attracting the needed investments to Ghana.

Assisting Mr. Otoo, Mr. Grant and Mr. Attakumah to ring the closing bell were other council members of the Canada Ghana Chamber of Commerce and Mr. Sebastian Spio-Garbrah, Managing Director of the Toronto headquartered global risk advisory boutique DaMina Advisors, who is also a director of the Canada-Africa Chamber of Business.

Both Chambers have agreed to jointly facilitate Ghana-Canada Trade and Investment promotion in the years ahead. Over a dozen companies from Ghana seeking investors from Canada attended the TSX event.

Source: thebftonline.com