Category: Finance

Tema,- Prices of some major foodstuff in Tema have moved upwards according to a Ghana News Agency-Tema market survey conducted in major markets in Tema.

At the Tema Community Nine market, a bag of Onion moved from GH¢400.00 last week to GH¢ 500.00; crate of tomatoes, which used to sell between GH¢1,200.00 to GH¢1,600.00 last week, now sells close to GH¢2,000.00.

A bag of maize has moved from GH¢500.00 last week to GH¢600.00 this week; and a tuber of yam sells between GH¢18.00 and GH¢25.00 depending on the sizes this week.

At Ashaiman market, a sack of pepper moved up from GH¢270.00 last week to GH¢350.00; sack of Garden eggs pegged at GH¢200.00; medium size basket of Okro sells for GH¢140.00; and Cabbage pegged at GH¢1,000.00.

A bag of millet is pegged at GH¢380.00; cowpea at GH¢450.00; soya beans GH¢440.00; beans however moved from GH¢650.00 last week to GH¢1,000.00; and maize from GH¢480.00 last week to GH¢500.00.

A tuber of yam depending on the type and size sells between GH¢8.00 and GH¢17.00, a sack of cassava sells between GH¢80.00 and GH¢150.00; a sack of cocoyam moved from GH¢350.00 last week to GH¢470.00 and a bunch of unripe plantain moved from GH¢50.00 last week to GH¢70.00 this week.

A crate of tomatoes moved from GH¢1,000.00 last week to GH¢1,500.00 for the local; and from GH¢1,800.00 to GH¢2, 000.00 for the foreign ones.

At Tema Community One Market a bag of maize is now pegged between GH¢500.00 and GH¢600.00; while medium bag of sugar now goes for GH¢210.00; and bowl ranges between GH¢13.00 and GH¢14.00.

A bag of Onion also ranges between GH¢550.00 and GH¢600.00, while a bowl of Beans swings between GH¢26.00 and GH¢27.00 depending on type; and a bowl of Gari now goes for GH¢12.00; and half bag of Cocoyam also sold for GH¢180.00.

A tuber of yam, hovers around GH¢10.00 and GH¢25.00 depending on size and type; bunch of Plantain the normal type goes between GH¢30.00 and GH¢50.00; bowl of okro is GH¢30.00, Pepper GH¢20.00, Garden eggs GH¢80.00 and medium basket of Tomatoes goes for GH¢1,800.00.

The weekly GNA-Tema market survey conducted also covered Tema Community Seven, Texpo, Kpone, and Ada which recorded similar prices.

During the previous week, a sack of garden eggs was pegged at GH¢300.00; a sack of Cabbage went for GH¢650.00; Carrot medium sack GH¢140.00 for the local sack and between GH¢85.00 to GH¢90.00 for the foreign ones.

A 50kg of Maize old type GH¢500.00 and the 50kg maize new GH¢480.00; Yam for GH¢1, 000.00 for the 50 tubers old ones while new yam went for GH¢500.00 for 70 tubers.

The price of 50kg soya beans was GH¢1, 200.00 while a sack of Onion was GH¢700.00, a Small Box of fresh tomatoes was sold at GH¢1, 600.00 and Big box of fresh tomatoes was pegged at GH¢3, 000.00.

The price of a bunch of unripe Plantain was GH¢50.00 and above.

Meanwhile, some of the traders attributed the price differences to scarcity of some foodstuffs, poor roads impeding the transportation of the goods from the farming communities to marketing centres.

Source: Ghana News Agency

Takoradi, – The maiden commercial tanker vessel, GH PARKS, arrived to discharge cargo at West Africa’s deepest and new ultra-modern liquid bulk terminal (LBT) at Takoradi Port.

The cargo operation, would signal the formal commencement of commercial operations at the new state-of-the-art terminal.

A statement from the Public Relations Department of the Takoradi Port, said as part of regulatory requirements and industry best practice, the arrival of this GH PARKS tanker vessel was preceded by the arrival of the LISSE tanker vessel for technical-testing operations, on Sunday 27th June, 2021.

It noted that technical-testing operation involved the discharge of 2000 metric tons of liquid bulk cargo, for the all-important technical operation of testing the Terminal’s pipelines’ integrity under conditions of high/low pressures of actual cargo discharge operation.

The vessel which arrived at 0830hrs GMT on Friday 6th August 2021, at the Port’s Anchorage, went through screening process by the Port Health as well as for regulatory sampling and clearance by the National Petroleum Authority (NPA).

“Thereafter, it is expected that all things being equal, the vessel shall be allowed to be brought into the Port to take berth at the new Liquid Bulk Terminal (LBT), by early morning of Sunday 8th August, 2021, for the discharge of the commercial cargo, to formally signal the start of commercial cargo operations at the new Terminal”.

The LBT is 300m in length, 16m deep and designed to receive tanker vessels with maximum cargo tonnage capacity of 60,000 tons.

The facility has five loading/discharging arms, each for diesel, petrol, LPG, bitumen and heavy fuel with the Terminal Operator as Marshall Oil & Gas Services, a subsidiary of IbisTek Ghana Ltd, a wholly Ghanaian owned company, which is also GPHA’s concession partner for the new Atlantic Terminal Services (ATS) Container and Multipurpose Terminal, currently under construction in the Port of Takoradi.

Source: Ghana News Agency

Accra, Ghana International Trade and Finance Conference (GITFiC) has called on Government, the private sector and stakeholders to work together to fast-track regional integration.

This, they said could be done by addressing trade challenges under the African Continental Free Trade Agreement (AfCFTA)

They also suggested that institutional capacities be built among stakeholders and businesses in the formal and informal sectors in the implementation of the Pan African Payment and Settlement System (PAPSS).

These formed part of recommendations after GITFiC’s 5th annual trade and finance conference held in Accra on the theme: “Facilitating Trade & Trade-Finance in AfCFTA; The Role of the Financial Services Sector”

The occasion had experts and stakeholders from the financial and monetary institutions in Ghana and on the Continent, attending both physically and through electronic means.

The ceremony was graced by Alhaji Dr Mahamadu Bawumia, Vice President of Ghana, who opened up the event with a presentation on behalf of Government.

The Conference urged African contracting parties to respect protocols under the AfCFTA to reduce the incidence of smuggling, unfair trade practices such as dumping, transshipment of third-party products into the African liberalized market.

“African economies are encouraged to build an integrated and organized financial mechanism, and allow an independent monetary system, to ensure the smooth and effective implementation of PAPSS and not necessarily a full-blown-private entity like AfreximBank which has a substantial amount of Private Interest,” it said.

It said implementers of PAPSS should show a clear roadmap for Trust, Sovereignty, Commitment, Control and Ownership of Data, Capacity and Capability and PAPSS should also allow for signatory African countries to have their national switches connected to ensure smooth operationalization.

“African economies are being encouraged to roll out policies which would lead to financial inclusion for the unbanked and the petty trading community. Systematically address infrastructural gaps and improve the general ease of doing business across the sub-region,” the Conference suggested.

It added that Central Banks on the Continent should be assured and guaranteed at least one per cent of all Transactional Revenues.

This, the Conference said would spike-up interest and commitment by all Sovereign States on the Continent and their various financial architectures.

Mr Selasi Koffi Ackom, Chief Executive Officer (CEO) of GITFIC said it was necessary to deepen discussions among stakeholders to enable African economies maximise benefits under the AfCFTA.

He also stressed on the negative impact of Africa’s fragmented-fronts as a possible means of derailing the time-sensitive-lines of the proposed AfCFTA achievements.

 

Source: Ghana News Agency

Tema, The Customs Division of the Ghana Revenue Authority (GRA) on Friday reminded car importers to use the services of clearing agents to clear their goods at the various ports.

Mr Justice Njornan Magah Ydjayime, Supervisor at the Customs Technical Services Bureau (CTSB), giving the advice said for the purposes of accountability and due to the technical nuances associated with customs house business, importers needed the services of clearing agents.

“These agents were trained by Customs to the level of a Senior Revenue Officer therefore, they are equipped with the technical know-how to deal with Customs,” Mr. Yadjayime stated.

He said per Ghana’s laws, clearing agents were the only ones allowed to clear goods at the various ports and frontiers of the country, emphasizing that following the purchase of a vehicle and shipment by the shipper, one needs the services of a clearing agent.

Outlining the Customs clearing process at Ghana’s ports, he said the agents would then have to submit the details of the bill of lading of the shipment, which contains the details of the car into the Integrated Customs Management System (ICUMS).

He added that Customs requires that the bill of lading captures the make, model or special features explaining that is what is on the manifest the shipping line sends to customs therefore the bill of lading should tally with the manifest.

He said after the submission of the declaration to Customs through the ICUMS, it then goes through three stages namely classification, valuation, and the supervisor stage.

Mr Yadjayime indicated that the classification officer then assigns an HS Code “a standardized numerical method classifying traded products” to the car, which gives the specific descriptions of the particular imported product.

At the valuation level, an officer verifies and uses the classification information to assign a value through Customs installed software that provides value of all vehicles from the various zones. The Supervisor then verifies all the details and approves the bill of entry.

He said from the supervisor stage, it goes directly to the declarant who could then accept or appeal the valuation “in the event of acceptance, declarant will have to pay via any of the accepted commercial banks as well as fulfil payment requirements of the various stakeholders in the clearance chain such as the shipping lines and the terminal operators”.

After acquiring the shipping line release, declarant can then book for physical examination, adding that terminal handling charges however were also prerequisite to examination by Customs.

He mentioned that should examination be vetted successfully, customs would allow delivery of cargo, after prevention checks at the exit points of the port indicating that the various checks and balances were essential to ensure no revenue leakages or security implications were suffered.

Touching on disparities of duties, Mr. Yadjayime noted that differences in duties of same vehicles could be as a result of exchange rate disparities at different clearance times as well as origin of vehicles.

He added that vehicles with special features, can also attract more duties even though they could be of the same model, hence it was important for importers to note these distinctions and also get themselves abreast with the clearance process.

 

Source: Ghana News Agency

Accra, Ghana will be among the African countries to participate in this year’s Singapore African Business Forum scheduled to take place from August 23 to 27.

The virtual Forum organized by Enterprise Singapore, an agency championing enterprise development, would bring together trade and business experts from Singapore and African countries to explore opportunities on trade and investment for socio-economic development.

Speaking at a virtual media briefing, Ms Jean Ng, the Regional Director, Enterprise Singapore said the Forum would serve as a platform for holistic engagement between Singapore, Asia, and Africa, raise awareness of Africa’s growth opportunities, Promote Singapore as a hub for Asia-Africa trade and investment, among others.

The forum will focus on topics like “Africa’s Urban Future: Sustainable Planning and Construction, Manufacturing in Africa: Deepening Value-Capture in the continent, Digital Africa: The Next Tech Frontier.

Ms Ng said in line with Enterprise Singapore’s role in developing Singapore’s startup ecosystem, the agency was focusing on the five pillar strategies- deepening global connections to support SG startups to internationalize and attract global startups, and catalyse more platforms for co-innovation and deployment.

The rest of the strategies was to strengthen human capital by growing local and global talent pool for SG startups, catalyse financing opportunities and create a network of infrastructure to support startups.

“Our economy is diversified, powered by a mixture of manufacturing and services sectors, of which many of these businesses are not just domestic, but international”.

“Singapore offers access to fast growing markets like China, India, and Vietnam and committed to pursue good relations with other countries as well with strong free trade networks through Free Trade Agreements with major economies and countries, making us an ideal partner”, she said.

Ms Ng said Singapore had a favourable and conducive environment for businesses to operate in a stable legal, regulatory, and tax framework with a highly qualified, global-ready workforce to support trading companies’ international business.

This, she said was necessary because an extensive participant network created an effective, neutral marketplace for trade origination, while strong financial infrastructure enabled low-cost financing of high trade volumes.

She said Singapore had been a long-time development partner in Africa and have used their development models to influence manufacturing, sustainable infrastructure, innovations, and technology across the continent.

With the influx of Chinese influence, she said Singapore can provide an alternative model of partnership of development, particularly post COVID-19 pandemic.

Since 2015, Singapore has been among the top 10 investor economies in Africa, measured by Foreign Direct Investment stock.

According to the United Nations Conference on Trade and Development, from 2015 to 2019, Singapore’s investments into Africa rose from $17 billion to $20 billion.

On diplomatic visits and initiatives between Ghana and Singapore, she said the Bank of Ghana and Monetary Authority of Singapore commenced discussions on December 2020 to adopt the Business san Borders open hub of platforms between Singapore and Ghana.

The close cooperation will benefit small and medium sized enterprises (SMEs) and micro SMEs in both countries by expanding their connectivity with their counterpart economy while introducing innovative FinTech and digital tools to help SMEs seamlessly complete business needs.

 

Source: Ghana News Agency

Accra, Mr Michael Okyere Baafi, Deputy Minister of Trade and Industry, has called on the Federation of Indian Chambers of Commerce and Industry (FICCI) Ladies Organisation (FLO)to support Ghana’s policies to empower women entrepreneurs.

He urged FLO to consider partnering with Ghanaian women entrepreneurs as an entry to trade and investments in Africa.

Mr Baafi was speaking at the second virtual International Trade and Business conclave organised by FICCI FLO in partnership with the United Nations in Ghana.

The conclave is to increase the demand for goods and services supplied by women entrepreneurs from India and Ghana.

It is also to create platforms for increasing international trade support, initiate or improve efforts to integrate women vendors into global value chains.

The Minister said the potential of trade to expand women’s role in the economy increased inequalities and expanded women’s access to skills and education, which could not be under estimated.

He said Ghana was implementing strategic policies to empower women to maximize the benefits of trade, since 70 per cent of companies in Ghana operates as SMEs and women were over represented in the informal sector.

These policies include the removal of trade barriers that hindered women’s success to the international market and improving women’s access to education, financial services and digital technologies.

Mr Baafi said government had put in place a simplify trade regime to facilitate trade at the borders entry points with its neighbour’s, to enhance the business activities of women and other SMEs.

The Deputy Minister said Ghana and India have a lot in common that cuts across their diplomatic, economics and cultural relations in the context of a South South corporation.

“India’s relations with Ghana drew steadily in the immediate post-independent era as a result of solidarity and good will among others,” he said.

Mr Baafi said Ghana could benefit from India’s rich experience in institutional support for the enhancing contributions of women to SMEs to economic growth and job creation.

The Deputy Minister said the Africa Continental Free Trade Area (AfCFTA) was a major milestone towards regional integration and free trade on the Continent.

He said a single continental market was a viable vehicle for industrialisation and integration of regional value chain, and for boosting investment in their various countries and achieving economic of skills.

He called on FLO to take advantage of the AfCFTA with a strong determined mutual partnership that would be beneficial now and in the long term.

Madam Ujjwala Singhania, National President for FLO, said the event was to build the capacity of trade support institutions to provide better services to women clients.

She said it was also to increase the awareness of policy makers of the potential of women entrepreneurs and raising awareness of related barriers that hampered their participation in international trade.

She said India and Ghana had shared warm relations that dated back to a strong bilateral relations led by their various leaders.

The National President said currently India was among the top five trading partners of Ghana and it is the largest destination for exports amounting to 557.17million dollars since July, 2020.

She said Ghana had a positive trade balance with India mainly due to the exports of Gold by India, which accounted for nearly 80 per cent of total imports from Ghana.

“It is for these reasons that we need to explore the possibility of working jointly towards the goal of women economic empowerment,” she added.

She said India and Ghana had the potential to explore trade and investments opportunities and it was necessary to take the current collaboration further and create the linkages between women entrepreneurs of both countries.

Mr Charles Abani, UN Resident Coordinator, Ghana, said entrepreneurship and decent work were the bedrock of economic development, and these supported economic empowerment of women, men, families, communities and countries.

He said the initiative by FLO was really important in building on Ghana’s own ambition to just becoming self-reliance but also beyond aid.

 

Source: Ghana News Agency

Accra, To enhance the creativity and competitiveness of students and Alumni, the University of Ghana has introduced the Innovation and Entrepreneurship Programme (UGIEP).

UGIEP, is a trans-disciplinary initiative that seeks to foster entrepreneurship and innovation culture at the University through extracurricular programmes and projects that supports creative thinking, venture creation and growth towards the advancement of innovation and entrepreneurship development in Ghana.

It will unlock the ideas of students, alumni and faculty, and translate new ideas, products and services into employment and economic growth.

The Programme is also an integral part of the University’s research development plans to enhance its innovation ecosystem.

Professor Nana Aba Amfo, the Acting Vice-Chancellor of the University said the Programme was designed to engage students, faculty, and external stakeholders in leveraging their research, innovative skills and experimental models to create start-ups and other opportunities.

The programme is as a result of the partnership between the University of Ghana through its Institute of Applied Science and Technology (IAST), and the Global Entrepreneurship network-Ghana (GEN-G).

The Vice-Chancellor said the day would be remembered the University consolidated its incubation and entrepreneurship initiative in a formal structure.

She said the Programme sought to streamline and provide essential support services to students and alumni in a cross-experiential set to enhance their creativity and competitiveness in this complex world.

Prof Amfo said in seeking to be a world class research University, the leadership of the University has strategically focused on enhancing students experience by implementing modern coaching and mentoring programmes.

She said the University was also strengthening the residential hall tuition system and resourcing Units with activities that relate to students development.

She said the Programme also gives meaning to the University’s second strategic priority, which was to promote academic excellence using the highest international standards of teaching, learning and leadership development.

The Vice-Chancellor said the Programme provides a formal avenue to help streamline activities of various Departments, Units and students groups as well as provide adequate financial, administrative and business support.

“As a University, we have gone beyond training highly skilled human resources 2 0 for existing colour jobs as it keeps reducing anyway to venturing into also creating and providing entrepreneurial spaces for students and alumni, ” she added.

She commended the leadership of the (IAST) for partnering the Global Entrepreneurship Network, Ghana (GENG) to develop the programme.

Mr. Stephen William Gyasi-Kwaw, Country Founder and Managing Director for GENG said the Network was a social enterprise company that promotes entrepreneurial development programmes aimed at harnessing young people to initiate and scale-up sustainable businesses.

He expressed gratitude to the University Management for making the partnership a reality.

 

Source: Ghana News Agency

Tema- The African Union Commission has signed a Memorandum of Understanding with TRAFFIC a leading non-governmental organisation working globally on trade in wild animals and plants in the context of both biodiversity conservation and sustainable development.

The MOU was jointly signed by Ambassador Josefa Sacko, AUC Commissioner for Agriculture, Rural Development, Blue Economy and Sustainable Environment (ARBE) and Steven Broad, TRAFFIC Executive Director.

Under this agreement, the parties will collaborate to support the African Union Member States’ policies for environment, wildlife management and trade, and conservation and recognise that wild flora and fauna loss affect African people’s livelihoods, especially during post-pandemic recovery.

It acts as a framework to combat the illegal exploitation and trade in Africa’s rich wildlife with a joint goal of protecting flora, and fauna on land, wetlands, and marine ecosystems, AU document made available to the Ghana News Agency in Tema on Thursday stated.

The MOU was described as a significant step towards implementing the African Union’s Wildlife Strategy.

On the occasion of signing, the MoU, Ambassador Sacko, stated: “For the AU this is an important MoU for the safeguarding of Africa’s wild biodiversity.

“We are looking forward to deepening our already great collaboration with TRAFFIC and are welcoming TRAFFIC’s technical support and policy which stems from its evidence-based experience, on how to keep the use and trade of wild harvested flora and fauna at legal and sustainable and levels, and on how to best combat any illegal trade and overexploitation threatening our biodiversity”.

Ambassador Sacko noted that, AU was looking forward to co-operate with TRAFFIC in preparations for key multilateral and bilateral fora, as well as for the environmental components of the Commission’s frameworks and partnerships.

“We also welcome TRAFFIC’s commitment to collaborate with and support the Commission in the effective implementation of the Green Recovery Action Plan, providing support especially to the ‘Biodiversity and Nature-based Solutions’ component to which we can bring considerable technical expertise and international experience,” he said.

Existing inter-governmental relations between the AU and the Member States allow coordination with the relevant ministry departments and other government sectors.

In a post-pandemic world, not only will it be vital for conservation and development, but will enable sound and evidence-based responses to zoonosis-induced threats stemming from wildlife trade, he said.

Mr Richard Scobey, Executive Director for TRAFFIC said: “We are committed to improving the sustainability of Africa’s wildlife, environment and legal trade to support national economies and local development across the continent alongside the AU Commission.

“It is a promising and welcome step towards sustainable wildlife trade in Africa”.

TRAFFIC will provide the AUC and its Member States with the latest evidence-based technical guidance to implement sustainable natural resource strategies that support national economies and local community development.

Existing TRAFFIC projects like Reducing Illegal Timber Exports already work with communities living adjacent to forests with the legal knowledge and tools to reap the rewards of legal, sustainable forest management.

Additionally, TRAFFIC’s growing portfolio of work with private sector companies along the supply chain including; e-commerce, transportation and financial sector companies directly support common interests and sustainable development agenda.

TRAFFIC will also collaborate with and support the African Union Commission in the effective implementation of the Green Recovery Action Plan, providing support especially to the ‘Biodiversity and Nature-based Solutions’ component.

On the international front, TRAFFIC will also assist the AU and its Member States to prepare for and build relationships at multilateral summits such as The Convention on Biological Diversity (CBD), the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES).

The crucial meetings could be informed by holistic and pioneering methods like the Trade in Wildlife eXchange (TWIX) platforms in Central, Southern and Eastern Africa to support the elimination of the illegal trade of Africa’s fauna and flora.

At the same time, other international TRAFFIC behaviour change projects work across the globe to reduce demand for illegally and unsustainably harvested wild fauna and flora at the end of the supply chain, while supporting choices for wildlife stemming from sustainable and legal sources.

Source: Ghana News Agency