Economics

Meet the Ghanaian who stared down China on behalf of the world

Dr. Thomas Mensah is president of the five judge tribunal ruling on the arbitration case

He's the 84-year-old judge from the far side of the world who just stared down China.

Thomas Mensah hails from the West African nation of Ghana, a long, long way from the warships and artificial islands now crowding the disputed waters of the South China Sea.

But Dr Mensah has devoted his career to dissecting the byzantine labyrinth of laws that countries have agreed to govern the vast oceans covering two-thirds of the world - what behaviour is allowed, and what's not.


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Finatrade’s GHc1bn debt crippling 26 local banks

Mr Nabil Moukarzel,Chairman of Finatrade Group of Companies

The inability one of Ghana’s biggest commodity trading companies to meet its financial obligations is crippling the operations of about 26 local banks in the country.

The situation has sparked concerns it might hurt the banking sector in ways similar to what caused the collapse of two major national banks about two decades ago.

Finatrade Group is indebted to the various banks to the tune of about GHc 1 billion which is almost half of the GHc 2.6 billion stated capital of the entire banking industry, which boasts nearly GHc 47 billion in total assets.


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Ghana’s total public debt rises to GH¢105.1bn but drops marginally in dollar terms

Seth Terkper — Finance Minister

The country’s total public debt increased to GH¢105.1 billion as at the end of May this year, up from GH¢104.5 billion the previous month.

This represents 66.4 per cent of Gross Domestic Product (GDP) — the total value of goods and services produced in a country within a given year.

However, it is significant to note that in dollar terms, the debt profile of the country dropped marginally from US$27.5 billion in April to US$27.4 billion in May.


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Pay more for power to save industry—Sorogho

Alhaji Amadu Sorogho

The Chairman of the Parliamentary Select Committee on Mines and Energy, Alhaji Amadu Sorogho has said that there is the need for households to pay more for power than industry in order to save firms from collapse.

In a remark that is set to elicit criticisms from consumers who are already reeling from the recent increment in electricity tariffs, the lawmaker charged households to brace themselves to pay more for power saying: “the time consumers pay cheap for electricity is over.”


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Gas export from TEN Fields to be fast-tracked

TEN Fields

Operators of the Tweneboa-Enyenra-Ntomme (TEN) offshore oilfields are in discussions with government to fast-track export of gas for electricity generation ahead of schedule.

The discussions are progressing smoothly and TEN partners are hopeful that work would be expedited to ensure that wet gas in delivered to the gas processing plant at Atuabo ahead of schedule, Mr Charles Darku, Managing Director of Tullow Ghana, has said.


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We eat roads – Mahama tells critics

Road Construction

President John Dramani Mahama has retorted his critics who downplay his social intervention projects, which they say do not bring food to the table.

The commonly criticised project has been road construction, which has incidentally been a trump card of the government.

Reacting to this criticism that ‘we don’t eat roads’, the President in an interview with Radio Savannah on Thursday in the Northern Region, pointed out to the contrary that roads are literally food that can be eaten.


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Government urged to intensify tax education

GRA Logo

Accra, July 13, GNA - Nii Ayi Aryeetey, the President of Chartered Institute of Taxation Ghana, has called on government to intensify its tax education drive for all companies and the public for easy understanding and compliance.

He commended the efforts of the Ghana Revenue Authority (GRA) in educating the masses on tax issues, but said there was more education to be done since some of the populace were still not abreast with the tax laws.


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Price of commodities June inflation drops marginally to 17.1%

Dr. Philomena Nyarko

Government statistician, Dr. Philomena Nyarko attributed the drop to non-food inflation such as transport, education, housing, water, electricity and gas which dropped from 25% to 24.1%.

Inflation rate for the month of June this year declined marginally from 18.4 % to17.1%.

Government statistician, Dr. Philomena Nyarko attributed the drop to non-food inflation such as transport, education, housing, water, electricity and gas which dropped from 25% to 24.1%.


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KMA Chief executive resigns

Kojo Bonsu

Kumasi, July 12, GNA – The Kumasi Metropolitan Chief Executive (MCE), Mr Kojo Bonsu, has announced his resignation.

This comes amid strained relations between him and the Kumasi Traditional Council (KTC).

Mr Bonsu, in a signed statement, said he had communicated his decision to the President.

He thanked President John Dramani Mahama for giving him the opportunity to serve his country.

He also expressed appreciation to the Asantehene, the KTC, staff of the Assembly and the people for their support and cooperation.


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Minority urges President to appoint substantive Power Minister

Minority Leader

Accra, July 12, GNA - The Minority in Parliament on Tuesday urged President John Dramani Mahama, as a matter of urgency, to appoint a substantive Power Minister to effectively manage the energy challenges of the country.

They said the Ministry is important to the functioning of all critical sectors of the economy and therefore demanded that should be a competent hand to direct its affairs to mitigate the effects of debilitating power issue.


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