Foreign direct investments into developing countries to increase by 17% in 2010 – Report

Foreign direct investments (FDI) into developing countries are expected to increase by 17% in 2010, a new report released by the World Bank Group, Multilateral Investment Guarantee Agency (MIGA) has said. The report is the second after one in 2009.

Overall, FDI inflows to developing countries are projected to increase by 17% to an estimated $416 billion in 2010. They should continue growing by a modest 20% and 13% a year in 2011 and 2012, respectively, as the global economic recovery strengthens.

By 2012, FDI flows to the developing world are expected to reach $575 billion— a figure still below the pre-crisis peak of 2008, thus highlighting the severe impact of the recent downturn, the report said.

According to the report investors are optimistic about prospects for a global economic recovery led by the developing world.

The report which was released December 9, 2010, also sheds light on investors’ political risk perceptions in conflict-affected and fragile economies, where top worry is adverse government intervention and not overt political violence.

The report is the outcome of a survey of 194 executives from Multinational Enterprises (MNEs) worldwide commissioned by the MIGA in June 2010, the composition of which mirrored that of actual FDI flows by sector and region.

Around 40% of those respondents who were surveyed in both 2009 and 2010 expect to increase their investments in developing countries over the next 12 months.

The report noted that investors from the extractive industries, as well as those based in developing countries, are particularly bullish in their investment intentions.

The finding represents the business world’s confirmation of economists’ projections – that FDI is expected to recover over the next couple of years, having declined sharply by 40% in 2009.

The report also found that the top worry for multinational executives when operating in developing countries over the next three years is political risk.

Political risk tops business concerns such as market size, lack of finance, and quality of infrastructure. About a fifth of the investors surveyed use political risk insurance to mitigate this risk, the report said.

The 2010 report also focuses on FDI into conflict-affected and fragile economies, where investors are primarily concerned about adverse government intervention (for example changes in regulations, breach of contract, non-honoring of sovereign guarantees, currency restrictions, and expropriation) rather than overt political violence. In fact, adverse changes in regulations not only rank first among investors’ concerns in conflict-affected and fragile economies, but also are most often responsible for losses in these destinations, the report found.

Commenting on the report, MIGA Executive Vice President Izumi Kobayashi, said, “This upsurge in FDI into developing countries is welcome news, especially considering last year’s drop,” adding, “FDI flows directed to productive assets can spur economic growth and reduce poverty.”

By Emmanuel K. Dogbevi
ghanabusinessnews.com

Ghana's T-Poly to train aircraft maintenance technicians

The Takoradi Polytechnic will sign a memorandum of understanding next year, to begin the training of aircraft maintenance technicians with the assis­tance of the Aircraft Maintenance Train­ing Institute of Florida, in the United States of America, the Rector of the Tako­radi Polytechnic, Rev. Professor Daniel A. Nyarko has announced.

He said the polytechnic was expected to secure accreditation from the City and Guilds of the United Kingdom soon to run spe­cialised training programmes in the fields of welding, fabrication, logistics, transport, freight forwarding and clearing, and ware­housing, among others.

Rev. Prof. Nyarko said the Southern Alberta Institute of Technology (SAIT) through the Canadian High Commission in Ghana, was working out a similar package for the Takoradi Polytechnic.

The Rector announced this at the 10th congregation of the polytechnic in Takoradi at the weekend.

“We cherish these collaborative relationships. A lot more institutions and individuals are showing remarkable interests in Takoradi Polytechnic and are holding talks with us towards collaboration to run new pro­grammes or assist us in human resource and infrastructural development,” he said.

In order to take advantage of the current goodwill, he said a new outfit to be known as the Office of International Programmes and External Relations would be created next year to co-ordinate all such activities.

He said plans were far advanced for the Bachelor of Technology degree to be award­ed in conjunction with the Kwame Nkrumah University of Science and Technology and the University of Cape Coast as appropriate and that the polytechnic had been assured of affiliation by the two universities.

“Takoradi Polytechnic hoped to receive accreditation from the National Accreditation ­Board (NAB) to run a new Bachelor of Tech­nology programme in Civil Engineering soon”, he assured.

For the 2010/2011 academic year, he said the institution had introduced two new programmes in printing and procurement.


Source: Daily Graphic

Investigations affecting $225m political risk insurance for FPSO to be completed in January

The investigations that lead to the suspension of $225 million political risk insurance for Ghana’s Floating Production Storage and Offloading (FPSO) vessel will be completed in January 2011 and everything will normalise, the World Bank has said.

The FPSO is used to drill oil at the Jubilee oil field. It was used to drill Ghana’s first commercial oil December 15, 2010.

The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group and its partners suspended a $225 million political risk guarantee contract for the FPSO sometime in July 2010 to conduct investigations into allegations into a service contract between MODEC and Strategic Oil and Gas Resources (Strat Oil).

In a joint statement issued on MIGA’s website Thursday July 29, 2010, it said the parties agreed to this suspension in order to conduct due diligence into the conditions of a service contract between MODEC and Strategic Oil and Gas Resources (Strat Oil).

The Ghana Country Director of the World Bank, who conceded though that he does not speak for MIGA but can comment, said he has been told that the investigations will be concluded by January 2011.

Speaking to journalists at a media get-together at the Knowledge Centre of the Bank in Accra, Ishac Diwan said, “I am quite confident that it is not affecting the real side of the business,” adding that , “It is taking longer than we would have wanted.”

He also revealed that it is MODEC and not MIGA that is conducting the investigations.

Diwan however, indicated that “it is good to get political risk insurance, because these are investments for 30 to 50 years But none of us believes that there is serious risk of expropriation in the next few months or few years. And MIGA is for financing that was already in place, so it’s not the case either that rates are going up.”


By Emmanuel K. Dogbevi
ghanabusinessnews.com

Ghana drivers to be arrested for talking on mobile phones while driving

The Motor Traffic and Transport Unit (MTTU) of the Ghana Police has said that it will arrest all persons who make and receive phone calls while driving, according to a Daily Graphic report.

According to the newspaper, the MTTU Boss, ACP Angwubutoge Awuni issued a directive to his men to arrest all persons culpable of this offence and arraign them before a law court.

ACP Awuni said offenders will be charged with an offence of posing danger to other road users.

He said the operation is not only to prevent road accidents but also to protect other road users.


By Ekow Quandzie
ghanabusinessnews.com

Ghanaian man jailed in UK for fake passports, visas

A Ghanaian man resident in the UK has been jailed for four years for the processing of fake documents including passports, visas and birth certificates.

A press release issued by the UK High Commission in Ghana and copied to ghanabusinessnews.com says the 40-year-old Dominic Owusu-Ansah was jailed following the discovery of a forgery factory in Milton Keynes.

It says officers from the UK Border Agency’s South East Region Immigration Crime Team discovered dozens of fake documents such as blank visas, passports and birth certificates when they raided a property in Oldbrook on October7, 2010.

They also found computers, stamps, scanners, and printers which were being used in the manufacture of fake documents, along with numerous templates for forging work permits, bank statements, pay slips and Home Office letters, the release says.

Owusu-Ansah was among four people that were arrested.  According to the release, he admitted charges brought under the Fraud and Identity Cards Act when he appeared before Huntingdon Crown Court on December 22, 2010 and was

Sample of fake permit retrieved in the raid.

sentenced to four years in prison. He will be deported at the end of his sentence.

He is the second person to be jailed in connection with the investigation. At a previous hearing on December 15, 2010, Abel Agyepong, a 33-year-old Ghanaian citizen also admitted possessing false identity documents with intent and fraud. He was sentenced to six months in prison, the release added.


Source: ghanabusinessnews.com

Ghana media urged to focus on dangers of e-waste dumping

A Ghanaian journalist, Mr Emmanuel  K. Dogbevi has urged his colleagues in the media to help focus the public’s attention on the problems of electronics waste (e-waste) dumping in the country.

Speaking in an interview with DanWatch, a Danish environmental action group, Mr Dogbevi, said the media in Ghana generally has not given much attention to the problems and health hazards that e-waste poses to the environment and human health.

Asked about how much focus the Ghanaian media has on the subject, he said the media shows what he describes as “intermittent interest in the subject when there is something huge on the subject.”

Mr. Dogbevi who is also the Managing Online Editor of ghanabusinessnews.com added that as far as he could remember,  the last time the media focused on e-waste dumping in Ghana was in 2009 when there was an international event and a press statement was issued on the matter.

“I remember because I was interviewed by one radio station,” he said.

He said the low focus on the issue by the media has led to a general lack of knowledge of the dangers that e-waste poses to Ghanaians.

“The e-waste situation in Ghana has reached crisis point, it is a grave situation because of the very serious dangers that the poisonous chemicals contained in e-waste pose to the environment and human health and more importantly when the country’s health budget is mostly spent on malaria leaving  nothing to be spent on other diseases,” Mr Dogbevi said.

In order to curb the menace, Mr Dogbevi called on government, civil society and the media especially to get involved in the campaign, adding that education, policy implementation and laws are the keys in dealing with the situation.

Mr. Dogbevi who has been writing about the environment in the past 12 years, began writing about e-waste in Ghana with his first article in the Daily Graphic on June 15, 2007. Since that first article, he has been waging a relentless campaign against the e-waste menace using mostly his articles. He has also created a Facebook Group called ‘Ghanaians against dumping of e-waste’.

Even though some inventory of the quantity of e-waste present in Ghana has been taken, it is not yet known how many tonnes of obsolete computers enter Ghana from Europe or the United States, but it is believed thousands are shipped into the country and a good number of these end up being dismantled and precious parts extracted for sale.

According to a report published by the Basel Action Network and the Silicon Valley Toxins Coalition titled ‘Exporting Harm: The Techno-Trashing of Asia’, between 50 to 80 per cent of e-waste collected for recycling in the United States is exported to developing nations such as China, India and Pakistan, where the environment is being polluted and local men, women and children are being exposed to toxins.

According to the European Environment Agency (EEA) more than 15,000 tonnes of colour television sets were exported from the EU to African countries in 2005. On average 35 tonnes, or more than 1000 units of used television sets, arrive every day in Ghana, Nigeria or Egypt.

“It would appear that the EU exports a significant quantity of used electrical and electronic products to developing countries that do not have an adequate waste management infrastructure,” the EEA report ‘Waste Without Borders’ concluded. “These are then probably subject to treatment that poses a threat to the environment and human health.”

Ghana, meanwhile is a signatory to the Basel Convention, which is the international convention against the trans-boundary movement of hazardous wastes, including e-waste, the country has no localised legislation to deal with the problem.

The interview has been posted on Danwatch’s Youtube page. Click here to view.

By Ekow Quandzie
ghanabusinessnews.com

Mills’s administration moving at cruising speed – World Bank

The World Bank has commended the Mills’s administration for handling the economy of Ghana well and for moving faster than usual in getting things done. The Bank describes government’s pace as “moving at a cruising speed.”

The Ghana Country Director of the Bank, Ishac Diwan says the administration is focusing on the developmental projects it has taken over from previous governments.

“Your government is very focused now,” he said.

He said there are various contracts for infrastructural development in their various phases that are being discussed with the Bank. These include transport and road projects.

He said there are about 40 contracts that are in negotiations to be financed by the Bank.

“Actually, it’s moving very swiftly. We’ve had the pre-election and the post election, I can say there were a couple of years where the work in government was slower than usual, but now it’s moving at a cruising speed, things are moving quite swiftly,” he said.

By Ekow Quandzie
ghanabusinessnews.com

World Bank to invest over $150m into key areas of agric

The World Bank says it will invest an amount of over $150m into five key areas in the agricultural sector in Ghana.

The five key areas are agriculture research, modernization of the fisheries sector, commercial agriculture, livestock and small scale agriculture.

Ishac Diwan, the World Bank Country Director for Ghana disclosed this during a media interaction in Accra Thursday to discuss some of the bank’s programmes and the way forward into 2011.

According to the Mr Diwan, commercial agriculture will receive the highest amount of $100m. He indicated that this is to create more jobs and most especially to expand the agric field in order to balance the country’s economy since Ghana has found oil.

The fisheries sector will receive an amount of $50m. The amount will be used to fight illegal fishing along the coasts of the country as well as streamlining licensing regime, he said.

He added that this investment was to ensure that fishermen have a broad based knowledge about how fishermen can use modern technologies in their fishing activities.

The other areas in the sector to receive support are irrigation, livestock and small scale agriculture.

Mr. Diwan said some of these projects would be carried out in partnership with the
Alliance for Green Revolution in Africa (AGRA).

By Ekow Quandzie
ghanabusinessnews.com

Ghana will be affected if ECOWAS uses military force to oust Gbagbo – Dogbevi

ECOWAS is not expected to use military force to oust Laurent Gbagbo from power even if diplomatic and politic efforts fail.

A Ghanaian journalist Emmanuel K. Dogbevi has suggested that if ECOWAS uses military force there will be a spill-over that would affect Ghana because of the country’s close relations with Ivory Coast.

Mr. Dogbevi, who is the Managing Online Editor of ghanabusinessnews.com made the remarks Tuesday December 28, 2010 when he was asked about the economic effects of the Ivorian situation on Ghana on the BBC World Service programme World Today.

He told the BBC’s Pascale Harter that there is a strong link between Ghana and Ivory Coast.  “There are Ghanaians with families living on the other side of the border in Cote d’Ivoire.”

“I do not expect ECOWAS to move an army into Ivory Coast in trying to remove Gbagbo by force since that will escalate the situation and create a more serious condition in the West African sub-region and especially Ghana which shares direct economic links with Ivory Coast,” he said.

He said economic activities have already been affected in some communities in Ghana especially a border town called Gonokrom in the Dormaa Municipality where Customs officials have said that revenue collection has reduced because business activities have fallen drastically due to the political crisis in Ivory Coast.

He also said even though there are no reports of refugees streaming into Ghana at the moment, they are reported to be moving into Liberia, and he fears if violence escalates, refugees might start streaming into Ghana.

His comments come hours before an ECOWAS delegation made up of three Head of States has been sent to Ivory Coast to meet Laurent Gbagbo about a possible peaceful exit from power to allow Alassane Ouattara to take over as the President of the country that produces 40% of the world’s cocoa .

Ivory Coast has been plunged into political turmoil after a November 28, 2010 election run-off which both incumbent Gbagbo and opposition candidate Ouattara claimed to have won. The two men subsequently got themselves sworn into office, leading to a situation of two presidents in Ghana’s western neighbour.

Mr Dogbevi indicated that like many other rich African countries, even though Ivory Coast produces 40% of the world’s cocoa, most of the citizens are poor, because of mismanagement and corruption.

He therefore, suggested that it would not be worthwhile for ECOWAS to take a war to Ivory Coast as it would escalate the situation and push refugees into Ghana.

You can listen to the interview from this recording.

Ekow Quandzie
ghanabusinessnews.com

Wedding gowns, second-hand police equipment coming to Ghana from UK

A container from the UK will soon be on the high seas on its way to Ghana. It is development aid coming to Ghana from the National Police Aid Convoys (NPAC) of the UK, the BBC reports.

The consignment contains 200 wedding dresses and second-hand defensive equipment to be donated to the Ghana Police Service “to help stop gun-running and drug trafficking,” the report says.

The report indicates that the consignment is the final container being sent out to Ghana in 2010 by the NPAC.

It says that the 200 wedding dresses in the container form part of NPAC’s ‘Cinderella project’, which utilises once-worn, end of line and sample gowns from the UK to loan free of charge to brides who would otherwise not be able to afford one.

It also helps provide full training and work for local women, it adds.

Enough hairdressing equipment is also being sent to help start two training salons, the report says.

According to the report, in the past year the NPAC has sent nine containers to schools, orphanages and clinics in Africa and has taken six lorry-loads of goods to Albania, along with 357 pallets of food sent by air to flood victims in Pakistan.


Source: ghanabusinessnews.com

Ghana Reinsurance Company’s ratings fall to negative

A global ratings company, A. M. Best has revised the outlook for Ghana Reinsurance Company to negative.

In a press release the company says Ghana Re’s outlook has been revised to negative from stable. It however affirmed the financial strength rating of B (Fair) and issuer credit rating of “bb+” for Ghana Re.

A. M. Best says on its website that it was founded in 1899 and it is a full-service credit rating organization dedicated to serving the financial services industries, focusing on the insurance sector.

It also says policyholders and depositors refer to its ratings and analysis as a means of assessing the financial strength and creditworthiness of risk-bearing entities and investment vehicles.

According to the release the ratings of Ghana Re reflect the company’s strong risk-adjusted capitalization, with the company continuing to transfer profit to capital over successive years. In 2008, it says there was a transfer of GH¢12 million, followed by a further transfer of GH¢8 million in 2009.

A. M. Best says in 2008, the compulsory cession enjoyed by Ghana Re, which obliged insurers to cede 20% of their business written to the reinsurer, was removed. For Ghana Re in 2009 and the year to date, the effects of this legislative change begin to materialize, it says.

To maintain premium volumes, the company has replaced existing arrangements with quota share contracts that pay very high commissions. Despite this, premiums written have fallen in real terms and are likely to fall further, it adds.

A. M. Best expresses further concern that Ghana Re holds a large asset, relative to the size of the balance sheet and premium income, for premium debtors, adding that new regulations from the Ghanaian insurance regulator, the National Insurance Commission stating that premiums older than a year must be written off is likely to put pressure on the company’s technical profitability.

In its view therefore, it is still uncertain whether the removal of the compulsory cession may help to improve technical profitability.

“A.M. Best understands from Ghana Re that a significant proportion of the premium arrears are in respect of the insurers who were forced to cede business to the company. There are material pressures on the rating, but to the extent that the company can improve its business profile, there may be scope for a smaller, more profitable organisation to emerge,” it says.

Efforts to reach officials of Ghana Reinsurance Company for their response were unsuccessful.


Source: ghanabusinessnews.com

World Bank gives Ghana $38m credit to build capacity for oil management

Less than a week after Ghana started commercial production of oil, the World Bank Monday December 20, 2010 approved a credit of $38 million to the government for the implementation of an Oil and Gas Capacity Building Project.

The amount is a concessional loan to be repaid over a period of 35 years including a 10-year grace period and constitutes two-thirds of the total project cost.

The World Bank says the project has two phases: the first it says is to help improve public management and regulatory capacity and enhance sector transparency. These would be achieved by strengthening the institutions managing and monitoring the sector, the Banks said in a press release issued in Washington and copied to ghanabusinessnews.com.

The second phase, it says will support the development of indigenous technical and professional skills needed by the petroleum sector through support to selected educational institutions.

Commenting on the facility, the World Bank Task Team Leader for the Project, Sunil Mathrani says, “The Oil and Gas Capacity Building Project has been prepared in response to these challenges and to support government’s desire to rapidly fix them. The Ministry of Energy, the Ghana National Petroleum Company and the Environmental Protection Agency are among the key state institutions targeted for support.”

Specifically the Project will provide institutional support to the Ministry of Energy and the soon-to-be-established petroleum regulatory body to enable them play their oversight, coordination, policy planning and implementation as well as monitoring and evaluation roles effectively, the Bank says.

Under the Project, the Ghana National Petroleum Corporation’s petroleum data repository will be upgraded.

The Environmental Protection Agency will be supported to enhance its ability to manage and monitor environmental issues in the oil and gas sector.  Other beneficiaries are the Ministry of Finance and Economic Planning, particularly its agencies such as the Ghana Revenue Authority and the Extractive Industries Transparency Initiative Secretariat; the Attorney General’s Department and the Economic & Organized Crime Office, it said.

According to the Bank, another component of the Project targeting human capital development will provide support to the Kwame Nkrumah University of Science & Technology to improve petroleum engineering and petrochemical engineering teaching and research capabilities.  Additionally it will provide support to vocational training institutions for development of programs focused on technical skills development for the oil and gas industry via support to the Takoradi Technical Institute, Kikam Technical Institute and the Regional Maritime University.

The Project will also support Civil Society Organisations.  The Bank recognises that given the strategic role civil society is expected to play in promoting accountability and community participation, an additional grant of $2 million is being provided under the Bank’s Governance Partnership Facility (GPF) to support a wide range of activities to be championed and implemented by civil society and community based organizations.

“This Project seeks to support the determination of the people of Ghana to make oil a blessing and not a curse. We hope that the support to educational institutions will contribute to Ghana’s intention to develop local content and employment in the sector as quickly as possible”, said World Bank Country Director, Ishac Diwan.

“We see a big role for CSOs,” he added, “and it is part of the plan to support capacity building at that level, to enable them play their part actively as agents of social accountability. We have been assisting the CSO platform on Oil and Gas, and we are happy they are already serving as great partners to government.”

Other co-financiers are the governments of Ghana and Norway.  The Project is planned to take off in 2011 and end in 2015, the Bank said.

Source: ghanabusinessnews.com

Government provides €19.5m for Accra-Tema street lights project

The government has provided a sum of €19.5m for the installation of street lights across the Greater Accra Region.

According to a Daily Graphic report, the project covers a stretch of 160 kilometres of all major roads and ceremonial routes in the Accra and Tema metropolitan areas.

The Greater Accra Regional Minister, Nii Armah Ashitey made  known during a ‘meet the press series’, according to the newspaper report.

He also indicated that work on the project is going on gradually.

The Minister however blamed nonfunctioning of street lights in the capital on unscrupulous people who steal electrical cables and fittings.

The project is expected to be completed by the end of the year.

By Ekow Quandzie
ghanabusinessnews.com

Ghanaians reminded of 10% tax on Christmas hampers

The Ghana Revenue Authority (GRA) has reminded Ghanaians of the country’s laws on gift tax. The GRA says this tax payment originates from the Internal Revenue Act 2000 (Act 592) which charges individuals to pay 10% tax on presents that they receive from other people, according to a Daily Graphic report.
The GRA says hampers worth over GH¢50 received as gifts during this Christmas festive season are taxable by 10%. This is known as the gift tax, it says.

The Acting Head of Operations (IRS/Domestic Division) of the GRA, Mr James L. Anaman in an interview with the newspaper urged Ghanaians to abide by this law since they would be considered as “first-class citizens of the country”.

Christmas, is most often marked with presentation of gifts and sharing of hampers.

For more details of the law click here

By Ekow Quandzie
Ghanabusinessnews.com

Ghana Vice President writes book on democracy in Africa

The Vice President, John Dramani Mahama is writing a book on the future of democracy in Africa.

Excerpts from the book have been published on the US site theRoot.com.

The Vice Presidential spokesman, John Jinapor has meanwhile confirmed to ghanabusinessnews.com on the phone Monday December 20, 2010 that indeed, the Vice President is writing a book, but the details would be made known in due course.

In the published excerpts he captures the current situation on Cote d’Ivoire. He writes “The current political development in Cote d’Ivoire, and the manner in which it will be resolved, will serve as either a clear indication of how tenuous the democratic process still is on the African continent, or a joyous testament to how far the continent has traveled in its promotion of peace and advancement.”

“I’m sure that because many people, especially in the Western world, may still not have faith that democracy can actually work on the African continent, it didn’t come as a surprise to some that the results of the Ivorian Electoral Commission were not recognized by Laurent Gbagbo’s incumbent government and not followed by the requisite concession and transfer of power,” he says.

Vice President Mahama write, “Politics in Africa, for centuries it seems, have been a violent game of domination in which the residents of any given region are nothing more than pawns, warm bodies to be subjugated or slaughtered or, in earlier centuries, sold and enslaved. As, one after the other, African nations won their independence from colonization, a sense of hope and a feeling of confidence took hold of the continent. Finally the people of Africa would be free to determine their own destiny. They would be free to partake of all the pride and progress that being sovereign seemed to promise.”

On some of Africa’s celebrated heroes, he writes,  “Yet before cartographers had even finished documenting the names of the newly independent nations, all the leaders who had been celebrated and held up as heroes — like Kwame Nkrumah, Sylvanus Olympio, Patrice Lumumba — were either overthrown or assassinated. The era that followed should have, and so easily could have, been one of steady development and economic stability. Instead, for decades, the continent turned into a garish kaleidoscope of dictators, coups d’etat, prisons overflowing with opposition leaders, and people fleeing under cover of darkness to live in foreign lands as refugees and political exiles.”

John Mahama has a post-graduate Diploma in Communication Studies from the University of Ghana and when the book is completed, he would be the first Ghanaian sitting Vice President to have written a book.


Source: ghanabusinessnews.com

Marrying a UK citizen? You must have command of English language

You are not a UK citizen, you live in the UK, and desire to marry one! Then you need to know this.

The UK government has issued new regulations for migrants marrying UK nationals.

The regulations came into force November 29, 2010.

A press release issued by the UK High Commission in Ghana and copied to ghanabusinessnews.com indicates that all non-European migrants to the UK have had to demonstrate a basic command of English before they are granted a visa.

This new regulation is in addition to previous visa requirements that applicants requiring a UK visa must satisfy. Previously, all applicants had to show that their marriage or partnership was genuine and that they could support themselves financially. Those requirements still remain; in addition applicants must prove English-language proficiency.

The new rule applies to spouses, civil partnerships, unmarried couples, same sex partners and fiancé(e)s, and will be compulsory for those applying from within the UK as well as visa applicants from overseas.


Source: ghanabusinessnews.com

Ghanaian man in $65,000 cheque scam convicted in US

A Ghanaian resident of Charleroi, Pennsylvania, Washington County in the US who was arrested for cheque scams sometime in March 2009 has been convicted.

According to reports in the US media seen by ghanabusinessnews.com, the man, Steven Mensah-Yawson, 33 faces up to five years in prison and a $250,000 fine, federal prosecutors in Pittsburg were quoted to have said.

The US Attorney’s Office said he worked with multiple recruiters and at least 15 cheque cashers to perpetrate the fraud.

Mensah-Yawson was said to have made counterfeit cheques on his laptop computer and gave them to his collaborators who either cashed them or found others to do so. The ring, the reports said passed 55 counterfeit cheques. A jury convicted him last week and sentencing has been set for January 7, 2011.


Source: ghanabusinessnews.com

Ghana cocoa in spotlight as US company Mars wins Secretary of State Award

“I want to congratulate Ghana as the country recently started commercial production of oil, but let me say that cocoa still pays the bills,” the US Ambassador to Ghana, Donald Teitelbaum, said these words during the 12th Annual Secretary of State’s Award for Corporate Excellence (ACE) ceremony at the US Embassy in Accra.

The ceremony which was carried live by satellite took place simultaneously in the US, Guatemala, Israel and Ghana.

The companies were recognised for their contributions to livelihood enhancement, health care and the overall improvement of the communities in which they operate.

Mars a US based Confectioneries company that makes its products from Ghana cocoa won the award for its work among cocoa farmers. The company has worked with cocoa farmers to reduce child labour, as well as initiated programmes to make the cocoa industry sustainable. Mars was selected among 78 nominations around the world for the award.

Jeffrey N. Morgan, the Director – Global Programmes of Mars said the company’s activities in Ghana has improved livelihoods.

According to him, Ghana has the best cocoa in the world.

Making the presentations to three companies, US Secretary of State Hillary Clinton said, American business are the face of America in other parts of the world.

She congratulated the companies for engaging in corporate social responsibility in the communities where they operated.

The other companies that also won awards are CISCO in Israel and Dematrix  in Guatemala.


Source: ghanabusinessnews.com

Ghana to set up GH¢1b private sector development fund

In its latest private sector development blueprint, the government of Ghana is to set up a GH¢1 billion private sector development fund to mitigate challenges facing the private sector in the country.

The fund, to be managed by the Private Sector Development (PSD) Board is one of the new strategies to combat the slow growth of Ghana’s private sector.

The strategy, which is the second phase of an earlier one is called Private Sector Development Strategy (PSDS) II and comes amid challenging times for Ghana’s private sector.

The first strategy PSDS I was launched in 2005 and lasted till December 2009. In spite of its ambitious goals, the PSDS I achieved mixed results. For example Ghana’s rating in the World Bank’s Doing Business Report which ranks 183 countries on issues of doing business saw improvements and declines over the period. In 2006/2007 Ghana was named among the top ten reformers in the Doing Business Report – ranked 82. However in 2008 and 2009, the country’s position declined to 92.

Another index that measures Ghana’s private sector’s development is the Global Competitiveness Index (GCI) produced by the World Economic Forum. The GCI 2008 to 2009 ranked Ghana 102 out of 134 countries and described Ghana as a factor-driven country; which implies that firm level productivity is low and innovation is non-existent.

The PSDS II like its predecessor is aiming to involve all stakeholders to act and collaborate to make Ghana an attractive investment destination for local and international investors.

Apart from a not so strong economy that will support the private sector, several other factors come into play when the private sector development is concerned: lack of access to credit, regulatory challenges and so on.

Furthermore investments in Ghana have been skewed to a few sectors namely: mining, oil, finance and telecommunications while at the same time such investments have ignored the rural economy.

In a published advert, Ishmael Yamson and Associates the consultants who prepared the strategy stated that the “PSDS II will enable us to do three things to overcome these challenges… to make Ghana an attractive place for local and international entrepreneurs to start up and expand businesses…to encourage investors to put money in areas other than mining, oil, telecommunications and finance.. to give incentives to businesses to create more secure, well paying jobs.”

One of the setbacks of the PSDS I was that it had no clear organizational structure for its implementation. However the PSDS II is mitigating that by setting up a PSD Council which will be chaired by the President. The membership of the Council will be made up of leaders and champions of the private sector, government of Ghana representatives and development partners. It is believed that with the President at the head of the PSD it will get high level attention.

The PSD Council will appoint the PSD Board which will establish and manage the estimated GH¢1 billion Private Sector Development Fund. The fund will receive money from the government of Ghana and attract funding from Development Partners.

Furthermore, it is also expected that at the end of the PSDS II in 2015, the private sector would have created 500,000 new jobs and rural incomes in the three northern and central regions would increase by 20%.

Source: ghanabusinessnews.com

Ghana, Turkey in oil barter deal

Turkey says it has reached an agreement with Ghana to buy oil from the country through a barter scheme arrangement.

News in the Turkish media seen by ghanabusinessnews.com says Turkey’s State Minister for Foreign Affairs, Zafer Çağlayan has indicated that he has had talks with two oil producing countries in West Africa – Nigeria and Ghana, and the two countries have responded positively to such an arrangement. The Turkish Minister recently toured Ghana, Nigeria and Equatorial Guinea, all oil producing countries. And while in Ghana, he was reported to have met Ghana’s Vice President John Mahama.

Under the arrangement, he said Turkey will purchase oil from Nigeria and Ghana and pay for it by investing in tourism, energy, health and other infrastructure.

Ghana officially became an oil producing country following the launch of commercial activities by President Mills at the Jubilee oil field yesterday December 15, 2010.

Ghanabusinessnews.com has been unable to reach the Vice President’s office for comments.

Source: ghanabusinessnews.com

First journalism intern joins ghanabusinessnews.com

The first journalism intern has joined Ghana’s first online business news portal, ghanabusinessnews.com.

Mr. Ekow Quandzie who graduated from the African University College of Communications (AUCC) in Accra in 2009 was taken on to do an initial three-month internship Monday November 15, 2010.

Mr. Quandzie said he chose to join the medium because he believes ghanabusinessnews.com has the potential to become the leading online news source in Ghana and he wanted to be part of the process.

“While here, I hope to learn skills in online journalism, audio editing, photography and all I could learn to make me an efficient and effective journalist,” he said.

Commenting on the internship, Managing Online Editor, Mr. Emmanuel K. Dogbevi said, “we hope Mr. Quandzie would make the best of the opportunity here to put into use what he was taught at journalism school as well as sharpen his skills to enable him function as a good journalist. I welcome him into the team.”

“Our doors are open to graduates who want to be given the practical training and mentoring to hone their journalism and writing skills, and other areas where possible to prepare them for the challenges of future professional careers,” he said.

By Ben Boateng

Rotaract gives to de Porres Hospital, Nzulezu community

The Rotaract Club of Labone in partnership with its sponsoring Rotary Club of Accra-Labone has donated a bale containing 45 pieces of mosquito nets to the St. Martin de Porres Hospital.

The donation took place at the premises of the hospital in Eikwe in the Western region during the weekend.

Donating the items to the hospital, President of the Rotaract Club of Labone Mr. Stephen Appiah said the donation forms part of the commitment of the club to assist the hospital since it was the only hospital that provides health care to the people of Eikwe.

He said the donation,“forms part of our Rotary year theme of building communities and bridging continents.”

Receiving the donation on behalf of the hospital, the medical officer Dr Patrick Yamoah thanked the club and expressed the desire to see a continuation of the assistance.

Dr Yamoah, however highlighted some of the challenges facing the hospital, particularly the difficulty involved in accessing drugs relatively low in price to support the local people’s scanty budgets. He therefore  urged corporate bodies to assist the hospital in that direction.

The club also donated some items to the Nzulezu community.

The items include 100 Rotaract branded exercise books, 15 sets of  mosquito nets and five sacks of used clothing.

The Odikro of the community who spoke on behalf of the chief, King Teklika, said the community is grateful for the donation.

By Ekow Quandzie
ghanabusinessnews.com

Bank of Ghana expects 9.5% inflation to end 2010

The Bank of Ghana is optimistic that the year 2010 could end with inflation at 9.5%.

According to the central bank governor, Kwesi Amissah Arthur, the macroeconomic policy mix over the past year has provided an anchor for such inflation despite the slow down of disinflation.

Mr Amissah Arthur made this observation at the 42nd press conference of the Monetary Policy Committee (MPC). The press conference was after the MPC had met to review developments in the economy and to announce the Bank’s policy rate.

“Despite the slowdown, the Committee expects that 2010 will end with an inflation rate close to the central target of 9.5%,” he said.

Looking ahead into 2011, the committee anticipates that inflation would be below 9%.

The policy rate was maintained at 13.5%. This is the third time in the year that the policy rate has remained unchanged at 13.5%.

The policy rate is the rate at which the central bank lends to commercial banks. It was first cut to 13.5% from 15% in July 2010.

By Ekow Quandzie
ghanabusinessnews.com

Oil contributes over $550m of $1.3b FDI in Ghana

In less than 24 hours, Wednesday December 15, 2010 Ghana would pump its first oil in commercial quantities from the Jubilee oil fields and the country will become one of the world’s producers of oil.

The Jubilee oil field is the largest to be discovered in West Africa in the last 10 to 15 years. It contains 1.5 billion barrels of oil and has 17 wells, according to Tullow Oil, the major stakeholders in Ghana’s nascent oil industry.

And even before commercial production of oil begins in the country, the sector has contributed over $550 million to the total foreign direct investment (FDI) into the country amounting to $1.3 billion according to the Bank of Ghana.

The central bank says the investment in the oil sector has contributed significantly to the country’s Foreign Direct Investments (FDI).

“FDI flows were estimated at over $1.3billion of which the oil sector contributed a portfolio investment of over $550million,” said Kwesi Amissah Arthur, governor of the Bank .

He however, indicated that these developments in the financial and capital account were offset by developments in the current account which recorded a deficit of $1.8billion.

Total transfers of $1.2 billion were accrued into the economy from January to October 2010 as compared with $1.3 billion recorded for the same period in 2009, he said.

By Ekow Quandzie
ghanabusinessnews.com

Rotaract Club donates GH¢500 worth of stationery to Ringway JHS

The Rotaract Club of Accra-Labone has donated stationery worth GH¢500 to the Ringway Estates Juniour High School in Accra.

The stationery includes Rotaract branded books, board markers, dusters and some learning stickers to aid the students in their study.

The donation which forms part of the club’s half-year project, took place on November 25, 2010.

Mr. Stephen Appiah, President of the club said the club undertakes projects on health, education as well as provision of other social amenities to the community in which the club operates and this donation forms part of that undertaking.

Mr. Appiah said, the donation is one of the many that the club intents to make and this is just the first step.

“This is the first step to support the school and also to motivate the students in their upbringing to make their education meaningful and we think supporting this school is in the right direction” he said.

He also appealed to corporate Ghana to partner clubs such as Rotaract to identify some of the problems in the community and solve them since it is their responsibility to give back to society.

Upon receiving the items on behalf of the school, the Headmistress of Ringway Estates JHS, Mrs. Margaret Quaafu thanked the club for the kind gesture and assured the club that the items will be distributed fairly to all students.

Mrs Quaafu however said the school is facing a number of challenges.  She said because the school is not fenced, criminals sometimes break into the school to steal some of their items and also the school faces shortage of water which makes it difficult for the students to have good hygiene.

“We need some few things such as fencing of the school, a tank to store water when there is shortage, a canteen where the students can eat and also the major problem now is to empty the septic tank because it is full.”

She said the school has not gone through a total renovation but because of the capitation grant they are able to repair some of the items that needed to be fixed.

The school prefect, Master Michael Boateng, thanked the club for the donation.

By Ekow Quandzie
ghanabusinessnews.com

Ghana media is threat to press freedom – Blay-Amihere

The Ghanaian media has been admonished to make efforts to do self regulation and be responsible or else it is in itself becoming a threat to press freedom in the country.

Ambassador Kabral Blay-Amihere, Chairman of the National Media Commission (NMC) made the remarks during the first anniversary celebration of the 6th NMC in Accra.

He said the irresponsibility and total disregard of the ethics of the journalism profession on the part of some media houses is becoming  a major threat to press freedom.

“Many editors, radio talk show hosts and presenters are abandoning their gate-keeping role and allowing all kinds of stuff on the airwaves and in media” he said.

He expressed sadness about the fact that hate speeches, insults and pornography seem to have assumed respectability when they should be frowned upon in the media.

“Sadly,” he said “some media owners look on unconcerned and  oblivious of the negative effect of what comes through their media.”

Other threats to press freedom he said are the extreme politicization and polarization of the media which compels the principles of objectivity, fairness and truth to be thrown to the dogs and bulls.

He said some ministers of state, speakers and serial callers have used the media platform as campaign slots to do propaganda in order to gain some advantage.

“Because the morning talk shows are so important, Ministers of State must find time in spite of their heavy schedules to appear on them lest their shadows in the opposition gain undue advantage,” he said.

“There are several publications across the political divide, which are at best propaganda sheets and not newspapers. The paradox of the situation is that politicians who are behind these media are the most vocal in calling for good behavior among the media” he said.

Ambassador Kabral also mentioned the undermining of the government’s position not to muzzle press freedom by the Ghana Police Service.  He said the Ghana Police is resurrecting an old law to put the fear of the police in all those who are alleged to cause fear and panic in the country adding, “their actions are not good for Ghana’s reputation”.

He pointed out the inadequate resource of the media which is also a threat to press freedom.

He said the financial constraints of the private media in particular, has affected the performance and standards of the media.

He therefore, called on the private sector who he said are the greatest beneficiaries of Ghana’s democracy and free media to protect their wealth and business by supporting the press through advertisement and direct support to the media.

Making a presentation on the ‘Legal Framework for Media Practice in Ghana’, Dr. Audrey Gadzekpo, a media expert and lecturer at the School of Communication Studies, Legon called for reviews of the three media related bills such as the Right to Information Bill, the Broadcasting Bill and the Defamation Bill that are at different stages of the law-making process.

She said for instance the Broadcasting Bill needs a second look because article 168 of the constitution provides that the NMC shall appoint the chairmen and other members of the governing bodies of the state-owned media in consultation with the president which has even received a judicial elucidation. She said it is curious that clause 15 (2) of the current bill provides that the chief executive of a state-owned broadcasting service shall be appointed by the Board in consultation with the Public Service Commission. “This is clearly an error and unconstitutional” she said.

Commenting on the Defamation Bill 2009, she said even though there is a need for the passage of a Defamation Act that is consistent with the spirit and letter of the constitution on freedom of expression and media freedom, it is rather unfortunate that the current Defamation Bill does not seem to be activated by these concerns and appears unduly punitive in its general thrust and in some respect involves a step backward from English common law principles.

She said the bill tends to blur the distinction between absolute privilege and qualified privilege as traditionally understood and this can hardly promote a healthy climate for media freedom and responsibility.

Dr. Gadzekpo called for an independent information commission to be established to ensure undue bureaucratic obstacles after the passage of the Right to Information Bill into law. She said this would make information acquisition very inexpensive, open, timely and very easy.

She urged that the commission should be given the mandate to carry out mass public education and train information officers and to serve as a body that would appeal against refusal of applications that the public would make.

By Ekow Quandzie
ghanabusinessnews.com

Jubilee test run yields between 20,000 and 80,000 barrels of oil per day

The Jubilee oil field has began yielding between 20,000 and 80,000 barrels of oil per day in test runs ahead of commercial production of oil, the Daily Graphic newspaper has reported.

The newspaper citing Mr. Kwame Ntow, the Head of Economic Evaluation at the Ghana National Petroleum Corporation (GNPC) said the quantity will be increased to 100,000 barrels when mainstream production is attained by the end of the first quarter of 2011.

Mr. Ntow told the newspaper that the oil is being pumped as part of a test run of equipment at the largest oil field to be discovered in West Africa in the last 10 to 15 years. The Jubilee oil field according to Tullow Oil, the major stakeholder in the field has 17 wells and contains 1.5 billion barrels of oil.

Output is expected to peak to 120,000 barrels per over approximately six months, he said.

Tullow Oil had said in its Interim Management Statement that commercial production of oil will begin early December 2010, and they were expecting to pump about 50,000 barrels of oil per day.

ghanabusinessnews.com

SABMiller rejects ActionAid allegations of tax evasion in Ghana

SABMiller Group, owners of Accra Brewery Limited says it strongly rejects allegations of tax evasion in Ghana and other parts of the developing world where it owns subsidiaries. 

In a widely publicized report released in London Monday November 29, 2010 by the civil society group ActionAid, the organization says the multinational giant SABMillier has turned its subsidiary in Ghana, Accra Brewery Limited into what “has become a textbook example of the techniques used by big business to avoid corporate income taxes.” An act described as “aggressive tax planning,” it said.

In the report titled “Calling Time: Why SABMiller should stop dodging taxes in Africa”, it says SABMiller has paid no income tax in the past two years, but transferred millions of pounds to sister companies in tax havens.
 The SABMiller group makes profits of over £2 billion a year, it adds.

According to ActionAid, it used published financial information, interviews with government officials and undercover research to find out how SABMiller avoids tax across Africa and India.

“The cost to the governments affected may be as much as £20 million per year,” the report said.

The report says SABMiller, which is the world’s second largest beer company, with interests across six continents has 65 tax haven companies, which allows it to use clever accounting to siphon profits from African and Indian companies to those tax havens. According to the report the act reduces SABMiller’s African corporation tax bill to an estimated fifth of what it should be paying.

However, in a press release in reaction to the report which has been sent to ghanabusinessnews.com, SABMiller says it strongly rejects the allegations made by ActionAid in its recent report on the group’s tax affairs.

“SABMiller does not engage in aggressive tax planning in any part of its operations, and the report includes a number of flawed and inaccurate assumptions,” it said.

The company insisted that compliance with tax laws underpins all of its corporate governance practices. “We actively engage with revenue authorities and we are open and transparent with our affairs.  We follow all transfer pricing regulations within the countries in which we operate and the principles of the OECD guidelines,” it said.

According to SABMiller, its companies pay a significant level of tax.  In the year ended 31 March 2010, the group reported $2,929 million in pre-tax profit and group revenue of $26,350 million.

“During the same period our total tax contribution remitted to governments, including corporate tax, excise tax, VAT and employee taxes, was just under $7,000 million.  Seven times that paid to shareholders.  This amount is split between developed countries (23%) and developing countries (77%).  In both Colombia and South Africa, we contributed over $1,000 million in taxation to each respective government’s revenues,” it added.

ActionAid however, insists that despite the fact that SABMiller subsidiary Accra Brewery is Ghana’s second-biggest beer producer, pumping out £29 million (Gh¢69 million) of beer a year, and rising,  in the past two years it has made a loss, and it paid corporation tax in only one of the four years from 2007 to 2010.

ghanabusinenessnews.com

Accra traders complain about high interest rates charged by banks

Traders at the Kaneshie Market in Accra are complaining about the high interest rates charged by commercial banks in the country.

The women expressed their worries when ghanabusinessnews.com spoke to a number of the traders last week.

Mrs. Lydia Thompson, a beef seller who has been in the business for the past 20 years said she started her business with an initial capital of GH¢1.30p.

“I started with a carton of beef,” she said. She raised this amount from her personal savings she told ghanabusinessnews.com.

Even though she used to take loans from the non-bank financial company, Pro-Credit, but not any more.
“I used to get loans from Pro-Credit. I would normally take a loan of GH¢500 but now the bank has changed its policy and would only give loans of up GH¢1000 with collateral, but because I don’t have collateral I am unable to access loans from them any more,” she said.

According to Mrs. Thompson business has been slow these days and so she has added sachet water to the beef business so she could make some additional income.
Mrs.Eunice Tabiri sells corn-dough. She told ghanabusinessnews.com that she has been in the business for the past 15 years. According to her, she started the business with one sack of maize which she used to buy at GH¢6 but which now costs GH¢75.

She said even though her business has not been doing well like when she started, because her profit margin has narrowed, she is unable to go to the banks for financial assistance.
“I am not sure I would go to a bank for a loan, because the interest rates are just too high, and I fear I might not be able to pay back,” she said.

“The banks,” she said, “might even seize your property if you default in payment of loans. I can’t stand that,” she added.

Onion seller Mrs. Grace Duodu said she began trading with one sack of onion which cost GHp70 15 years ago, but now that sells at GH¢200.

She said her brother gave her the start-up capital to begin her business.
“But later in my trade, I have accessed some loan from the Women’s World Banking. But the interest rate was too high, I was unable to repay and my business nearly collapsed,” she said.
“As a result,” she said, “I do not go to the banks for help.”

Madam Yaa Mirekua, who sells yams, said she started the business in 1983 with a capital of GH¢6, but said these days one would require at least GH¢1000 to be able to start her kind of business.

Mad. Mirekua said, because the cost of yam has gone up in recent times, she has been compelled to access loans from the bank to sustain the business but the interest rates are a problem to her.

“I used to access loans from Sinapi but now I have applied for a loan from a finance company called Advans,” she added.

She said even though business is not that good, she is optimistic that during Christmas the business would pick up.

The Bank of Ghana’s policy rate is 13.5%. That is the rate at which it borrows to commercial banks.

However a recently released  Annual Percentage Rates (APR) and the Average Interest (AI) paid on deposits as at October 31, 2010 by the central bank gives a picture of what commercial banks pay their clients as interests and what they charge on loans.

The Trust Bank pays the lowest interest on deposits at 5.52%. The Bank of Baroda offers 11.33% and the Stanbic Bank has the highest interest rates for depositors at 15.17%. UT Bank charges the highest on borrowing. Borrowers pay   35.90% on loans, while the National Investment Bank charges  35% on loans.

Click here for a copy of the document from the Bank of Ghana detailing the rates.

ghanabusinessnews.com

Portsmouth 'likely to close down'

Portsmouth say they are likely to fold after talks with former owner and key creditor Sacha Gaydamak broke down.

The club claim that Gaydamak demanded an upfront cash payment to allow Pompey to exit administration and thereby endangered their ability to trade.

"It appears likely that the club will now be closed down and liquidated by the administrators," said Pompey.

But administrator Andrew Andronikou insisted weekend talks could lead to a "satisfactory conclusion".

The club have been in a precarious position since the most recent plan to exit administration was vetoed on 14 October by the Football League.

The club initially went into administration in February with debts of about £120m and received a nine-point penalty that made their relegation to the Championship almost inevitable.

By that point Gaydamak, who was Portsmouth's owner between 2006 and 2009, had sold the club to Sulaiman Al Fahim.

However he remains one of Portsmouth's creditors, with his apparent demand for an upfront payment drawing an angry response from the club.

"Despite the new owners fulfilling all the requirements of the Football League and the creditors, and agreeing and signing up to the required terms of the purchase of the club, at the 11th hour the goalposts have been moved by Gaydamak," read a Pompey statement.

"It is neither in the interests of the club nor its unsecured creditors for such a ransom payment to be made, particularly where the payment is being demanded by one of the authors of the club's current circumstances."

Andronikou added: "We've reached a serious impasse in our negotiations with Sacha Gaydamak and until we can reach agreement with him there is a significant risk that the club will have to be liquidated.

"We have agreed terms with every other party involved but there is now this new obstacle that must be cleared. We are trying to get Sacha Gaydamak to see sense.

"I'm hopeful that within the next 24 hours we can get the parties around the table and we can renegotiate to everyone's satisfaction."

As well as Barclays, Gaydamak and another former owner Balram Chainrai are the club's main secured creditors.

Gaydamak has claimed he has secured debt of more than £2.2m, of which he has asked for an unspecified amount upfront.

But lawyer Guy Thomas believes the latest development is likely to be a negotiating tactic.

"This looks more like a shot across Gaydamak bow," Thomas of SA Law told BBC Sport. "Andronikou might well be hoping that the kind of public pressure that emerged with Manchester United's spat with Wayne Rooney will bring a change of heart from Gaydamak.

"Other Championship clubs will also be very concerned by the effect of this development on the league."

The last Football League clubs to go out of business were Aldershot and Maidstone in 1992.

After a poor start to the season, Portsmouth are unbeaten in their last five games and have picked up 13 out of 15 points.

They are due to play away at Hull on Saturday and the game is expected to go ahead.

"The atmosphere, I mean it's been very good lately because we're on the up on the field," said Colin Farmery, from the Portsmouth Supporters Trust.

"It's been off the field that we've had all the problems and this is perhaps going to be the death knell of the club."

And Neville Dalton, a season ticket holder for more than 40 years, added: "It seems a bit impetuous to be talking about liquidating the club.

"But if Pompey's future really is in the hands of Sasha Gaydamak, after all the turmoil we suffered during his ownership, maybe this time that drama is justified."

- BBC

Rick Ross Coming to Ghana As He Announces International 'Blowing Money Fast' Tour

Rick Ross has announced he will headline the upcoming international "Blowing Money Fast Tour," in support of his latest hit album, Teflon Don.

The rapper will hit the United States, Canada, Europe, the Caribbean and Africa with artists on his Maybach Music Group imprint, including Triple C's and crooner, Masspike Miles.

Rick Ross is expected to perform material from Teflon Don, in addition to tracks off his previous albums Deeper Than Rap, Trilla and Port of Miami.

“I have waited a long time for this and I definitely want to touch those fans who have continuously supported me through my 15-year journey, I will not let them down, everybody get ready to Blow Money Fast!" Rick Ross told AllHipHop.com in a statement released on (October 19th).

In the U.S, Rick Ross will hit select cities like the Bronx and Chicago, before heading overseas to perform in African countries like Ghana, Nigeria and South Africa. He will be in Ghana on the 28th of December

Dates are also lined up in the Port of Spain, Haiti, England and The Bahamas.

Rick Ross and Triple C's are currently working on their sophomore album, Color, Cut, Clarity.

Tentative tour dates are listed below:

11/5       Springfield, MA

11/6       Bronx, NY

11/12     Lawrence, MA

11/13     Austin, TX

11/16     Leicester, England

11/17     London, England

11/18     Manchester, Englandn

11/19     Chicago, IL

11/24    Detroit, MI

11/25    Newark, NJ

11/26    Rocky Mount, NC

11/27    Greenville, NC

12/5      San Antonio, TX

12/11    St Louis, MO

12/17   Nassau, Bahamas

12/18   Port of Spain, Trinidad

12/28   Accra Ghana

12/29   Cape Town, South Africa

12/30   Lagos Nigeria

1/8       Port Au Prince, Haiti

1/11     Winnipeg, Canada

1/12     Saskatoon, Canada

1/13     Edmonton, Canada

1/15     Toronto, Canada

Rooney Re-Unites United

Wayne Rooney has apologise to his team mates after making unguided statement that manchester united lacks ambition.

Rooney, who was on his way out of the united made a u-turn to sign a five year contract extension with the old trafford team.

He also apologized to the team manager Sir Alex Ferguson and the management of the club as well as the owners and gave a reason for his stay with united.

According to the BBC Rooney stated: "the manager's a genius and it's his belief and support that convinced me to stay."

United boss Sir Alex Ferguson said: "I'm delighted Wayne's agreed to stay."

But the big question is, can the former Everton player be in-form after his mishappenings.

ROONEY APOLOGIZES TO UNITED COLLEAGUES

Wayne Rooney has apologise to his team mates after making unguided statement that manchester united lacks ambition.

Rooney, who was on his way out of the united made a u-turn to sign a five year contract extension with the old trafford team.

He also apologized to the team manager Sir Alex Ferguson and the management of the club as well as the owners.

But the big question is, can the former Everton player be in-form after his mishappenings.

BREAKING NEWS: Wayne Rooney Signs New Five-Year Contract To End Manchester United Exit Saga

Wayne Rooney has committed his future to Manchester United by signing a new five-year deal.

England international Wayne Rooney has made the decision to stay at Manchester United after all. The former Everton star previously stated that he wanted to leave the club, but has now committed his future to United by signing a new five-year deal with the club.

"It’s been a difficult week, but the intensity of the coverage is what we expect at Manchester United.  I said to the boy that the door is always open and I’m delighted Wayne has agreed to stay," was Manchester manager Alex Ferguson quoted as saying on the club's official website.

"Sometimes, when you’re in a club, it can be hard to realise just how big it is and it takes something like the events of the last few days to make you understand.  I think Wayne now understands what a great club Manchester United is.

"I’m pleased he has accepted the challenge to guide the younger players and establish himself as one of United’s great players." - GOAL.COM

Benin under water

                                                                                   By DANIEL-SELLEN

I've written before about floods in Niger and Abidjan, but these experiences left me poorly prepared for what I saw in Benin a few days ago.

Half the country is under water, and it's still raining.

We recently received a request from the President of Benin to assist with recent flooding. I was asked to go take a look, get a feel for the scale of the problem, find out what Government and donors were doing about it, and make some recommendations for Bank action.

 After booking my flight, I did a Google search which revealed no details, even from OCHA, the UN's humanitarian branch. So I was sceptical about finding the type of damage I had seen elsewhere in the region over the past two months. If there was a big problem, the international press didn't seem to know about it. If they did, perhaps they were too tired of Haiti, Pakistan, or spoiling the euphoria following the rescued miners.

So I flew to the capital city of Cotonou, which is built on a narrow stretch of sand dunes between the Atlantic Ocean and a large lagoon. After briefings from the Ministers of Interior and Decentralization, we toured the flooded areas of Cotonou in canoes. I have not been to Venice, so had not experienced the odd sensation of boating down a city street. The water was thick, black and ominous -- a brackish cocktail of floating garbage and the contents of countless latrines (there is no sewage treatment in Cotonou). I could imagine the water-borne diseases happily multiplying in this soup. Indeed, the latest reports are that 800 people have already come down with cholera, a figure which must certainly rise much higher.

 Despite water levels, most people appeared to remain in their homes and many came out to watch us float by. Some were sleeping in boats. Other families were living in schools, displacing the students who had just started the new school year two weeks ago.

The scale of the problem changed when we got up in an army helicopter. We flew over the southern third of the country, and it immediately became apparent that over half of the country was submerged. In terms of food production, the floods could not have come at a worse time, with the harvest just weeks away. The Oueme basin was the worst hit, and it was difficult to say where the river was and where it wasn't. There were no roads visible anywhere. Many families were living in or on their roofs, peeling up a section of sheet metal to act as a door to their attic.

Some people waved at us, obviously asking for help or rescue, reminiscent of the disturbing images from New Orleans after Hurricane Katrina. After three weeks in the water with no help from the outside, they must be getting desperate.

The UN system is now on the job, although relief has at this time not reached the population. In the brief space of a week, the situation has gone from being completely under the radar to Benin being recognized as the most heavily impacted by flooding in West Africa.

And our role? It is an uncomfortable experience to be World Bank staff on a visit to the site of a disaster.

An NGO asked pointedly what the Bank would put on the table in terms of relief efforts. A journalist interviewed me, wondering what we intended to do to help those suffering. A lady, standing knee-deep in water as we drove by, yelled at me in a local language, apparently expressing her outrage that no one was helping them.

I had no satisfactory answer for any of them. We are not a relief agency and shouldn't try to be. We cannot promise quick fixes like food, shelter, or medical care, no matter how important that is.

However, there is plenty we can do and must do in the recovery period. We can give the government some fiscal breathing room with accelerated budget support. Through the Global Facility for Disaster Reduction and Recovery (GFDRR), we can conduct a post-disaster needs assessment to figure out where the Bank and other donors should focus efforts in the medium term. We can help with an early warning system, as we and the GFDRR are doing in Togo. We have a new urban environment project to address water treatment and solid waste management. We are preparing an agriculture operation that can request emergency financing from the Global Food Crisis Response Program (GFRP). Our community development and education projects can re-think the locations of sub-projects like schools and aim for drier ground.

We can do all that, and it will help ease the pain of the next flood. Meanwhile, we have to hope that the rains stops, the water recedes, and that these flood victims figure out how to survive.

- blogs.worldbank.org/africa