The call by Vice President Mahamadu Bawumia for the Security and Exchange Commissions (SEC) of Ghana and Nigeria to speed up the processes of integrating the two capital markets is one of the trending stories in the Ghanaian press on Thursday.
The Graphic reports that Vice President, Dr Mahamadu Bawumia has urged the Security and Exchange Commissions (SEC) of Ghana and Nigeria to speed up the processes of integrating the two capital markets.
He said when completed, this would enable cross border transactions between the two countries, thereby enabling the private sector to access more capital from neighboring capital markets.
The Vice President said this when a delegation from the two exchange commissions paid a courtesy call on him to officially inform him about an MoU signed between them and also give him an update on the progress made with regard to the Capital Market Integration project in the West Africa sub-region
In 2013, the West African Capital Markets Integration Council (WACMIC) was inaugurated as the governing body for the integration of West African capital markets.
The over-arching objective of the council is to establish a harmonised regulatory environment for the issuance and trading of financial securities across the region. It is also to develop a common platform for cross-border listing and trading of such securities in the sub-region.
WACMIC comprises the Director Generals of the region’s securities commissions and the Chief Executive Officers of the securities exchanges.
At the recently concluded West Africa Capital Market Conference (WaCMAC) which took place in Ghana, it emerged that the integration process was being stalled by the Francophone countries in the region, who already somehow have an integrated market on their own.
As a result, Ghana and Nigeria have decided to go on with the integration process, while it awaits other West African countries to join in the near future.
The newspaper says that the third meeting of the second session of the Eighth Parliament will commence on Tuesday, October 25, 2022.
In all, 66 bills are expected to be presented before the House.
They include the Affirmation Action Bill, 2022, the Minerals and Mining (Amendment) Bill, 2022, the Ghana Housing Authority Bill, 2022, Small Scale Mining Bill, 2022 and the Petroleum Revenue Management (Amendment) Bill, 2022.
Besides, the Constitution of the Republic of Ghana (Amendment) Bill, 2022, a private members bill which was referred to the Council of State, will also be presented before the House.
A statement issued by the Director of Public Affairs of Parliament, Kate Addo, said 11 bills were currently at the committee level.
Out of these, the statement said seven were public bills and four private members bills.
Among them are the Interstate Succession Bill, 2022, which was before the Constitutional, Legal and Parliamentary Affairs Committee, the Armed Forces (Amendment) Bill, 2022 (Committee on Defence and Interior).
The rest are the Promotion of Proper Human Sexual Rights and Ghanaian Family Values Bill, 2021 (Committee on Constitutional, Legal and Parliamentary Affairs) and the Criminal Offences (Amendment) Bill, 2021 (Committee on Constitutional, Legal and Parliamentary Affairs).
“There are also instruments at various stages to be presented before the House,” the statement said.
The Ghanaian Times reports that the government is investing a total of GH¢350 million to modernise tourist attractions across the country, the Minister of Tourism Arts and Culture, Dr Ibrahim Mohammed Awal has announced.
The investment forms part of government‘s effort at boosting tourism and making the country the preferred destination in Africa by 2025.
“This is in line with government’s commitment to make tourism sector act as a veritable tool for economic transformation, thereby contributing to job creation and wealth for the people,” he emphasised.
Dr Awal who was taking his turn at the bi-weekly Minister’s Briefing organised by the Ministry of Information in Accra yesterday said the GH¢350 million was a World Bank funding and would help improve on attractions in the country.
He noted that some of the attractions which were receiving attention included; the Pikworo Heritage and Slave Camp project, Bonwire Kente Museum, Yaa Asantewaa Museum, Kwame Nkrumah Memorial Park, Shai Hill and Mole park.
In addition to that he said five multipurpose domes or amphitheater across the country.
Dr Awal said the country would leverage its current rating as the number one tourism destination in West Africa to boost its tourism drive.
“Currently, the World Economic Forum Report 2021 on Tourism and Travel Development Index has ranked Ghana as the number one Tourism Destination in West Africa from its previous number three position,” he said.
He said the country had a comparative advantage in tourism and hospitality in the sub-region as it passed about 65per cent of all edifices used during the slave trade.
“Ghana also host the secretariat of the African Continental Free Trade Area (AfCFTA). This will enable the country enhance its position as a venue for Meeting, Incentives, Conferences, and Events (MICE).
Dr Awal said another advantage, the country had was that it was located in the centre of the world, was politically stable and seen as an attractive investment destination.
The newspaper says that the Coalition for Cocoa Sector Reforms (CCSR) GH has called on the government through COCOBOD to reconsider the 2022/23 producer price announced to avoid the negative impact the new GH¢800.00 per bag of cocoa beans will have.
“Farmers over the last two decades were always assured of over $100.00 out of the world market price for each bag of cocoa sold through the FOB pricing mechanism used in setting the price for the commodity. It is however unfortunate and surprising that government this year awarded to farmers, less than $80.00 for a bag of cocoa,” a statement jointly signed by Mr Ayisi Kumah Thomas Kwesi, and Mr Hedidor Alexander Yaw, President and Secretary of the coalition respectively and copied to the Ghana News Agency in Accra yesterday said.
“This is rather a decrease in producer price than an increase hence COCOBOD must come again. In these times of increasing inflation, prices of inputs, fuel and economic hardship, this treatment to our hardworking cocoa farmers must change,” it said.
The statement said the producer price announced by the Minister of Food and Agriculture was not only low, but demotivating and should therefore be reviewed.
It said the analysis carried out by the Coalition showed that, further reduction of cocoa price was disincentive to cocoa farmers and would lower productivity, given the fact that both cost of living and cost of production had increased astronomically in Ghana, owing to inflation and rapid depreciation of the cedi against the dollar.
It said hopes of cocoa farmers would be shattered by the new price especially when neighbouring Ivory Coast had comparatively maintained relatively stable currency and economy.
“It is clear and beyond all doubts that with this lowering of cocoa prices (dollar terms), government and COCOBOD will render cocoa farming unattractive to the youth by worsening the economic plight of cocoa farmers.
“Cocoa farmers are already impoverished and overwhelmed by our current economic situation and to further reduce the price of cocoa will worsen their plight.
“This is an industry that has supported this country for over 30 years with revenue from exports, but there seems to be a clear lack of foresight, or an ill-will in the management and sustenance of the sector by its current managers: COCOBOD.
The statement said the decision of reducing cocoa price (in dollar terms) came in the midst of reports of cocoa farmers selling their arable land to illegal mining operatives (galamsey), neighboring country Ivory Coast raising its farm gate price to CFA900 equivalent to GH¢852.00, increasing prices of inputs, increased unemployment and ageing farmer population.
The statement said about 19,000 acres of cocoa lands were lost to galamsey activities last year and it would not be surprising that the figure would be tripled in the ensuing year, while cocoa beans would be further smuggled along the border towns, with farms receiving little or no investments.
It said the credibility of COCOBOD in acquiring future loans would be impaired and eventually the industry would suffer existential threat and called on government to review the current situation.
GIK/APA