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Ghana gets Africa’s first functioning radio telescope

Ghana just made a big progress in astronomy as the country gets the first functioning radio telescope on the continent outside South Africa, according to a report by the publication, Scientific America. Ghana is part of the large Square Kilometre Area (SKA) project. Botswana, Ghana, Kenya, Madagascar, Mauritius, Mozambique, Namibia …

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African countries asked to reconsider tax incentives for FDIs as they erode revenues

African countries have been told to reconsider the habit of giving tax incentives just so they can attract foreign direct investments (FDIs), because these incentives are a self-imposed base erosion. Prof. Annet Wanyana Oguttu in a presentation at the third Africa Tax Symposium in Accra, described the harmful tax competition …

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African Trade Insurance Agency invests $25b in member countries

The African Trade Insurance Agency (ATI) says it has cumulatively supported $25 billion worth of trade and investments into its member countries since inception. During its 17th Annual General Meeting in Nairobi, Kenya , the ATI urged African governments to intently focus on growing intra-African trade and diversifying their economies …

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Ghana imports $300m worth of rice in 2016

Ghana imported some 689,000 metric tonnes of rice in 2016, and that cost approximately $300 million, according to an official of the Ministry of Food and Agriculture. Mr Benjamin K. Gyasi, the Acting Chief Director, said rice had become one of the most important food staples in Ghana during a …

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Ghana inflation rate for April inches up to 13%

The year-on-year inflation rate went up slightly in April to 13.0 per cent, up by 0.2 percentage points, compared with the 12.8 per cent recorded in March. The Acting Government Statistician, Mr Baah Wadieh told a press conference on Wednesday that the monthly change rate in April 2017 was 1.6 per cent, …

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Illicit financial flows through trade fraud cost Ghana average 9.3% of GDP – GFI

Ghana like all developing countries is losing billions of dollars to illicit financial outflows and inflows from trade fraud, according to a new report by the NGO, Global Financial Integrity (GFI). Developing countries overall lost about $620 billion to $970 billion primarily through trade fraud in 2014. The report shows that …

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PPP Law will address inefficiencies in sole-sourced procurements – World Bank 

The proposed Public-Private-Partnerships (PPP) Bill, when passed, is expected to provide clear guidelines on procurements and other processes for PPP in Ghana and thus help to curb excesses caused by sole-sourced procurement. Mr Henry Kerali, the World Bank Country Director, said the passage of the Bill, which was part of …

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Ghana urged to use $2.2b bond sale to diversify economy

Ghana has been urged to invest the $2.2 billion bond the country recently issued into diversifying the economy. The bond sale, has meanwhile been questioned by some Ghanaians. A UK think tank, the Overseas Development Institute (ODI) has urged the country to invest in greater economic diversity to make the …

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No room for SADA scandals in my government – President Akufo-Addo

President Nana Addo Dankwa Akufo-Addo on Saturday reiterated his government’s commitment to establishing the Infrastructure for Poverty Eradication Programme (IPEP) – the vehicle which will ensure that each of the 275 constituencies receives the equivalent of $1 million per year for infrastructural development. He said the Fund would be administered by three …

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Newmont’s earnings rose to $133m first quarter 2017, expectations for Ghana high

Newmont Mining Corporation says its first quarter 2017 earnings rose slightly. According to the Denver, USA based mining company with interests in Ghana, adjusted net income rose slightly to $133 million, or 25 cents per share, from adjusted net income of $129 million, or 24 cents per share a year …

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