Business

MTN rolls out life insurance via cell Phones in Ghana

Residents of Ghana can now buy life insurance using their mobile phone, in a service introduced by a South African company. Wireless phone operator MTN says the service, launched Wednesday, is the first of its kind in the world. MTN and its partner in the project, Hollard Insurance, say the service is aimed at low-income Ghanaians who do not have bank accounts

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No Ghanaian Companies In Top African Rankings

Ghanaian companies have been competing to get their names etched on the Ghana Club 100 list annually but none appears to have made any headway in raising the flag of Ghana high at the continental level. A recent survey by The Africa Report - a monthly magazine which has its head office in Paris, France, shows a list of some 200 African companies selected from the first batch of 500 companies which has so far been published

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Google: China Interfering with Gmail Service

Internet search giant Google is accusing China of interfering with its popular Gmail service, making it difficult for users to access the e-mail system. In a short statement, Google said it has checked its system extensively and has found no problems on its end. The statement said “This is a government blockage, carefully designed to look like the problem is with Gmail.”

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World Bank: Japan Recovery Could Last 5 Years, Cost $235 Billion

The World Bank said Monday that the deadly earthquake and tsunami that hit northern Japan on March 11 could cost the country's economy up to $235 billion, equivalent to four percent of its annual output. But, in a report on the Asia-Pacific region, the bank said growth should pick up as reconstruction efforts accelerate. It said the reconstruction could take as long as five years

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Ghana’s New Oil Law Leaves Room for Financial Mistakes

Oxfam says Ghana's new oil law will not protect it from making the same financial mistakes as established oil producers such as Angola and Nigeria. The Petrol Revenue Management Bill that Ghana's parliament ratified on March 2 is to regulate how the country spends and saves the $1 billion in oil money it expects to reap this year alone, an amount that is equal to two-thirds of the government's total anti-poverty spending

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Gbagbo seizes control of Ivory Coast cocoa sector

Ivory Coast's incumbent president Laurent Gbagbo has announced that the government will take over cocoa and coffee exports. A decree read on state television Monday said only the state or a state-approved company or licensed exporter can sell cocoa to foreign buyers. Ivory Coast is the world's largest cocoa grower, and the price has skyrocketed to 30-year highs since the country's disputed election last November

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Farmers Benefit Under WFP Food Purchase

The United Nations World Food Programme (WFP) yesterday said it has purchased 1,000 metric tonnes of maize, worth $360,000, from smallholder Ghanaian farmers. Most of the farmers were trained by the Millennium Development Authority (MiDA) through funding provided by the US Government’s Millennium Challenge Corporation (MCC)

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UK Pledges Increased Development Support For Ghana

The United Kingdom is to scale up development support for Ghana over the next four years after a review of its bilateral aid strategy The UK government said, it would increase its annual development assistance from £85 million in 2010/11 to £100 million in 2014/15, making a total of £375 million or GH¢900 million over the next four years

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Ghana’s Gold to finish within next 50 years

Gold, one of the major foreign exchange earners of the country, will finish in the next 50 years, a study has revealed. Irrespective of the fact that new discoveries of this natural resource are yet to be made and the country’s lands are full of gold, the precious metal would not last beyond 2061, some participants at an Institute of Economic Affairs (IEA) forum on trade for sustainable development stated

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Ghana’s finance minister adjudged best in Africa

The Minister of Finance and Economic Planning, Dr Kwabena Duffuor, has won the prestigious Finance Minister for Africa award for 2011 after beating six other African finance ministers shortlisted for the award. The authoritative London-based magazine, The Banker, published by the Financial Times Group

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World Bank funds skills development program

The World Bank under a Youth Enterprise Development Project (YEDP), is supporting the National Youth Employment Programme (NYEP) with 65 million US dollars to help to train the youth in entrepreneurial skills that would enable them to set up businesses of their own

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Ghana Hotels Too Expensive: Veep

Vice President John Dramani Mahama on Wednesday attributed the high rental rates of hotel rooms in the major cities of the country to inadequate decent accommodation facilities. "Most of our four-star hotels charge beyond $200.00 a night which is quite expensive and I believe if there are a lot more hotels in the country, owners will be compelled to reduce their rates to the barest minimum", he added

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Chinese-Assisted Projects Ready For Takeoff

The People's Republic of China on Wednesday affirmed its commitment to the realization of a number of Chinese- assisted projects in Ghana this year. Consequently, the visiting Chinese Commerce Minister, Mr Cheng Denning, who called on President John Evans Atta Mills at the Osu Castle in Accra, would be holding further bilateral discussions with the relevant Ministers on such projects

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West Africa Stock Exchange Suspends Ivory Coast Trading

West Africa's regional stock exchange has suspended operations in Ivory Coast because of the country's political crisis. It is the latest in a series of financial closures that deepen the economic impact of the standoff between rival presidents. The regional bourse [stock exchange] is suspending all operations until further notice at its Abidjan headquarters

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STX houses will be ready in 2 years

Mr. B.K. Asamoah, the man behind the STX deal that is to help the government of Ghana to provide 30,000 housing units for personnel of the country’s security services, has given the assurance that the houses would be ready in two years instead of the five years captured in the agreement

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