Global wind and solar company, Mainstream Renewable Power, has signed an agreement with Swiss wind farm developer, NEK Umwelttechnik to purchase the 225 megawatt (MW) Ayitepa Wind Farm, paving the way for the generation of Ghana’s first commercially-viable wind power in the next 18 months. The Ayitepa Wind Farm project, which is located 40 kilometres from Accra in the Eastern Region, represents a total investment of US$525 million, and it is expected to reach financial close next year and start
The airline industry in Africa is comparatively young and the smallest among the six regions of the world as defined by ICAO. The colonial era witnessed colonial powers such as Britain, establish locally-based airlines which served their colonies, whereas Belgium, France, Portugal, and Spain used their national airlines to serve the respective colonies under their jurisdiction. Most African governments moved to establish national carriers such as Ghana Airways and Nigeria Airways soon after they
With an estimated 10 percent growth in domestic and international throughput over the past five years, there is an increasing pressure on aviation infrastructure on the ground. The company responsible for managing and maintaining all airports and aerodromes in the country, The Ghana Airports Company limited (GACL) has responded to this need and has developed a fine print to address the infrastructural shortfall and boost the growth of the aviation sub-sector. The Ghana Airports Company Limited (GACL),
Kwamanman Rural Bank Limited at Kwaman in the Nana Konadu Yiadom Kumanin IV has donated 50 bags of cement to support development projects for the Kona community in the Sekyere South district of Ashanti Region. Mr. Newman Dapaah, a board member of the bank who made the presentation on its behalf, said it was a great delight and a matter of urgency for both management and Board to attend the call of the Traditional Council to assist the town embark on some planned development projects in the Kona community.
CEO Communications, a South Africa-based media company, has held the maiden edition of the Titans -- Building Nations award to reward male business leaders on the continent. At a short ceremony in Accra, nine men from different countries in West and Central Africa were presented with country and regional awards under different categories for their passion and commitment to advancing the cause of sustainable business leadership. The winners include Frederick Amissah, a country and regional winner
Domestic carrier, Starbow is close to establishing a robust regional network with flights to Lagos and Abuja commencing early next year, James Eric Antwi, the Chief Executive Officer and Accountability Manager of the airline has hinted. The airline also has approval to venture into the Cotonou, Guinea Bissau and Cote d’Ivoire markets. “There are plans to do the regional flight. We have these approvals in place. We will have to connect and make sure that we have a binary operation then we can
Local travellers will from April next year enjoy the brand-new Premium Economy Class on-board Lufthansa from Accra via Frankfurt to over 193 international destinations in 81 countries across the Americas, Asia, and Europe. Mr. Kevin Markette, Country Manager of Lufthansa, told the B&FT that: “The new Premium Economy on Lufthansa is different from what you know as economy plus on other airlines. It is a classic premium economy; it’s a new bigger seat, wider seat, with far improved seat pitchâ€Â.
Gas flaring has been outlawed globally as a result of its environmental implications. Therefore, “zero flaring policy†has been adopted by oil producing companies and host nations. It also impacts grossly on the economics of a nation in terms of loss of funds and revenue. For example, Ghana is estimated to lose 1.2 million daily in revenue for either flaring the gas or delay in utilising the associated natural gas by the Ghana Gas Company. Conversely, according to the CEO of the Ghana Gas, Dr.
The Volta River Authority (VRA) and the Shenzhen Energy Group, the parent company of Sunon Asogli, have signed a memorandum of understanding to develop 1200 megawatts of coal fired power plant by 2018. Energy Minister, Emmanuel Armah-Kofi Buah made this known when he took his turn at the Meet the Press Series in Accra last week. The Chinese, who remain leading users of coal for power generation, believe the resource can do for Africa what it has done and continues to do for developed nations, since
Global wind and solar company, Mainstream Renewable Power has announced the signing of an agreement with Swiss wind farm developer NEK Umwelttechnik to purchase the 225 megawatt (MW) Ayitepa Wind Farm, located 40 kilometres from Accra on the east coast of Ghana. The project, which represents a total investment of US$525 million, is expected to reach financial close next year and start generating power early in 2016. The companies will co-develop the wind farm until financial close. Mainstream will
In the early 2000s Ghana became financially distressed, which sent the country into the HIPC initiative. But by 2006 the country seemed to have recovered well by reducing the national debt, and sustained growth levels at rates not less than 5% of GDP annually. And by this time, too, a kind of complacency kicked-in alongside the national vision to achieve middle-income level status. Straying into the first EURO bond (about UYS$500m) arena after several years in the doldrums was therefore not an
GCB Bank Limited, formerly Ghana Commercial Bank, has been rebranded on the back of sustained growth and renewed investor confidence -- reclaiming its position as a strong pillar in the country’s banking sector as it seeks to partner government in its socio-economic advancement drive. The bank’s new symbol resonates with a dynamic interpretation of an eagle that positions it as energetic, capable and far-sighted; and also reflects its wide reach across the country while respecting and retaining
There are strong sentiments and optimism among financial sector players that the Monetary Policy Committee (MPC) of the Bank of Ghana will keep the policy rate at 19% as a response to recent instability in the forex market, which largely spiked inflationary pressures. The MPC has since yesterday begun a two-day policy meeting to deliberate on developments in the economy and determine the direction of the central bank’s policy rate -- which signals interest rate trends. The last MPC meeting in July
A new securities law to address gaps in the regulatory environment and allow for the introduction of new products onto the capital market is expected to be passed by the end of year. The current securities law -- which is 21-year old -- does not suffice for the changing trend in the securities industry and new products being developed for the capital market, thereby necessitating a review. Adu Anane Antwi, Director-General of the Securities and Exchange Commission (SEC), told the B&FT that: “The
The Africa Rising Project, a farming project that is introducing new farming technologies and new crop varieties to farmers in the Upper East Region, is making progress to improve food security of smallholder farmers in the area. This came to light on Friday, when a team of Research Scientists of diverse backgrounds from the International Institute of Tropical Agriculture (IITA) and the Council for Scientific and Industrial Research (CSIR) and Ministry of Food and Agriculture visited some demonstration
Gold Fields Ghana has constructed and handed over a GH₵500,000 Information Communication Technology (ICT) Centre to the students and people at Huni Valley in the Prestea-Huni Valley district of the Western Region. The ICT centre, known as “Prof. John Evans Atta Mills ICT Centreâ€Â, is meant to bridge the digital divide and aid socio-economic development, which the late President vigorously pursued. President John Mahama, in an address read for him at the handing-over of the ICT centre, called
Farmers in the Sefwi-Akontombra district of the Western Region have revealed that a large stretch of their cocoa farming land is increasingly showing signs of soil infertility, which has compounded unfriendly factors leading to low productivity in recent years. The farmers say they have been recording low yields at most of their farm areas, largely because of “growing soil infertility†and over-aged cocoa trees in the district. They have hinted of a drastic decline of cocoa production in the
Some stakeholders in the financial services industry are confident that imminent intervention by the International Monetary Fund (IMF) in the government’s fiscal policy space will help to restore stability and confidence in the economy. Dr. Kwame Baah-Nuakoh, Senior Vice President, Strategic Planning, Research and Corporate Affairs at the Royal Bank, believes that the IMF’s intervention is encouraging even though the country could have used domestic measures to solve its current economic challenges. “The
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