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Expect Huge Increase in Fuel Prices – Chamber of Petroleum Consumers to Ghanaians

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Chamber of Petroleum Consumers is asking Ghanaians to expect a significant increase in fuel prices in the coming days.

The Chamber made up of the Association of Ghana Industries, the Transport operators and other groupings said the growing tension between Iran and the US will cause fuel prices to go up.

COPEC said fuel prices in Ghana could double should the geopolitical tension between the US and Iran continues even for few more days.

They have advised the Government to begin buying and storing crude from the international market to minimize the shocks that will be unleashed.

Executive Director of COPEC Duncan Amoah speaking to Joy FM said within the few days fuel prices globally has gone up by 3%.

“If you look at the way the tensions are escalating, Iran has indicated they are willing to target 300 different sites of the United States, the US is also saying 52 sites of Iran will go up, you don’t know when any of them will make the first step and you definitely can imagine what the implications will be on fuel prices, just the killing of Suleimani has seen fuel prices go up by some 3% globally, …..that the tensions will not deescalate anytime soon fuel prices may get to a point where it may become double what it is today, Ghana should not sit and be caught ball watching…”

Oil prices climb above $70 a barrel

The Guardian is reporting that Oil prices have climbed above $70 a barrel for the first time in four months amid fears that the US air strike that killed Iran’s top military commander may trigger a retaliation.

According to their report, the global oil markets have risen by more than 5% to $70.73 a barrel since the attack that killed Qassem Suleimani in Iraq last week.

The attack has sent shockwaves through global markets, causing equity indices in Asia, the US and Europe to slump while the benchmark price of Brent crude climbed to its highest level since September.

Iran has vowed to take revenge against the US for the assassination of Suleimani, who was one of the most powerful leaders in Iran, and the commander of the Islamic Revolutionary Guard Corps Quds Force.

The oil price continued to climb after Friday’s surge when the US warned over the weekend that Iran might retaliate by targeting oil facilities in the Middle East, which could disrupt global oil supplies and drive prices higher.

A prolonged oil price surge could raise the risk of a global economic recession and would add about 2p a litre to the price of petrol at the pumps.

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Elubo to Get New Ultra-Modern Market – Mahama

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The Presidential Candidate of the National Democratic Congress (NDC) John Dramani Mahama, has announced the next NDC administration will construct an ultra-modern market in the border town of Elubo in the Western Region to the size of the Kejetia market.

He has therefore, asked Ghanaians to vote for him and the NDC in the upcoming general elections.

He asked Ghanains to have an introspection into their lives and determine whether or not their standard of living under the current administration has improved.

He expressed optimism that Ghanaians will vote against the governing New Patriotic Party (NPP) to give the NDC the chance to form the next government.

On Friday October 23, his Vice Presidential candidate, Professor Jane Naana Opoku- Agyemang also assured market women that the next government of the NDC will ensure that befitting spaces are provided to them to carry out their trade.

A decent market space will indicate that the women are being respected for the kind of profession they have chosen, she said.

“Market women need more decent market spaces to trade,” Prof Opoku-Agyemang said during the ‘Women in a Conversation with Naana’ event.

She added “We need markets that look like Kotokuraba market in Cape Coast and such interventions show respect for our women because the market place is the office of the market woman.”

– 3news.com

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Ghana’s Economy in Tatters – Mahama

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Ghana’s economy at the moment is going through crisis, former President John Dramani Mahama has said.

He said the economy has been badly managed by President Nana Addo Dankwa Akufo-Addo, a situation that, in his view, has resulted in untold hardships for Ghanaians.

The presidential candidate of the National Democratic Congress (NDC) said this on Monday, October 26 while speaking in an exclusive interview with TV3’s Komla Klutse.

“Times are hard for people,” he said.

He added: “All the people that we have spoken to are finding it very difficult to make ends meet.

“One thing that stands out is the appreciation to the NDC government for a lot of the infrastructure that they have in terms of electricity, in terms of drinking water, in terms of schools, in terms of CHIPS compound, health facilities and so many other things.

“They believe that the NDC should come and continue from where they left off.

“There is also the case of the abandoned projects – clinics, schools, roads, where we left off, most of those projects have been abandoned by the new government. Of course, they have their own priorities but the people are not happy about that they want a continuity.

“They also want a stronger economy. The economy at the moment is in serious crisis and it is creating a lot hardships for them.”

Source: 3news.com

 

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Ghana’s Cocoa Management Goes Digital

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Vice President Mahamadu Bawumia on Friday launched the Cocoa Management System (CMS) to create a comprehensive digital database for cocoa farmers for effective and efficient management of the cocoa industry.

The CMS is an online portal that will capture the demographics of cocoa farmers, farm sizes, input supplies, payment transactions and facilitate the roll out of the Cocoa Farmers’ Pension Scheme.

Vice President Bawumia, speaking at the launch in Accra, said the System would be a game-changer for the cocoa industry, enhance transparency and help bring total transformation in the sector.

He entreated the Management of COCOBOD to build in-house capacity to manage the System to ensure its sustainability.

He called for collaboration between all stakeholders in the cocoa industry for effective implementation of the programme.

Dr Bawumia urged the media to undertake sensitisation drive to educate cocoa farmers and all players in the cocoa value chain for successful implementation.

He lauded the Management of COCOBOD for implementing various innovative initiatives over the past three and half years, saying that, the CMS was in tandem with the Government’s digitisation agenda to formalise the economy.

He said digitisation was revolutionalising the global economy, therefore it was imperative to leverage on information technology to enhance productivity and promote accountability and transparency.

The Vice President outlined various interventions rolled out by the Akufo-Addo-led government to improve the income and livelihoods of cocoa farmers in the country.

They include; hand pollination, pruning, and irrigation of cocoa farmers, supply of subsidised fertilizers and farm inputs, as well as the introduction of living income differential and increase in cocoa prices recently.

Dr Bawumia also mentioned digital infrastructure initiatives rolled out to generally formalise the Ghanaian economy including the digital property addressing system, national identification system and mobile money interoperability payment system.

Chief Executive Officer (CEO) of COCOBOD, Joseph Boahen Aidoo, the said the Management of COCOBOD over the past three and half years were implementing initiatives to address the myriad of challenges be-devilling the cocoa industry.

He mentioned some of the initiatives as early spraying, hand pollination, supply of slashes, pruning and irrigation of some cocoa farms to ensure all-year round water.

He was of the conviction that, the CMS if fully implemented, would create a central database for cocoa farmers, create inter and intra connectivity generation of cocoa industry players and transform the industry for the better.

A Deputy Minister of Food and Agriculture, George Oduro, said the government had adopted mechanisation programmes to accelerate economic growth and make cocoa farming attractive to the Ghanaian youth.

He said government had supplied 100,000 motorized slashes to cocoa farmers, embarked on irrigation in some cocoa farmers and continued the fertilizer subsidisation programme to improve cocoa production.

The Deputy Minister was of the belief that the CMS would help eliminate fraud, theft and myriad of challenges facing the cocoa industry.

Alhaji Alhassan Bukari, President of Cocoa, Coffee and Cashew Farmers Association, on behalf of the association, thanked the Government for introducing major innovative initiatives to better the lots of cocoa farmers, which had also reduced the drudgery of farming and made it attractive for the Ghanaian youth.

 

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