In an interview with Doreen Abanema Abayaa on Vogue – a new entertainment show on GhanaWeb TV, the controversial artiste articulated that, growing up he watched Shaolin movies which inspired his new style.
“I think Kungfu films inspired my look. At first, it was reggae songs with reggae music videos, so we used to do the rasta.
“Now, I remember that as I was a child I used to watch a lot of Shaolin Kungfu so I thought that I have to also do some of their hairstyles,” he said.
When asked which hairstyle will be next, Wanlov without hesitation mentioned that he wasn’t sure explaining further that his current haircut was not for the trends.
“I am being partial. No, this hair hasn’t trended anywhere, people are just seeing it as normal. It is not because of trending, else I would have changed it by now. I don’t know which hairstyle is next, maybe full sakora,” he added.
Over the weekend, Wanlov attended the Abelefest which was organised by Gasmilla on October 8, 2022, at Alliance Francais in Accra, to connect with his fans.
Kojo Oppong Nkrumah, the information minister, asked Ghanaians to start selling their dollars around two months ago because the depreciation of the cedi will be dealt with.
He claims that the nation was anticipating around 2 billion dollars, which will likely support the cedi.
The lending facility was composed of a $750 million loan from Afreximbank and a $1.3 billion loan from Cocoa Syndicated.
Since the start of this year, the Ghana cedi has suffered persistent depreciation against major trading currencies, especially the US dollar.
As of July, this year, the cedi lost its value by more than 20 percent. The local currency is now trading above GH¢10.00 to one US dollar on the exchange rate market.
But the minister allaying the fears of citizens revealed that while 750 million dollars is expected from the Afremix Bank this week, the cocoa syndicated loan will add $1.3 billion. These monies, he said, are expected to hit the Bank of Ghana’s account.
“The Bank of Ghana introduced a number of measures in the short term to deal with it and on the back of that… the $750 million that we were expecting, all the paperwork has been concluded, and it should be hitting our accounts today or tomorrow,” he said.
“If I were you, and I was holding onto dollars, I would be selling them by now because there is a lot more dollar coming in from the $750 million and also from the Cocoa Syndicated Loan of about $1.3 billion,” the minister added.
A recent currency performance ranking by Bloomberg showed that the cedi was classified as the worst performing currency in the world after Sri Lanka’s Rupee.
The Bank of Ghana has assured that it is implementing measures including increasing foreign currency (FX) supplies to banks in the short term to help meet growing FX demands for external payments.
Jeffrey Nortey has disclosed that he is going to build a mansion from the skits he has been shooting .
In an interview with GhanaWeb’s Doreen Abanema Abayaa on Vogue, the skit maker mentioned the skits are not making him money yet but he is still getting some gigs with recognised brands.
“Skit making is not making me money yet, but there is room for more improvement. Brands are coming in and we are collaborating with brands.
“YouTube, we are not there, but we will get there. I am going to build a mansion with skit-making, trust me. I am a positive person and you should see the future,” he emphasised.
Citing the bible, he emphasized that “God said I have plans for you, plans that are of good not of evil.
“So definitely, with the way, I am going, with the consistency, with the great work and content, definitely, I am going to do all sorts of things.”
After making this known, Jeffrey added that it is his dream to employ people to work for him and make money because he finds joy in doing that.
“I actually want to employ people in terms of crew and actors. I find it fun when I am paying people. Trust me, an industry is coming out of me,” he added.
While this is the case, maintaining an impressionable demeanor while dressed modestly and elegantly is essential to setting expectations.
Making stylish comments frequently leaves a lasting impression in Ghana’s corporate world and can occasionally become trends.
In this article, GhanaWeb Business has produced a list of some businessmen from the nation that frequently make fashion statements through their personal style.
Gabby Otchere-Darko is a private legal practitioner and businessman. He has carved a niche for himself with his stylish sense of dressing over the years.
He is quite known for his bald shaved look but carries himself quite well as he often dons elegant one-piece or three-piece suits along with beautiful shoes and accessories.
Mr Otchere Darko is also known for wearing beautiful bracelets.
Dr. Ernest Ofori Sarpong
Dr. Ofori Sarpong is an astute businessman with many years of experience who is known for his impressionable sense of dressing and rather calm demeanor.
From driving his luxury vehicles with customized number plates, Dr. Ofori Sarpong has earned himself the right to be known as fashionable.
He is often sighted at public functions wearing fashionable brands such as Gucci, Calvin Klein and others.
Emmanuel Kojo Jones
Earlier this year, Ghanaian real estate mogul and CEO of Empire Domus, Emmanuel Kojo Jones gained notoriety on social media with the display of wealth and class on his engagement and wedding day.
The young businessman is often sighted wearing nicely fitted Kaftan clothing along with a nice shave and always carrying a broad smile.
Nana Kwame Bediako (Cheddar)
Ghanaian businessman and real estate developer, Nana Kwame Bediako, also known as Cheddar, is always in the trends for his flamboyant lifestyle and unique sense of fashion.
While he is popular for his inspirational videos and high-end lifestyle, Cheddar has earned himself the right to always be the talk of the town.
He often wears uniquely made outfits that depict a royal outlook. He also wears a hat and walks in an elegant way when in public.
He said, “As a nation, we’ve made significant investments to improve revenue collection.
I therefore wonder why all of these investments are not translating into increased revenue.
“Is it because the investment has been done and there is a large effect that we expect to see in the future? So for me, I think that there are so many things that are not adding up in the economic indicators that we have in the country. That is why when IMF came, they had to caution us as to how our debt is brewing in relation to the revenue that we are generating,” he said.
Ghana is likely to return to the IMF, economist Dr. Lord Mensah has said.
According to the University of Ghana Business School Lecturer, if the country continues to dwindle in its revenue and its debt continues to go up, it may be forced to subscribe to the IMF programme in the coming years.
Speaking to Starr News’ Naa Dede Tetteh, Mr. Mensah said Ghana had made a lot of investment in the bid to enhance revenue generation, but the effect is not visible.
He noted, “if we continue to realize this dwindling revenue over the years, and it continues for about five years, I think we are not far from going to IMF again.”
He explained: “as a country, we’ve done a lot of investment in a direction to enhance revenue generation. So I ask myself why is it that all these investments are not building up into revenue generation. Is it because the investment has been done and there is a large effect that we expect to see in the future? So for me, I think that there are so many things that are not adding up in the economic indicators that we have in the country. That is why when IMF came they had to caution us as to how our debt is brewing in relation to the revenue that we are generating.”
When asked what effect the payment of government salaries had on the economy, he said, “payment of salaries comes into the economic cycle, salaries build up into output. If salaries are building up into economic output, you shouldn’t struggle. If salaries are going into output that you can easily export, you end up having revenue that will even tame your foreign exchange fluctuation. So in the end, for me, I think it is not about spending on salaries; it has to do with priorities in our spending and some of the leakages that are in the spending processes.”
The Afreximbank Academy (AFRACAD), a learning, knowledge, and networking hub created to support the advancement of African commerce via capacity building and leadership, has been founded by the African Export-Import Bank (Afreximbank).
Prof. Benedict Oramah, President and Chairman of the Board of Directors-Afreximbank, and Mr. Moses Kaggwa, Ag. Director Economic Affairs, on behalf of Mr. Matia Kasaija, Ugandan Minister of Finance, Planning and Economic Development, officially launched AFRACAD in Kampala, Uganda, during a three-day Afreximbank Trade Finance Seminar.
Stephen Kauma, Director & Global Head, Human Resources-Afreximbank, said at the launch ceremony that Academy’s establishment fulfils the capacity building dimension of the Bank’s mandate.
“Afreximbank has been at the forefront of building the capacity of Africans on the continent and the diaspora in trade related matters. In this regard, under the Bank’s 5th Strategic Plan for the period 2016 to 2021, we planned to create a Responsibility Centre under which all our various capacity building initiatives will be housed,” Mr. Kauma explained.
He also revealed that the academy plans to train up to 100,000 people over the next ten years, offering up to 58 different learning opportunities, and aims to unlock business opportunities by enhancing existing capacity and leadership, improving the trade environment across Africa and enabling the continent to compete globally.
The Afreximbank Academy, the Bank’s proprietary corporate academy, is a centre of excellence for capacity building in trade and the go-to hub for Afrocentric knowledge and African trade expertise. AFRACAD provides high impact learning solutions which cover trade and project finance; industrial capacity; innovation; leadership; trade language; and knowledge and networking.
So far, AFRACAD has already begun the process of obtaining regional accreditation, starting with the Chartered Institute of Bankers of Nigeria (CIBN), while exploring and reaching out to other accrediting bodies. The Academy has also started implementing a proof of concept using the Certificate of Trade Finance in Africa (COFTIA) programme, a flagship trade finance course that is one of the most comprehensive in Africa – which AFRACAD runs with FCI and the American University in Cairo.
As part of the celebration to launch the Academy, AFRACAD offered a scholarship for one person to each institution participating in the 2022 Afreximbank Trade Finance Seminar, covering 50 percent of the 2023 Certificate of Trade Finance in Africa course’s tuition fees.
The Afreximbank Academy’s official launch was also attended by Mrs. Kanayo Awani, Afreximbank Executive Vice President-Intra-African Trade Bank; Dr Michael Atingi-Ego, Deputy Governor-Bank of Uganda; Ms. Sarah Arapta, Chairperson, Uganda Bankers’ Association and CEO-Citibank Uganda; and senior officials of the Ugandan government as well as Directors and staff members of Afreximbank.
As part of the global Service Week celebrations, the Chief Executive of Stanbic Bank, Kwamina Asomaning, paid a visit to a few clients in the central business area to learn more about their companies, get feedback, and thank them for their loyalty.
Along with a team from the bank’s Tudu branch, Mr. Asomaning met with clients who were overjoyed to see the delegation and were appreciative of the bank’s leadership for their kindness.
Explaining the visit’s purpose, Mr Asomaning said: “As we celebrate Customer Service Week, it is important for us to appreciate our clients who have stuck with us through thick and thin. Our customers are a very important part of what we do at Stanbic Bank, and as leader of the bank I am here with my team to personally say a big ‘thank you’ to our loyal enterprise customers here at the Makola Market.
“We are grateful for your partnership and trust in us to grow your money. Today we are not here to sell any product to you. Rather, we are here to thank you for your commitment; and if there is any way we as a bank can help you grow your business, we are here to listen and lend a helping hand. Thank you for allowing us to help make your dreams possible,” he added.
A trader at the Makola Market, Mr. Kweku Amoah, CEO-KanKanduro Enterprise, thanked Stanbic Bank for their customer service and helping his business grow. He said: “I joined Stanbic Bank two years ago, and it is through their support that my business has grown. I was with a different bank before Stanbic, but they were not of much help; but since I joined Stanbic my business is doing much better. I always recommend them to my colleagues because I know they can help them too. When you go to some places the people talk to you anyhow, but at Stanbic they check up on us regularly; they are always ready to help us out when we need it. I am happy that their boss has come here today; it feels good to be part of the Stanbic family.”
Kwamina Asomaning and the team rewarded customers for their loyalty with exciting gifts including souvenirs from the bank. Mr. Asomaning congratulated staff of the bank for their excellent customer service and encouraged them to continue their hard work and keep pushing the brand promise of making dreams possible.
This year, Stanbic Bank joins the world to celebrate customer service with the theme ‘Celebrate Service the Stanbic Way’. The bank has outlined a number of activities for the entire month of October, targetted at celebrating their loyal customers for their support – and also members of staff for their excellent customer service.
Energy consulting company Arthur Energy Advisors (AEA) has suggested that more financing be allocated to the supply-side of energy efficiency rather than the demand-side in order to provide a more sustainable means of lowering losses and improving distribution utilities in the energy industry.
Jabesh Amissah-Arthur, a partner at Arthur Energy Advisors (AEA), bemoaned the amount of “abnormal” losses that distribution utilities in African nations experience in his presentation at the recently concluded Africa Energy Conference in Accra. His topic was “Distribution Utilities & Energy Efficiency: The Prospects for Sustainable Performance Improvement for Africa’s Distribution Utilities.”
“If you look in the market for energy efficiency funding, a great majority – if not all – of the energy efficiency funding prioritises demand-side interventions. Very few, if any, of those demand-side interventions will yield the sort of benefit cost ratios for Africa’s distribution utilities; and given where many countries find themselves with underperforming distribution utilities, we think that it is quite useful for some of the definition and application of funding toward demand-side energy efficiency be put into a place where it can be more sustainably run as an intervention in the form of supply-side energy efficiency.
“The total amount of losses within Africa is estimated, if you take just the abnormal losses, at 7 percent; and an average African distribution utility tariff of US$0.14. The total annual losses of Africa’s distribution utilities equal about US$8.5billion. It is, just for context, bigger than the annual GDP in 2021 of 16 out of the 54 African countries; and this is about how much in abnormal losses African distribution utilities are incurring every single year.
“So, in terms of how we view energy efficiency and define it for the appropriate African future, it is important that supply-side or utility energy efficiency is firmly put on the table. It generates a level of return, and the impact to distribution utilities which anchor many of our electricity systems is absolutely critical,” he stated.
The different forms of loss that can be encountered within the distribution grid may be technical: which includes line losses, transformer core loss, transformer overload, and transformer phase imbalance – with non-technical losses including wiring errors, theft, metering errors and billing errors.
He also cautioned against the sole concept of smart-metering as a sure way to find and curb losses – stressing that metering alone is not an effective and sustainable way of curbing losses in utility distribution.
According to Mr. Amissah-Arthur, during a ‘detailed investigation’ by his firm on West African distribution utility involving some 76 customers over a period of six months, it was found that for about US$350,000 in investment there were annual losses of US$1.5million from customers who have smart-meters.
“So what that means is that, effectively, distribution utilities even by investing in the highest-end metering are still losing a significant amount of electricity to their highest and best-paying customers – either by theft or by other malfeasance.
“The appropriate approach and methodology has to be adopted for dealing with energy efficiency solutions, because it is not enough just to buy a whole bunch of meters and deploy them across the network without prioritising the opportunities within that network which bring the greatest bang for our buck. Simply spending money on smart meters doesn’t necessarily mean you find losses,” he added.
The Chief Executive Officer (CEO) of StarLife Assurance, Kakra Duffuor-Nyarko, has devoted her time to helping customers at the business’ Customer Experience Centre, which is situated on the Ring Road in Accra, in honor of this year’s Customer Service Week.
According to StarLife, the decision was made to show gratitude to customers who have supported the insurance provider over the years and to get first-hand input on their difficulties and requests for redress.
Additionally, it provided an opportunity to recognize the customer service team’s efforts throughout the previous year.
As part of the customer service activities, Kakra Duffuor-Nyarko was at the Customer Experience Centre to welcome clients, process claims, sign new clients, receive calls and attend to other client-needs. She also used the opportunity to engage a variety of the company’s clientele on their experiences with StarLife, and how the policies are benefitting them and their families.
The main highlight of her activities was the presentation of gift items and other souvenirs to clients who came to transact business at StarLife’s Customer Experience Centre.
Commenting on her engagement during this year’s Customer Service Week, Kakra Duffuor-Nyarko said: “StarLife dedicated the occasion to renewing our commitment to clients in actions and not only words. They have been with us for 17 years and it is important that we celebrate their contribution to our success and growth of the industry. I have enjoyed my interactions with them. I have listened to some of their concerns, and I believe we can support them better from these engagements.
“There are a lot of things to be excited about as a StarLife client this year and beyond based on our innovative policies, and I want to encourage our clients to continue to partner with us for life,” she added.
Some customers expressed appreciation to the StarLife CEO and staff for the gifts and special services always offered to them.
StarLife Assurance dedicated this year’s Customers Appreciation Week to gifting customers across the country with various items. All Heads of Departments and Branch Managers were deployed to serve customers and also attend to their special needs.
Ghana’s economic crisis continues to impede the well-being of citizens, particularly the less fortunate.
The rich now have to cut back expenses to mitigate the effect of current hardships. But the poor barely have enough to take care of their basic needs.
Due to the consistent rise in inflation, one needs to double or triple the amount needed for a commodity that originally didn’t require much.
Previously GHC10 could fetch you a decent meal or at least afford you two square meals.
Today, the only thing GHC10 can afford is airtime, Hausa Koko just to mention but a few.
For 28-year-old Salamatu Ahmed, it is beyond comprehension how she and her three children survive on GHC9 in the current economy.
Imagine a family of 4 surviving on GHC9 cedis a day, an amount that barely allows an individual to purchase a sumptuous meal.
That is the reality of Salamatu Ahmed, a pure water hawker.
Abandoned by the father of her children, 28-year-old Salamatu Ahmed took up the role as the breadwinner to provide for her family.
The single mother of 3 who was ditched by her husband over 2 years ago, has taken to the streets of Accra to make ends meet by selling sachet water.
As early as 5am, Salamatu is awake to prepare her children for school so she can adequately prepare herself for the day’s struggles.
In a poor and small community of about 50 people at Alogboshie , Salamatu and her 3 children i.e., 8 years old Majid, 4 years old Samira and 2 years old Lad reside in a kiosk, as Salamatu doesn’t earn much to provide decent accommodation for them.
She has been surviving on sale sachet water for about a year now.
Just like Salamatu Ahmed, many other women go through the struggles of acquiring their daily bread by hawking on the streets.
Street hawking is considered one of the riskiest kinds of trading activity in the world.
Over the years, the streets of Accra have witnessed several fruitless encounters between the city authorities and these hawkers. Although several policies like the Hawkers Empowerment Program, MASLOC and the recently passed by-law, thus, the 2011 Accra Metropolitan Assembly (AMA) Street Hawking by-law have been designed to provide a solution to this problem, it still holds.
Thus, the hawkers are seen on the streets again as soon as the police and city authorities stop pressuring them to stay away.
Narrating her ordeal to The Independent Ghana, Salamatu disclosed how it all began for her.
“The father of my children left us when my last born was just a month old.
“I then moved with my children from where we were staying to this kiosk, where I was introduced to a woman who helped me start the pure water business,” Salamatu explained.
Unable to afford a deep freezer, Salamatu has to opt for a more affordable way of getting her water and drinks chilled.
She walks several kilometers to buy “ice blocks” and then heads to her supplier’s house to cool her water.
She sells on the Achimota, ABC stretch.
She further described how dangerous it is, especially with the alarming rate at which accidents occur on that road.
“Selling in traffic is risky, there are times I have witnessed a car hit some of the hawkers and it is scary, but you have no option but to move on.
“On countless occasions motorists knock down some of the sellers and in extreme cases, some of them die,” Salamatu lamented.
Salamatu explained how it is a challenge as she single handedly takes care of her three kids with the “‘miniscule amount she makes on a daily basis.
According to her, on a good market day, she makes at most a 100 cedis at the end of the day.
This she says it’s as a result of the drinks she adds to the pure water.
But with only the sachet water she makes as low as 9cedis a day.
She attributed most of her low sales to the weather conditions, explaining that we are in the rainy season and people do not patronize water often.
“At first, I could sell 5 bags of water in a day but now due to the weather, I can only sell 1 or 2 bags.
“In a day when i include drinks to the water, I am able to make like a 100 GHcedis but without the drinks i can make as low as 9GHcedis” Salamatu explained
She added that she spends 30GHcedis on her children daily, out of which 18 cedis is their canteen food the school requires i.e., 6 cedis per child.
And the rest of it caters for their breakfast and supper because she gets home late.
” Days that I don’t make much, I don’t let them go to school,” she added.
Having faced so many challenges just to survive, she states that what motivates her is the love for her children
“Providing for my kids is my priority, that’s why despite the challenges i go through everyday i continue to sell the pure water.”
Salamatu Ahmed is however appealing to the Government to come to their aid, to help create jobs for them that will enable them to leave the streets.“It is not our wish to be on the street selling but due to the hardship we go through and the difficulty in taking care of our kids is what compels us to do that but if the Government can provide some jobs for us, that will take us from the street we will really appreciate it.
New customers who have joined the exclusive Priority Banking Segment were given a warm welcome at a ceremony held by Standard Chartered Bank Ghana PLC.
Customers of Priority Banking can buy and sell government-issued Treasury bills and bonds online via the SC Mobile App, as well as get access to a personal relationship manager.
Reputable businesswomen and men who use the bank were present at the networking and engagement event held at the opulent Labadi Beach Hotel.
The priority segment’s host, Dr. Setor Quashigah, welcomed the clients and reemphasized the advantages of being a member of the Standard Chartered family.
Standard Chartered offers an array of tailor-made products and services curated to suit the wealth creation ambitions of our clients. The clients were taken through highlights of the bank’s unique Priority Banking proposition as well as discussions on growing, protecting their wealth and taking good investment decisions.
Additionally, the bank’s wealth advisory team delved into topics ranging from local and international bonds, foreign exchange to insurance. They also explained the DigiAdvisory service which connects clients to relationship managers and insurance specialists from the comfort of their homes.
The Bank used the opportunity to launch a deposit campaign – Unlimited Rewards, where a client and their partner will be rewarded with an exclusive tour of selected European cities.
Clients will be required to make local currency deposits into their account and pay for transactions with their Standard Chartered Debit and/or Credit Cards. The client with the highest average rate of growth will emerge winner at the end of the three-month campaign. New to Bank clients are also invited to open accounts and join the campaign.
Former Ghana goalkeeper, Joe Carr has called on Otto Addo to ensure the selection of players to the Black Stars ahead of the 2022 World Cup is purely based on performance.
The playing body after the friendlies against Brazil and Nicaragua has come under pressure for the uninspiring performance.
However, Carr speaking in an interview advised Coach Addo to use a fine blend of experienced players and talented youngsters in the team for good results but added that the technical handlers must take bold decisions as far as the selection was concerned.
“The coach should not hesitate to bench senior players if they do not live up to his expectation. This is the only way to get the players to give their best during the competition,” he told Graphic Sports.
“Instead of relying on senior players who may be out of form in such a high-class competition, selection should be based purely on current performance to enable Ghana to excel in such an elite tournament.
“As many new players as possible who are in good form and have the competitive edge should be offered opportunity, and with such a positive approach, our team will not be found wanting,” said Carr, who won the 1983 African Champions League with Kotoko.
Ghana have been housed in Group H alongside Portugal, South Korea, and Uruguay.
Samuel Ofosu Ampofo, the National Chairman of the National Democratic Congress (NDC), has clarified the NDC’s decision to boycott the 2019 by-election for the Ayawaso West Wuogon Constituency.
After individuals thought to be National Security operatives allegedly injured numerous voters who were at polling places to exercise their right to vote, the NDC made the decision to withdraw from the by-election.
According to Mr. Ampofo, “for the first time state security agencies with police cars, wearing police uniforms, and assault rifles were attacking regular civilians who are coming to vote” in an interview with Citizen Kofi Owusu, the host of the Adekyee Mu Nsem Morning Show on Ahotor 92.3 FM.
While attempting to paint a picture of the gory scenes of the day, the NDC Chairman said, “people were injured and admitted to the hospital, people with broken legs. In the candidate’s house, it looked like a war zone with blood on the ground.”
Narrating the series of engagements and incidents that followed the brutality that was meted on the voters, the National Chairman said both the General Secretary of the NDC, Mr Asiedu Nketia, and former President John Dramani Mahama were widely consulted.
“When we assessed the situation, we were like we should give ourselves time to see how things will go. There was a man who didn’t get the reason why he should leave his home to go and vote,” Mr Ampofo said.
He said security experts were marshalled to assess the situation and advice on the way forward for the party.
“I never just got up to say that we were pulling out completely,” he continued adding that the candidates also decided against going to their polling station to cast their ballot based on the security situation at the time.
“President Mahama was busy, so I called him and explained everything to him. I consulted him, and he said that if that was going to save lives, we should take a decision,” Mr Ampofo said.
“There was a major consultation before that decision was taken,” he added, further explaining that though the General Secretary of the party was out of the country at the time, Mr Asiedu Nketia was still consulted to advise on the necessary steps that ought to be taken.
“I have never regretted my decision,” he stated categorically, arguing that “if people are saying I’m weak, then so be it, but it was not a weak decision because as a result of that decision, the whole world’s attention was brought to Ghana.
Mr Ampofo claimed that President Nana Addo Dankwa Akufo-Addo was forced by the international community to take action. “They were forced to set up a commission of inquiry, and he didn’t use the report for anything. He quickly passed a law to outlaw vigilantism and other related offences, and it attracted world attention,” he said.
Based on what the NDC has experienced in the past, the National Chairman said the party was “doing those things that are necessary to ensure that this does not occur in 2024.”
“There are a number of urgent actions we are taking to ensure that the use of military and police brutalities on election day will be outlawed through our parliament and through laws, and through advocacy with other key international and national civil society organizations and diplomats,” maintained.
The CEDI/USD pair slumped by 0.34% or 0.0327 pesewa to GH¢9.6375 week-on-week.
The CEDI/POUND pair fell 0.02% or 0.0017 pesewa to GH¢10.7034 week-on-week.
The CEDI/EURO pair tumbled 0.06% or 0.0053 pesewa to GH¢9.4200 week-on-week.
Ghana Stock Exchange
The Ghana Stock Exchange rose 1.21 points last week after ending with one advancer and one decliner.
Benso Oil Plantation increased its value by GH¢0.42 to GHS6.90.
The lone decliner was SIC Insurance, which lost a pesewa to GH¢0.32.
As a result, the GSE Composite index rose 1.21 points, bringing its index-point total to 2,461.33 (YTD: -11.76%). The Financial Index, on the other hand, fell 0.34 points to 2,069.76 index points (YTD change: -3.81%). During the week, a total volume of 4.44 million shares estimated at a value of GH¢30.08 million were traded in twenty-two (22) equities.
Attached below is a weekly market for the week ending October 7, 2022 by NIMED Capital Limited (“NIMED”) and Young Investors Network (YIN).
Ghana’s economic crisis continues to impede the well-being of citizens, particularly the less fortunate.
The rich now have to cut back expenses to mitigate the effect of current hardships. But the poor barely have enough to take care of their basic needs.
Due to the consistent rise in inflation, one needs to double or triple the amount needed for a commodity that originally didn’t require much.
Previously 10gh could fetch you a decent meal or at least afford you two square meals.
Today, the only thing 10gh can afford is airtime, Hausa koko just to mention but few.
For 28-year-old Salamatu Ahmed, it is beyond comprehension how she and her three children survive on GH9 in the current economy.
Imagine a family of 4 surviving on GH9 cedis a day, an amount that barely allows an individual to purchase a sumptuous meal.
That is the reality of Salamatu Ahmed, a pure water hawker.
Abandoned by the father of her children, 28-year-old Salamatu Ahmed took up the role as the breadwinner to provide for her family.
The single mother of 3 who was ditched by her husband over 2 years ago, has taken to the streets of Accra to make ends meet by selling sachet water.
As early as 5am, Salamatu is awake to prepare her children for school so she can adequately prepare herself for the day’s struggles.
In a poor and small community of about 50 people at Alogboshie ,Salamatu and her 3 children i.e. 8 years old Majid, 4 years old Samira and 2 years old Lad reside in a kiosk, as Salamatu doesn’t earn much to provide a decent accommodation for them.
She has been surviving on the selling sachet water for about a year now.
Just like Salamatu Ahmed, many other women go through the struggles of acquiring their daily bread through hawking on the streets.
Street hawking is considered one of the riskiest kinds of trading activity in the world.
Over the years, the streets of Accra have witnessed several fruitless encounters between the city authorities and these hawkers. Although several policies like the Hawkers Empowerment Program, MASLOC and the recently passed by-law, thus, the 2011 Accra Metropolitan Assembly (AMA) Street Hawking by-law have been designed to provide a solution to this problem, it still holds.
Thus, the hawkers are seen on the streets again as soon as the police and city authorities stop pressuring them to stay away.
Narrating her ordeal to The Independent Ghana, Salamatu disclosed how it all began for her.
“The father of my children left us when my last born was just a month old.
“I then moved with my children from where we were staying to this kiosk, where I was introduced to a woman who helped me start the pure water business,” Salamatu explained.
Unable to afford a deep freezer, Salamatu has to opt for a more affordable way of getting her water and drinks chilled.
She walks several kilometers to buy “ice blocks” and then heads to her supplier’s house to cool her water.
She sells on the Achimota, ABC stretch.
She further described how dangerous it is, especially with the alarming rate at which accidents occur on that road.
“Selling in traffic is risky, there are times I have witnessed a car hit some of the hawkers and it is scary, but you have no option but to move on.
“On countless occasions motorists knock down some of the sellers and in extreme cases, some of them die,” Salamatu lamented.
Salamatu explained how it is a challenge as she single handedly takes care of her three kids with the “‘miniscule amount she makes on a daily basis.
According to her, on a good market day, she makes at most a 100 cedis at the end of the day.
This she says it’s as a result of the drinks she adds to the pure water.
But with only the sachet water she makes as low as 9cedis a day.
She attributed most of her low sales to the weather conditions, explaining that we are in the rainy season and people do not patronize water often.
“At first, I could sell 5 bags of water in a day but now due to the weather, I can only sell 1 or 2 bags.
“In a day when i include drinks to the water, I am able to make like a 100 GHcedis but without the drinks i can make as low as 9GHcedis” Salamatu explained
She added that she spends 30GHcedis on her children daily, out of which 18 cedis is their canteen food the school requires i.e. 6 cedis per child.
And the rest of it caters for their breakfast and supper because she gets home late.
” Days that I don’t make much, I don’t let them go to school,” she added.
Having faced so many challenges just to survive, she states that what motivates her is the love for her children
“Providing for my kids is my priority, that’s why despite the challenges i go through everyday i continue to sell the pure water.”
Salamatu Ahmed is however appealing to the Government to come to their aid, to help create jobs for them that will enable them to leave the streets. “ is not our wish to be on the street selling but due to the hardship we go through and the difficulty in taking care of our kids is what compels us to do that but if the Government can provide some jobs for us,that will take us from the street we will really appreciate it.
Ghanaian international Ishaku Konda trained with his new teammates at FK Jablonec on Monday.
He was put through his paces with his former coach David Horejs whom he worked with and established a good relationship with him at Ceske Budejovice.
The 23-year-old joined the Czech Republic top-flight side on a two year deal after successful negotiations.
In his contract, the talented youngster has a clause which will give him the chance to extend for an additional year at the end of his two-year stay with FK Jablonec.
In the past, Ishaku Honda played for České Budějovice, and also had a fine stint in Estonia where he played for Paide.
At FK Jablonec, the Ghanaian youngster has set his sights on working very hard to make a mark in the Czech Republic top-flight side.
Konda is likely to feature in their cup game against Vyskov on Tuesday.
George Mireku Duker, Member of Parliament for Tarkwa-Nsuaem, has denied being involved in illegal small-scale mining, galamsey, activities.
Nana Nyowah Panyin IV, the Chief of Dompim-Pepesa in the Tarkwa municipality in an interview with Accra-based Joy FM alleged that the MP, together with Benjamin Kesse, the Tarkwa MCE, as well as Kobby Okyere Darko Mensah, the Western Regional Minister were all involved in galamsey activities in the region.
The chief indicated that he is not just throwing out allegations against the three appointees of President Nana Addo Dankwa Akufo-Addo, who has promised to put his presidency on line to ensure that galamsey which is polluting water bodies and destroying farmlands become a thing of the past.
But in a reaction, Mireku Duker stated that the allegation levelled against him were unfounded and it is a form of distraction from his duties as MP and Deputy Minister of Lands and Natural Resources.
“I do not own a concession, I do not have a concession, I do not invest into any mining of any kind and I am not into mining. Let me make that clear and I have said this time and again that mining is not done in a hidden place, it is done in an open place.
“You cannot just speculate if you know a concession owned by Mireku Duker everybody will testify, the community will testify…You know it is also a strategy to in a way distort your assignment, your focus and all that…,” George Mireku Duker said in a Joy News report.
The Deputy Minister of Lands and Natural Resources is of the view that the traditional ruler is throwing this allegation at him because the chief is his distant nephew and he [Mireku Duker] did not support his bid to ascend the throne.
The minister further noted that he has no knowledge of any mining firm engaging in illegal activity in the area.
“I have told you the background of the one making the allegation. He was the one who led the Independent candidate campaign in the 2020 elections…he is my distant niece (sic) and he feels I did not support him in becoming chief of my community and he is gone against me ever since,” the MP said.
Mireku Duker urged the public to disregard such accusations as they are untrue. He noted that he will engage his lawyers for the Chief to be summoned to show proof of his allegations.
What the Chief said about the MP
Nana Nyonwah Panyin IV, on Monday, October 10, 2022, to Joy FM that he has incontrovertible evidence to implicate the trio in galamsey activities.
“I know not of any company but I know of the very people who are behind the operations of ‘galamsey’ in my area. First and foremost the Regional Minister, Kwabena Okyere Darko-Mensah is involved.
“The MP for the area, Tarkwa Nsuaem, Honorable George Mireku-Duker is also involved and the MCE, Benjamin Kessie is also involved. I have told you I am not going to disclose my arsenals to you.”
He did not state the exact nature of their involvement in galamsey, which has become an issue of national concern with increasing pressure on government to curb its growing spread.
“They said they were going to sue, so let them sue. I’ll let out my arsenals at the right time,” Nana Nyonwah Panyin IV alleged.
The Ghana National Association of Teachers (GNAT) has organised a float in Akuapim South and Nsawam Adoagyiri in the Eastern Region to create awareness on World Teachers Day.
On October 5, each year, teachers around the world are recognised for their outstanding contributions to the development of future leaders.
It is also to provide a forum for teachers to express their grievances to the Government over conditions of service.
The Police Command, Fire and Prisons services, and medical team from the Koforidua Government Hospital were there to support the Eastern Regional GNAT.
The teachers held placards, which read: “Teachers deserve ex-gratia,” “The government should be bold to implement the Collective Agreement,” and “We expect a 100% pay increase.”
Mr Samuel Manu, Chairman of the Akuapim South branch of GNAT, said most citizens were unaware of the Day and expressed the hope that the celebration would recreate awareness.
It was on the theme: “The Transformation of Education Begins with the Teacher.”
Other activities were health screening, and football and volleyball competitions between teachers and security agents.
In another development, Mr Samuel Otopah Ntow, the Nsawam Adoagyiri Municipal Director, Ghana Education Service, has urged teachers to combine professionalism with a good attitude to reclaim the respect accorded them.
He mentioned some sexual cases reported by some students against teachers, which did not augur well for their image and urged them to set good examples for their students to emulate.
The United Nations Educational, Scientific, and Cultural Organisation (UNESCO) established World Teachers Day in 1994 to raise awareness of teachers’ contributions and accomplishments.
The CEO of Burniton Music Group, Livingstone Etse Satekla, known in showbiz as Stonebwoy has flaunted videos of his newly purchased Bentley Flying Spur.
Stoebwoy‘s love and high taste for expensive and luxury acquisitions are obvious as he has on many events wanted to be noticeable for owning such cars.
Some videos spotted on his Snapchat and other social media pages capture him rocking a green top, and a cap over a pair of blue jeans while comfortably sitting in the driver’s seat of his brand-new Bentley Flying Spur.
The award-winning singer was again captured taking his new whip around as he flaunted the exquisite interior and logo on the wheel to indeed prove to her fans that he has indeed acquired one of the world’s most expensive and luxurious cars.
The caption of the various posts Stonebwoy shared online was simply about rewarding himself for all the hard work he has been doing over the years.
Checking online, it is revealed that the 2022 Bentley Flying Spur costs about $204,500 which is approximately Ghc2,166,755.
The team which is coached by Ibrahim Tanko will meet Mozambique in their first match in the African qualifiers.
They have begun training at the Ghanaman Soccer School of Excellence at Prampram.
The team includes the best players on the local scene.
Coach Tanko believes they can break the jinx which has gripped Ghana since 2004 when the nation last represented in football at the biggest sports festival in the world.
He said everything is being done to ensure that Ghana qualifies and he is very sure they will make it.
According to him, the players who have been selected are serious and they want to make names for themselves.
A chief in the Western Region has accused the regional minister, a Member of Parliament and a Municipal Chief Executive in his jurisdiction of engaging in illegal small-scale mining, popularly known as galamsey.
Nana Nyonwah Panyin IV, the Dompim-Pepesa chief told the media on Monday, October 10, 2022; that he had incontrovertible evidence to implicate the trio.
He has subsequently dared the trio to sue him over the allegations he has made stressing that already he had become the subject of threat following his resolve to root out galamsey from his jurisdiction.
“I know not of any company but I know of the very people who are behind the operations of ‘galamsey’ in my area. First and foremost the Regional Minister, Kwabena Okyere Darko-Mensah is involved.
“The MP for the area, Tarkwa Nsuaem, Honorable George Mireku-Duker is also involved and the MCE, Benjamin Kessie is also involved. I have told you I am not going to disclose my arsenals to you.”
He did not state the exact nature of their involvement in galamsey, which has become an issue of national concern with increasing pressure on government to curb its growing spread.
“They said they were going to sue, so let them sue. I’ll let out my arsenals at the right time,” he alleged.
Meanwhile, the MP who also doubles as deputy Minister for Lands and Natural Resources has denied involvement in the illegal activity.
“The situation keeps getting worse, and my heart is bleeding,” the chief said when asked how he feels about the galamsey scourge.
Galamsey has become topical in recent months with the resurgence of news on its continued negative impact on the environment.
President Nana Addo Dankwa Akufo-Addo at a recent meeting with the National House of Chiefs and selected Metropolitan, Municipal and District Chief Executives, MMDCEs, restated his resolve to root out the canker.
The issue has also been given impetus following the rearrest last month of a notorious galamsey kingpin in the person of Aisha Huang.
The Chinese national who had as at 2018 been repatriated from Ghana after the state discontinued a criminal trial against her for galamsey, reentered the country on the blind side of the authorities.
Primetime has released scores at the end of the first day of contests with full list of qualified schools in the ongoing preliminaries.
At the end first day of the contest, nine (9) schools have booked a place at the One-eighth Stage and a few others remain hopeful that by the end of the preliminaries, they will progress as part of the 15 Top Runners-up.
The first contest for the day started with Sunyani SHS, Northern School of Business and Nalerigu SHS in this year’s NSMQ.
At the end of the nine contests, here are the results.
Sunyani SHS: 19pts
Northern School of Business: 17pts
Nalerigu SHS: 15pts
Sunyani SHS progresses to the One-eighth Stage.
Amaniampong SHS: 57pts
St. Monica’s SHS: 23pts
Abuakwa State College: 20pts.
1. Sunyani SHS
2. Amaniampong SHS
3. Osei Tutu SHS
4. St. James Sem. SHS
5. Drobo SHS
6. St. Thomas Aquinas SHS
7. Ofori Panin SHS
8. Apam SHS
9. Sakafia Islamic Senior High School
Sakafia Islamic SHS take home Gh¢ 800 from the Goil Riddle Bonanza, for solving 3 out of the 4 riddles in Round 5 of their preliminary.
Amaniampong SHS win the Goil Riddle Bonanza, worth Gh¢ 800 at this stage for solving 3 out of the 4 riddles in Round 5 of their preliminary.
For answering three riddles correctly, Osei Tutu SHS, wins the Goil Riddle Bonanza worth Ghc800!
For answering all riddle correctly St. Thomas Aquinas SHS wins the Goil Riddle Bonanza worth Ghc1,200.
Meanwhile, for answering three out of the four riddles correctly, Apam SHS earn GHc800 from the @GOIL_Official Riddle Bonanza.
For answering three out of the four riddles correctly, Ofori Panin SHS earn GHc800 in the GOIL Company Limited Riddle Bonanza.
St. James Sem. SHS gains the Prudential Life Insurance Ghana Limited NSMQ Star worth GHC500 to each of the three contestants and 1 teacher, totalling GHC2000 for getting a perfect score in the third round.
Contest for second day continue today at KNUST auditorium.
Liverpool captain Niamh Fahey has said that reaching the World Cup finals with the Republic of Ireland would mean everything to her.
The 34-year-old will be part of Vera Pauw’s Irish side that takes on Scotland in a World Cup play-off at Hampden Park on Tuesday night.
The Republic are aiming to reach a first-ever World Cup finals.
“In terms of magnitude it is going to be the biggest game of my career,” Fahey told Sportsound Extra Time.
“Hopefully now we can go one step further and get to a World Cup. That would be huge, it would mean everything. It is the pinnacle of a career, to be able to get to a major finals.
“We have to seize the moment, have no fear. It is 90 minutes, it is 11 v 11. You can get caught up in the outcomes, in what might be and what might not be, but you have to just treat it as a one-off game and just play the game.
“That’s how I’m approaching it and that’s what I will be telling anyone else.”
Liverpool captain Fahey joined the Merseyside club in 2018
There are two other play-offs taking place on Tuesday night – Wales travel to Switzerland and Portugal host Iceland – with only the two top-ranked of the three winners on the night guaranteed a World Cup place, and the third winner facing an inter-confederation play-off in New Zealand in February.
In short, the Republic, ranked third on the basis of their qualification record to date, must win and hope that at least one of Switzerland or Iceland lose or only win on penalties.
Fahey’s tough choice after GAA All-Ireland win
Fahey is well used to high-pressure environments with Liverpool, who have won one and lost one of their first two games back in the Women’s Super League after earning promotion last season.
However, her winning mentality stretches back to her days of playing GAA for her home county Galway, with whom she won an All-Ireland title in 2004 – a success which meant she had a difficult choice to make in pursuing a career in football.
“It was a tough one to leave the Gaelic football set-up because that was my first love,” she explained.
“We are a big Gaelic football family, my brother played for Galway, won an All-Ireland and I won an All-Ireland myself with the Galway women’s team.
“It was really tough to leave that maroon jersey [of Galway] behind but the ultimate is playing for your country. To be able to play for Ireland and to be able to pull on the green shirt is something special.”
And she will not be short of good-luck messages from her former GAA team-mates ahead of Tuesday night.
“We have a WhatsApp group from the 2004 team. We have that special bond that winning creates.
“They are a great group of girls, we have met up regularly, that bond still exists and it is like a little support group that is there for each other all the time, which is really cool. They always send a text and are really supportive.”
The sole maker of safety footwear in Ghana, Shoe Fabriek, is now celebrating its year anniversary after Nana Addo Dankwa Akufo-Addo, the president of Ghana, officially opened its new facility in Akropong-Akuapem on October 6, 2021.
The business has a facility that employs cutting-edge technology and a complete infrastructure to make 32,000 pairs of various shoe models each month, including security boots, safety boots, school shoes, and casual shoes.
Additionally, in its effort to change the shoe-making environment in Ghana and West Africa, Shoe Fabriek trained approximately 60 people to improve and polish their shoe-making abilities on the Akuapem Ridge over the course of the previous year.
The company expects to train a minimum of 300 more young people in the area by 2025.
“Furthermore, we delight our clients by making high-quality shoes and apparel for men, women, and children. Due to this, this past year, we have been privileged to work with local and international companies; to produce various kinds of high-quality shoes within our portfolio, from factory workers to students,” the company said.
“Shoe Fabriek, therefore, urges all manufacturing, construction and Security companies to source their security boots, safety boots and PPEs from us. Our strategic location, an hour’s drive from Accra, facilitates short production lead times and ease of delivery, ensuring cost-effectiveness and timeliness”.
Commenting on the occasion, the General Manager of Shoe Fabriek, Beauty Larbi, mentioned that “we are committed to transforming the African shoe-making industry. The quality and delivery of the shoes we make is strong evidence of our commitment.”
“As a people-focused, socially inclusive, and sustainable business, over 70% of our staff are women aged below 35 years. This is a deliberate move to ensure that women in the Akropong Akuapem enclave are empowered”.
Additionally, the company has donated security boots to cadets of six Senior High Schools on the Akuapem Ridge, and school sandals to students of the Akropong School for the Blind.
Regarding its commitment to the environment, Shoe Fabriek uses efficient technology and processes that enable it to recycle and upcycle our raw materials thereby protecting the environment and enhancing economic development.
Actor, Prince David Osei,has joined calls for the current administration to strive to improve the living conditions of Ghanaians.
It can be recalled that the actor campaigned vigorously for the ruling New Patriotic Party (NPP) in the build-up to the 2020 general election, however, he has expressed dissatisfaction over the perpetual worsening living conditions.
The actor shared a screenshot of a news outlet that shows Ghana ranks first when it comes to astronomical food prices exceeding 100% in SubSaharan Africa.
In a post that has surprised a lot of people and applauded by a cluster in the same measure, Prince threw away partisan politics to call out the president to fix the country before things get out of hand.
As mentioned in the preceding paragraph, Prince decided to ditch the kind of politics we do in Ghana by defiantly slamming the government he himself campaigned for in the face of hardship in the country- a situation which has been hailed by a lot of people.
His full post reads;
Mr President! With all due respect Mr President, why are you sleeping on Ghanaians. This is not acceptable Mr President. We deserve better, we know there are global crises and hardships. Yes, we know! But looks like you and your ministers are determined to inflict untoward hardship on the citizenry.
I decided to give you and your government the benefit of the doubt, I reckon I was wrong! The Youth of this nation are not smiling, it pours, but we are still sweating.
If things don’t change by December, we will mobilize the youth of this country and hit the street irrespective of party affiliations, whether NPP, NDC, CQQ, PNC whatever, doesn’t matter now, we are all in this together. God bless our motherland 🇬🇭 We want to see improvement in our livelihoods. If you have to sack some people do it without fear or favour because your legacy is on the line, Sir!! @nakufoaddo
The theme for this year, Celebrating Customer Service the Executive Way, is expected to spark discussions on the myth of customer service and whether or not there is a proven link between providing excellent customer service and generating and sustaining corporate income.
Honoring good customer service
The executive way is to encourage organizational heads and managers to comprehend the importance of front-line employees and their effects on the broader corporate image, and to get organizational leaders to actually engage with consumers to live their experiences.
As Ghanaian business professionals, “we are highly focused in the bottom line, but we most frequently forget that we are dealing with emotional people, and emotions need management therefore, customer service,” Priscilla M. Wellington, CEO of Customer Service Africa remarked.
The conference will also present an opportunity for a masterclass session where participants will be empowered on topics such as Bridging the Service Recovery Gap, Customer Service Parameters for Consumer, Building Customer Service Teams, Professional Business Telephone Ethics, and Customer Service Parameters for Revenue Sustainability of Hospitality establishment with seasoned experts within the service delivery space.
The Keynote speaker for the occasion is Dr. Damien L. Duchamp, an online pedagogy from the United States of America, with support from Ghanaian guest speakers namely: Dr. Edward Ackah-Nyamike jnr, Dr. Joseph Mensah Ansah, Dr Birago Antwi-Adjei, Jerry N. Halm and Stephen Essien.
The International Customer Service Summit is a gathering of CEOs, General Managers, public office holders and renowned business owners spanning across industries; hospitality, telecommunications, government agencies, retailers, health practitioners, banking, insurance, mining and manufacturing industries to celebrate customer service week and have a conversation on global service delivery in the wake of globalization.
This year’s summit is proudly partnered with Ellaven Consult, Afrimass, Infocus Bcw, Sales Support, Jayset Consult, Green Trek Tours and Saline Consult and sponsored by Alisa Hotel, The African Regent Hotel, TSG Drive, Easy Tag, Events by Yidel, Loaflovers and Enosuas Heart. Media partners include Mx24, Joy Business, Joyfm, ISUBSAHAR Magazine and Green Savanna Cable.
According to Dr. Sam Ankrah, President of Africa Investment Group, the Bank of Ghana should let supply and demand factors decide the real value of the cedi as part of a medium- to long-term recovery process.
However, he wants the government to vigorously pursue an export strategy, concentrating more on exportable goods and services with the potential to add real value to the currency and the economy. He claims the central bank’s practice of using reserves to stabilize the cedi is not only artificial but unsustainable.
Following S&P’s downgrading of Ghana’s local and foreign currency credit ratings from B- to CCC/C, citing the government’s “limited commercial financing choices, and restrictive external and fiscal buffers,” the president made the remarks.
He said the economy was in tatters and in desperate need of fresh ideas, including having to cut down on imports, to restore investor confidence and stability.
Dr Ankrah said the government’s failure to borrow from the international market, and investors’ reluctance to hold assets in cedi, speaks to the magnitude of work to be done and the need for a change in approach.
Meanwhile, as a near term measure, Dr Ankrah, who is a fellow of Chartered Institute of Economists-Ghana, said the cedi should be pegged at 10:1 to the United States dollar to allow for some breathing space, for example, a minimum of 5 years.
When this is done, and aggressive local policies are implemented, using fiscal policies to change the behaviourial and consumption pattern of the people, he believes it will lay the foundation for the currency to stabilise. “So by the time you have finished 5 years, your demand for USD is significantly diminished.”
Among the options available to add real value to the cedi, which is rated as the worse performing currency on the continent and to restore economic stability, he said: “We could disincentivise all imports of staples (rice, maize, tomatoes, etc) and restrict imports on electrical and electronic stuff (fridges, freezers, air-conditioners and vehicles) while we give incentives to domestic production and purchase of locally made alternatives.”
“If you need convincing, just look at the appreciation of cedi in 2019/20 when COVID stopped us from travelling,” the investment banker added.
The Bank of Ghana has raised its main lending rate by 550 basis points since the end of last year to curb spiralling inflation, which reached an 18-year high of 28.9 percent last June. The domestic currency has also depreciated nearly 30 percent over the same period.
IMF Bailout
In a quest for solutions, the government has has already started talks with the International Monetary Fund for economic support.
An economic programme is expected to be created in this regard to return the economy to the path of stability, following a meeting between government and IMF officials last month.
“We reaffirm our commitment to support Ghana at this difficult time, consistent with the IMF’s policies,” the Fund said in a statement issued after the meeting in Accra.
Ukraine has indicated that it will continue its counter-offensive reclaiming land annexed by Russia in the south and east, despite yesterday’s escalation of missile attacks, a senior politician has told BBC News.
Our diplomatic correspondent Paul Adams spoke with Ihor Zhovkva, deputy head of Ukrainian President Volodymyr Zelensky’s office.
Zhovkva said Monday’s strikes were designed to cause panic, hitting major cities in the middle of rush hour.
But, he said, Russian President Vladimir Putin had failed to intimidate Ukrainians, even with the greater intensity of the strikes, which were seemingly targeted at both critical infrastructure and civilian targets.
According to management at the Ghana Revenue Authority (GRA), the Electronic Transactions Levy (E-Levy) has generated GH328 million in revenue since it was put into place.
At a meeting with business editors in Accra, the GRA Commissioner-General, Rev. Dr. Ammishaddai Owusu-Amoah, stated that the GRA continues to see growth in the amounts received on a monthly basis.
“The amount of money collected keeps rising, and we are optimistic that it will do so in the future.
According to Rev. Dr. Owusu-Amoah, there has been a monthly improvement in the collecting of the E-levy of between 10% and 15%.
Meanwhile, the GRA will begin the piloting of an automated Auctioning platform on the Integrated Customs Management System (ICUMS) later this month. The e-auction module, which will be available on www.auction.icums.gov.gh is part of efforts to prevent revenue losses that emanate from the auctioning process.
“One of the things people complain about over the years is auctioning. I am glad to announce that we have finished the electronic auditioning platform, which is online. Our target is that, from the 15th of October, we will load some of the times available for auction on this system as part of the pilot phase.
Our digitalisation agenda remains on course, and we are confident that both the previous ones we have done like the cashless and the ICUMS will continue to increase revenue,” the Commissioner-General retorted.
Ghana’s tax to GDP was estimated to be 12.2% in 2019 with a 2021 provisional estimate of 12.5%. In a bid to enhance revenue mobilisation and broaden the tax base, the government introduced the E-Levy.
At least GH₵6.9 billion was expected to be raised, but the figure had to be revised to about GH₵4.9 billion following the delay in the passage of the e-levy bill. Having missed the GH₵1.46 billion target for the first half of the year, the government had to revise the tax measure downwards, again, to GH₵611 million.
Though it may be falling short of its initial targets, the GRA has raised more than half of the amount for the year.
2022 revenue performance
The Ghana Revenue Authority (GRA) fell short of its revised revenue target for the period ending September 2022. Total tax revenue of GH¢51.58 billion was collected for the period as against a target of GH¢52.04 billion. The GRA narrowly missed its target by 0.9% raising GH¢466.61M less in revenue.
The performance, however, represents a nominal growth rate of 29.0% over the same period compared to last year’s collection of 26%.
Former deputy chairman of the National Chapters Committee (NCC) of Hearts of Oak, Aziz Haruna Futtah as described the current management of the club as the ‘worst ever’.
The Phobians and Samuel Boadu parted ways following a poor start to the 2022/23 league season and was replaced by former Asante Kotoko coach, David Ocloo.
According to the staunch Hearts supporter, the decision to fire coach Samuel Boadu without any competent replacement was the wrong call ahead of their Africa campaign
“I am not against the sacking of Samuel Boadu but they needed to get a replacement in place,” Futtah told Nhyira FM as quoted by footballghana.com.
“You sacked a coach without a plan for a successor?
“How can you sack your coach and then hire an assistant coach of Kotoko to lead you to Africa? That was a funny decision.”
He added, “You can line up Messi, Ronaldo and all the best players in the world in this situation, they will mess up.”
“With all due respect to these gentlemen, I can tell you that this is the worst ever [Hearts of Oak] management so far.”
As part of his nightly address on Monday, President Volodymr Zelensky filmed himself near recovery vehicles appearing to clean up one of the sites of the missile attacks.
“Restoration work is currently under way across the country. We will restore all objects that were damaged by today’s attack by Russian terrorists. It’s only a matter of time,” he said.
Zelensky added that Ukraine had managed to shoot down more than half of Russia’s missiles and drones , but he also warned of the ongoing threat.
“Follow the safety rules and pay attention to air sirens. The danger is still here but we are fighting,” the president cautioned.
Zelensky concluded his address by stating that Russia resorted to missile attacks because “they cannot oppose us on the battlefield.”
“Well, let’s make the battlefield even more painful for the enemy,” he said.
Due to the dedication of the heads of state across the continent, the African Continental Free Trade Area (AfCFTA) accord has made great progress over the past few years.
AfCFTA Secretariat Secretary-General Wamkele Mene made a statement.
In a meeting with media managers, Mr. Mene said that the secretariat had made substantial advancements in trade regulations, particularly with regard to the rules of origin, which are crucial for tracking the movement of commodities across borders.
A fragmented regime, he continued, was an insult to trade and investment because there are more than 5,000 different items traded on the continent.
“We have now been able to negotiate almost 90 per cent of the rules of origin. So, 5,000 products that we have in Africa we now have agreement close to 90 per cent. It is a remarkable achievement,” adding that every single item has to be negotiated.
“We’ve produced all the certified documents to trade with and it is now up to the member states to cooperate diligently with the process to make sure that trade is fully exploited,” the Secretary-General noted.
However, he said negotiations are still ongoing on textiles, sugar and automobiles, adding that the textile sector, for instance, was very sensitive to most countries because of its nature of job creation and the capacity to absorb millions of people. “So, most countries are apprehensive of the liberalization of textiles and so also is the auto sector. Some countries are advanced in the auto sector,” he said.
Mr Mene said the continent would start trading based on the rules of origin agreement, adding that all the documents needed to begin the trade are in place and those member countries needed to ensure that trade duly happened.
He said some countries including Ghana, Egypt, Kenya, Cameroon and Mauritius have their customs systems in place, which could allow them to import, and export based on the agreed rules of origin.
Mr Mene said the governments needed to do much work on the customs infrastructure although all countries could not be ready at the same time.
Touching on the private sector, Mr Mene said it is the pillar of the implementation of the AfCFTA as about 60 per cent of the Gross Domestic Product (GDP) is derived from Small and Medium Enterprises (SMEs) that create the jobs.
He also said that the Secretariat and the African Export–Import Bank (Afreximbank) had launched the Pan-African Payment and Settlement System – a cross-border, financial market infrastructure enabling payment transactions across Africa to boost intra-Africa trade and for financial inclusion among SMEs.
The African Continental Free Trade Area is to create a single market for goods and services, eased by the movement of persons to deepen the economic integration of the African continent.
Launched in August 2020, the trade pact, which is expected to connect about 1.3 billion people across 55 countries have seen 43 countries deposit their instruments for ratification to start trade.
It is also expected to move about 30 million people out of extreme poverty, boost Africa’s income by seven per cent to $450 billion by 2025, and add $76 billion to the income of the rest of the world.
The UK’s Ministry of Defence (MoD) has given its daily update on the war in Ukraine.
It says the Kremlin’s appointment of hard-line General Sergei Surovikin to lead forces in Ukraine is probably an effort to improve the “delivery of the operation”.
However, he may have to contend with an “increasingly factional” and “poorly resourced” Russian defence ministry, the MoD says.
“Russia has likely lacked a single empowered field commander” for much of the war, the update says.
It’s thought that General Alexandr Dvornikov did hold this role between April and August, although it’s not clear how much control he held over the “often disparate and competing groupings of forces”.
The Importers and Exporters Association of Ghana (IEAG) has stated that it completely supports the decision made by merchants in the Ashanti region’s Kumasi Metropolis to close their stores due to exorbitant taxes.
“We think the decision by Ashanti Region company owners to close their doors due to a number of problems should serve as a wake-up call for the government and those in charge of the economy.
According to a statement from the Association, “issues of killer taxes, the expense of doing business, and the poor performance of the Ghanaian cedi against the dollar have been one of the key complaints highlighted by the IEAG in recent times.”
The statement added that with majority of the traders being importers and as well members of the IEAG, the association owe it as a duty to ensure their businesses are protected, and it is in this regard “we call on the government to as a matter of urgency put in place measures to address the concerns of these traders.”
The association urged other traders across the country to emulate the action taken by their Kumasi counterparts to pile up more pressure on the economic management team, the GRA, and the finance ministry, to address their concerns.
The IEAG also called on the leadership of the traders’ association to do more in protecting the interest of their members in these challenging times.
Referee Yelebodom Gado Mawabwe Bodjona will officiate the CAF Confederation Cup second preliminary stage match between Hearts of Oak and AS Real Bamako.He will be assisted by compatriots Jonathan Ahonto Koffi, Wassiou Tchamolla Ourotou with Kouassi Attisso Attiogbe as the fourth official.
Match Commissioner for the game is Alhaji Babagana Kalli from Nigeria and Christiana Baah is the COVID-19 Officer.
The match has been scheduled for Sunday, October 16,2022 at the Accra Sports Stadum. Kick off is at 3:00pm.
Hearts of Oak lost the first leg 3-0 in Bamako last weekend and are poised to overturn the result and keep their hopes of progressing to the next stage alive.Yelebodom Gado Mawabwe Bodjona – Referee – Togo
Jonathan Ahonto Koffi – Assistant Referee 1 – Togo
Two residents of Kyiv have opened up about Monday’s strikes, which happened just 200m (650ft) from their apartment.
Ksenia and Bogdan described a “huge noise” as a blast went off in the city’s Shevchenko Park – somewhere they often walk their dog.
Speaking to BBC Radio 4’s Today programme, they say they took refuge in a windowless corridor. Bogdan says they feared it would be too dangerous to walk “even five minutes” to an underground shelter.
“Kyiv downtown is no longer a safe place as some people thought”, adds Ksenia.
It’s been a rollercoaster year for the couple, who’ve got married since first speaking to Radio 4 in February.
Living through a war “motivates you to go faster and make more brave decisions,” Ksenia reflects.
Media rumors indicating impending Service layoffs have been refuted by the Office of the Head of the Local Government Service (LGS).
There have been several rumors that the Service intends to fire administrative officials because the industry is overstaffed.
Both the description and the content of the aforementioned publication, according to a statement from the Office of the Head of the Local Government Service (OHLGS) and signed by the Chief Director, James Oppong-Mensah, “is not factual and entirely deceptive.”
According to the statement, the reports attributed to the Head of Service in a speech read on his behalf recently only meant a “staff rationalization which is a human resource management tool for internally deploying staff to places where their services are most needed; and this is in line with systems and procedures the Public Service works with.”
The statement further asked the general public to disregard the said publication and treat it with the contempt it deserves.
UK Prime Minister Liz Truss is set to urge her counterparts to “stay the course” by keeping up their support for Ukraine.
This will happen during when Leaders of the G7 group of advanced economies meet virtually later .
She’s expected to say: “The overwhelming international support for Ukraine’s struggle stands in stark opposition to the isolation of Russia on the international stage.”
Truss will say Ukraine wants peace – and that the West “must not waver one iota” in helping Kyiv to win it.
The British PM spoke to Ukrainian President Volodymyr Zelensky in the wake of widespread Russian missile strikes on Monday – and Zelensky himself is also expected to be involved in the G7 meeting at 13:00 BST.
Cremonese have been handed a big boost as Ghana striker Felix Afena-Gyan has returned to training following an injury he suffered against Napoli in the Italian Serie A.
The 19-year-old started the game for the first time this season but could not last for the entire duration after he was replaced by Gonzalo Escalante in the 62nd minute due to the injury.
Goals from Giovanni Simeone, Hirving Lozano, Mathias Olivera, and Matteo Politano were enough for the visitors to cruise to victory on Sunday.
It was reported, Afena-Gyan had sustained an unspecified injury which later turned out to be a muscle cramp.
The former AS Roma forward was cleared to train with his teammates on Monday.
He is expected to be available for selection ahead of their clash against Spezia in the Serie A.
Afena-Gyan, who joined the club from AS Roma in the recent summer transfer window has made three appearances but is yet to score or assist a goal.
The Minister told the media on Sunday that iron ore had been found in the area and expressed confidence that it would significantly change the nation’s economy.
I want to tell Accra residents to start hunting for land in the Oti Region because the iron ore that will transform Ghana from its current state into a highly industrialized country has been discovered there, he stated.
Hon. Makuba explained the iron ore to the public, saying that a team from the Ghana Geological Survey Authority visited the area recently and confirmed the ore’s presence.
” . . there are about six (6) companies at the Oti Region doing the mineral resource estimation. The last time we had an engagement in Oti Region, GIADEC, Geological Survey Authority and investors were there and told us it will take about six to eight months to do the mineral resource estimation.”
He estimated that, “by somewhere January or February, at least they should come out with that results and then when that is done, the rest will be those who are coming in to mine” and further disclosed that “latest in the middle of 2023, real mining should start in the area”.
He called on the authorities, residents and the companies that will mine the ore to ensure the Region is not converted into a galamsey site.
“We should build that conscious effort to make sure that any individual who comes to do the mining will not end up giving us a different problem.”
He made these submissions during Peace FM’s “Kokrokoo” discussion programme Monday morning.
The International Committee of the Red Cross has called for civilian lives and infrastructure in Ukraine to be protected.
In an implicit warning to Russia of its obligations under the Geneva Conventions, the ICRC said it was deeply concerned at the risk to civilian lives of the use of high explosives in populated areas.
It said: “Under international humanitarian law, the effects of hostilities on civilians and civilian infrastructure must be factored into all military operations.
“All possible measures must be taken to protect and spare civilian life and essential infrastructure like health facilities, housing, schools, power plants, and water supplies.”
The statement came after a day of air strikes across Ukraine which appeared to target civilian areas, power and water supplies, and medical centres.
The Red Cross also warned that the disruption of these services as winter approaches could significantly increase humanitarian needs.
The Convener of the Media Coalition Against Illegal Miningsays Ghanaians should support the Office of the Special Prosecutor’s investigation into alleged corruption in the galamsey fight.
Dr. Ken Ashigbey said the OSP must be encouraged to do his work adequately.
According to him, there has been a lot of allegations and counter allegations which requires a probe to ascertain the facts.
“The system is replete with a lot of cases and a lot of challenges that definitely have issues of corruption,” he said in an interview with Citi FM on Monday.
Dr. Ashigbey thus asked the OSP to be thorough and transparent with the investigations.
He insisted that nobody should be left off the hook as the canker threatens the entire nation.
“It is good that the OSP [Office of the Special Prosecutor] has gotten involved in it, and we need to encourage the OSP. We need all the transparency that is required out of this.”
“That is the only way in which we will be able to save ourselves from this sharp drive towards the extension we are on,” Dr. Ashigbey added.
Special Prosecutor Kissi Agyebeng on Monday, October 10 begun investigating some public officials over their alleged involvement in illegal mining.
The investigation targets some officials of the Lands Ministry, the Forestry Commission, and the dissolved Inter-Ministerial Committee on Illegal Mining (IMCIM).
In a press release issued, the Office of the Special Prosecutor said there is an ongoing enquiry into allegations of use of public office for profit against Charles Bissue during his tenure as secretary to the IMCIM.
This is based on an investigative documentary by Tiger Eye P.I.
“The investigation further targets the activities of Akonta Mining Limited and other companies; nationals of foreign countries allegedly involved in illegal mining, and allegations of corruption and corruption-related offences against some Municipal and District Chief Executives and political party officials,” the press release added.
The regions with the highest percentage of girls ever in union are North East with 13 percent, Savannah with 10.9 percent and Northern with 10.6 percent all with rates more than twice the national average of 4 percent.
The service also noted that despite free and compulsory universal basic education, almost a quarter of a million girls aged 6 to 14 years have never attended school at all.
Three out of every 10 of these girls are in the Northern Region which has the highest number of girls
who have never attended school (73,516) followed by the Savannah (27,930) and North East (22,857) regions.
“These three regions also have the highest percent of girls currently not attending school (never attended or attended in the past) with Savannah leading all regions with 40.2% followed by the North East Region (29.3%) and the Northern Region (28.5%).”
The national figure is 7.8 percent which represents 285,271 girls aged 6 to 14 years that are not attending school.
Three out of every four girls aged 6 to 14 years not attending school are living in rural areas.
Further, 99,150 girls under 15 years are engaged in economic activity with half of them out of school.
“Half (49.9%) of girls engaged in economic activity are in the Northern (22,647), Oti (17,694), and North East (9,153) regions which have the highest share of girls in economic activity,” the service noted.
This data was released to mark the International Day of the Girl.
The aim of IDG is to highlight challenges preventing young girls from reaching their full potential such as early marriage, and lack of access to educational and other opportunities.
50 Cent’s eldest son Marquise Jackson is offering to pay his estranged father $6,700 in exchange for 24 hours of quality time.
Marquise posted a picture on Instagram Monday where he’s sitting next to the word “entitled” spelled out in $100 bills. “Since y’all think $6,700 is sooo much money someone tell my pops I will pay him $6,700 for just 24hr of his time so we can do everything I ever wanted to do with him as a kid,” he wrote.
The post is in reference to a photo that 50 Cent shared on Instagram years ago, which turned out to be one of several posts called into question in court after he filed for bankruptcy. 50 attempted to dissuade the court from looking into unaccounted financial assets by reassuring them that prop money was used in pictures, such as the one below.
“Just because I am photographed in or next to a certain vehicle, wearing an article of clothing, holding a product, sitting next to what appears to be a large sums of money or modeling expensive pieces of jewelry does not mean that I own everything in those photos,” 50 argued in court documents.
Marquise’s remark about people thinking “$6,700 is sooo much money” is in response to the backlash he received for arguing that $6,700 per month in child support wasn’t enough.
As of this writing, 50 Cent has not responded to Marquise’s offer.
Dr. Amin said during a well-attended plenary session last week at the Africa Oil Week conference in Cape Town, South Africa, that it is critical that Ghana take immediate action to bring its hydrocarbons to the surface as discussions about the energy transition gain momentum and important signposts emerge.
According to him, Ghana has made five offshore oil blocks available for strategic promotion in order to draw the required investments into its upstream oil and gas sector.
Setting out the background to Ghana’s oil and gas industry, the deputy minister noted that commercial quantities of oil and gas were first discovered offshore Ghana in 1970 leading to the development of the Saltpond Field which commenced production in 1978.
Subsequently, the Mahogany-1 well drilled by Kosmos Energy and partners (Tullow Oil, GNPC, Sabre Oil, EO Group) in the West Cape Three Points Contract Area discovered the Jubilee Oil Field, operated by Tullow Ghana Limited.
This, he said became Ghana’s first commercial deepwater discovery and paved the way for further deepwater exploration. Subsequent to this, 28 additional offshore discoveries have been made.
The TEN fields and Sankofa Gye Nyame are operated by Tullow Oil and ENI Exploration and Production limited. Another discovery, the Pecan Oil Discovery, has recently been declared commercial, he added.
He stated further that currently, there are 12 Operators with Petroleum Agreements over 14 Contract Areas. These Operators are at varying stages of their respective agreements (Exploration, Appraisal, Pre-development & Production).
On the subject of energy transition, Dr. Amin stated that whilst virtually the whole world is in preparation for the energy transition, global developments particularly geopolitics have sparked an awakening for a ‘just transition’.
“This, calls for countries with proven and potential hydrocarbon reserves to take deliberate steps to bring the hydrocarbons to the surface with minimal delays, and we are determined to do this in an environmental friendly manner, leveraging low carbon technologies” he remarked.
On Ghana’s investment climate particularly within the energy sector, Dr. Amin assured potential investors of protection of E&P investments, a transparent, certainty, and fair regulatory regime and an assurance of a reasonable rate of return for E&P investors.
These tenets, he remarked, “are predicated on sound policies, laws, and regulations which govern the upstream petroleum sector and have enabled Ghana to develop a robust regulatory regime thus providing clarity, transparency, and fairness – attributes essential to investors engaged in upstream oil and gas activities.”
The deputy minister also announced, against this background, the availability of five blocks for exploration and production investments. These include three highly prospective available blocks, namely, Offshore Cape Three Points South (OCTPS) Block, South West Saltpond (SWS) Block and the Shallow Water Cape Three Points (SWCTP) Block, located in the Western Basin – globally known for several discoveries at different geological intervals.
He added that other two blocks – the Deepwater Cape Three Point Points Block, originally operated by ExxonMobil, and the Expanded Shallow Water Tano (ESWT) Block currently operated by Base Energy Ghana Limited offer farm-in opportunities.
“As an oil and gas producing country over the last decade, we have built reasonable levels of infrastructure that support the provision of services to exploration and production companies. We have also built a dedicated and experienced workforce through existing operations over the years and the government’s Accelerated Oil and Gas Capacity Programme, managed by the Petroleum Commission”, Dr. Amin concluded, adding that there is an active core of local companies including SMEs that have gained on the ground experience in the service and supply chain operations.
These conditions, he observed “no doubt reduce contingent and operational costs for exploration and production investors who come into Ghana.”
The Minister’s speech was followed by a detailed presentation by the CEO of the Petroleum Commission, Mr. Egbert Faibille Jnr and showcased the various opportunities in Ghana. Other members of Ghana’s delegation include senior officials from the Commission, GOIL, Tullow (Ghana) Ltd and the Ministry of Energy.
Yussif Basigi and Baba Nuhu departed Accra last night for Germany for a four-week attachment stint with Bundesliga side TSG Hoffeinheim as part of the capacity building project that was announced by President Kurt Edwin Simeon-Okraku a few months ago.This attachment opportunity was facilitated by Technical Director of the Ghana Football Association Bernhard Lippert as part of the greater effort to make our coaches come to terms with the modern trends in football coaching.
The two coaches who work with female clubs – Hasaacas Ladies and Pearl Pia Ladies – are being sponsored to embark on this stint to improve their level in Coaching and to position them among the elite football brains in the continent.
The Ghana Football Association announced in July that the Technical Directorate has brokered a deal with three European Clubs, namely, Borussia Dortmund, Darmstadt FC and TSG Hoffeinheim for attachment opportunities for Ghanaian Coaches.This is part of efforts to give national team coaches (Male and Female) as well as Coaches in the top tier Leagues the opportunity to have practical stints with Top European clubs to broaden their horizon and to equip them with the modern trends of football.
The Ghana Football Association is fully funding this attachment opportunity for the two coaches. Mercy Tagoe- Quarcoo (Berry Ladies, Black Queens) and Joyce Boatey-Agyei (Supreme Ladies and Black Damsels) are next in line to benefit from this attachment opportunity.
The Technical Directorate of the Ghana Football Association is headed by former Eintracht Frankfurt Manager Bernhard Lippert with support from Director of Coaching Education Joseph Kwame Mintah and other administrative staff.
Numerous patrons at the Kumasi metropolis’ Central Shop Districts (CBDs) in the Ashanti Region were left stranded as business owners called a strike over high taxes.
On Monday, October 10, 2022, business owners staged a sit-down strike by closing their locations in opposition to taxes on the goods they sell.
Business owners claim that the 18% Value Added Tax (VAT) on the goods they sell is having an impact on their revenue levels.
One Frank, a business owner in the Adum area, claimed in an interview with the host of Ghana Yensom morning show, Emmanuel Quarshie (The Hitman), on Monday, October 10 2022, that the soaring taxes are driving them out of business.
He explained that because of the taxes, it has become difficult to even price their goods.
Founder of the United Peoples Party, UPP, Akwasi Addae Odike, has aimed at clergy for being quiet in the fight against illegal small-scale mining, known popularly as galamsey.
Odike, one of the most vocal politicians on the issue, is of the view that as representatives of God on earth, pastors must be seen and heard to be on the frontline of the fight against galamsey.
He said in a JoyNews interview aired on October 10, 2022; that it was for a reason that God created nature before mankind, stressing the need for man to appreciate and protect not destroy nature.
“Why are the pastors who are the representatives of God now, quiet over these nefarious activities of illegal mining?” he quizzed. “Have you heard any pastor issuing a statement to condemn this?
“And they should have been the front liners. They are quiet. They are afraid of Akufo-Addo more than God. The pastors are afraid of Akufo-Addo more than God,” he stressed.
He said, away from clergy having a political duty to rise up against galamsey, he believed that as divine reps and given that nature belongs to God, “if you are an ambassador of God and you sit aloof for the property of the one who sent you… it is unfair.”
Odike has hinted that his party will petition Ghana’s international partners such as the United Nations, the European Union and the International Monetary Fund, IMF, to pile pressure on the government to take more decisive action in the fight against galamsey.
Galamsey has become topical in recent months with the resurgence of news on its continued negative impact on the environment.
President Nana Addo Dankwa Akufo-Addo at a recent meeting with the National House of Chiefs and selected Metropolitan, Municipal and District Chief Executives, MMDCEs, restated his resolve to root out the canker.
The issue has also been given impetus following the rearrest last month of a notorious galamsey kingpin in the person of Aisha Huang.
The Chinese national who had as of 2018 been repatriated from Ghana after the state discontinued a criminal trial against her for galamsey, reentered the country on the blind side of the authorities.
The event, according to a Joy Business report, follows the Bank of Ghana’s recent announcement of a 250 basis point increase in the monetary policy rate to 24.5 percent.
The portal said that emails have since been sent to relationship managers and officers of these banks instructing them to halt lending to new clients, albeit it did not disclose any other information on these banks.
It explained that the move seeks to reduce risk exposure in advancing loans to new customers.
Other factors which are likely to impact this decision can be attributed to non-performing loans of banks, and soaring interest rates which have forced some financial intermediaries to suspend or slow down lending especially to new customers.
Although demand for loans continue to surge due to the current economic conditions in the country, supply of loanable funds remain virtually low as Ghana is seeking to access an IMF-supported programme in 2023 once an agreement is reached.
Meanwhile, existing and credit-worthy customers of these banks are expected to continue to receive loans but at a much higher rate due to the recent policy rate hike.
The Convener of the Media Coalition Against Illegal Mining, Ken Ashigbey, has backed the Special Prosecutor’s probe into suspected corruption relating to illegal small-scale mining.
Speaking on Eyewitness News, Mr. Ashigbey said it was important the Special Prosecutor is thorough in its probe.
“The system is replete with a lot of cases and a lot of challenges that definitely have issues of corruption,” he said.
Mr. Ashigbey also urged Ghanaians to back the work of the Special Prosecutor in this regard as the country continues to lament the devastation from illegal small-scale mining.
“It is good that the OSP [Office of the Special Prosecutor] has gotten involved in it, and we need to encourage the OSP. We need all the transparency that is required out of this.”
“That is the only way in which we will be able to save ourselves from this sharp drive towards the extension we are on,” Mr. Ashigbey added.
The Special Prosecutor has indicated that the probe will target some officials of the Ministry of Lands and Natural Resources, the Forestry Commission, as well as the activities and expenditure of the dissolved Inter-Ministerial Committee on Illegal Mining (IMCIM).
Specifically, the Special Prosecutor said the investigation will include the active and ongoing inquiry into allegations of use of public office for profit against Charles Bissue, during his work at the IMCIM, to an investigative documentary titled Galamsey Fraud Part I, published by Tiger Eye P.I.
The investigation will further target the activities of Akonta Mining Limited and other companies, nationals of foreign countries allegedly involved in illegal mining and allegations of corruption and corruption-related offences against some Municipal and District Chief Executives and political party officials.
