by admin | Mar 24, 2025 | africa, business, energy sector, government, politics
By Francis Ntow
Accra, March 24, GNA – The Institute of Economic Affairs (IEA) has urged the government to promptly reassess all agreements related to Ghana’s natural resources with the aim of maximizing the nation’s benefits from their extraction.
She stated that the evaluation must ensure the nation achieves a minimum return of 60 percent from its natural assets, valued at more than 10 trillion, to aid in the country’s economic shift and reduce its debt load.
Former Chief Justice and IEA Fellow, Justice Sophia Akuffo, addressed this topic during a press conference in Accra on Monday, focusing on “Optimizing the Benefits from Ghana’s Natural Resources.”
She expressed worries about the exploitation of Ghana’s natural resources over several years, due to concession leases that granted sole control to international companies. These entities retained an unfairly large share of the goods and paid minimal sums as royalties and taxes.
The natural resources encompass gold, diamonds, bauxite, iron ore, petroleum, natural gas, cocoa, and timber.
She requested the government to take cues from the United Kingdom (UK), Australia, Qatar, Tanzania, Botswana, Angola, and Eritrea, who examined their mining legislation and agreements to secure up to 50 percent for their national interests.
For instance, in Angola, the Petroleum Income Tax operates under a Production Sharing Agreement with a tax rate of 50% for taxable income. However, operations conducted through different contractual arrangements like consortium agreements face a higher tax rate of 65.75%, according to Justice Akuffo.
The ex-Chief Justice mentioned the UK as an example, where they had a separate corporate tax rate of 30 percent, an additional charge of 10 percent, and a levy of 38 percent on the extraction and production of oil and natural gas.
Likewise, according to Article 41 of Eritrea’s Mining Law Proclamation, the government was permitted to hold an equity stake of up to 40 percent in total, which includes a mandatory participatory interest of 10 percent in any mining venture.
“The moment has arrived for Ghana to terminate its Guggisberg-style agreements that favor international corporations and instead embrace contemporary optimal methods, ensuring that a greater portion of the resource revenue benefits the nation rather than solely foreign mining enterprises,” she stated.
She requested the establishment of a five-person panel consisting of seasoned Ghanaian individuals to examine and suggest revisions to every law and contract related to natural resources. This was aimed at maximizing the advantages these resources could bring to the nation.
The former Chief Justice suggested that Ghana should fully embrace domestically-owned production lines or, at minimum, establish joint ventures between Ghanaians and foreigners in the natural resources sector, which would involve cost-sharing and profit distribution.
Dr. John Kwakye, the Director of Research at IEA, remarked, “Although our nation boasts abundant wealth beneath the soil, it appears impoverished above ground.” He further stated that leaders have not sufficiently leveraged the country’s natural resources to foster national progress.
“More than 10 trillion dollars worth of natural resources could potentially be harnessed if appropriate systems are in place… If you’re unprepared, keep them underground until the necessary expertise and funding become available,” he stated.
Should it require street protests to prompt the government into favoring Ghanaian interests in natural resource agreements, the IAE will be at the forefront.
Dr. Kwabena Nyarko Otoo, the Deputy Secretary General of the Trades Union Congress (TUC), has called upon the government to boldly reassess all laws and agreements to ensure they benefit the nation.
He committed TUC to ongoing collaboration with the IEA and other partners in developing policies aimed at ensuring appropriate changes in foreign ownership and control of Ghana’s natural resources.
GNA
ABD
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by admin | Mar 24, 2025 | agriculture, business, commerce, international trade, news
Tariffs place a 100 per cent surcharge on rapeseed oil, peas and oil cakes for animal feed. Aquatic products will face a 25 per cent levy
Canada has initiated a complaint against China at the World Trade Organization (WTO) regarding extra tariffs imposed on agricultural and fisheries goods, according to an announcement from the organization on Monday.
The agency stated, “Canada has sought WTO dispute consultations with China regarding the latter’s actions that have imposed extra import tariffs on specific agricultural and fishery goods coming from Canada.”
The duties announced at the beginning of this month affect rapeseed oil, oil cakes — which serve as an animal feed — and peas coming into the country.
Canada
with a 100 percent surcharge.
Do you have questions about the biggest topics and trends from around the world? Get the answers with
SCMP Knowledge
Our latest platform offers carefully selected content including explainers, FAQs, analyses, and infographics, all provided by our acclaimed team.
Canada ranks as one of the leading global suppliers of canola, which is a type of rapeseed utilized for producing cooking oil, animal feed, and biodiesel fuel.
China
Has traditionally been among its biggest clients.
In the meantime, aquatic products and pork will be subject to a 25 percent tariff.
Leaders from Canada’s industries have stated that they would suffer significantly due to the recent tariffs. These were implemented following an inquiry initiated by Beijing regarding the duties that Ottawa placed on Chinese products in the previous year.
The tariffs follow growing trade tensions between the United States and both Canada and China, following new duties introduced by U.S. President
Donald Trump
.
In August, Ottawa imposed 100 percent tariffs on China.
electric vehicle
imports, matching
US
initiatives aimed at preventing a surge of government-supported vehicles from China into the North American market.
Additionally, they imposed an extra fee on imported Chinese steel and aluminum goods.
Beijing’s commerce ministry said an investigation into these measures found that Canadian policies “disrupted the normal trade order and harmed the legitimate rights and interests of Chinese enterprises”.
Following the submission of grievances to the
WTO
, discussions are started among the members who are in conflict with one another.
In the absence of an agreement, the complainant may seek the formation of a special committee comprising three to five specialists.
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The article initially appeared on the South ChinaMorning Post (www.scmp.com), which is the premier source for news coverage of China andAsia.
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by admin | Mar 24, 2025 | automotive industry, business, manufacturing, morocco, technology
Huawei Technologies Co., Ltd., the prominent Chinese technology company, has declared its entry into the automotive sector with plans to invest in Morocco together with another Chinese firm, Wan’an Technology, as reported by Chinese media outlets.
This partnership aims at manufacturing and distributing automobile components, backed by an investment totaling €30 million, to establish a production facility in Morocco. It represents a significant move toward enhancing China’s presence in the automotive industry within this kingdom.
Huawei, recognized for its work in IT infrastructure and smart devices, plans to contribute 19.5 million euros (approximately 65% of the shares). In comparison, Wan’an Technology will provide an investment of 10.5 million euros (roughly 35%).
Wan’an focuses on producing and developing automotive braking systems and boasts a significant legacy within China’s automobile sector. The company possesses an auto manufacturing facility and entirely owns approximately eight firms, as well as having stakes in thirteen additional subsidiaries and partnerships.
The objective of this initiative is to enhance the competitive edge of Chinese automotive components producers in the North African and European marketplaces.
The same source highlighted that Huawei’s investment is integral to its plan for enhancing its worldwide footprint and boosting the competitive edge of its overseas activities.
Following the imposition of tariffs by the European Union on imported Moroccan aluminum alloy wheels, this development has occurred. The EU’s action is linked to financial assistance provided by China to one of Morocco’s export-producing companies as part of the Belt and Road Initiative.
The European Commission stated that it had been demonstrated that these imports, which were unfairly subsidized, damaged the European industry producing the same goods.
Nader Rong, a Chinese economist and reporter, stated that “the continuous trade conflict between China and the U.S., coupled with numerous tariffs placed on Chinese goods being shipped to Europe and America, has positioned Morocco as a key hub for various Chinese firms, particularly from the automobile industry, aiming to distribute their items within the Moroccan market.”
He thinks that “Morocco has turned into a center for Chinese automotive investments because of the reciprocal advantages it offers both nations.”
Rong stated that “Products made in China do not face Western tariffs in Morocco, making it an attractive destination for investment from the People’s Republic of China in this industry.”
He highlighted that “Morocco’s extensive expertise in automobile manufacturing, particularly with electric vehicles, along with its abundant reserves of raw materials like metals needed for batteries, makes it a compelling location for investments.”
The Moroccan economist Mehdi Fakir points out that Huawei, similar to other Chinese firms, shifted nearer to their targeted market regions with the aim of decreasing both manufacturing and transportation expenses.
Although tax and customs considerations might have played a role in choosing to invest in Morocco over Europe, the country’s enhanced infrastructure, more favorable business environment, and reduced production expenses—particularly in terms of labor and energy—were significant advantages.
The post
Huawei plans to invest €30 million in Morocco’s automobile sector.
appeared first on
LIFEHACKEnglish – Morocco News
.
by admin | Mar 24, 2025 | agriculture, business, equities, investing, trees
On March 22nd, Equity Bank Rwanda Plc participated alongside Nyagatare locals in planting 15,000 trees—mostly fruit-bearing varieties—to fight against issues such as drought, soil erosion, and promote sustainable growth within the region. Attending the ceremony were representatives from various sectors, including the CEO of Equity Bank Rwanda Plc, Hannington Namara; the Governor of Eastern Province, Pudence Rubingisa; the Mayor of Nyagatare; along with local law enforcement.
Namara emphasized his organization’s dedication towards environmental stewardship through tree-planting activities aimed at enhancing agricultural productivity, stating, “A robust populace contributes positively to our mission. Our aim is continuous engagement in greening these lands to foster healthier conditions suitable both for cultivation and habitation.”
The partnership between Equity Bank Rwanda Plc and UNDP Rwanda aims to introduce advanced technologies like biogas systems designed specifically to lessen dependency on natural woodlands. Additionally, they plan collaborations focused on hydroponics-based feed solutions intended to increase dairy output among regional cattle breeders.
Mayor Stephen Gasana acknowledged the significance of ongoing conservation endeavors initiated by Equity Bank Rwanda Plc across approximately eight hectares. Recalling past attempts back in 2016 where survival rates weren’t optimal led him to appreciate today’s replenishment effort ensuring long-term ecological benefits over time.
Local inhabitants echoed similar sentiments regarding personal involvement and anticipated advantages derived directly from participating in communal forestry restoration programs. For instance, Mr. Jean De Dieu Habyarimana anticipates improved nutritional status due to increased availability of fruits grown locally near residential areas.
Similarly optimistic views emerged from Ms. Grace Mukandanga who stressed collective interests served collectively via enhanced access to cleaner air resources coupled potentially alleviating fuel scarcity concerns prevalent throughout rural zones under discussion here.
Governor Rubingisa lauded Equity Bank Rwanda Plc extending financial services traditionally perceived narrowly thus far opening up broader societal welfare scopes unexplored before now effectively bridging economic divides impacting daily lives profoundly elsewhere too perhaps less fortunate compared herein.
Fatmata Sesay representing UNDP Rwanda underscored collaborative approaches essential particularly amidst global warming challenges emphasizing unified responses imperative addressing pervasive threats affecting planetary health universally irrespective geographical boundaries inherently present worldwide nowadays. Emphasizing mutual accountability critical fostering resilient ecosystems capable sustaining future generations successfully ahead.
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by admin | Mar 24, 2025 | business, education, higher education, news, politics
The Nnamdi Azikiwe University (UNIZIK) chapter of the Congress of University Academics (CONUA) has reaffirmed its dedication to enhancing member benefits and promoting a more conducive academic atmosphere.
On Monday, when addressing reporters in Awka, Professor Chigozie Damian Ezeonyejiaku, who leads the UNIZIK Chapter, mentioned that the recent appearance of CONUA at the institution is designed to provide an environment for scholars working in Nigeria’s public universities to flourish. He stressed that the organization aims to foster academic independence and safeguard the welfare of its members.
As he stated, “The organization began full operations at UNIZIK on March 12, 2025, and I had the good fortune to become the founding coordinator. You are aware that CONUA, similar to other allied associations within the institution, is officially recognized by the federal government to offer a forum for academic staff members in Nigerian universities.”
“The union gives top priority to the well-being of academics, maintaining a stable academic setting, and ensuring intellectual freedom,” he further stated.
Professor Ezeonyejiaku similarly urged the federal government to tackle the ongoing problem of brain drain in universities and emphasized the importance of allocating sufficient funds to the educational sector as a means to secure the country’s future.
He urged potential members to become part of CONUA and benefit from the various opportunities offered by the organization. These benefits extend beyond individual growth to include significant contributions toward enhancing higher education in Nigeria.
UNIZIK Welcomes 125 New Medical Graduates; CONUA Urges Rescue for Four Kidnapped Female Students from Benue State – Continued Discussion on Assault Incident Involving a UNIZIK Student and Lecturer
“Collectively, the academic community can be reinforced to ensure peak performance from all participants within the sector,” Ezeonyi concluded.
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by admin | Mar 24, 2025 | business, commerce, financial services, investing, news
On Monday, the Lagos State Government joined forces with EnterpriseNGR through the Lagos International Financial Council (LIFC) MoU signing ceremony. This event brought together representatives from the City of London as well as officials from the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO). The purpose was to collaborate on establishing an international financial center in Lagos aimed at boosting economic progress within the region.
Governor Babajide Sanwo-Olu, who concurrently holds the position of Chairman of LIFC, along with the Co-Chairperson of LIFC and Chairman of Access Holdings, Mr. Aigboje Aig-Imoukhuede, observed the signing ceremony conducted by the State Commissioner for Finance, Mr. Yomi Oluyomi; the Chief Executive Officer of EnterpriseNGR, Mrs. Obi Ibekwe; the Head of Eurasia, Middle East, and Africa at The City UK, Chika Mourah; and the Director of International Development at The City UK, Anna Rogers.
Among those present at the signing were representatives such as Mr Simon Field, the Chargé d’Affaires of the British Deputy High Commission in Lagos; Mrs Bimbola Salu-Hundeyin, the Secretary to the Lagos State Government; and Mr Bode Agoro, the Head of Service, along with several others.
During his speech at the event, Governor Sanwo-Olu affirmed his administration’s dedication to establishing the Lagos International Financial Centre. He called upon all attendees for their backing to turn this aspiration into a tangible achievement.
The governor stated that the signing of the Memorandum of Understanding marked the start of a new phase in setting up LIFC and transforming Lagos into the first international financial center in Sub-Saharan Africa.
As he puts it, this step isn’t solely focused on Lagos; rather, it aims at positioning Nigeria—as well as domestic and foreign investors—”on a platform where business operations can thrive more effectively, fostering an environment characterized by greater predictability and reliability within this region’s financial sector.”
Associated News: Reasons Behind Redesigning the Oshodi Transport Hub – Government of Lagos
What do you think about the national service corper who insulted the president and referred to Lagos as having an unpleasant odor?
‘I previously had to pay over ₦40,000 each month to area boys and others in Lagos.’
“We are adapting our concept and project so we can showcase both Lagos and, consequently, Nigeria as part of the global list of cities featuring international financial hubs,” he stated.
Governor Sanwo-Olu showed gratitude to all the collaborators for providing both financial and technical backing toward setting up an International Financial Centre in Lagos.
Earlier, the Co-Chairman of LIFC, Mr Aig-Imoukhuede, praised Governor Sanwo-Olu and his team for their bravery in advancing the vision of the LIFC, stating that “The contribution of Babajide Sanwo-Olu to Lagos State benefits not only the state but also participants in the capital markets.”
Aig-Imoukhuede characterized the Memorandum of Understanding (MoU) as a crucial milestone for the development of the Lagos International Financial Centre project, emphasizing that Nigeria was nearing its goal of establishing this center in Lagos.
“Today, we bear the banner of Lagos State, Nigeria, and by extension, Africa. We are moving towards the promised land of establishing an international financial hub in Lagos and for Nigeria,” he stated.
The Chairperson of Access Holdings also praised the media for providing fair and informative coverage, encouraging them to increase such efforts. They called upon the media to continue offering unwavering support in all aspects.
Additionally, Rogers from TheCityUK as the Director of International Development stated that this collaboration aims to unite all parties involved in making Lagos a prominent powerhouse across Africa.
Rogers conveyed the enthusiasm of the UK city about participating in this endeavor, calling the Lagos State Government’s choice truly praiseworthy.
The United Kingdom’s city takes great pride in serving as a strategic ally for the establishment of the Lagos International Financial Centre. We find the choice made by the Lagos State Government truly praiseworthy, and we are enthusiastically looking forward to being an integral part of this venture.
“We are delighted that through our partnership, we’ll continue to provide an avenue for UK and Nigerian financial professional services practitioners, policymakers, and regulators to share knowledge on best practices in areas such as corporate governance, financial services, regulation, technology, innovation, and many others.
“These initiatives will result in heightened trade activities along with greater investments and collaborations between the two nations and on a global scale,” she asserted.
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