11 months ago

February 13


Inside February 13, 2018 .qxp_Layout 1 2/12/18 7:17 PM Page 7 12TH FEBRUARY 2018 MONDAY CURRENCY PARIS CODE BUYING SELLING US Dollar USDGHS 4.3600 4.5000 RATES Pound Sterling GBPGHS 6.0500 6.2000 Euro GBPGHS 5.3800 5.5500 10 DAILY HERITAGE TUESDAY, FEBRUARY 13, 2018 WWW.DAILYHERITAGE.COM.GH Gov’t explores Asian markets for sixth Eurobond sale – Govt sources GOVERNMENT OFFICIALS will meet investors in Asia this week to explore new markets for a $1 billion Eurobond sale this year, government sources said on Friday. The major commodity exporter is seeking favourable terms for the bond, slated for April, amid market uncertainty fuelled by the likelihood of a United States Federal Reserve hike that could render sub-Saharan African debt unattractive. Finance Minister, Mr Ken Ofori-Atta and a deputy central bank governor will attempt to woo investors in Singapore and Hong Kong to the sale, which is Ghana’s sixth. Previous debt was sold mainly to investors in Europe and the United States. Analysts said Ghana’s move was unlikely to yield results as Asian markets target higher quality credits such as those offered by Gulf countries. “It’s an odd choice and we don’t see any interest from Asian accounts in African bonds,” a major Europe-based fund analyst told Reuters. If the Ghanaians succeeded, they would change the dynamics of the African bond market,” the analyst said. Ghana, which exports cocoa, gold and oil is in its final year of a $918 million credit deal with the International Monetary Fund to narrow deficit, inflation and public debt, which hit 68 percent of GDP last year. The government is yet to announce lead advisors for the 2018 Eurobond sale, which it advertised in this year’s budget. – Reuters Ghana, which exports cocoa, gold and oil is in its final year of a $918 million credit deal with the International Monetary Fund to narrow deficit, inflation and public debt, which hit 68 percent of GDP last year. •Ken Ofori-Atta, Minister of Finance NPA to review 15% petroleum tax after fuel demo THE NATIONAL Petroleum Authority (NPA) says prices of petroleum products are likely to go down in the coming days. The Chief Executive Officer of the NPA, Mr Hassan Tampuli who hinted of the possible reduction attributed this to the decline in crude oil prices on the global market last week. The Chamber of Petroleum Consumers, Ghana (COPEC- Ghana) has threatened to engineer a nationwide protest should government fail to respond to calls for reduction in the cost of fuel within one week. They made the pronouncement last Wednesday after a protest in the capital-Accra that saw dozens, including the Industrial and Commercial Workers •Mr Hassan Tampuli, Chief Executive Officer of the NPA Union and several transport unions across the country demonstrating to express their displeasure with the fuel hikes. The demonstration, according to COPEC-GH was to force government to reduce taxes on petroleum products. But Speaking on Newsfile on Saturday, the NPA Chief Executive Officer said government had considered making proposals to make the Special Petroleum Tax a specific amount instead of a “percentage of ex-depot price”, so it does not trigger any future increases in prices. “One thing that we have all agreed on is that instead of making the Special Petroleum Tax a percentage of ex-depot price, we will rather make it a specific amount so that it does not compound any future increases in the prices and it will also help government to stabilise revenue when prices go down,” he explained. He added that the considerations may happen in the next pricing window indicating “as at yesterday [last Friday], we have been having meetings about when to do it. We didn’t need [the COPEC and ICU] demonstration to even let us know that is what we should do.”

Inside February 13, 2018 .qxp_Layout 1 2/12/18 7:17 PM Page 8 WWW.DAILYHERITAGE.COM.GH DAILY HERITAGE MONDAY, FEBRUARY 12, 2018 11 Politics Where justice is denied, where poverty is enforced, where ignorance prevails, and where any one class is made to feel that society is an organized conspiracy to oppress, rob and degrade them, neither persons nor property will be safe — Frederick Douglass Thumbay Group of Dubai calls on First Lady ON FRIDAY, February 9, 2018, the Thumbay Group of Dubai led by the Founder/President, Mr Thumbay Moideen, led a delegation made up of Dr Vinod Abraham, Director –External and Internal Affairs of the Thumbay Group, the Board Chairman of National Health Insurance, Professor Yaw Adu- Gyamfi and Madam Cecilia Dapaah, the Minister for Aviation to call on Her Excellency Mrs Rebecca Akufo- Addo, following a Memorandum of Understanding (MoU) signed with the Ministries of Health and Education for the establishment of a Medical University and Teaching Hospital in the Greater Accra Region, by the Thumbay Group of Dubai. Dr Abraham indicated that the US$ 600 million ultra-modern health project, will help to pioneer innovative solutions to health delivery in Ghana and beyond, particularly in the West African sub-region. He said that when completed, the • Mrs Rebecca Akufo-Addo (M) with Thumbay Group delegation university will be the “first of its kind in the West African sub-region” and will be a unique medical research and innovation centre in West Africa offering programmes including medicine, dentistry, pharmacy, nursing and physiotherapy. He also noted that “the university will not only cater for Ghanaian students but also international students and offer state of the art virtual patient learning, advanced simulation centre, among others, which will transform medical education in the country and in the region as a whole.” In addition to the university, Dr Abraham said the Teaching Hospital proposed would have 300 beds and would be a tertiary care centre for Ghanaians as well as those from the sub-region. This, he noted will “help position Ghana as a medical tourism destination.” He assured the First Lady that the hospital would also provide cost effective and affordable care to the poor and needy as well as provide direct employment to 2,500 Ghanaians when both projects are completed. The First Lady expressed her gratitude to the Thumbay Group for choosing Ghana for such an enormous project and pledged her support to see the project completed. Thumbay Group is a diversified international business conglomerate with its headquarters in DIFC- Dubai, United Arab Emirates. The Group is a pioneer in using innovation to constantly find solutions to health issues. Realisation of the SDGS key to Africa’s future — Prez Akufo-Addo THE PRESIDENT of the Republic, Nana Addo Dankwa Akufo-Addo, has described the realisation of the 17 United Nations (UN) Sustainable Development Goals (SDGs) as an investment in the future of the youth and children of the African continent. According to President Akufo-Addo, the 17 UN SDGs “present our generation with the great opportunity to fight inequality on all fronts, wipe out extreme poverty, tackle the issues of climate change, and reverse the degradation and unsustainable use of our environmental resources.” It is for this reason that Ghana, the President indicated, has taken up the challenge of the SDGs. “We have captured them in our Co-ordinated Programme for Economic and Social Development Policies, which was submitted to Parliament last November, and we have set up a Governmental Inter-Ministerial Committee to co-ordinate and monitor the implementation of the SDGs,” the President added. President Akufo-Addo made this known on Friday, February 9, 2018, when he delivered the opening remarks at a public lecture addressed by Queen Mathilde of Belgium, at the Great Hall of the University of Ghana. The President, who is the co-Chair of the Group of Advocates of Eminent Personalities of the SDGs, noted that the Group of Advocates, which includes Queen Mathilde, has the duty to promote the universal character of the SDGs, the engagement of new stakeholders in the implementation and financing of the global goals, encourage partnership with civil society and the private sector, and to share knowledge and best practices necessary to support accelerated implementation of the goals. •President Nana Akufo-Addo in a tete-atete with Queen Mathilde of Belgium “We must succeed in removing millions of people out of poverty, protect our planet, and provide hope of a secured future to the teeming youth in the world who have the greatest stake in the SDGs. And this is exactly what I am firmly committed to championing, as Co-Chair of the Advocates,” the President stated. With Africa at a critical stage in its development, he noted that the realisation of the SDGs could mark a major turning point for the continent. “With some 75 percent of the world’s poor living in Africa, poverty eradication remains an enormous challenge. But we have a great opportunity, with the SDGs, to reverse that, and, with smart policies, make considerable inroads in eradicating poverty, and bringing prosperity and increased human development to the continent,” he added. Achieving SDGs Achieving the SDGs, President Akufo-Addo said, “we will take bold ambition in thought and actions, creativity, innovation, hard work, and, most critically, connecting to the positive and abundant energies of the youth. “The story of Africa’s hitherto inability to develop is primarily the story of our damaging colonial heritage and bad governance. We must make governance and our governance systems work for the eradication of poverty and the creation of prosperity and wealth. And, as we embark on this path, we must commit to building accountable and transparent institutions,” he stated. The President added, “we cannot grow out of poverty and achieve the SDGs through charity and the benevolence of others. If we are going to succeed to move Africa Beyond Aid, this cannot be a mere slogan. It will take adopting more effective and appropriate development models, doing business differently, and making the tough choices necessary to accelerate inclusive growth in the economy.” President Akufo-Addo reiterated his belief that a key accelerator to achieving the goals is a strong and vibrant private sector, which has the space to grow, flourish and unleash the entrepreneurial talents of the people. As the African Union’s Gender Champion, he added that “for our continent to achieve the SDGs and capture totally our grandeur, we must succeed in fully unleashing the potential of Africa’s women. This is an absolute priority for me, as it should be for one privileged to be labelled the African Union Gender Champion.”

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