Ghana - Afrikan Heroes

Ghana Now Has A New Companies Act, 56 Years After The Old Law

August 5, 2019

Businesses in Ghana would now have to face a new legal structure. Ghana’s President Nana Addo Dankwa Akufo-Addo has just given his assent for Ghana ’s new Companies Act to replace the 1963 version. This was after the new Act was brought to him from Parliament on Friday, 2nd August after it was passed by Parliament in May this year.

Here Is All You Need To Know About The New Law

The law, which has 428 pages and 369 clauses, has created a new office to perform functions relating to incorporated partnerships and registered business names.
This new office will be responsible for the appointment of inspectors and will assume the functions of the Official Liquidator under the Bodies Corporate (Official Liquidations) Act 1963.
The office will have financial autonomy and be funded from income sources such as sums of money approved by parliament, fees and charges, proceeds from the sale of the Companies Bulletin, donations, grants, and investment income.
The law also gives room for dissenting minority shareholders to have rights to compel their companies to buy out their shares. Such shareholders will now be entitled to request the company to purchase their share at a fair value.

Ghana’s economic profile; Source: Belt and Road

Under the New Law, The New Age To Legally Own A Business Has Changed

The new law states that an individual can register or start a business at the age of 18, revised downwards from 21 years. One person is enough to form an incorporated company in Ghana as the one or more persons may form an incorporated company by complying with this Act.

No More Ultra Vires Objects

With this new law, the application of ultra vires doctrine to companies in Ghana has been completely abolished. From the provisions of the Companies Act, companies will have the option to state the nature of their businesses or their objects.

The implication is that companies that will state their objects will be restricted to operate within the scope of their objects but those who opt not to state their object will have no restrictions and can do any legitimate business.

Improve Ease of Doing Business?

Ghana ‘s President Akufo-Addo was confident that this new Companies Act will improve significantly the ease of doing business in Ghana, enhance the corporate regulatory and governance framework, and reduce the cost of ensuring compliance for businesses.

“I invite the business community in Ghana, and those from outside our shores, to take advantage of the growing business-friendly environment being created in Ghana, and invest in our country. Let me reiterate that Ghana continues to be a haven of peace, security and stability, indeed, the safest country in West Africa, and legitimate investments are protected,” the President noted.

President Akufo-Addo added that more needs to be done to complete the country’s business reform agenda, and the Corporate Restructuring and Insolvency Bill, which is currently before Parliament, will, amongst others, provide the avenue to help resuscitate distressed, but viable business entities and establishments from liquidation and their ramifications.

To download Ghana’s new Companies’ Act, click here

With the coming into effect of the African Continental Free Trade Area (AfCFTA), and with Ghana playing host to the secretariat, the President indicated that the country is going to be the hub for African trade and investment, bringing in its wake more jobs, expanded conferencing and hospitality services, enhanced aviation and other transportation services, and related allied businesses.

“Consequently, the timing of our business law reforms could not have been more propitious,” he added.

President Akufo-Addo also launched the GARIA Trust Fund, which is designed to be the principal financing vehicle for GARIA and will be managed by an independent Board of Trustees.

“I am going to ask the Ministries of Finance, Trade and Industry, and Business Development to see to what extent they can properly assist the Fund. In the meanwhile, I am personally donating GH¢50,000 as my modest contribution to the Fund,” he added.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

Nigeria beat Ghana in inaugural President’s Rugby Cup

The Black Stallions of Nigeria edged the Eagles of Ghana 14-12 to clinch the inaugural President’s Cup at the Nduom Sports Stadium in Elmina, Cape Coast Ghana on Saturday. The first half ended without points from both teams as the Black Stallions dominated and pinned the Eagles in their half for the most part of the half. Captain Onoru Jatto opened the scoring through a superb move from a quick line out in the 50th minute converted by Joshua Etim for 7 points.

The Eagles responded within 5 minutes with a power-play try but the conversion was missed. Black Stallions center; Joshua Etim crossed over the whitewash from another set play in the 60th minute and converted to put the Stallions 12-5 up. The Ghanaians crossed over for a try which was converted in the 75th minute but the Stallions held on for their win in Elmina, Cape Coast as the match ended 14-12.

The Ghana-Nigeria President’s Cup was announced earlier this year in March by the Presidents of Ghana Rugby, Mr. Herbert Mensah, and the President of the Nigeria Rugby Football Federation, Mr. Kelechukwu Mbagwu.

Speaking from Lagos, Mbagwu said, “My brother Herbert, President of the Ghanaian Rugby Union. I thank you for the touching and heartwarming message. It is indeed an encounter between two brothers who love and respect each other. Nevertheless, the match was just as keen for that very reason. The President’s Cup is a symbol of our progress in the great game and our brotherhood. We look forward to hosting Ghana in Nigeria soon.”

This match marked the end of the 2019 WARS (West African Rugby Series) Men’s XVs Ghana Invitational Tournament as Nigeria finished runners up of the tournament behind Ivory Coast.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/

Here Is Why It Is Difficult For Foreign-owned Startups To Exist In Ghana

July 28, 2019

Take it or leave it, laws and regulations say who does or does not do business in a country. Ghana is one of those countries whose local laws are not only bad for wholly foreign-owned startups but almost murderous of all foreign-owned startups desiring to exist and do business in the country.

Now, here is the interesting part: Ghanaians seem to have discovered one of these laws and are now relying on it to chase away wholly-owned foreign businesses. They are fixing attention on Section 27 (1) of the Ghana Investment Promotion Centre (GIPC) Act.

Ghanaian traders want this law which has been left a white elephant since its passage to be enforced by the authorities. In the next three months, if threats are anything to go by, expect a massive war against foreign-owned retail businesses in Ghana.

Here Is Why

According to Section 27 (1) of the GIPC Act, a person who is not a citizen or an enterprise which is not wholly-owned by a citizen shall not invest or participate in the sale of goods or provision of services in a market, petty trading or hawking or selling of goods in a stall at any place. The list of prohibited trading activities are:

The sale of goods or provision of services in a market, petty trading or hawking or selling of goods in a stall at any place;
The operation of taxi or car hire service in an enterprise that has a fleet of less than twenty-five vehicles;
The operation of a beauty salon or a barbershop;
The printing of recharge scratch cards for the use of subscribers of telecommunication services;
The production of exercise books and other basic stationery; f. the retail of finished pharmaceutical products;
The production, supply, and retail of sachet water;
All aspects of pool betting business and lotteries, except football pool

Consequently, enterprises eligible for foreign participation and minimum foreign capital requirement are as follows:

A person who is not a citizen may participate in an enterprise other than an enterprise specified in section 27 if that person

In the case of a joint enterprise with a partner who is a citizen, invests a foreign capital of not less than two hundred thousand United States dollars in cash or capital goods relevant to the investment or a combination of both by way of equity participation and
The partner who is a citizen does not have less than ten percent equity participation in the joint enterprise; or
Where the enterprise is wholly owned by that person, invests a foreign capital of not less than five hundred thousand United States dollars in cash or capital goods relevant to the investment or a combination of both by way of equity capital in the enterprise.
A person who is not a citizen may engage in a trading enterprise if that person invests in the enterprise, not less than one million United States dollars in cash or goods and services relevant to the investments.
For the purpose of this section, “trading” includes the purchasing and selling of imported goods and services.
An enterprise referred to shall employ at least twenty skilled Ghanaians

Chase Away Foreigners?

Ghana Union of Traders Association (GUTA) is planning a mammoth demonstration against the government in three months if it fails to enforce laws governing retail trade, said Dr. Joseph Obeng, President of the Association, at a press conference held at the Central Business District (Opera Square)

GUTA is insisting that if the government does not do as expected and the time comes for the demonstration, its members will not be stopped.

*Source*: Manuel Orozco, Rachel Fedewa, Micah Bump, and Katya Sienkiewicz, 2005. “Diasporas, Development and Transnational integration: Ghanaians in the U.S., UK, and Germany.” Washington, DC: Institute for the Study of International Migration and Inter-American Dialogue.

GUTA President said these confrontations are just actions by local retailers to preserve Ghana’s retail space and should not be seen as xenophobic attacks.

“We are going to declare the destiny day demonstration in three months, where all other laws will not be regarded if our pleas are not being noticed,” he said to the delight of the traders.

Meanwhile, the Accra Region Police Command has described the shutting down of shops belonging to foreigners by some Ghanaian traders as an act of vigilantism that is criminal and could lead to arrests.

*Source*: Commission of the European Communities: Eurostat, Netherlands Interdisciplinary Demographic Institute (NIDI). 2001. Push and Pull Factors Determining International Migration Flows, “**Why and Where: Motives and Destinations.**”

Nigerian traders in Ghana, for instance, have also been calling for a review of Ghana’s trade laws, to complement already existing ECOWAS treaties that permit free trade among African economies.

According to the President of the association of Nigerian traders in Ghana, (NUTA), Chief Chukwuemeka Nnaji, a review of existing trade laws in Ghana could help tone down “unnecessary tensions between foreign and retail traders.”

“I’m still surprised that the Ghanaian Parliament has still not amended the laws. Let that law be amended to suit the ECOWAS Trade Treaty. I think we have to change our minds. I believe there is an issue with misinformation which must be dealt with,” he argued.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

Germany, Norway support Kofi Annan International Peacekeeping Training Centre’s (KAIPTC) maiden ‘Kofi Annan Peace and Security Forum’

July 25, 2019

On 4 – 5 September 2019, the Kofi Annan International Peacekeeping Training Centre (KAIPTC), under the distinguished patronage of H.E. Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana and the Chairmanship of HE Dr. Mohamed Ibn Chambas, Special Representative of the UN Secretary-General and Head of the UN Office for West Africa and Sahel (UNOWAS), will host “The Kofi Annan Peace and Security (KAPS) Forum”.

The Federal Government of Germany and the Government of Norway are providing financial support for the delivery of the forum. Billed to be an annual event, the KAPS Forum will bring together political leaders, diplomats and experts to dialogue and share ideas on the most critical evolving peace and security trends on the African continent.

The forum also seeks to deepen collaboration between KAIPTC and international organizations such as the United Nations, African Union, Regional Economic Communities, Governments, development partners, civil society organizations and the business community.

The theme for this maiden edition is ‘Peace Operations in the Context of Violent Extremism in Africa.’

Speaking at the media briefing for the KAPS Forum, H.E. Hans-Helge Sander, Deputy German Ambassador to Ghana noted that; “This Forum will provide an excellent occasion to discuss collective actions on how to strengthen a proactive international and continental effort to prevent and effectively counter violent extremism in Africa”.

The Deputy Ambassador also briefed the media on Germany’s long-standing and strong support to KAIPTC through the provision of Police and Military Advisors as well as a GIZ support mission. “Because of the already existing support the German government offers, we are delighted to support KAIPTC´s maiden edition of the “Kofi Annan Peace and Security” Forum in Accra”, he affirmed.

The Commandant of KAIPTC, AVM Evans noted that “the KAPS Forum is in memory of Kofi Annan, the former Secretary-General of the United Nations who dedicated his life to mobilizing political will to address evolving human security threats”.

Commenting on one outstanding feature of the forum, he added that “our forum will be a working forum and we will ensure that when recommendations are made, they are followed through until progress is made”.

The Forum will bring together two hundred high-level delegates including eight former African heads of state and diplomats from governmental and intergovernmental organizations (including the African Union and its Regional Economic Communities, United Nations and European Union). Security professionals and representatives from policy and research think tanks, development partners, training institutions and civil society groups have been invited and are expected to attend the forum.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/

Engen Ghana adds new station to existing network at Ayikai Doblo

July 22, 2019

Engen Ghana Limited, one of the leading players in the petroleum downstream sector has opened a new station to its existing network of 22 stations nationwide. The station is located in Ayikai Doblo, a suburb of Amasaman in the Ga West municipality and operates a 24-hour service delivery for fuel.

Mr. Henry Akwaboah, MD, Engen Ghana in a statement, said that this latest addition to the network was an assurance to customers that the company was here to stay. The company’s mission is to act more responsibly by ensuring that there are the right skills set of forecourt staff.“With the right skills and knowledge, customers will be better served at this new station and have value for money spent on fuel and lubricants,” he explained.

He said as an international brand, Engen goes the extra mile to produce only the best fuel and lubricants. Ms. Nana Ama Larbie, Retail, and Property Development Manager, at Engen, said the Engen Dynamic Diesel and Primax Super have been purposely produced with the vehicle engines in mind to protect, clean and maintain the engine. This is available at all Engen Service Stations across the country.

“At Engen, we are committed to selling high-quality fuels and lubricants to our customers and the consuming public. We are mindful of the harmful effects of low-quality fuels on vehicles, equipment, and the environment hence, our supply and distribution processes ensure quality assurance right from the loading depot until delivery at our service stations and bulk consumer facilities,” she intimated. He said: “Engen Ghana Limited hopes to continuously improve and expand to meet the needs of their patrons nationwide.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/

Peter Akwaboah, Managing Director at Morgan Stanley, to receive Corporate Leadership Award at the 2019 FACE Awards

July 18, 2019

Ghanaian international banker Mr. Peter Akwaboah will be among other notable Africans who will be honoured with a special leadership award by the FACE Africa.

Prior to joining the Firm, he worked at Royal Bank of Scotland for 10 years with his most recent role in the Asia Pacific as Chief Operating Officer responsible for Operations, Technology and Corporate Services across the region.

Prior to RBS, Peter has held a number of senior roles in both Operations and Technology at Deutsche Bank, KPMG and IBM.

Peter holds BEng (First Class Hons) and MSc (Eng) in Civil Engineering from The University of Birmingham, the U.K. He is also on the Board of Foundation of Orthopedics and Complex Spine (FOCOS), a charity organization with sole mission to provide comprehensive, affordable orthopedic care to those who would not otherwise have access to such treatment.

He is also a keen sportsman having represented Great Britain in Track and Field on a number of occasions. Join Face2Face Africa as we honor Peter Akwaboah and other distinguished global leaders at the 2019 FACE List Awards Gala on Saturday, July 20, at Edison Ballroom in New York City. Visit panafricanweekend.com to see our full list of honorees, speakers, etc., and to register. For corporate tables, contact info@f2fafrica.com.

The FACE List Awards are a prestigious celebration of pan-African achievement that honor the black diaspora’s most influential pioneers and trailblazers, while providing an opportunity for the business community to connect and celebrate our success stories. The black-tie affair includes pre-reception, live performances, a full-course dinner, and award presentations.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/

Young Ghanaian innovator shows Africa’s future lies in its talented youth

“It takes a village to raise a child”: as the Fourth Industrial Revolution sweeps across Africa and more of its youth develop coding and other digital skills, there may come a time to update this old saying to: “It takes one child to raise the prospects of a village.” And based on the quest of one young man from a village in Ghana to solve some of the major problems faced by his community, this saying could become commonplace as more young innovators enter the fray.

Inspired by global technology success stories, Mustapha Diyaol Haqq, a 19-year-old from Kumasi in Southern Ghana, realized he too could deliver innovation where it was most needed, starting with his very home town. “Seeing how the big tech companies used innovation to solve some of the world’s biggest problems made me realize how important it is to learn to code,” says Haqq. “I looked online for any free courses that could help me develop coding skills and completed as many as I could.”

Despite being self-taught, Haqq was able to develop a potentially life-saving solution for women across the continent. “I used my knowledge of coding and machine learning to develop a model for diagnosing breast cancer, which I hope to release freely to communities across Africa,” says Haqq.

Also high on his agenda, hunger and food security which he sees as two of the biggest challenges faced by the continent’s rapidly growing population. “Africa relies heavily on smallholder farmers to meet its food production needs. However, much of the produce from farms are spoilt before it reaches the markets in the cities. I’m currently working on a machine learning and AI model that can help reduce post-harvest losses and ensure the work our farmers do translate into food security for our communities.”

Connectivity challenges remain innovation

One of Haqq’s biggest challenges when learning to code was accessing the internet. “We don’t have a good internet connection where we live, so I had to walk kilometers to an internet café where I could access free online coding courses. Internet access is expensive but, thanks to the generous support of my parents, who made some sacrifices to give me a chance to complete a few online courses, I built sufficient coding skills to start developing solutions to some of the problems affecting our community.”

Ghana suffers from poor internet penetration, with only 14% of the population having access to the internet. Despite this, the Ghanaian government has set out an ambitious plan to position the country as a leader in ICT innovation in the sub-Saharan Africa region by 2023. Young innovators such as Haqq will undoubtedly play a crucial role in achieving the government’s ambitions and inspiring more youth to pursue careers in tech.

Haqq says internet access is also the single biggest obstacle to greater adoption of coding among African youth. “Our continent does not enjoy the fixed-line infrastructure of our more developed peers, and mobile internet can be expensive. For me to afford the internet cafes where I learned to code, my parents had to make sacrifices. Global companies can play an invaluable support role by investing in providing internet access to our communities to support us as we get ready for a digital future.”

Lighting a coding fire among Africa’s youth as Youth Ambassador for Africa Code Week

One of the initiatives working to address digital literacy in Ghana is SAP’s Africa Code Week, an annual, continent-wide digital literacy programme that has engaged over 4.1 million youth in 37 African countries since 2015. “I participated in Africa Code Week as an opportunity to share my knowledge with young people in my community and inspire more youngsters to learn one of the most important languages of our time: coding,” says Haqq.

“I am also a volunteer and instructor for Ghana Code Club, and with the help of some friends, we have established coding clubs in several communities, where we spend our free time and weekends teaching both kids and adults to code. Being appointed Youth Ambassador for ACW 2019 is a dream come true, and a unique opportunity to inspire change on a global platform, encouraging young talents across the continent to learn digital skills and code the change they want to see in their community.”

SAP, UNESCO, and over 130 partners from the public, private and non-profit sectors are currently gearing up to introduce coding skills to 1.5 million youth across 37 countries in October 2019. According to Claire Gillissen-Duval, Director of EMEA Corporate Social Responsibility and Africa Code Week Global Lead at SAP, this 2019 edition will feature a strong focus on empowering girls and building teaching capacity at the community level, hence the importance of role models like Mustapha.

“We are extremely proud and honoured to welcome Mustapha as our Youth Ambassador for ACW 2019. He overcame major challenges and his amazing journey has the power to inspire many. As a young innovator and change-maker, his mentorship and guidance will be crucial as we strive to empower an entire generation and strengthen teaching capacity in ICT education among African communities.”

Stay tuned for #ACW2019 taking place in October across 37 countries.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/

Kofi Annan Centre Collaborates With African Union on Preventive Diplomacy and Dialogue Interventions

July 13, 2019

The Kofi Annan International Peace Keeping Training Centre (KAIPTC) will collaborate with the African Union Commission (AUC) by participating in the validation workshop for the Advanced Mediation Training Curriculum organized on 18th and 19th June 2019 in Addis Ababa, Ethiopia.

This engagement is part of the Centre’s vision to support the African Union in its mandate to promote peace, human security, and development in Africa; it is also in line with KAIPTC’s overall goal “to become the trusted partners of ECOWAS, AU, UN, RECs and member states in the development of their capacity to ensure peace and security in Africa”, and also with its vision “to become the leading and preferred international Centre for training, education and research that are focused on ensuring a peaceful and secure Africa”.

The main objective of the workshop was to validate the curriculum and manual to be used to develop/strengthen participants’ advanced understanding and skills required for the design, conduct, and evaluation of mediation interventions. This intervention is within the framework of the AU Standard Operating Procedures for Mediation Support and the AU Mediation Support Handbook.

Speaking on KAIPTC’s support to the AUC, the Commandant noted that; “KAIPTC & AUC have signed an MoU to strengthen their mutual commitment to the promotion of peace, human security, democracy, good governance and development, conflict prevention, management and peacebuilding in Africa.

In light of this agreement, KAIPTC partners the AUC in the provision of technical support, capacity building, joint initiatives, research, and other activities to solidify conflict prevention, peacebuilding including support to multi-dimensional peace operations”, he stated.

KAIPTC supports the AUC’s mandate through a variety of initiatives that relate to areas of mutual interests. The Centre’s participation in the validation of the curriculum/manual of the AUC’s Advanced Mediation Training was one of the areas of support. Some of the topics discussed during the validation workshop include preparing for mediation, negotiating in a mediation session, coordinating the mediation intervention and closing the mediation, etc.

The African Union Commission (AUC) has established and begun to operationalize a Mediation Support Unit (MSU) in order to institutionalise its conflict management approaches in a more systematic manner, in particular preventive diplomacy, mediation and dialogue interventions which are approaches widely used by the AUC to prevent the escalation of violence, foster dialogue and negotiation, as well as the management and resolution of conflicts and disputes across the African continent.

The MSU is located within the Crisis Management and Post Conflict Reconstruction and Development (CM-PCRD) Division of the Peace and Security Department (PSD).

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/

Ghana ’s New Consulate Opens In Guangzhou, China

June 27, 2019

China’s investment in Africa is reaching an all-time high. Businessmen from Ghana will now have reduced stress. This is because both countries have taken their trade relationship to a new level. Apart from Ghana’s Embassy office in Beijing, today, Ghana opened its Consulate General office in China ‘s commercial city of Guangzhou.

A Look At The New Consulate Office

The Consulate General in Guangzhou is the first of its kind to be opened in Asia and the Far East, indicating the importance Ghana attaches to its relationship with China.
With the opening of the office, Ghana joins 65 other countries with the consulate in Guangzhou.
The Guangzhou Consulate-General of the Republic of Ghana, according to the Foreign Minister, has its Consular District covering the Guangdong, Fujian and Hainan Provinces and the Guangxi Zhuang Autonomous Region of China.
The new consulate office in Guangzhou in the Province of Guangdong has now been opened to the public and will provide consular services similar to the services provided by the Embassy office in Beijing.

See Post: Lessons This Entrepreneur Learned From Building His Tech Startup

“From today, the long journey these businessmen and women had to endure to go to Beijing for visas and other trade facilitation processes would be over since the Consulate-General is here to manage all these concerns,” the minister said.

“I believe this office is a good venue where business from Southern China and Ghanaian companies could meet. It is also to be used to promote a crucial agenda for foreign investments and international trade which face a fair amount of challenges,” Ghana’s Minister of Foreign Affairs and Regional Integration, Shirley Ayorkor Botchway said.

The Guangdong Province is the economic hub of China with a population of over 106 million.

Ms. Botchway explained that Ghana is opening the office to support Ghanaian and Chinese businesses, to provide them with expeditious consular services and facilitate trade and investment promotion between the two countries.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

Ghana ’s Economy Expands Further To 6.7%

June 20, 2019

The coast is gradually becoming clearer for Ghanaians. This is because the country’s economy has further expanded to a 6.7 percent high in the first three months of 2019. This time last year, the figure was just 5.4. This is according to Ghana ’s statistical service.

The quarter-on-quarter seasonally adjusted growth rate was 1.6 percent compared to 1.7 percent for the last three months of 2018, Professor Samuel Kobina Annim, Government Statistician said at a News Briefing.

Performance By Sectors

Non-Oil Sector

The non-oil sector grew to a 6.0 percent high during the period under review compared to 4.2 last year.

The Services Sector

Another sector to witness some growth is the services sector. Growth in that sector was 7.2 percent. The Information and communication sub-sector led the major growth, recording the highest year-on-year quarterly GDP growth rate of 37.0 percent.

The lowest growth in that sector is the Finance and Insurance sub-sector which recorded the lowest growth of 2.1 percent.

Agriculture Is The Mainstay Of Ghana’s GDP

This sector saw a growth rate of 2.2 percent for the first quarter of 2019.

The livestock sub-sector recorded the highest year-on-year growth rate of 5.5 percent, while the Forestry and logging sub-sector recorded the lowest, with a contraction of 5.8 percent.

Industry

The industry sector witnessed the highest growth rate among all the sectors. The sector saw a quarterly GDP growth rate of 8.4 percent for the first quarter of 2019.

The Mining and Quarrying sub-sector recorded the highest year-on-year quarterly GDP growth rate of 20.9 percent for the period, while the construction sub-sector recorded the lowest, with a contraction of 8.7 percent.

Producer Price Inflation

For producers in Ghana, the prices at which goods produced by them are sold witnessed some inflation.

Generally, the Producer Price Inflation fell slightly to 6.7 percent in May from 7.1 percent in April.

While the Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 15.1 percent, followed by the manufacturing sub-sector with 6.2 percent, the utility sub-sector recorded the lowest year-on-year producer inflation of prices.

Analysis of Facts

This expansion of Ghana’s economy in the first quarters of the year shows a country that is doing very well lately. It is not surprising that the sector that has witnessed the highest growth in the period under review is the mining and the quarrying sector. This sector includes gold production sub-sector.

Ghana has become the largest gold producer in Africa, toppling South Africa

This growth in the gold production sub-sector is captured recently by the World Bank in its recent data.

The data said Ghana exported 158 tonnes of gold in 2018, about 15% increase over the previous year.

This feat had made Ghana dethrone South Africa, which produced 139.3 tonnes and returned to the high volumes of the 1980s.

This Is Even As Foreign Investments Keep Pouring Into Ghana

In a recent report by the United Nations Conference on Trade and Development (UNCTAD) Ghana, which is in the midst of an oil and gas boom and saw inflows of $3 billion, making it West Africa’s leading destination for foreign investment. Italy’s Eni Group was behind Ghana’s largest greenfield investment project.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.