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Exclusive Interview – President speaks on gender parity

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Exclusive Interview – President speaks on gender parity

Exclusive Interview – President Mahama speaks to Nana Addo’s comments on his Gov’t

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Exclusive Interview – President Mahama speaks to Nana Addo’s comments on his Gov’t

Exclusive Interview – President explains why he brought people to the public gallery

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Exclusive Interview – President explains why he brought people to the public gallery

Mahama cautions Zongo youth against violence

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photoFlagbearer of the People’s National Convention (PNC) Dr. Edward Nasigire Mahama has cautioned youth within Zongo communities in the country to desist from any move before, now and after the November 7 polls likely to mar the peace Ghana enjoys.

Dr Mahama made the call last Sunday when he paid a courtesy call on the chiefs and Imams of Mamobi and Nima at Kawo Kudi park near Kanda.

The purpose for his visit was to officially inform the chiefs and Imams about his bid to contest in the November 7 polls as the flagbearer of the PNC and to appeal for their support to win.

Present at the office of Alhaji Umar Baba Issah, the venue for the gathering, were 25 chiefs of the area and some Imams, who gave a rousing welcome to Dr. Edward Mahama and his entourage at the time of visit.

Addressing the chiefs in a rather majestic style, Dr. Mahama lamented the attitude of some unscrupulous politicians in contracting the Zongo youth to foment trouble especially during elections.

Most youth who reside in Zongo communities in Ghana are noted for causing mayhem or fomenting trouble in one way or the other hence creating tension and unrest especially during elections.

It is believed the youth are paid by some dishonest politicians to resort to violence just to create fear and panic among the electorates.

This has tarnished the image of Zongo communities labelling it violent places for living.

But Dr. Edward Mahama refuted the claim, describing Zongo communities as not terrible or violent places as being speculated by most people.

He referred to Zongo dwellers as very entrepreneurial people who left their hometowns to the city to make a better life for themselves.

“These are people that if you help a little bit, they turn the whole nation around,” he posited.

He therefore charged the youth to resist any attempt by any so-called corrupt politician who might use them to commit acts of violence in the coming November polls.

“Don’t let anybody deceive you, when you do they give the image that Zongos are very terrible places to live,” he told the youth.

Dr Mahama also called on the youth to help galvanize support and campaign vigorously for him and the PNC to win massively in the November polls.

The National Women Organizer of PNC, Janet Nabila, also appealed to all women to vigorously garner votes for Dr. Edward Mahama to win as the next President of Ghana.

According to her, the PNC is the only political party that has the welfare of women and children at heart and therefore has the power to put to end their woes.

Meanwhile, the National Chairman of the PNC, Bernard Monarh, has charged the youth to vote for massively for the PNC come November 7 against speculations that the party belongs to only northerners.

He also appealed to the Muslim youth to desist from any act of violence or fraudulent politics that could put the country in the state of confusion and instability.

By Joseph Kobla Wemakor|Nima, Accra|Ghana

JHS girl raped and killed by ‘wee smoker’ at Ejisu Juaben

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JHS girl raped and killed by ‘wee smoker’ at Ejisu Juaben

MurderA man believed to be in his early 30s is said to have butchered an 18-year-old girl at Hwereso near Boankra in the Ejisu Juaben Municipality of the Ashanti Region.

This was after he allegedly raped the Junior High School final year student whose name was given as Azuma infront of the mother and her grandmother on Monday night.

The alleged killer, whose name was given as Adongo, also slashed the mother of the girl’s throat and head. The deceased’s paternal grandmother who was on a visit also sustained a cut on her back. They are receiving treatment at a nearby health facility.

Adongo, after committing the atrocity, bolted but the police are currently on manhunt for him.

Narrating the incident to Onua FM’s Yen Sempa Tuesday, the Assembly Member for the Electoral Area, William Kwaku Obeng explained that he was waken at about 1am this dawn, only to be greeted with the sad news of someone being killed in the area.

He said Adongo allegedly entered the victims’ room at midnight while they were asleep and demanded that they handed over the lady to her without any tangible reason. Brandishing the lethal cutlass, he threatened to kill everybody in that room, so the two women including two others obliged without a struggle.

Right in their presence, he raped the deceased. After the ignoble act, blood-thirsting Adongo slashed the poor girl’s chest right in-between the breasts.

Not satisfied, Adongo pounced on the victim’s mother and the old lady, inflicting cutlass wounds on them but left the two other children.

The Assembly Member told Yen Sempa host, Kwame Karikari that the people started shouting for help which attracted other tenants on the compound house but Adongo took to his heels after sensing danger.

Mr. Obeng said Adongo is known in the area as someone who smokes marijuana but discounted any perception that he might be insane.

He is currently being pursued by the police.

 

Story by Kweku Antwi-Otoo/Onua FM

I don’t believe Ghanaian Isis fighter Alema is dead – Ace Ankomah

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I don’t believe Ghanaian Isis fighter Alema is dead – Ace Ankomah

Ghanaian ISIS recruit Alema (middle) has been reported deadPrivate legal practitioner Ace Ankomah has cast doubt on news reports that Mohammed Nazir Nortei Alema, the Ghanaian graduate from the Kwame Nkrumah University of Science and Technology (KNUST) who joined terrorist group ISIS, is dead.

In August last year, Nazir Nortei Alema left Ghana to go and join ISIS after completing his National Service.

News reports on Monday indicated that Nazir has been killed in battle in the Syrian city of Homs.

However, Ace Ankomah in a post on Facebook on Monday, March 21 indicated this was not true, pointing out how ISIS fighters had faked death in order to slip back to UK and Europe.

“I don’t believe that the Ghanaian ISIS, Alema, fighter is dead. I think it’s a ruse. For what?”

He, therefore, advised that Ghanaians must rather be alert and prepared for any eventuality.

“It has happened before. This should put us on our guard,” he stated.

By Jemima Opare-Henaku|3FM|tv3network.com|Ghana

Samini, VVIP, Tic Tac, others to rock Easter revelers at La Pleasure Beach Saturday

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Samini, VVIP, Tic Tac, others to rock Easter revelers at La Pleasure Beach Saturday

photoEaster revelers will this Saturday get the opportunity to experience a live musical performance by some of hip-life’s best acts in the country at the La Pleasure Beach on Saturday.

 

Dubbed: Tic Tac Live Xperience, the event which is spearheaded by hip-life artiste Tic Tac seeks to create awareness and raise funds to support needy families to afford three nutritious square meals a day.

Billed to perform are Tic Tac, VVIP, Samini, Keche, Nero X and Eze among other acts who are promising patrons the best of musical performance from morning through to the night when the event will hit its peak.

Tic Tac observed a lot of families in the country are unable to afford three nutritious square meals a day and recognizing that, decided to hold this annual event to raise awareness and funds to support such families.

Hunger, he said, could lead one to engage in violence among other vices which has the tendency to destabilize the peace and harmony Ghana is enjoying.

“Ensuring we all live in peace is a shared responsibility for all. The haves should stretch a helping hand to the have-nots in society” Tic Tac pleaded.

The multiple award-winner urged all revelers make the La Pleasure Beach their destination this  Easter to have fun and at the same time support needy families.

The maiden edition of the campaign last year saw celebrated musicians in the country exhibit their dexterity on the big stage to the admiration of their fans.

By tv3network.com|Ghana

ADB exonerates Afenyo Markin of $900,000 bribe allegations

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ADB exonerates Afenyo Markin of $900,000 bribe allegations

Tphotohe Agriculture Development Bank [ADB] has denied allegations that monies in excess of 900,000 dollars was paid to the Member of Parliament for the Effutu constituency, Alex Afenyo Markin, to withdraw a suit filed against the bank.

This denial comes on the back of accusations against the MP who questioned moves by the Bank to issue an Initial public Offer.

In the later part of last year, there were allegations against MP for Effutu constituency, Afenyo Markin for demanding an amount of 400,000 dollars from agricultural development bank (ADB) in order to withdraw a suit against the bank.

In the same allegation, ADB was also accused of paying an additional 500,000 dollars into an account in the United States belonging to the sister of the MP.

Again a cedi equivalent of 250,000 cedis was allegedly paid to Afenyo Markin in an act of extortion.

In a statement issued by lawyers of ADB in response to the accusers, the bank said “there is no way the bank will employ that quantum of funds simply to get an IPO through by any such illegal means or that the process had been threatened by a court action and there was therefore the need to do something to get the process going.”

The statement further indicated that “assuming without admitting that there was ever any such approach by the Hon. Afenyo Markin, we wish to state categorically that no money from the bank has ever been paid or will ever be paid for this kind of cause.”

The letter signed by M.K Amoakohene, General Counsel for the ADB concluded by saying “we wish to say that the bank has not paid any monies to Hon. Afenyo Markins or anyone connected to him.”

By Martin Asiedu-Dartey|tv3network.com|Ghana
Twitter: @NewsyMartin

Why the rich stays rich: They don’t invest like the rest

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Why the rich stays rich: They don’t invest like the rest

photoWhen many of us have a little cash to invest, we might buy a mutual fund or a stock — if we don’t blow it on the latest tech gadget. Not the truly wealthy, however.

They often put their money in property, art, businesses and other investments that the rest of us can only dream of owning.How this rarified group uses their cash differentiates them from the rest of us — and keeps them in the black.

Getting and staying rich…

Take Joshua Coleman, for example. When his family sold their Chicago-based telecom company for $400m in 2004, they didn’t run out and buy something extravagant. Instead, they began seeking advice on ways to save their newfound riches and help them grow.

Their quest sparked an idea for Coleman, now 27. In 2011, he launched Momentum Advanced Planning — a firm that connects people to tax, legal and wealth experts. If the business one day sells, he could see a big return, just like his family’s first business.

If you think that starting a business is an odd way to invest your money, then you probably aren’t among the ultra-wealthy. People who have at least $30m in assets — dubbed ultra high net-worth — invest in stocks and bonds, but they also grow their money by buying companies and investing in unusual securities, such as airline leasing funds. They also own art and cars that they hope will appreciate in value.

“It’s called alpha risk,” said Coleman. “It’s this kind of stuff where there can be a lot of upside.”

As for the downside, many of these investments are riskier than traditional investments, so there’s a higher chance of losing a large chunk of change. As well, they’re far less liquid than stocks and it could talk months or years for the wealthy to get their money out of an investment.

Even if you don’t have millions to invest, though, you can learn a thing or two about how the rich reap returns and apply it your own portfolios.

Rich-only investments? Perhaps…

The wealthy have access to a swath of investments that most people don’t even know exist.

Closed-end funds — a long-term investment where money is typically tied up for at least five years — offer the very rich access to big returns and high yields.

Aircraft leasing is one budding area of investment, said Ian Marsh, CEO of asset management for London-based Fleming Family and Partners, a wealth management firm that was initially created to preserve the fortune of Ian Fleming, the creator of James Bond.

His clients work with a company called Doric, which uses investor money to buy planes which are leased to large airlines, such as Dubai-based Emirates Airlines.

Investors will eventually cash out of the fund when those planes are sold, but they can make a 9% annual yield in the meantime from the leases alone. The average yield on the Standard and Poor’s S&P 500 — America’s main investing benchmark stock basket — is about 3%.

Some closed-end funds require hundreds of thousands of dollars to buy in, but Doric’s airline leasing funds have a more reasonable entry fee, says Marsh. Its SKY CLOUD series of funds — which buy Airbus A380-800s and leases them to Emirates Airlines — have a minimum investment of 10,000 euro ($13,822) and 5% one-time fee that is based on how much investors put in.

Ultra high-net worth investors in the UK and elsewhere are also buying up farmland. As the global population grows, demand for food will also increase and those who own prime agricultural land could see good returns, said Marsh. Arable land is a finite resource —the harder something is to come by the better the return.

According to Marsh, good land can earn a yield of about 4% a year for an investor, plus appreciate in value over time.
Few regular investors can afford to invest in a plane fund or buy a plot of rich farmland, but there are some more-accessible closed-end funds that offer a way to invest in global infrastructure, even wine. There are also some publicly listed companies that people can buy on the stock market. For instance, Gladstone Land is a US-listed company that buys farmland.

Buy more businesses, of course…

It’s a natural for wealthy individuals, many of whom made their money owning companies, to buy into other businesses.
Coleman invests in a number of other companies, mostly in the professional services and tech sectors. He has a stake in so many operations that he can’t give an exact number.

“It’s a lot,” he said.

He’s usually investing with a group of investors and a private equity firm, and he’ll invest more than $1 million to get a piece of an operation.

It’s fun to see companies go from nothing to something and many investors have the experience and networks to help get a business off the ground, said David Rose, a New York-based ultra-wealthy entrepreneur and author of Angel Investing: The Gust Guide to Making Money and Having Fun in Startups.

“Imagine investing in Google when they were still in their trailer,” he said. “You can meet the founders on a weekly basis, get a first hand look at what’s happening and see it grow. That can be a lot of fun.”

It can also be lucrative. Though investors put their money at risk — 50% of startup companies go bust, said Rose — a wealthy investor usually makes 20 times to 50 times their initial investment on one or two companies that do succeed.
Rose usually puts between $50,000 and $100,000 in a company, and he said he has made millions off some of his investments.

At the moment, it’s difficult for the average investor to invest directly in a business, unless they hand over some money to a friend or family member, says Rose.

However, a new piece of US legislation, passed in 2012, may allow regular people to invest in startups. It’s not yet clear how this will play out.

Play up pricey passions…

“Passion” investments, such as art, cars, watches, wine and even musical instruments, are big among the rich, said Guy Hudson, executive director and head of business development at London’s Stonehage Investment Partners, a global wealth management firm.

While people want these assets to grow in value, they’re also buying them to either use or look at.

“These investments always arise from the investor’s passion for that particular object,” said Hudson.

For investors who buy the right passion investments — finding something rare is key here — they can see solid returns. According to his company’s research, the value of “investments of passion” rose by nearly 15% in 2013, said Hudson.

There are several ways for regular investors to buy passion investments, says Hudson. A wine fund sold by The Wine Investment Fund requires a minimum 10,000 euro ($13,822) investment, for instance, and there are other funds that focus on art and cars. Take note: some may require the investor to be accredited, so even if the initial fee is low, you may not be able to purchase the fund.

You can also buy art for affordable prices at auction. “Up and coming artists will sell their pieces at reasonable rates,” he said.

Fuelling a hunger for property…

Many high-net-worth people like parking their cash — often seven or eight figures — on pieces of property, said Paul Patterson, deputy chair at Toronto’s RBC Wealth Management.

Some pool their money with others to buy commercial properties; others scoop up high-priced condos in London, New York and other global locales.

Many hope to sell for a handsome profit, but in the meantime, they can live in these abodes when they travel, he said.
“They typically buy two or three residences in different places around the world,” he said. “It’s got great long-term value, especially in core markets.”

While the average person likely won’t be able to buy a condo in a posh New York area, they may be able to buy a house in their neighborhood that they can then rent out or sell when the price appreciates.

There are also many public companies that buy commercial and residential real estate — called Real Estate Investment Trusts — that any stock market investor can purchase. While they’ll be sensitive to market ups and downs, the stocks often rise in price as rents and property values climb.

Source BBC Capital

West African countries to share intelligence on terror threats – Mahama

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West African countries to share intelligence on terror threats – Mahama

[L-R] President Mahama in a handshake with Mr OuattaraCountries within the West African region are discussing how to share intelligence in a bid to prevent and counter terrorism attacks and threats, President John Dramani Mahama has revealed.

He said it was unfortunate that the region has began experience terrorism attacks at a time that the various countries are trying to integrate their economies and people to create opportunities for them.

President Mahama said this Tuesday when he met his Ivorian counterpart, President Alassane Ouattara in Abidjan, to discuss security in the sub region and also commiserate with the Ivorian people following last week’s terror attack.

It followed the recent attacks in three West African countries – Mali, Burkina Faso and Ivory Coast- which left dozens of people dead.

The government on last Wednesday issued an alert of a possible terrorist threat in the country in the wake of the upsurge of terrorist attacks in the sub-region. It thus asked the general public to be vigilant, cautious and curious as it stepped up its counter-terrorism measures.

“It’s a pity that this is happening at this time because at this time, we have been trying to integrate our economies and our people to create the opportunity for our people to move freely across our borders but when things like this happens it means that we have to be more vigilant” he told journalists after the meeting.

President Mahama said considering the current development, countries within the region have to thoroughly scrutinize those coming though their borders with the view to indentifying those with criminal intents, noting that ECOWAS has passed several protocols on anti terrorism  which he said “we have been discussing how we can activate those protocols”.

“We have been discussing how commonly we can… share intelligence and…how we can still maintain our integration and let people move freely but at the same time make sure that people who want to harm us and are coming across our borders, we are able to identify who they are and prevent them from doing the evil they wanna inflict on our people,” President Mahama said.

Mr. Mahama is in Ivory Coast for a day’s Africa Chief Executive Officers’ Forum. It is the first time the forum is hosted by an African country since its inception in 2012.

President Mahama who was received at the airport by Prime Minister Kablan Duncan is accompanied by Dr Edward Omane Boamah, Minister for Communications and Mr Prosper Bani, Minister of Interior and Casel Ato-Forson, Deputy Minister of Finance.

He is expected to meet owners of other businesses during his stay.

The Africa CEO forum is the foremost platform for CEOs and officials of African international companies to share experiences and ideas, expand their networking systems and find new financial partners in the continent and beyond.

They also use the forum as the vehicle or driving force in the development of the African private sector, learn from the best practices of fast-growing companies in the continent, and promote their companies within the African continent and beyond.

Since the first CEO forum edition in 2012, it has become the flagship forum for African investors and their partners to fine-tune their development agenda in the continent.

More than 800 participants, made up of 500 CEOs from the African continent, 100 bankers and investors, 200 high profile African and international Very Important Personnel are attending the 2016 edition hosted by Groupe Jeune Afrique in partnership with the African Development Bank and Rainbow Unlimited.

By tv3network.com|Ghana

Brussels airport rocked by two explosions

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brusselsTwo explosions have been reported in the departures area of Zaventem airport in Brussels. The Belgian fire service told local media there were at least several dead and wounded.

The cause of the explosions is unknown. The airport is being evacuated and has been closed to flights.

The blasts come four days after the capture in Brussels of Salah Abdeslam, the main suspect in the Paris attacks in November.

Images on social media showed smoke rising from one of the buildings, amid reports of panic as people fled the airport.

Rail transport to the facility has been halted.

Other reports say at least one explosion was close to the American Airlines check-in area but this has not been confirmed.

The Belgian broadcaster RTBF quoted a witness as saying there were people injured or unconscious in the departure area, opposite the Sheraton hotel.

Niels Caignau, a Swissport employee, told Flemish broadcaster VRT: “I was on a break and heard and felt a big explosion – we have from here a view over the departure hall and saw a plume of smoke come out.

“The windows are completely shattered. People went outside in shock. It doesn’t look good.”

Source: BBC

Terror alert: BNI picks up 3 South Africans over ‘suspicious conduct’

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Terror alert: BNI picks up 3 South Africans over ‘suspicious conduct’

SuspectsThe Bureau of National Investigation (BNI) has arrested three South African former police officers in the Central Region for allegedly engaging in acts that threaten the country’s security.

The three, 54-year-old Major Ahmed Shaik Hazis (Rtd.), 39-year–old  WO/ Denver Dwayhe Naidu (Rtd.) and 45-year-old Captain Mlungiseleli Jokani (Rtd.), were picked up on Sunday March 20, 2016 at El Capitano Hotel in Agona Duakwa in the Central Region.

“The trio, all ex-police officers were engaged in training fifteen  young men in various military drills, including unarmed combat, weapon handling, VIP protection techniques and rapid response maneuvers,” according to a BNI document.

Hazis the leader of the three has reportedly disclosed to BNI officials that they were brought into the country by one Capt. Koda, head of security detail for NPP flagbearer, Nana Akufo-Addo.

According to the BNI document, the trio was conducting the security drills on the pretext that the men were being trained for Delta Force Security, owned by Capt Kwesi Acquah (Rtd).

The El-Capitano Hotel, where the three former South African ex-servicemen were staying is also owned by Capt Acquah (Rtd).

“The said training raises security issues given the heightened security awareness in the country following some terrorist attacks in the sub-region,” the document states.

The BNI says the suspects claim they are security management consultants, with Hazis disclosing that he was part of Nana Akufo-Addo’s security detail during the 2012 elections but left the country soon after.

“Strangely, however, when the Police and BNI operatives went to the hotel to ascertain their mission they were refused entry by the trainees.  However, the security operatives finally entered the place and conducted a search on them.  Surprisingly, a comprehensive report on the operations of Superlock Technologies Ltd (STL) was found in the possession of Hazis.   The document contained a detailed profile of all the workers of STL, past and present and went on to identify key staff members, giving an assessment of their strengths and vulnerabilities with the view to possibly compromising them so as to get them commit acts that will tend to favour a particular party in the 2016 elections, using the STL security infrastructure.  Images of all workers of STL were also contained in the document,” said the BNI briefing document.

Although Hazis has denied authoring the document, BNI officials say he failed to provide a convincing explanation regarding how the document came to be in his possession.

It will be recalled that the Electoral Commission (EC) engaged STL for the transmission of collated results to the EC during the 2012 general elections, the outcome of which was rejected by the NPP until same was endorsed by the Supreme Court.

BNI says a perusal of the passports of the three suspects indicate that they entered the country weeks ago on business visas issued by Ghana’s mission in Pretoria, South Africa.

“The visas did not entitle them to engage in any kind of contract or business as they were found to be engaged in,” the BNI document revealed.

Source myjoyonline

Northern School of Business shut down after students’ demo

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Northern School of Business shut down after students’ demo

NOBISCONorthern School of Business (NOBISCO) has been closed down following a demonstration staged by students last week.

 

Students have been given less than an hour to vacate the campus, our correspondent reports.

TV3’s Zubaida Ismail reports that some students are already packing out as school authorities are bent on enforcing the directive.

NOBISCO

Photo by Zubaida Ismail/TV3/Tamale

Students are said to have demonstrated last Thursday after authorities asked about 160 of their mates to produce two bags of cement each for missing a roll call conducted after the March 6 holidays.

Our Northern Region correspondent said the school’s authorities had asked the students not to take leave during the holidays but 160 of them defied the order.

After the punishment to produce the bags of cement was meted out to them, they went on rampage destroying facilities at the school, which is expected to close the current academic term by Thursday, March 24.

TV3 gathers not all students have finsihed writing their terminal examinations and so the development will disrupt the school’s academic calendar.

Source: tv3network.com|Ghana

Bank of Ghana maintains policy rate at 26%

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Bank of Ghana maintains policy rate at 26%

DriThe Monetary Policy Committee of Bank of Ghana announced on Monday that its monetary policy remains unchanged.

The bank maintained the policy at 26 percent.

At a press briefing in Accra, the Governor of the central bank, Dr. kofi Wampah explained that in February, “headline inflation declined to 18.5 percent, dragged down by lower non-food inflation. The monthly inflation rates also indicated some slowdown in February, supported largely by stability in the exchange rate.”
Below is the full statement

1. Ladies and gentlemen of the Press, welcome to this MPC Press briefing. We have concluded our 69th regular Monetary Policy Committee (MPC) meetings and I present to you the Committee’s decision and highlights of the deliberations.

2. The Committee has decided to maintain the monetary policy rate at 26 percent.
Price developments, since the January MPC meetings, show that headline inflation moved up significantly to 19 percent in January 2016 from 17.7 percent in December 2015. This was due to the impact of the hikes in utility tariffs and levies on petroleum products. In February, however, headline inflation declined to 18.5 percent, dragged down by lower non-food inflation. The monthly inflation rates also indicated some slowdown in February, supported largely by stability in the exchange rate.

3.Core inflation (CPI inflation excluding energy and utility prices) has trended downwards since December 2015, pointing to some easing of underlying inflation pressures. The drop in both headline and core inflation is encouraging, but the current levels of inflation remain significantly above the medium term target band of 8±2 percent.

4.The latest survey of businesses, consumers and the financial sector show that inflation expectations are still high, driven largely by the upward adjustments in utility tariffs and petroleum prices. Although elevated, there is no clear evidence of a further deterioration in inflation expectations in the near term.

5.Our forecasts indicate that, barring any further shocks, inflation will peak in the first quarter of 2016, and gradually decline thereafter towards the target band by mid-2017, same as our January forecast. The upside risks to the inflation outlook include uncertainties regarding the second round effects of the upward adjustment of the transportation costs and the tight external financing conditions.

6.The January 2016 update of the Bank’s Composite Index of Economic Activity (CIEA) points to some improvement in the pace of economic activity. Also, the latest confidence surveys show that both consumer and business sentiments on general economic conditions are somewhat positive. Despite the modest pickup in the CIEA, general growth conditions remain subdued reflecting the tight policy stance, declining private sector credit growth and lingering concerns about the energy crisis. It is anticipated that the turnaround in the energy situation, additional oil and gas production and improvement in the macroeconomic environment would further boost growth later in the year.

7.Fiscal consolidation continued to be on track. Provisional data on the fiscal outturn for 2015 showed a significant contraction of the deficit to 7.1 percent of GDP compared to 10.2 percent in 2014. Continued commitment to the budget implementation coupled with the tight monetary policy stance is expected to offset some of the inflation pressures through weaker aggregate demand. However, uncertainties regarding movements of crude oil prices and tight external financing conditions may pose significant risks to the budget in terms of lower oil revenues as well as financing of the fiscal deficit.

8.The provisional current account deficit in 2015 improved to 7.8 percent of GDP, relative to 9.5 percent in 2014. This favourable development was attributed to an improvement in the services account which outweighed the worsening trade deficit as commodity prices softened. Gross Foreign Assets as at end February was US$5.4 billion, equivalent to 3.1 months of import cover.

9.The global environment continues to be plagued by uncertainties as growth prospects weaken in the advanced and major emerging market economies. This, in turn, has slowed global demand, resulting in volatilities in the commodities and financial markets amid tightened financing conditions, although the trend has reversed recently. The transmission of risks emanating from these developments has implications for both the fiscal and balance of payments outlook.

10.Since August 2015, the local currency has been relatively stable, reflecting the tight policy stance, improved liquidity on the foreign exchange market and the renewed investor interest in domestic debt instruments. As at March 17th, the Ghana cedi had depreciated by 1.4 percent compared with a depreciation of 11.2 percent in the same period last year. The Bank will continue to use appropriate measures to reduce exchange rate volatilities to support the disinflation process.

11.In assessing the current economic conditions, the Committee views the risks to inflation and growth outlook as balanced. Hence, there is the need to maintain the current monetary policy stance which together with fiscal consolidation would help bring inflation further down.

12.The Committee therefore decided to maintain the policy rate and wishes to reiterate its price stability mandate. The Committee will continue to monitor developments in the economy and take further actions, if necessary, to ensure the attainment of its target within the forecast horizon.

Information Note

The next Monetary Policy Committee (MPC) meeting is scheduled for Friday May 13, 2016. The meeting will conclude on Monday May 16, 2016 with an announcement of the policy decision.

 

Source: tv3network.com | Ghana

Twitter celebrates 10 years of tweets around the world

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Twitter celebrates 10 years of tweets around the world

twitterDespite the ups and downs experienced by most tech startups, this week Twitter marks its tenth year in operation.

The company is celebrating that achievement by sharing cleverly crafted thank you messages and milestone dates tracking the growth of the service.

The series of Twitter thank yous will roll out across the planet as various regions wake up to the exact anniversary date of March 21.

“As March 21st begins around the world, each of our global offices will kick off the day by showing our appreciation and gratitude,” reads the blog post announcement from Twitter posted on Sunday. “Starting in Sydney and following the sun to headquarters in San Francisco.”

 

Source: Mashable

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