According to the company, a feasibility study on the project has been completed with a grant from the African Development Bank (AfDB). MTG is also ready with more than 446 acre farmland, planting materials and a land to site the factory, adding that all things being equal, the project should commence this year. The Managing Director (MD) of MTG, Mr Felix Yao Kamassah, who disclosed this to the GRAPHIC BUSINESS on July 18, in Dzodze in the Volta Region, observed that the MTG was hopeful it would soon find an investor to start operations. “As soon as we get the required amount, we will secure equipment and use the rest as working capital for the project to start because we are ready as I speak. Market and environmental assessments on the project have already been completed,” he said. He said MTG had engaged the services of out-growers to start the cultivation of the sweet potato. The MD stated that the factory when operational would process sweet potato into derivatives such as baking flour, biscuits, chips, cakes and animal feed. That, he said, would help reduce the importation of sweet potato derivatives into the country which often put huge pressure on the local currency. Asked whether the One District, One Factory Secretariat had shown interest in the project, Mr Kamassah answered in the affirmative but explained that the secretariat was yet to give feedback after it shared MTG’s proposal with some banks. The interview coincided with a visit of a team from COLEACP which visited MTG Farms at Dzodze in the Volta Region to familiarise themselves with operations of the company. COLEACP is a non-profit inter-professional association, representing and defending the collective interests of Africa, Caribbean and Pacific (ACP) producers/exporters and European Union (EU) importers of fruits, vegetables, flowers and plants. Its specialised information and advisory services are open to all ACP companies in the horticultural export sector and are financed by the European Commission. The company’s objectives are to enable ACP companies to comply with European food safety and traceability requirements, and to consolidate the position of small-scale producers in the Africa, Caribbean and Pacific horticultural export sectors. COLEACP is currently providing the needed technical assistance to aid Maphlix Trust Ghana to access Global GAP Certification and also help it find an investor for the potato factory project.<br /><br /> <h4>Infrastructural improvement</h4> A Regional Programme Manager of COLEACP, Mrs Ines Bastos, who spoke to the paper after the visit, said the team was satisfied with the level of infrastructural improvement on the farm. Based on the level of improvement, she stated that the team was now in a better position to recommend the sweet potato factory project to investors. Source: Graphic Online
The piece of land, popularly known as the Sakasaka Park, is near the Ashaiman Toll Plaza and when fully developed would provide over 2000 jobs to the residents of Ashaiman. The Protocol and Administrative Officer of TDC, Mr Ian Okwei, who disclosed this to the Daily Graphic, said the industrial and commercial hub met the TDC’s land use policy for the area. He was reacting to concerns raised by some youth groups in the Ashaiman Municipality who held a demonstration last Monday, July 22, 2019 and accused the Ashaiman Assembly of illegally allocating the land which currently serves as recreational grounds, as well as a scrap yard. However, in a rebuttal, Mr Okwei explained that the said 60-acre land, which is within the TDC’s acquisition area, had been allocated to Sentuo Group Ltd for the development and construction of a modern industrial and commercial hub under the government's 1D1F private-driven programme.<br /><br /> <h4>Development needs </h4> He said the industrial and commercial hub would include a modern truck and bus terminal and shopping malls to serve the industries within the enclave. "The land was allocated to Sentuo Group Ltd in August 2018 after the company had undergone the necessary permitting processes under the Ashaiman Municipal Assembly. "TDC took into consideration the required land space for the motorway expansion project, setbacks, requirements and other service lines in the area prior to the land allocation," he added.<br /><br /> <h4>Swamp </h4> The Sakasaka Park is in the heart of the Ashaiman Municipality. It is located near the Ashaiman Toll Booth Plaza on the Accra -Tema Motorway. On a normal day, the park and its surrounding area is swallowed by filth with some residents around the area turning portions of the park into a dump site. A scrap yard is close to the park and occasionally, scrap dealers resort to burning of car tyres to get the metal linings but the redevelopment into an industrial and commercial hub will transform the park into a modern complex, while providing jobs for the teaming youth of the area. Source: Graphic Online
The Governor of BoG, Dr Ernest Addison, said the central bank was part of the team that “decided that we need to manage our vulnerabilities by trying to set a cap on how much of our domestic bonds we should allow non-resident investors to hold.” Dr Addison told journalists on July 19 that while the bank endorsed the measure, the team of experts from the central bank and the Ministry of Finance were yet to settle on a suitable “indicator” to be used in achieving the objective. He explained that among the measures being considered was the setting up of investor holdings relative to the country’s reserves. This, he said, was a good measure to assess and counter vulnerabilities although other measures were also under consideration. The Governor had earlier explained that although the debt stock was sustainable, the large foreign investor component made the economy vulnerable to the sentiments of those non-resident investors.<br /><br /> <h4>Threshold</h4> The Governor was responding to a question on ongoing attempts by the Ministry of Finance to cap foreign investor participation in the country’s domestic debts. In mid-June, the ministry told the GRAPHIC BUSINESS that it was “thinking” of placing a cap on foreign investor participation in the domestic bond market as part of a bigger plan to address the overexposure to non-resident investors. As part of the plan, the ministry said it would either link non-resident investor holdings of domestic debts to the country’s reserves or determine a threshold that their holdings must not exceed. Once determined, it said the decision would be put into a policy, making it compulsory for the ministry to comply in the marketing and sale of the domestic bonds.<br /><br /> <h4>Implications</h4> Originally praised as a sign of foreign investor confidence in the economy, the holdings of non-resident investors in the public debt stock is now turning out to be a headache to the government Its size, currently above 60 per cent of the GH¢200 billion debt stock as of May, this year, ties the economy to the sentiments of foreign investors, thereby increasing the vulnerabilities that the debt levels pose, Dr Addison said. It also increases the country’s demands for foreign exchange, as interest on the foreign component is paid with foreign currencies and the non-resident investors would also normally convert their earnings into foreign currencies to be able to repatriate. In January, this year, when BoG cut its policy rate by 100 basis points to 16 per cent, the foreign investors reacted by repatriating portions of their holdings. In return, the cedi fell by 11 per cent between February and March before normalising to a year-to-date depreciation rate of around eight per cent in June. On the other side, the foreign investor participation in the domestic bond market is an avenue for foreign exchange, which BoG uses to manage the country’s reserves and cushion the cedi against depreciations.<br /><br /> <h4>Parliament must check</h4> An Economist and Senior Researcher at the Institute for Fiscal Policy (IFS), Dr Said Boakye, said he doubted the effectiveness of the proposed cap in addressing the problem. “If they do it, it is good because something has to be done because the country is now in a cycle of debt. “But I doubt, in the sense that the tendency to borrow is very high,” he said. He said he foresaw a situation where the ministry would abuse the policy in order to meet its own demands. Consequently, he said rather than making it a self-imposed restriction, Parliament should be made to hold the ministry to account in the event that the cap is abused.<br /><br /> <h4>Sustainable measures</h4> Dr Boakye further observed that the situation with the debt composition was as a result of the government’s attempt to borrow to manage the cedi. “Basically, they have been trying to manage the cedi by resorting to foreign borrowing and that is not sustainable,” he said in an interview. “So, if you see that the cedi, to some extent is sustained, it is because foreign currencies is coming in but this not sustainable,” he said, pointing at the need for foreign currencies to service those debts. With the economy being unable to meet foreign currency demands due to slow growth, the Research Fellow at the IFS said the country was forced to borrow to be able to service the debt, resulting in a debt cycle that poses risks to the economy. The sustainable solution, he said was a drastic reduction in borrowing and strong growth in domestic revenues. Source: Graphic Online
A statement signed and issued by the Minister of Information, Mr Kojo Oppong Nkrumah on Tuesday evening - July 30, 2019 - said the decision followed the detection of fundamental and material breaches of PDS’ obligation in the provision of Payment Securities (Demand Guarantees) for the transaction which have been discovered upon further due diligence. “The Demand Guarantees were key prerequisites for the lease of assets on 1st March, 2019 to secure the assets that were transferred to the concessionaire,” the statement said. It added: “The government is conducting a full enquiry into the matter, and the outcome will inform the next course of action. Government has taken steps to ensure distribution, billing and payment services continue uninterrupted.” The government assured the general public and customers “that this development will not interfere with the distribution of electricity services to customers.”
(Heidelberg/Accra) Based on upbeat market developments, the 6th edition of <a target="_self" href="https://www.agrofood-westafrica.com/agrofood-westafrica.html">agrofood </a>and <a target="_self" href="https://www.ppp-westafrica.com/plastprintpack-westafrica.html">plastprintpack</a> West Africa 2019 is all set for growth. Once again organized by the German trade show specialists <a target="_self" href="https://www.fairtrade-messe.de/fairtrade-en.html">fairtrade Messe</a>, West Africa’s 6th International Trade Show on Agriculture, Food Processing, Plastics and Packaging takes place on 10 to 12 December 2019 at the Accra International Conference Centre. The exhibition is completed by a <a target="_self" href="https://www.agrofood-westafrica.com/fileadmin/user_upload/messen/agrofood-Westafrica/Documents/agrofood_plastprintpack_WA_2019_conference_program.pdf">high-level conference program</a> on the Food processing value chain, Finance and Packaging. <br /><br /> <b>What makes agrofood & plastprintpack West Africa 2019 so unique? </b> <ul class="rte_ul"><li>Seven country pavilions are present this year, namely from China, Flanders/Belgium, Germany, Morocco, the Netherlands, Sri Lanka and Turkey. </li><li>The strong institutional support: AHK Delegation of German Industry and Commerce in Ghana, DLG German Agricultural Society, Embassies of Belgium, France, Germany, Italy, the Netherlands and Turkey to Ghana, Flanders Investment & Trade, Ghana - Ministry of Trade and Industry, German Federal Ministry for Economic Affairs and Energy, Hortifresh by the Netherlands Government, Morocco Foodex, Sri Lanka Tea Board and the Turkish Ministry of Trade.</li><li>Strong presence of international market leaders in food and packaging technology & ingredients as well as in plastprintpack. </li><li> The interactive agrofood and plastprintpack portals allowing exhibitors and visitors to communicate and to arrange business meetings before, during and after the event, all year round.</li></ul> <b><br />2-day conference program </b> agrofood & plastprintpack West Africa 2019 will again be supplemented by a 2-day program full of presentations and conferences, organised jointly by fairtrade and AHK Delegation of German Industry and Commerce in Ghana. Among the most important topics worth mentioning are: <ul class="rte_ul"><li> Food Processing Value Chain Market Analysis</li><li> African Continental Free Trade Agreement – Challenge or Opportunity for the Food and Packaging Sector? </li><li>Financing Your Business: Where to Go and Who to Approach?</li><li>Agrofood and Packaging Facing the 21st Century: What Impact do Big Data and Digitalization have? </li><li>Packaging: The Way Forward for Ghana and West Africa</li></ul> <b><br />Exports of agricultural technology to West Africa firm on a high level </b> The West African market for agricultural technology becomes ever more important. According to the German Engineering Association VDMA, West African imports of agricultural machinery have reached EUR 187 million in 2016. <b>West Africa‘s food & beverage technology imports increase by 16.7% to 623 million euros in 2018 </b> West Africa imported food & beverage technology worth 623 million euros in 2018. A plus of 16.7% compared to 534 million euros in 2017 and an annual growth of 7.8% between 2015 and 2018. (VDMA). <b><br />Food trade with West Africa: a 30.42 billion US Dollar business!</b> According to the World Trade Organization WTO, West African food imports, in 2017, have reached 16.19 billion US$. <b><br />West Africa‘s plastics, printing and packaging technology imports with high growth rates </b> West African imports of plastics technology was up 22% in 2018 to 219 million euros. (VDMA) Major West African import markets of plastics technology - apart from Nigeria – are Ivory Coast, Ghana, Guinea, Senegal, Togo and Mali, in this order. Printing and paper technology was bought at a value of 107 million euros in the same year compared to 93 million euros in 2017 (+15%), with Ghana, Ivory Coast, Mali and Senegal as main importers - apart from Nigeria. And imports of packaging technology made up for 307 million euros, up 8.4% compared with EUR 283 million in 2017. Major West African importers – apart from Nigeria – are Ivory Coast, Ghana, Guinea, Senegal, Mali and Burkina Faso. For more information about the exhibitors & products and to pre-register as visitor: <a target="_self" class="rte_button--colored" href="http://www.agrofood-westafrica.com/">West Africa Agrofood </a> <a target="_self" class="rte_button--colored" href="http://www.ppp-westafrica.com/">West Africa Plastprintpack</a> <b>fairtrade - Valuable business contacts</b> fairtrade was founded by Martin März in 1991. Since long, fairtrade ranks among the leading organisers of professional international trade fairs in emerging markets, especially in North and sub-Saharan Africa, the Middle East and Eastern Europe. Managed by its shareholder and his son Paul März and committed to the values of a family business and the team spirit, fairtrade maintains a powerful network of partnerships throughout the world. fairtrade organizes shows in the sectors Agrofood, PlastPrintPack, CIT Solutions, Energy and Industry and strives for a high level of customer satisfaction. By means of innovative products and excellent service fairtrade organizes professional platforms for valuable business contacts between exhibitors and visitors. fairtrade is a member of UFI The Global Association of the Exhibition Industry. The management is ISO 9001:2015 certified. <b><br />Contact for press and media:</b><br />fairtrade Messe GmbH & Co. KG <br />Ms Nadine Wagner <br />Public Relations <br />Kurfürsten-Anlage 36 <br />D-69115 Heidelberg <br />Tel +49 / 62 21 / 45 65 22 <br /><a href="mailto:n.wagner@fairtrade-messe.de">n.wagner@fairtrade-messe.de</a> <br /><a href="http://www.fairtrade-messe.de">www.fairtrade-messe.de</a> <br /><b>Contact for exhibitors: </b><br />fairtrade Messe GmbH & Co. KG <br />Ms Freyja Detjen <br />Project Management <br />Kurfürsten-Anlage 36 <br />D-69115 Heidelberg <br />Tel +49 / 62 21 / 45 65 19 <br /><a href="mailto:f.detjen@fairtrade-messe.de">f.detjen@fairtrade-messe.de</a><br /><a href="http://www.fairtrade-messe.de">www.fairtrade-messe.de</a> <br /><b>Contact for West Africa </b><br />Delegation of German Industry and Commerce in Ghana (AHK Ghana) <br />Ms Harriet Botwe <br />Project Manager <br />Octagon Building, Second Floor, Unit B207<br />Accra - Ghana <br />PMB 25 TUC - Accra, Ghana <br />Tel: +233-(0)-242 438 760 <br /><a href="mailto:harriet.botwe@ghana.ahk.de">harriet.botwe@ghana.ahk.de</a> <br /><a href="http://www.ghana.ahk.de">www.ghana.ahk.de</a>
Membership in ATI will unlock additional investment insurance capacity, helping to lower Ghana’s borrowing costs and increase investments. <ul class="rte_ul"><li> At a ceremony in Accra, the first financing agreement under the Reform and Investment partnership between Germany and Ghana in the amount of 16 Mio. EUR was signed between the Ministry of Finance and KfW </li><li>The funds provided by the German Development Cooperation under the Reform and Investment partnership enable Ghana to complete its membership in ATI </li><li>Membership in ATI will provide Ghana with increased investment insurance capacity that will help to lower its borrowing costs </li></ul> As a member country of ATI, Ghana will now have access to billions worth of investment insurance capacity. Subsequently, the country’s borrowing costs are lowered and new investors are attracted. As Ghana is becoming a full member, ATI will now be able to insure much greater volumes of transactions in Ghana, which are currently valued at approximately US $4 billion. ATI insures investors against non-payment and non-honouring of sovereign and corporate risks. As one of the largest providers of investment and political risk insurance, ATI presently insures upwards of US $6 billion worth of transactions in Africa. Under the Bilateral Reform and Investment Partnership, the German Development Cooperation has provided the funds for the completion of the ATI membership of Ghana. The Bilateral Reform and Investment Partnership between Ghana and Germany, through the Federal Ministry for Economic Cooperation and Development (BMZ), was launched in 2017. Its purpose is to promote private sector investments and sustainable economic development under the G20 ‘Compact with Africa’. Furthermore, it seeks to encourage a partnership model that is based on mutual trust and accountability. The signing took place at a ceremony organised on 26 September in Accra and was attended by the Deputy Minister of Finance, Hon. Charles Adu Boahen, the German Ambassador to Ghana, H.E. Christoph Retzlaff, the Special Envoy for the Reform and Investment Partnership from Germany, Dr. Stefan Oswald, the Ag. CEO of ATI, John Lentaigne and the Director for Central Africa and Regional Funds of KfW, Dr. Jan Martin Witte. <h2>Quotes</h2> Quote from Dr. Stefan Oswald, Special Envoy for the Reform and Investment Partnership “The agreement signed today will move Ghana towards a more investor-friendly and sustainable economy, which are both developments that will have a positive developmental impact. The Government of Germany welcomes the opportunity to support Ghana as it continues to make tremendous strides in reforms and transparency that have set an enviable pace for other countries to follow. <b><i>Quote from Hon. Charles Boahen, Deputy Minister of Finance, Ghana: <br /></i></b>“Today marks a significant milestone that reflects the first fruits in Ghana’s partnership with Germany and the G-7. When our government first signed onto the reform partnership in 2017, our goal was to create a more favourable environment for private investors and to open up opportunities to foreign companies in sectors such as energy, infrastructure and health. To this end, we are confident that membership in the African Trade Insurance Agency will further strengthen Ghana’s appeal to investors.” <b><i>Quote from Dr. Jan Martin Witte, Director of Central Africa and Regional Funds, KfW:</i></b> <br />“Development of renewable energy is another important criteria under the Reform Partnership and a vital part of private sector development. Under this agenda, Ghana has set a target of increasing its share of renewable energy from less than one per cent to ten per cent. KfW is in discussions with Ghana to sign onto the Regional Support Facility (RLSF) that is expected to give a boost to small-scale renewable energy projects and help increase generation of clean energy in the country.” <b><i>Quote from John Lentaigne, Acting CEO, African Trade Insurance Agency </i></b><br />“ATI and Ghana have been waiting for this day to finally announce that Ghana is a full member of the ATI. Effectively, this means that ATI is open for business in Ghana. Thanks to the German government, through KfW, for their invaluable support in pushing Ghana’s membership over the finish line. As one of the largest and most dynamic economies in Africa, we see Ghana’s membership as a game changer. With ATI’s support, Ghana will now have access to previously scarce investment insurance, which will help to considerably lower the country’s borrowing costs as well as to attract new investors.”