News Feed: 15/03/2017
The President, Nana Addo Dankwa Akufo-Addo says the government’s first budget presented to Parliament recently was the clearest signal of its commitment to place the private sector at the forefront of redeeming the economy and enhancing growth, progress, and prosperity.
“We have removed the many impediments there for businesses. We want to signal to the private sector that we mean business,” the President said.
He said the Ghanaian private sector was the way forward for the country, adding that the first budget had pointed the way the government was going to handle the private sector.
The Minister of Finance, Ken Ofori-Atta has presented four Bills to parliament in relation to the proposed tax cuts in the 2017 budget. The bills are Income Tax (Amendment) Bill, Special Petroleum Tax (Amendment) Bill, Special Import (Amendment) Bill and Customs and Excise (Petroleum Taxes and the Petroleum Related Levies (Repeal) Bill.
The Finance Minister said the 2017 budget is seeking to abolish and review some 12 key taxes in the aviation, finance and real estate industries; all aimed at providing a friendly environment for businesses in the country. The proposed tax cuts by the minister can only take effect after it has received parliamentary approval through amendments of the existing Bills.
Member of Parliament for Nalerigu-Gambaga, Hajia Alima Mahama, has said the Akufo-Addo-led government is committed to industrialising rural districts in the country within the shortest possible time. She said the 2017 budget statement presented to Parliament has outlined the industrialisation plan of the government, which she urged all Ghanaians to tap into to reap the benefits what would accrue from it.
Contributing to the debate on the budget in Parliament Tuesday, Hajia Mahama said money needed for such industrialisation drive has been made available. “If I were you , I would have gone to my area and mobilize my communities for the one district one factory , one constituency one million dollars,” she told her colleagues, especially the minority side.
The Chairman of United Bank for Africa (UBA), Tony Elumelu, has assured President Nana Addo Dankwa Akufo-Addo, of the Bank’s support for the growth and development of the critical sectors of Ghana’s economy.
He said investor confidence in Ghana was rising, following the pro-business and pro-private approach taken by the government of President Akufo-Addo. This, coupled with policy initiatives announced in the 2017 budget, is making Ghana the investment destination in the region.
“We are very happy about all of this, and we would like to associate ourselves with your government and support you to succeed, both in banking and in other sectors of the economy,” he said on Monday when he called on President Akufo-Addo, at the Flagstaff House, to congratulate him on his victory in the December 2016 elections.
Energy Minister, Boakye Agyarko, has sworn into office the new board members of Tema Oil Refinery (TOR).
The new board is chaired by Mr. Tongeaan Kugbilsong Nanlebegtang.
Members of the Board include John Boadu, Dr. William Abayaawiea Atuilik, Edith Sapara-Grant, Seth Achamfour-Yeboah, Leon Kendon Appenteng, Nene Abayaateye Amegatcher Ambassador Isaac Osei and Kofi Brako.
The inauguration was held on Monday, March 13, 2017, at the conference room of the Energy Ministry in Accra.
US President Donald Trump paid $38m (£31m) in tax on more than $150m (£123m) income in 2005, a leaked partial tax return shows.
Two pages of the tax return were revealed by US TV network MSNBC but they gave no details on income sources or of charitable giving.
The White House said publishing the tax return was against the law.
Mr Trump refused to release his tax returns during the election campaign, breaking with a long-held tradition.
Hong Kong’s flag carrier Cathay Pacific has reported its first annual loss since the global financial crisis.
Too many empty seats and increasing competition from mainland Chinese carriers contributed to the poor results, the airline said.
The net loss of HK$575m ($74m; £60.1m) for 2016, was down from a HK$6bn profit the previous year.
It is only the third time the company has posted a full-year loss since it was founded in 1946.
The airline’s shares fell by 7% in early trading, but then recovered.
The boss of Unilever is calling for a strengthening of UK takeover rules to protect “national champions” after the consumer goods giant saw off a £115bn bid from Kraft Heinz.
Paul Polman said that companies should have more time to defend themselves in the event of an approach.
He told the Financial Times that there needed to be a “level playing field”.
Under the UK Takeover Code, a company has 28 days to prepare a defence before a business returns with a firm offer.
Yahoo chief executive Marissa Mayer could be in line for a $23m (£18.9m) payout if she loses her job as part of the takeover of the company by Verizon.
The sale of Yahoo’s core internet assets to Verizon, delayed after Yahoo suffered two data security breaches, is expected to go through later this year.
Thomas McInerney will lead what remains of the business after the sale.
This could trigger Ms Mayer’s severance payment, which consists of $3m in cash and the rest in stock.
Ms Mayer is entitled to the “golden parachute” payment if she is fired without cause by Yahoo.
Sterling slipped on Tuesday after Britain’s parliament paved the way for Prime Minister Theresa May to launch divorce talks with the European Union, while stocks advanced ahead of an expected U.S. interest rate later in the week.
WORLD OIL PRICES
Crude oil prices hovered near three-month lows on Tuesday in Asian trading, with investors waiting for key reports and data that may shed light on a supply overhang in the global market.
SOUTH AFRICA MARKETS
South Africa’s rand firmed against the dollar on Monday ahead of the U.S. Federal Reserve’s interest rate decision, with both the currency and stock markets lifted by higher metals prices.
Nigeria’s central bank sold the dollar on Monday at its highest level on the official interbank market since August, traders said, pushing down the naira.
The Kenyan shilling was steady on Monday and was seen easing due increased dollar from oil importers and scant inflows from exporters and charities, traders said.
IVORY COAST COCOA
Cocoa arrivals at ports in top grower Ivory Coast reached around 1,351,000 tonnes by March 12, since the start of the season on Oct. 1, exporters estimated on Monday, up from 1,258,000 tonnes in the same period last season.
News Feed: 20/02/2017
The Central Bank has been adjudged the Risk Manager of the Year by the Central Banking Publications (CBP), in recognition of the strong risk management culture that it has built into its business operations and protecting itself from emerging threats.
The CPB’s editorial team and Advisory Board judge the awards, which are in several categories.
Explaining why the Bank has made a major transition, the CPB said, “The Bank set out on a journey to evolve its risk management practices to meet the requirements of rapidly changing conditions back in March 2011.”
The United Kingdom government has announced that it has reviewed its decision to cut aid to Ghana. In an exclusive interview with JOYBUSINESS, UK foreign Secretary, Boris Johnson said his government would rather increase financial support to Ghana after a working visit to fresh fruit exporting firm, Blue Skies, The UK High Commissioner to Ghana, Jon Benjamin last year disclosed to JOYBUSNINESS that the UK government has cut budget support to Ghana because of its middle-income status.
President Akufo-Addo has assured Ghanaians that the maiden Budget of his administration will have well-thought-out policies to shore up the country’s economy.
The President said this when he addressed members of the Ghanaian community resident in Banjul, The Gambia on Saturday, February 19, 2017.
The government’s first Budget presentation is expected to be given by the Finance Minister, Ken Ofori Atta in parliament on 2nd March, 2017.
Pastor Stephen Akwasi Opuni, the Regional Network Manager of the Tianshi Group of Ghana, has urged businessmen and women in Bawku, in the Upper East Region, to adopt strategic selling methods to sell their products.
That, he said would help them improve their businesses and maintain their customers.
Pastor Opuni said selling values such as patience, respect to the customer, good customer care, understanding the interest of the customer, truthfulness and loyalty were core ingredients that would encourage customers to always patronise their goods.
The Turkish Ambassador to Ghana, Ms Nesrin Bayazit, has pledged her country’s readiness to partner the government to implement the One District, One Factory policy, especially in the agricultural sector.
According to her, Turkey had good expertise in the agricultural value chain and was, therefore, ready to support Ghana to develop projects in the agricultural sector.
Ms Bayazit said this when she paid a working visit to the Minister of Information, Mr Mustapha Abdul-Hamid, to formally introduce herself to him.
The Chamber of Petroleum Consumers Ghana (COPECGH) has noted that prices of petroleum products in the country will remain fairly stable.
A statement signed by Duncan Amoah, Executive Secretary, COPECGH said: “The start of the second pricing window for the month of February, which begun on the 16th of February has been met with mixed reaction.”
“The news of fuel price increases seem to have taken a centre stage though our checks and figures at the pumps point to rather stable prices across most pumps. TOTAL Ghana Ltd seems [to be] the only oil marketing company (OMC) that has adjusted pump prices while the overwhelming majority of the over 87 OMCS have maintained prices at old levels of the second January pricing window.”
Kraft Heinz says it has dropped its plan to buy Anglo-Dutch rival Unilever.Marmite-maker Unilever rejected the US food giant’s bid on Friday, saying it saw “no merit, either financial or strategic” in Kraft’s offer, worth about $143bn (£115bn).”Unilever and Kraft Heinz hold each other in high regard,” the companies said in a joint statement. The deal would have been one of the biggest in corporate history, combining dozens of household names.
Online retail giant Amazon has said it will create 5,000 new full-time jobs in the UK this year.The firm said it was looking for a range of staff including software developers and warehouse staff.There will be jobs at Amazon’s head office in London, as well as in the Edinburgh customer service centre and in three new warehouses.The recruitment will take Amazon’s workforce in the UK to more than 24,000.
Mark Zuckerberg has revealed deep-seated concerns that the tide is turning against globalisation.In an interview with the BBC, the Facebook founder said that fake news, polarised views and “filter bubbles” were damaging “common understanding”.He said people had been left behind by global growth, sparking demands to “withdraw” from the “connected world”.In a call to action, he said people must not “sit around and be upset”, but act to build “social infrastructures”.
Plans to sell the European arm of General Motors – including Vauxhall – to France’s PSA Group could be derailed by the deficit in GM’s UK pension scheme, an expert says.Vauxhall’s pension scheme is one of the largest in the UK, with 15,000 members.Pensions expert John Ralfe said Peugeot owner PSA would not want to touch it “with a barge pole”, saying he thought it had a deficit of about £1bn.Half of the members were pensioners, Mr Ralfe told the BBC’s Today programme.
Asian share markets were mixed on Monday as political uncertainty globally kept the mood cautious, while the U.S. dollar recouped early losses ahead of a busy week for Federal Reserve speakers.
WORLD OIL PRICES
Oil prices held steady on Monday as investors gauged whether an increase in U.S. drilling rigs and record stockpiles would undermine efforts by producers to cut output and bring the market into balance.
SOUTH AFRICA MARKETS
South Africa’s rand retreated on Friday as the dollar gained, following a rally that had lifted the South African currency to a 17-month high. Stocks followed global markets down.
Nigeria’s central bank plans to boost dollar sales for school fee payment and travel abroad so as to reduce the premium paid on the black market and support the naira, a senior banker said on Saturday
The Kenyan shilling was steady against the dollar in a slow trade on Friday and was expected to remain little changed due to reduced oil importer demand, traders said.