Nsem 24.com, Tema (2026)

21/07/2022

President Akuffo Addo opens the office of the registrar of companies.

July 21 - Today, , the newly formed Office of Registrar of Companies (ORC), which will register and oversee all commercial companies in the nation, was officially launched by President Nana Addo Dankwa Akufo-Addo.

The ORC, which was created from the Registrar General's Department, will be responsible for handling the registration of organizations like churches, schools, NGOs, CsOs, associations, unions, external companies, and professional bodies as well as private public companies limited and unlimited by shares and private public companies limited by guarantee.

In contrast to the RGD, the ORC would not be a department under the Attorney General and Ministry of Justice, according to Madam Jemima Oware, the Acting Registrar General of the RGD and Registrar of the ORC.

She stated that it would function as a separate firm with an eleven-member board.

According to her, the ORC was founded by the Companies Act 2019, Act 992, to handle only business registration and licensing, while the RGD would continue to handle registrations of marriages, estates, and industrial property rights.

She emphasized that the Act required the Office of the Registrar of Companies to become functioning within two years.

The creation of the ORC, according to Madam Oware, was a step toward addressing issues with business registrations.

She revealed that they were creating online company registration software so that customers could register online.

She added that a call center was also being set up to assist customers.
She continued, "I believe with this new software, we are going to digitalize our company thus a user-friendly system that will enable people to register their companies by themselves."

The ORC Registrar claimed that going digital would ease the strain people have while manually registering their businesses at the office and eliminate the problem of middlemen, sometimes known as "goro boys."

According to Madam Oware, the World Bank provided funding for the project, and a consultant assisted in setting up the Office.
Until it has a separate office, the ORC will conduct business from the RGD's facilities.

Source: GNA

06/07/2022

GHANA IS CONFIDENT THAT THE REMAINING PAYMENT DEFICIT WILL BE CLOSED AS (NTE) RISES.

Considering that Ghana's Non-Traditional Export (NTE) saw a revenue gain of 17% in 2021, the government asserts that it is optimistic in its ability to reduce the balance of payments deficit.
The Minister cited the increase in non-traditional export revenue, which went from US$2.8 billion in 2020 to US$3.3 billion in 2021, as evidence that the nation would steadily reduce its deficit.
Information from the Bank of Ghana and the Ministry of Finance revealed that the deficit in the country's balance of payments, which measures the difference between export and import revenues, was US$926.1 million (1.3 per cent of Gross Domestic Product GDP).
Ghana had to ask the International Monetary Fund (IMF) for a plan to boost its economic recovery because of the imbalance, which was caused by the fact that the nation's export profits were significantly lower than its import earnings. At the introduction of the study of the 2021 NTE figures in Accra, Mr. Kojo Oppong Nkrumah, Minister of Information, stated that the increase in the 2021 NTE proved that the nation would gradually close the deficit gap.
He pointed out that the conversation around Ghana's request for an IMF balance of payment support program had made the endeavor to enhance NTE, in particular, more crucial now.
We will be in a situation where, regardless of what is occurring in the global economy, we will still have a dominant export position and won't need much assistance, according to Mr. Oppong Nkrumah, provided we are able to maintain this trajectory and keep improving non-traditional export.
Therefore, the Minister urged the Ghana Export Promotion Authority (GEPA) to step up efforts to improve overall export, trade balance, and payment balance.
The One District-One Factory (1D1F), domestic retail infrastructure, and SME growth, according to Mr. Herbert Kraper, Deputy Minister of Trade and Industry (MoTI), are all government initiatives aimed at boosting export revenues.
He pointed out that the Ministry supported GEPA activities since export revenues might have a favorable impact on the currency rate, inflation, and overall health of the economy.
Mr. Kraper noted that achieving the target of raising NTE revenue to USD 25.3 billion was not something that the Ministry and GEPA could do.
The Deputy Minister stated, "The release of this report gives us the opportunity to reconvene and evaluate the amount of involvement and collaboration amongst agencies and how we might further strengthen that collaboration. Dr. Afua Asabea Asare, CEO of GEPA, spoke at the report's publication and blamed the rise in NTE on the demand for heavily processed/semi-processed goods. In addition, several big firms' capacity expansions and optimal operation, as well as some one district one factory (1D1F) companies' exports of goods, all contributed to the growth.
Along with the efforts of the Ghana Export Promotion Authority (GEPA) and MoTI to facilitate trade, there was also adherence to the rules of the ECOWAS Trade Liberalisation Scheme (ETLs).
She praised Ghanaian exporters for their success in the NTE market in 2021, noting that they had made significant efforts to boost NTE export.
She said that the Authority will take use of the opportunity provided by the African Continental Free Trade Area (AfCFTA) to enhance export to other African countries, who were currently underrepresented relative to the European Union and Asian nations.

Source : GNA

05/07/2022

WE ANTICIPATE THAT THE IMF's PROGRAM WILL BOOST ECONOMIC CONFIDENCE, SAYS JOHN KUMAH.

The government expresses optimism that the assistance it is requesting from the International Monetary Fund (IMF) would support current fiscal and monetary measures to reestablish economic confidence.
The government is "very convinced" that the Programme would be able to support the government's attempts to turn around the economy, according to Dr. John Ampontuah Kumah, a deputy minister of finance. He noted that while IMF support is frequently of a short-term nature.
The Deputy Minister stated that the government anticipated the move to also restore macroeconomic stability, sustain high growth, create jobs, and protect social spending in sectors, including transformative initiatives in education and health. "We expect an IMF programme to complement the fiscal and monetary measures government initiated through the 2022 budget and beyond," the Deputy Minister said.
We anticipate that the initiative will help to boost Ghana's bonds, decrease the twin deficit, stop capital outflows, and improve debt sustainability, among other things.
"The structural economic reforms that must be carried out to deal with Ghana's difficulties permanently can only be the task of Ghanaians," Mr. Kumah urged the populace in his call for support of the government's efforts to strengthen the economy.
He said that after the New Patriotic Party (NPP) took office in 2017, the administration implemented policies and programs to address economic issues, including the restoration of macroeconomic stability, which enabled the 2015 IMF Program to be successfully completed in 2019.
With a strong framework for managing debt, the government was able to restore debt sustainability, implement and achieve a fiscal deficit limit of 5% or less, post a yearly positive primary balance, and maintain zero central bank funding.
The government has always been confident in its ability to overcome the current economic challenges, which are mostly brought on by external headwinds, such as COVID-19 and most recently, Russia's invasion of Ukraine, in light of these significant accomplishments, he said.
"Ghana has applied for an IMF program for the second time in seven years after the government approached the organization in 2015 to help the economy recover from adversity.
The nation's GDP expanded by 3.3% in the first quarter of 2022 compared to the prior quarter and in May, inflation hit a record high of 27.6%.
In order to help the nation's economy return to its pre-COVID-19 era, the administration announced a number of steps in March of this year, including a 50% reduction in the gasoline allocation coupons for all government appointees.
However, in light of a heavy debt load and a declining currency, the cedi, it appears that the policies did not provide the expected consequences.

03/07/2022

IMF won't offer long-term solutions

Going to the International Monetary Fund (IMF) won't bring long-term solutions to Ghana's economic issues, according to Professor Charles Godfred Ackah, Associate Professor of Economics at the Institute of Statistical, Social, and Economic Research (ISSER).
He said that the majority of the country's economic problems were self-inflicted, the result of "poor luck" and "bad governance," and that developing a long-term economic plan would necessitate internal consultations and consensus building.
Speaking on a media platform based in Accra, Professor Ackah noted that the country's economic challenges, including high inflation, the depreciating cedi and exchange rate, an unfavorable trade balance, high borrowing that had resulted in enormous debt servicing, and the bloated government size that had resulted in high current expenditure, had existed since independence because of poor leadership.
"As far as I'm concerned, Ghana's problem is structural, and the 16 times we've gone to the IMF haven't really been sustainable since they only come to give you temporary "steroids," and after two to three years you're back to the underlying problem, he said.
He continued by saying that the IMF was unable to address the recent global disruptions brought on by the Covid-19 outbreak and the Russia-Ukraine War.
"Japan's debt to GDP ratio is currently about 260%, the country is not in a crisis, and it is not headed to the IMF as we speak". According to him, even China's GDP is over 70% and the United States' is almost 140%.
The only way to reverse the worsening economic scenario, according to Mr. Felix Ofosu Kwakye, a former communications minister and aide to former President Mahama, is to apply to the IMF.
He claimed that the government's decision to postpone contacting the Fund had made the economic situation so bad that the IMF's help would not be sufficient to turn the economy around.
He called the delay "cheap pedestrian politicking" and blamed it on the government's intention to capitalize politically on the former president, Mr. John Dramani Mahama's choice to contact the IMF in 2015.
"They demonized the IMF and made it seem like they were a group of people with horns and tails holding pitchforks to ram problems down our throats," he added.
The only way to reverse the worsening economic scenario, according to Mr. Felix Ofosu Kwakye, a former communications minister and aide to former President Mahama, is to apply to the IMF.
He claimed that the government's decision to postpone contacting the Fund had caused the economic situation to worsen to the point where the IMF's intervention would not be sufficient to improve it.
According to Associate Professor Elikplimi Komla Agbloyor Kplogo of the Department of Finance at the University of Ghana Business School, the inability to access the international capital market, the failure of the E-levy to produce the necessary revenue, and the fall in.
Foreign exchange reserves, reversals in capital flow, and recent street protests have forced the government to the Fund.
He stated that the government would need to be careful with its expenditure moving forward, with or without the IMF's help, and find more creative methods to raise money.

Source : GNA

03/07/2022

Lindsay Lohan has made her marriage public.

The 36-year-old actress, who celebrated her birthday on Saturday, shared a selfie of herself with businessman Bader Shammas and referred to him as her spouse.

"I am the world's luckiest woman. You came across me and understood that I was looking for both elegance and happiness. That you are my husband astounds me, she wrote.

In November, the couple announced their engagement.

"My dear. my life my household. My future," Lohan said in a post at the time, tagging Shammas.

The Parent Trap and Freaky Friday remakes, as well as the 2004 teen comedy "Mean Girls," among Lohan's most well-known acting credits.

"My life and everything. This is how every woman should feel." Saturday marked Lohan's post's conclusion.

03/07/2022

KYIV, Ukraine According to Russia's defense minister, Russian forces took control of the last significant Ukrainian-held city on Sunday in the Ukrainian province of Luhansk, moving Moscow one step closer to its stated objective of annexing the entire Donbas region of Ukraine.
According to a ministry statement, Defense Minister Sergei Shoigu informed President Vladimir Putin that Russian forces and members of a local separatist group "had gained full authority over the city of Lysychansk."
The declaration described the seizure of Lysychansk as "the liberation of the Luhansk People's Republic," one of the two separatist territories of Ukraine that Russia recognizes as independent.
In an effort to prevent Lysychansk from succumbing to Russia, like nearby Sievierodonetsk did a week ago, Ukrainian soldiers fought for weeks to preserve the city. An adviser to the president said late on Saturday that the future of the city might be decided in a matter of days.
The status of it was not immediately updated by Ukrainian officials.

02/07/2022

Ghana, certainly considered one among West Africas biggest economies, will maintain formal talks with the International Monetary Fund (IMF) on a aid package, the authorities has said, most effective days after masses took to the streets protesting mounting hardship.

The cabinet gave its aid for the choice at a meeting on Thursday, following a phone coversation between President Nana Akufo-Addo and IMF Managing Director Kristalina Georgieva.

Until now, Ghana, the continents second-largest gold producer, had refused to searching for IMF aid to rescue an financial system crippled via way of means of the pandemic, rampant inflation and a depreciating currency, in spite of analysts caution it's far near a debt crisis.

The IMF did now not immediately reply to a request for comment.

Analysts stated the choice have to assist Ghana cope with its demanding situations.

Positive news given the succession of outside shocks, and the growing demanding situations for Ghanas economy, tweeted Razia Khan, chief economist for Africa and the Middle East at Standard Chartered.
This choice turned into nearly inevitable, given the worsening financial state of affairs and the hazard of a stability of bills disaster because of the deteriorating outside environment, stated Leslie Dwight Mensah, Economist and Research Fellow on the Institute for Fiscal Studies in Accra.

The first benefit for Ghana could be stepped forward global self belief withinside the country's capability and efforts to climate the disaster

Ghana's dollar denominated sovereign bonds rallied sharply with troubles up maturing in 2026 and 2027 leaping almost 5 cents in the dollar to trade at their maximum stage since May.

Central bank governor Ernest Addison stated in May that Ghana confronted an overall balance of payments deficit of $934.5m in the first sector of 2022, in comparison with $429.9m in the same period last year

Hundreds took to the streets in Ghana's capital Accra for 2 days this week to protest towards spiralling inflation and different woes. Growth slowed to 3.3 percent last year in the first sector of 2022 and inflation hit a document of 27.6 percentage in May.

The central bank raised its main interest rate by 200 basis points to 19 percentage last month, the second rise this year to buttress macroeconomic stability.

Source : Aljazeera news

02/07/2022

AHOTOR PROJECT IS INTENDED TO BUILD THE CAPACITY OF THE PARTY'S STRUCTURE - General Mosquito

The General Secretary of the National Democratic Congress(NDC) Hon Johnson Asiedu Nketia yesterday 23rd June 2022 made a statement at the official launch of the Ahutor Project that the project is a different project of its kind and it's intended to build the capacity of the NDC's party structure.

He said this whiles delivering his speech during the relaunch of the Ahutor Project at the NDC party's headquarters. He said that the money that Dr Kwabena Duffuor spent on buying the items could have been used to buy consumables to be distributed to party foot soldiers, but this project is a way to teach someone how to fish than to give the person a piece of fish.

"The money that has gone into this could have been utilities in buying consumables, maybe can fish? This could have been sufficient to procure those items, but the problem with the distribution of consumables is that, they end up in the homes and stomachs of individuals and they don't benefit the party. This different project of its kind, it's intended to build the capacity of the party's structure to run effectively" he said.

Source: Kweku Mensah

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