Business

Government has negotiated its Investment Agreement with mining giant Newmont, guaranteeing improved benefits for Ghana.

A statement from the Lands and Natural Resources Ministry says the new deal will also ensure long term sustainability of the mining industry.

The objective of the re-negotiation is to ensure that all major stakeholders, including Ghanaians, mining companies and their investors equitably share in the benefits that mining brings.

The proposed changes are expected to improve benefits for Government and economy and increase revenues while assuring a fair, predictable and beneficial long term basis for Newmont’s business in Ghana.

The re-negotiated Investment Agreements, now consisting of two separate agreements, one for each Newmont Ghana entity operating in Ghana, were submitted to Parliament for ratification in June and ratified by Parliament this week.

Newmont’s original Investment Agreement with the Government of Ghana was ratified by Parliament in December 2003.

Newmont has since invested more than US$2.7 billion in Ghana to date; making the company the largest single investor in gold mining in Ghana.

Newmont Ghana has affirmed its long-term commitment to Ghana and says it will continue partnering with the government and people to bring sustainable value and opportunity for all stakeholders.

The Newmont deal with government has in the past been criticized for being too lopsided in favor of the mining firm.

The Government of Ghana set up the Government Mining Review & Negotiating Committee (MRC) in 2012 to review the country’s mining regime and to re-negotiate existing stability agreements taking into account changes in the national economy and the mining industry over the past few years.

Source: ghanaweb.com

On the Forbes 2015 ranking of 144 Best Countries for Business in the world, Ghana ranks 79th and 8th in Africa.
Ghana is ahead of countries like Senegal, Tunisia, Namibia and the Seychelles. Some of the other countries that Ghana is ahead of include Mozambique, Lesotho, Madagascar, Burkina Faso and Cote d’Ivoire which is ranked at 106th in the world and 17th in Africa.
The countries ahead of Ghana are, Mauritius, South Africa, Morocco, Botswana, Cape Verde, Rwanda and Zambia.
Forbes posts indicators like population, GDP growth rates, GDP per capita and trade balance to GDP.
Ghana’s GDP growth is put at 4 per cent, GDP per capita is $4,100, trade balance to GDP, -10.4 per cent and the population is 26.3 million.
Nigeria is ranked at 122nd in the world and 27th in Africa with a population of 181.6 million. The country’s GDP growth is put at 6.3 per cent, its GDP per capita is $6,100 and trade balance to GDP is 0.2 per cent.
The ranking has Denmark with a population of 5.6 million at number one, with 1.1 per cent GDP growth, $44,600 GDP per capita and trade balance to GDP of 6.3 per cent.
At the bottom of the ranking is Chad. Having a population of 11. 6 million, Chad has a GDP growth of 6.9 per cent, a GDP per capita of $2,600 and trade balance to GDP of -7.8 per cent.
With a population of 1.3 million, Mauritius is the number one country in Africa on the ranking. It has a GDP per capita of $18, 700, a trade balance to GDP of -5.5 per cent and GDP growth of 3.6 per cent.
The ranking covers 40 countries in Africa. 

Source: myjoyonline.com

The US National Highway Traffic Safety Administration (NHTSA) has linked an eighth US death to a faulty airbag inflator made by Japan's Takata.

The NHTSA said a teenager was killed in July after an airbag in a 2001 Honda Accord ruptured.

A total of 19 million cars, containing 23 million airbag inflators, made by 12 car companies have been recalled.

In November, Takata agreed to pay a $70m fine for safety violations and may face deferred penalties of up to $130m.

The airbag fault has claimed nine lives globally.

The airbag inflators explode with too much force and spray metal shrapnel into the car. All nine deaths, eight in the US and one in Malaysia, have all been in Honda cars. More than 100 people have been injured.

Honda said that the car involved in the crash had been included in a February 2010 national safety recall campaign and claimed that it had made "numerous attempts" to contact the previous owner of the vehicle.

It said it sent a new recall notice to the current owner of the car on 21 July this year, one day before the crash.

A spokesman for the NHTSA said that Honda, as well as Subaru and Mazda, have added a "few hundred thousand" more cars to the recall in the US, adding that other car companies may follow suit.

The NHTSA said about a quarter of affected cars have been fixed, the majority of which are in areas of high humidity which can react adversely to ammonium nitrate, a chemical compound which is used to deploy the airbags.

In a statement, Takata said: "Our heartfelt condolences go out to the driver's family.

"We are working in close collaboration with Honda and NHTSA to determine the facts and circumstances surrounding this tragic situation. Takata's number one priority is the safety of the driving public."

Shares in Takata closed down nearly 5%.

Source: bbc.com

The Minister for Trade and Industry, Dr. Ekwow Spio-Garbrah, has presented in Nairobi to the international community an innovative project dubbed the Pan African Trade Hub System (PATHS). 

The Minister’s presentation was at a forum organised by the United Nations Conference on Trade and Development (UNCTAD) attended by top officials of the African Union, the World Trade Organisation, the Commonwealth Secretariat, the International Trade Commission and the UN Economic Commission for Africa. 

Also present were several African Ministers, CEOs of some major multinational corporations, business associations and chambers of commerce, heads of think tanks, academics, research firms and NGOs.

According to the Ghana Minister, PATHS aims, among other goals, to increase the values of Intra-African trade from the current approximately 5% of Africa’s total trade to some 25% in two decades, in order to promote greater African development, to create wealth, and to help achieve the Sustainable Development Goals (SDGs).  

The Minister of Trade and Industry was one of the main speakers at the high level forum of UNCTAD  on the topic “The African Continental Free Trade Area—Making it Work”  as one of the side events at the  just concluded tenth WTO Ministerial Conference which took place in Nairobi, Kenya from 15th to 18th December, 2015. 

Dr. Spio-Garbrah described PATHS as continental public-private partnership of African international organisations, member governments, financial institutions, and the private sector which would be an aggregated e-commerce/m-commerce, e-procurement, and e-payments platform and portal. It is intended to converge and facilitate the work of a range of institutions and actors in the African trade ecosystem, from governments, customs and revenue agencies, commodity producers and traders, importers and exporters and other trade facilitation entities.

The Ghana Minister further stated some of the other benefits of the PATHS to include increasing African's percentage of  total world trade  from 2% to 10%; and to increase Intra-African Investment and Foreign Direct Investment, In addition, PATHS would improve the quality, standards and competitiveness of African goods and services in international trade; enable African SMEs to compete more effectively globally; as well as enable Africa to raise the service delivery and integration of banking and payments service infrastructure to international standards.

 The PATHS is intended to be a  public-private commercial partnership supported by the African Union, African Governments, African Chambers of Commerce and Industry and public-private investors as well as a profit making commercial enterprises. It is to be registered as a private company initially in Kenya, Ghana, Mauritius and Tunisia.

The Minister listed the PATHS stakeholders as the African Union (AU), Regional Economic Communities (RECs), African governments and public agencies, industrialists, manufacturers, commodity producers, warehousing companies, traders/brokers, financial institutions, banks, insurance companies, importers, exporters, freight forwarders, clearing agencies and online shoppers.

Elaborating on the Road Map to achieving the establishment of the PATHS, the Minister explained the steps to adopt in the bid to establishing the PATHS as continuing with the ICT architectural design and development, equity capital mobilisation, and obtaining the formal support of the AU and other African regional and national bodies for the initial platforms, products and services of PATHs  to be finally launched to coincide with the proposed  declaration of a Continental Free Trade Area for Africa in 2017 or whenever that agreement may be signed by African member states.

Following the Ghana Minister’s presentation to UNCTAD, the Government of Kenya, acting through its Cabinet Secretary for Foreign Affairs and International Trade, Ambassador Amina Mohamed, immediately associated itself with the Ghanaian initiative and offered at a press conference in Nairobi to co-sponsor a resolution of support for PATHs for consideration by member states of the AU at a forthcoming summit meeting of Heads of State in 2016. The Ghana delegation to the WTO conference included two members of Parliament, the Acting High Commissioner of Ghana to Kenya, and senior officials of the Ministry of Trade and Industry based in Accra, Geneva and Brussels.

Source: peacefmonline.com

It has emerged the Kumasi Metropolitan Assembly spent a whopping 4.4 million Dollars to construct the city’s modern amusement center, the Rattray Park.

The Rattray Park is named after Captain Rattray, a Scottish who was the Assistant Colonial Secretary in the Gold Coast and clerk to the Legislative Assembly of Accra in 1919.

He was a special commissioner and the colonial government anthropologist in Ashanti in 1920, who did a lot of research work on the Ashanti Kingdom and the people of the Gold Coast in a bid to help the government understand the people.

Captain Rattray is believed to be the first man to fly an aircraft (glider) to West Africa, and crash-landed at the site where the ultramodern recreational centre stands.

The Rattray Park, Kumasi City which was commissioned on June 1, 2015 by President John Dramani Mahama with the support of the Asantehene, Otumfuo Osei Tutu II has become the preferred choice for outdoor relaxation for many residents.

Believed to be the biggest and most beautiful amusement park in West Africa, it comes with an artificial lake and a restaurant. But project cost remains unknown until now with some assembly members agitating over City Mayor’s refusal to furnish them with how much the assembly has spent on it.

K.M.A Chief Executive, Kojo Bonsu, has revealed the project cost the assembly a whooping 4.4 million US Dollars.

He promised to make public details of the cost in due course after delay caused by unavoidable factors. Mr. Kojo Bonsu who made the revelations on Nhyira Fm’s ‘Kuro yi mu Nsem’ program Monday is however happy at the gains made so far with revenue realized from the project.

He says the facility is generating some revenue to support the Assemblies operations, touting it as one of the assembly’s success.

According to Mayor Bonsu, the assembly is able to make at least 17,000 cedis on some weekends from the park.

Meanwhile, the Assembly has also commenced the renovation of Prempeh Assembly Hall and walling of the Komfo Anokye sword site on the premises of the Komfo Anokye Teaching Hospital.

He added that the Assembly is embarking on these projects with Internally Generated Funds and support from the World Bank’s Urban Development Grant
In another development, Mr. Bonsu has assured traders in the central market and various satellite markets the assembly will ensure these projects are completed in time.

Source: Nhyira Fm

Countries in the World Trade Organization (WTO) have agreed to abolish subsidies on farming exports.

Developed countries agreed to stop the subsidies immediately and developing nations must follow by the end of 2018.

The WTO, which represents 162 countries, called it "the most significant outcome on agriculture" since the body's foundation in 1995.

But longstanding talks on other trade barriers were left unresolved at the end of the summit in Kenya.

Removing agriculture export subsidies is intended to help farmers in poorer countries to compete more fairly.

"The decision you have taken today on export competition is truly extraordinary," WTO chief Roberto Azevedo said at the closing session in Kenyan capital, Nairobi.

The summit of ministers, which finished on Saturday after five days of talks, was the first to be held in Africa.

Doha deadlock

The WTO called the farming agreement "historic", while the European Commission said it would be "good for fairer trade".

"For those who had doubts, it proves the relevance of the WTO and its capacity to deliver results," EU Trade Commissioner Cecilia Malmstrom said.

Kenya's Foreign Minister Amina Mohamed said the summit would be "remembered as having made that leap" from a time when the WTO was divided along a "developed and developing divide".

It follows a WTO deal in July to cut tariffs on $1.3trn (£833bn) worth of technology products.

But the body had been under pressure in Nairobi to remove other trade barriers after discussions had stalled in recent years.

The lack of progress in the ongoing Doha Round of talks, which first started in the Qatari capital in 2001, had led some countries to seek agreements among smaller groups.

Doha's goals included increased duty-free access for developing countries; lower tariffs on agricultural products, textiles and clothing; and the reduction of trade-distorting subsidies from developed countries.

The final declaration adopted in Nairobi said "many members" reaffirmed their "full commitment to conclude" the Doha Development Agenda goals.

But it added: "Other members do not reaffirm the Doha mandates, as they believe new approaches are necessary to achieve meaningful outcomes in multilateral negotiations."

Two new countries, Afghanistan and Liberia, were accepted into the WTO at the summit and will formally join in the coming weeks.

Source: bbc.com

US politicians have approved a measure to lift the 40-year ban on crude oil exports.

The move is part of a $1.1 trillion (£738bn) spending bill approved by the Senate on Friday that will fund the US government until 2016.

Oil prices rose on Friday following several weeks of falls, as the markets cope with a glut of crude.

US West Texas Crude gained 1.1% to $36.38 a barrel, while Brent rose 0.7% to $37.32 a barrel.

US oil producers will now be able to sell crude to the already saturated international market.

The bulk of US oil comes from shale producers. Production and exploration companies argued the ban - imposed during the Arab oil embargo in the mid-1970s - was outdated and unnecessary.

Opponents claimed that lifting the ban would lead to the loss of oil refining jobs and would be bad for the environment.

As a trade-off for lifting the ban, the spending bill includes tax breaks for solar and wind power and a pledge by Republicans not to block a $500m payment to the UN Green Climate Fund.

President Obama signed the bill into law on Friday.

The global glut meant that lifting the ban was not expected to lead to significant US exports for months or even years, but could give producers extra flexibility.

George Baker, head of Producers for American Crude Oil Exports, said: "Now that we have levelled the playing field, the United States finally has an opportunity to compete and realise our nation's full potential as a global energy superpower."

Tom O'Malley, executive chairman of refiner PBF Energy, claimed that lifting the ban would lead at least one oil refinery on the US east coast to close.

"This is a crazy thing to do. Once you lift it, it's hard to reverse it," he said.

Source: bbc.com

Despite efforts by Sub-Saharan Africa countries to diversify economies and accumulate buffers, their commodity exporters remain vulnerable to commodity price shocks, according to a Moody’s report .

“The most recent collapse in the prices of oil, copper and iron ore, amongst others, has slowed growth significantly, increased fiscal and external imbalances, and weakened currencies,” the ratings agency said in a report released December 11.

Other highlights in the report are:

In general, the region’s oil exporters have been affected more than metals and mining exporters. Among Moody’s rated SSA commodity exporters, Angola, the Republic of the Congo and Gabon have the most oil-reliant economies.

Despite diversification efforts, the region’s economies are less diversified than it was two decades ago. Export diversification and economic complexity are lower among SSA oil exporters than among peers in developing Asia or Latin America.

 Fiscal and current account balances bear the brunt of the commodity shock. In several African frontier markets, the share of foreign-currency denominated debt has risen and there has been an increase in international bond issuance. Angola, Ghana and Zambia are among the most affected countries.

Recent sovereign rating actions in SSA reflect weakening trend growth, widening twin deficits and rising uncertainty about the capacity of the governments to consolidate their finances.

Source: myjoyonline.com

IMF chief Christine Lagarde is to stand trial in France for alleged negligence over a €404m ($438m; £294m); payment to a businessman in 2008.

She was finance minister in President Nicolas Sarkozy's government at the time of the compensation award to Bernard Tapie for the sale of a firm.

Mr Tapie supported Mr Sarkozy in the 2007 presidential election.

Ms Lagarde's lawyer described the court's decision as "incomprehensible", and said the IMF boss would appeal.

In a statement she said she had "always acted in this affair in the interest of the state and in respect of the law", according to AP.

Mr Tapie was once a majority shareholder in sports goods company Adidas but sold it in 1993 in order to become a cabinet minister in Francois Mitterrand's Socialist government.

He sued the Credit Lyonnais bank over its handling of the sale, alleging that the partly state-owned bank had defrauded him by deliberately undervaluing the company.

His case was later referred by Ms Lagarde to a three-member arbitration panel which awarded the compensation, causing a public outcry.

Investigators suspect he was granted a deal in return for his support of Mr Sarkozy.

Earlier this month, a French court ruled that Mr Tapie was not entitled to any compensation for that sale and should pay back the €404m with interest.

Five-day deadline

France's Court of Justice of the Republic (CJR) decided that Ms Lagarde, 59, should be tried on the charge of "negligence by a person in position of public authority" over the compensation case, iTele TV channel and the Mediapart website reported on Thursday.

A court spokesman later confirmed the decision.

French media said the CJR investigation magistrates declined to follow the recommendation of another court which last year decided not to pursue the case.

"It's incomprehensible," Ms Lagarde's lawyer Yves Repiquet told iTele. "I will recommend Mrs Lagarde appeal against this decision."

A spokesman for France's attorney general said Ms Lagarde would have five days to appeal, once the court decision is made public on Friday or Monday.

Meanwhile, IMF spokesman Gerry Rice said the organisation - which represents 188 member nations - "continues to express its confidence in the managing director's ability to effectively carry out her duties".

Bernard Tapie: A French saga

1993: Credit Lyonnais bank handles sale of Adidas, in which Bernard Tapie is a majority stakeholder, to enable tycoon to pursue ministerial career under then Socialist President Francois Mitterrand

1993-2007: Mr Tapie claims Credit Lyonnais undervalued Adidas and that he was cheated; lengthy court battle ensues

1994: Bernard Tapie's highly indebted group collapses and is wound up by Credit Lyonnais

2007: Mr Tapie switches support to conservative Nicolas Sarkozy in presidential election. Finance Minister Christine Lagarde intervenes in Tapie case to order binding arbitration

2008: Special judicial panel rules Mr Tapie should receive damages of €404m; Ms Lagarde decides not to challenge ruling, prompting public outcry

2011: Public prosecutor recommends judicial investigation into Ms Lagarde's decision to order arbitration

2013: Ms Lagarde is questioned by magistrate and her Paris apartment searched. Mr Tapie is placed under investigation by prosecutors investigating corruption claims

2014: French prosecutors open formal investigation of negligence into Ms Lagarde

3 December 2015: A court orders Mr Tapie to pay back €404m with interest

Ms Lagarde replaced Dominique Strauss-Kahn as IMF managing director in 2011.

Mr Strauss-Kahn - also a former French minister - resigned following his arrest in New York on charges of sexual assault that were later dropped.

Source: bbc.co.uk

2015 has been a prosperous year fir the Jospong Group of Companies and to show appreciation, the group held its annual thanks-giving service to thank the Lord for successes they have chalked.

The event which was held at the Group’s headquarters at Nmai Djorn in Accra brought together representatives from several other companies outside Jospong Group, including state officials.

This years’ service was on the theme: “Who am I, O Lord God, and what is my house that you have brought me thus far”.

In an address, Dr Joseph Siaw Agyepong, Chairman of Zoomlion and Jospong Group of Companies, urged government to put the private sector on top of its priority list, to ensure sound economic growth.

To the renowned business magnate, Ghanaian entrepreneurs, if offered the needed support, would achieve tremendous success both locally and internationally.

“Our experiences have convinced us that the Ghanaian entrepreneur is capable of achieving world-class success across all sectors when adequately supported,”
Dr. Siaw Agyepong said.

He said the success of Zoomlion and Jospong Group shows that the private sector is capable of ensuring the socio-economic development of the country if given the space to operate.

He said “as Americans build America so will Ghanaians build Ghana….if we are one, with one language and one mindset, nothing we imagine will be impossible. With the right mindset, the private sector can team up to build a Better Ghana.”
Given the current economic conditions, Dr. Siaw Agyepong said it was imperative for the private sector to work towards drawing synergies in the sector for the development of the nation.

He said a healthy collaboration between the private and public sector is also imperative to the economic development process.

“It is worth mentioning at this point that we have so far enjoyed great support and cooperation from the public sector in general, especially from Ministry of Local Government and Rural Development, MMDAs and other government agencies,” the chairman said.

Dr. Siaw Agyepong commended management and staff for their commitment to meeting the company’s goals.

Julius Debrah, Chief of Staff, who was the guest speaker, heaped praises on the Jospong Group of Companies for its good works in the country.

He said the thanksgiving service held by the company was appropriate, urging the management of the company to continue the annually event.

Mr Debrah commended former President Kufour for supporting Zoomlion since its inception in Ghana, urging politicians to support the private sector to grow in the country.

“We should make sure that the private sector becomes the engine of growth irrespective of the political party in power. Let’s celebrate our own and support it to grow for the good of the nation,” he said.
Joseph Siaw Agyempong said in 2016, two million waste bins would be distributed to homes in a bid to curb littering and enhance quick waste collection efforts.

The company hopes to distribute two million waste bins every year from 2016.

Source: peacefmonline.com

For the first time in 14 years, Ghana’s economy has shrunk and growth has declined from 8.4 percent in 2009 to 4.2 percent currently, Prof Gyan-Baffour, Member of Parliament (MP) for Wenchi has indicated.

He disclosed this on the floor of Parliament during a debate on the 2016 Budget.

Prof Gyan-Baffour said such negative growth in the wake of oil resources had significantly affected the country’s gross domestic product (GDP) and per capita income.

“Mr Speaker, according to the Bank of Ghana data on page 213 of this budget, the economy is shrinking. The GDP was $39.517 billion in 2011; it went up to $41.459 billion in 2012 and $48.678 billion in 2013 and has since started falling to $38.775 billion in 2014 and further down to $36.068 billion in 2015,” he emphasised.

He also pointed out that with an increased population and shrinking GDP, the per capita income has reduced from $1,884 in 2013 to $1,346 in 2015, stressing that the budget’s theme of ‘Consolidating Progress towards brighter medium term’ should change to ‘Consolidating mediocrity and incompetence.”

He said government has mastered the art of borrowing such that the country’s total debt has ballooned from GH¢9.5 billion to GH¢93 billion in seven years with most of the borrowed money going into consumption instead of investment as indicated by the IMF.

The MP said industries had suffered greatly under this government, especially in the wake of the current power crisis.

“Mr Speaker, positively transforming the economy will mean adding value to our raw materials that is converting bauxite into aluminum, gold into trinklets, producing more chocolate from cocoa and the rest.”

He also added that government could also increase the fiscal space by revisiting the Oil Revenue Management Act and re-organizing EDAIF into a commercially viable bank to support manufacturing and export.

Source: Daily Guide

After passionate and at times angry pleas from various vulnerable communities, Facebook has announced it is to amend its controversial "real name" policy.

On Tuesday the site said it was to test new tools that allowed people to share any special circumstances they felt meant they could not use their real name.

The tool is intended to help people who may have suffered domestic abuse, or in cases where their sexuality could put them in danger.

However, Facebook stood firm on insisting people use "real names" in all but the most unusual situations.

"We require people to use the name their friends and family know them by," the company said.

"When people use the names they are known by, their actions and words carry more weight because they are more accountable for what they say.

"We're firmly committed to this policy, and it is not changing.

"However, after hearing feedback from our community, we recognise that it's also important that this policy works for everyone, especially for communities who are marginalised or face discrimination."

Intense pressure

The company is also adding a new tool for reporting fake names, requiring anyone who is reporting another user to provide more context for their complaint.

Facebook said it received hundreds of thousands of reports of fake names every week.

"In the past, people were able to simply report a 'fake name' but now they will be required to go through several new steps that provide us more specifics about the report," the company said.

"This additional context will help our review teams better understand why someone is reporting a name, giving them more information about a specific situation."

Image copyright Getty Images

Image caption Facebook founder Mark Zuckerberg was criticised for his remarks on the policy

The social network had faced intense pressure from rights groups over its hard-line stance on real names.

Founder Mark Zuckerberg was heavily criticised after he suggested that people that use two names, or have an alias, showed a "lack of integrity".

Drag queens

Last year, prominent drag queens in San Francisco had their Facebook accounts deleted as they were deemed to be violating the real name policy.

After considerable uproar, including a planned protest outside Facebook's headquarters, the company acknowledged that it had been a mistake to delete the accounts, but said it faced a challenge in verifying people on the network.

It argued that insisting on real names played a role in preventing bad actors on the site and had made people more accountable for what they posted.

"The stories of mass impersonation, trolling, domestic abuse, and higher rates of bullying and intolerance are oftentimes the result of people hiding behind fake names, and it's both terrifying and sad," the site said.

"Our ability to successfully protect against them with this policy has borne out the reality that this policy, on balance, and when applied carefully, is a very powerful force for good."

A group of civil liberties organisations and rights groups formed the Nameless Coalition which has been leaning on Facebook to change its policies.

The new tools announced on Tuesday fall short of the group's complete suggestions, but representatives from Facebook met members of the Nameless Coalition at a public event in San Francisco.

Source: bbc.co.uk

The Petroleum Commission is confident the launched Ghana Upstream Sector Internship Program (GUSIP) would help bridge the skills gap in the oil and gas industry to the benefit of the economy.

Many industry players have expressed concerns about the lack of personnel with the requisite technical skills set for the development of the industry.

Human Capital Manager for the Petroleum Commission Edward Appiah-Brafo explains to JOY BUSINESS the Internship Program should boost job-creation opportunities in the sector.

According to him, the commission also has some concerns regarding number of people taking management courses and said “it is infact a big concern for the commission and the commission has stepped up its communication efforts in educating Ghanaians that the alacrity with which they go and pursue oil and gas management courses or anything management with oil and gas attached to it is not the antidote to the shortage of skills in the industry.”

Mr. Appiah-Brafo spoke with JOY BUSINESS at the maiden application assessment of candidates for the Ghana Upstream Sector Internship Program where about 200 successful graduates are to be selected for internship in the upstream oil and gas sector after the assessment.

To emphasise his point that the industry needs a lot more technical personnel as opposed to those with management backgrounds, he indicated that “the people that are here are not writing for management positions. They are writing for technical and entry level positions like supply chain, procurement, logistics, petroleum engineering, geoscience, oil and gas accounting, etc. and these are all at the entry level.”

About 200 successful candidates would be given first-hand training in oil companies in the country and beef up their training and capacity building efforts. The programme is aimed at creating and boosting employment opportunities in the oil and gas sector.
Source: myjoyonline.com

Mr Mahendra Nuthalapatin, Managing Director of Kensington Industries Limited, has lamented about delays in commencing commercial salt refining by his Company in the Kpedzakope-Adina salt enclave in the Volta region, due to problems with the local people.

The latest problem took place on Wednesday December 2, during which a group of people torched the company’s excavator and tipper truck, accusing the company of destroying their heaps of salt and salt winning areas

The Company has ceded 300 metres each of its concession to the people of Kpedzakope and Adina, but the people of Kpedzakope say they need a bigger area because salt winning is their mainstay.

The Company, with 7,000 hectares salt concession in the Kpedzakope and Adina salt enclave in the Volta Region, has its 200 metric tons a day capacity refinery to produce food grade salt for export and domestic markets   standing idle.

“For two years the huge potential of the refinery has been idle, Mr Nathalapatin told a meeting of the Volta Regional Security Council (REGSEC) whose members led by Helen Adjoa Ntoso, Regional Minister, were at Kpedzakope following the latest skirmishes.

A total of 15 people were said to have been arrested in connection with the disturbances in which the Keta Divisional Police Commander was said to have narrowly escaped being killed but with a head injury.

The Company was said to have lost six of the 15 years for which it was to operate the concession.

The REGSEC meeting with management of the company was to assure them of the commitment to create a peaceful atmosphere for the company to operate in.

“We are bringing foreign direct investment and 500 direct employment opportunities including a transport Company,” Mr Nathalapatin said.     

He said the Company which was operating in Nigeria and several African countries, was attracted to Ghana because of the peaceful atmosphere and the immeasurable potentials for commercial salt production.

“We want to do peaceful business, and not fight the people,” Mr Nathalapatin said.

He said some African countries, including Ivory Coast, were ready to provide a competitive atmosphere for the Company to operate in.

Mr Nathalapatin said Nigeria provided a huge market for Ghana’s salt.

“As Dankote brings cement to Ghana so we also take salt to Nigeria,” where he said local production of food grade salt could meet only half of the demand which had to be made up with imports.

He said his company planned to build a jetty from where salt could be shipped to Nigeria.

Mr Nathalapatin took the REGSEC members round its refinery and machines, and assured them that the Company would co-operate with and transform the lives of people in the area.

Ms Ntoso assured the Company of the government’s commitment to create a peaceful atmosphere for the Company to operate in.

Addressing the people of Kpedzakope, she said the government would be tough on rising violent tendencies in the Ketu South Municipality.

Ms Ntoso said the Volta Region had been craving for foreign direct investments, and must therefore,   encourage rather than frustrate investors who had decided to locate in the region.

She, therefore, advised communities in the enclave to use dialogue and lawful means in resolving their differences with the only investor in the area.

Source: myjoyonline.com

Natural resources are neither manufactured in the laboratory or grown on some specialized soil(s). If there is, then it will not qualify as a Natural Resource. The struggle to obtain natural resource is Global.

This is because of the value it has and it’s ability to transform the socio economic aspiration of most countries. But in the quest to make the most out of our resources, we the citizens together with all stakeholders must play our role diligently.

Oil is one of Ghana’s natural resources that must be better governed. We all need to be part of the governance process to ensure our oil changes our lives and generations to come.

The question is, how do we get involved? You and I may not be in positions to directly oversee to the optimum utilization of our oil money. But one thing is for sure. Our collective oversight and advocacy is a necessary platform to enhance the future transparency and accountability we seek in our oil governance.

Civil Society participation at different level in shaping frameworks and policies of specific industries are usually as a result of available information and how it impacts on society.   

Do you want to know where our oil money comes from? And do you want to know where it is spent?

Visit the most comprehensive premier data website www.ouroilmoney.org; which gives an in depth information on oil receipts, revenues, contracts, proposals and reports from 2011 to date.

The website www.ouroilmoney.org, is interactive, gives a quick feedback, shares views with users and provides data from sources such as Ministry of Finance, Bank of Ghana, PIAC and other Governmental Institutions.

Ouroilmoney.org is an initiative of Africa Centre for Energy Policy and Supported by UKaid.

Ghana's oil is our oil, don’t sit on the fence. Let’s get interactive on www.ouroilmoney.org.
 

Source: myjoyonline.com

South Africa's president has appointed the experienced Pravin Gordhan as his third finance minister within a week.

He replaces the little-known David van Rooyen who had only been in the job since Thursday.

Last week, President Jacob Zuma sacked previous Finance Minister Nhlanhla Nene in a widely-criticised move that sent the rand to record lows and caused the stock market to tumble.

The developments come amid concern over South Africa's struggling economy.

Mr Gordhan was widely respected when he served as South Africa's finance minister from 2009 until 2014.

BBC Africa business reporter Lerato Mbele says his re-appointment is designed to quell market discontent and restore some confidence.

It appeared to have an immediate effect with the currency rising, recovering from just over 16 rand to the dollar to about 15 by Monday morning, according to currency site xe.com.

The Johannesburg stock exchange also recovered some of last week's losses.
Who is Pravin Gordhan?

    Trained and worked as a pharmacist in Durban
    One of the main negotiators in the drafting of South Africa's democratic constitution from 1991-1994
    Ran South Africa's revenue service from 1999-2009
    Served as finance minister from 2009-2014
    Re-appointed finance minister in 2015

But the new finance minister has a hard job with unemployment currently above 25%, growth sluggish and credit rating agency Fitch recently downgrading South Africa to one notch above "junk" status.

The brief tenure of Mr van Rooyen and the uncertainty it caused may have damaged South Africa's reputation further, analysts say.

Mohammed Nalla, head of research at Nedbank Capital, said having a finance minister serve just a few days did not bode well.

"International investors are probably thinking: 'Why didn't the president make a much more considered decision in the first place?'" he said.

President Jacob Zuma's decision to fire two finance ministers in the space of a week has been a colossal blunder.

Not only has it been recognised by opposition parties, who are calling for his resignation, but also by the general public, the financial markets and, by the weekend, the president himself, hence the change in mind.

But what is happening with the governing African National Congress?

The ANC leadership was not consulted and seemed to be hearing about the dramatic appointments at the same time as the rest of us.

There is no doubt that the continent's oldest liberation movement is in disarray.

President Zuma will emerge weaker but the party will not lose votes in the medium term - as people remain loyal to the movement if not the individual.

Mr Nene's reluctance to approve a plan to build several nuclear power stations at a cost of up to $100bn is thought to have contributed to his removal as finance minister.

But President Zuma's move to get rid of him drew a lot of criticism from within the governing ANC.

Former Health Minister Barbara Hogan on Friday called on Mr Zuma to resign. The highest-profile ANC member to oppose Mr Nene's removal, she said that the president had crossed a line and needed to be held to account.

Razia Khan, an analyst with Standard Chartered bank, said the turmoil was "perhaps the first instance since 2007 that Zuma has come under severe pressure within the party".

A statement from Mr Zuma's office said he had "received many representations" to reconsider his decision to appoint Mr van Rooyen.

"As a democratic government, we emphasise the importance of listening to the people and to respond to their views," it added.

Fitch said on Thursday that Mr Nene's sacking "raised more negative than positive questions".

Source: bbc.co.uk

The chairman of embattled carmaker Volkswagen says a chain of errors led to the emissions scandal and that its top priority is winning back trust.

Speaking at a news conference, Hans Dieter Poetsch said: "We are talking here not about a one-off mistake but a chain of errors."

He said VW would be "relentless in seeking to establish who was responsible" for the scandal.

VW's chief executive said it was "fighting for every customer".

But Matthias Mueller said a massive slump in sales had not occurred in the wake of the scandal.

In September, US regulators found some VW diesel cars had a "defeat device" - or software - to cheat emissions tests.

The company said the problem began when it decided to launch a large-scale promotion of diesel vehicles in the US in 2005, but found it impossible to meet strict emissions limits in force in that country in time.

VW said it had agreed steps to improve supervision of engine software development to prevent future manipulation.

Mr Mueller said it was relatively simple and inexpensive to fix the millions of affected cars, but this had not been possible before, as the technology for the fixes was not available when the cars were built. In any case, the company was unaware at the time that there was a problem.

Volkswagen will in future undertake "real-life" tests, which will be checked by both internal and external third parties.

'Good progress'

Mr Poetsch said: "No business justifies crossing legal and ethical boundaries."

He said it was likely that only a limited number of people took part in the deception and said they would not be named as yet, adding that it was impossible to stop misconduct by individuals.

However, he added that the actions taken by the company would make such actions that much more difficult in future.

US law firm Jones Day is conducting an investigation into what happened. That, Mr Poetsch said, was making good progress, but would take some time to conclude.

The cheat device affects up to 11 million cars worldwide.

The damage to VW prompted its chief executive to resign and wiped billions off the company's value on the stock markets.

Shares in VW closed down 0.3% at €139.10 in Frankfurt on Thursday.

Source: http://www.bbc.com/news/business-35060201

Business executives are the most corrupt group in Africa after police officers, a new survey indicates.

This is the first time its annual survey ranked businessmen as highly corrupt, Transparency International said.

Abuses of power increase poverty and deprive people of basic needs, the anti-corruption watchdog warned.

Poor people were hardest hit as they were almost twice as likely to pay a bribe compared with the more affluent.

More than people 43,000 were interviewed in 28 states in sub-Saharan Africa for the People and Corruption: African Survey 2015.

Source: http://www.bbc.com/news/world-africa-34974328

Facebook's Mark Zuckerberg and his wife Priscilla Chan say they will give away 99% of their shares in the company to good causes as they announce the birth of their daughter Max.

Mr Zuckerberg made the announcement in a letter to Max on his Facebook page.

He said they were donating their fortune to the Chan Zuckerberg Initiative to make the world a better place for Max to grow up in.

The donation amounts to $45bn (£30bn) at Facebook's current value.

However the shares will not be donated to charity immediately, but over the course of the couple's lives.

Were Mr Zuckerberg to give away 99% of his shares immediately, he would still possess hundreds of millions of dollars. Ms Chan's worth has not been documented.

Max was born last week, although her birth was only made public on Tuesday.

In his letter Mr Zuckerberg said the aim of the Chan Zuckerberg Initiative is "to advance human potential and promote equality for all children in the next generation".

Its initial areas of focus will be personalised learning, curing disease, connecting people and building strong communities.

Source: http://www.bbc.com/news/world-us-canada-34978249