TIG Post

Author: Chris Kodo

  • Three assets that make Rihanna America’s youngest self-made billionaire

    Three assets that make Rihanna America’s youngest self-made billionaire

    With her undeniable talent, relentless work ethic, and keen business acumen, 34-year-old singer and entrepreneur Robyn “Rihanna” Fenty has cemented her place in history by becoming the youngest self-made billionaire in America, according to Forbes.

    This extraordinary accomplishment is a testament to her unwavering dedication to her craft, her astute understanding of the fashion industry, and her ability to identify and capitalize on emerging opportunities in the market.

    Rihanna’s multi-faceted success can be attributed to her flourishing cosmetics line, Fenty Beauty, her illustrious music career, and her innovative lingerie line, Savage X Fenty. Her net worth stands at $1.4 billion due to a slight decrease from the previous year’s valuation of $1.7 billion.

    Her music career has been a major source of income for Rihanna, with hit albums and sold-out tours generating millions of dollars in revenue. But it’s her forays into the beauty and fashion industries that have truly propelled her to billionaire status.

    Fenty Beauty, which she launched in 2017, has become a global phenomenon, for its inclusivity and wide range of shades for women of all skin tones. The brand has since expanded to include a variety of products, from concealers to lip glosses, and has been a major contributor to her fortune.

    Similarly, her lingerie line Savage X Fenty, launched in 2018, has become a popular destination for women looking for comfortable and sexy undergarments.

    These are the three assets that have helped Rihanna achieve billionaire status:

    #1 Fenty Beauty

    Her stake in the cosmetics company is worth $1.1 billion

    Rihanna, the third R&B and hip-hop artist to become a billionaire, earned the majority of her $1.4-billion fortune from her cosmetics line, Fenty Beauty.

    Launched in 2017 as a partnership with LVMH, the company’s products are available on Sephora shelves and online in over 150 countries, with 2020 revenue exceeding $550 million.

    In 2022, Fenty Beauty launched in eight African countries, including Nigeria, South Africa, Botswana, and Kenya, as part of a strategy to expand the business and capitalize on opportunities on the continent.

    #2 Savage x Fenty

    Her stake in the lingerie line is worth $270 million

    In addition to Fenty Beauty, Rihanna’s lingerie line Savage x Fenty has also achieved billion-dollar success. In February 2021, the brand raised $125 million in a funding round led by Neuberg Berman, valuing the company at $1 billion. This brings its total venture capital funding since its launch to an impressive $310 million.

    The company which is 30-percent owned by Rihanna launched in 2018 in partnership with TechStyle Fashion Group, boasts investors such as Jay-Z’s Marcy Venture Partners and private equity firm L. Catterton, which includes Bernard Arnault as a shareholder.

    #3 Rihanna’s net earnings from her career

    With a successful career spanning across music and acting, Rihanna has amassed a significant fortune, with estimates placing her net earnings at approximately $30 million. However, this figure has yet to be officially confirmed by the artist herself or by reputable sources such as Forbes.

    What you should know

    Rihanna is expanding her Fenty brand even further with the filing of two applications for Fenty Hair with the U.S. Patent and Trademark Office.

    This move signals her intention to launch a comprehensive haircare line that will complement her already successful Fenty Beauty and Savage x Fenty lingerie lines.

    Fenty Hair collection will encompass a wide array of hair accessories, including hairbands, bows, clips, ribbons, scrunchies, wigs, curlers, pins, brushes, and combs, further solidifying the Fenty brand’s dominance in the fashion and cosmetics industries.

    Source: Ghanaweb

  • W/R: Police arrest 4 suspects over robbery and murder at Wassa Agona

    W/R: Police arrest 4 suspects over robbery and murder at Wassa Agona

    Police have arrested four persons who allegedly attacked a filling station and murdered a security guard in the early hours of Saturday, January 28, 2023 at Wassa Agona in the Western Region.

    The suspects, Francis Ebuka, Wisdom Justway, Samuel Chibuzor and Kingsly Okechuku alias Kofi Kingsly in the course of the robbery also subjected the fuel attendants to severe beatings.

    They made away with an unspecified amount of money together with the filling station’s CCTV Digital Video Recorder (DVR) and mobile phones belonging to the victims.

    Upon receiving information concerning the robbery attack, police patrol teams within the catchment area mobilized and proceeded to the scene and in the course of the operation arrested suspect Francis Ebuka, Wisdom Justway and Samuel Chibuzor who were fleeing the robbery scene on a motorbike.

    A search conducted on them led to the recovery of a black hood, a handbag containing two mobile phones and an amount of Twenty Thousand, Seven Hundred and Twenty-Two Cedis (GH₵20,722.00).

    The Police team further pursued the fourth suspect, Kingsly Okechuku to a hotel near Bogoso where an amount of Forty-Four Thousand, Eight Hundred and Fifty-Two Cedis (GH₵ 44,852.00), suspected to be part of their booty, was retrieved from him.

    Other items recovered from the suspects include the DVR components of the CCTV setup stolen by the suspects together with two pinch bars and a Ghana Card belonging to one of the victims.

    The police said all four suspects are currently in police custody and will be put before the court to face justice.

    “We would like to assure the public that we will continue to work tirelessly to keep our communities safe,” the police stated.

  • Six million Ghanaians’ entire life savings will be destroyed by DDEP – Mahama

    Six million Ghanaians’ entire life savings will be destroyed by DDEP – Mahama

    The Domestic Debt Exchange Programme (DDEP), according to former president John Dramani Mahama, will obliterate Ghanaians‘ life savings as well as the whole banking system.

    Six million Ghanaians could lose their whole life savings, according to John Mahama, if certain changes are not done.

    At the Chatham House in London, he made the comments while discussing “Africa’s Strategic Priorities and Global Role.”

    According to him, Ghana would be celebrating its 66th anniversary as a bankrupt country as a result of the Akufo-Addo-Bawumia administration’s bad economic policies.

    “In a little under six weeks from today, Ghana will mark sixty-six (66) years of nationhood. Far from being an occasion to celebrate independence and the successes and achievements of nationhood, we will mark this day under the yoke of the worst economic situation in decades.

    “We are currently bankrupt and burdened with national debt we are simply not able to pay. You may have learnt over the past few weeks that the Ghanaian government has defaulted on servicing of both external and domestic debt.

    “There is currently a huge uproar over a controversial debt restructuring programme under which the middle class of Ghana could be wiped out if plans to have them forfeit proceeds of government bonds on which they rely for investment and sustenance are followed through.

    “In absolute terms, up to about six (6) million people could be deprived of their life savings and investments. Ghana’s banking and financial sector could also be under threat of insolvency if no suitable adjustments are made to the debt restructuring plans.,” the former President said.

    He also called for dialogue on the debt exchange programme stressing he was not against it.

    “I am not opposed to debt restructuring. What has been the contention is the lack of dialogue and consultation with the debt holders on the domestic side. I know that negotiations are taking place with the bondholders on the external side but not the same treatment on the domestic side.

    “I have been an advocate for dialogue. Before this whole crisis started, I advised the government and said they should hold a national dialogue on the economy, give us the state of the economy and let everybody understand and after that seek broad consensus behind the economic programme. But this was never done and what we expected will happen, happened.”

  • 2022/23 Ghana Premier League: Week 14 Match Preview – Aduana FC v Accra Lions

    2022/23 Ghana Premier League: Week 14 Match Preview – Aduana FC v Accra Lions

    Aduana FC will be looking to open a three-point gap at the top of the Ghana Premier League when they host Accra Lions at Nana Agyemang Badu I Park in Dormaa in a week 14 on Sunday.

    Kick off for the game is set at 15:00 GMT.

    Karela United ended the Fire boys four-game unbeaten streak with a 1-0 victory in their previous league game while Accra Lions were 2-1 winners over Berekum Chelsea.

    Accra Lions could go top of the league if they are able to record a shock win in Dormaa. They sit fifth with 22 points, two points of the top.

    Paa Kwesi Fabin’s Aduana have two wins and two draws in their last five league games, with a defeat.

    Meanwhile, Accra Lions have two wins, two defeats, and a draw in their previous five games.

    Aduana FC are yet to lose at home this season while Accra Lions are on a run of three consecutive away defeats.

    In their only two meetings in the Ghanaian top flight, both games ended in stalemates last season.

    Accra Lions will still be without midfielder Dominic Nsobila, who was part of the Black Galaxies squad at the 2022 Championship of African Nations (CHAN).

  • Don’t jail me if I fail to pay GH₵20m in April – Ato Essien

    Don’t jail me if I fail to pay GH₵20m in April – Ato Essien

    Founder of defunct Capital Bank, William Ato Essien, says he should not be jailed if he fails to pay GH₵20 million to the state by 28th April 2023.

    He wants to rather be given the opportunity to explain why he has defaulted.

    This plea is contained in documents filed by Mr Essien’s lawyers challenging the 13th December 2022 decision of the High Court presided over by Justice Eric Kyei Baffuor.

    Justice Baffuor had on the said date convicted Mr Essien on his own plea of guilty and accepted the terms of an agreement he had entered into with the Attorney General’s Office.

    Under the terms of the agreement, Mr Essien who was accused of stealing admitted to the offence.

    He was required to pay an amount of GH₵90 million as restitution and reparation to the state within one year. This would see him pay an initial ₵30 million (which has been paid) and refund the remaining 60 million in three instalments.

    The first is due latest by April 28, 2023, while the second is on August 31, 2023.

    Justice Baffuor warned that if there was any default in the payment or it even fell short of the required amount, Mr Essien was to be arrested and produced in court for a custodial sentence to be imposed.

    But Mr Essien in fresh court documents, however, points out that current economic challenges make it imperative for him to be given the opportunity to explain a default before any such move is undertaken.

    Background

    William Ato Essien, Rev. Fitzgerald Odonkor, and Tetteh Nettey, a former managing director of MC Management Service, owned by Mr Essien, were accused of participating in a 23-count conspiracy to steal GH₵620 million in liquidity support that the Bank of Ghana (BoG) provided to the bank to help it pay off its maturing debt.

    The accused opened a number of bank accounts with Capital Bank, according to the prosecution, through which the GH₵620 million BoG liquidity support was transferred, while others were transported in jute bags to Ato Essien.

    Meanwhile, the two individuals standing trial together with the founder of Capital Bank, William Ato Essien, have been acquitted and discharged.

  • Niger whips Black Galaxies in CHAN quarterfinal clash

    Niger whips Black Galaxies in CHAN quarterfinal clash

    Niger beat giants Ghana 2-0 in Oran on Saturday to reach their semi-finals of the TotalEnergies African Nations Championship (CHAN) for the first time.

    An own goal from Konadu Yiadom and a stunner from Soumana Hainikoye Boubacar helped the Menas to the decisive victory at the Miloud Hadefi Stadium in the Algerian city.

    Niger, in their third outing at the stadium in Oran, showed a good mastery of the pitch as they have gone three games without conceding a goal and did not allow the Ghanaians to play their normal game to control affairs

    Coach Harouna Doula’s team took the lead in the 11th minute when Imarana Dan Baro’s shot deflected off the head of Yiadom to beat goalkeeper Danlad Ibrahim.

    The Black Galaxies then took total control of ball possession, but found it hard to go past a solid Mena defence with the pressure rather on the Ghanaian shot stopper.

    Goalkeeper Danlad was kept busy all night, as Abdoul Aziz Ibrahim, Imarana Dan Baro and Faycal Abdoulaye piled pressure on the Ghanaians and tested him on as many occasions.

    Niger returned from the pause looking more determined, as they multiplied onslaughts in Ghana’s defence. Those efforts yielded dividends at the 50th minute, when Soumana Hainikoye Boubacar curled in from the edge of the box to double Niger’s lead.

    Coach Annor Walker made some substitutions for the Black Galaxies, bringing in more offensive options and shortly afterwards Abdoul Aziz headed away Dennis Korsah’s goal-bound effort.

    Kwame Otu thought he had pulled one back for Ghana at the 65th minute, but his goal was ruled out after he fouled an opponent in the build up.

    Augustine Agyapong offered more attacking options for the Black Galaxies, but Niger’s full-back Adamou Djibo stood tall to repel all the threat he provided.

    Thoughts of a possible comeback for Ghana were far-fetched, as the Mena showed resilience throughout the game to secure their third consecutive clean sheet and a 2-0 win.

    The result means Niger have reached the semi-final for the first time in their fourth participation. Their previous best record was a quarter-final appearance in 2011.

    They will face hosts Algeria in the semi-final of the CHAN 2022 on Tuesday in Oran at 1600 GMT.

  • Akrobeto explains why he prefers older women

    Akrobeto explains why he prefers older women

    Akwasi Boadi Akrobeto, one of Ghana’s finest entertainers, has talked about the type of women he likes.

    The renowned actor shared with viewers of UTV during the presentation of the ‘Real News’ that he prefers older women.

    In an amusing manner, Akrobeto disclosed how safe it is to be in a relationship with women who are in their 70s or above.

    He recalled one of his hilarious experiences with an older woman.

    Compared to dating young ladies, the well-known actor said it is stressful.

    Akrobeto made this disclosure following a viral report that a young lady in Ghana has filed a lawsuit against her alleged sugar daddy.

    Source: Ghanaweb

  • Fire destroys 3 houses, five vehicles at Kwadaso

    Fire destroys 3 houses, five vehicles at Kwadaso

    Fire has gutted 3 houses in the Kwadaso-Siloam community in the Ashanti region.

    Residents say the fire started around 7am on Saturday morning.

    When personnel of the Ghana National Fire Service arrived at the scene, the fire had already assumed a dangerous dimension which left residents running for cover.

    All 12 persons inside the buildings at the time the fire started, were moved to safety, with no casualty recorded.

    The fire outbreak also destroyed several personal belongings and property, including 5 newly-acquired vehicles parked in one of the houses.

    Fire destroys 3 houses, five vehicles at Kwadaso

    The cause of fire is yet to be established.

    The security service has been ensuring calm in the community as the fire service struggles to douse the fire.

  • Individual bondholders to be exempted from debt exchange programme – Martin Kpebu

    Individual bondholders to be exempted from debt exchange programme – Martin Kpebu

    Convener of the Individual Bond Holders Association of Ghana (IBHAG), Martin Kpebu, says the Finance Minister has assured that individual bondholders are exempted from the domestic debt exchange programme.

    According to him, the Finance Minister, Ken Ofori-Atta has promised to “pay Individual Bondholders their coupons and principals as they fall due, thus effectively exempting us from the Domestic Debt Exchange (DDE) programme.”

    In a press statement announcing the Minister’s assurance, he noted that the group is awaiting formal communication from the Finance Minister to affirm their exemption from the debt treatment.

    “We are grateful to the Minister and his technical team for their cooperation. We are also happy that the government has reached agreement with the banks, insurance companies and securities industry companies for their participation in the DDE,” he added.

    This comes after the government proposed that all bondholders will not receive any interest on their bonds for the 2023 financial year in its bid to rescue the economy and secure a deal with the International Monetary Fund (IMF).

    The payment of dividends, according to the government is likely to begin next year, 2024 at a discounted rate of 5%.

    But individual bondholders vehemently fought the decision and also protested the lack of prior engagement between individual bondholders and the Finance Ministry concerning their inclusion into the programme.

    Following the Finance Minister’s U-turn, Martin Kpebu has urged all individual bondholders to remain calm and not sign up for the new bonds.

    Source: Myjoyonline

  • Police arrest 4 suspects for robbery, murder at Wassa Agona

    Police arrest 4 suspects for robbery, murder at Wassa Agona

    The Ghana Police Service has arrested four persons who robbed a filling station and murdered a security guard on duty on Saturday, January 28, at Wassa Agona in the Western Region.

    The suspects are Francis Ebuka, Wisdom Justway, Samuel Chibuzor and Kingsley Okechuku alias Kofi Kingsley.

    According to the police report, the suspects who raided the station also subjected the fuel attendants to severe beatings.

    They also made away with an unspecified amount of money together with the filling station’s CCTV Digital Video Recorder (DVR) and mobile phones belonging to the victims.

    “Upon receiving information concerning the robbery attack, Police patrol teams within the catchment area mobilized and proceeded to the scene and in the course of the operation arrested suspect Francis Ebuka, Wisdom Justway and Samuel Chibuzor who were fleeing the robbery scene on a motorbike,” parts of the statement read.

    The police then conducted a search on the arrested suspects. This led them to recover a black hood, a handbag containing two mobile phones and an amount of GH₵20,722.00.

    Police arrest 4 suspects for robbery, murder at Wassa Agona

    “The Police team further pursued the fourth suspect, Kingsly Okechuku to a hotel near Bogoso where an amount of GH₵ 44,852.00, suspected to be part of their booty, was retrieved from him,” they added.

    Meanwhile, other items recovered from the suspects include the DVR components of the CCTV setup stolen by the suspects together with two pinch bars and a Ghana Card belonging to one of the victims.

    Also, the police indicated that all four suspects, are currently in their custody and will subsequently be put before the court to face justice.

    They assured the public that they will continue to work tirelessly to keep the communities safe.

  • What John Mahama said about Ghana’s debt restructuring programme

    What John Mahama said about Ghana’s debt restructuring programme

    Former President John Dramani Mahama has revealed that he is not against the government’s debt restructuring program but rather against the government’s failure to engage with domestic debt holders.

    According to him, the government ought to have a national dialogue for everyone to understand the state of the economy.

    Speaking at the Chatham House in London on Friday, January 27, on the theme “Africa’s Strategic Priorities and Global Role,” the former President said that he was ignored when he advocated for the government to engage in broad consensus before introducing the program.

    “I am not opposed to debt restructuring. What has been the contention is the lack of dialogue and consultation with the debt holders on the domestic side. I know that negotiations are taking place with the bondholders on the external side but not the same treatment on the domestic side.

    “I have been an advocate for dialogue. Before this whole crisis started, I advised the government and said they should hold a national dialogue on the economy, give us the state of the economy and let everybody understand and after that seek broad consensus behind the economic programme. But this was never done and what we expected will happen, happened,” he said.

    He blamed government recklessness and borrowing for the current economic crisis.

    “We had been raising the red flag since 2019 about the government’s reckless borrowing. Going onto the Eurobond market every year for 3 billion dollars and not investing it in the productive sectors of the economy and using most of it for consumption and that is what has ended us where we are,” he said.

    Source: Ghanaweb

  • Manufacturing is being hampered by 14-taxes on imported raw materials – GFL

    Manufacturing is being hampered by 14-taxes on imported raw materials – GFL

    According to Mr. Abraham Koomson, General Secretary of the Ghana Federation of Labour (GFL), the manufacturing industry is being severely hampered by the over 14 levies that are levied on the importation of raw materials.

    In order for the manufacturing sector to survive, he has thus urged the government and the Ghana Revenue Authority (GRA) to take into account revisiting the tax structure and abolishing some of the tariffs on the importation of raw materials.

    Speaking at the Ghana News Agency Tema Industrial News Hub Boardroom Dialogue, Mr. Koomson said that the country’s industrial sector was being slowly crippled by the excessive taxes of raw material imports and that immediate action was needed.

    He mentioned the taxes on the raw materials as Import Duty, Import Value Added Tax (VAT), National Health Insurance Levy (NHIL), Covid-19 Levy, GETFund Levy, Net Charges, ECOWAS Levy, and Shippers Levy.

    Others are the Disinfection Fee, Ministry of Trade, and Industry (MOTI) E-One District One Factory Fee, Inspection Fee, African Union Levy, Special Import Levy, and EXIM Levy.

    “How can you produce with such taxes around your neck and suffocating you, that is why all the companies are running down,” he lamented.

    Mr Koomson reminded the Government that with such huge taxations, manufacturing industries could not produce at competitive prices and still breakeven leading to most of them shutting down their operations.

    He indicated that the GFL was in talks with the Association of Ghana Industries (AGI) to jointly tackle the issue; adding that other stakeholders would also be contacted for their inputs on the overburdened taxes on raw materials.

    He disclosed that the Ghana Federation of Labour had already written to the GRA for a meeting to discuss the issue among others adding that they were also considering petitioning Parliament on the taxes to ensure that the industries survived and provided the needed jobs for the large unemployed youth.

    “If nothing is done about it, it will wreck the whole system down and unemployment will continue to increase,” he added.

    Source: Ghanaweb

  • AfCFTA: Countries charged to ratify AU protocol on free movement of persons

    AfCFTA: Countries charged to ratify AU protocol on free movement of persons

    Panelists at the Africa Prosperity Summit in the Eastern Region, Ghana, have pushed for the ratification of the African Union (AU) protocol on free movement of persons.

    The ratification of the protocol, together with the implementation of the policy on trade in goods and services, investment, intellectual property rights and competition, under the African Continental Free Trade Area (AfCFTA), they said would accelerate intra-trade and ensure the prosperity of the continent and its citizens.

    Since the adoption of the protocol by 33 African countries in 2018, only four [Rwanda, Niger, Mali and Sao Tome and Principe] out of the 15 required to make the protocol come into force, have ratified.

    Signatures to the protocol include Ghana, Angola, Bukina Faso, Central African Republic, Chad, Cote d’Ivoire, Comoros, Congo, Djibouti, Democratic Republic of Congo and Equatorial Guinea.

    The rest are Gabon, and Gambia, Guinea, Kenya, Lesotho, Liberia, Malawi, Mozambique, Senegal, Sierra Leone, Somalia, South Sudan, Sudan, Tanzania, Togo, Uganda and Zimbabwe.

    The panelists said this ought to change to enable not only goods, but people move across borders to facilitate trade and the implementation of AfCFTA – the largest free-trade area by number of member states, after the World Trade Organisation.

    Madam Joy Kategekwa, Senior Strategy Advisor, United Nations Development Programme (UNDP), said the movement of people across borders “is what would ultimately put money in the pocket of most Africans.”

    She made a case for the acceleration of the ratification of the AU protocol on free movement of persons, noting that in 2017, about 19 million Africans left their respective countries to other African countries, but received about five million within the same period.

    Mad Kategekwa said: “We’re talking about accelerating the implementation of AfCFTA and we can’t do that when people are not moving. So, free movement is definitely part of the architect of AfCFTA especially for those engaged in trade-in-services.

    “So far, we have four ratifications and it has become important to increase the scale of ratifications, so, can we widen it to investors, traders and business persons in general,” The UNDP Senior Strategy Advisor said.

    A Deputy Minister of Trade and Industry, Herbert Krapa, also underscored the essence of accelerating the ratification of the AU protocol on the free movement of persons for the success of AfCFTA and Africa’s prosperity.

    He, therefore, urged the AfCFTA Secretariat to have an intentional agenda that allowed ministries of National Security and Ministries of Foreign Affairs, work together with various regional bodies to ramp up efforts to ratify the protocol.

    Mr Krapa said: “Paying political attention to the ratification of the protocol is very important… and we need a leader who will champion the facilitation of this protocol,” to unleash the potential of the free trade agreement.

    The President of the Ghana Union of Traders (GUTA), Dr Joseph Obeng, in an interview with the Ghana News Agency, called for the removal of all barriers to enable people to trade freely and easily across the continent.

    Dr Obeng, however, urged that the removal of the barriers to trade under AfCFTA including the free movement of persons was done in accordance with the Rules of Origin – the criteria needed to determine the nationality of a product.

    He said: “Free movement of persons is important, but let’s ensure that we don’t just open the borders for people to even trade in goods that are imported from elsewhere. It should be closely monitored and put under the context of AfCFTA.”

    Mad Emily Mburu-Ndaria, the Director of Trade in Services, Investment, Intellectual Property, Rights and Digital Trade, AfCFTA Secretariat, said they were doing the necessary trade facilitation to the trade pact successful.

    “To implement AfCFTA we’re looking at how to enhance even elite passport but our focus business people to be able to train and assist them move across the borders easily and without delays,” Madam Mburu-Ndaria.

    The Comptroller General of the Ghana Immigration Service, Mr Kwame Asuah Takyi, noted that migration policies including the free movement of persons were to ensure development and the alleviation of poverty.

    Nonetheless, he asked that while efforts were being made to ensure free movement of persons across the continent, security implications were made paramount due to some unrest in some countries.

    Source: Ghanaweb

  • Unavailability of premix fuel causing unemployment in Tema Newtown – Fishers

    Unavailability of premix fuel causing unemployment in Tema Newtown – Fishers

    Unemployment among the youth of Tema Newtown is soaring due to the unavailability of premix fuel for the past six months, fishers at the Tema Canoe Beach have revealed.

    The Ghana News Agency Tema Regional Office during a tour observed that the usual busyness seen at the canoe beach on a normal fishing day was missing as numerous young men were seen idling at the place and chatting the day away.

    Several canoes were also docked as their owners could not get the needed premix fuel to power the sea.

    Nii Adjeirteh Quaye, the Vice President of the Canoe and Fishing Gear Owners Association of Ghana (CaFGOAG), stating the impact of the unavailability of premix on fishing activities said the youth who depended directly and indirectly on fishing were currently unemployed.

    Nii Quaye explained that currently out of the over 1,000 canoes operating from the canoe beach, only about 300 of them engage in fishing activities due to the inability of the state to make the premix fuel available at the various landing beaches.

    He said one canoe, apart from directly employing between 15 and 20 people for its fishing activities, also provided auxiliary jobs to the youth and women who respectively help in removing the fish and selling them.

    According to him, currently, canoe owners have to depend on mixing petrol with engine oil to power their outboard motors adding that due to the cost involved several canoes had to stop operations.

    He disclosed that he has to buy four drums of petrol and engine oil at a cost of GH¢ 3,200 per drum to enable him to continue in business a situation he said would compel him to pass on the cost to the consumer.

    He lamented that due to the hardship and high unemployment in the community, some of the youth have resorted to thievery and snatching of people’s phones especially on the industrial area road in the evenings to make ends meet.

    Nii Ashitey Odametey, Tema Wudum Chief Fisherman, corroborated the unemployment issue saying fisher fishmongersers, and the youth in Tema Newtown were facing serious financial hardship due to supply challenges of the premix fuel.

    Nii Odametey called on the Ministry of Fisheries and Aquaculture to supply the fuel to the landing beaches stressing that their failure to honour their promises to supply it was adversely affecting their survival.

    Source: Ghanaweb

  • ECOWAS Trade Promotion Organisations staff schooled on trade promotion tools

    ECOWAS Trade Promotion Organisations staff schooled on trade promotion tools

    The capacity of front-line management staff from ECOWAS Member States is being built to enable them to assist export-ready companies.

    This would enable them to participate in trade promotion events such as trade missions, trade shows, inward trade missions, and Business-to-Business (B2Bs) events.

    Dr Ezra Yakusak, President of the ECOWAS Trade Promotion Organisations (TPO) Network, stated that building the capacity of the front-line management staff also seeks to create an opportunity to strengthen the collaboration among member states and build regional value chains.

    He noted that regional trade flows needed to be improved, particularly through fostering greater participation of regional businesses across value chains.

    Dr Yakusak who is also the Executive Director/Chief Executive Officer of the Nigerian National Export Promotion Council (NEPC) made the statement at a workshop organised in Abuja, Nigeria by the ECOWAS Commission, under the West Africa Competitiveness Programme (WACOMP).

    The workshop, organised in collaboration with the International Trade Centre (ITC) and the European Union (EU) focused on business creation methodology and trade promotion from January 23 to 27, 2023 a statement available to the Ghana News Agency in Tema stated.

    The workshop was also to improve the skills and knowledge of the participants, to better coordinate and manage trade promotion events as well as set up an evaluation mechanism, post-event activities, and learn from international best practices.

    Mr Kolawole Sofola, the Acting Director of Trade ECOWAS Commission speaking on behalf of Mrs. Massandje Toure-Litse, the ECOWAS Commissioner responsible for Economic Affairs and Agriculture highlighted the importance of promoting trade using the right instruments.

    Mr Sofola said: “By learning different ways of supporting export ready companies, Member States would be better positioned to serve the interest of the region and contribute to wealth creation,”

    He expressed hope that the knowledge gained by the trade experts from the training will better equip them to organize trade fairs and events and promote made-in-West Africa branded products.

    Mr Frank Okafor, a Representative of the EU reiterated the commitment of the Union to support TPO activities through WACOM, adding that the workshop provides an opportunity to find areas of collaboration and synergy among the Member States.

    Mr Ben Mohamed Imamo, ITC’s Senior Programme Officer, welcomed the commitment and support of the ECOWAS Commission, the regional partner, and the EU which is the funding partner.

    He stressed that the training would assist the participants to better understand innovative tools in the field of trade such as business matching tools.

    Source: Ghanaweb

  • Caretaker Trade Minister urges private sector to own AfCFTA agenda

    Caretaker Trade Minister urges private sector to own AfCFTA agenda

    The substantive Minister for Lands and Natural Resources and caretaker Minister for Trade and Industry, Samuel A. Jinapor has urged the Private sector in Ghana and in Africa to own the AfCFTA Agenda; to boost Intra-African trade and Africa’s prosperity within the context of the African Union’s Agenda 2063 and continue to work with Governments in achieving its full implementation.

    The Private sector, he said will not only be the driving force of AfCFTA, but will also be the primary beneficiary of the single market when Africa achieves the desired levels of trade between Africans as a people, adding that the advancement of intra-continental trade would mean private businesses can expand their markets, and venture into new territories which were previously inaccessible to them.

    The Caretaker Minister, Samuel Abu Jinapor was speaking at the closing of a two-day Business and Policy Dialogue, dabbed The Kwahu Summit on Africa’s Prosperity, organized by The African Prosperity Network (APN) in collaboration with The Presidency and the AfCFTA Secretariat on January 27, 2023.

    While targeting the private sector, he noted that “we must drill down further to address the needs of Micro, Small, and Medium-Sized Enterprises in our respective countries, as they contribute more than half of the continent’s Gross Domestic Product (GDP).

    Indeed, the International Finance Corporation (IFC) estimates that Micro, Small, and Medium-Sized Enterprises (MSMEs) account for some ninety percent (90%) of all businesses in Africa, and provide for some eighty percent (80%) of jobs across the continent”.

    Closing on the theme“ AfCFTA: From Ambition to Action, Delivering Prosperity Through Continental Trade”, Hon. Jinapor indicated that The quality of presentations, the constructive exchanges, and active participation over the past two days, are clear testimonies of their collective desire to move from ambition to action, and to deliver prosperity through AfCFTA for the “Africa We Want.”

    He added that the discussions over the last two days, have shown that through public-private and multi-sectorial engagements, Africa can unblock the bottlenecks that hamper the full realisation of the single market agenda.

    Samuel Abu Jinapor, therefore, called on Ministers, policymakers, government representatives, and representatives of regional economic communities, to work with the private sector to institute the requisite institutional and logistical frameworks for the private sector to thrive.

    He enlightened participants that Ghana’s Ministry of Trade and Industry, as the lead policy advisor of Government on matters of domestic and international trade and industry, places a lot of premium on the AfCFTA, which is the fulcrum around which most of our trade policies revolve.

    In view of the importance Ghana places on AfCFTA, the Caretaker Minister disclosed a number of initiatives the Ministry has undertaken in collaboration with the AfCFTA Secretariat saying;

    “Since the establishment of the AfCFTA Secretariat in Accra, the Ministry has worked closely with the Secretariat, and has undertaken a number of initiatives aimed at promoting the AfCFTA, including the establishment of the National AfCFTA Coordination Office, the development and implementation of a comprehensive National Policy and Action Plan for AfCFTA, and the implementation of an AfCFTA Facilitation Programme aimed at promoting local companies to produce and export to the AfCFTA market”.

    On behalf of President Nana Addo Dankwa Akufo-Addo, Abu Jinapor appreciated the efforts of the African Prosperity Network (APN), led by its Executive Director, Dr. Eugene Owusu, and all other partners.

    He also commmended the Secretariat of the African Continental Free Trade Area (AfCFTA), led by its Secretary-General, H.E. Wamkele Mene, for facilitating the holding of such a high-level business and policy dialogue on the very consequential issue of the AfCFTA.

    The Africa Prosperity Dialogues, the first of its kind in Ghana, is uniquely designed to offer a strategic and trusted annual platform to drive intra-African trade.

    It offered a platform where the highest political and business decision-makers in Africa, discuss and come up with clear, actionable initiatives to enhance trade and prosperity in Africa, aligned with the AU’s Agenda 2063.

    The two-day event brought together Ministers of State, Members of Parliament, Representatives of Regional Economic Communities, Business Executives and Associates, Technocrats, Women, Young Entrepreneurs, Civil Society Organisations (CSOs), and the media, to dialogue and proffer actionable solutions to boost Intra-African trade and Africa’s prosperity within the context of the African Union’s Agenda 2063.

  • Maritime and shipping stakeholders dialogue to promote best practices in the industry

    Maritime and shipping stakeholders dialogue to promote best practices in the industry

    Public and private sector stakeholders within the maritime and shipping industry of West and Central Africa during the week assembled in Accra, Ghana, to deliberate on best practices in vessel clearance at seaports.

    The 2-day Global Best Practices in Vessel Clearance Workshop, organised by the Maritime Anti-Corruption Network (MACN) in collaboration with the Convention on Business Integrity (CBI) and hosted by the Ghana Maritime Authority (GMA), had participation from Ghana, Nigeria, Cote d’Ivoire, Togo, Senegal and Cameroon.

    Associate Director at the Maritime Anti-Corruption Network, Vivek Menon, indicated that efforts of the network – whose membership comprises over 180 private sector companies – are toward promoting inter-industry private-public sector dialogue that will tackle corruption-risks in the maritime sector.

    He said: “Our goal is to make the business operating environment less costly and less cumbersome as possible. At the end of the day, if you look at the broader ocean governance and blue economy discussion, we strongly believe that operations through ethical practices are fundamental.”

    According to the Deputy Director-General of the Ghana Maritime Authority, Yaw Akosa Antwi, the shipping trade’s complex nature makes it susceptible to corrupt activities; he thus echoed the need for stronger collaboration toward ending the menace.

    “Corruption has become one of the industry’s main challenges. Social extortion by officials, even if small amounts, is very detrimental as minor delays to a vessel’s timing come with a very high cost of operating. Corruption in the maritime industry not only generates additional operational cost for the maritime industry but also endangers safety and well-being of the crew – of the seafarers and adds as a significant barrier to trade and development,” he emphasised.

    Danish Ambassador Tom Nørring urged the public and private sectors to work together and put transparent measures in place to prevent corruption, in order to harness the blue economy’s potential for Africa.

    The Minister for Public Enterprises, Joseph Cudjoe, stated the government of Ghana’s support for integrity, transparency and efficiency in the shipping industry to boost sustainable trade and commerce.

    “There’s a compelling need for the maritime sector to formalise actions for combatting bribery and corruption, by collaborating and encouraging all stakeholders in the ship-shore interface to ensure compliance with national and international laws,” he urged.

    Source: Ghanaweb

  • Getting to net zero emissions will cost $562 billion -Amonoo-Neizer

    Getting to net zero emissions will cost $562 billion -Amonoo-Neizer

    According to Oscar Amonoo-Neizer, the Executive Secretary of the Energy Commission, the nation will need more than $562 billion to reach its net zero carbon emission goal by 2070.

    The initiative, according to the head of the Energy Commission, was started in 2020 and has a 50-year target of 200 metric tonnes of carbon dioxide.

    “Considering the sum of money required, the creation of the carbon market will help to ease some of the financial pressures to hasten reaching the target.
    “Most African countries have similar laws,” he said.

    Amonoo-Neizer was addressing colleague industry players at PwC West Africa’s Climate Change & Sustainability webinar, themed ‘Post-COP27: Outcomes and next steps.

    He however explained that fossil fuels, especially natural gas, will continue to be part of Ghana’s energy mix in the short term, adding: “Energy transition could come with challenges, including lower demand in the downstream petroleum sector.

    “It is important for the African continent to focus on innovation and diversification to thrive and mitigate the impact of transition,” he added.

    Dr Muntaqa Umar-Sadiq, Head-Nigeria Energy Transition Office, explained that his country is pitching for an initial US$ 10 billion from international funders to kick-start an energy transition plan.

    According to him, Nigeria aims to put itself on a path to achieve net zero emissions by 2060 with an array of strategies including reliance on gas as a transitional fuel.

    Dr Mutanga said a price tag of US$ 410 billion has been estimated for key strategies to enable Nigeria – a far bigger economy than Ghana – to reach net zero by 2060.

    Net zero refers to the balance between the amount of greenhouse gas produced and that removed from the atmosphere. Net zero is reached when the amount of carbon added is no more than the amount taken away.

    Background

    At the 27th Conference of Parties (COP27), which was held in November 2022 in Egypt, several commitments were made to accelerate corporate and country actions for climate change. The PwC webinar, therefore, brought stakeholders from Nigeria and Ghana to engage around the key takeaways from COP27.

    These included implications of COP27’s commitments and expectations from the public and private sectors in achieving the climate change agenda, especially over the next 12 months.

    Other key speakers at the webinar included Dr Daniel Tutu Benefoh, Ag. Director-Climate Change Unit, Environmental Protection Agency, Ghana; Dr Ndidi Nnoli-Edozien, Member-International Sustainability Standards Board (ISSB); Dr Salisu Mohammed Dahiru, Director-General/Chief Executive Officer, Nigeria’s National Council on Climate Change (NCCC); and Muhammad Wakil, CFA, Country Representative-Global Energy Alliance for People and Planet (GEAPP), Nigeria.

  • Energy Commission’s statement is “full of lies” on the ban on used equipment – Dealers

    Energy Commission’s statement is “full of lies” on the ban on used equipment – Dealers

    The Vice President of the Concerned Second-Hand Dealers Association, Lawrence Adutwum, charged that the Energy Commission’s statement was full of fabrications.

    This is in keeping with the Concerned Second Hand Dealer Association’s determination to oppose government intentions to outlaw the importing of second-hand equipment into the nation.

    The group has stated that the choice is likely to have an impact on their lives, especially given the current economic climate.

    Speaking at a press conference, President of the Association, Asare Daniel, revealed that the ban will take away jobs that feed millions of people, forgetting the contribution of the group to Ghana’s GDP.

    “Now that there is economic hardship all over the world, why would one say they are taking away jobs that feed millions of people in this country, forgetting our contribution to Ghana’s GDP?”, Asare Daniel said.

    Responding to the second-hand dealers in a statement, the Energy Commission said it had a very productive and conclusive meeting with the National Executives of GUTA, of which they are members, on October 6, 2021.

    He added that at the said meeting, the rationale for the ban and the effect of used appliances on the national economy, consumers, the environment, and the appliance market as a whole were explained to them.

    But speaking on Atinka FM’s AM Drive with host Kaakyire Ofori Ayim, Lawrence Adutwum, vice president of the Concerned Second-Hand Dealers Association said the association had an inconclusive meeting with the commission and that the arguments in their statements are lies.

    Hubert Zan, Assistant Manager for Energy Efficiency at the Energy Commission also reacted to the claims.

    He argued that the decision to ban the importation of used appliances is in the best interest of the country.

    “We are interested in brand new appliances, and even with that, the appliance should meet the minimum energy performance standard. We will work with the law to ensure that all imported new appliances meet the standard,” he told Kaakyire Ofori Ayim on Atinka FM’s AM Drive.

  • Nosedive of Ghana’s economy self inflicted – Mahama tells Chatham House

    Nosedive of Ghana’s economy self inflicted – Mahama tells Chatham House

    Former President John Mahama says there is an urgent need for Ghana’s donor partners to pile pressure on the government to heed to calls for forensic audits to trace stolen funds.

    John Mahama who is currently in London, was delivering a lecture on “Africa’s Strategic Priorities and Global Role” at Chatham House, London.

    The former President, who traced historical antecedents, blamed challenges facing the continent on poor government, corruption, blatant abuse of power, impunity and lack of consultation.

    According to him, Ghana’s current crisis is self–inflicted, and unpardonable, especially after bold initiatives that were to put the country on the path of growth before the NPP assumed office.

    Citing Ghana’s economic crisis, he said, a few years ago, the country, held high as the beacon of the sub-region, has been plunged into junk status with serious ramifications on education, health and employment.

    John Mahama, who is tipped to lead the NDC for the 2024 elections noted with concern that, the special audit report on the COVID-19 expenses for example is a stinker.

    He accused Nana Akufo Addo’s government of side-stepping monitoring mechanisms put in place to avoid scrutiny, and went on a borrowing spree in spite of warnings, resulting in today’s crisis.

    Source: Ghanaweb

  • How prayers saved Sista Afia and my team from death – Bisa Kdei recounts

    How prayers saved Sista Afia and my team from death – Bisa Kdei recounts

    Highlife musician Roland Kwaku Dei Appiah known by his stage name Bisa Kdei has shared a bizarre moment in his life where he had a close shave with death.

    The “Mansa” hit maker also revealed that, he was not the only musician involved in the accident but together with female singer Sista Afia

    According to Bisa Kdei, he strongly believes that had it not been for prayers he and his team offered to God that moment, they would have been dead long ago.

    Sharing his ordeal on Accra-based Hitz FM with Dr Pounds monitored by MyNewsGh.com, Bisa Kdei recounted “we were coming back from Aburi and something was telling me that we should pray repeatedly with my boys. So, I told them that I feel like something is telling us to pray so we parked on the roadside. By then I had signed Sista Afia a few days earlier. Sista Afia was even part of the team”.

    “So, we parked and we all held our hands and prayed, fifteen minutes later we crashed with two cars. It was bad, and at that time, I thought I had lost my voice. All of us had our necks locked but I stood up like a robot and went to check on my boys; everybody was okay but the cars were all damaged. It was crazy”, Bisa Kdei revealed.

    Source: ghanaweb

  • Samira Bawumia donates over 200,000 books to 64 schools

    Samira Bawumia donates over 200,000 books to 64 schools

    The Second Lady, Samira Bawumia, says the Samira Empowerment Humanitarian Project (SEHP), has through the library in a box project, donated over 200,000 books to sixty four basic schools across the country since its inception.

    The project, it is estimated, will benefit over four hundred thousand school pupils across the country.

    Speaking at the refurbishment and retooling of the modern library at the Kanda cluster of schools in the Greater Accra Region, Samira Bawumia indicated that the project is aimed at inculcating a culture of reading among pupils in the country.

    “Today is an exciting day for me as an advocate of reading since I am gradually on course to empowering the next generation of critical thinkers. It is for this reason that my not-for-profit organization, as part of promoting the culture of reading, has embarked on the retooling and refurbishment of the library at the Kanda cluster of schools, and we have donated over 200,000 books across the country to over 64 basic schools. It is expected that over 400,000 basic school pupils will benefit from reading the books,” she explained. 

    Samira Bawumia donates over 200,000 books to 64 schools

    She noted that the Samira Empowerment Humanitarian Project will continue to push the agenda of reading among students in the country, adding that the project is aimed at bringing reading to the doorstep of students.

    Samira Bawumia donates over 200,000 books to 64 schools

    The SEHP project has a capacity of over sixty with an ICT hub and five computers that are aimed at blending reading with information technology.

    Samira Bawumia donates over 200,000 books to 64 schools

    “I hope that this centre will be a source of inspiration for pupils and also encourage them to read,” Samira Bawumia added.

    Samira Bawumia donates over 200,000 books to 64 schools

    The Chief Executive Officer of the Ghana Library Authority, Hayford Siaw, on his part, indicated that the Ghana Library Authority will support the project to ensure its success.

    According to him, the project has, in a way, supported a number of libraries in the country, adding that since he took over as CEO, the number of public libraries has increased while the number of books on shelves across the country have also increased.

    Samira Bawumia donates over 200,000 books to 64 schools

    “We have managed to increase the number of public libraries from sixty-one to one hundred and fifteen, while the number of books on the shelves of public libraries, which were only three hundred thousand, has increased to 1.3 million,” Hayford Siaw noted.

    He urged the pupils in the cluster to continue to support the project by patronizing the library through reading.

    “The Ghana Library Authority will support the project by keeping an eye on it to make sure it is maintained in good condition, but as kids, you are fortunate because you not only get to benefit from the books in a box project but also from a complete library, which shows the Second Lady’s dedication to your school. What you can do as children is to support her by reading the books, ” he said.

    Source: myjoyonline

  • Diasporan investment key to Ghana’s economy – Alex Dadey

    Diasporan investment key to Ghana’s economy – Alex Dadey

    Executive Chairman of the KGL Group and Board Chairman of the Ghana Investment Promotion Centre, Alex Dadey has called on government to focus on diasporan investment as a solution to Ghana’s economic challenges.

    In his opening address on Day 1 of the maiden Kwahu Summit under the theme- “AfCFTA: From Ambition to Action- Delivering Prosperity through continental Trade”, Alex Dadey recounted his experiences garnered working at the highest corporate levels on both sides of the Atlantic over the past 30 years.

    He explained, “During this period of working in the United Kingdom and over 25 countries around the globe, I have remained passionate about, diaspora socio economic inclusion and harnessing technology to push boundaries for advancement in businesses across Africa. Your Excellency, with all this experience across multiple business landscapes and cultures, I can boldly state, without a shred of doubt that the most successful period of my business life has been at home, in Ghana.

    “The opportunities and rewards have been tremendous, and the environment conducive for business. Ghana, like most developing economies, has its share of peculiar challenges, however, for any entrepreneur – foreign or diaspora, driven enough to look beyond these challenges, opportunities will always be presented.”

    He added, “Ghana is perfectly placed to attract foreign and diaspora investment, to propel growth by leveraging our abundant natural resources, a youthful population of approximately 57% under the age of 25; and a concerted effort backed by the right policies with a sustainable growth strategy. We must be determined to change strategy and focus away from only exporting our abundant natural resources and low-value manufactured products. I believe that the African private sector must be incentivized to invest abroad in developed markets and repatriate profits back home, like our foreign competitors do. This is one the surest ways of shoring up our local currency”.

    Ghana’s diaspora community has always contributed to the development of the Ghanaian economy, but Alex Dadey believes a more concerted plan in terms of policy needs to be the next step in order to tap into the full potential of this hitherto untapped asset.

    He highlighted, “We need to focus on our Diaspora. They are our most valuable resource. Diaspora Engagement Policies will have to be formulated and incentives given to attract them to invest back home. Diaspora Direct Investment should be our preferred option. The benefits of this approach far outweighs the efforts, compared to that of attracting FDI and loans from Multilateral Institutions like the IMF, which comes with stringent conditionality.

    “Moreover, we should introduce Diaspora investment products like Diaspora Direct Investments, Diaspora Portfolio Investments and Diaspora Philanthropic Investments to our Diaspora, linking them with local entrepreneurs. to realize the diaspora investment potential, individual experiences of Diasporans across the continent, presented in a collective narrative and mapped to a diasporan investment policy will be crucial in unearthing a multi-billion-dollar opportunity.

    “As part of our efforts to attract Diaspora Investment, the key will be to leverage the success stories of diasporans like myself, who have returned home to invest and are thriving in businesses across different sectors, presenting them as models to inspire and assist others identify and realize the many amazing opportunities investing back home presents. This is why I always tell the success story of the KGL Group”.

    KGL Group is known for its pioneering advancements in technology, providing state-of-the-art solutions to both private and public sector industry. Most recently, the group has been creating solutions within premix fuel to help support the local fishing industry.

    KGL Group is a wholly owned Ghanaian group of companies, with interests in Technology Innovation, Fin-Tech, Logistics, Trade, Property Development, Gaming and Commerce. The parent company commands a network of specialized business units that promote efficient solutions and effective tech-based related services to customers across Ghana and partner operating regions.

    Source: Ghanaweb

  • Samini has equally turned his back on friends and also ignores messages – Ayisha Modi

    Samini has equally turned his back on friends and also ignores messages – Ayisha Modi

    Samini and Sarkodie dominated social media conversations when the former publicly rebuked his junior colleague for disrespecting him through the act of not responding to his WhatsApp messages.

    Samini who tagged Sarkodie as “fake” also reminded the award-winning rapper that he remains his “small boy” in the industry.

    “Not sure I’ll need a verse from sark but if he ever does need one I’m not interested and that’s facts. He knows this himself. )y3 Alo sometimes and I don’t play that. Yes or no be problem for am so e go slow you and your project go dull …, he did it to me on burning EP,” he tweeted on January 23.

    But reacting to the banter, Ghanaian talent manager and socialite, Ayisha Modi has claimed that Samini has equally turned his back on some persons including herself.

    In an Instagram post, he named the Dancehall musician as another big culprit when it comes to ignoring messages and calls from friends and colleagues when needed most.

    “My Iskoki samini don’t mind Sarkodie the time you were making it big in the industry he was using his jaw to open coke bottles shouting foriwaaa foriwaa. But you samini too why are you crying over this issue?? have you forgotten it’s the same bluetick food you eat. You are also doing same thing to people including me after we also supported you to reach somewhere In this industry.

    Despite the mockery, Ayisha admonished Samini to move on following claims that he does not wish to work with Sark.

    “If you cry or laugh Sarkodie was featured by Bob Marley the greatest of all, nobody care about your iskoki feelings at this moment anyway I wish you guys all the best in your bluetick record labels. This is Showbiz nothing personal.”

    She added: “Nana hemaa starts today exactly 8pm. I am done with the industry beef for now. I want to eat turkey. All are invited to my coronation on Sunday. Nana hemaa greet you all.”

  • IMF presses Ghana’s government to stop borrowing from its Central Bank

    IMF presses Ghana’s government to stop borrowing from its Central Bank

    The International Monetary Fund is pushing Ghana’s cash-strapped government to stop borrowing from its central bank, according to people familiar with the matter . The IMF wants the two entities to sign a commitment to zero-financing, said the people who asked not to be identified because they’re not authorized to speak publicly on the matter.

    The accord is a condition Ghana is required to meet in order to secure final approval for a $3 billion IMF bailout, one of the people said.

    An IMF spokesperson didn’t immediately respond to an email seeking comment. Spokespeople for the Ghanaian finance ministry and the central bank didn’t immediately respond to requests for comment.

    The decision would bring a halt to central bank loans to the government that amount to about 40 billion cedis ($3.2 billion), according to one of the people.

    Central-bank lending to Ghana’s government ballooned last year as investor concern about the state of the nation’s public finances depressed demand for its domestic bonds. The central bank stepped in to provide funding for the budget and to roll over maturing loans.

    An agreement would also bar state-owned enterprises such as the Ghana Cocoa Board, which owes about 7 billion cedis, from using more central bank financing, according to the person.

    The cocoa regulator — the sole buyer of cocoa from farmers in the world’s second-biggest producer of the chocolate ingredient — uses the funding to support growers.

    Auction Undersubscribed

    An auction of cocoa bills worth 940 million cedis was “severely” undersubscribed last week, the central bank said after it declined to buy the instruments issued by the board.

    The central bank used to step in when there were under-subscriptions, Steve Opata, who heads financial markets at the central bank, told Accra-based broadcaster Joy FM earlier this week.

    “The bank decided to do things differently, so this shortfall was not financed by the central bank,” he said without giving further detail.

    Ghana is overhauling an estimated 467 billion cedis of its loans. It’s been locked out of international capital markets since borrowing costs surged last year on investor concern about the state of Ghana’s public finances. 

    The country secured a staff-level agreement for a $3 billion IMF bailout last year, but final approval by the IMF board requires the fulfillment of so-called “prior actions,” which haven’t been made public.

    It is also negotiating a restructuring plan for its local and external debt in a bid to show that it can make its loans more sustainable, another requirement to tap IMF funding. 

    Ghana is targeting a reduction in its debt to 55% of gross domestic product by 2028, compared with an IMF estimate of 105% in 2022.

  • Barca improve their relationship with Dembele’s agents

    Barca improve their relationship with Dembele’s agents

    Barcelona improve their relationship with Dembele’s agents after working hard to secure Ousmane Dembele’s latest contract. As a result, the Catalan team are preparing his renewal. The footballer is committed to Xavi Hernandez’s project and his future seems to lie at Camp Nou.

    Barcelona managed to get Ousmane Dembele to sign a two-season contract after months of negotiations. The board had many problems with his agents and the salary was always a talking point.

    According to ‘Sport’, the relationship between the two parties has improved. His buyout clause is 50 million euros and his salary is low. As a result, the footballer could look at other clubs that would pay him more.

    However, the striker is very committed to Xavi’s project and is delighted to be involved in it. In addition, Dembele is a key player for the coach. He has played 27 competitive matches this season.

    For that reason, the Catalan side want to renew Dembele as soon as possible as they know that his market value is rising with his performances. The same media outlet reports that Joan Laporta’s intention is to renew him in February.

  • Ghana’s local debt exchange deal supporting Cedi stability – Report

    Ghana’s local debt exchange deal supporting Cedi stability – Report

    The Cedi was trading at 12.34 versus the dollar, down from 12.21 at the end of last week.
    The details of a debt exchange scheme for domestic banks holding Ghanaian local bonds were agreed upon, according to the government and the Ghana Association of Banks.

    On its debts that mature this year, the government has agreed to pay a 5% monthly, and it will pay a 9% coupon on all remaining restructured debt.
    On its 2023 bonds, the government had already declared that it would not pay any interest.

    Due to the arrival of the first batch of the gold-for-oil barter, Ghana also delayed the FX auction for the Bulk Oil Distribution Companies this week.
    We anticipate that the debt agreement for local banks will support the Cedi     in the coming days, notwithstanding the small decrease during the previous week.

    Senegal reaches for double-digit growth

    Senegal’s economy is poised for 8% growth this year and 10.5% in 2024, according to the World Bank, in part as a result of the country benefitting from European efforts to diversify gas supplies away from Russia. Senegal is forecast to increase gas output to 2.5m tonnes this year and as much as 10m tonnes by 2030.

    While risks remain amid weaker global growth, tighter financial conditions, and inflationary pressures, Senegal looks destined to be among this year’s leaders for economic recovery, while pursuing longer term structural reforms under the ‘Emerging Senegal’ development model. Its currency, the CFA Franc, is pegged to the Euro.

    Naira slips as CBN hikes 100bps

    The Naira weakened marginally against the dollar, trading at 752 from 749 at last week’s close. Nigeria’s central bank raised interest rates by 100 basis points to 17.5%, piling more pressure on small and medium-sized businesses already feeling the pinch from the struggling economy, the Naira note redesign, and a cap on over-the-counter withdrawals.

    While inflation slowed marginally in December to 21.34% from 21.47% a month earlier, the central bank said it remains resolved to mop up excess liquidity in the market and stem high inflation. With FX demand outweighing dollar supply, we expect the Naira to continue depreciating gradually in the coming weeks.

    Eskom crisis outweighs weaker dollar impact on Rand

    The Rand was marginally weaker against the greenback, trading at 17.20 from 17.11 at last Friday’s close, as concerns about South Africa’s energy crisis outweighed the effects of broader dollar weakness.

    This is causing traders to doubt otherwise bullish signals for the Rand, given expectations of ongoing dollar weakness, a China-led global economic recovery and a more aggressive policy tightening stance in South Africa compared to the US. Problems at state-owned utility Eskom and the severity of its rolling power cuts mean domestic issues are likely to continue outweighing any positive external factors in the near term.

    We expect the Rand will continue trading between 17 and 17.20 in the coming week, barring any significant change in global risk sentiment.

    Egyptian Pound stabilises as import backlog eases
    After recent declines, the Pound was stable against the dollar this week, trading at 29.86 compared to 29.84 at last week’s close. Amid the weaker FX rate and five-year high inflation causing severe shortages of food staples, Egypt has now managed to clear almost half of the import backlog at its ports. This is partly due to increased FX availability and less stringent import regulations.

    About $5.3bn of goods were left uncleared in mid-January, down from $9.5bn in December. Economists are optimistic that Egypt’s economy will grow 4.8% this year, according to a Reuters’ poll, a faster pace than the government’s 4% prediction. We expect the Pound to remain around the 30 level in the short-term, absent any external shocks.

    Kenyan Shilling hits new dollar low

    The Shilling declined to a fresh record low against the dollar, trading at 124.10/124.30 from 124.00/124.20 at last week’s close, amid reduced liquidity in the interbank FX market and heightened dollar demand from importers—notably for oil and manufacturing.

    The Institute of Public Finance said Kenya’s economy will grow 5% this year, weighed down by higher commodity prices and the risk of debt distress. Investor wariness, adding to pressure on the Shilling, has not been helped by the new government’s plan to triple capital gains tax to 15% from 5%.

    While supported by Kenya’s FX reserves, which are adequate at just under $7.4bn, we expect the Shilling to remain under pressure over the coming week.

    Debt levels crimp Uganda Shilling prospects

    The Shilling weakened against the dollar, trading at 3689 from 3677 at last week’s close. Uganda outlined details of its long-delayed commercial oil drilling programme, commissioning the first of four oil rigs. It also started drilling its first production well at the Kingfisher development near Lake Albert in western Uganda.

    The Kingfisher development is being operated by China’s state-oil company China National Offshore Oil Corporation (CNOOC). Another development project is being operated by France’s TotalEnergies. Uganda hopes to be pumping oil by 2025 and expects to reach peak production of 230,000 barrels a day. Given the high levels of debt the country has taken on—particularly from China—we expect the Shilling to weaken in the near term.

    Tanzanian Shilling lowest in almost 4 years

    The Shilling depreciated to its lowest level in almost four years, trading at 2340 from 2336 at last week’s close. Foreign investors have sold TZS4bn-worth of shares over the past three weeks, according to the Dar es Salaam Stock Exchange.

    Equity analysts cited depressed share prices and a broader risk-off approach amid concerns about the global economy among reasons for the outflows. With Tanzania’s central bank selling FX reserves, we expect the Shilling to continue weakening against the dollar in the week ahead.

  • Moritz-Broni Kwarteng scores twice in FC Magdeburg’s defeat to Fortuna Dusseldorf

    Moritz-Broni Kwarteng scores twice in FC Magdeburg’s defeat to Fortuna Dusseldorf

    Moritz-Broni Kwarteng scored twice in FC Magdeburg’s 3-2 defeat to Fortuna Dusseldorf in the German Bundesliga 2 on Friday evening.

    Kownacki and Piccini fell in the penalty area in the second minute, the referee originally let the ball go, but after a VAR review, he opted to take the penalty and show Piccini a yellow card. Kownacki, though, squandered the opportunity, and Kwarteng instead gave FCM the lead.

    Fortuna quickly responded as well; Kownacki scored the equalizer with a header for the Thioune squad. Things then started to quiet down. After 30 minutes, the next potentially deadly moment occurred when Reimann neutralized a cross from Tanaka. F95 retook the lead just before halftime, a little under 10 minutes later.

    After the break, Christian Titz substituted El Hankouri and Muller for Rieckmann and Condé. After just under an hour, de Wijs had a successful corner kick, and shortly after that, Reimann successfully intercepted a Klaus finish.

    Kwarteng scored an equalizer just before the hour mark to tie it 2-2. Klaus, on the other hand, once more missed the hosts’ lead. Reimann made a superb stop of Tanaka in the 74th minute. Ten minutes before the game’s conclusion, Heber made a last-second stop on the line, and then Appelkamp expertly placed a shot to restore Fortuna’s advantage.

    Moritz-Broni Kwarteng has made 18 appearances, scored six goals, and assisted two in the Bundesliga 2 this season.

  • US Dollar trades mixed ahead of data release

    US Dollar trades mixed ahead of data release

    The US dollar was mixed against its major trading partners early Friday — up versus the European currencies, down versus the yen and Canadian dollar — before the release of December personal income, spending and price data.

    Market focus will be on the Federal Reserve’s preferred inflation measures, the overall and core PCE price indexes. A further slowdown in the year-over-year rates in these series would go a long way toward confirming widespread expectations for a smaller 25 basis point rate increase at next week’s Federal Open Market Committee meeting.

    The final University of Michigan sentiment index for January will be released, as well as pending home sales data for December, followed by the Kansas City Fed’s monthly services survey for January.

    Federal Reserve officials remain in a quiet period until after the Jan. 31-Feb. 1 FOMC meeting. A quick summary of foreign exchange activity heading into Friday shows that EUR-USD fell to 1.0881 from 1.0891 at the Thursday US close and 1.0902 at the same time Thursday morning.

    EU money supply growth slowed in December, as did the pace of loan growth to businesses, data released earlier Friday showed. The European Central Bank’s monetary policy committee meets on Feb. 2, where it is expected to increase its key interest rate by another 50 basis points.

    GBP-USD fell to 1.2366 from 1.2419 at the Thursday US close and 1.2394 at the same time Thursday morning. There are no UK data on Friday’s schedule. The Bank of England’s monetary policy committee meets on Feb. 2 as well and is also expected to increase its key interest rate by 50 basis points.

    USD-JPY slipped to 129.9418 from 130.2256 at the Thursday US close but remained slightly ahead of the 129.8842 level at the same time Thursday morning.

    The Tokyo consumer price index, a proxy for overall Japanese consumer price data, saw accelerated year-over-year growth in January, data released overnight showed. The next Bank of Japan meeting is scheduled for March 9-10.

    USD-CAD fell to 1.3317 from 1.3322 at the Thursday US close and 1.3384 at the same time Thursday morning. Canadian budget balance data for November are scheduled to be released today. After Wednesday’s Bank of Canada decision to raise its key rate by 25 basis points and then pause, the next BoC meeting is scheduled for March 8.

    Source :Ghanaweb

  • Ghana’s state debt exceeds 93.5% of GDP in November 2022 – BoG

    Ghana’s state debt exceeds 93.5% of GDP in November 2022 – BoG

    At the end of November 2022, the total amount of Ghana’s governmental debt was estimated to be GH575.7 billion.

    According to the Bank of Ghana’s Summary of Economic and Financial Data from January 2023, the amount equals almost 93.5% of the country’s Gross Domestic Product during that time.

    According to figures from the Central Bank, Ghana’s public debt increased by GH108.3 billion between September and November 2021, further illustrating the country’s unsustainable financial predicament.

    According to the research, the government’s exercise to restructure its debt has a participation deadline of January 31, 2023, and can be blamed for the increase in the stock of debt.

    The BoG Summary of Economic and Financial Data however pointed out that the external component of the total public debt increased to $29.2 billion (GH¢382.7 billion) in November 2022 which is equivalent to 62.1 percent of GDP.

    This was from $28.4 billion (GH¢271.7 billion) in September 2022 and $28.3 billion in December 2021.

    The data also showed that the Ghana Cedi depreciated by about 37 percent against the US dollar in 2022 – resulting in a significant rise in the cedi component of the external debt.

    Meanwhile, on the domestic debt front, the figure was pegged at GH¢194.7 billion at the end of December 2022 representing about 31.6 percent of GDP.

    This figure is also against GH¢195.7 billion which was recorded in September 2022 and GH¢193.1 billion in November 2022.

    As part of the government’s Domestic Debt Exchange Programme, about GH¢170 billion of debt is being restructured for a period of 12 years.

    It is important to note the BoG report did not provide figures pertaining to the financial sector resolution debt and other liabilities including the energy sector debt.

    The report futher noted that government’s fiscal deficit in terms of Gross Domestic Product was pegged at 9.8 percent in November 2022 which is more than the 7.4 percent earlier recorded in September 2022.

  • Gang burn down six-bedroom house in reprisal attack at Krofrom

    Gang burn down six-bedroom house in reprisal attack at Krofrom

    A six-bedroom house has been burnt in the Krofrom suburb of Kumasi, Friday afternoon, in an alleged reprisal attack by a gang.

    The armed young men, looted the house before setting it ablaze in what is believed to be a revenge attack on the butchering of a colleague in the community.

    Residents fear multiple reprisals if security is not beefed up in the area.

    The young man in his early 30s, known only as ‘Candy’, was butchered by unknown assailants at the community on Thursday.

    On Friday, some armed youth suspected to be colleagues of the deceased stormed the community in a revenge attack.

    The gang burnt down a 6-bedroom apartment where one of the suspected assailants lived.

    Sarah Owusu, who lives in the burnt house, claims the gang earlier looted their rooms before setting the house ablaze.

    “Exactly a week today, they came to us with a gun and a knife just to threaten us but we survived. Their people came to our house to steal our TV set  and clothes,” she said.

    “I couldn’t get away with anything. My children lost all their things to fire. How to even survive today will be a problem”. Lamisi added.

    The mother of the suspected assailant, Abena Ayiwah, says her son has often come under attack after dissociating himself from the gang.

    A six-bedroom house has been burnt in the Krofrom suburb of Kumasi, Friday afternoon, in an alleged reprisal attack by a gang.

    The armed young men, looted the house before setting it ablaze in what is believed to be a revenge attack on the butchering of a colleague in the community.

    Residents fear multiple reprisals if security is not beefed up in the area.

    The young man in his early 30s, known only as ‘Candy’, was butchered by unknown assailants at the community on Thursday.

    On Friday, some armed youth suspected to be colleagues of the deceased stormed the community in a revenge attack.

    The gang burnt down a 6-bedroom apartment where one of the suspected assailants lived.

    Sarah Owusu, who lives in the burnt house, claims the gang earlier looted their rooms before setting the house ablaze.

    “Exactly a week today, they came to us with a gun and a knife just to threaten us but we survived. Their people came to our house to steal our TV set  and clothes,” she said.

    Lamisi Nuhu, a tenant, lost all her belongings to the fire.

    “I couldn’t get away with anything. My children lost all their things to fire. How to even survive today will be a problem”. Lamisi added.

    The mother of the suspected assailant, Abena Ayiwah, says her son has often come under attack after dissociating himself from the gang.

  • Samini has equally turned his back on friends and also ignores messages – Ayisha Modi

    Samini has equally turned his back on friends and also ignores messages – Ayisha Modi

    Samini and Sarkodie dominated social media conversations when the former publicly rebuked his junior colleague for disrespecting him through the act of not responding to his WhatsApp messages.

    Samini who tagged Sarkodie as “fake” also reminded the award-winning rapper that he remains his “small boy” in the industry.

    “Not sure I’ll need a verse from sark but if he ever does need one I’m not interested and that’s facts. He knows this himself. )y3 Alo sometimes and I don’t play that. Yes or no be problem for am so e go slow you and your project go dull …, he did it to me on burning EP,” he tweeted on January 23.

    But reacting to the banter, Ghanaian talent manager and socialite, Ayisha Modi has claimed that Samini has equally turned his back on some persons including herself.

    In an Instagram post, he named the Dancehall musician as another big culprit when it comes to ignoring messages and calls from friends and colleagues when needed most.

    “My Iskoki samini don’t mind Sarkodie the time you were making it big in the industry he was using his jaw to open coke bottles shouting foriwaaa foriwaa. But you samini too why are you crying over this issue?? have you forgotten it’s the same bluetick food you eat. You are also doing same thing to people including me after we also supported you to reach somewhere In this industry.

    Despite the mockery, Ayisha admonished Samini to move on following claims that he does not wish to work with Sark.

    “If you cry or laugh Sarkodie was featured by Bob Marley the greatest of all, nobody care about your iskoki feelings at this moment anyway I wish you guys all the best in your bluetick record labels. This is Showbiz nothing personal.”

    She added: “Nana hemaa starts today exactly 8pm. I am done with the industry beef for now. I want to eat turkey. All are invited to my coronation on Sunday. Nana hemaa greet you all.”

    Source: Ghanaweb

  • Cheating is not be a deal breaker – Yeni Kuti

    Cheating is not be a deal breaker – Yeni Kuti

    Media personality, Yeni Kuti, is of the opinion that cheating is not a deal breaker in a relationship or marriage.

    The 61-year-old daughter of Afrobeat legend, late Fela Anikulapo Kuti, made this known during an interview with TVC.

    According to her, cheating is a deal breaker for her if she finds out her partner is sleeping with another man.

    She noted that nothing will stop her from fleeing but should her man cheats on her with another woman she can accommodate it.

    “For me cheating is not a deal breaker. My father had 27 wives, my mother didn’t go. I am not saying she was happy, but she didn’t leave. My own deal breaker is if I find out my own partner is sleeping with another man. That is my deal breaker. I will run, they wouldn’t even beg me. I will run.”

    Her comment seems not to go down well with some women who disagree with her stance as they took to social media to react.

    Uheogbodo: Why do these women give men Leverage to keep Cheating and hurting the women in their Lives! Abeg Cheating is A major Deal Breaker ! No one deserves the Pain , the Betrayal, the mental Damage, the self worthlessness that comes from a Cheating partner!

    Amaaraachi5: A lot of women will say they will leave when the husband cheats till they get married.
    Cheating is wrong, but most women won’t leave their spouse for cheating.
    At the end of the day people should stick to what makes them happy cos that’s all that count.

    Slick_uche: With the amount of diseases and infections out there, cheating should be a deal breaker for everyone because it’s a threat to your life. And this is addition to the emotional and mental damage that comes with cheating. To each his own sha but for me if you cheat, it’s all over. Peace

    titilala_brownsugar: You cheat on me, I leave peacefully no bi me a cheating partner go carry hiv come give Abeg I jump and pass

    Odycherry: Thank God she said everyone has their own deal breaker … you deal breaker cannot be same with mine.. once you cheat on me as a man, that the end.. me wey Dey keep myself for only you no Dey stupid…

    Gagaflicks: This is why the way you were brought up is very important, having this mentality will excuse your husband do unthinkable things and probably give you incurable STD’s, cheating should not be encouraged in men. This thing goes beyond having s*x with another woman, this mentality that men are excused to cheat is breeding a lot of irresponsible men, being responsible starts with self discipline. The fact that your mother wasn’t happy should tell you that cheating is a very selfish act and no woman should be depressed and sad in a marriage, that’s not what God created marriage to be.

    Source: Ghanaweb

  • Mario Martin after his Madrid debut: “I’m going to frame the shirt”

    Mario Martin after his Madrid debut: “I’m going to frame the shirt”

    Mario Martin expressed his happiness after making his debut for Real Madrid in the match against Atletico. “I can’t ask for more,” he said.

    Academy player Mario Martin made his debut for Real Madrid in the derby against Atletico in the Copa del Rey. The 18-year-old expressed his happiness at having taken his first steps with the Spanish team.

    “I can’t ask for more. It’s a dream to make my debut against Atletico. We won and it’s a moment I’ll never live again. I’m going to frame the shirt,” he said. 

    “I like it because they treat me like one of their own. I love training with them. They always help me. I am very grateful.

    “I hope this is just the beginning because I want to keep achieving goals. I am very grateful to my family, to Carlo Ancelotti, to Raul, to Davide…. The coach told me to enjoy myself,” he added.

  • The physically challenged Ghanaian youngster hopes to advance science

    The physically challenged Ghanaian youngster hopes to advance science

    At the age of seven, Veronica Obenewaa began experiencing all she currently deals with.

    She had just awoken from sleep when she became aware of an abnormally severe discomfort in her waist.

    She didn’t know that the agony would eventually render her permanently immobile because she thought it was just something that will go away soon.

    Although she frequently had an outgoing and upbeat attitude on life, Veronica’s infirmity altered the course of her life and forced her to keep to herself and stay inside.

    Years on, Veronica has to come to terms with her new reality. Along the way, she returned to school at the St. Louis Senior High School at Kumasi in the Ashanti Region.

    During her time at the school, her quest to study General Science, although challenging, did not stop her from aspiring to be even more.

    Her perseverance saw her become the protocol prefect of her school.

    From secondary school, Veronica who is now 26-years-old went searching for a university that was disability-friendly. A friend then advised her to inquire about Ashesi University, one of Ghana’s prestigious private tertiary institutions.

    Luck being on her side, she eventually gained admission into the university, where she now reads computer science, even as she aspires to become a cyber security analyst.

    She expects this experience to lead her on a new learning curve.

    As part of efforts to help Veronica navigate her way through campus, the university’s Financial Aid Office acquired a motorised wheelchair for her.

    In her brief remarks about her journey, as captured on the school’s Facebook page, Veronica shared, “I am always looking to improve myself as a person. That way, people would be forced to look beyond my disability and see my capabilities.”

  • Wode Maya’s refusal to pay an alleged bribe lands him in trouble with Togolese border officials

    Wode Maya’s refusal to pay an alleged bribe lands him in trouble with Togolese border officials

    Ghanaian YouTuber and tourism ambassador, Wode Maya, who is famed for his travels on the African continent has called out officials at the Togolese border for manhandling him and also seizing his equipment during his recent visit to the West African state.

    The content creator who has a huge social media following recounts that he had to get into a fight with some unprofessional border officials for his alleged refusal to pay a bride of CFA 2,000 to have his passport stamped.

    In a disturbing video shared on Twitter, Wode Maya whose cameras were seized for failing to comply with them was heard demanding his equipment which had been taken away from him.

    “I need my cameras” he shouted during the heated argument that was captured on tape.

    “This is me fighting to save my camera at the Togolese border because I refused to pay a bribe of CFA 2000 in order for my passport to stamped,” he captioned the viral video.

    Meanwhile, some social media users who have suffered same at the Togolese border also shared their experiences adding that authorities claimed payment of the CFA 2000 was part of the procedures.

    Source: Ghanaweb

  • Sancho could return from United exile to face Reading

    Sancho could return from United exile to face Reading

    Erik ten Hag is set to end Jadon Sancho’s Manchester United exile as the England forward eyes his first appearance in 14 weeks against Reading in the FA Cup fourth round.

    Sancho has struggled to reach peak form since moving from Borussia Dortmund and Ten Hag claimed he was not mentally or physically ready to feature for United earlier this season. The 22-year-old was sent to do an individual fitness programme in the Netherlands rather than travel to the squad’s training camp in Spain during the World Cup last year. But Sancho resumed group training last Tuesday having returned to Carrington earlier in January and could be involved when second tier Reading visit Old Trafford on Saturday.

    “He is training with the team and we will see. So, he’s improving, he’s making steps and we will make the decision after training,” Ten Hag told reporters on Friday.

    Sancho last played for United in October’s 1-1 draw at Chelsea and was left out of England’s World Cup squad. He has failed to justify the hype that saw him hailed as one of Europe’s brightest young stars when he moved to United in 2021.

    “I said he’s on the way back, he’s making steps. He’s back in team training and now we have to see when he’s ready to go back into the games,” Ten Hag said.

    United have flourished in Sancho’s absence, climbing into the Premier League’s top four and advancing in both domestic cup competitions. Chasing the club’s first major trophy since 2017, United won 3-0 at Nottingham Forest in the League Cup semi-final first leg on Wednesday. That result means Ten Hag could rest key players in next week’s second leg, but the Dutchman will also be tempted to rotate against a Reading side managed by former United midfielder Paul Ince.

    “Football is never decided on paper, we have to be ready for every game, every opponent will be tough and especially in the cup. That is, for them, a perfect chance. We have to be aware of that. We have to be on the front foot, fully focused and full of energy. I think tomorrow we will have a strong selection for this game,” Ten Hag said.

  • Students Loan Trust sets up digital payment platform for loan recovery

    Students Loan Trust sets up digital payment platform for loan recovery

    The Students Loan Trust Fund (SLTF) has set up a new digital payment platform to help recover loans from borrowers living outside the country as part of its diaspora recovery drive.

    Introduced in December last year, the platform named ‘Pay Engine’ would enable borrowers in the United States, United King­dom, Germany and other places, to pay back their loans using their Visa and Master cards.

    The Chief Executive Officer of the SLTF, Nana Kwaku Agyei Yeboah, told the Ghanaian Times that since the addi­tion of the platform to the Funds repayment options, “more people are paying.”

    He said the platform was the latest of measures introduced by the Fund to make loan repayments easier for borrowers irrespective of their location in the world.

    He said the newly introduced “no guarantor” system which makes Ghana Card a requirement for the loan would also make it eas­ier to trace borrowers and recover debts.

    “This is because with the Ghana card, we have their biometric information and the Ghana card is linked to all the major databases. So if, for instance, the student is going in for driver’s license we can track him,” he said.

    Mr Yeboah said while the fund relied on the Controller and Accountant General Department to recover loans from those who work in government institutions, there was a dedicated desk to track those in the private sector.

    Touching on the ongoing call for applications for loans, he said the fund was expecting about 70, 000 students to apply under the “No Guarantor”, system launched last year June.

    “Last year even though the sys­tem was launched in June we have seen a quantum increase. We were anticipating 45,000 students but we paid about 32,000 students,” he said.

    With more applicants expected for this academic year and the loans pegged between GH¢1, 500 to GH¢3, 000, Mr Yeboah encour­aged more students to apply for loans, assuring them of fairness in the selection of beneficiaries.

    “Our system is transparent. There is nothing hidden. All we know is that your application has come and you are a Ghanaian and you have all the requirement for the loan.

    “There is no room for bias because we do not know who are beyond your Ghana card informa­tion. The needs assessment is not to discriminate but to ascertain their vulnerability and the level the quantum of money one qualities for,” he said.

    Mr Yeboah said the guarantor system was changed because it was a big obstacle to students, because they needed a guarantor who should be a contributor to Social Security and National Insurance Trust pensions.

    Under the “no guarantor policy” applicants only need to be Ghana­ians who had gained admission to accredited tertiary institutions and possessed Ghana card to apply to be eligible for selection.

    Source:Ghanaweb

  • Minority Leadership shake-up: Sam George calls for consensus and calm heads

    Minority Leadership shake-up: Sam George calls for consensus and calm heads

    The Member of Parliament for Ningo-Prampram, Samuel Nartey George, is calling for calm heads following the controversy over the Minority Leadership shake-up.

    According to him, the current agitations could have been avoided if the largest opposition party, National Democratic Congress (NDC) had built consensus on the removal of Haruna Iddrisu and the subsequent appointment of Dr Cassiel Ato Forson.

    Speaking to Accra-based Joy News on the back of this, Sam George called for cool heads to weather the current turbulence.

    “It’s important as a political party that we begin to sit down and jaw-jaw and have a conversation. How do we resolve the issues that we’re saddled with? These are not fatal issues,” he said.

    “For us as members of the caucus, all we’re asking for is engagement at our level so we feel our sacrifices have been appreciated. Even if there’s change you’ll need all 136 on board to be able to come together and present a united front. We need to look at how to do this and move forward, how do we fine-tune things,” he added.

    The comments of Sam George come on the back of a huge uproar from a section of the Minority in parliament over the removal process of the Tamale South MP.

    A letter addressed to the Speaker of Parliament and signed by the NDC’s General Secretary in a shock move appointed the Ajumako-Enyan-Essiam MP, Dr Ato Forson as Minority Leader.

    Ketu North MP, Dr James Klutse Avedzi was replaced by the Ellembele MP, Emmanuel Armah-Kofi Buah as Deputy Minority Leader while Adaklu MP, Kwame Governs Agbodza got an elevation to the Minority Chief Whip position replacing Asawase MP, Alhaji Mohammed Muntaka Mubarak.

    The Ningo-Prampram MP also lauded the old leadership and the new ones for exhibiting maturity to ensure things don’t degenerate into chaos.

    “I must salute Haruna Iddrisu and Muntaka for the restraint they’ve shown in Tamale and Asawase. I must commend them for that because they’re putting the victory of John Mahama in 2025 ahead of their personal considerations.

    “Again the leadership of Ato Forson, Agbodza and Kofi Buah have shown proper man-management in these heady times to ensure that we’re not seeing all kinds of statements flying from all sides from the Central, Volta and Western regions. It’s the maturity that all the players involved have exhibited,” he added.

    Source: Ghanaweb.com

  • Nero X explains his reasons for long break from the music scene

    Nero X explains his reasons for long break from the music scene

    Ghanaian singer and songwriter, Nero X has disclosed his reason for taking a long break from the music scene.

    According to him, he started making back-to-back hits from 2014 down to 2020 but decided to take a break during the pandemic.

    Speaking to Akua Sika on the Happy Evening Drive, he said, “I actually took that break for myself and to reflect on myself, my life, family, explore other things, learn and do other stuff. So it was just a two-year break for myself and it was personal.”

    He furthered that while on the break, he realized a lot of people missed him, and although he was on a break he was still recording and doing music on the low.

    “But now I’m back bigger and better and the plan is to just release the songs I’ve recorded already and also, this year is an album year for me because I’ve worked hard so people should look forward to it,” he mentioned.

    Source: Ghanaweb

  • This is what made me – Nero X reveals

    This is what made me – Nero X reveals

    Ghanaian singer and songwriter, Nero X has disclosed that his hit song ‘Osey’ is what made him the focus of public attention.

    He disclosed that he started music at a young age but didn’t have the resources and opportunity to do music as he wanted to.

    He told Akua Sika on Happy 98.9 FM’s Happy Evening Drive, “I have a lot of songs I haven’t released yet but Osey brought me into the limelight. Osey made me and I’ll say a big thank you to Willizbeats too because that song also made Willis as we were all not in the limelight yet”.

    Just like he does, he mentioned that Willis also tells people wherever he goes that Osey made him who he is today.

    William Osafo known professionally as WillisBeats is a Ghanaian-born sound engineer, record producer and DJ from Takoradi. He is best known for producing Shatta Wale’s hit song singles ‘Taking Over’, ‘Forgetti’, ‘Sponsor’ by the late Ebony Reigns and ‘Osey’ by Nero X.

    Source: Ghanweb

  • US citizen charged over alleged killing of DJ in Colombia

    US citizen charged over alleged killing of DJ in Colombia

    Colombian authorities have charged an American citizen over the alleged murder of a female DJ in Colombia whose body was discovered inside a suitcase at the bottom of a garbage container.

    John Poulos was arrested and detained at the Tocumen International Airport in Panama on Tuesday while trying to leave for Istanbul, the Panamanian National Police said.

    During a televised court hearing in Bogota, lasting more than five hours, Poulos spoke through a translator to deny the charges, which relate to the death of Valentina Trespalacios, 23, a well-known electronic music DJ.

    Trespalacios’ body was found by a recycler in the early hours of January 22 in a garbage container in the southwest of Bogota.

    In a previous hearing on Thursday, the court heard details of a relationship between Trespalacios and Poulos.

    Poulos’s defense alleged that there were flaws in his arrest and that due process had not been respected.

    The Colombian Prosecutor’s Office and police say they have more than 300 hours of security footage in which Poulos and Trespalacios are seen in the days before her body was found.

    Another hearing is set for January 31.

  • OFFICIAL: Marcos Alonso renews until 2024

    OFFICIAL: Marcos Alonso renews until 2024

    Barcelona manager Xavi let on in his Girona pre-match interview that Marcos Alonso was going to sign a new deal. Hours later, the Catalan sign made his renewal official, signing until 2024.

    Xavi gave the club the go ahead to renew Marcos Alonso’s contract, as it was running out in June 2023. Hours after the press conference in which he revealed he was happy with the defender, the Spanish giants confirmed he will be staying until 2024, meaning another year more in a Barca shirt.

    “Barcelona and Marcos Alonso have reached an agreement for the player to extend his contract until 30 June 2024. The buyout clause has been set at 50 million euros“, Barca announced in a club statement.

    “The event at which pen was put to paper took place this Friday in the offices at Spotify Camp Nou, with president Joan Laporta in attendance along with first vice-president Rafa Yuste, the vice-president for the economic area Eduard Romeu, director of football Mateu Alemany and director of sport Jordi Cruyff“, they added.

    It was ‘Jigantes’ who claimed the defender had already signed a new deal when they posted a video of his leaving the club’s stadium.

    Marcos Alonso’s stats with Barcelona are, so far, two goals in 19 games. He has gained importance in the last few months for Xavi and has won the prize of being able to carry on for another year in Spain.

  • Five Russian men fleeing military conscription have been living at a South Korean airport for months

    Five Russian men fleeing military conscription have been living at a South Korean airport for months

    Five Russian men who fled the country after Moscow’s military mobilization order last September have been stranded at South Korea’s Incheon International Airport for months after authorities refused to accept them.

    Three of the men had arrived in October, with the remaining two in November, said their lawyer Lee Jong-chan.

    Lee said that their applications for refugee status were denied by the South Korean Justice Ministry – leaving them stranded at the departure area for months while awaiting a ruling on their appeal. “They are provided with one meal a day, which is lunch,” Lee told CNN. “But for the rest of the day they live off bread and drinks.”

    The men are able to shower but have to wash their clothes by hand and are unable to leave the departure and duty-free areas, he added.

    “They have limited access to medical care (and) no support for their mental health which is important considering their precarious situation,” he said.


    The “partial mobilization” of Russian citizens to fight in the country’s war on Ukraine generated angry protests and prompted a mass exodus when it was announced last September. Many scrambled across land border crossings or bought air tickets out of the country.

    Collective data showed that more than 200,000 people fled Russia for Georgia, Kazakhstan and the European Union in the first week after mobilizations were announced.

    “I don’t support what’s going on so I just decided that I had to leave right away,” one man who left for Belarus previously told CNN.
    “It feels bad because a lot of my friends, a lot of people don’t support the war and they feel threatened by what is going on, and there is no democratic way to really stop this, to even declare your protest,” the man had said.

    Men up to the age of 60 with no criminal record are eligible for military conscription. Prior military experience is not always required.

    Soldiers who refuse to fight and return to the front line are reportedly held in basements in occupied Ukrainian territory and face charges of desertion, according to their families.

    Only those convicted of sex crimes against minors, treason, spying or terrorism are exempted from conscription.

    South Korea’s Ministry of Justice has dismissed the men’s applications as “not being worthy of evaluation” – on the grounds that refusal of conscription was not a reason for refugee recognition, according to their lawyer Lee.

  • 2022/23 Ghana Premier League Week 14: Medeama SC v Hearts of Oak preview

    2022/23 Ghana Premier League Week 14: Medeama SC v Hearts of Oak preview

    After breaking last weekend for the Round 32 stage of this season’s MTN FA Cup to be cleared, the Ghana Premier League is continuing this weekend.

    The 2022/23 Ghanaian top-flight league campaign enters Week 14 this weekend with all 18 participating clubs scheduled to be in action.

    Games are being played from Friday, January 27 to Sunday, January 29.

    Already, the match between Legon Cities FC and Bechem United has been cleared yesterday.

    In the Friday afternoon contest, the Hunters hammered the Royals 3-1 to return to Bechem with all three points.

    Today, arguably the biggest fixture of Week 14 will be cleared when Medeama SC takes on Hearts of Oak.

    Let’s do this small preview as we build up to the game.

    Form Guide:

    Medeama SC have not had it easy this season having already changed managers twice.

    Courtesy of the team’s poor run and struggles since the campaign commenced, the Yellow and Mauve outfit is 10th on the Ghana Premier League table with 17 points.

    In the last five matches of the team based in Tarkwa, they have won two games, lost two, and drawn the other game.

    Today’s opponent, Hearts of Oak have not done badly looking at the fact that key players of the team have been missing in action in recent weeks due to their involvement with the Black Galaxies of Ghana at the CHAN 2022 tournament.

    The Phobians have two wins, two draws, and one defeat in the last five matches.

    While the team feels the results could have been better, the team is still 5th on the Ghana Premier League table and just three points behind the league leaders.

    Predictable scoreline:

    Yes, Medeama SC may be struggling this season, but against Hearts of Oak, the team should find strength and motivation to compete for victory.

    Both teams in this preview have equal chances of a win and must fight for the points.

    Medeama SC 0-0 Hearts of Oak.

    Probable starting eleven – Medeama SC

    Mensah (G), Kwasi Donsu ©, Musah, Abaidoo, Yaro, Ackahbi, Asmah, Kwofie, Vital, Darlington, Agyemang.

    Probable starting eleven – Hearts of Oak

    Richmond Ayi (G), Samuel Inkoom, Rashid Okine, Zakari Yakubu ©, Addo Sowah, Jeordon Otanga, Gideon Asante, Benjamin Yorke, Yassan Outching, Isaac Mensah, Kwadwo Obeng Jnr.

    Match details:

    The clash between Medeama SC and Hearts of Oak is scheduled to be played at the Tarkwa Akoon Park.

    The match will kick off at 3pm.

  • Black Stars: Don’t appoint a coach who has ties with player management agencies – J. E Sarpong

    Black Stars: Don’t appoint a coach who has ties with player management agencies – J. E Sarpong

    Seasoned coach Emmanuel Josef (J.E) Sarpong has urged the Ghana Football Association (GFA) to make sure the next coach of the national team, the Black Stars, has no personal connections to or interests in any of the players.

    Coach Sarpong highlighted that in order to prevent conflicts of interest in player selection for national duties, the possible Black Stars coach should not be associated with any player management firm.

    “Such a coach must also have some years of relevant experience of at least 10 years coaching at the top level, must demonstrate a high level of integrity, must be fair and firm in player selection to constitute his team for any national assignment, and must be a team player,” said Coach Sarpong.

    He added that the coach should be able to work in challenging conditions in Ghana and other African countries, have a basic command of the English language, and be able to effectively communicate with all parties, including the players and the media.

    Coach Sarpong added that the salary of the new coach should fit within the GFA‘s budget to ensure regular payment and boost morale.

    When discussing player selection for the Black Stars, Coach Sarpong stated that priority should be given to players who regularly perform well in their clubs in Ghana and abroad.

    “Selection should be purely on competitive merit. It is only the best among those available in terms of the level of activity, quality of the league and opposition the player competes in, as well as his level of discipline, readiness and willingness to play for the Black Stars and self-motivation devoid of battling for appearance fee’.

    “Selection should also be based on the ability to play and excel in difficult environments, as well as experience and excellence in previous playing times in our national team,” he added.

    The GFA is set to appoint Otto Addo’s replacement by the first week of February.

  • 4 persons injured in ghastly accident on Accra-Kumasi Highway

    4 persons injured in ghastly accident on Accra-Kumasi Highway

    Four persons including a Rev Minister are currently receiving treatment at the Kibi Government Hospital in the Abuakwa South Municipality of the Eastern Region after surviving an accident on the Accra-Kumasi Highway.

    The accident involved four cars: a Toyota Highlander with registration number GS 8462 -Z, a Toyota Hilux with number GM 2480 -14, a Toyota Vitz with number GX 5085 – 20, and a Burkinabe trailer with registration number 11 MJ 0194.

    4 persons injured in ghastly accident on Accra-Kumasi Highway

    According to preliminary investigations done by personnel from the Kibi MTTD who visited the scene, the Toyota Vitz heading towards Kumasi from Accra – on reaching a section of the highway at Birimso, lost the front tyre at the driver’s side which immediately forced the vehicle to drift.

    The trailer and Highlander heading from the opposite side in an attempt to swerve the drifting Vitz, ended up colliding with the Toyota Hilux.

    4 persons injured in ghastly accident on Accra-Kumasi Highway

    The four, who sustained injuries, were quickly rushed to the Kibi Government Hospital by the National Ambulance Service where they are currently on admission receiving treatment.

    The police, who have begun investigations, have arranged for towing trucks to help manage and control the traffic situation on that stretch.

    4 persons injured in ghastly accident on Accra-Kumasi Highway

    Source: Myjoyonline

  • Gang burns down six-bedroom house in reprisal attack at Krofrom

    Gang burns down six-bedroom house in reprisal attack at Krofrom

    A six-bedroom house has been burnt in the Krofrom suburb of Kumasi, Friday afternoon, in an alleged reprisal attack by a gang.

    The armed young men, looted the house before setting it ablaze in what is believed to be a revenge attack on the butchering of a colleague in the community.

    Residents fear multiple reprisals if security is not beefed up in the area.
     
    The young man in his early 30s, known only as ‘Candy’, was butchered by unknown assailants at the community on Thursday.

    On Friday, some armed youth suspected to be colleagues of the deceased stormed the community in a revenge attack.

    The gang burnt down a 6-bedroom apartment where one of the suspected assailants lived.

    Sarah Owusu, who lives in the burnt house, claims the gang earlier looted their rooms before setting the house ablaze.

    “Exactly a week today, they came to us with a gun and a knife just to threaten us but we survived. Their people came to our house to steal our TV set  and clothes,” she said. 

    Lamisi Nuhu, a tenant, lost all her belongings to the fire.

     “I couldn’t get away with anything. My children lost all their things to fire. How to even survive today will be a problem”. Lamisi added. 

    The mother of the suspected assailant, Abena Ayiwah, says her son has often come under attack after dissociating himself from the gang.

    Ashanti Central Police Commander, DCOP Afful Boakye Yiadom, who was at the fire scene, called on the residents to help the Police arrest any suspect involved in the violent activities by volunteering information.

    “You stay with them over here. They are your siblings and colleagues. Show us where they are. They need to be arrested. We won’t let anyone escape so assist the Police in finding them if you know their whereabouts.”

    Some residents of Krofrom, however, say such incidents are not unusual in the community and fear a repeat of events.

    Source: Myjoyonline

  • Climate crisis and cholera link must be studied – Malawi

    Climate crisis and cholera link must be studied – Malawi

    The president of Malawi has called for more studies into the link between cholera and climate change after the country was hit by record deaths.

    President Lazarus Chakwera told the BBC he did not doubt the link but wanted to be led by more research.

    About 1,000 people are reported to have died in the current outbreak.

    Mr Chakwera said there had been an unprecedented level of water-borne diseases since devastating floods last year which affected much of southern Malawi:

    Quote Message: We’ve never really had this type of outbreak in over 20 years, and even then, it wasn’t at this scale.

    We’ve never really had this type of outbreak in over 20 years, and even then, it wasn’t at this scale.

    Quote Message: But with all the flooding that took place last year, with water levels rising and with sanitation issues across the country that are dependent on pit latrines for example…

    But with all the flooding that took place last year, with water levels rising and with sanitation issues across the country that are dependent on pit latrines for example…

    Quote Message: And all of that being washed into streams and even where you have water pumps – because of those [water] levels, all of a sudden you saw outbreaks of water-borne diseases like cholera in a way that you’ve never seen before.

    And all of that being washed into streams and even where you have water pumps – because of those [water] levels, all of a sudden you saw outbreaks of water-borne diseases like cholera in a way that you’ve never seen before.

    Quote Message: So I would not doubt that all of this could be backed by more research.”

    So I would not doubt that all of this could be backed by more research.”

  • Thomas Partey will have an MRI scan to assess his injury – Mikel Arteta

    Thomas Partey will have an MRI scan to assess his injury – Mikel Arteta

    Thomas Partey will get an MRI after being forced to leave the Manchester City game due to injury, according to Mikel Arteta.

    On Friday, the midfielder started the FA Cup match between the Etihad Stadium and was replaced in the middle of the field by Albert Sambi Lokonga at halftime.

    Nathan Ake scored the only goal of the game as Manchester City edged past Arsenal 1-0 in a closely-fought FA Cup fourth-round battle at the Etihad Stadium.

    Partey has been an integral part of an Arsenal team that leads the Premier League standings by five points, but he has a history of injury problems, and his most recent setback may mean doom for the Gunners. Ahead of the game against City Ray Parlour suggested Arteta rest Partey.

    “He had some discomfort and it was getting worse and worse,” Arteta said after the game.

    “He was uncomfortable to continue. (Saturday) or the day after he will have an MRI scan and see what he has,”

    “We have at the moment the injury of Mo (Elneny). It is not possible to get him fit. Sambi has come in and has done well. It is true Thomas is a big influence and a big personality and in the second half we didn’t have him,”