News

The combined wealth of Nigeria’s five richest men - $29.9 billion - could end extreme poverty in that country according to a new report published by Oxfam today.

The report, ‘Inequality in Nigeria,’ exposes the large and growing gap between rich and poor. It reveals how the benefits of economic growth have been captured by a wealthy elite at the expense of ordinary Nigerians.

According to Forbes the 5 richest Nigerians are: Aliko Dangote (net worth US $14.4 billion), Mike Adenuga (net worth US $9.9 billion),

Guinea joined Ghana in the semi-finals of the Under 17 Africa Cup of Nations in Gabon after a 0-0 draw between both sides in their final match of Group A in Libreville.

The point was enough for Guinea to finish as group runners-up and secure a place at the World Cup in India in October.

In the other Group A game, Cameroon beat hosts Gabon 1-0 in Port Gentil courtesy of a goal from Stephane Thierry Zobo.

The result was not enough for Cameroon to progress, ending the tournament in third place in the standings, ahead of Gabon who had already been eliminated.

Eni has started first production from its Offshore Cape Three Points (OCTP) project, offshore Ghana.

The project, which comprises the Sankofa Main, Sankofa East and Gye-Nyame fields, about 60km off Ghana, was completed in just two and a half years, and three months ahead of schedule, according to Eni.

Former President John Dramani Mahama is in Ahmedabad, India to attend the 52nd Annual Meetings of the African Development Bank (AfDB) Group, according to a statement issued by Joyce Bawah Mogtari, Special Aide to Mr Mahama.

The AfDB, which works to reduce poverty and improve the living conditions of African people, is meeting on the theme ‘Transforming Agriculture for Wealth Creation in Africa.’

Latest economic and financial data released by the Central Bank puts the country's debt stock at GHS127 billion at the end of March this year.

After it met on Friday to review the health of the economy, the data showed that debt has increased from around GHS122 in December 2016 to GHS127 billion.

This represents an increase of GHS5 billion in the debt stock in three months but sources close to government indicate the increase was not as a result of fresh borrowings.

Finance Minister Ken Ofori-Atta says Ghana’s program with the International Monetary Funds (IMF) would only be extended if the country fails to meet all the targets by end of next year.

This is in response to reports that government is currently negotiating with the Fund to extend the program, a development that has been confirmed by World Bank country representative Henry Kerali.

Sources say the push for extension has been influenced by fears that Ghana cannot implement all the needed reforms by April 2018.

World Bank country representative Henry Kerali

The United States Embassy in Accra is literally begging the national power supply company to sit with them so that they will settle unpaid bills of 2 years.

The Embassy took to their twitter handle to explain circumstances surrounding its alleged indebtedness to the Electricity Company of Ghana (ECG).

Ghana’s sector minister had made comments to the effect that the Embassy owed the ECG, ‘‘The U.S. Embassy in Ghana has not refused to pay any electricity bills. We have been asking for official bills,’‘ one of the tweets read.

Accra, May 17, GNA - Ghana has been described as an important development partner of China on the African continent.
“Since the establishment of diplomatic relations between Ghana and China 57 years ago, the two countries have enjoyed fruitful cooperation in the economic and trade fields, bringing tangible benefits to people of the two countries.”

Sun Baohung, Chinese Ambassador to Ghana, said this at the opening ceremony of the China Trade week in Accra on Wednesday.

Ghana may export power to neighbouring countries by 2020 if current reforms in the energy sector are completed, Energy Minister, Boakye Agyarko has said.

The Minister said the country could be generating in excess energy capacity of 1,700 megawatts because of the many power plants being installed.

Speaking on the final day of the National Policy Summit 2017 at the Accra International Conference Centre Tuesday, the Minister said the excess power will be exported for the money to be invested in other sectors of the economy.