TIG Post

Author: Chris Kodo

  • Two Tullow Oil Plc board members visit Ghana

    Two of Tullow Oil Plc’s board members, Mr. Martin Greenslade, and Mr. Mitchell Ingram are undertaking a four-day working visit to Ghana from the 8th to the 11th of November 2022.

    The visit comes on the back of the Group’s renewed focus to prioritize investments in its producing assets.

    The visiting board members, together with the leadership of Tullow Ghana, paid a courtesy call on the Vice President of Ghana, H.E. Dr. Mahamudu Bawumia.

    The board members reaffirmed the importance of the Ghana asset to the Group’s portfolio, and the Group’s commitment to continue investing in the Ghana operations.

    The board members assured the Vice President of the Group’s resolve to continue supporting the delivery of the Ghana Value Maximisation Plan, which is in its second year.

    The Tullow delegation provided an update on the progress of the plan which has since 2021, delivered eight (8) new wells across the Jubilee and TEN fields.

    The investment by Tullow and its partners will continue to be delivered under the 10-year plan.

    The two officials also reiterated the Group’s commitment to achieving its 2030 Net Zero plans.

    The Vice President, H.E. Dr. Bawumia acknowledged Tullow’s continued investment and expansion of its operations in Ghana and recognized Tullow for its contribution to economic development by these efforts at a time of challenging global energy crisis.

    He assured the visiting officials, of the government’s commitment to protecting investments in the country.

    The Vice President further mentioned that the government will be keenly looking forward to the realization of Tullow’s investment decisions on ongoing projects including the execution of post-foundation commercial gas agreements, exploration interests, and other projects being considered by Tullow and its partners in Ghana.

    Messrs. Greenslade and Ingram also paid a courtesy call on the British High Commissioner to Ghana, H.E. Harriet Thompson during which they shared the planned investments for the realization of Tullow’s Net Zero plans.

    Under Tullow Oil Plc’s renewed focus, the Group plans to invest its capital principally in the large resources underpinning its producing assets, with a goal to pursue cost discipline, responsible and safe operations, and efficient production. In 2021, Tullow Oil and the Jubilee and TEN Partners announced the ‘Ghana Value Maximisation Plan’ which is an over $4 billion, 10-year investment plan, to unlock significant value in the Jubilee and TEN Fields, through a multi-year, multi-well drilling campaign and expansion projects. Under the plan, 50 new wells are estimated to be delivered in the Jubilee and TEN fields, over the 10-year period, with expansion works in the Jubilee North-East and South-East areas of the field. Cumulatively, the plan is expected to deliver over $10 billion worth of value to the government of Ghana at maturation.

    As part of the country visit, the Board Members visited the FPSO Kwame Nkrumah in the Jubilee Field and the Noble Venturer, which is currently conducting drilling activities, to get a first-hand appreciation of the transformation of operations on the Jubilee asset and the ongoing investment in the drilling program. The offshore visit provided real-time updates on the performance of the Ghana Value Maximisation Plan to the visiting Board Members.

    While in Takoradi, the two officials were pleased to see some of Tullow Ghana’s local content development and socio-economic investment activities. They took a tour of Orsam Oil and Gas Limited, an indigenous company and one of Tullow Ghana’s sub-contractors supporting the Jubilee South-East Expansion Project with the design, fabrication, and assembly of offshore equipment. Currently, more than 1000 tonnes of steel are being fabricated in Ghana. These include the fabrication of manifolds, suction piles, rigid jumpers, and umbilical termination assembly (UTAs) at the Orsam yard, for the Jubilee South-East Project. Significant progress has been made on the Jubilee South-East project with installations scheduled to be completed by the first half of 2023. The JSE project, once online in the first year, is expected to bump up average daily oil production rates to c.100,000 bbl./d in the Jubilee field. The JSE project is an expansion of the development of the Jubilee field being undertaken by the Jubilee Partners. The Board Members also visited Tullow Ghana’s socio-economic investment projects including the ongoing Free SHS project at Bompeh Senior High School, and the Early Childhood Education Project at Nkotompo, both in the Sekondi-Takoradi Metropolitan area.

     

    Source: Tullow Oil Plc

  • Oil remains key, let’s incentivise exploration, development – Upstream Chamber

    Oil and gas will remain key to development as the country transitions to cleaner energy sources, the Ghana Upstream Petroleum Chamber has said – calling for incentives to expedite exploration and development of domestic hydrocarbon resources.

    It said investment into gas infrastructure, in particular, is needed to optimise domestic gas utilisation; while a comprehensive plan to seize opportunities in the emerging decarbonisation solutions will position the country to accelerate oil production and increase the sector’s contribution to economic development amid the global energy transition process.

    The need to incentivise exploration, accelerate appraisal and development, the Chamber’s Chief Executive Officer David Ampofo explained during the maiden oil and gas conference in Accra, is underpinned by the prospects of multi-billion-dollars-worth of domestic petroleum assets being stranded due to the energy transition. “It is all about discoveries that actually enter production. We have 14 petroleum agreements with only three producing fields,” Mr. Ampofo said.

    He, therefore, noted that: “Our competitiveness largely lies in the business environment that we create for businesses to operate in. We need investors to see Ghana as an attractive investment destination”,

    While the norm has always been incentivising new international oil companies (IOCs) to take up opportunities in the upstream industry, the Chamber believes those already operating in the space should be encouraged to increase their stake.

    Gas as transition fuel

    Ghana is endowed with tremendous gas resources, globally considered a transition fuel. Against this backdrop, Mr. Ampofo said a comprehensive gas strategy to link the upstream sector to the downstream is urgently required.

    For his part, the Minister of Energy, Dr. Matthew Opoku Prempeh, in a speech read on his behalf said efforts should be channelled at establishing adequate infrastructure for processing, transportation and utilisation of gas in the county, as the availability of adequate infrastructure will open up gas’ enormous potential. “Gas is already playing a critical role in our domestic and industrial activities, and the availability of additional infrastructure will give it a further boost,” he said.

    He added that National Energy Transition Framework anticipates the use of Compressed Natural Gas (CNG) vehicles in place of petrol/diesel vehicles in the coming years, thereby presenting opportunities for the monetisation of natural gas.

    Dr. Opoku Prempeh further revealed that a Gas Master Plan, which is still under review, anticipates that gas will be utilised for fertiliser, ceramics, methanol, steel, aluminium and glass production among others. “Increasing gas production and establishing additional infrastructure will be indispensable if this potential gas demand is to be met,” he said.

    Maiden oil and gas conference

    Organised by the Ghana Upstream Petroleum Chamber, the conference was themed ‘Transitioning to a Low Carbon Economy’.

    It brought together explorers, oil and gas producers, and indigenous suppliers and manufacturers in the industry as well representatives from the Ministry of Energy, Ministry of Trade and Industry, Ministry of Public Enterprises and the Petroleum Commission.

    Speaking at the event, Chamber Chair and Senior Vice President of Kosmos Energy, Joe Mensah said: “This event is coming at an important time. As we seek to harness the country’s hydrocarbon resources in a time of global energy insecurity, it’s worth pointing out that with the right investment climate Ghana can contribute to providing energy security for the world”.

    Source: Ghanaweb 

     

  • We expect fairness from Bagbin not favours – Mahama Ayariga

    The Member of Parliament for Bawku Central, Mahama Ayariga, has dismissed suggestions that the Minority in Parliament expects favours from the Speaker of Parliament, Alban Bagbin.

    A section of the public had accused the Minority Caucus of entitlement and expecting favours from the Speaker due to their role in his election as the Leader of the House.

    But speaking on The Big Issue on Citi TV on Saturday, Mr Ayariga said the Minority is only interested in the Speaker giving fair rulings when motions are raised on the floor of Parliament.

    “I am one person who does not expect any favour from the Speaker. We don’t expect any favour from him. For us [Minority] we don’t want a favour, we just expect fidelity to the rules,” Mr Ayariga told host Selorm Adonoo.

    The former Minister for Youth and Sports added that, “when he [Bagbin] takes a decision, it should be obvious that the decision is grounded in the rules…When we elected him as a Speaker, we didn’t elect a Speaker of the Minority side, we elected a Speaker for the House.”

    The Speaker of Parliament on Thursday ruled that an ad-hoc committee will be set up to probe the allegations for the motion of censure raised by the Minority Caucus against the embattled Minister of Finance, Ken Ofori-Atta.

    According to the Speaker, setting up a committee will provide an opportunity for the Finance Minister to respond to issues of conflict of interest and six other allegations raised by the Minority Leader, Haruna Iddrisu and his MPs.

    “The evidence will be placed before the committee. The Minister will have the opportunity to defend himself. A report will be presented to the House, and we will debate that report,” the Speaker of Parliament, Alban Bagbin said.

    The decision to set up a committee riled the Minority side who argued that the move was wrong and insisted that the motive for the vote of censure should have been debated on the floor of Parliament.

    Source: citinews

  • ECG recovers GH¢2.4 million stolen power from illegal connections 2-3 minutes

    The Eastern Regional branch of the Electricity Company of Ghana Limited (ECG) has recovered an amount of GH¢2,457,747.25 stolen power by some customers in the region.

    The power theft may have occurred between January to October 2022.

    However, the Revenue Protection Unit of ECG through its routine exercise discovered the illegal connections.

    36 of the meters discovered were by-passed, 24 tampered with hence recording low units, 19 meters connected without authorisation and three (3) people had connected power directly to their premises.

    The power usage was quantified for the customers to pay.

    Other customers with challenges on their meters were rectified to ensure that the company raked in the needed revenue to sustain its operations.

    The General Manager of ECG, Eastern Region, Ing. Mrs. Sariel Adobea Etwire, revealed this in Koforidua.

    She said the amount recovered was an improvement over Gh¢1.26 million recovered last year.

    Sariel Adobea Etwire said ECG has a vision to become financially viable and was not relenting in Revenue Protection activities to ensure that all customers using power without payment would be smoked out for prosecution.

    Ing. Mrs. Etwire said the Eastern Region has undertaken various initiatives, which have in the past helped the Region to enjoy a relatively stable power supply.

    She assured Customers that her outfit will continue to work hard to keep the light on and urged Customers to do their part by paying their bills promptly.

    “However those who have not been receiving bills for some time should do well to report to the nearest ECG office to avoid piling up of their monthly bills”.

    Source: Ghanaweb 

  • GEIC 2022: Lamore Bella Events wins Best Event Stylist of the Year Award

    Lamore Bella Events has been crowned the Best Event Stylist of the Year at the just ended 2022 Ghana Events Industry Conference and Awards (GEIC) held at the De Icon Events Centre in Accra.

    The award is an acknowledgement of the company’s creativity and commitment in building the Events Industry as well as being a highly recognised company advocating for best business practices in the sector.

    Interacting with the media after the event, the Chief Executive Officer of Lamore Bella Events, Barbara Naa Tettehley Mensah, was extremely grateful to God, her clients, friends and family for the massive support.

    GEIC 2022: Lamore Bella Events wins Best Event Stylist of the Year Award

    She especially mentioned her committed staff who work tirelessly to make sure they deliver precise planning, flawless coordination, timeless design and trusted delivery.

    “It was a tough category I would say. First of all, I would like to say, thank God for always answering my prayers. And a very well done to the visionaries of the Event Vendors Association of Ghana (EVAG) and the GEIC Board because it’s not easy putting up credible events like this”, she said

    The fourth edition of the GEIC was on the theme ” Empowerment and Sustainability”.

    It started with an Aviation Night and continued with a two days seminar with top notch speakers held at the Underbridge Event Center.

    GEIC 2022: Lamore Bella Events wins Best Event Stylist of the Year Award

    The all important event aims at creating a platform for the operators in the event industry to interact and pull resources from each other and also promote a high level of ethics within the event industry and management to high standards.

    Lamore Bella Events is an outstanding event styling company that has been in business for six years now.

    Source: Myjoyonline

  • PFJ Market: Agric Ministry begins the sale of cheap foodstuff today

    The Ministry of Food and Agriculture will begin the sale of ‘cheap’ foodstuff to Ghanaians today November 11, 2022.

    The move by the Ministry is to sell foodstuff directly from the farmers in the rural areas to persons in the urban areas.

    The PFJ market is sponsored by the Ministry and is purposed to cushion persons from the increasing cost of food commodities in the capital.

    Speaking at a meeting with farmers in Sefwi Wiaso in the Western North Region, sector Minister, Dr. Owusu Afriyie Akoto said; “the ministry itself is going to take its own initiative.”

    “We are going to link up with the farm gate so that we make all the arrangements to ensure that we put up kiosks on our compounds at the ministry, specifically for food from here [Sefwi Wiaso] and we are going to give it a lot of publicity,” the minister said.

    Meanwhile, Ghana is recognized as the nation with the biggest increases in food prices by the World Bank.

    With a 122% increase in food prices, the nation has achieved the toughest achievement in sub-Saharan Africa.

    In recent months, food costs have risen significantly since the beginning of the year in a number of nations throughout the world, primarily as a result of the conflict between Russia and Ukraine.

    According to the World Bank, Ghana is the nation in Africa with the highest food prices. According to the World Bank’s October 2022 Africa Pulse report, Ghana is the sub-Saharan African nation with the highest rate of food inflation.

    Source: Ghanaweb

  • FLASHBACK: GRA scraps ‘benchmark’ on 32 items

    In 2021, the Ghana Revenue Authority announced that effective November 13, 2021, the removal of benchmark values on some 32 categories of items will commence.

    A letter from the Authority said, “We write to inform you that following discussions on various fora, it has been agreed that discount on some commodities currently being enjoyed should be reversed to achieve revenue effect.”

    The items included sugar, (pasta, spaghetti, noodles, macaroni), palm oil – crude and refined oils, aluminum finished products (roofing sheets), toilet paper, facial tissue and towel, chocolate, portland cement, clinker, etc., and mosquito coil.

    Read the full story originally published on November 13, 2021 by classfmonline

    The Ghana Revenue Authority (GRA) has announced that the implementation of the removal of benchmark values on some 32 categories of items, will begin from Monday, 15 November 2021.

    A letter written to Finance Minister Ken Ofori-Atta to that effect dated 11 November 2021 and signed by Commissioner-General Rev. Ammishaddai Owusu-Amoah, said: “We write to inform you that following discussions on various fora, it has been agreed that discount on some commodities currently being enjoyed should be reversed to achieve revenue effect”.

    The items include sugar, (pasta, spaghetti, noodles, macaroni), palm oil – crude and refined oils, aluminium finished products (roofing sheets), toilet paper, facial tissue and towel, chocolate, portland cement, clinker etc., and mosquito coil.

    The others are vehicles, ceramic tiles, aluminium products, cartons, boxes of paper, paperboard cases of corrugated paper, machete, water, soft (including mineral and aerated with sugar (including sweetened)), plastic – chapter 39, tile cement, textiles and textile articles, iron steel bars, rolls forged and structures, fruit juices, tomato paste & ketchup, cement paper bags, furniture and parts.

    The rest are toilet soap, laundry bar soap, detergents – washing powder, lubricating oil, alcoholic beverages, soft drinks and carbonated drinks, flexible packing materials, biscuits/wafers, cigarettes, pharmaceuticals, machinery and equipment, plant.

    Read the GRA’s letter below:

    Removal of Benchmark Values on Selected Items Commences From November 15, 2021

    Our letter on the “brief on the removal of the benchmark on selected items” dated September 27, 2021, refers.

    We write to inform you that following discussions on various fora, it has been agreed that discount on some commodities currently being enjoyed should be reversed to achieve revenue effect.

    To this end, November 15, 2021, is, therefore, slated for the effective date for the implementation of the removal of the benchmark values on some selected items.

    Copy of the list is attached.

    For ease of reference, a copy of the letter with reference CG/GRA/MOF/110/21 is also attached for your consideration.

    We count much on your usual cooperation.

    Thank you.

    Yours faithfully,

    Rev. Ammishaddai Owusu-Amoah

    Commissioner-General

    A few months ago, the President of the Ghana Union of Traders Association, Dr Joseph Obeng, warned that any intention by the government to scrap the 50% Benchmark Value at the ports “will be suicidal”.

    In a press statement, Dr Obeng said: “Any attempt to remove this good policy of the government that brought relief will be suicidal for the state because it will not only collapse business but also cause an unbearable rise in prices of goods and services beyond the reach of consumers, especially, low-income earners and the unemployed”.

    Source: Ghanaweb 

  • FLASHBACK: IMF has never been antidote to any country’s problem – Bernard Mornah

    The National Chairman for the People’s National Convention (PNC), Bernard Mornah, intimated that the International Monetary Fund does not hold the solution to the problems Ghana faces.

    He said: “Economic policy after policy ever since Ghana subscribe to International Monetary Fund (IMF) and the World Bank Ghana has seen, what they have done is that they gave us omnibus policy; what they have done in some country, they would bring it here and the evidence abound. IMF and World Bank have not been able to salvage any economy anywhere in the World.”

    Read the full story originally published on November 11, 2017, by ghanacrusader.com

    The National Chairman for the People’s National Convention (PNC), Bernard Mornah has stated that the International Monetary Fund (IMF) has not been able to save any economy of a country across the world.

    His response comes on the back of a press conference on Wednesday, 8th, November, 2017 held by the Minority in Parliament at which they proposed that government’s inability to raise the initial amount ($2.25 billion) was due to its mismanagement of the economy.

    Sharing his thoughts on the Energy Sector Bond, he stated that, ”Economic policy after policy ever since Ghana subscribe to International Monetary Fund (IMF) and the World Bank Ghana has seen, what they have done is that, they gave us omnibus policy; what they have done in some country, they would bring it here and the evidence abound. IMF and World Bank have not been able to salvage any economy anywhere in the World.”

    He stated that,”They will praise you for good policies that are treason and in no time you will see that the consequences on your nation are so telling.”

    ”So evidently the IMF has never been the solution to a nation’s difficulty. So it was at this point Gov’t of Ghana decided that may be needed policy confidence from the IMF and decide IMF gave us thumbs up in the raising of a loan from the International Community,” Bernard Mornah stated.

    Source: Ghanaweb 

  • Today in History: Reckless economic management due to overspending during 2020 polls – Mahama

    Former President John Dramani Mahama stated that the reason Ghana was facing economic challenges was because of the government’s reckless spending during the 2020 elections.

    “It is quite clear, in our case, that it was the desire to win elections at all costs that got the government to engage in unbudgeted consumption expenditure to create an artificial feel-good factor before the election 2020. It is this overspending that led to the very large deficit that has undermined the economy,” he said.

    Read the full story originally published on November 11, 2021, by rainbowradioonline

    Former President John Dramani Mahama has opined that the government’s poor and reckless management of the economy is due to overspending on the 2020 elections and not the effects of the pandemic.

    The former leader says the current administration is only blaming their poor management of the economy for the economic effects of the Covid -19 pandemic.

    Addressing the nation at the Kempinski hotel to end his tour of the 16 regions, Mr. Mahama said: “The government has attempted to conceal its appalling incompetence and recklessness in the management of the economy with the Covid-19 pandemic while the pandemic pose a global challenge to the global economy including ours.

    “It is quite clear, in our case, that it was the desire to win elections at all cost that got the government to engage in unbudgeted consumption expenditure to create an artificial feel-good factor before election 2020. It is this overspending that led to the very large deficit that has undermined the economy.”

    He further stated that all African countries were hit by the outbreak, but they managed their economy effectively.

    “Data from our neighbours and other comparative countries in sub-Saharan Africa who were also ravaged by the Covid -19 clearly shows that almost all of them kept their economies within manageable limits and have not been through the economic crisis that Ghana finds itself in today.

    “Covid-19 did not affect us any more extraordinarily than it did to Cote D’ Ivoire, yet their budget deficit for 2020 was 5.9 per cent, and their debt to GDP ratio stands at 49 percent. Togo, Benin, Nigeria, Sierra Leone, Liberia and Niger and others have deficits below 7 percent while their debt to GDP is nowhere near the 80 percent that Ghana has recorded,” he said.

    He added: “The undeniable effects of Covid-19 notwithstanding, it is evident from the above that the government placed its inordinate desire to win elections above prudent economic management, and that is why Ghanaians are going through much suffering now.

    “Long before Covid-19 struck, red flags had emerged, signalling mismanagement of the economy, we drew attention to this, but no corrective action was taken.”

    Source: Ghanaweb

  • World’s smallest football league consists of only two teams

    The Isles of Scilly Football League is the world’s smallest official football league, consisting of only two teams that play each other seventeen times a season.

    As the home of football, England has always been crazy about the team sport, and the Isles of Scilly, an archipelago of more than 140 islands off the southwestern tip of Cornwall, is no exception. Like many other regions of England, the isles have their own football league, but what sets them apart is the size of the league – it consists of just two teams, the Garrison Gunners and the Woolpack Wanderers, that play each other every weekend during a season, as well as in two yearly cups and the traditional ‘Old Men versus the Youngsters’ game played on Boxing Day.

    “The games are always competitive and everyone always gives their all. It is a unique league, but that’s the nature of the Isles of Scilly,” local player Will Leathbridge said. “At the start of every season we mix up the teams to make it a bit more interesting so you are playing against different people. The players are divided up into positions and then alternative picks are selected by captains.”

    But isn’t playing against the same team every weekend get boring after a while? Well, players in the Isles of Scilly Football League will tell you that life “is only boring without football”. So as long as they have someone to play against, no one complains.

    Local football enthusiasts say that there was a time in the early 1900s when the league consisted of teams from all five inhabited islands in the archipelago. But that all ended sometime in the 1950s, and there have only been two teams since.

    Interestingly, both the Garrison Gunners and the Woolpack Wanderers only rely on the inhabitants of St. Mary’s island as a recruitment pool for players. The annual draft is getting harder every year, as the island’s young continue to leave in search of better prospects on the mainland. And bringing in players from the other islands is a tough proposition considering the difficulty of crossing during storms and in the frequent fog.

    “Players do come from other islands but that in itself can lead to problems. If it is too dangerous to cross then they can’t play,” Leathbridge said.

    The world’s smallest football league shot to fame in 2008, when Adidas came to St. Mary’s to shoot its “Dream Big” commercial. Football stars like Patrick Vieira, Daniele De Rossi, David Beckham, Michael Ballack, Steven Gerrard were flown in for the shoot, and the idea of a two-team league really captured people’s imagination. Football enthusiasts, news outlets and major corporations have been coming here ever since.

    “Since then, we’ve had everything from Sky Sports, talkSPORT, The New York Times, BBC. We’ve also had a lot of international coverage,” Will Leathbridge said. “We’ve been on national television during the Rome derby in Italy, during a Bayern Munich Champions League game, an online piece from a company in Brazil.

    We had Vodafone do a campaign here where they introduced fan-assisted refereeing to one of our games.

    And we’re featured in the FIFA museum because every four years we play a team from Penzance for the chance to win the world’s smallest trophy. It’s 2mm.

    Source: Complex.com

  • Today in History: Fuel taxes not meant for development – Benjamin Nsiah

    The Head of Research at the Chamber of Petroleum Consumers (COPEC), Benjamin Nsiah, stated that fuel taxes are not to be used for development.

    He said: “One thing that worries COPEC is that we don’t mind paying taxes on fuel to develop Ghana but paying these taxes to offset debts of institutions that are not pulling their weight is a worry. Officials in these agencies do not execute their mandate and lazy about only being paid GH¢40,000 and GH¢25,000 a month.”

    Read the full story originally published on November 12, 2021 by happyghana

    Head of Research at the Chamber of Petroleum Consumers (COPEC), Benjamin Nsiah, says petroleum products are the engine of growth for any economy but argues the case is different in Ghana.

    Instead of developing with its petroleum and oil resources, the country is only retrogressing, he posits.

    In Ghana, there are 11 taxes, levies and margins on every litre of fuel purchased and this totals GH¢2.43 pesewas which are purposed towards the smooth operation of the government and its agencies.

    “One thing that worries COPEC is that we don’t mind paying taxes on fuel to develop Ghana but paying these taxes to offset debts of institutions which are not pulling their weight is a worry. Officials in these agencies do not execute their mandate and lazy about only being paid GH¢40,000 and GH¢25,000 a month.”

    “The Ghanaian pays 49pesewas on every litre of fuel purchased and this goes into the Energy Debt Recovery Levy. This money is used to pay the debt of TOR, people who mismanaged the economy and their work, and this debt only keeps on rising. The debt incurred by the Energy Sector is being paid by the struggling trotro driver although employees in the sector are being paid to make profits for the nation.”

    Some Oil Marketing Companies (OMCs) have increased the price of fuel by about 10 pesewas. A litre of petrol is currently being sold at about GH¢6.90 at most fuel vending stations.

    In the midst of the upward adjustments, the Ghana Private Road Transport Union (GPRTU) has urged drivers not to increase lorry fares.

    These developments have made drivers agitated. They have stated their unpreparedness to continue to put up with the high cost of fuel.

    Sixteen driver unions are demanding that the government scraps some taxes on petroleum products otherwise they will withdraw their services.

    Speaking in an interview with Don Kwabena Prah on Happy98.9FM’s Epa Hoa Daben political talk show, he indicated that a pesewa is paid to the Energy Commission for every litre of fuel purchased.

    “The Energy Commission is to advise the government and citizenry on the efficient use of energy but when was the last time you heard them promote the safe use of energy? The Commission makes GH¢23 million annually from taxes but they sit and do nothing and only pay themselves huge sums, using the rest to attend conferences in Glasgow whiles the petroleum consumer suffers.”

    According to Benjamin Nsiah, the Ghanaian is tired and can no more take this insensitiveness from the government and pay for government inefficiencies.

    Source: Ghanaweb

  • Confusion rocks start of Ashanti Regional NDC elections

    Disagreements and confusion rocked the National Democratic Congress’ Regional Elections for Youth and Women Organizer wings in the Ashanti Region on Friday, November 11, 2022.

    There was an exchange of fisticuffs during the process.

    The candidates for the Youth Organizer position are divided over whether members of the Tertiary Education Institutions Network (TEIN) should vote or not.

    Just as the elections were about to start after the party resolved an earlier injunction on the process, the exercise was marred by confusion.

    Before the election started, there was confusion over an injunction secured by the NDC National Youth Organizer, George Opare Addo and a Deputy Regional Youth Organiser Aspirant, Emmanuel Atanga.

    Some Members of TEIN of the NDC were also protesting at the election grounds, as they alleged that the injunction is also aimed at preventing the Presidents and Women’s Commissioners of TEIN from voting.

    The TEIN president of the Wesley College of Education said it is the constitutional right of presidents and women’s commissioners of the Network to partake in electing regional executives for the party and any attempts to disenfranchise them will be fiercely resisted.

    Source: Citinews

  • Ghana Cedi’s drop for months portends deeper losses for currency – Report

    Ghana’s currency has lost more than half of its value this year, but the weakening trend may not be about to end any time soon if history is any guide.

    The cedi, the worst-performing among 148 currencies tracked by Bloomberg, is down more than 57% against the dollar this year and is on track to slip for a seventh straight month in November.

    The last such streak was in 2015. Investors who continued to bet on the dollar after such an episode gained an average 17% over the next six months.

    Slipping Away

    Cedi’s rare 7-month losing streak against dollar has led to more declines

    Ghana’s inflation accelerated at 40% in October and the government has yet to reach a bailout deal with the International Monetary Fund, prompting investors to shun the nation’s assets.

    Lawmakers in the West African nation Thursday are debating an opposition motion to remove Finance Minister Ken Ofori-Atta over the economic crisis.

    Source: Ghanaweb 

  • 2022 World Cup: Aliou Cisse optimistic about Sadio Mane fitness

    Senegal manager Aliou Cisse hopes Sadio Mane will be fit in time for the 2022 World Cup in Qatar after naming his squad on Friday.

    Despite Sadio Mane’s recent injury, Aliou Cisse decided to keep him in Senegal’s World Cup squad.

    Ismaila Sarr, who had joined the injured group during the Afcon and had played his first match in the quarterfinals, is the example he brings up.

    According to the coach, Sadio Mane should have improved within “two or three weeks.”

    Mane limped off during Bayern’s 6-1 win over Werder Bremen on Tuesday

     

    “I preferred to keep him in the group,” Cisse told reporters.

    “Sadio Mane is an important player in our squad, it is important to continue to follow his injury, hoping that in two or three weeks there will be progress. But we are really optimistic,”

    “We will give ourselves all the necessary means to allow Sadio Mane to recover,”

  • Japanese girl has been getting plastic surgery since 5th grade

    A Japanese girl sparked controversy recently after revealing that she has been getting plastic surgery since 5th grade and that she has so far spent over 10 million yen ($72,000) to change her appearance.

    Zirazyo_ is an up-and-coming Japanese influencer whose shot to fame came when she revealed that her current appearance is the result of plastic surgery. The young girl recently posted a TikTok video where she claims to have had her first cosmetic procedure in the 5th grade (10 or 11 years old), and that she has been altering her appearance ever since, spending over 10 million yen in the process. Zirazyo_ confessed that she has been struggling with criticism for her plastic surgery her entire life, but that she is fighting to break the stigma that plastic surgery is a negative thing.

    When she was in third grade, Zirazyo_ used to tape or glue her eyelids to create the effect of a blepharoplasty, but when her mother told her that there was actually a procedure that would make the effect permanent, the young girl asked if she could go under the knife. She had the procedure in the 5th grade, and she loved the result, but her schoolmates started bullying her for it.

    Zirazyo_ says that all through elementary school and junior high school, kids used to talk behind her back and laugh at her because of her plastic surgery, but she didn’t let it bother her too much and always told herself that they were just envious on her cute looks.

    Speaking of cute looks, Zirazyo_ confessed that her younger sister’s natural cuteness played a big part in her decision to undergo various cosmetic procedures. She had always dreamed of being in the entertainment industry, but she wasn’t the cute one in the family, her sister was. She always received compliments on her looks and in middle school she was considered the cutest girl in school. But that all changed thanks to plastic surgery.

    When she was in union high-school, she had never had a boyfriend and she was dealing with constant bullying. But after 3 cosmetic procedures, her appearance changed drastically and all of a sudden people’s opinions of her changed as well. Not only did it boost her self-esteem and confidence, but it also made it possible for people to discover who she was inside, instead of rejecting her because of her looks.

    Zirazyo_ claims to have spent over 10 million yen on cosmetic procedures so far, and looking at her before-and-after pictures, it’s obvious that her appearance has changed pretty drastically. And despite turning to plastic surgery at a very young age, she doesn’t have any regrets. In fact, she considers herself somewhat of a plastic surgery ambassador.

    Asked why she decided to reveal her plastic surgery transformation on social media,Zirazyo_ said that there is a perception in Japan that natural cuteness is good, but cuteness through plastic surgery is not. She is here to change that and tell the world how plastic surgery changed her life for the better.

    At the same time, Zirazyo_ advises people to not compare themselves with others, if they want to keep their sanity, because social media these days can really make users depressed.

    She acknowledges that plastic surgery can have a dark side and that some people can become addicted to cosmetic procedures.

    Source: Complex.com 

  • ‘Prices are a bit high’ – Civil servants compare prices at Agric Ministry food sale with those in public markets

    Some civil servants have expressed their disappointment with prices at the PFJ market.

    The Ministry of Food and Agriculture began the sale of ‘cheap’ foodstuff to Ghanaians today November 11, 2022.

    The move, the Ministry noted, is to sell foodstuff directly from the farmers in the rural areas to persons in the urban areas at a much cheaper rate.

    However, some civil servants who partook in the sales have expressed their disappointment with the prices of the items.

    On sale today was fresh plantains, which sold for between 10, 15 and 20 cedis per bunch.

    The buyers said there was no difference between what is sold in the market.

    Speaking to JoyNews at the Agric Ministry where the exercise was held, a civil servant who works at the Ministry of Lands and Natural Resources said: “To me, it’s a good initiative but since I heard it was a pilot, we are expecting that the next bunch that will come, the price will really go down a bit. Last week I bought one bunch for 15 in the market. It was reasonable, looking at the size. So I can’t see any big difference between what is here and what is in the market.”

    She added: “My view is that maybe if you are coming from Amasaman, Pokuase to come to the Ministry, transportation is like 10 15 cedis, so I don’t see the point.”

    Another noted that: I wanted some perishable goods but unfortunately they are saying they are not going to bring anything of that sort. It’s a very good exercise but with the plantain I saw, I was expecting the price to be down, I did some comparisons and I realized that the prices here are a bit high, so if they can bring it down a bit for us.”

    The PFJ market is sponsored by the Ministry and is purposed to cushion persons from the increasing cost of food commodities in the capital.

    Speaking at a meeting with farmers in Sefwi Wiaso in the Western North Region, last week sector Minister, Dr. Owusu Afriyie Akoto said; “the ministry itself is going to take its own initiative.”

    “We are going to link up with the farm gate so that we make all the arrangements to ensure that we put up kiosks on our compounds at the ministry, specifically for food from here [Sefwi Wiaso] and we are going to give it a lot of publicity,” the minister said.

    Meanwhile, Ghana is recognized as the nation with the biggest increases in food prices by the World Bank.

    With a 122% increase in food prices, the nation has achieved the toughest achievement in sub-Saharan Africa.

    Source: Ghanaweb 

  • E/R NDC polls: Etornam Nyarko elected youth organizer

    Richard Etornam Nyarko has been elected as the new Youth Organizer for the National Democratic Congress in the Eastern Region.

    Richard Etornam popularly called Bilbo polled 55 of the total votes to unseat the incumbent, Emmanuel Okai Mintah who garnered 52 votes.

    Mr. Mintah who was seeking to retain his seat unfortunately succumbed to Bilbo in a fiercely contested election in the Nsawam-Adoagyiri Municipality.

    Fohad Agbenyadzi Tetteh also emerged as the winner in the Deputy Youth Organizer elections beating Nathaniel Guamah, Eryk Kwasi Agyapong, and Evans Srenyame.

    For the Women Organizer position, Shirley Naana Osei Ampem retained her position with 39 of the total votes against the 34 votes polled by her rival Evelyn Korang who was a former women’s organizer.

    Tina Effah Boadi also polled 28 of the total votes to become the Deputy Women’s Organizer beating her close rivals Rita Awatey Akosua, Linda Ahenkorah, and Sahadatu Ibrahim.

    The main elections will, however, come on next weekend at Akim Oda in the Birim Central Municipality.

    Source: Citinews

  • All the times Ofori-Atta presented ‘wrong’ figures to parliament – Muntaka details

    The Member of Parliament for Asawase in the Ashanti Region, Mubarak Mohammed Muntaka has detailed that finance minister Ken Ofori-Atta has presented inaccurate figures to Parliament on four occasions.

    According to him, the figures change when the Minister is asked to present to international bodies such as the World Bank and the International Monetary Fund.

    He made the comments during a debate on the floor of parliament on a vote of censure against the Finance Minister, Ken Ofori-Atta.

    He said: “In 2018 he reported to this house that the fiscal deficit was 3.9% of GDP when he had to report to the World Bank the actual was 7.1% of GDP
    In 2019, he reported that the fiscal deficit was 4.8% when the actual to be reported to the International Monetary Fund the actual was 7.1% to GDP
    In 2022, he reported that the fiscal deficit was 11.7% of GDP when the actual was 17.2 %. In 2021 he reported 9.2% when the actual was 12.4%.”

    He said that the finance minister has shown beyond doubt that he is not able to the finances of the country, thus must be removed.

    “What are we waiting for, from this Minister before we will now believe the time has come for him to exit? I am reliably informed that he is part of the impediment that is not making us conclude the negotiations with the IMF,” he said.

    On November 10, 2022, the NPP side of parliament boycotted the vote of censure to remove Ofori-Atta.

    The Speaker of Parliament, therefore, instituted an ad-hoc committee to probe the Finance Minister, after which their report will be presented to parliament for further debate.

    Source: Ghanaweb

     

  • Hikes in transport fares reduce the rate of travel in Bolgatanga

    Increasing transport fares has reduced the rate at which people used to travel from Bolgatanga, the regional capital of the Upper East Region to other places.

    According to drivers in the Municipality, there had been a drastic reduction in the patronage of their services as it took a long time for vehicles to get enough passengers for a trip, from the various lorry stations on daily basis due to the increase in fares.

    Mr Abomooh Francis Akanboe Yazieh, the Secretary of the Needle and Thread Transport Limited (N&T Transport), speaking in an interview with the Ghana News Agency said the effect of the high cost of fuel and low patronage of the services of drivers was so dire that some had practically folded up.

    “The reality on the ground is that drivers are experiencing the worse times because some cars have been here for 24 hours and are still in the queue just to get passengers to Tamale and loading back is not assured because yesterday, we loaded only ten cars and only five were able to return with passengers and the others slept in Tamale.”

    “It is very unusual, because in time past when fuel prices were manageable, we could load about 25 cars and even sometimes rely on other stations for cars but now, our drivers don’t get to load and some have practically folded up because they waste fuel and come here, only to be stranded,’’ he added

    He said the fare for six-seater capacity vehicles moving from Bolgatanga to Tamale was presently GH¢80.00 while 12-seater capacity vehicles charged GH₵65.00 as against the previous fares of GH₵55.00 and GH₵45.00, respectively.

    Mr Amadu R. Mohammed, alias Chukse, a driver at the Station said the inability of the government to reduce fuel prices would worsen their plight and negatively impact those who depended on them.

    “We are much worried as drivers because it is not in our interest to make things difficult for our passengers because we survive on their patronage of our vehicles, but this has been the case.

    ‘’Our children and parents depend on us, so imagine if we come here and return home with empty hands,” he added.

    The story at the Bawku lorry station was not different as vehicles were stationed without passengers. cheetah

    Mr Mba Ambrose, a driver at the station said traders preferred to have agents at the markets in Bawku, Tamale, Kumasi, and Accra, who purchase their goods for them and that had relatively reduced the number of people who travelled to and from Bolgatanga each day.

    The fare from Bolgatanga to Bawku presently ranges from GH₵35.00 to GH₵40. 00 as against the previous GH₵25.00 or GH₵30.00, depending on the type of vehicle.

    At the State Transport Corporation (STC), fares from Bolgatanga to Accra, Kumasi and Techiman are Gh¢275, GH¢197, and GH¢ 140respectively, an increase from GH¢ 250.00, GH¢170 and GH¢110.00 respectively, in one week.

    At the OA bus station, there was an increase of Gh¢ 20.00 on all the fares of the various buses, the Executive bus fares from Bolgatanga to Kumasi is GH¢200.00, Accra GH¢ 300.00 and Techiman, GH¢ 170.00 while the standard buses charged Gh¢ 240.00, GH¢170.00 and GH¢150.00 to Accra, Kumasi and Techiman, respectively.

    A visit to some fuel pumps in Bolgatanga Township by the Ghana News Agency revealed that Petrol was sold at GH₵17.99 and Diesel at GH₵23.49 per litre by GOIL and NASONA oils while at the NAAGAMNI oil, petro was sold at GH₵17.80 and Diesel at GH₵22.99 per litre.

    Source: Ghanaweb 

  • Accra Skytrain Project postponed due to coronavirus restrictions – Minister

    Minister for Railways Development, John Peter Amewu, has revealed that the inability of government and its partners to implement the Accra Skytrain Project is due to travel restrictions during the COVID-19 pandemic.

    According to the minister, following pre-feasibility studies the parties were set to undertake a 9-month long feasibility studies to enable the project commence by January 2020.

    However, this could not happen because the financiers pulled out of the transaction, causing the agreement to expire.

    “The cost of the whole project, at that time, was projected at about US$1.9 billion after the initial pre-feasibility studies undertaken by Africa Investor. However, for a project of this magnitude and complexity, a very detailed feasibility study was required to form the basis for entering into a full concession agreement for its development,” he said.

    “Africa Investor and GIIF were tasked to undertake the detailed feasibility study within nine months from date of signature as per the terms of the MoU to determine the feasibility and bankability of the project, after which work would have commenced by January 2020,” he added.

    “Africa Investor later informed the ministry that in the light of COVID-19 pandemic and travel restrictions that prevailed at the time, their technical team could not travel to Ghana to undertake the feasibility studies. In this regard, therefore, their financiers pulled out of the transaction and the agreement automatically expired,” the minister told parliament, Tuesday.

    Prior to this development, the Ghana Infrastructure Investment Fund (GIIF) had made initial payment of some US$2million to Africa Investor Holdings Limited toward the project.

    The Accra Skytrain Project

    The proposed Accra Train system is an integrated, elevated rail urban transit system that aimed at providing an efficient, cost-effective, reliable, safe and accessible public transport network in the Greater Accra Metropolitan area.

    Government, through GIIF, signed a concession agreement in November 2018 with South African firm, Africa Investor, to construct the US$1.9billion Accra Skytrain project.

    The Railway Ministry at the time was confident that the project was the solution to the Greater-Accra capital’s traffic congestion problems.

    As a world-class mass transport system, the GIIF was optimistic that the project would create 5,000 jobs during its construction and further development of the capital.

    Minister on revisiting the project

    Mr. Amewu, in his response on the matter in parliament, further noted that even though a project of such sort is a bankable one and government may reconsider it, he does not see a skytrain project being done within the next three to four years.

    “This project shows a very high level of bankability, and that was the triggering factor for continuing feasibly studies to extend the time for commencing the project. So the project, as it is, is really a bankable project. The ministry, of course, has an interest in such a very feasible and bankable project, and we will look at it when our situation improves.

    “To construct a skytrain worth about US$1.9billion in three years, I still maintain is not possible. Not possible on two grounds; one has to do with the time period, and two has to do with the finances,” the minister stated.

    Source: Ghanaweb 

  • 7 horribly depressing reasons men cheat

    We all know that cheating in relationships is as commonplace today as it ever was in history.

    Working as a relationship therapist for the last 14 years, I’ve seen countless women sitting in my office who have been devastated by discovering that their partner has cheated on them. And it’s not unusual for me to see men who are perplexed by their own behavior that has undermined a good or great relationship.

    When I ask men why they have cheated, here are some of the more common excuses I’ve heard:

    “If I were getting more (or good) sex at home, I wouldn’t have to cheat.”

    This line is as old as dirt. Unfortunately, having a lackluster sex life with your significant other is not an automatic pass for cheating. There can be many reasons why your woman is not interested in sex, and some of them don’t have anything to do with you.

    The only (healthy) way to have better or more frequent sex with your partner is to talk with them, work it out, and then have better sex. Why are they not interested in sex right now? Before laying in with a monologue about your needs, ask her how she’s doing. Listen without interrupting. Women are not as complicated as they may seem. Tell her you miss the intimacy, and why.

    “All men want to sleep with multiple women. When an opportunity comes by, they’ll take it.”

    The biological imperative to spread your seed was probably true a few thousand years ago. Today, however, there’s massive overpopulation, so this excuse has expired.

    Wanting to sleep around is fine, but acting on this impulse while you’re in a committed relationship sets off a karmic time bomb. If you really want to sleep with multiple women, talk to your partner first, to give her the option of staying with you or going on her way. That’s the real issue behind cheating: deception takes away the other person’s free choice.

    “I didn’t actually have intercourse, so it wasn’t cheating.”

    This harks back to the famous Bill Clinton line, “I did not have sexual relations with that woman,” where President Clinton got us thinking, what exactly is the definition of sex?

    While it’s true there are different levels of intimacy, kissing or even sexting outside the relationship can be just as damaging as sex. When you act on an attraction to someone outside the relationship, it doesn’t matter so much what you actually do. The breach was acting alone, leaving your partner oblivious to your actions, and powerless.

    “If my wife were kinder/15 pounds lighter/more supportive I wouldn’t cheat on her”.

    Part of this excuse, at its core, has some truth. If your spouse is not being supportive, it’s hard to get in the mood. But cheating, as a knee-jerk reaction, just sets up more pain for everyone. And physical changes, up or down, are part of what you agreed to when the relationship started. No one looks the same at 55 as they did at 25.

    Here are seven reasons men actually cheat:

    1. Revenge

    If you’re angry with your partner, cheating can feel like a powerful revenge (and pleasant, for a bit). In this case, you’re disrespecting two women at once. You’re getting back at your partner with a woman who you don’t think so highly of. Any potential new relationship that develops from infidelity is tainted with a sketchy beginning.

    2. Addictions, compulsions

    If you’re struggling with other problems, like alcohol or drug abuse, your decision-making may be affected. Cheating in that situation is a symptom of the larger issue, addiction.

    Sexual compulsions are another issue. If you’re compulsively fantasizing or acting on your sexual impulses to disengage from the rest of your life, who you cheat with doesn’t matter so much, it’s the distraction that counts.

    3. Boredom/unrealistic expectations

    Boredom can set in at any time, but going from bored to adulterous should be given some hard thought. Unrealistic expectations, like thinking your partner will fulfill all your desires and kinks, are a companion to boredom. The Internet and its limitless supply of pornography are somewhat to blame for this, particularly with young men.

    Actual women have thoughts and feelings, and desires of their own. It’s hard to be turned on for 12 hours a day, let alone 24.

    4. To sabotage or destroy the relationship

    This is cheating as a means to an end. Instead of breaking up with your partner outright, you cheat on her and make sure she finds out. For a lot of people, men and women, this action is easier to carry out than walking out of the relationship.

    In a variation on this theme, men sometimes cheat because they want to leave their current partner, but they don’t want to be alone. Having someone else waiting offstage makes it easier to leave.

    5. Immaturity

    Some men are immature, no other way to put it. But it’s not a character flaw; it’s probably that they don’t have much experience with monogamy. A man might see a committed relationship as a novel idea, and not fully grasp the work that’s involved.

    6. Childhood abuse

    Some men cheat in response to unresolved trauma. In this case, you either re-enact the childhood trauma or respond to it subconsciously.

    Attachment and intimacy issues are common symptoms of old trauma, and they leave you on shaky ground for monogamy. A secret sex life with other people is a great distraction from pain but doesn’t resolve any underlying issues.

    7. Insecurity

    Insecurity can be tied to childhood abuse, or it can arise in any man at any time. There is a tremendous amount of pressure on men in Western society to be young, handsome, rich, smart, athletic, witty, and on and on. To prop up a sagging ego, cheating works pretty well (for a little while). It’s a way to feel desired and appreciated outside of a relationship, and it’s cheaper than buying a convertible.

    The bottom line is cheating on someone you love has heartbreaking consequences.

    If you think you’re in danger of hurting the one you love, reach out to your partner, or a professional, to talk about what’s working or not working in your relationship. It can be a hard conversation, to begin with, but not as hard as telling your beloved that you’ve betrayed them.

    Source: Your Tango

  • Rising raw materials cost pushing footwear makers out of business

    Footwear manufacturers in Asafo Market, Kumasi, have bemoaned the frequent increase in prices of raw materials used in producing footwear, saying it is gradually ‘killing’ their businesses.

    In an interview with B&FT, Chairman of the Footwear Manufacturers Association at Asafo Market, Samuel Nkrumah, expressed worry that some of their members have added to the huge number of unemployed in the country.

    He explained that this could be avoided if prices on the raw materials are affordable and stabilised, at least.

    “We used to be so many in the footwear manufacturing industry here in Asafo and Kumasi, we have branches at all the markets in Kumasi and neighbouring communities. But now, if your capital is not huge you won’t get the items on credit. This has led to a reduction in the number of people in the industry. It has increased the level of unemployment in the country, leading to an increase of crime rates in the country,” he said.

    According to Mr. Nkrumah, even though the cost of their raw materials increase by the day, it has become very difficult for members to increase the price of their footwear.

    “We manufacture and carry these goods on our heads to sell. Our products are not edible, they are footwear. Unlike food that you need every day for survival, ours is not like that. So with the increase in price of goods on the market, it is having a heavy toll on us. Prices of our raw materials keep increasing all the time. You can have a situation where prices increase within a few hours, and the margin is huge,” he noted.

    Price increment within the last five months

    Mr. Nkrumah told the B&FT that: “A sheet of ‘maakro’ (a card-like material that leather is wrapped around) used to sell at GH¢65, but we are now buying it at GH¢100; the ‘bona’ (rubber leather) too was GH¢22 per sheet, and it is now GH¢45; leather was sold at GH¢25 and we are now buying it at GH¢40 per yard. We were buying 5kg of glue for GH¢120, but it’s GH¢230 now; the 15kg glue was sold at GH¢400 but now it is between GH¢750 and GH¢800.

    “All of these goods are imported by individuals, so anytime the dollar shoots up a bit the importers increase the price anyhow. They do not care how we get money to buy. From June prices have shot up. “Even though our raw materials cost has increased by more than 50 percent, we are not able to increase our goods to match. Last week we were selling our sandals at a wholesale price of GH¢15, and we are now trying to sell them at GH¢20,” Mr. Nkrumah said.

    We are ready for AfCFTA

    On their preparedness to trade in the Africa Continental Free Trade Area (AfCFTA), Mr. Nkrumah is certain that the Footwear Manufacturers of Kumasi are ready to trade favourably. He noted that they already have their products in most West African countries.

    “We are ready for AfCFTA, we already send our goods to South Africa, Liberia, Burkina Faso, Mali and other African countries. Some of our members send more than 5,000 pieces to other countries to sell. If we don’t export some, the Ghanaian market cannot contain us. All we need is financial support for our work,” he added.

    Source: Ghanaweb 

  • Government steps up talks to secure cheaper fuel for Ghanaians

    The government has given the assurance that it has stepped up its talks with some oil-producing countries to secure cheaper petroleum products to cushion Ghanaians in the face of the rising cost of fuel in the country.

    The Deputy Minister for Energy, Andrews Egyapa Mercer, made this announcement while reacting to calls that fuel prices will be increased next week in the next pricing window.

    He said the government has stepped up the talks with the oil producers in Abu Dhabi, the capital of the United Arabs Emirates.

    The deputy minister who is also the New Patriotic Party (NPP) Member of Parliament (MP) for Sekondi Constituency in the Western Region made this announcement while speaking on Accra-based Joy FM’s 6 a.m. news on Friday, November 11, 2022.

    There are incessant price hikes in diesel and petrol.

    Diesel is selling for more than GH¢23, while the price of petrol is hovering around GH¢18

     

    Source: Ghanaweb

     

  • Operation Marvel – Policemen disguised as Superheroes bust criminal gang on Halloween

    Peruvian police in Lima recently received international attention for an offbeat operation in which officers disguised as Marvel and DC superheroes dismantled a crime family.

    That photo with the suspects looking down and Captain America smiling at the camera is priceless!

    Source: Complex.com

  • Woman allegedly wires her own mouth shut to lose weight

    A South African woman allegedly wired her mouth shut with “slimming wires” in a desperate attempt to lose weight for a breast reduction surgery.

    Aviwe Mazosiwe has been trying to lose weight and reach a certain BMI to qualify for breast reduction surgery that she hopes will improve her quality of life. She had managed to lose 12 kilograms with intermittent fasting, but after reaching a plateau on her weight-loss journey, the South African woman decided to take more drastic measures. In June of this year, she had slimming wires fitted on her teeth. These are orthodontic brackets with wires wrapped through them that are attached to the wearer’s teeth to keep the jaw shut. It’s a controversial weight loss device that has attracted a lot of criticism online after Aviwe started sharing her experience on TikTok.

    “I had so many negative comments but I can’t remember them all because I tried my best not to focus on those,” Aviwe told British tabloid The Sun.

    “I was still very new to the app itself when I started sharing my journey and the negative comments made me want to shut down the whole thing,” Mazosiwe added. “But I decided to keep going because it somehow felt like something I needed to share. Besides, the good comments made up for all the negativity.”

    Aviwe had the slimming wires installed at the end of June and kept them on for 7 weeks, during which time she lost a whopping 14.3 kilograms (31.5 lbs). Because her jaw was wired shut, she relied on liquid foods like smoothies, soups, and yogurt for sustenance, and claims that the savory taste of the soups kept her cravings in check.

    After having the slimming wires removed, the woman did indulge in one guilty pleasure, a jalapeño burger from her favorite place, but she did have to wait a day, because her jaw muscles needed time to adjust after seven weeks of being stuck in the same position.

    “I get that it’s a bit extreme but it really helped me as I struggled with self-discipline and sticking to ‘clean eating’ over a long period,” Aviwe Mazosiwe explained, adding that she understands slimming wires aren’t for everyone.

    “Only do this when you’re ready and in a good space mentally, especially if you’re an emotional eater,” she added.

    These slimming wires reminded us about a very similar and equally controversial weight-loss device we featured last year – the DentalSlim Diet Control. It was designed to allow wearers to open their mouths only about 2mm, thus making them unable to chew while making breathing and speaking possible.

    A quick google search reveals that Aviwe’s story is not uncommon. Apparently, slimming wires are very popular in South Africa, and there are hundreds of videos on YouTube by people documenting their experiences.

    Source: Oddity Central

  • 2022 World Cup: South Korea names Heung-min Son to final squad for tournament

    Son Heung-min, a forward for Tottenham, has been added to South Korea‘s 26-man World Cup squad after the player declared himself fit.

    The squad was announced by Paulo Bento former coach of Portugal. He also stated that he is talking to Tottenham’s medical staff and doesn’t know when South Korea’s number 7 will start training.

    “We are in contact with him and the Tottenham medical service. We don’t have the exact day when he can train with the team. We have to wait, we have to analyze his condition from day to day. We have time to decide. The most important thing is that he recovers as well as possible, he feels comfortable and then we will make the final decision,” Bento said.

    South Korea is in Group H with Ghana, Portugal, and Uruguay.

    Below is the full squad:

    Goalkeepers : Kim Seung-gyu (Al-Shabab/KSA), Song Bum-keun (Jeonbuk Motors), Jo Hyeon-woo (Ulsan)

    Defenders : Kwon Kyung-won (Gamba Osaka/JPN), Kim Moon-hwan (Jeonbuk Motors), Kim Min-jae (Naples/ITA), Kim Young-gwon (Ulsan), Kim Jin-su (Jeonbuk Motors), Kim Tae -Hwan (Ulsan), Yoon Jong-gyu (FC Seoul), Cho Yu-min (Daejeon Hana Citizen), Hong Chul (Daegu FC)

    Midfielders : Kwon Chang-hoon (Gimcheon Sangmu), Na Sang-ho (FC Seoul), Paik Seung-ho (Jeonbuk Motors), Lee Kang-in (Real Mallorca/ESP) and Lee Jae-sung (Mainz/GER). Jeong Woo-yeong (Freiburg/GER), Hwang In-beom (Olympiakos/GRE), Hwang Hee-chan (Wolverhampton Wanderers/England), Song Min-kyu (Jeonbuk Motors), Son Jun-ho (Shandong Taishan/ CHN), Na Sang-ho (FC Seoul)

  • Pray for Hajia 4 Real – Shatta Wale

    Dancehall artiste Shatta Wale has called for special prayers for singer and socialite, Mona Faiz Montrage popularly known as Hajia 4 Real following reports of her alleged arrest in London for $8 million theft case in the USA in 2014 yesterday, November 11.

    In a Facebook post on Saturday dawn, the Kakai hitmaker wrote, “Guys please help me Pray for my Mom Mona. Am so sad”.

    Even though Shatta Wale didn’t give details of the message, his petition for the popular social climber have perhaps given credibility to  reports of Hajia 4 Real’s arrest which started as empty rumours on social media on the afternoon of Friday considering that the two entertainment personalities have a very close relationship.

    The alleged arrest of Hajia 4 Real comes as a shock to many Ghanaians and followers since the social media influencer has been posting videos and pictures of her flashy lifestyles in London on her social media pages lately.

    Though information about the cause of her arrest is scanty, a number of media outlets including Yen.com.gh reported that she was allegedly reported in the UK over $8 million fraud in the UK.

    Hajia 4 Real who has songs such as Badder than Dem, Fine Girl and Baby featuring Shatta Wale has been trending on various social media platforms since last night.

    Source: Graphiconline

  • PFJ public market: ‘The big truck of plantain has arrived’ – Agric Ministry

    The Agric Ministry earlier stated that the insufficient foodstuff at its Planting for Food and Jobs market (PFJ) was due to a delay in the arrival of a “big truck” full of plantains.

    But the big truck has arrived at the Ministry ready to be sold to patrons, GhanaWeb can confirm.

    A number of persons have also trooped into the premises of the Agric Ministry to purchase the plantain.

    Patrons in the early hours of November 11, 2022, bemoaned the insufficient number of produce which was already sold out as of 10:00 am.

    A spokesperson at the Ministry who spoke to JoyNews said the foodstuff was just only a small number of what was expected.

    He said, “the big truck had been delayed.”

    “The information gathered is that there was an accident between Apagwa and Suhum area and the road was actually blocked so it had to reroute through Kyebi. So, we are hoping that it should be here shortly,” he said.

    Meanwhile, some civil servants who bought plantains earlier bemoaned the high cost of the foodstuff while comparing them to those sold in the public markets.

    Speaking to JoyNews at the Agric Ministry where the exercise was held, a civil servant who works at the Ministry of Lands and Natural Resources said: “To me, it’s a good initiative but since I heard it was a pilot, we are expecting that the next bunch that will come, the price will really go down a bit. Last week I bought one bunch for 15 in the market. It was reasonable, looking at the size. So I can’t see any big difference between what is here and what is in the market.”

    Source: Ghanaweb 

  • BizTech: Seven Streams Limited to transform Ghana’s oil and gas sector, create jobs for youth

    In the past few years, people from the diaspora have been retracing their ways into Ghana, in hopes of tapping into investment opportunities and other business potentials.

    From real estate, to finance and other key sectors of the economy, diasporans have been looking to create job opportunities and sustainable employment through these investments.

    For Gerald Wilson and Karleen Wilson, the establishment of an oil company focused on the transport and logistics of petroleum products has come at a good time.

    Taking their turn on GhanaWeb TV’s BizTech, the couple, Gerald Wilson and Kaleen Wilson, said their company, Seven Streams Limited seeks to meet the logistical needs of its clients by providing comprehensive transport solutions with an array of fleets and full-service portfolios in haulage.

    “Our operations for now is focused on the transportation and logistics as well as dealing in the haulage of petroleum products. We seek to create jobs and opportunities in Ghana’s petroleum value chain which is vast and rich in resources,” Co-Director of Seven Streams Limited, Gerald Wilson said.

    Touching on why they chose Ghana as their destination to migrate and invest, Co-Director of Seven Streams Limited, Karleen Wilson, said the decision has been in the works for years after they discovered the peace, joy and love Ghana brings after they came for an earlier holiday visit.

    “Our partners in Ghana had done an extensive and well-coordinated research on the potential of transportation and logistics in the petroleum industry and this birthed the idea of us establishing Seven Streams Limited to serve that purpose.

    “Ghana has been very welcoming to us and we are very grateful to our partners and consultants here who have helped establish this firm. For my husband Gerald and I, we are looking at other investment opportunities, not just in the oil and gas space, in order to create more jobs and opportunities for young people especially,” Karleen Wilson added.

    A director and consultant of Seven Streams, Ben Oteng Sekyere on his part said; “We operate from Accra to Kumasi currently after procuring a truck and other logistics necessary to get us started. We are a very vibrant team as everyone was poached from top companies to come onboard and join the firm. The prospects are also very great.”

    Seven Streams Limited Company is a legally registered transport and logistics company which deals in the haulage of petroleum products with a solid commitment to impeccable service and a flexible business approach.

    The company also has the vision of growing into an Oil Marketing Company (OMC) and possibly a refinery in the near future.

    The team at Seven Streams Limited Company include: Gerald Wilson (Director), Kaleen Wilson (Director), Wonder Hunu (COO), Bright Hunu (Operations Manager), Ben Oteng-Sekyere (Director/Consultant), Mabel Appertey (Business Promotions) and Frank Say-on Adontsri (Director/Consultant).

    Source: Ghanaweb 

  • Tumblr trolls Elon Musk’s Twitter blue by offering two checkmarks for $7.99

    The staff at Tumblr have some thoughts about Twitter’s decision to offer verification to anyone for $7.99 a month.

    In a post made on the social media network’s staff page on Thursday, Tumblr introduced the option for users to purchase two blue checkmarks to appear next to their account name for $7.99. For those who haven’t been keeping up with Elon Musk’s straight-up catastrophic takeover of Twitter, subscribers of Twitter Blue can now get themselves verified on the platform for $7.99. The decision has been met with criticism, and has even been abused by individuals impersonating notable figures like LeBron James.

    “Hi! We’re introducing Important Blue Internet Checkmarks here on Tumblr,” the post announcing Tumblr’s double blue checkmark subscription. “They’re a steal at $7.99—that’s cheaper than some other places, when you consider that you get not one but TWO checkmarks for your blog on web only (for now). Why, you ask? Why not? Nothing matters! ¯\_(ツ)_/¯.”

    On the checkout page for the subscription, per Insider, Tumblr clarifies that the tick is not a true verification but a “coveted status symbol” and nothing more. “This is not a verification status; it’s an Important Blue Internet Checkmark, which in 2022 is just as legit,” reads the disclaimer. “Also the Important Blue Internet Checkmark may turn into a bunch of crabs at any time.”

    The mockery of Musk’s questionable decisions following his $44 billion acquisition of the company comes after a chaotic week, which saw countless staff let go and multiple top security executives resign. Musk recently admitted that his blue check verification program “maybe” a “dumb decision,” and as of Friday Twitter has paused its subscription service.

    As reported by CNBC, the iPhone app no longer allows users to sign up for Twitter Blue. Platformer managing editor Zoë Schiffer tweeted that the decision was made “to help address impersonation issues,” which is something almost everyone warned about before Musk just went and greenlit the idea anyway.

    Existing subscribers will still have access to their features, but for the time being Twitter Blue is inaccessible.

    Source: Complex.com 

  • ‘Adongo presented false data, unfounded allegations’ – BoG claps back

    The Bank of Ghana has debunked allegations by the Member of Parliament, Isaac Adongo, that the Central Bank lent a total of GH¢70 billion to the government from 2021 till date.

    According to them, the allegations are false and unfounded.

    In a press statement debunking the claims and providing “the facts”, the BoG said:
    “The Bank of Ghana’s attention has been drawn to a press engagement by the Member of Parliament for Bolgatanga Central, Hon. Isaac Adongo, on 8th November 2022 during which he provided some false data and made unfounded allegations.”

    “The allegations aimed at impugning the hard-won credibility of the Bank of Ghana and its Management,” it added.

    The Bank of Ghana detailed the facts as follows:

    A (i) Claims on Government

    The claims on government represent the stock of debt held by the Bank of Ghana and reflect accumulated claims for over twenty years, including legacy assets such as the Telecom Malaysia Bonds issued in relation to the privatization of Ghana Telecom and Tema Oil Refinery Bonds. At the end of December 2020, the claims on Government stock position stood at GH¢34.1 billion and includes the GH¢10 billion Covid-19 bond purchased by the Bank of Ghana.

    It would be recalled that in 2020, a request was made by the Government, through the Minister of Finance, to suspend the Fiscal Responsibility Act due to the Covid-19 pandemic. This was approved by Parliament together with the trigger of Section 30 of the Bank of Ghana Act, 2002 (Act 612) as amended, and paved the way for the Government to issue a Covid-19 Bond which was purchased by the Bank of Ghana at the policy rate, with a moratorium of two years.

    At the end of December 2021, claims on Government rose to GH¢34.8 billion, and have recently risen further to GH¢40.2 billion at the end of October 2022, reflecting an increase of GH¢5.3 billion in 2022, which was the result of the pre-mature unwinding of positions held by some banks.

    A (ii) On-lending Claims: PRGF, ECF, SDR

    On lending claims are facilities granted by the international Monetary Fund (IMF) for onward lending to Government by the Bank of Ghana. IMF instruments and resources have been redesigned to provide budget support rather than balance of payments support, including recent resources from the ECF programme with Ghana and the RCF that was provided during the Covid-19 pandemic, and are therefore on-lent to the Government.

    These are denominated in US dollars and revalued in line with exchange rate changes. From the table, these claims have increased by an amount of GH¢17.8 billion from the beginning of the year to October 2022.

    This reflects a revaluation of these claims in the Bank of Ghana’s books to accounting for exchange rate developments. This figure does not reflect Bank of Ghana’s lending to the Government but rather resources from the IMF that were required to be passed on to Government in line with approvals by the IMF Board. And the increase in the amount in 2022 does not reflect new cash transactions but rather merely a book-entry figure, driven in large part, by the depreciation of the currency.

    A (iii) Government Overdraft

    Government overdraft is a short-term bridge financing to the budget. The devastating after-effects of the pandemic worsened the fiscal position in 2021, as Government struggled to meet revenue targets to help with budget implementation.

    Even though there was intermittent short-term liquidity extension by the Bank, consistent with the Law to enable the Government fund its expenditures, the Government fully paid back its indebtedness to the Bank of Ghana by the end of 2021. This is evidenced by the Zero overdraft position at end 31st December 2021 in the table above.

    In the first quarter of 2022, Ghana’s credit rating was downgraded and effectively shut out of the International Capital Markets. Consequently, there were no inflows from external sources to support budget implementation and the government started experiencing unsuccessful auctions on weekly basis. In the process, the Bank of Ghana had to step in and provide financing to keep government machinery running, and in particular, help prevent a domestic debt default situation.

    This activity is clearly shown in the Overdraft line in the table, which stood at GH¢25.6 billion as of October 2022. This support is temporary and consistent with crisis management as we work with the International Monetary Fund to design a debt operation that will lift the burden of debt servicing off the budget. The central bank has been transparent on these issues as spelled out in the September 2022 MPC Press release.

    Bank of Ghana’s Swaps, Repurchase Agreements, and Sale Buy-Back Instruments

    Last but not the least, Honourable Adongo also raised the issue that the Bank of Ghana has illegally borrowed US$7 billion through bridge financing, swaps, repurchase agreements, etc., and therefore seeking funds to refinance this amount.

    Swaps, repurchase agreements, and sale buyback transactions are legitimate operations conducted by all Central Banks for effective foreign exchange reserves management. The Bank of Ghana has deployed these instruments since 2011 for foreign exchange liquidity management purposes.

    It is an important instrument for foreign exchange management by all central banks, as part of its treasury and reserve management functions. The global developments have resulted in tight financing conditions and these swaps have served as a significant source of foreign exchange liquidity for the economy.

    The total outstanding Swaps, Repurchase Agreements, and sale and buy back transactions stood at US$2.4 billion at the end of October 2022, of which only US$720 million is expected to mature by the close of the year.

    We wish to assure the public that the Bank of Ghana is a reputable institution, which is professional with high standards. We have been recognised and awarded internationally on this score and all operations and policy decisions of the Bank are conducted with a high sense of duty and integrity to the best interest of the economy.

    Adongo’s claim

    Addressing the media on Tuesday, November 8, 2022, Adongo said, “There are strict rules on which the Government of Ghana can borrow from the Bank of Ghana, and the strict rules are quite clear, stating that, the Bank of Ghana at any point in time should have lent more than 5 percent of the previous revenue cumulatively.”

    He added that “If you consider last year’s revenue, the government cannot even borrow less than GH¢5 billion from the Bank of Ghana, but by the end of the year 2021, Dr Addison had illegally lent over GH¢35 billion and by May this year he had added GH¢22 billion.”

    “As we speak today, Dr Addison has been financing the government and paying maturing debt obligations on the domestic market that the government cannot fund. We are currently looking at something in the region of GH¢70 billion of illegal borrowing by the government of Ghana through the Bank of Ghana,” the Bolgatanga Central MP stated.

    He called for the dismissal of Dr Ernest Addison as the governor of the Bank of Ghana for playing a role in the mismanagement of the economy.

    “How can Dr Addison still be the governor of the central bank? I call on Dr Addison, as a matter of urgency, to exit that office and give Ghana the chance to clear the mess that he has created,” Mr Adongo said.

    Source: Ghanaweb

  • A&C Mall celebrates 15 years of remarkable accomplishments

    Having cemented its name in the Ghanaian commercial real estate market and evolved into a true destination lifestyle node offering a one-stop for a variety of shopping, business, and health and fitness products and services, A&C Mall lines up various activities in commemoration of its fifteenth anniversary this year.

    The occasion commenced on October 17, 2022, and is expected to be climaxed on December 31, 2022, with a special ceremony including a showcase of some of its future projects.

    Setting the tone for the celebration would be an anniversary sales event dubbed ‘15 On 15’ scheduled to be held at the A&C Mall car park between November 11 and 13. This would be followed by Black Friday Sales and Treasure Hunt on November 25.

    Officials of the mall which has built a reputation of being the nation’s go-to mixed-use lifestyle center while remaining relevant in Ghana’s competitive market, have also factored the need to give back to the society, birthing the desire to carry out a corporate social responsibility from December 1 to 31.

    Located at East Legon, Accra, A&C Mall was the first shopping mall to be opened in Ghana. The enterprise, founded by a Ghanaian, Andrew Kwabena Asamoah, was birthed in 2006 and was commissioned by the then-president of Ghana John Agyekum Kufour.

    The vision of Mr. Asamoah who had spent three decades in the diaspora was to “ignite the retail sector in Ghana” hence the decision to “come back home and contribute positively to the development of my country.”

    A barrister-at-law and a former Director of World Health Organisation Headquarters in Geneva, Switzerland, Mr. Asamoah has served and continues to serve on a number of national and international bodies as well as non-profit organizations.

    In 2021, Mr. Asamoah was awarded a Doctor of Business Administration (Honoris Causa) in Leadership and Innovation by the Swiss School of Business and Management, Geneva. He has post-graduate qualifications in Public Administration, Human Resources Development, etc.

    The business mogul has numerous laurels to his credit including the National Award: Officer of the Order of the Volta; Planters of Seed Award of Ghana Club 100; BID International Star Gold Award for Quality, Geneva, Switzerland; Business Growth Achievement Award, Ghana SME and CEOs Summit (2018), etc.

    He is married to Cecilia Asamoah who is the Executive Director of the predominantly family-run business. Described as the pillar of strength of the family, the mother of four has joined her husband on their many global journeys. Her calm and patient but firm demeanor complements her excellent entrepreneurial and management skills, high work ethic, and top-quality customer service as the company secretary.

    The A&C brand is carved from the initials of the couple – Andrew and Cecilia.
    As the business marks its fifteenth anniversary, it aims at expanding and enriching its services to meet the needs of its cherished customers. The A&C Corner, a home décor Mall is almost completed and the A&C Village is under construction.

    Source: Ghanaweb 

  • Ghana can look within Africa for trade to subvert fall of cedi to dollar – Louis Yaw Afful

    Trade practitioner and AfCFTA Consultant, Louis Yaw Afful has opined that the need for an import substitution policy in Ghana is long overdue.

    According to him, a large chunk of the country’s imports is food-related products and commodities, making it necessary to concentrate on local food production for starters.

    Speaking on the Eye on Port program, Mr. Afful who is the Executive Director of the APN Group, said Ghana as a country can look within its borders for the production of food with the support of economic policies that promote local production and exports while discouraging imports.

    He went on further to say that if Ghana cannot quickly produce to cater for local demand, the nation could take advantage of the benefits AfCFTA presents.

    “At the end of the day, we can try with some of the commodities like rice. We do not need to look far beyond Africa. We can look within the AfCFTA member states and find out who can give us a comparative advantage then we can trade with them. The good news is that with the Pan African Payment and Settlement System (PAPSS) you do not need the dollar or forex, you can trade in your own local currency and the recipient receives it in his or her local currency,” he averred.

    The AfCFTA strategist says not only will it save the falling cedi, but it will support local industries and feed into the Pan-African agenda intended to strengthen African economies.

    He said the Ghana government can commence by giving local industries stimulus packages to encourage local production of selected commodities.

    He likened this proposal to the height of the COVID-19 pandemic where “in the United States for example where they had a national policy where companies with the productive capacity where called upon to temporarily abandon production of their core products and begin production of COVID-support products and they were supported heavily for this. We can take that approach. Can we examine the supply chain right from the farms and support these industries to produce for domestic consumption and export?”

    He emphasized that it is no brainer that, overcapacity in selected food commodities will positively affect the price of goods on the market and the plight of the ordinary consumer will be alleviated.

    Mr. Louis Yaw Afful said this while touching on President Nana Addo’s statement on the government’s intention to review the standards required for imports into the country.

    The President of the Republic during his address to the public on the national economic crisis stated that “in May 2023, that is six (6) months from now, review the standards for imports into the country”.

    Nana Akufo Addo said Ghana, “as a matter of urgent national security, will reduce our dependence on imported goods.”

    The President hinted at rice, poultry, vegetable oil, toothpicks, pasta, fruit juice, bottled water and ceramic tiles as focus products.

    According to the Executive Director of the APN Group, Louis Yaw Afful, the implementation process for this review should begin immediately.

    “The ministries and agencies under the President, by the time he had finished speaking, should be able to have a plan in place that aligns with what he said. They should have an inter-ministerial approach to dealing with this,” he expressed.

    He says a similar inter-ministerial, inter-agency approach was adopted during the rollout of the National AfCFTA policy and Action Plan which he lauded.

    Source: Ghanaweb 

  • Wendy Shay Finally Releases Long-Awaited EP Enigma

    Wendy Shay has made her triumphant statement in the music scene with the release of her new featureless EP Enigma.

    The new EP that is packed with 7 feel-good dance dominated tracks that will have you going in no time! Enigma is Wendy saying she’s full of surprises, just doing what is impactful and natural.

    Enigma is the first EP from the multiple award winning singer and it features no artists.

    Wendy shared a simple post announcing the EP’s release, “Will be live midnight!” with the hashtag #Enigma.

    Enigma have songs like ‘Murrda’ produced by MOG, Habibi, Mariana, Ruthless, and New Level all produced by Beatz Vampire With Heaven and One Man produced by Jay Scratch and Jaemally Beatz respectively.

    Her status as one of Ghana’s music superstars was cemented with her frequent releases of her hit songs back to back and Enigma will be no exception.

    Source: Graphiconline

     

  • Benchmark system is not a valuation method – Customs, GRA

    The Customs Division of the Ghana Revenue Authority has indicated that the benchmark system is not a valuation method, and as such, urging the public to refrain from that misconception.

    Speaking on Eye on Port, a Principal Revenue Officer at the Customs Technical Services Bureau (CTSB), Mr. Bilson Jahdab Atagbah said, contrary to popular opinion, the benchmark system is only an internal risk assessment tool used administratively to detect over-invoicing, under-invoicing, as well as check commercial and procurement fraud.

    “We use it to align and sanitize our database and it serves as a guide or yardstick. It is not a valuation method. The Risk Management Unit uses it a lot to see the deviation of the values of a particular product. It aims to get the true reflection of the international price.”

    He said the benchmark values are arrived at through intelligence gathered from the Tax Pre-Paid (TPD) method, the letters of commitment (LOC), stakeholder engagements with industry and high level integrity institutions.

    The customs official emphasized that the benchmark system is not for value substitution.

    “It only serves as a guide for what we do, to ensure no one is giving a value too low or too high than they are required for the purposes of tax extraction.”

    “If you end up paying so much, you’re over-invoicing and we have to detect how you are doing that. By over-invoicing, it is affecting your total profit because the more cost you have, reduces your profit margin therefore domestic tax payment will reduce which means the domestic unit will not have much tax to collect,” he added.

    He said the benchmark system which had been used as a guide in customs valuation, is no more being used due to the massive misconception it had created within the trading community.

    Mr. Bilson Jahdab Atagbah said this misconception was further enhanced during the communication of the discount policy government applied to duties in 2019.

    He clarified that the 50% and 30% discounts traders enjoyed on general goods and vehicles respectively was applicable to the duties payable and not unit values.

    Source: Ghanaweb 

  • Police nab technician over fake currency, two others for fraud and stealing

    A Photo Laboratory Technician, Benjamin Ayidzoe, has been arrested by the Police for possessing bundles of fake local and foreign currencies at Adenta, Accra.

    During a search of Ayidzoe’s house, the Police found a Toyota Saloon car with registration number GR 1830-22, which had money printing machine in it, three “Ghana Must Go” bags full of Ghanaian currency of different denominations suspected to be fake, a large quantity of suspected fake $100 notes, and a blue safe.

    They also retrieved 22 shining metals suspected to be fake gold and black pieces of paper cut in the form of currencies.

    Ayidzoe appeared before an Accra Circuit Court and was charged with two counts of possessing forged currency notes, including bundles of $100 notes.

    Ayidzoe, Kingston Jaweah, a 39-year-old administrator, and Foday Kromah, a businessperson, are facing additional charges of conspiracy to wit defrauding by false pretences, defrauding by false pretences, and stealing.

    They have pleaded not guilty to the charges.

    The court presided over by Mrs Evelyn Asamoah has remanded them into Police custody.

    Although their respective counsels prayed for bail, the court declined the request, saying they did not have a permanent place of abode.

    The prosecution, led by Assistant Superintendent of Police (ASP) Maxwell Oppong opposed the grant of bail on the grounds that investigations were underway.

    According to ASP Oppong, the Police would have to send the exhibits for forensic examination, adding that the Police would also have to consult the Bank of Ghana.

    He said investigations ought to be extended to Liberia.

    The facts as narrated by the prosecution are that the complainant is a student and friend to one Ali Nabil Hamidi, a Brazilian.

    The prosecution said Jaweah and Kromah were Liberians and Ayidzoe, a Ghanaian.

    It said in November 2022, the complainant’s friend Hamidi travelled to Liberia and bought 10 kg of gold at the cost of $200,000 from one Karama, a friend of Jaweah.

    The prosecution said on November 3, this year, the complainant’s friend Hamidi, came to Ghana with the 10kg gold.

    When Hamidi arrived in Ghana, he was arrested by an official of the Ghana Immigration Service on the grounds that he was an illegal immigrant and was sent out of the arrival hall.

    While the Immigration Officer was speaking to his colleague, Jaweah and Kromah approached Hamidi and told him they were government officials in charge of gold export at the Airport.

    Just then, the prosecution said Ayidzoe also arrived at the scene in his car and showed Hamidi gold.

    The prosecutor said the three accused persons then succeeded in collecting $5,230 from Hamidi to clear a bill on the 10 kg of gold at the Airport and hand over the gold to a pilot of Emirates Airline to send to Dubai.

    The prosecution said the accused persons had asked Hamidi to board the flight to Dubai and that they were going to use the money they had collected to pay for the gold.

    When Hamidi arrived in Dubai he did not get the gold and called the complainant who reported the matter to the Police and Jaweah was arrested.

    Jaweah mentioned Kramah and Ayidzoe as his accomplices.

    The prosecution said on November 7, 2022, Kramah was arrested in his hotel at McCarthy Hills and during a search, $1,002 was found.

    It said the same day, Ayidzoe was picked up at the A and C Mall and escorted to his house at Adenta.

    The prosecution said the Police had also retrieved $1,800 from Ayidzoe, who said that was his share of the money collected from Hamidi.

    Source: Myjoyonline

  • All unregistered SIM cards to be blocked on November 30 – Ursula

    Minister of Communications and Digitalization, Ursula Owusu-Ekuful, has announced that all unregistered SIM cards will be deactivated by the end of this month, November.

    In a press statement sighted by GhanaWeb, the Minister noted that the move forms part of measures to reduce SIM related fraud incidents in the country.

    She added that a total of 20,892,970 subscribers have completed the SIM card registration.

    In the release sighted by GhanaWeb, the minister said, “All SIM cards which have completed the first stage of the registration exercise but not done the second phase will be blocked from accessing data services on 20th November 2022 and completely deactivated on 30th November 2022.”

    Ursula Owusu-Ekuful added that after consultations with relevant key stakeholders are completed, an announcement will be made regarding persons who genuinely do not have Ghana cards to participate in the re-registration exercise.

    Source: Ghanaweb

  • Union and management of Tema shipyard aligned on labour restructuring exercise

    The Union and Management of the Tema Shipyard are aligned when it comes to the imminent Labour Restructuring Exercise.

    The Tema Shipyard Limited Local Union of the National Union of Seamen, Ports and Allied Workers (NUSPAW) of the Trades Union Congress (TUC), has released a statement to disabuse reports circulating in certain media circles suggesting that labor and management are divided pertaining to the Labour Restructuring Exercise.

    A letter to TV3 dated November 8, 2022, indicated that “NUSPAW which is the certified union and mouthpiece of the workers in conjunction with the Management has gone through all the processes outlined in the Labor Act (Act 651 2003) and wish to state that all relevant procedures have been followed before management arrived at the final decision to carry out the ongoing Labour Restructuring Exercise which your program spoke about.”

    The letter also stated that “majority of workers in Tema Shipyard are in support of the Restructuring Exercise.’’

    The union also hinted that they believe the restructuring exercise is part of the strategies necessary to return the Shipyard into competitiveness.

    The others being, massive capital injection and modern technology.

    The Union said after several efforts of government to revitalize the Shipyard has been unsuccessful, other approaches such as the Restructuring Exercise has become essential in order to match up or surpass competition in Senegal, Equatorial Guinea and Cote D’Ivoire.

    “The operations at these Shipyards are very different in terms of the labor setup. That is why these shipyards are doing very well and far better and operating more efficiently than the Tema Shipyard.”

    The union also praised the Transport Minister for the continuous work he has done in balancing the revival of the Tema Shipyard and Labour Welfare.

    “Under the able leadership of the sector Minister, Honorable Asiamah, Shipyard workers were paid from government resources for a period of 11 months which we, as workers are most grateful to him.

    “The Minister, during a certain period where the Yard has been without vessels for about 4 months, the Minister single handedly secured vessels to the shipyard for repairs to keep the shipyard moving. The vision of the sector Minister and the CEO, Dr. Alexander Adusei Jnr. is to operate the Shipyard in similar model in order to triple the current labour force when the Yard is operating efficiently with Private Capital Injection.”

    Source: Ghanaweb 

     

  • Timbaland talks about being paid $500,000 for beats in the past

    Timbaland is one of the most legendary hip-hop and pop producers around, and in a recent interview he revealed how much he could fetch for just one beat.

    Speaking on The Producer Grind podcast, as heard above at the 51:00 point of the interview, Timbaland said that at one point in time he could fetch as much as $500k for his production. “I actually get like, 300—$500k, back in the day,” he said. Asked why producers don’t fetch as much these days, he added, “Because y’all don’t put no value on yourself. … We ain’t come from a world where you send beats; we come from when that bitch was tailor-made, you understand?”

    Timbaland first got his start in the early ‘90s, but by the middle of the decade he was producing for some of the biggest artists in the world. He worked extensively with Ginuwine, Aaliyah, and Missy Elliott, with credits across both R&B and hip-hop. His success didn’t stop there, however, as he continued to work on hits with Jay-Z, Nas, Justin Timberlake, Drake, Madonna, Rihanna, and even Björk in the 2000s.

    “The producer was respected way more,” he noted. “You needed a dope producer as an artist. You needed that, and now you got YouTube. People putting beats, it’s just not the same. It’s just like Wild Wild West out there. So back then, there was a lot of value to the producer. … You can still have some kind of value [now], you just gotta limit what you do, what you send out. … Back then it was different times. I could say for the producer game, it was way better.”

    Earlier in the interview, at the 34-minute point, Timbaland also talked about the use of A.I. technology in production going forward. “I knew this guy, one of my homeboys, he was working on this whole program that while the computer’s asleep it’s generating sounds,” he said. “

    And when he opens up it take white noise and make kicks the dopest snares while he sleeps. He been working on this for years, and I’m sure he mastered it now. The computer makes his kits, he don’t get drum kits from people. Make samples while he sleeps.”

    Source: Complex.com

  • 2023 budget to be read November 24

    Thursday, 24 November has been set as the day for the 2023 budget presentation on the floor of parliament.

    This was revealed by the Deputy Majority Leader, Alexander Afenyo Markin when he presented the business statement of parliament for next week.

    Finance Minister Ken Ofori-Atta is leading Ghana’s negotiations with the IMF for $3 billion over three years.

    Despite his role, Minority MPs and some Majority MPs want him fired ahead of the budget presentation for mismanaging public financing leading to the downturn of the economy.

    It is not clear if Mr Ofori-Atta will be the man to present the budget or not.

    Meanwhile, MP for Tema West, Carlos Ahenkora has raised concerns over Volta Regional Capital being the host venue for Post-Budget Retreat for the MPs.

    The post-budget workshop slated for Friday, 25 November 2022 to Monday, November 28, 2022 is to take place at the Volta Serene Hotel.

    Source: Ghanaweb 

  • Jerry John Rawlings – In remembrance 2 years on

    Two years ago – on this day 12th November 2020 – our nation was greeted with the shocking and unforgettable news of the passing of Flt Lt Jerry John Rawlings.

    The shock was deep and the sadness, overwhelming. The grief was interspersed with utter disbelief. To many who took inspiration from his leadership, he was looked upon as a father figure, and a man who stood by his principles with such deep commitment that never wavered.

    As Head of State and President of Ghana, he introduced just by virtue of his nature – a unique element to leadership in Ghana that endeared him to the majority of Ghanaians – to ordinary Ghanaians. Case in point – he joined workers to rehabilitate Ghana’s railroads; he inspected ongoing infrastructural development projects personally, taking time to speak with the workers. When a national disaster occurred, he would join the Ghana Armed Forces in their emergency relief efforts.

    In Ghana when there were ethnic conflicts, he would be there physically to help engender peace. During civil unrest in countries in the region, his background as an officer of the Ghana Armed Forces played a significantly strategic role in Ghana’s conflict resolution protocols.

    In the 1980s, J.J. Rawlings insisted that Government institutions mount the Ghana Coat of Arms of Freedom and Justice and not his picture. However, there were some secretaries of the PNDC (Ministers) at the time that defied him and placed a picture of J.J. Rawlings in their offices

    J.J. Rawlings stood for the welfare of Ghana and for the people of Ghana throughout his life. As former President, he continued to support many who required varied help, particularly educational and medical assistance.

    Today, it is a common occurrence to see a photograph of him at the back of taxis, trotros and commercial buses. This act holds its own symbolism – he was ‘The Man for the People, and The People remember him.‘

    They remember his courage and his unwavering duty to speak on pertinent national issues that resonated directly with the ordinary Ghanaian. He did not hesitate to ‘say what needed to be said’ even if he went against the political grain – as long as it was for the common good of the People of Ghana.

    Rawlings’ administration is credited with the institutionalization of participatory governance through the establishment of the Municipal and District Assemblies; Rural development programmes; the expansion of electricity across the country which contributed to bridging the North-South divide in Ghana; the National Development Planning framework; ensuring food security; implementation of aggressive policies on the exportation of gold, cocoa and other cash crops; the free zones concept and a host of other nationalist policies to mention but a few, are all testament to his time as Head of State and President of Ghana.

    On November 12, 2022, exactly two years after his passing, we remember JJ for his courage, his commitment, and his leadership. We remember JJ for living a life of purpose that is yet to be fully understood.

    Rest in peace Sir. You are fondly remembered by your family; by those who believed in your vision and contributed to effecting it; by people in Ghana and Africa who are inspired by your life.

    Source: The J.J. Rawlings Foundation

  • I would have resigned if I was the finance minister – Dr. Smart Sarpong on ‘Ken Must Go’

    Dr. Smart Sarpong, a Senior Research Fellow of the Kumasi Technical University, has backed calls for the removal of Mr. Ken Ofori-Atta as Finance Minister.

    All NPP Members of Parliament have come to a consensus that Mr. Ken Ofori-Atta should leave office.

    The call to remove Mr. Ofori-Atta started with over 80 members of the Majority Caucus and now the entire Caucus says they are in alignment with the position of the eighty members.

    Nonetheless, the Finance Minister remains at post as the President of the Republic, Nana Addo Dankwa Akufo-Addo has appealed to the MPs to let him finish Ghana’s deal for financial support from the International Monetary Fund (IMF).

    Reacting to the ongoing agitations, Dr. Smart Sarpong was of a few words stating; “I would have resigned if it were me and allowed someone else to take my place.”

    He advised the Minister to exit office and use his expertise to help his successor.

    Source: Ghanaweb 

  • Ofori-Atta’s removal: At least he must defend himself in Parliament – Osei Kyei-Mensah-Bonsu

    Majority Leader of parliament, Hon. Osei Kyei-Mensah-Bonsu says it will be unjust on their side if the embattled Finance Minister, Ken Ofori-Atta is not allowed to defend himself in parliament.

    According to him, despite many calls for the dismissal of Ken Ofori-Atta, it will be appropriate if he is heard before any decision is made.

    “No one has officially served Ken Ofori-Atta of what he has done for him to explain himself. In the midst of all these, he is not even in Ghana,” he told NEAT FM’s morning show, ‘Ghana Montie’.

    Osei Kyei-Mensah-Bonsu, however, maintained that parliament will only ensure that due process is used if the Finance Minister will be dismissed.

    Source: Ghanaweb

  • 2Pac’s stepfather Mutulu Shakur to be released from prison after over 35 years

    After spending more than 35 years behind bars, 2Pac’s stepfather Mutulu Shakur will be released from prison.

    Per NBC News, Shakur had a release request granted by the U.S. Parole Commission in October, although the decision to let him out on parole was only made public on Thursday. Now 72 years old, Shakur was sentenced to 60 years for his involvement in the 1981 robbery of an armored truck that saw two police officers and a guard murdered.

    “We now find your medical condition renders you so infirm of mind and body that you are no longer physically capable of committing any Federal, State, or local crime,” read the decision.

    Mutulu Shakur has been suffering from multiple health issues during his time in prison, including stage 3 multiple myeloma. He was being held at a federal medical center in Lexington, Kentucky. As reported by the Intercept earlier this year, he was told he had six months to live. Activists have accused authorities of making Shakur a “political prisoner” due to his involvement in various activist groups prior to his arrest, including the Black separatist movement the Republic of New Afrika.

    “There are a lot of tears of joy,” said Malcolm X Grassroots Movement organizer Jomo Muhammad. “There’s still disbelief because we were steadying ourselves for another denial. Now folks are excited about being able to reunite Mutulu with his family. We were crying together. It’s a long time overdue.”

    Shakur is expected to be monitored for four months while on parole, during which time he will spend his remaining days with family.

    Source: Complex.com

  • Oppong Nkrumah calls for more stakeholder collaboration to train journalists in financial reporting

    Minister for Information, Kojo Oppong Nkrumah has called on stakeholders within the Ghanaian media space to collaborate and help build the capacity of Ghanaian journalists in business and financial reporting.

    According to the Minister, training of journalists in business and financial reporting is essential in equipping them with the needed skills and know-how to ensure accuracy in reporting financial issues.

    He made the call when he addressed the graduation ceremony of 88 journalists at the Bloomberg Media Initiative Africa (BMIA) Financial Journalism Training program on Thursday, October 10, 2022, in Accra.

    “As I have mentioned in times past, the media and journalism frontier require collaborations for impact. That is why we appreciate partnerships such as this one between Bloomberg, Strathmore Business School, the University of Ghana Business School and Ghana Institute of Journalism (GIJ) to train more economic and financial journalists and welcome more of such partnerships.

    “Trainings such as this targeted at journalists are essential to ensure that the media industry and journalism deliver on their true purpose to our democracy.

    “Which is to serve all stakeholders with equal access to the public space to participate in discourse that promotes our best values, our best aspirations and a thought-led good society,” he said.

    He said government on its part has put in motion a number of capacity-building programmes to assist journalists to meet the dynamics of the profession.

    One such programme he said is the Media Capacity Enhancement Programme (MCEP) which was rolled out in January this year. So far, the programme has trained the first cohort of 60 journalists in ethical journalism and related modules with a further 190 set to also be trained in the coming months.

    He admonished the graduates to as much as possible apply the knowledge acquired from the training programme in their line of duty and eschew false narratives and the publication of uninformed opinions instead of facts.

    Present at the event were the Deputy Minister for Education, Rev. John Ntim Fordjour; Rector of the Ghana Institute of Journalism, Prof. Kwamena Kwansah-Aidoo; Provost of the College of Humanities, University of Ghana, Prof. Daniel Frimpong Ofori; Dean of the University of Ghana Business School, Prof. Justice Bawole; Dean of the Strathmore Business School, Dr George Njenga, as well as representatives from Bloomberg.

    On his part, Mr Fordjour underscored the important role journalists play in promoting transparency, accountability, and good governance. He said journalists over the years have become an important component of our governance system which is why it is incumbent on the graduates to put to use the knowledge they have acquired from the training programme.

    Prof. Kwamena Kwansah-Aidoo was confident that the training program will go a long way to support the continuous progression of the Ghanaian media and help address the capacity challenges of journalists in the country.

    Source: Myjoyonine

  • Global food imports on track to reach all-time high – FAO

    Food import costs globally are projected to reach nearly $2 trillion this year, or higher than previously expected, the UN Food and Agriculture Organization (FAO) said in a report published on Friday.

    The new forecast of $1.94 trillion would represent an all-time high and a 10 per cent increase over the record level of 2021.

    However, the pace of increase is expected to slow down in response to higher food prices and the depreciation of currencies against the United States dollar, according to the latest Food Outlook report.

    ‘Alarming signs’

    Food prices rose worldwide following Russia’s invasion of Ukraine but have somewhat decreased. Together, these countries produce around 30 per cent of all wheat exports, in addition to other grains and related foodstuffs.

    Although the bulk of the increase in the global food import bill will be accounted for by richer countries, rising food costs have disproportionately affected poorer nations.

    The aggregate costs for food imports for low-income countries is expected to remain almost unchanged, even though it is predicted to shrink by 10 percent in volume terms, pointing to growing accessibility issues for these countries.

    “These are alarming signs from a food security perspective, indicating importers are finding it difficult to finance rising international costs, potentially heralding an end of their resilience to higher international prices”, FAO said.

    Deepening differences

    The Food Outlook report warns that existing differences are likely to become more pronounced.

    High-income countries will continue to import from the entire spectrum of food products, while their developing world counterparts will increasingly focus on staple items.

    Last month, the International Monetary Fund (IMF) approved a new Food Shock Window to provide emergency financing to lower-income countries.

    FAO has welcomed the move, calling it an important step to ease the burden of soaring food import costs.

    Agriculture-related imports

    The report also assesses expenditures on imported agricultural inputs.

    This year, the global bill is expected to jump by nearly 50 per cent to $424 billion, or some 112 per cent over 2020, driven largely by higher costs for imported energy and fertilizers.

    “Negative repercussions for global agricultural output and food security” are likely to extend into 2023, said FAO.

    Commodities conundrum

    The Food Outlook report is published twice a year by the agency’s Markets and Trade Division.

    It also contains market supply and utilization trends for commodities such as cereals, oils, sugar, meat, dairy and fish.

    Currently, supplies are at close to record levels, though multiple factors indicate tighter markets ahead.

    For example, world wheat production is forecast to reach a record 784 million tonnes over the coming year, boosted by significant harvest recoveries in Canada and Russia.

    Although this should push global wheat inventories to record levels, the report said that accumulations are expected mostly in China and Russia, while stock levels are predicted to decline by eight per cent in the rest of the world.

    Source: Ghanaweb

  • Asanteman Association of Chicago donates hospital equipment to KATH

    The Komfo Anokye Teaching Hospital has received 93 electronic beds and 88 mattresses to help improve health care delivery.

    The equipment donated by the Asanteman Association of Chicago (USA) is to help retool the hospital for efficient work to facilitate the treatment of patients.

    President of the Association, Nana Addai Baffour, said the donation is part of the Association’s commitment to supporting the Ashanti Region’s health sector.

    “The purpose of this project was to decorate wards and also provide them with beds to help the hospital accommodate enough patients. These beds will give patients and hospital workers the opportunity to work effectively. These are part of the efforts to equip health facilities in the region and across the country,” he stated.

    According to him, the project is in honour and fulfilment of a promise to the Asantehene, Otumfuo Osei Tutu ll’s call for support to the health needs in the region.

    Acting CEO of KATH, Dr Kojo Sarbeng, commended the Association for the gesture and extended appreciation to Otumfuo.

    “At this moment, what we need most as a hospital is retooling. “It is sometimes very challenging when it comes to hospital beds, this is because they are not handy to us. So we are using this opportunity to say a very big thank you to the Association for remembering the hospital as one of your own,” he said.

    Source: Myjoyonline

  • Auditor-General recovers GH¢2.2 billion – Samuel Okudzeto Ablakwa alleges

    Samuel Okudzeto Ablakwa (MP) North Tongu, has indicated that a total of GH¢2.2 billion, have been retrieved by the Auditor-General, A-G, Johnson Akuamoah Asiedu.

    The said amount, according to him, was looted from the public funds by some state officials between 2017 and 2020.

    He, therefore, assured the A-G of the support from Parliament in the pursuit of the outstanding GH¢2.5 billion which is currently in the wrong pockets.

    “I must re-echo my high praise for the current Auditor-General, Mr. Johnson Akuamoah Asiedu for retrieving a colossal GH¢2.2billion of public funds from indicted officials who looted between 2017 & 2020,” Samuel Okudzeto Ablakwa’s Friday, November 11, 2022 post read.

    “As he acknowledges @ [at] page 3 of his special report to Parliament this week, he can continue to count on Parliament in the pursuit of the outstanding GHS2.5billion in wrong pockets, and in the general discharge of his mandate.

    “My only reservation from his report though is the seeming hesitation to name and shame individual culprits beyond listing Ministries and Departments.

    “Quite obviously, with more retrievals and genuine protection of the battered public purse, Ghana wouldn’t have to return to the IMF.
    We need a new paradigm,” he concluded.

    Source: Ghanaweb

  • Record low Cedi set for 14.50 levels – Report

    Some European countries including Austria, Belgium, Denmark, Germany, Ireland and Scotland stepped up to offer ‘loss and damage’ funding for African nations impacted by climate change.

    While the amounts offered so far are insignificant compared to the billions needed for vulnerable populations to tackle the climate crisis, other potentially meaningful initiatives are afoot at COP27.

    The G7 nations are set to launch a ‘Global Shield’ fund that will provide support to 58 developing countries impacted by climate change, while the African Development Bank is proposing that vulnerable countries establish local green banks to provide faster funding for renewable energy projects.

    The Bill and Melinda Gates Foundation pledged $1.4bn to provide smart tech to smallholder farmers across Sub-Saharan Africa and South Asia to help mitigate climate impacts.

    Significant FX inflows to African countries could help boost local currency markets, though based on the track record of unfulfilled pledges, volumes materialising risk being considerably lower than levels being called for.

    Naira recovery unlikely to sustain

    The Naira appreciated against the dollar, recovering to 813 from a record low 865 at last week’s close after the rush to convert soon-to-be-abolished high-value Naira notes into dollars slowed.

    UAE flag carrier Emirates has suspended flights to Nigeria again less than two months after lifting a previous suspension that it put in place because it was unable to repatriate $85m of funds trapped in the country. The airline said the move was to mitigate against further losses. While Nigerian Bureau de Change operators have confirmed reduced demand at current parallel market levels, we expect dollar appetite to pick up again in the coming days and the Naira to resume its recent slide.

    Record-low Cedi set for 14.50 levels

    The Cedi hit a fresh record dollar low, sliding to 14.24 on Tuesday from 13.71 at last week’s close, before recovering slightly to 14.20. The latest round of stress came after the Bank of Ghana cancelled a planned forex auction, causing the currency to spike.

    The bank has been taking a range of measures to stem the currency’s year-long spiral, including an unsuccessful crackdown on unlicensed currency sellers. It has also been buying dollars directly from mining companies to shore up its reserves, starving the market of much needed liquidity. Against that backdrop, we expect the Cedi to remain under pressure in the near term, possibly weakening beyond the 14.50 level.

    Risk-on mood lifts Rand

    The Rand strengthened against the dollar, trading at 17.72 from 17.90 at last week’s close as global risk sentiment improved—though we expect that risk-on rally to be limited amid concerns about global commodity prices.

    On the domestic front, embattled South African power utility Eskom said that planned rotational power cuts will continue until 2027, with its ageing power stations also being disrupted by sabotage.

    The government this week signed a $600m loan agreement with Germany and France to finance clean fuel development in the country. We expect the Rand to continue trading in line with global risk sentiment in the week ahead.

    Away from COP fanfare, Egypt Pound halves in value

    The Pound slumped to a fresh low against the dollar, trading at 24.42 from 24.26 at last week’s close. The currency has now lost more than half of its value against the greenback since the start of the year. Fitch Ratings cut Egypt’s credit outlook to negative, citing the country’s deteriorating external liquidity position and risk of reduced bond market access.

    FX reserves have also declined to under $32bn in October from $35bn in March. Egypt’s financing challenges are being exacerbated by $6bn of upcoming external debt maturities next year and a further $9bn of maturities in 2024, Fitch said. Despite a flutter of finance deals announced at COP27 in Sharm el-Sheikh this week, continued foreign exits overall are likely to cause the Pound to weaken further against the dollar in coming days.

    Record low Kenyan Shilling faces more pressure

    The Shilling declined to a new dollar low, trading at 121.70/121.90 from 121.35/121.55 at last week’s close as FX supply and demand remains imbalanced. The weakening has resulted in higher import costs of raw materials for manufacturers, as well as higher food, transport and household commodity prices more broadly. Annual inflation jumped to 9.6% in October from 9.2% in September. FX reserves fell again to $7.21bn from $7.29bn a week earlier as the central bank took action to prevent a steeper Shilling decline. We expect that dynamic to continue over the next seven days.

    Ugandan Shilling gains on stronger economic data

    The Shilling strengthened marginally against the dollar, trading at 3770 from 3786 at last week’s close after output and new orders grew and employment expanded for the first time in five months, according to Stanbic Bank. Concern is rising over the country’s Ebola outbreak, with schools expected to close for the holiday period two weeks earlier than planned after eight children died of the disease.

    At least 53 lives have now been claimed in total, with the World Health Organization warning there is a moderate risk of the virus spreading outside Uganda, with neighbours Kenya, South Sudan, the Democratic Republic of Congo, Rwanda and Tanzania all on alert. We expect the Shilling to weaken near term as rising costs of electricity, fuel and water put pressure on inflation.

    Tanzania pitches $18bn renewables plan at COP

    The Shilling was unchanged against the dollar, trading flat at 2332. Tanzanian President Samia Suluhu Hassan this week travelled to the UN’s COP27 climate conference in Egypt to pitch an $18bn plan to finance renewable energy projects in Southern Africa.

    That followed her recent trip to China, where she sought to boost trade between the two countries, with annual Chinese exports now expected to increase to $1bn from their current level of $600m.

    Tanzania’s government said the economy is forecast to grow 4.7% this year and a further 5.3% in 2023, with Finance Minister Migulu Nchemba seeking to raise the government’s spending budget by 4.4% in the next financial year. We expect the Shilling to remain steady against the dollar in the near term.

    Source: Ghanaweb

  • 26-year-old Nigerian entrepreneur becomes youngest black woman to raise $10 million

    Olamide Olowe, a 26-year-old Nigerian businesswoman, is the youngest black woman to raise $10 million in venture capital.

    Her skincare company, Topicals, which creates safe, effective products for all skin tones, received the capital injection in its most recent funding round led by consumer-focused investment firm CAVU Consumer Partners.

    Olowe, a serial entrepreneur who recently graduated from the University of California, Los Angeles (UCLA), is the former co-founder of SheaGIRL, a Sundial Brands subsidiary now owned by Unilever. She is also the youngest Black woman to raise $1 million and $2.6 million in venture funding.

    According to a Forbes report seen by Billionaires.Africa today, the news follows Olowe’s inclusion in the Forbes 30 Under 30 list for 2022 after Topicals, the fastest-growing skincare brand at Sephora, raised $2.6 million.

    Olowe will use the $10 million in funding to expand the company and fuel brand awareness through an effective product campaign on TikTok and Instagram, as the firm continues to raise awareness about the link between mental health and skin conditions.

    The funds will also be used to develop products to treat chronic skin conditions such as hyperpigmentation, eczema, and psoriasis.

    Topicals has now raised a total of $15 million in venture funding since its inception in August 2020, as it continues to transform the way people feel about their skin through effective products and mental health advocacy, which continues to appeal to Gen-Z consumers.

    In keeping with its commitment to raising awareness about the link between mental health and skin conditions, the brand has donated more than $50,000 to nonprofits that provide mental health resources to marginalized communities.

    As it continues to develop products to address chronic skin issues such as hyperpigmentation, eczema, and psoriasis, the recent funding will put Topicals on track to launch a 12-month accelerator program to support nonprofits in the mental health space.

    Olowe, who spent much of her childhood dealing with chronic skin conditions such as hyperpigmentation, advises young people with entrepreneurial aspirations not to wait.

    “Don’t even consider what you can’t do,” she advised, “just ask why not me?”

    Source: Ghanaweb