The Vice President, Alhaji Dr. Mahamudu Bawumia, has been selling the Nana Akufo-Addo government’s ‘One District One Factory’ programme to businesses in Mauritius. The ‘One District One Factory’ programme is a public-private partnership for ensuring nationwide spread of industrialization in all 216 districts in Ghana.

The private sector will provide the investment, although government could partner if such an investment of public funds is adjudged prudent and advantageous.

Speaking at a Breakfast Business Meeting hosted by the Mauritius Minister for Foreign Affairs, Regional Integration and International Trade in collaboration with the Board of Investment of Mauritius, Dr. Bawumia emphasized the NPP government’s determination to make the private sector a major player in Ghana’s economy, and called on Mauritian and other businesses to take advantage of the pro-business policies announced in the budget. 

“An industrialization drive is our main agenda, the ‘One-District One Factory’ is the programme to achieve this, and the 216 districts have raw materials and need push up to get value addition to the products” he stated.

“Ghana cannot do it alone; we are in the context of the global economy and need partners; that is why we cherish the South-South cooperation between Ghana and Mauritius so much. We want to take advantage of the close relationship to make a major mark as far as our respective economies are concerned.” 

“The government has made a major commitment to build an economy based on production and not taxation. We have abolished a lot of taxes and levies and going to abolish all import duties on raw materials and machinery imported into Ghana” Dr. Bawumia said.

Hon. Seetanah Lutchmeenaraidoo, Minister for Foreign Affairs, Regional Integration and International Trade for Mauritius, commended Ghana for her commitment to business development, and expressed hope that Ghanaian businesses would also invest in his country.

Mr. Michael Okyere Baafi, Chief Executive Officer of the Ghana Free Zones Board, who was part of a large Ghanaian business delegation at the meeting, was confident that the right building blocks had been put in place for rapid take off. 

“The Ghana government has introduced the appropriate legislation and we are optimistic that we will soon see several Mauritian businesses counted among those taking up the challenge of the One District, One Factory Programme. We at Free Zones Board are ready to partner them and make their businesses successful.”

Vice President Bawumia was accompanied by Hon Shirley Ayorkor Botchwey, Minister for Foreign Affairs and Regional Integration; Hon Ibrahim Awal, Minister for Business Development; Hon Ursula Owusu-Ekuful, Minister for Communications; Reginald Yofi Grant, Chief Executive Officer of Ghana Investment Promotion Centre (GIPC) and other government officials.

Source: citifmonline.com

UK Foreign Secretary Boris Johnson has revealed that the UK is seeking stronger ties with Ghana to enable firms invest in various sectors of the country. “We hope to have an even deeper friendship going forward and particularly we want to make sure that British firms come here in greater numbers and in greater strengths to invest in Ghana and, if I may say so, take advantage of the fantastic opportunities there are in this country,”

Mr. Boris noted on Wednesday, February 15 after meeting with President Nana Akufo-Addo at the Flagstaff House. He emphasised that the UK holds a common interest with Ghana in terms of foreign policy and security as well as ensuring “stability of the region, which affects us in Europe as much as anybody else”.

He admitted that several Ghanaians had contributed to the success of the UK and congratulated Mr. Akufo-Addo for the victory of the New Patriotic Party (NPP) in the December 7 polls.“As you know, I used to be Mayor of London and in our great city we were fortunate beneficiaries of many Ghanaians who contributed massively to our society .

We have several MPs in the UK of Ghanaian extraction as you may know and it is a huge pleasure to be able to congratulate you personally, on your triumph and to see your government fluidly underway to meet the challenges the people of Ghana want you to meet,” he stated.

In the company of Mr. Johnson was Adam Afriyie, a British with his roots from Ghana who is currently the Member of Parliament (MP) for Windsor and the UK’s Prime Minister’s Trade Envoy to Ghana.

Mr. Boris is also expected to tour award-winning Blue Skies Ghana Limited, meet business leaders and young entrepreneurs supported by the Department for International Development’s ENGINE-Ghana project, and meet with Rising Black Stars, highlighting both countries’ extensive cultural ties.

Source: peacefmonline.com

The President of the Republic, Nana Addo Dankwa Akufo-Addo, has indicated to investors that Ghana is open for business, assuring of the creation of a conducive business environment which will ensure that businesses flourish, thereby creating prosperity for the Ghanaian people.

The President made this known on Friday, February 10, 2017, when the Chairman of the Al Serkal Group, Mr. Eisa Bin Nasser Alserkal, together with a delegation of investors from the United Arab Emirates, paid a courtesy call on him at the presidency. 

In the presence of the Minister for Trade and Industry, Alan Kyerematen, President Akufo-Addo noted that the topmost priority of his government is to create jobs for the people of Ghana, and, thereby return the country onto the path of progress and prosperity.

The President told the delegation that the industrialization of the economy, with the aim of moving the country away from being dependent on raw material exports to an economy of value-added activities, and the revival of Ghanaian agriculture will be his focus.

It is for this reason, the President indicated, that his government is determined to partner with investors and the private sector to set up strategic industries, with the aim of helping create jobs for the youth.

These strategic industries, he revealed, include an iron and steel industry, which will exploit Ghana’s iron ore deposits at OpponManso and Sheini, near Tamale, and facilitate the manufacture of machine parts and equipment.

Additionally, President Akufo-Addo indicated that his government, in partnership with the private sector, aims to establish an integrated aluminium industry, which will exploit the country’s bauxite deposits at Kyebi and Nyinahin; and also petrochemical industries from our oil and gas deposits from the Jubilee, TEN and Sankofa fields.

On his part, Mr. Eisa Bin Nasser Alserkal, told President Akufo-Addo that the decision to invest in Ghana stemmed from his company’s belief that Ghana offered the right opportunities for investors in Africa, and they, in turn, will help develop the country.

Al Serkal is a business conglomerate based in Dubai, with a bouquet of companies in the fields of healthcare, manufacturing, petrochemicals, commercial and residential real estate, banking, mobile telephony and construction services.

Source: Peacefmonline.com

Mr. Joe Ghartey, the Minister-designate for Railway Development, has observed that railway development was linked to economic development of a country and, therefore, the expansion of the railway sector would attract more investors into the country. 

He admitted that financing the sector was a major challenge and was happy that the President had shown commitment towards this cause by creating the sector. 

He said some investors had shown interest in investing in Ghana’s railway industry and expressed optimism that the needed resources would be provided to revamp the sector.

He maintained that Ghana’s economic development would be enhanced, if a reliable railway industry was established

Mr Ghartey, the Member of Parliament for Essikadu-Ketan in the Western Region, said this on Thursday when he appeared before Parliament’s Appointments Committee for vetting.

According to him, the railway industry would help the country to transport agricultural produce and mineral resources easily from the hinterlands to the market centres to boost the economy.

The Minister-designate assured that the Government would create a favourable business environment for investors to operate.

Mr Ghartey noted that the railway sector was a potential avenue where government could raise revenues, saying, ‘‘the trains are walking adverts so banks and other businesses could advertise their products on them’’.

He observed that along the rail lines, there could be shops, cashpoints and all sorts of businesses around them and said when he was given the nod, he would work towards achieving these goals.

“We are looking at all the complementary industries that have developed as a result of the railway. In Japan for instance, they have created the rail lines and built cities around the rail,” he pointed out.

With regards to how the government would expand the railway infrastructure from Accra to Paga in the Upper East Region, Mr. Ghartey indicated that works had begun to raise funds required to expand the railway to the north.

According to him, government intended to revive the railway industry by partnering with the private sector to cover substantial portions of the country.

“There are people who are willing to come and do the slippers in Ghana. The slippers are what they put between the tracks to keep it stable,” he said.

He stated that due to the government’s pro-business policies, investors had shown tremendous interest in partnering government.

Minister-designate for Railway Development said although the Akufo-Addo led administration had enormous infrastructure projects to go into, rail development was essential. 

‘‘We have to create the legal institutional framework that will give us the finance and luckily for us, the president is fully committed to this agenda,’’.

‘‘The Finance Minister is also fully backing this agenda and so we have to be able to present what is called ‘‘bankable projects’’ to the president so that he gives his blessing so that the Finance Minister takes us forward,’’ he emphasised.

Source: www.thefinderonline.com

President Akufo-Addo has appointed investment banker Yofi Grant as the Chief Executive Officer (CEO) of the Ghana Investment Promotion Centre (GIPC). He takes over from Mawuena Trebarh, whose contract ended on January 20, this year, after serving for four years. The economist’s appointment has been described as appropriate, given his over three decades of experience at Databank.

He served as the Executive Director, Business Development of Data Bank Group between 2009 and 2010, and then Executive Director of Databank Private Equity Limited from 2011 to 2012. An alumnus of the University of Ghana, Mr Grant also co-managed the divestiture of the Ugandan government’s shares in National Insurance Corporation Limited.

He recently told the media in Accra that he would put in place programmes that will improve the business environment and make Ghana the best place to do business in Africa, while encouraging more locals to invest in the country.

He also intends to position capital attraction in a way that will benefit Ghanaians, as well as foreign investors to help grow the country’s economy.

Source: peacefmonline.com

The Ghana Stock Exchange (GSE) and the Casablanca Stock Exchange are to sign a Memorandum of Understanding (MoU) in a move to deepen the relationship between the two institutions. The MoU, which will also involve the Securities and Exchange Commissions of both countries, would ensure the sharing of information and communication between the Casablanca Stock Exchange and the GSE.

It will also help in the exchange of expertise and enhance collaboration between operators and regulators of the two bourses.

Mr Kofi Yamoah, the Managing Director of GSE, announced this when a delegation of General Confederation of Moroccan Enterprises paid a visit to the Exchange in Accra on Wednesday.

The delegation made up of businessmen drawn from key sectors of the Moroccan economy, including agriculture and industry, were in Ghana to explore business opportunities.

Mr Yamoah said the MoU would enable the two institutions to undertake study tours and update each other of developments in the industry.

“We are very excited about this visit as it would go a long way in deepening the bond between the two institutions,” he said.

The two institutions are members of the African Securities Exchanges Association and the West Africa Capital market.

Mrs. Miriem Bensalah-Chaqroun, President of the General Confederation of Enterprises, Morocco, said a solid and robust stock exchange was the backbone of economy hence the visit to the GSE to have first- hand information on its operations.

She said the delegation was made of big and small companies some of whom already have operations in Ghana and while others prospecting for opportunities to invest in the country.

Mr. Karim Hajji, Director General, Casablanca Stock Exchange, said his outfit was looking forward to deepening of the relationship between the two institutions.

Source: www.ghananewsagency.org

Aller Aqua Group, Europe’s largest producers of environmentally friendly fish feed has opened Aller Aqua Ghana Limited office and warehouse at Senchi Amanfrom in the Asuogyaman District of the Eastern Region.

The company produces fish feed for aquaculture, which is exported to more than 60 countries worldwide, from factories in Denmark, Poland, Germany and Egypt.

The Ghana, office would be a hub, where the imported fish feeds would be bagged for sale to fish farmers in the country.

Madam Tove Degnbol, the Royal Danish Ambassador to Ghana, speaking at the inauguration expressed the hope that the investment would support the development of aquaculture in Ghana.

She said supporting the needed training and knowledge transfer between the two countries had always been the priority of the Danish government.

The Ambassador said the Embassy have been supporting the aquaculture company, especially in tilapia production, to access a business to business facility supported by DANIDA.

She said the Embassy’s plan was to encourage Danish investors to invest in Ghana, since there were potential opportunities to do business.

Madam Degnbol said the Embassy has also advised investors to form partnerships with their local counterparts in there was the need to establish businesses here in Ghana and go by the local content policy.

She said the Embassy stood right advice businesspeople from Denmark on the potentials in doing business in Ghana.

“We are also telling them Ghana is a very interesting country to do business, if only they know how to go around it,” she added.

On challenges, she said land acquisition, frequent powers, infrastructure and demand of illegal fees were hindering Danish business in the sector.

She commended the Asuogyaman District Assembly for their effort to facilitate aquaculture production in the District.

She said the Embassy has received more and more interest from Danish investors wanting to do business in Ghana.

Mr Emmanuel Fosu, the Country Manager, Aller Aqua Ghana Limited expressed the hope to contribute to the growth of the individual fish farms as well as the aquaculture industry.

He said Aller Aqua Ghana would be offering high-quality fish feed for aquaculture in Ghana and the neighbouring countries.

He said the reason for the location of the warehouse in the district was because of the Volta Lake and the number of farmers operating around.

The Country Manager said aside availability, quality and consistence was key in the company’s operations, getting the feed closer to the farmers was their priority.

He said the idea was not to import totally but this was the first phase and as the business grew, phase two would be pursued.

Mrs Abena Kwesiwaa Kyei, the District Coordinating Director, Asuogyaman District called on management of Aller Aqua to deliver quality feed to develop the sector.

She said the Assembly was commitment to supporting the company’s operation to strive with them also developing the Ghanaian economy.

Mr Peter Adzikah, the CEO, African Golden Tilapia Farm Limited said the company has used the Aller Aqua feed over the years and the result was massive.

He said farmers were faced with challenges in the port in the form of bureaucracy and the levy on feed has also gone up.

He expressed excitement for the coming of the company to distribute locally to farmers to avoid all the challenges at the port of entry.

Source: www.ghananewsagency.org

IFC and MIGA, members of the World Bank Group yesterday announced the commitment of US$517 million in debt and guarantees to support Sankofa Gas Project, an integrated offshore oil and natural gas project that will provide a source of reliable, affordable energy in the West African country.

The project will fuel up to 1,000 megawatts of power generation, helping Ghana meet its growing energy needs and displace oil-fired power generation with a clean-burning alternative.

The US$7.7 billion Sankofa project will be developed by Vitol Ghana and Eni Ghana, in partnership with Ghana’s National Petroleum Corporation. IFC has committed a loan of US$235 million to Vitol Ghana and arranging another US$65 million in debt from the Managed Co-Lending Portfolio Program, a loan-syndications initiative that enables third-party investors to participate passively in IFC’s senior loan portfolio.

The IFC financing is part of a US$1.35 billion loan facility provided by commercial banks, including HSBC, Société Générale, ING, Standard Chartered Bank, UKEF, among others. MIGA has committed these commercial lenders with up to US$217 million in political risk guarantees. 

 Ghana’s government has identified the Sankofa project as one of two transformational projects that will help the country achieve its COP21 commitments for climate mitigation. Once it starts to produce gas in early 2018, the project is expected to reduce carbon emissions in Ghana by an estimated 1.6 million metric tons annually as gas displaces heavy fuel oil—equivalent to taking 1.2 million cars off the road each year or planting 152 million trees.

Sankofa is expected to generate $2.3 billion in revenues for Ghana’s government (per year) and provide a stable, long-term source of domestic gas that will solve Ghana’s chronic gas supply constraints.

 Phlippe Le Houérou, IFC Executive Vice President and CEO, said, “Ghana will require significant power generation and infrastructure to meet the growing needs of its young and expanding population. This project demonstrates that private capital can be mobilized on a large scale to contribute to the country’s energy security. Developing Ghana’s domestic natural gas resources will help the country reduce carbon emissions and provide a clean source of power for generations.”

With this announcement, IFC and MIGA support brings World Bank Group financing for the Sankofa Gas Project to approximately US$1.217 billion, building on a US $700 million guarantee package from the World Bank announced last year that will help Ghana’s National Petroleum Corporation ensure timely payments for gas purchases and that has enabled the project to secure financing from its private sponsors.

Ian Taylor, CEO of Vitol Group, said, “This is a transformational project for Ghana at an important time.  The World Bank Group’s involvement, including financing from IFC and MIGA, is enabling Ghanaian gas to be used for the benefit of Ghana’s economic development.  We are pleased and proud to be part of this project.”

 MIGA’s guarantees will support Vitol Ghana’s commercial borrowing needs for the project and will be issued for up to 15 years, against the risks of Transfer Restriction (including Inconvertibility), Breach of Contract, Expropriation, and War and Civil Disturbance.

 “MIGA’s political risk guarantee is a key part of the World Bank Groups’ long-term commitment to serve Ghana’s rising demand for energy. Moreover, the natural gas from the Sankofa Project underpins the nation’s transition to a low-carbon future.” said MIGA Executive Vice President and CEO Keiko Honda.

Source: thebftonline.com/Ghana