EDITION B24 | 17
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FRIDAY MARCH 13, 2020
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THEBUSINESS24ONLINE.COM
Recalcitrant fishing vessels to lose licences
I M PA C T O F C O R O N AV I R U S :
Air ticket sales drop by 10-15%
By Benson Afful
Elizabeth Afoley Quaye
By Dominick Andoh
The load factor-the proportion of airline seats that are filled-of major international airlines servicing the Kotoka International Airport (KIA) has dipped by between 10-15 percent since the end of February, following travel restrictions announced by some states and passenger apprehension about the spread of
the coronavirus in Europe, the Middle East, and the Far East. Regional airlines operating flights between Accra and other destinations in West Africa also confirmed between a 10-12 percent drop in passenger numbers to Business24. Dick van Nieuwenhuyzen, Air France-KLM Country Manager, confirmed the industry-wide drop in load factor and a 10 per-
cent drop in forward booking for April and May to Business24. “Yes, there has been about 1015 percent drop in load. A lot of Business Class passengers are not travelling anymore, or postponing their trip or cancelling the trip. If they cancel, I don’t expect they will rebook later. If someone is going on holiday, they will postpone and travel later in the year, but with Business
The Fisheries Commission, regulator of fishing activities in the country, has issued a stern warning to debtors who have refused to pay fines imposed on them, warning they risk not having their fishing licences renewed. The board chairman of the commission, Emmanuel Mantey Mensah, speaking to Business24, said since it is the commission that issues licences every quarter to individuals and companies for fishing, it will refuse to give anyone who owes the commission a licence to operate henceforth. The caution comes in the wake of the Environmental Justice Foundation (EJF) reporting that a Ghana-based vessel with Chinese
Class passengers they may be going for a meeting, and if the meeting is cancelled you don’t go again,” he said. Senior Africa World Airlines (AWA) officials also confirmed that the number of passengers on their Accra-Lagos flights has reduced by about 10 percent, brought on by passenger fears due to the geographical spread of
MORE ON PAGE 2
Ghana’s mining sector worth US$5.9bn—RMB Report By Patrick Paintsil
Ghana’s mining industry was worth US$5.9bn in 2019, the third-highest in Africa, and grew at 6.3 percent yearon-year, outshining many of its continental peers in the resources sector, according to
the latest Rand Merchant Bank Where to Invest in Africa report. The country, the report said, also boasts Africa’s highest ranking in the Fitch Solutions mining risk or return reward index, which assesses potential returns on investment, both in terms of industry size and forecast growth and broader
country characteristics like the regulatory environment. The report positioned Ghana among the few West African countries bucking the downward growth trend by continuing to offer positive examples of economic recovery by placing emphasis on diversifying its economy.
“Despite the recent deterioration in its operating environment rankings, Ghana remains one of the easier business environments in Africa. Growth over the medium term is expected to average 6.2 percent, which is supportive of the greater macroeconomic fundamentals,” said the report
ECONOMIC INDICATORS
FEATURE
FEATURE
OUTBREAK OF CORONAVIRUS- A THREAT TO CYBERSECURITY
NEW ETHIOPIAN AIRLINES AREA MANAGER CALLS ON AVIATION MINISTER
MORE ON PAGE 13
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*EXCHANGE RATE (INT. RATE) EXCHANGE RATE (BANK RATE) *POLICY RATE
released to Business24. It cautioned, however, that Ghana’s public debt burden (and public arrears in the local sector) requires considerable fiscal consolidation to correct. Rand Merchant Bank’s ninth edition of Where to Invest in Africa returned to its roots, MORE ON PAGE 2
INTERNATIONAL MARKET
USD$1 =GH¢5.4651
BRENT CRUDE $/BARREL
USD$1 =GH¢5.5000*
NATURAL GAS $/MILLION BTUS
16%*
GOLD $/TROY OUNCE
GHANA REFERENCE RATE
16.11%
CORN $/BUSHEL
*INFLATION RATE
7.8%*
COCOA $/METRIC TON
PRODUCER PRICE INFLATION:
13.3%
COFFEE ¢/POUND:
91 DAY TREASURY BILL INTEREST RATE
14.6898%
SUGAR ¢/POUND
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+1.00 ($52.90) +0.02 ($1.77) +4.90 ($1,599.70) +1.25 ($376.75) +11.00 ($2,661.00) +4.25 ($115.60) -0.33 ($13.81