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  • THE CURRENT COCOA PRICE INCREMENT IS AN INSULT MADAM AKUA DONKOR—-HINTED.

    THE CURRENT COCOA PRICE INCREMENT IS AN INSULT MADAM AKUA DONKOR—-HINTED.

    The founder and leader of Ghana Freedom Party (GFP) Madam Akua Donkor have said, the current cocoa price announced by Cocoabod from Gh¢475 to GH¢515 is an extreme insult and disrespect to farmers who are into cocoa business.

    Madam Akua Donkor said failing to increase the price of cocoa beans to a very welcome amount will discourage and drive away from the youths who want to venture into agriculture.

    Speaking Madam Akua said cocoa farmers in Ghana are not benefiting from the national cocoa profits and are hit with poor initiatives and cocoa policies.

    The GFP flagbearer reveals the government ought to have increased a bag of cocoa beans to Gh¢575 instead of the newly increment amount of Gh¢515 per bag with an increasing amount of Gh¢100.

    Madam Akua Donkor concluded by saying that, Ghana Freedom Party when voted into power come 2020 will provide favorable incentives with better cocoa price increments for cocoa farmers for a better living.

    Story by Emmanuel koranteng. |DFM|DIKODER.COM|

  • KMA BOSS JOINS EU AMBASSADOR IN TREE PLANTING EXERCISE.

    KMA BOSS JOINS EU AMBASSADOR IN TREE PLANTING EXERCISE.

    Mayor for Kumasi Metropolitan Assembly (KMA) Hon Osei Assibey Antwi has joined in a tree planting exercise undertaken by the European Union Ambassador to Ghana His Excellency Diana Acconia plus other representatives of EU member states within the Kumasi Metropolis.

    The activity was carried out with authorities of the assembly and the Deputy Minister for Environment, Science, Technology and Innovation Madam Patricia Appiagyei precisely on a tract of land located within the Kumasi Cultural Centre to mark the European Union Climate Diplomacy Week Ghana 2019. The objective was to help regreen the Metropolis and for that matter, Ghana, fight against climate change and protect the planet as well.

    30 seedlings were planted by officials during the exercise. The trees represented the cooperation between the European Union, Ghana, and the 38 EU member states.

    Addressing the media, HE Diana Acconia expressed that the exercise was not done to benefit only Ghana but the whole world and therefore hope that the example will be followed by the citizens.

    She underscored the location as very appropriate considering Kumasi Cultural Centre being a symbolic place for Ghana’s cultural identity.

    Mayor for Kumasi Metropolitan Assembly Hon Osei Assibey Antwi expressed much gratitude over the laudable efforts which were displayed by the EU officials.

    He recalled that KMA is much committed towards ensuring that the Metropolis is restored to its former glory (garden City) hence the implementation of the assembly’s flagships programme dubbed ‘Keep Kumasi Clean and Green’.

    The assembly according him believes that the best possible way to ensure the sustenance of life on Earth is to plant more trees.

    Story By: Mavis Davor |DFM|DIKODER.COM|

  • COCOA FARMERS REJECT PRODUCER PRICE OF COCOA FOR 2019/2020 COCOA SEASON.

    COCOA FARMERS REJECT PRODUCER PRICE OF COCOA FOR 2019/2020 COCOA SEASON.

    Cocoa farmers of sefwi Bodi, Juaboso and Akontombra are unhappy about the new producer price of cocoa announced by Nana Addo’s government in this economic hardship. higher cost of living, a higher increase in electricity bills, communication service tax, bad environment for business activities and among others.

    Since this government assumed office in 2017, there is no pesewa added to cocoa price for two years but to make an increment in 2019/2020 cocoa season, the government added only gh40 and It is a fact that in the Last 3 years Nana Addo’s government has only added 40 Ghana cedis to the existing price of 475 which we understand it as a cheat and way of stealing farmers.

    To be sincere and honest to cocoa farmers, the government of Ghana over the years considered some factors that determine the producer price of cocoa, these are some of the factors;

    a. World market price (Free On Board price of cocoa).

    b. Premium receipts (quality of cocoa produce)

    c. The exchange rate (cedi and dollar relationship)

    d. Cost of Operation

    All things being equal, the exchange rate is favorable for the huge producer price of cocoa. To expand and explain the above factors, the FOB price of $2300 secured for the 2019/20 crop year is higher than the 2018/19 price of $2200. We should be mindful of the fact that Ghana through forwarding sales has sold the 2019/20 produce, even though we are yet to harvest.

    Now let us do these basic mathematics by using our exchange rate.

    PREMIUM INCLUSIVE

     a. 2016/17 cocoa season, $1=gh3.9

    FOB price+Premium $2950 (Per tonne which is 16 bags), so gh3.9×$2950=ghc11,505

    Value in ghc11,505

    NOTE, NO PREMIUM ADDED

    b.  2019/20 cocoa season, $1=gh5.3

    FOB price-Premium   $2300 (Per tonne which is 16 bags), so, gh5.3×$2300=ghc12,190

       Value in ghc12,190

    If the government had added the premium receipts to the FOB price of cocoa, the price per bag of cocoa as of today would have been not less than ghc800. Let us also note that, if the government has even overlooked premium receipts and rogue farmers, the cocoa price for farmers should have been ghc630

    We haven’t forgotten how President Mahama government increased producer price of cocoa for 2016/2017 to ghc475 indicating an increase of ghc263 over his 4 year period from our late president Atta Mills ghc212

    Story by  Emmanuel koranteng |DFM|DIKODER.COM|

  • Electricity tariff up 5.94%, water 2.22%

    Electricity tariff up 5.94%, water 2.22%

    Three months after the last adjustment, the Public Utilities Regulatory Commission has announced an upward review of electricity by 5.94%

    It also announced an increase in water tariffs by 2.22% bringing the combined increase to over 8%.

    In a statement Monday, the PURC explained, the increase in tariffs was determined by the Automatic Adjustment Formula (AAF) which considers eight factors including inflation, in arriving at a review.

    Electricity-dikoder.com
    Electricity-dikoder.com

    PURC announced, consumers should expect the increase to kick in on October 1, 2019.

    The PURC in June 2019 announced an 11% increase in electricity which took effect July 1.

    Story by: Pearl Abaidoo-Abbam

  • Ghana moves to revive trade ties with Czech Republic

    Ghana moves to revive trade ties with Czech Republic

    Ghana has called on Czech Republic, Tomas Patrick to revamp industries it set up in the country during the 1950s.

    The West African nation has also urged the Government of Czech Republic to assist with the establishment of factories that have been identified by the Government through the One District One Factory policy.

    Foreign Minister, Shirley Ayorkor Botchwey made the call as she held bilateral talks with her counterpart from the Czech Republic, Tomas Patrick, in New York, USA, on the sidelines of the 74th session of the UN General Assembly.

    She expressed the determination of Ghana to build stronger bilateral relations with the Czech Republic for the mutual benefit of their peoples.

    Madam Ayorkor Botchwey acknowledged the contribution of the Czech Republic to Ghana’s socio-economic development during the early independence era and further mention the assistance provided in the establishment of a number of factories including the Aboso Glass Factory, Saltpond Ceramics, Kade Match Factory, Komenda Sugar Factory, and the Kumasi Shoe Factory.

    She disclosed that the Government of Ghana remains mindful of the importance of the manufacturing sector to achieve economic growth, and its renewed focus on adding value to primary products and raw materials through the industrialization of the economy for enhanced export returns and job creation for the youth.

    As a result, she observed, the Ghanaian Government was implementing an economic policy of “One District One Factory”, which seeks to equip and empower communities to utilize their local resources in manufacturing products for local and international consumption.

    According to her, opportunities abound for cooperation between the two countries in the areas of agriculture and agro-processing, construction, manufacturing, energy, oil, services, and security.

    She urged the Czech Government to further consider enhancing cooperation with the Government of Ghana in the aforementioned areas.

    The Minister recalled the strong cultural and technical cooperation that has existed between the two countries, which enabled many Ghanaian students to pursue studies in diverse fields such as health, engineering, and agriculture on Czech Government scholarships in the past.

    She acknowledged the immense impact that the beneficiaries of these scholarships have had on the national development of Ghana and take advantage of the opportunity to propose the renewal of such cooperation and scholarship schemes.

    She stated Government’s policy of engaging and tapping into the expertise of Ghanaians in the diaspora to accelerate national development and underscore Government’s commitment to supporting the work of Dr. Karl Laryea as well as Dr. John Logah, a Ghanaian Neurosurgeon in the Czech Republic who intends to establish, together with his colleague specialists, a Ghana Bone Marrow Transplantation (BMT), in the country for the management of sickle cell disease on a non-profit basis.

  • COCOBOD SIGNS AGREEMENT TO ESTABLISH PROCESSING FACTORY.

    COCOBOD SIGNS AGREEMENT TO ESTABLISH PROCESSING FACTORY.

    The Ghana Cocoa Board (COCOBOD) has signed an agreement with the China General Technology (Group) Holding (Genertec) for the establishment of a cocoa processing factory in Ghana.

    The factory, which will be located at Sefwi-Wiawso in the Western North Region will be operated by COCOBOD and Genertec through a Public-Private Partnership (PPP).

    Implementation of the plan for the construction of the cocoa processing factory will involve the China International Development Operating Agency, with funding from the China Development Bank (CDB) and the Sino-African Fund.

    The project holds great potential to contribute significantly to the improvement of the Ghanaian economy, and particularly, for the local economy of the Sefwi-Wiawso area, said the Chief Executive of COCOBOD, Hon Joseph Boahen Aidoo, in his address to the Chinese delegation led by the country’s Ambassador to Ghana, Mr. Zhou Wang. The signing ceremony took place at the Cocoa House in Accra.

    The project, Hon. Aidoo added, also has the potential to grant Ghana access to the huge Chinese market of well over a billion people. There lies a unique opportunity to reach several-million consumers of cocoa made and processed in Ghana.

    “This is a project that is going to benefit both countries,” he said with some glee. “It is going to be of mutual benefit; a win-win situation. Ghana will benefit and of course, China will as well benefit.”

    Hon. Aidoo said, the project will also aid in COCOBOD’s drive towards and also increase local consumption and more importantly, it fits into the agenda of the present government, that Ghana should increase its share of the USD$ 100 billion global cocoa industry through value addition to cocoa beans.

    “It is a matter of taking a bigger part of the global value chain, worth over USD$ 100 billion annually. Once the comprehensive feasibility studies are completed, we are looking forward to the commencement of the project.”

    On his part, Mr. Tan Xinghui, the Vice President of Genertec said the company already has some foothold in the Ghanaian cocoa sector spanning some 15 years, however, the establishment of the cocoa processing plant commences a new model of corporation between Ghana and China.

    Although China has invested in other sectors of Ghana, they are yet looking for other opportunities where the two countries can cooperate for mutual profit and a deepening of relations.

    “We regard Ghana as the regional hub”, Mr. Tan Xinghui added. “We believe that our portfolio in Ghana is not yet enough, so, basically we are looking forward to expanding our investment here in Ghana and that is why we are here today.”

    The Chairman of the Board of Directors of COCOBOD, Mr. Hackman Owusu Agyeman, was grateful for the co-operation and was hopeful that the project will commence in due time to achieve the objective of expanding the consumption of cocoa in the country.

    He was positive that the mutual relationship between the two countries will be further strengthened.

    Story by Emmanuel koranteng. |DFM|DIKODER.COM|

  • Threatening to sue Bank of Ghana-Adongo

    Threatening to sue Bank of Ghana-Adongo

    The Member of Parliament for Bolgatanga Central Isaac Adongo has threatened to sue the Bank of Ghana (BoG) over what he called its non-compliance with its laws.

    In the letter to the Attorney General written by his lawyers, Mr. Adongo suggested that it was ironical for the Bank of Ghana to abolish the financial sector with its formulated law but “[the BoG] has itself fallen foul of its duties under the Bank of Ghana Act.”

    The lawyers referenced section 53 of the Bank of Ghana Act which requires the BoG to submit a report to Parliament once every six months on all foreign exchange received and payment and transfers outside Ghana, the conduct of activities under its mandate and any other relevant functions.

    He stated that “the Bank of Ghana has either failed and or neglected to comply with this statutory reporting requirement and is therefore in clear breach of the Bank of Ghana Act.”

    “In the circumstances, our client instructs us to serve notice, which we hereby do, that he intends to proceed to court to compel the Bank of Ghana to comply within the law within one month of receipt of this letter by your office.”

    Mr. Adongo had written an article on this issue where he called the BoG “a lawless entity.”

    He said the Central Bank was setting bad examples for corporate governance in the financial sector.

    “You will recall that by May 2018, BoG was in breach of its obligation to publish its audited financial statements by 31st March. I subsequently drew attention to this breach and it was finally rectified.”

    In that article, he was questioning the source of $800 million the BoG was to use to shore up the cedi which was fast depreciating at the time.

    The MP for Bolgatanga Central Mr. Isaac Adongo urged the BoG to “comply with its obligations to Parliament and answer for its gradual reserves and the deteriorating health of the cedi.”

  • TECHIMAN TOMATO FACTORY ALMOST READY FOR PRODUCTION UNDER 1D 1F.

    TECHIMAN TOMATO FACTORY ALMOST READY FOR PRODUCTION UNDER 1D 1F.

    The Chief Executive officer of TECHIMAN Tomato Factory in the Bono East Region said that it is almost ready for the production of a variety of Tomato paste for consumption and exportation which will create employment for over thousands of youth in the Bono East Region.

     In an interview with journalists in Techiman after taken them round to inspect the facility, Mr. Will A Ofori the CEO said there has been a study on pwalugu and Wenchi Tomato factories why they failed hence have put a strategy to curb any future misfortune but rather to make the company more viable and sustainable.

     Mr. Will Ofori has, therefore, urged the Government to as a matter of urgency to release the fund to the company to be able to start operation immediately. He concluded by urging all citizens to support the company to be able to succeed.

    Story by: Emmanuel koranteng.

  • CONCERNED DRIVERS ASSOCIATION CALL FOR 30%INCREASE IN TRANSPORT

    CONCERNED DRIVERS ASSOCIATION CALL FOR 30%INCREASE IN TRANSPORT

    We the Concerned Drivers Association are calling on the government to increase transport fares by 30% following the recent increase in fuel prices.

    The latest hike in fuel prices is having a toll on our income hence the need for government to increase transport fares by 30% with immediate effect.

    We are being cheated, every time the prices of fuel go up but transport fares remain the same. How is the government expecting us to get our money to take care of our families? We want the GPRTU and the government to increase the fares to about 30 percent because currently we the drivers are at a lost.

    Other Related Stories

    Prices of petroleum products have gone high after the National Petroleum Authority (NPA) directed the Oil Marketing Companies to start applying the revised Energy Sector Levies, we can’t afford to work in vain.

    We the Concerned Drivers Association members can no longer bear the rising cost of fuel and its impact on the transport business hence the decision to pass it on to passengers.

    Story by Emmanuel koranteng

  • MAKE OUR FOOD GOOD AND DECENT TO ATTRACT TOURIST AND CUSTOMERS IN GHANA

    MAKE OUR FOOD GOOD AND DECENT TO ATTRACT TOURIST AND CUSTOMERS IN GHANA

    Dr. Patricia Owusu Darko senior lecturer in food science, Kumasi Technical University has educated traders in food and beverages at Sunyani in the Bono region.

    through the ministry of tourism in cooperation with Ghana Tourism Authority in training and sensitization for informal food and beverage sector which they can take good care of managing and making food safety for human consumption in our living environment.

    She said this is the year of return as his Excellency the president announce as this year’s role in making our country better, so with this, it is also their responsibility to educate traders in food management to be able to know the role of the food business to attract tourist in Ghana.

     Dr. Patricia said that food is very important to human life and so need to make it decent and manage well since cleanness is part of daily life activities. She said they are educating the traders to know the rules and regulations in food management to make Ghana best in Africa

    She said most food we eat outside homes and in towns, cities are sometimes not managed well and need to be decent and look good. she also encouraging all food traders to do the right thing and push Ghana forward. she said the food is good for human and must be protected, prevent and manage well and this will help Ghana to be one of the best tourism counties in Africa  and even the globe

    Story by Emmanuel koranteng.

  • Transport fares to go up by 10%

    Transport fares to go up by 10%

    The Ghana Private Road Transport Union (GPRTU) says effective September 16, public transport fares will go up by 10 percent.

    Explaining the basis for the increment, the Union said the various components that go into the running of commercial transport services has gone up.

    “This is to accommodate predominantly an increase in fuel prices,” Kwame Kuma, the National Chairman of GPRTU said in a statement, Tuesday.
    For some time now, the Union has called for an increment in their fares as prices of spare parts have gone up.

    The increased fares will cover intra-city (trotro), intercity (long-distance ride) and shared taxis.

    Mr. Kuma advised all members of the Union to comply with the “new fares and post the fare list at the loading terminals so as to avoid any confrontation with the traveling public.”

    The last time fares were increased was in January 2018.

    Story by: Pearl Abaidoo Abbam

  • Contractor’s Debts Has Been Accumulated For Several Years-Ashanti Regional Minister

    Contractor’s Debts Has Been Accumulated For Several Years-Ashanti Regional Minister

    The Ashanti Regional Minister Hon Simon Osei Mensah said the constructor’s debts have to be accumulated from several years ago.

    According to him, It will be his pleasure that one day I will wake up and see all Ashanti Region Roads fixed but the government of Ghana owes Constructors from 2012 to 2018.

    And the current Government led by His Excellency Nana Addo is fighting to get money to settle them so that those who have not completed their work will go and complete it as soon as possible.

    He assures Ghanaians that very soon contractors will go back to site and completes all road, especially in Ashanti Region.

  • JAPAN’S TRADE ORGANISATION TO FRAMEWORK GHANA OFFICE

    JAPAN’S TRADE ORGANISATION TO FRAMEWORK GHANA OFFICE

    The Japan External Trade Organization (JETRO), the Japanese institution imposed with consolidating Japan’s efforts in export and speculation promotion, has signed an MoU with the government to establish an office in Ghana.

    Ghana playing host to the largest number of Japanese businesses in West Africa, the Chairman and Chief Executive Officer of JETRO, Nobuhiko Sasaki, stimulated that the establishment of the office will surely lead to the furtherance of the promotion of Japanese businesses in Ghana. 

    At the signing ceremony in Yokohama, on the sidelines of the 7th Tokyo International Conference on African Development, Chairman Sasaki indicated that, in order to drive more Japanese companies into Ghana, “we would like to launch the office sometime in March next year.

    FOR MORE NEWS

    He was confident that, with the establishment of the office, “more than we have before, we will be able to continue to build on the number of Japanese businesses operating in Ghana”.

    Ghana's top resource for news, sports, business, entertainment & more..
    President of the Republic of Ghana Akufo-Addo

     The President of the Republic of Ghana Akufo-Addo, in his remarks, expressed his delight at the signing of the MoU with JETRO, and its subsequent decision to set-up shop in Ghana. 

     The President Nana Addo indicated that we are very interested in deepening economic relations between Ghana and Japan, and to that extent, we have spent the last two years trying to improve the fundamentals of the Ghanaian economy so that we will be in a better position to attract investments and interests from Japanese companies. 

    BY: Theresah Mensah|DIKODER.COM|DFM

  • GHANA CHAMBER OF COMMERCE ESTABLISHES ADR FOR BUSINESS DISPUTES

    GHANA CHAMBER OF COMMERCE ESTABLISHES ADR FOR BUSINESS DISPUTES

    Businesses with protracted cases at the courts can now seek redress at an Alternative Dispute Resolution, (ADR) Center that has been created by the Ghana National Chamber of Commerce and Industry (GNCCI).

    This follows complaints by businesses about the slow and stressful legal process in resolving commercial disputes.

    The ADR center is to provide an immediate and local seat of mediation for businesses that are unable to get their disagreements resolved on time at the conventional courts.

    Alternative Dispute Resolution ADR is basically a form of resolving disputes without resorting to the law court and includes methods such as arbitration, negotiation, and mediation which complements the traditional justice system.

    The Center is a partnership between the GNCCI and law firm, Gamey & Gamey.

    Speaking to Citi Business News after the two partners signed a Memorandum of Understanding, President of the GNCCI, Nana Dr. Appiagyei Dankawoso I expressed confidence, the move will complement the government’s efforts at providing an enabling environment for the private sector.

    “Business disputes will always be with us as long as we remain in business, and the opportunity to have our business disputes resolved within the shortest possible time and with less cost, coupled with the maintaining of the cordial business relationships after the settlement, is what every business person is looking for.”

    BY: Pearl Abaidoo-Abbam|DIKODER.COM|D FM

  • A BAN ON IMPORT OF VEHICLES OVER 10 YEARS OLD TO BE IMPLEMENTED- KYEREMATENG

    A BAN ON IMPORT OF VEHICLES OVER 10 YEARS OLD TO BE IMPLEMENTED- KYEREMATENG

    Trade and Industry Minister Alan Kyeremateng says the government is ready to implement a ban on the importation of vehicles older than 10 years among other measures as part of efforts to create a competitive automotive industry while protecting Ghanaians from the dangers of old vehicles.

    He made the comments at the launch of the new Ghana Automotive Development policy here in Accra.

    According to the Minister, the Automotive Industry plays a strategic role in economic development in respect of employment creation, contribution to GDP, and building of industries like metals, glass, plastics, rubber, and electronics.

    He also pointed out the benefits to other areas such as vehicle financing, insurance, warehousing, automobile parts, after-market services, among others.

    “The difference between what we did in the late 60s and now is the fact that we are now making sure that we have an Auto Policy. People have lost faith in governments, but I can tell you that if we don’t do anything at all, at least we can provide a framework and an environment for the private sector to succeed.”

    Among the strategic objectives of the policy is the establishment of a competitive automotive industry, generation of highly-skilled, well-paid jobs (direct and indirect) in automotive assembly, the pursuit of import substitution and exports to improve the balance of payments and the improvement of road safety for all Ghanaian.

    The staff of Standard Chartered last Friday undertook a clean-up exercise at the Accra Rehabilitation Centre and also donated assorted items for the upkeep of the students at the Centre.

    Commenting on the essence of the initiative, Asiedua Addae, Head of Corporate Affairs, Brand and Marketing said the outreach was part of activities to mark the Bank’s Total Wellness Week celebrations and forms part of the Banks overall community engagement agenda.

    The total wellness week celebration focused on encouraging employees to make quality choices around the seven dimensions of wellness – Spiritual Intellectual, Occupational, Social, Emotional, Mental and Environmental.

    BY: Pearl Abaidoo-Abbam |DIKODER.COM|D FM