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Ghana’s Parliament has approved a US$200-million facility to finance the Ghana Jobs and Skills project (GJSP). In a bid to facilitate the country’s socio-economic development through improved support for skills development and job creation, a financing agreement between the government of Ghana and the International Development Association (IDA) to the tune of $200 million, was approved by Parliament on Thursday, 30 July 2020, under the Ghana Jobs and Skills project (GJSP). The project is structured around five (5) components; Provision of Apprenticeship training for jobs (US$60 million), Provision of Entrepreneurship and Micro and Small Enterprise support for jobs (US$ 100 million). Under component three of the project, an amount of $30 million has been set aside for the operationalization of the Ghana labour market information system, upgrading of District public employment centres and the Independent performance review of select government youth employment and skills development programs. The final tranche of US$10 million will also go into capacity development, technical assistance and project management support for enhanced skills and jobs impact.

Parliament has passed a Customs Bill to ban the importation of old vehicles into the country. The new bill, if assented by the President, will stop the importation of what’s popularly known as ‘accident cars’ in Ghana. The amendment is part of a bigger plan towards the implementation of the Ghana Automotive Manufacturing Programme, which has so far attracted several global car assembly plants into the country. The law seeks to provide incentives for automotive manufacturers and assemblers, registered under the Ghana Manufacturing Development Programme. A clause in the amendment empowers the Minister of Finance to specify the date on which the ban will come into force. The document will finally become law after the president assents to it.

The CM Fund Limited, a medium to long-term collective investment scheme established in 2007 under the Securities and Industry Law, recorded a net profit of GH¢ 945,940 in 2019 as against GH¢ 648,582 in 2018. Shareholders’ funds also rose from GH¢7,347,679 in 2018 to GH¢ 8,188,228 in 2019. Board Chairman of the fund, Emile Yartey, disclosed this at the fund’s Annual General Meeting in Accra on Thursday. He noted that the year under review recorded the World’s weakest growth rate since the global financial crisis a decade ago. Mr Yartey said firms became cautious of long term spending and cut back on the purchasing of plant and equipment. He said household demand for durable goods also decreased in most of the year only picking up marginally in the Second Quarter. The Board Chairman said the emergence of COVID-19 has also changed the face of the global economy, adding that restricted movement protocols and lockdowns further slowed down Ghana’s economy.

TC’s Energy USA and its partners, Power China Huadong Engineering Corporation Ltd and Seabased of Sweden, have signed a major agreement to finance and revive the Ada Foah Energy Project, which stalled for years. TC’s Energy Ghana, a wholly Ghanaian owned company is the local counterpart to the project. The project seeks to establish a wave energy park in the Gulf of Guinea in Ghana, about 17 km off the coast of Ada to generate 1,000 megawatts (MW/H) of power from sea waves, employing an environmentally friendly technology – the ‘SEABASED’ Wave Energy Converters (WEC). TC’s Energy has applied to the Ghana Standards Authority for Marine Energy Converters Certification to ensure that the project meets the highest international requirements. Under the terms of the agreement, Power China, a state-owned key enterprise, will provide 85 per cent of the cost, while the remaining 15 per cent is to be borne by the Ghanaian company. The initial plan is to begin with five megawatts and scale up to the project target of 100 megawatts within 24 months.

Rejuvenate Gaia Global has donated 450 bags of Greenfert organic granular fertilizer to support the second edition of the annual Women in Food and Agric Leadership Training Forum & Expo (WOFAGRIC) being organized by Agrihouse Foundation in Kumasi. The event, which starts from Thursday August 6 to Friday August 7, 2020, will also serve as platform to reward some 45 nominee women farmers at the Gold In The Soil Awards which climaxes the event. Expressing appreciation for the donation and Rejuvenate’s support for this year’s event, Executive Director of Agrihouse Foundation, Ms. Alberta Nana Akyaa Akosa, said the 450 bags of organic fertilisers would be used as prizes for all 45 women nominees of the awards.

A Reuters poll of London cocoa futures forecast cocoa would cost 10% less at the end of the year, because of rising production and a hit to demand from the coronavirus crisis. But chocolate bars will not necessarily get cheaper partly because the price of cocoa is only one ingredient in the mix that makes up the retail price. The impact of coronavirus lockdowns curbed impulse buying of chocolate, as people focused instead on stocking up on essentials. And a bleak economic outlook is expected to hit demand for luxuries like chocolate in coming months, while sales at celebrations such as Halloween are likely to be weaker than normal. Apart from cocoa, there are lots of other costs which contribute to the price of chocolate bars. These include other ingredients such as sugar and sometimes milk or nuts as well as packaging, marketing, transportation, taxes and retailer margins. The cost of cocoa, is therefore, just one element in determining the price.

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