TIG Post

Author: Chris Kodo

  • Leaked dossier suggests Scottish ferry deal may have been rigged

    A leaked dossier has suggested the process of awarding a £97m Scottish ferries contract may have been rigged.

    Documents obtained by BBC Disclosure indicate that successful bidder Ferguson Marine Engineering benefited from preferential treatment.

    The two ferries are still being built for CalMac, but will be at least £150m over budget and five years late.

    Deputy First Minister John Swinney said he was concerned by the BBC findings and would look into the matter further.

    Government-owned ferries agency CMAL defended the procurement and said an audit in 2018 found “no adverse issues”.

    The BBC documentary, however, uncovered evidence of a number of irregularities:

    • CMAL may have broken its own rules by allowing Ferguson to go ahead with its bid despite being unable to provide evidence of a builders refund guarantee, a mandatory financial safeguard
    • Ferguson obtained a 424-page document from a design consultant setting out CalMac’s technical requirements, while other bidders had to rely on a more limited 125-page specification. A key section of its bid was mostly cut-and-pasted from this longer document
    • The shipyard was allowed to significantly change its design halfway through the tender by developing a variant mentioned but discounted in its original submission.
    • This change also allowed it to reduce its price by nearly £10m, making it more competitive
    • CMAL assessors held a “confidential” meeting with Ferguson, the only bidder to receive an in-person meeting

    The Port Glasgow shipyard fell into administration in August 2014, but was bought a week before the independence referendum by Jim McColl, a businessman who sat on First Minister Alex Salmond’s council of economic advisers.

    The following year his new firm, Ferguson Marine Engineering Ltd (FMEL), won a £97m contract to build two dual fuel LNG vessels for state-owned ferry operator CalMac.

    But the project has been beset by problems and the yard has been nationalised after going back into administration.

    The delays have added to pressure on CalMac’s old and increasingly unreliable fleet. The Arran route, where the first ship was due to enter service in 2018, has faced more than 2,500 cancellations in the past five years.

    CMAL has previously said that Ferguson was named preferred bidder because it produced the most detailed concept design, outscoring other shipyards on quality even though it was the most expensive.

    However, the BBC has learned that two expert reports submitted during the tender process did not support that evaluation.

    One, by ferry operator CalMac, found that a rival bid from a Polish shipyard best met its requirements, while an independent naval architect noted that FMEL’s initial design was heavier and less efficient than the others.

    John Kerr, a former CalMac technical director who was asked to review some of the leaked documents, was surprised Ferguson was then allowed to submit a revised, far lighter design after the tender deadline, describing it as effectively “a new bid”.

    The documents indicate that no other bidder was given a similar opportunity to revise its submission so significantly. One design was eliminated because it was considered overpowered.

    A procurement law expert told Disclosure claims of unequal treatment of bidders in tender processes can lead to breaches in EU law and potential legal action from unsuccessful bidders.

    Jim McColl said “with hindsight” having the CalMac document put Ferguson in a strong position

    Jim McColl confirmed to BBC Disclosure that he first looked into buying Fergusons at least two months before it went bust.

    He sent in senior staff to examine business opportunities but felt there were too many issues that needed “tidying up” and waited until it fell into administration.

    When he later agreed to buy the yard, he said there were “no sweeteners” – but that he insisted on a letter from Alex Salmond promising a £12m order for a small CalMac ferry to enable him to re-employ the workers.

    He said he had no knowledge of being given special treatment for the larger ferries but accepted that having CalMac’s requirements document was an advantage.

    He said: “With hindsight, it put us in a very strong position, because we were responding to what CalMac were looking for, and not what CMAL had put out to… the other yards.

    “We didn’t know about that at the time.”

     

    Ferguson copied a large section of its bid from a CalMac document

    The BBC understands Ferguson obtained the document from design consultants it had hired to help with its bid.

    CMAL had used the same firm to help draft the tender pack which went to bidders, but has previously told MSPs it saw nothing problematic in this.

    Edward Mountain, who was convener of a Holyrood committee that looked into the ferries scandal two years ago, told the programme he had “real concerns” that MSPs “haven’t been told the whole truth about what happened in this procurement process”.

    Deputy First Minister John Swinney said the information presented by BBC Disclosure would be investigated further.

    He said: “It is material that I take seriously, about which I have concerns, which raises fundamental issues for me about the fairness and the appropriateness of the tender process.”

    He said he was not aware of any interference by ministers or civil servants in the procurement process.

     

    Deputy First Minister John Swinney has pledged to look into the new evidence

    CMAL said in a statement that new information contained in the programme would need to be “carefully investigated”. It added that some staff employed at the time had now left.

    It said its board had voiced concerns to Transport Scotland about the contract award to Fergusons, particularly in relation to the lack of refund guarantees, which were well-documented.

    CMAL confirmed that an in-person meeting for the purposes of clarification did take place at the shipyard on 4 June, but said it believed this was normal and appropriate.

    The current chief executive of CMAL, Kevin Hobbs, declined to be interviewed and when confronted by BBC Disclosure about the findings, made no comment. CalMac declined to give either an interview or a statement.

    CMAL and Jim McColl’s former management team have blamed each other for problems that later developed with the construction of the ships.

    In 2019, the shipyard went back into administration and was nationalised after ministers rejected a last-ditch offer from Mr McColl to split the cost of completing the two ferries, claiming this would breach EU state aid rules.

    The government then appointed a “turnaround director”, Tim Hair, who reported it would cost an extra £110m to finish the vessels.

    His 454-day tenure in the role cost the taxpayer almost £1.3m but BBC Disclosure has learned that it ended in more disillusionment for the workforce.

    Representatives told the programme they became increasingly worried about the growing number of managers being taken on, which they felt undermined long-term competitiveness, with little evidence of progress.

    Glen SannoxPA Media
    Glen Sannox floated high in the water after it was launched in 2017 because so much equipment had yet to be fitted

    GMB union convener John McMunagle said the concerns were raised at board meetings, where they highlighted that there were “managers everywhere” – but they could not get steelworkers.

    The documentary learned that last November union representatives told Finance Secretary Kate Forbes they had lost confidence in the senior management team.

    The following month it was announced that Mr Hair was moving on. He has been contacted for comment.

    Despite many false dawns, the workforce told the BBC there was now a growing optimism that the ferries would be completed next year, and that the modernised shipyard could restore its reputation.

    Source: BBC

     

  • Nord Stream: Mystery leaks in Russia gas pipelines spark warnings

    European countries are investigating three mystery leaks in two major gas pipelines between Russia and Europe.

    The cause of the damage to Nord Stream 1 and 2 is unclear, but authorities have not ruled out sabotage.

    The operator of Nord Stream 1 said the undersea lines had simultaneously sustained “unprecedented” damage in one day.

    Both pipelines have been flashpoints in the energy tussle between Moscow and Europe.

    Whatever the cause of the damage, it will not immediately affect the supply of gas to Europe as neither pipeline was operational.

    The European Union has previously accused Russia of using a reduction in gas supplies to blackmail Europe, but Moscow denies this. It says sanctions against Russia make it impossible to properly maintain the gas infrastructure.

    Map showing the route of the Nord Stream pipelines between Russia and Germany.

    Unconfirmed reports in German media said authorities are not ruling out an attack on the undersea gas network.

    Denmark’s Prime Minister, Mette Frederiksen, said it was too early to come to conclusions, but that it was hard to imagine the multiple leaks could be a coincidence.

    A Kremlin spokesperson, Dmitry Peskov, said he was “extremely concerned” about the incident, and the possibility of a deliberate attack could not be ruled out.

    The Nord Stream 1 pipeline – which consists of two parallel branches – has not transported any gas since August when Russia closed it down for maintenance.

    It stretches 745 miles (1,200km) under the Baltic Sea from the Russian coast near St Petersburg to north-eastern Germany. Its twin Russian-owned pipeline, Nord Stream 2, was halted after the Russian invasion of Ukraine began.

    Although neither pipelines are in operation, they both still contain gas.

    German, Danish and Swedish authorities are all investigating the incidents.

    The operators of Nord Stream 2 warned of a loss of pressure in the pipeline on Monday afternoon. That led to a warning from Danish authorities that ships should avoid the area near the island of Bornholm.

    The Danish energy authority told the Reuters news agency that the leak could continue for several days, and perhaps even a week.

    Hours later, the Swedish Maritime Authority also issued a warning over two leaks in Nord Stream 1.

    The pipeline’s operators – Nord Stream AG – said it was impossible to estimate when the system’s infrastructure would be restored.

    Energy prices have soared since Moscow invaded Ukraine and scarce supplies could push up costs even further.

    There are growing fears families in the EU will be unable to afford the cost of heating this winter.

    Poland is leading the effort to curb reliance on Russia, once Europe’s main energy supplier, with the inauguration of a new gas pipeline.

    The Baltic Pipe will be a new link for Norwegian gas to Europe, which will allow countries to the south of Poland, including Slovakia and the Czech Republic, to access it.

  • Mortgage lenders pull deals due to interest rate rise fears

    Some mortgage deals have been withdrawn by banks and building societies after a fall in the pound fuelled forecasts of a sharp rise in interest rates.

    Virgin Money and Skipton Building Society halted mortgage offers for new customers while Bank of Ireland said it had withdrawn all mortgages.

    Halifax said it would stop mortgages with product fees.

    The Bank of England said on Monday it would “not hesitate” to hike interest rates after the pound hit record lows.

    The pound plunged against the dollar on Monday after comments at the weekend from Chancellor Kwasi Kwarteng pledging more tax cuts, on top of Friday’s mini-budget when he announced the biggest tax cuts for 50 years. Overnight, the pound stabilised at $1.08 after hitting a record low of $1.03 on Monday.

    The mini-budget plans will require a large increase in government borrowing and concerns among investors about the country’s ability to meet that debt led to the value of the pound being pushed down while the cost of UK government borrowing also soared.

    Former US Treasury Secretary Larry Summers tweeted: “I was very pessimistic about the consequences of utterly irresponsible UK policy on Friday. But, I did not expect markets to get so bad so fast.”

    A weaker pound also makes imports and goods priced in dollars, such as oil, much more costly and risks fuelling price rises at a time when UK inflation is at its highest for 40 years.

    The Bank of England said it would make a full assessment as to whether it should change interest rates at its next meeting on 3 November, following speculation it might have intervened earlier.

    Following Monday’s volatility, financial markets updated predictions and said interest rates could now more than double by next April to 5.8%, from their current level of 2.25%, to curb inflation – the rate at which prices for consumers rise. Interest rates had previously been forecast to hit 4% by next May.

    Experts said a rise in the cost of long-term borrowing meant the current cost to mortgage lenders of offering new deals was now more expensive. There are also concerns that would-be borrowers will rush to secure mortgages at favourable rates before interest rates rise and if they do jump, homeowners will not be able to afford higher repayments.

    Some 8.3 million people have mortgages in the UK, according to UK Finance, the trade association.

    The number of residential mortgages on offer by lenders fell to 3,596 on Tuesday, according to financial information firm Moneyfacts, compared with 3,961 deals on Friday when the mini-budget was announced. It is also a sharp fall from the number available in December last year when the Bank of England started raising interest rates.

    Julie-Ann Haines, chief executive at Principality Building Society, said: “As a lender what we need to do is one of two things. Firstly to make sure that customer mortgages are affordable. We have to do that under regulation and we therefore need to stress-test and make sure that if the Bank of England base rates go up that consumers can still afford their mortgage.

    “And of course the second thing is banks and building societies have to be able to make a margin and so they have to price that increased financial market view of the interest rates into their products, and that’s why you’re seeing [mortgage] rates start to really go up quite fast over the past two to three months.”

    The Bank has already lifted interest rates seven times in a row since December to the highest rate in 14 years.

    In August, the Bank scrapped a mortgage affordability rule which required banks and building societies to stress test whether homeowners could cope with a 3% rise in interest rates.

    Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said if interest rates rise as predicted, the average household refinancing a two-year fixed rate mortgage in the first half of next year would see monthly payments jump to £1,490 from £863.

    “Many simply won’t be able to afford this,” he said.

    Pound v dollar graphic

    Virgin Money confirmed a decision to halt deals for new customers was due to the market conditions.

    Both Virgin and Skipton Building Society said submitted applications would still be processed. The lenders also said they would issue a new range of mortgage deals in the coming weeks.

    Bank of Ireland said it had “withdrawn all residential and buy to let rates” on Monday, adding that it “will launch new ranges as soon as possible”.

    Halifax said from Wednesday it would remove mortgage products that come with a fee “as a result of significant changes in mortgage market pricing we’ve seen over recent weeks”.

    Mortgage deals which have product fees can result in lower monthly repayments for homeowners, with the fee being added to the total mortgage debt.

    But although mortgage rates may be lower per month, the overall cost of the loan will be higher due to more interest accruing over time.

    Halifax said it had not changed its mortgage rates and it continued to offer product fee-free options for borrowers.

    HSBC said it had no plans to change mortgage offers, while NatWest said its rates were under “continual review in line with market conditions”. Nationwide said it had not withdrawn any mortgage deals and will “continue to keep the market under review”.

    TSB declined to comment.

    The statement from the Bank of England came shortly after a separate statement by the Treasury, seemingly intended to reassure investors, laying out a timetable for when more details of the government’s plans would be given.

    It said cabinet ministers would announce measures to boost growth over the coming weeks and that the chancellor would set out a “medium-term fiscal plan”, including measures to reduce the national debt, on 23 November.

    It also said the plan would come with a forecast of expected UK growth and government borrowing from the independent Office for Budget Responsibility, the omission of which from Friday’s mini-budget had drawn criticism.

    pledging more tax cuts, on top of Friday’s mini-budget when he announced the biggest tax cuts for 50 years. Overnight, the pound stabilised at $1.08 after hitting a record low of $1.03 on Monday.

    The mini-budget plans will require a large increase in government borrowing and concerns among investors about the country’s ability to meet that debt led to the value of the pound being pushed down while the cost of UK government borrowing also soared.

    Former US Treasury Secretary Larry Summers tweeted: “I was very pessimistic about the consequences of utterly irresponsible UK policy on Friday. But, I did not expect markets to get so bad so fast.”

    A weaker pound also makes imports and goods priced in dollars, such as oil, much more costly and risks fuelling price rises at a time when UK inflation is at its highest for 40 years.

    The Bank of England said it would make a full assessment as to whether it should change interest rates at its next meeting on 3 November, following speculation it might have intervened earlier.

    Following Monday’s volatility, financial markets updated predictions and said interest rates could now more than double by next April to 5.8%, from their current level of 2.25%, to curb inflation – the rate at which prices for consumers rise. Interest rates had previously been forecast to hit 4% by next May.

    Experts said a rise in the cost of long-term borrowing meant the current cost to mortgage lenders of offering new deals was now more expensive. There are also concerns that would-be borrowers will rush to secure mortgages at favourable rates before interest rates rise and if they do jump, homeowners will not be able to afford higher repayments.

    Some 8.3 million people have mortgages in the UK, according to UK Finance, the trade association.

    The number of residential mortgages on offer by lenders fell to 3,596 on Tuesday, according to financial information firm Moneyfacts, compared with 3,961 deals on Friday when the mini-budget was announced. It is also a sharp fall from the number available in December last year when the Bank of England started raising interest rates.

    Julie-Ann Haines, chief executive at Principality Building Society, said: “As a lender what we need to do is one of two things. Firstly to make sure that customer mortgages are affordable. We have to do that under regulation and we therefore need to stress-test and make sure that if the Bank of England base rates go up that consumers can still afford their mortgage.

    “And of course the second thing is banks and building societies have to be able to make a margin and so they have to price that increased financial market view of the interest rates into their products, and that’s why you’re seeing [mortgage] rates start to really go up quite fast over the past two to three months.”

    The Bank has already lifted interest rates seven times in a row since December to the highest rate in 14 years.

    In August, the Bank scrapped a mortgage affordability rule which required banks and building societies to stress test whether homeowners could cope with a 3% rise in interest rates.

    Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said if interest rates rise as predicted, the average household refinancing a two-year fixed rate mortgage in the first half of next year would see monthly payments jump to £1,490 from £863.

    “Many simply won’t be able to afford this,” he said.

    Pound v dollar graphic

    Virgin Money confirmed a decision to halt deals for new customers was due to the market conditions.

    Both Virgin and Skipton Building Society said submitted applications would still be processed. The lenders also said they would issue a new range of mortgage deals in the coming weeks.

    Bank of Ireland said it had “withdrawn all residential and buy to let rates” on Monday, adding that it “will launch new ranges as soon as possible”.

    Halifax said from Wednesday it would remove mortgage products that come with a fee “as a result of significant changes in mortgage market pricing we’ve seen over recent weeks”.

    Mortgage deals which have product fees can result in lower monthly repayments for homeowners, with the fee being added to the total mortgage debt.

    But although mortgage rates may be lower per month, the overall cost of the loan will be higher due to more interest accruing over time.

    Halifax said it had not changed its mortgage rates and it continued to offer product fee-free options for borrowers.

    HSBC said it had no plans to change mortgage offers, while NatWest said its rates were under “continual review in line with market conditions”. Nationwide said it had not withdrawn any mortgage deals and will “continue to keep the market under review”.

    TSB declined to comment.

    The statement from the Bank of England came shortly after a separate statement by the Treasury, seemingly intended to reassure investors, laying out a timetable for when more details of the government’s plans would be given.

    It said cabinet ministers would announce measures to boost growth over the coming weeks and that the chancellor would set out a “medium-term fiscal plan”, including measures to reduce the national debt, on 23 November.

    It also said the plan would come with a forecast of expected UK growth and government borrowing from the independent Office for Budget Responsibility, the omission of which from Friday’s mini-budget had drawn criticism.

    Source: BBC

  • Women’s Basketball World Cup: Fiba launch investigation after fight breaks out among Mali players

    Basketball‘s world governing body has launched an investigation after a fight broke out among Mali players at the Women’s World Cup in Australia.

    One member of the team attacked a team-mate in the mixed zone, where reporters interview players, after their 81-68 defeat by Serbia on Monday.

    The result saw Mali eliminated from the tournament after their fourth defeat.

    As others interjected to break up the fight, the incident was caught on camera by Serbian television.

     

     

    In a statement, Fiba said: “Following the incident, Fiba has opened an investigation. Once the investigation is concluded, Fiba will decide on any applicable disciplinary measures.”

    Serbia’s Sasa Cado, who was being interviewed at the time, looked visibly shocked, taking a step back as Salimatou Kourouma threw at least three punches at Kamite Elisabeth Dabou.

    The tournament in Sydney has been hugely frustrating for the Malians, who are one of two sides at the 12-team finals that are yet to win a game, following previous losses against Japan, hosts Australia and France.

    Mali are only playing in the tournament after African champions Nigeria, who beat their fellow West Africans in last year’s Women’s Afrobasket, were withdrawn from the tournament by their government owing to issues in Nigerian basketball.

    Malian basketball has also faced considerable challenges in recent times, with a report in 2021 outlining ‘decades’ of sexual abuse in the country’s women’s game.

    The report was commissioned by Fiba, which cleared its president – Malian Hamane Niang – of neglecting the abuse while he led the Malian basketball federation between 1999 and 2007.

    Source; BBC

  • Too early to speculate on debt restructuring – IMF

    The International Monetary Fund (IMF) has put an end to rumors that Ghana is about to begin discussions over a debt restructure as part of plans to obtain a $3 billion loan from the Fund.

    The results of the Bretton Woods Institution’s Debt Sustainability Analysis (DSA) Report will determine if Ghana’s debt will be restructured, according to the institution.

    Gerry Rice, the IMF’s director of communications, announced this at a press conference in Washington, DC. He stated the DSA report will show whether debt restructuring is indeed essential, if so, how it should be done, and which regions will be impacted.

    “When a country requests financing from the IMF, we assess whether the country’s policies are consistent with debt sustainability as one of our requirements. We still need to conduct a thorough update of the debt situation in Ghana through our Debt Sustainability Analysis.

    “The last, I don’t know if it’s useful, I have here the last DSA, Debt Sustainability Analysis. We published this as part of the 2021 Article IV Staff Report with Ghana. It said public debt was a sustainable conditional on a rigorous and credible implementation of the authority’s medium-term consolidation plan to put debt on a declining trajectory and ensure continued market access,” Mr. Rice stressed.

    This, he said will inform the next line of action as the government and the Fund remain committed to ensuring no harm is done to the interest of stakeholders as a result of this program.

    Meanwhile, the IMF team is in town to continue official negotiations with the government for the loan request.

  • Tim Cook: ‘No good excuse’ for lack of women in tech

    Apple chief executive Tim Cook says there are still “not enough women at the table” at the world’s tech firms – including his own.

    In an exclusive interview with the BBC, Mr Cook said technology “will not achieve nearly what it could achieve” without a more diverse workforce.

    He said there were “no good excuses” for the lack of women in the sector.

    He also said he thought Augmented Reality (AR), and the concept of the Metaverse, were “profound.”

    “In the future people will wonder how we lived without AR,” he says. “We’re investing a tonne in that space.”

    Augmented Reality is a mixture of digital content and the real world – a very simple example might be using the phone on your camera to insert virtual furniture before you buy it, to see how it might look in your house.

    The metaverse is the concept of entire virtual worlds – and big tech is investing heavily in it, not least Meta, formerly Facebook, which re-branded itself to reflect its new priority.

    Meeting Tim Cook

    I met Tim Cook during his first visit to the UK since the pandemic.

    In person, the boss of the world’s richest company is affable, polite and thoughtful.

    He’s softly spoken, and was dressed in his trademark dark clothes. He wasn’t big on small talk, although we joked about the British weather, and he offered his condolences on the death of the Queen.

    Tim Cook and Zoe Kleinman

    Tim Cook and Zoe Kleinman

    Mr Cook told me he is “not a great role model” for work-life balance and that it isn’t a phrase he associates with himself.

    “There’s little distinction between personal and work, they blend,” he says.He adds that he tries to “compartmentalise” issues that are outside of his control. “I realise that they’re there… but I don’t obsess with it,” he says.

    He was fascinated by my BBC audio recorder and turned it over in his hands a few times once we had finished our interview.

    I confessed that I’d had to ask his colleagues if I could borrow some wired headphones to plug into it – Apple largely ditched the headphone socket from its iPhones in 2016, in favour of wireless in-ear AirPods.

    “Oh we still sell those,” he said seriously of the wired pair hanging from my ears. “People still buy them.”

    He was keen to talk to me about another subject close to his heart – diversity.

    ‘No good excuses’

    Apple has just launched its founders’ development programme for female founders and app creators in the UK.

    “I think the the essence of technology and its effect on humanity depends upon women being at the table,” Mr Cook says.

    “Technology’s a great thing that will accomplish many things, but unless you have diverse views at the table that are working on it, you don’t wind up with great solutions.”

    He said while companies including his own had made progress on diversity, there were “no good excuses” for the tech sector not to employ more women.

    Apple had 35% female staff in the US in 2021, according to its own diversity figures.

    It launched its original Apple Health Kit in 2014 without a period tracker – which led to accusations that this was an oversight due to male bias among its developers.

    Deloitte Global estimate large global technology firms will reach nearly 33% overall female representation in their workforces in 2022 on average – with 25% occupying technical roles.

    One challenge facing the sector is the lack of girls choosing to pursue science, tech, engineering and maths subjects at school.

    “Businesses can’t cop out and say ‘there’s not enough women taking computer science – therefore I can’t hire enough’,” says Mr Cook.

    “We have to fundamentally change the number of people that are taking computer science and programming.”

    His view is that everybody should be required to take some sort of coding course by the time they finish school, in order to have a “working knowledge” of how coding works and how apps are created.

    Apple has also created its own programme language, Swift, along with content for learning how to use it.

    Equalising the playing field

    Mr Cook and I also met a small group of female app founders, three of whom have joined Apple’s new programme.

    Apple's female founder programme

    App creators Alexia de Broglie, Sahar Fikouhi, Ariana Alexander-Sefre and Zoë Desmond. Alexia, Ariana and Zoë are all on Apple’s new UK programme for founders.

    One of those is Alexia de Broglie, who created a personal finance education app called Your Juno, for women and non-binary people, after being shocked by how little her female friends understood about finance.

    She said she belongs to some WhatsApp groups for founders, and that some of those are 90% male.

    “[The women] all know each other on a first-name basis, which is crazy, because there are so many men that are building start-ups, and they definitely don’t know each other.”

    Ariana Alexander-Sefre runs Spoke, a wellness app aimed at young people, which she created after her younger brother lost a friend to suicide.

    “I hope that in five years, that there’s not even going be a thing of female founder, or there’s not even going to be a defined niche because, you know, there will just be so many different people working on different things,” she says.

    “I’d love to see the whole playing field just equalised.”

    Souce: BBC

  • Lamptey, Kamaldeen, two others who could miss Ghana’s game against Nicaragua

    Black Stars could be without four players for their game against Nicaragua at the Estadio Francisco Artés Carrasco in Spain.

    The four players include Alexander Djiku, Tariq Lamptey, Kamaldeen Sulemana and deputy skipper Thomas Partey.

    Alexander Djiku, Tariq Lamptey, and Kamaldeen Sulemana are doubtful for the game while Thomas Partey is outrightly ruled due to a knee injury.


     

    Djiku, Lamptey, and Kamaldeen reportedly picked up slight injuries during the team’s second training session in Spain ahead of the game on Tuesday, September 27, 2022.

    The duo are therefore expected to miss the match due to precautionary reasons.

    Meanwhile, for Thomas Partey, he has been granted permission to return to Arsenal after his knee flared up during warm-up for Ghana’s 3-0 defeat to Brazil.

    He was not part of the squad that travelled from France to Spain and is therefore unavailable for the game.

    The match comes off on Tuesday, September 27, 2022, at 18:00 GMT kick-off time.

  • Russia’s gas pipeline leaking into Baltic Sea – Denmark

    Nord Stream 2 – the controversial gas pipeline from Russia – has begun leaking in the Baltic Sea, endangering naval traffic, Denmark has warned.

    It set up a prohibitive zone within five nautical miles (9km) of the pipeline near the Bornholm island.

    The Danish energy ministry said it had acted after being informed about a pressure drop in the now-defunct undersea pipeline earlier on Monday.

    Operating company Nord Stream 2 AG said the drop happened overnight.

    “The Nord Stream 2 landfall dispatcher registered a rapid gas pressure drop on Line A of the Nord Stream 2 natural gas pipeline,” it said in a statement, adding that it was investigating the matter.

    The company’s majority shareholder is Russia’s state-owned Gazprom giant.

    In its statement, the Danish energy ministry said: “There are no security risks related to the leak outside of the prohibitive zone.

    “The incident is not expected to have consequences for the security of Danish gas supply.”

    Nord Stream 2 had been built to deliver gas from Russia to Germany and other European nations, but the multi-billion euro project was halted after Russia invaded Ukraine in February.

    However, gas had already been pumped into the pipe, and there are now concerns that large amounts of it could be released into the atmosphere.

    Nord Stream 1 – a parallel gas pipeline – has been shut for several weeks, with Gazprom saying it was carrying out maintenance work to fix an earlier leak.

    The European Union accuses Russia of using its gas supplies to blackmail Europe because of its war in Ukraine, but Moscow denies this.

    Energy prices have soared since Moscow invaded Ukraine and scarce supplies could push up costs even further.

    There are growing fears families in the EU will be unable to afford the cost of heating this winter.

    Europe is now attempting to wean itself off Russian energy in an effort to reduce Moscow’s ability to finance the war, but the transition may not come quickly enough.

    Source: BBC

  • Kudus reacts to Kweku Flick’s Black Stars song for World Cup

    Black Stars player, Mohammed Kudus has reacted to Kweku Flick’s new song for Ghana’s participation in the 2022 World Cup.

    Ghanaian hip-pop musician, Kweku Flick dropped a snippet of his new single titled ‘Black Stars Anthem’ on social media on Monday, September 26, 2022.

    The song which is set to become an instant hit has gained the attention of many football lovers.

    Reacting to the song which has gone viral, Mohammed Kudus whose name is at the centre of the song reacted by expressing his admiration for the song and prayed the musician succeeds in his endeavours.

     

     

    Kudus said, “We want money, I feel your style. God bless you with more money. More love.”

    The Black Stars will be playing at their 4th World Cup in history after qualifying for the tournament which will be hosted in Qatar.

    Ghana will come up against Portugal, Uruguay and South Korea at the 2022 FIFA World Cup.

     

     

  • Foxconn and Vedanta to build $19bn India chip factory

    Foxconn and Vedanta have announced $19.5bn (£16.9bn) to build one of the first chipmaking factories in India.

    The Taiwanese firm and the Indian mining giant are tying up as the government pushes to boost chip manufacturing in the country.

    Prime Minister Narendra Modi’s government announced a $10bn package last year to attract investors.

    The facility, which will be built in Mr Modi’s home state of Gujarat, has been promised incentives.

    Vedanta’s chairman Anil Agarwal said they were still on the lookout for a site – about 400 acres of land – close to Gujarat’s capital, Ahmedabad.

    But both Indian and foreign firms have struggled in the past to acquire large tracts of land for projects. And experts say that despite Mr Modi’s signature ‘Make in India’ policy – designed to attract global manufacturers – challenges remain when it comes to navigating the country’s red tape.

    Gujarat Chief Minister Bhupendrabhai Patel, however, said the project “will be met with red carpet… instead of any red tapism”.

    The project is expected to create 100,000 jobs in the state, which is headed for elections in December, where the BJP is facing stiff competition from oppositions parties.

    According to the Memorandum of Understanding, the facility is expected to start manufacturing chips within two years.

    “India’s own Silicon Valley is a step closer now,” Mr Agarwal said in a tweet.

    India has vowed to spend $30bn to overhaul its tech industry. The government said it will also expand incentives beyond the initial $10 billion for chipmakers in order to become less reliant on chip producers in places like Taiwan, the US and China.

    “Gujarat has been recognized for its industrial development, green energy, and smart cities. The improving infrastructure and the government’s active and strong support increases confidence in setting up a semiconductor factory,” according to Brian Ho, a vice president of Foxconn Semiconductor Group.

    Foxconn is the technical partner. Vedanta is financing the project as it looks to diversify its investments into the tech sector.

    Vedanta is the third company to announce plans to build a chip plant in India. A partnership between ISMC and Singapore-based IGSS Ventures also said it had signed deals to build semiconductor plants in the country over the next five years.

    Source: BBC

  • iPhone in India: Apple makes new handset in India in shift from China

    Apple says it has started making its iPhone 14 in India as it diversifies its supply chains away from China.

    The company makes most of its phones in China but has shifted some production outside the country as tensions rise between Washington and Beijing.

    China’s ‘zero-Covid’ policies, that have triggered widespread lockdowns, have also caused major disruptions for businesses during the pandemic.

    The technology giant unveiled its latest iPhone earlier this month.

    “The new iPhone 14 line-up introduces groundbreaking new technologies and important safety capabilities. We’re excited to be manufacturing iPhone 14 in India,” Apple said in a statement.

    Taiwan-based Foxconn, which manufactures the majority of Apple’s phones, has had an operation in the southern Indian state of Tamil Nadu since 2017, where it makes older versions of the handsets.

    But now, Apple is betting big to make in India its newest product – the iPhone 14.

    By betting on India, Apple is also looking to increase its footprint in the country. As of last year, its market share was about 4% there.

    The US giant has been struggling to compete with the much cheaper South Korean and Chinese smartphones that continue to dominate the Indian smartphone market.

    But manufacturing in India does not mean the phones will be cheaper in the country because of high import duties on components and other taxes.

    So while Indians might be looking at the ‘Made in India’ tag on their iPhone they will still have to pay a hefty sum to own it.

    The announcement that iPhone production has increased in India is a win for prime minister Narendra Modi’s administration.

    His government launched its flagship “Make in India” campaign eight years ago as it aimed to boost the country’s manufacturing and exports.

    Apple’s announcement marks its latest move towards diversifying supply chains to avoid disruptions as tensions rise between China and the US over Taiwan and trade.

    Earlier this month, analysts at investment bank JP Morgan said that they expect Apple to move around 5% of iPhone production to India this year.

    The report also predicted that a quarter of all iPhone production will be in the South Asian nation by 2025.

    Last year, Apple supplier Foxconn invested $1.5bn (£1.4bn) in Vietnam, according to the South East Asian country’s government.

    Vietnamese state media reported last month that the company had signed a $300m agreement to expand its facility in the north of the country to increase production.

    Source: BBC

  • Everything I do is for the girl child – Gyakie

    Singer Gyakie has shared she does everything with the girl child in mind.

    According to the ‘Forever’ hitmaker, she constantly seeks to inspire girls.

    Billed to perform at the 2022 Global Citizen Festival, Gyakie was heralded by the Ghana Army Regimental Band before she performed her new reggae/dancehall number titled ‘Waka Waka’.

    It was during her time on stage at the Black Star Square, Accra, Ghana, on Saturday, 24 September 2022, that she made the statement.

    Born Jackline Acheampong, she said “Before I do anything, I try to picture two or three girls that look up to me. I have their faces etched in my mind as a reminder of my responsibility to show up in a way that inspires them and lets them know they can be anything they want to be, no matter the odds against them.”

    This year, the Ghanaian singer-songwriter was recognised at Nigeria’s flagship awards event, the Headies, as the Best West African Artiste.

    The only Ghanaian female act for the 2022 Global Citizen Festival, Gyakie shared the stage with fellow Ghanaians Stonebwoy and Sarkodie, American RnB stars Usher and SZA and Nigeria’s Tems.

    The Global Citizen Festival is the world’s longest-running global campaign organised to challenge world leaders and inspire everyday people to work towards ending extreme poverty.

    Gyakie performs at Global Citizen Festival

    Source: classfmonline

     

  • Bank will ‘not hesitate’ to raise interest rates after pound’s fall

    The Bank of England has said it will “not hesitate” to hike interest rates to curb inflation after the pound fell to a record low against the US dollar.

    The Bank said it was “monitoring developments closely” and would make a decision on any action in November.

    Its statement came after the Treasury said it would publish a plan to tackle debt in a bid to reassure investors.

    In Asia currency market trade on Tuesday, the pound rose by more than 1% to top $1.08.

    On Monday, some UK lenders said that they were halting new mortgage deals.

    Halifax, the UK’s largest mortgage lender, said it would temporarily withdraw all mortgage products that come with a fee due to the market volatility.

    Virgin Money and Skipton Building Society have also stopped offering mortgage products to new customers.

    Experts said a rise in the cost of long-term borrowing due to the market turmoil meant the cost to lenders of offering new mortgage deals was too expensive.

    Sterling fell to an all-time low earlier against the US dollar after Chancellor Kwasi Kwarteng pledged further tax cuts at the weekend on top of Friday’s mini-budget where he announced the biggest tax cuts in 50 years.

    The pound had been sliding as global markets reacted to the sharp increase in government borrowing required to fund the cuts.

    A weak pound makes it more expensive to buy imported goods and risks pushing up the rising cost of living even further. Imports of commodities priced in dollars, including oil and gas, are also more expensive.

    UK inflation, the rate at which prices rise, is already rising at its fastest rate for 40 years.

    Some economists had predicted the Bank of England would call an emergency meeting in the coming days to raise interest rates in a bid to stem the fall, as well as calming rising prices.

    But the Bank of England instead said it was “monitoring developments in financial markets very closely” and would make a full assessment at its next meeting on 3 November.

    Investors are now predicting that interest rates could more than double by next spring to 5.8% from their current 2.25%, to curb high inflation, which is expected to be fuelled by the huge tax cuts announced in Friday’s mini-budget.

    ‘Not affordable’

    Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said if interest rates rise as predicted, the average household refinancing a two-year fixed rate mortgage in the first half of next year would see monthly payments jump to £1,490 from £863.

    “Many simply won’t be able to afford this,” he said.

    Source: BBC

  • Shatta Wale issues a stern warning to media platforms

    Charles Nii Armah Mensah, popularly known as Shatta Wale, has asked all showbiz discussion platforms to seize any further intentions to throw more dirt on his forthcoming ‘GOG’ album.

    The Dancehall artiste who intends to release more songs off the album has asked such media platforms to hold back any attempt around it other than to promote it.

    Shatta, whiles reiterating that this particular upcoming album isn’t meant for the music industry, also established that his main objective is to quench the thirst of his fans who are anticipating the “masterpiece.”

     

     

    “Get ready for some singles on the #GOGALBUM. Pls and pls and pls. I am not doing this album for the Ghana music industry. I am doing this as my job to fill the masses with peace and love. I don’t want any negative discussion of my album on any platform. It’s a warning,” he wrote on Facebook.

    “I didn’t come here to join unions. I came with mine and that is SHATTA MOVEMENT,” Shatta added.

    Read the post below:

     

  • ‘Deportation from US’ publication: Presidential staffer threatens legal action

    A presidential staffer, Charles Nii Teiko Tagoe, has threatened legal action against Editor of The Herald Newspaper, Larry Dogbey, over a story he inists is defamatory.

    In the said story, Larry Dogbey alleged that Teiko Tagoe had been arrested in the United States and deported to Ghana despite using a diplomatic passport.

    The Herald story read in part: “Mr Tagoe, had posted a picture of himself on Facebook on September 14, 2022, with his leg on a chair moments before boarding the plane at Kotoka International Airport’s Terminal 3.

    “His 5:33 am post and picture was with the caption “If you know, you know. Good morning #Minister4Happiness, Nana Yaw Kesse. Gone in 60 seconds…”

    “But shortly upon arriving in the US, he was picked up and shoved into another aircraft and sent back to Ghana like a common criminal, despite his diplomatic passport. It is not clear, if he was handcuffed or chained to his seat.”

    It added that their sources said Tagoe was directed to deal with the US embassy for clearance before he attempts reentry into the US.

    In his first response to The Herald, the head of new media at the presidency stated that he did not use a diplomatic passport and hadn’t been deported as the report stated.

    “My attention has been drawn to a Herald Publication alleging my deportation from the United States despite using a diplomatic passport.

    “I wish to state that I do not use a diplomatic passport and there is absolutely no truth in the story. I have referred the Herald Newspaper and its Editor Larry Dogbey to my Solicitors for the necessary legal action,” he posted on Facebbok.

    The journalist in responding to the threat, added supposed travel details suggesting that the presidential staffer spent less than a day in the United States before returning to Ghana via a direct flight.

    “Charles Nii Teiko Tagoe ..I didn’t know it was this easy to get you talking. You left Ghana on Tuesday 13th September 2022 onboard KLM through Schipol Amsterdam to New York.

    “You returned the next day Wednesday 14th September 2022 by a direct flight from New York to Accra onboard Delta Airlines. You wanted to come back onboard same KLM through Schipol on Wednesday, 21 September 2022.

    “Who buys a ticket for nearly UD$10,000 to see New York City through the windows of an airport? Waiting for your lawyers. Regards to your wife….” Larry Dogbey replied via Facebook.

    The presidential staffer offered another clarification on his Facebook wall: “So I arrived at John F Kennedy International Airport on Delta Airlines flight DL 047 from Amsterdam and I was arrested and deported at Dallas, Texas International Airport, onboard a United Airlines according to Larry Dogbey and The Herald Newspaper? We shall meet very soon wai.”

    Source: Ghanaweb.com

     

  • Hooting at Global Citizen Festival: Afia Schwarzenegger reacts

    Ghanaian comedienne, Afia Schwarzenegger, has asked Ghanaians to fasten their seat belts and wait for new fare increment for mocking the president, Nana Addo Dankwa Akufo-Addo at the just-ended Global Citizen Festival.

    In a video shared on the socialite’s social media, she called Ghanaians disrespectful for booing at the president when he appeared on stage to read a speech.

    “You have made us understand that as the world is going in this direction, you guys can’t control yourselves.

    “Since you have finished hooting at Nana Addo, you have to find money for transportation because fares are going to go up again,” she shared.

    According to the mother of three, even Nigerian President Buhari, who has performed poorly than Akufo-Addo, has never been treated terribly by Nigerians.

    “…when we were having a program, a president we have queued to vote for, you decided to show your foolish side to him. We have heard you. Nana Addo, Away! Where should he go?

    “Have you seen Buhari go anywhere in Nigeria for them to hoot at him? Is it calm in America? You have done well. Disrespectful attitudes you guys have,” she added.

    On September 24, 2022, the leader of Ghana, His Excellency Nana Addo Dankwa Akufo-Addo, was booed at the 2022 Global Citizen Festival stage at the Black Star Square in Accra.

    This was when H.E. Nana Addo was about to read his keynote address.

     

  • GRA urges public to demand VAT invoice, hands over alleged tax defaulters to Police

    Accra Central’s Area Enforcement Manager for the Ghana Revenue Authority (GRA), Mr. Joseph Annan, has urged the general public to get the Value Added Tax (VAT) invoice from store owners when they make purchases.

    In a similar spirit, the client is obligated by law to get an invoice if such transactions attract VAT. The GRA anticipates that all suppliers of taxable commodities, goods, or services would submit VAT invoices in accordance with the law.

    If enterprises that were registered with the Authority failed to issue the VAT, he said that this was a violation of the tax rules.

    Mr Annan made the call during the ongoing tax invigilation exercise being conducted at the Authority in Accra.

    On Monday, the team visited Chang Wei Company Limited, dealers of Children‘s Toys and Accessories, Selina Bags Shop, Zebrex Motors Limited.

    Some documents were taken from these shops together with System Units, POS, and a laptop computer.

    He said the exercise or operations were part of an ongoing nationwide VAT Invigilation exercise by the authority to retrieve some taxes due the state.

    The Enforcement Officer said all these shops visited failed to issue the VAT invoice, when the team tested them, hence they were arrested and handed over to the Police for investigation and possible prosecution.

    He told the Ghana News Agency that the Authority had a legal unit that handled prosecution and once the investigations were done, the case would be handed over to the unit to proceed to court.

    He said these individuals would be assessed and made to pay immediately when that was done and after that “we will commence a full audit on the companies.”

    Mr Annan said if one’s VAT was being under declared, other taxes would also suffer the same.

    Of the seven people arrested, Mr Annan said the Police were still investigating and some progress had been made so far, “we are finalizing two of the cases, which will be completed for possible prosecution.”

    He said the exercise would continue until some sanity prevailed or was restored in the system.

    Mr Annan said the GRA as part of the nationwide invigilation would continue to embark on mystery shopping exercises across the country to apprehend culprits evading tax.

  • Ghana’s Junk Status: Speed up IMF engagement – Expert tells Government

    Yaw Appiah Lartey, a Partner and Financial Advisory Leader at Deloitte Ghana, has encouraged the administration to expedite talks with the International Monetary Fund (IMF).

    After Ghana’s Long-Term Local- and Foreign-Currency Issuer Default Ratings (IDRs) were reduced by Fitch Ratings to “CC” from “CCC,” he made this remark.

    Following the downgrading to CC, Fitch Ratings stated that Ghana’s high credit risk indicates the increased chance that the nation may pursue a debt restructure as interest rates rise.

    Speaking on Morning Starr with Francis Abban Monday, Mr. Lartey indicated that speeding up negotiations with the IMF amidst the worsening economic conditions can bring in some immediate funds to cushion the economy.

    In the quest to restructure the country’s debts and rebuild an economy ravaged by mismanagement and COVID-19, Appiah Lartey said “the first thing that Ghana should do is to accelerate the engagement with IMF.”

    Citing the Zambia example as it recently secured 1.3 billion dollars from the IMF before its restructuring program, the Financial Advisor noted “So if you have some form of backup or liquidity support from the World Bank or some form of guarantee from the IMF at the time when you start the restructuring, it will be a much easier process. But if you go in a state where you do not have much liquidity when you start negotiating with these credit holders it will be difficult.

    He added: “We saw this coming and unfortunately for us the local market is not that vibrant and the idea of the government using loan syndication using the local market or local commercial banks. As we speak the local major banks in Ghana have been downgraded,” Mr. Appiah Lartey stated.

    He continued: “What that means is that these banks do not have a lot of liquidity to lend to the government anymore. So our situation has been worse and our public debt is rising and yet the liquidity to service those debts is not there. When you are rated triple C you have some elements of speculation.”

    He described the government’s debt status as a junk one that needs some immediate liquidity to save the situation in order to avoid longer debt payments.

    “It doesn’t mean that the government will not be able to pay but it will be much more difficult to pay. What that means is that the government will have to restructure to ensure that debts for a shorter or medium period are negotiated for a longer period.”

  • COVID-19 Alleviation Programme: Over GH¢20 million of loans repaid

    Kosi Antwiwaa Yankey, the Chief Executive Officer (CEO) of the Ghana Enterprises Agency, has disclosed that the government has started collecting payments on the loans it provided to companies through her organization.

    She made a suggestion that more than GH20 million cedis had been obtained from borrowers of the loans.

    President of the Republic of Ghana Nana Addo Dankwa Akufo-Addo declared in 2020 that the government had established a GH600 million soft loan program with a two-year payback plan to aid micro, small, and medium-sized enterprises as part of the Coronavirus Alleviation Program.

    Following the outbreak of COVID-19 in Ghana and a partial lockdown on Accra and Kumasi as a result of the disease, most businesses in major economic hubs were rendered inactive, limiting the income of most citizens.

    In an exclusive interview with host of Atinka FM’s AM Drive Kaakyire Ofori Ayim, Kosi Antwiwaa Yankey revealed that government through the Ghana Enterprises Agency supported over 300,000 Ghanaians during the outbreak of Covid-19.

    She added that added that aside from the 300,000 people, the Ghana Enterprises Agency also supported 200,000 people through the support of the Master Card Foundation.

    Antwiwaa Yankey added that an assessment by the Ghana Statistical Service, the UNDP and the World Bank revealed that the revenue of SMEs who received funding in the third wave of covid-19 increased by 22%.

    She also refuted claims that her agency supported only members of the New Patriotic Party (NPP).

    According to her, over 900,000 people applied for the grants and loans and there was no way she could have fished out only members of the NPP.

    “Some people used wrong details in applying which contributed to their disqualification’, she added.

  • Azumah Nelson honored by Akwamuman

    Legendary Ghanaian boxer, Azumah Nelson has been honored by Akwamuman for his unparalleled achievement in boxing.

    At an event on Saturday, September 24, 2022, the iconic boxing figure was celebrated for inspiring millions of Ghanaians with his historic accomplishments.

    It is the view of Akwamuman that Azumah Nelson become a beacon of hope for Ghanaians and showed that with hard work, commitment and discipline any Ghanaian could conquer the world.

    The citation presented to Azumah reads “In recognition of your illustrious and admirable boxing career and serving as a beacon of hope to Ghanaians for several decades.”

    The ‘Professor’ as he is widely known is regarded as the greatest boxer to have emerged from the African continent.

    On June 13, 2004, Azumah received the ultimate honor of boxing greatness as he was inducted into the International Boxing Hall of Fame.

    History state that at a point when the country was experiencing economic and political turmoil, Azumah Nelson served as the light for the country with his feats in global boxing,

    Source; footballghana

     

  • Govt reluctant to add Sinohydro, COCOBOD loans to debt stock as IMF debt analysis begins

    Ghana has been urged by the International Monetary Fund to add the 1.5 billion COCOBOD syndicated loan and the 2 billion Sinohydro loan from China to its current debt stock.

    On September 27, 2022, norvanreports.com reported this.

    The new IMF mission in Ghana is performing a thorough debt sustainability analysis as of September 26, 2022, and the IMF highlighted that this will present a clear and comprehensive picture of the country’s overall debt stock.

    When the debt stock is included, Ghana’s GDP to debt ratio will increase from 78% (GH396 billion) to over 80% (GH399.5 billion).

    Meanwhile, the government is said to be reluctant in making the addition, whiles noting that the Sinohydro loan was a barter trade for the country’s bauxite resources, norvanreports.com have said.

    The government of Ghana commenced discussions with the International Monetary Fund on Monday, September 26, 2022.

    According to the government, a comprehensive Debt Sustainability Analysis (DSA) which is a key requirement for securing an IMF-supported program is currently ongoing.

    The move, the government said, is a necessary requirement to ensure that Ghana’s debt is on a sustainable path.

    A release by the Ministry of Finance on September 26, 2022, said, “The Government of Ghana is putting together a comprehensive post-Covid-19 economic programme which will form the basis for the IMF negotiations. The programme seeks to establish a macro-fiscal path that ensures debt sustainability and macroeconomic stability underpinned by key structural reforms and social protection.”

  • I am not bothered with Black Stars performance – Coach Otto Addo

    Black stars head coach, Otto Addo, says he is not worried about the poor record of the team.

    Addo has won just 1 of his 7 games in charge of the national team.

    The Borussia Dortmund assistant coach led the Black Stars to secure qualification for the World Cup against Nigeria in March.

    The two-legged games ended in a draw but Ghana qualified on the away goal rule.

    Since then, Ghana has only managed to beat Madagascar, a 3-0 win in Cape Coast in a 2023 Africa Cup of Nations qualifier.


     

    The run has included 2 defeats to Japan (4-1) in the Kirin Cup and Brazil (3-0) and draws against the Central African Republic (1-1) and Chile (0-0).

    As part of the preparations for the global showpiece in November, Ghana will face Nicaragua in Spain later today in another international friendly.

    Asked if the Nicaragua game is a must-win for his team, Addo said: “We are using these matches to try a lot of things, not only on the players but also for my side on systems, so we have to find that together. This is very important for us as a team.

    “We have new players in each position we need to integrate and a whole a lot of things and we also want to use these games for everyone to show themselves at the training and also in the games and I am not worried.

    “We have to take the right conclusions out of every match and prepare ourselves for the World Cup.”

    Kick-off for Ghana vs Nicaragua is 18:00GMT.

     

     

  • Latest Fitch rating will either ‘woo’ or caution investors – Economist

    The current Fitch ratings may either entice or warn investors away from conducting business in Ghana, according to Rev. Dr. Samuel Worlanyo Mensah, a senior lecturer at the Wisconsin International University College in Ghana and an economist.

    This declaration follows a reduction of Ghana’s Long-Term Local- and Foreign-Currency Issuer Default Ratings (IDRs) to “CC” from “CCC” by international credit rating agency Fitch.

    The credit rating agency said in a statement that the reduction reflects the higher chance that Ghana will pursue a debt restructure amid rising financial strain, including skyrocketing interest rates on domestic debt and a protracted absence of access to Eurobond markets.

    It added that there is a high likelihood that the IMF support programme currently being negotiated will require some form of debt treatment due to the climbing interest costs and structurally low revenue as a percentage of GDP.

    In August 2022, Fitch downgraded Ghana’s credit rating from ‘B-‘ to ‘CCC’.

    The downgrade was announced on Wednesday August 10, 2022.

    “The government has requested support from the IMF, which is likely to lead to additional financing from the IMF and other multilateral lenders. However, the government’s high interest costs and structurally low revenue as a percentage of GDP have increased the likelihood that IMF support would necessitate some form of debt treatment, although this is not our main scenario,” the statement from August 2022 read.

    Reacting to the latest ratings in an interview with host of Atinka FM’s AM Drive, Kaakyire Ofori Ayim, Rev. Dr. Samuel Worlanyo Mensah said the ratings indicate how the economy is performing, the potential of the economy, and its challenges.

    He revealed that the ratings have the tendency of either projecting the prospects of the economy in order to woo investors or give indications that the economy is going through recessions for investors to take precaution.

    “The ratings are only an indication as to how they think the economy is performing and the potentials of the economy as well as the challenges. These ratings will either project the prospects of the economy in order to woo investors or give indications that the economy is going through recessions for investors to take precautionary measures,” he added.

  • Forum on responsible mining held in Accra

    A responsible mining forum has been held in Accra by Wacam, a leading community-based human rights and environmental mining advocacy non-governmental organization (NGO), in association with its partners Oxfam, Care International, DKA Austria, and OSIWA.

    Achieving The Responsible Mining Goals: A Reality Or A Mirage? was the focus of the two-day forum, which took place from Thursday, September 22, to Friday, September 23, 2022, and included participants from the mining communities, academic institutions, media, and the Association of Small Scale Miners.

    It was a component of Wacam’s initiatives to promote ethical mining methods in the mining, oil, and gas sectors.

    More importantly, it provided an ideal platform to ensure that the owners of the resource think through the processes and provide the state with concrete measures to support responsible mining.

    Welcoming participants, the Associate Executive Director of Wacam, Mrs. Hannah Owusu-Koranteng, said responsible mining can be ensured when strong mining laws were in place.

    “We will not be able to hold mining companies to responsible mining practices with our existing weak laws which prescribe weak penalties for infractions of the law including prescribing fines as low as US$5,000 in addition to the provision that if the fine cannot be paid, “the amount shall be recoverable as civil debt to the state.”

    “…The only way to hold mining companies to responsible corporate behaviour is to develop strong mining laws,” she stressed.

    Such strong laws, she contended, will support mining communities’ rights to hold mining companies to payment of huge fines in situations of cyanide spillage in addition to compensations for affected communities for the pollution of their rivers.

    She also called for the Minerals and Mining Act of Ghana to contain provisions for the right of the host communities to Free Prior Informed Consent (FPIC).

    According to her, the FPIC will empower mining communities to resist mining operations that has the potential to adversely impact on their health, economic livelihoods and social life.

    Wacam also used the first day of the event to launch its new book entitled “Policy Brief On The Mining Sector of Ghana.”

    The 40-page book was written by the Executive Director of Wacam, Mr. Daniel Owusu-Koranteng, Associate Executive Director of Wacam, Mrs. Hannah Owusu-Koranteng, Lawyer Augustine Niber, Dr. Samuel Obiri and Lawyer Kwaku Afari.

    Launching the book, the Board Chairman of Wacam, Lawyer John Opoku, said the book was timely, especially when there was the urgent need to factor in policies necessary in dealing with mining-related issues.

    He went on to reveal that the book talks about various challenges in the mining sector, proposed policies and recommendations for a fiscal regimes.

    Other chapters of the book, he disclosed, focus on recommendations on mining and climate change, recommendations on gender, and recommendations for including persons with disability among others. Copies of the books were given to the participants.

    Lawyer Opoku urged the participants to read the book and not put it under their pillows.

  • ‘Local champions’ – Charles Taylor stings Asante Kotoko over protest against referee Yao Bles

    Former Asante Kotoko forward, Charles Taylor has hit out at the club and their supporters over the cries of unfair officiating in the game against Accra Hearts of Oak on Sunday, September 24, 2022.

    He is questioning the accusations by the club’s fans that they deserve penalties in the game played at the Baba Yara Stadium.

    Labeling his former side ‘local champions’, Charles Taylor said Asante Kotoko were presented a chance to advance to the next round of the CAF Champions League but fluffed the opportunity.

     

     

    He charged them to focus on making an impact in Africa instead of brooding over a match that in his view is over.

    “Asante Kotoko are local champions. They wasted the important penalties against Kadiogo. They should stop demanding penalties against Hearts of Oak, it’s needless,” he said.

    Kotoko, in an official statement, announced that they have petitioned the Disciplinary Committee of the Ghana Football Association to institute disciplinary actions against referee Yao Bless.

    Source; Ghanaweb

  • Be attentive at the pump to avoid being served wrong fuel – NPA to motorists

    In order to ensure that the correct goods are dispensed into their fuel tanks, drivers have been asked to regularly ask fuel attendants what type of fuel they are purchasing and to pay attention to the color codes.

    When providing the advice in Wa to commercial drivers and traders within the Wa Municipality, Eunice Budu Nyarko, Head of Consumer Services Department of the NPA, added that the red coats on fuel nozzles indicate Super or Petrol, the black coats indicate Diesel, and the green coats indicate a differentiated product or High Octane (Ron 95).

    She advised drivers to keep an eye on the dispenser screen so they could see the quantity or price of the amount punched.

    Additionally, she urged motorists to always demand for fuel receipts after purchase as this will aid in investigation in cases of fuel complaints.

    “Let’s build confidence and trust in each other and desist from all petroleum-related dishonesty and fraud to help build a better Ghana”, she added.

    The Upper West Regional Manager of the NPA, Bashiru Natogma, on his part urged consumers in the region to bring to his attention fuel-related incidents for redress.

    He also encouraged them to report within 48 hours of fuel purchase if they suspect something fishy at the pump or with the product.

    The Consumer Service and Security and Intelligence Directorate of the NPA collaborated with the Upper West regional office to execute the task.

  • Otto Addo welcomes Nico Williams’ decision to pick Spain over Ghana

    Black Stars coach, Otto Addo has welcomed Nico Williams’ decision to pledge his allegiance to Spain instead of Ghana.

    Nico Williams, the younger brother of Black Stars striker, Inaki Williams was one of three debutantes named in coach Luis Enrique’s squad for the international break.

    Otto Addo, who is German-born but played for Ghana, said that while it would have been great to see Nico and Inaki play for Ghana, he respects the players’ decision.

    “Together in Ghana? That would’ve been great but his brother decided to play for Spain which is fair, which is as well. Well, we would have loved him in Ghana, surely. I myself was also born in Germany, so you always have two hearts or two homes in your hearts and this is always a difficult decision. We respect that and hopefully, we could play against Spain,” he said during his pre-match presser.


     

    While Nico is with the Spanish national team, his brother Inaki is also with the Black Stars, honouring his debut call-up for the pre-World friendlies.

    Both Inaki and Nico had disappointing debuts, as Ghana and Spain were defeated by Brazil and Switzerland, respectively.

    Inaki Williams is expected to make his full Ghana debut against Nicaragua on Tuesday, September 27, 2022, while Nico is also in line for his first start for Spain in their game against Portugal also on Tuesday.

    Source: Ghanaweb

  • Bankers apprehensive over Treasury debt restructuring

    Bankers in the country are pleading with managers of the economy to be cautious in their decision-making amid the impending restructuring of the country’s public debt in order to prevent the destabilization of the developing financial sector and the erosion of recent gains, particularly as it relates to investor confidence.

    Concern over how the reorganization may affect the asset structure, profitability, and operations of banks was clear and palpable at the 39th Annual General Meeting (AGM) of the Ghana Association of Bankers (GAB).

    Mansa Nettey, the organization’s president, said during the meeting that while the central government is taking the required steps to attain debt sustainability, these should not be done in a way that undermines progress made in the industry.

    “Government must ensure that this is not done at the cost of financial sector stability, inadvertently undoing so much of what has been achieved in strengthening the banking sector – as a sound and stable economy needs an equally sound and stable banking system, one that can support the country’s long-term goals.”

    According to budget figures, the nation spent GH¢20.5billion (US$2billion) in first-half of the year paying its debts – equivalent to 68 percent of its tax earnings. By end of June, the total amount owed by government had risen to GH¢393.4billion or 78.3 percent of Gross Domestic Product (GDP).

    In response, central government started a proposed three-year Enhanced Domestic Programme engagement with the International Monetary Fund (IMF) in July for US$3billion – joining a number of emerging markets that are being forced to default or restructure some of their debts this year. This was done after efforts to stop the sell-off of its Eurobonds and halt a record depreciation of the cedi against the dollar failed – including cutting discretionary state spending by as much as 30 percent.

    Mrs. Nettey – who doubles as chief executive officer of Standard Chartered Bank – further stated that while the industry recognises drastic measures need to be taken by the central bank in effectively combatting inflation, it is necessary that banks are encouraged with regulatory incentives to soften the impact.

    “We recognise that the Bank of Ghana had to front-load the tightening; however, it is necessary that they are provided with regulatory incentives to help them navigate the current economic challenges and continue to support the economy,” she argued.

    With the expectation of a tough business environment in the near-term, she said it is important that banks review existing operations and investment strategies to ensure sustainable performance as they remain risk-aware and undertake effective credit management processes.

    At a recent engagement on Joy FM’s NewsFile, Director of the Financial Sector Division at the Ministry of Finance, Sampson Akligoh, offered assurances that government will take into consideration all stakeholders and not do anything to jeopardise the domestic financial sector.

    The Zambian Case

    Following the Fund’s approval of a US$1.3billion scheme for the southern African nation, Zambia will restructure its debt through a combination of haircuts to the initial value of its loans and maturity extensions. The process of renegotiating debt that will total US$17billion by the end of 2021 has begun.

    This continues to be a critical milestone in the southern African nation’s quest to restructure its debts and restore an economy decimated by poor management and COVID-19; it allows the IMF to make an immediate payout of around US$185million.

    In 2020, Zambia was burdened with debt that had reached 120 percent of its gross domestic product and made history as the first African nation to experience a pandemic-induced default.

  • Implementation of RTI law: Commission seeks power to prosecute offenders

    The Right to Information (RTI) Commission says it will soon prosecute heads of public institutions who fail to give out information requested under the RTI law.

    Executive Secretary of the Commission, Mr Yaw Sarpong Boateng, said the commission had successfully negotiated with the Attorney General’s department to grant it powers to prosecute offences under the Act.

    “The Attorney General has further elected to train selected staff of the Commission as prosecutors to seamlessly prosecute offences under the Act,” he said.

    Mr Boateng made this known at a stakeholders’ conference held in Accra, on Monday in a conference that sought to solicit inputs from relevant stakeholders on the implementation of the RTI law and the way forward.

    It was held on the theme: “Implementation of RTI Act 2019 (Act 989): Challenges, Solutions, Achievements and the Way Forward.”

    The RTI Act (Act 989) is a law that seeks to promote transparency and accountability by empowering the citizens to access information on central and local governments as well as non-governmental organizations, which are publicly funded.

    The Act was passed by Parliament in March 2019 and assented to by the President in May 2019.

    However, more than a year into its implementation, accessing information under the law remains a major challenge.

    Mr Boateng said the reluctance of heads of many public institutions to grant requests for information was negatively impacting on the smooth implementation of the Act.

    For instance, he noted that, out of 157 requests for information applications received by public institutions, 130 were approved while 10 were rejected, adding that one internal review was granted, three internal reviews were also rejected by the institution, while one of the review applications ended up in court.

    “We see this trend in the review that have come to us. Institutions seem not to be mindful of the 14 days at their disposal to respond to a request application, they still wait for days to elapse. When applicants put in a request for internal review they still do not attend to the request and allow the matter to get to the Commission,” he bemoaned.

    He added that others responded to these applications either with hostilities or misinterpretations, saying “this is an issue going forward we are going to curb with prosecutions.”

    He also disclosed that the Commission was finalizing the setting up of a tribunal to adjudicate matters before it and therefore appealed for funds to furnish its tribunal unit to enable it to hold its first public hearing on matters that were before it.

    To deepen the implementation of the Act, Mr Boateng said, the Commission was currently engaging the Ministry of Information on a draft legislative instrument to enhance the operationalisation of the Act.

    “In fact, there is a committee that is currently considering the draft of proposed regulations which should be ready for submission to the office of the Attorney General and Minister of Justice soon,” he said.

    Mrs Abigail Larbi Odei, Programme Manager for Media Foundation for West Africa, urged the RTI Commission to address the bureaucratic system and the charging of arbitrary fees associated with the request processes.

    Source: GNA

  • Anidaso Mutual Fund yields 18.66% asset per share at end of 2021

    Anidaso Mutual Fund, an open-ended fund managed by the New Generation Investment Services Limited (NGIS) recorded an increase in its net asset value per share, from GHC 0.7948 to GHC 0.9431 at the end of 2021.

    The figures translate into an annual yield of 18.66 per cent compared to 12 per cent of the government’s Treasury bill.

    Mr Edward K. Asamoah, Fund Manager, speaking at the 15th Annual General Meeting of the Fund in Kumasi, indicated that investment income also appreciated by 26 per cent, from GHC 309,691 in 2020 to GHC 390,364 at the end of 2021.

    He attributed the significant growth in investment to the bullish performance of the stock market.

    Mr Asamoah said the Fund’s net investment income shot up from GHC 161,323 in 2020 to GHC 231,519 in 2021, depicting a 43.51 per cent increase.

    Redemption of shares decreased from the previous year’s GHC 560,516 to GHC 433,757, while the sale of shares increased by 10.22 per cent from GHC 350,292 to GHC 386,096.

    The Fund Manager said the challenging global economic conditions in 2022 were expected to compound as economies were expected to experience sharp deceleration.

    To this effect, he said inflation across most countries had surged as a result of rising commodity prices and higher supply disruptions.

    Mr Asamoah pointed out that, the current high inflation in Ghana could impact negatively on the performance of the Fund, although the government was putting measures in place to stabilize the economy.

    Notwithstanding the current happenings, he said shareholders must continue to invest and get more returns from the Funds pledging that the management of NGIS Limited would continue to work hard to protect and maintain higher standards in the investment space.

    Meanwhile, the Money Market Fund, another investment product managed by the NGIS, recorded a gross investment income appreciation of 20.36 per cent from GHC 566,333 in 2020 to GHC 681,648 in 2021.

    The net asset value per share thus, increased from GHC 0.6729 to GHC 0.7770, representing an increase of 15.47 per cent.

    Operating expenses increased from GHC 37,190 in 2021 to GHC 49,954 in 2022.

    Source: GNA 

  • BoG maintains tough stance on inflation fight

    Dr. Ernest Addison, governor of the Bank of Ghana (BoG), has stated that despite domestic and international factors working against the BoG’s attempts to combat inflation and achieve price stability, the monetary authority will not give up.

    The Governor made the remark in a speech that was read on his behalf at the 39th Annual General Meeting (AGM) of the Ghana Bankers’ Association (GAB) by the head of banking supervision at the central bank, Osei Gyasi, without making any indication that a rate increase was forthcoming.

    “With continued pressures and heightened inflation expectations… considering that inflation remains significantly above the medium target band and upside risks to inflation remain elevated, the bank will stay committed to the tight monetary policy stance to attain its price stability mandate,” he remarked.

    The central bank’s posture appears similar to that of its peers across the globe, including US Federal Reserve Chairman Jerome Powell – who promised to keep at the fight and warned stakeholders of ‘pain’ in the pursuit of its inflation-reduction goal.

    Stakeholders will have to wait a little longer to see what direction the BoG goes after it rescheduled its 108th regular Monetary Policy Committee (MPC) meeting to coincide with end of the IMF mission – so as to allow the decision on policy rate to benefit from the broader discussions to be held during the period, with a decision on the monetary policy stance to be announced on October 7, two weeks after the initial date of September 23.

    Already, the monetary authority has raised its benchmark rate by 850 basis points (bps) since November 2021; and the Cash Reserve Requirement (CRR) is on course to reach a cumulative year-to-date hike of 700 bps, when measures announced by the BoG at the emergency sitting of the MPC in August are fully realised in November.

    The BoG’s Inflation Targetting framework continues to come under scrutiny over its limitations in constraining the current spiking of inflation, which is driven more by supply-facing factors.

    In its commentary ahead of the next MPC meeting, the Institute of Economic Affairs (IEA) reiterated this when it said: “We have repeatedly pointed out the inadequacy of the Inflation Targetting framework in dealing with these supply and cost drivers of inflation, especially at the primary level”.

    The IEA however acknowledged the framework’s role in stemming potential second-round inflation, while reiterating calls for policy interventions that directly target the supply and cost factors.

    Industry focus

    In spite of the resilience exhibited by banks over the last few fiscal year, Dr. Addison said, recent developments in the macroeconomy pose some upside risks to the wider financial sector – and banks in particular.

    He thus enjoined them to employ strong risk management systems to ensure the stability of their respective institutions and also the entire banking industry.

    In June 2022 the major financial soundness indicators (FSIs) for the banking sector were still strong, with measures for maintaining solvency, liquidity and profitability all remaining above regulatory thresholds and generally improving from the same time last year.

    The industry’s Non-Performing Loans (NPL) ratio also improved as a result of a slowing in the accumulation of NPLs and a pick-up in credit growth. However, the rising stock of NPLs shows that industry-wide asset quality problems still exist.

    The banking sector’s total assets increased by 22.8 percent to GH¢200billion at end of June 2022 – higher than the growth of 17.2 percent recorded in the previous year.

    At the end of the same period, the banking sector’s asset structure was still skewed toward less hazardous assets; as investments, cash, and bank balances made up 63.9 percent of total assets, down from 67.2 percent in June 2021.

    This was due, in part, to the increase in Cash Reserve Ratio (CRR) requirement from 8 to 12 percent in March 2022: the share of cash and bank balances increased from 20.7 to 23.4 percent during the review period.

    On the other hand, although investments continued to dominate the asset mix, their proportion in the asset-mix fell from 46.5 percent to 40.5 percent over the same comparison period.

  • KIA gets first standard certified airline repair facility

    At Kotoka International Airport, 3AMS-CELMS will run Ghana’s first Maintenance, Repair, and Overhaul (MRO) facility.

    Ben Owusu, a Senior Aviation Safety Inspector and Manager at Quality Assurance, claims that the organization is almost finished with its certification procedure, which began about five years ago.

    On March 29, 2022, the GCAA, the regulatory body for the aviation industry, approved 3AMS-CELMS Limited’s request to move on to stage four of the five-step certification process.

    In Ghana and the rest of West Africa, single-aisle aircraft and Boeing 737s will be able to be repaired and maintained by the company, according to Mr. Clifford Martey Korley, managing director of 3AMS-CELMS Limited.

    This means domestic operators Africa World Airlines (AWA) and PassionAir can service and repair their fleet locally.

    West Africa only has an MRO in Nigeria able to repair smaller aircraft, despite being one of the regions where air traffic growth prior to the pandemic in 2020 was on the ascendancy.

    There are about 32 West-Africa based airlines servicing the region, and tens of international flights servicing various airports in the sub-region daily.

    Airline operators in the sub-region have to either fly to Ethiopia, Egypt or South Africa to have faults and regular maintenance carried out on most large aircraft.

    Mr. Korley said when his company’s final certification is issued – hopefully by December, it will be able to service all such aircraft in the sub-region, earn money for the country and help hasten re-attainment of Category-1 status for the Kotoka International Airport.

    For Ghana to become an aviation hub, the establishment of an MRO is imperative.

    “The coming on-stream of 3AMS-CELMS Limited’s MRO operations will greatly accelerate the vision of becoming the go-to aviation hub in the sub-region,” he added.

  • A fan sent me a picture of her breast – MOG Music

    Gospel musician MOG Music revealed he blocked a fanatic who sent him a picture of her breast.

    Speaking to MzGee on ‘Just Being Us’ on Akwaaba Magic, DSTV channel 150, MOG said “I posted a picture of myself blowing a kiss and somebody sent me a breast.”

    The multiple award-winning gospel star noted that to avoid tolerating such people, he decided to block the person from interacting with him on his socials.

    Meanwhile, the musician has expressed optimism about his GRAMMY win despite the mockery in 2021 when he revealed that he had an insight into the blueprint that could help him submit his work for a nomination in the future.


     

    When MzGee asked what gives him that assurance, he disclosed “it (winning a GRAMMY) is an aspiration and something we are working on. So far so good.”

    He explained that because it is not an easy task to position oneself in the Grammy space, it will take more consultations with some individuals who have chosen to help him realise his dream.

    “So we are working on that you need to get some people to push you in there, and that’s what we’re doing, we’ll get there,” MOG assured.

    Source: Ghanaweb

  • GRA urges public to demand VAT invoice, hands over alleged tax defaulters to Police

    Area Enforcement Manager of Ghana Revenue Authority (GRA) in charge of Accra Central, Mr Joseph Annan, has called on the public to demand the Value Added Tax (VAT) invoice from shop owners when they buy goods.

    The GRA expects that all suppliers of taxable items, goods or services, issue VAT invoice as required by law and in the same vein, the customer is required by law to obtain invoice if such transactions attract VAT.

    He said it was an infringement on the tax laws, if businesses failed to issue the VAT, when they were registered with the Authority.

    Mr Annan made the call during the ongoing tax invigilation exercise being conducted at the Authority in Accra.

    He said they have clearly violated regulations of VAT.

    On Monday, the team visited Chang Wei Company Limited, dealers of Children‘s Toys and Accessories, Selina Bags Shop, Zebrex Motors Limited, dealers in Engine Oil and Batteries and Black Park.

    Some documents were taken from these shops together with System Units, POS, and a laptop computer.

    He said the exercise or operations were part of an ongoing nationwide VAT Invigilation exercise by the authority to retrieve some taxes due the State.

    The Enforcement Officer said all these shops visited failed to issue the VAT invoice, when the team tested them, hence they were arrested and handed over to the Police for investigation and possible prosecution.

    He told the Ghana News Agency that the Authority had a legal Unit that handled prosecution and once the investigations were done, the case would be handed over to the unit to proceed to court.

    He said these individuals would be assessed and made to pay immediately when that was done and after that “we will commence a full audit on the companies.”

    Mr Annan said if one’s VAT was being under declared, other taxes would also suffer the same.

    Of the seven people arrested, Mr Annan said the Police were still investigating and some progress had been made so far, “we are finalizing two of the cases, which will be completed for possible prosecution.”

    He said the exercise would continue until some sanity prevailed or was restored in the system.

    Mr Annan said the GRA as part of the nationwide invigilation would continue to embark on mystery shopping exercises across the country to apprehend culprits evading tax.

    Source: GNA

  • MMDAs urged to hold frequent Public Financial Management workshops

    A chartered accountant, and head of Finance at the Eastern Regional Coordinating Council, Dr. Alexander Otopah, has advised Municipal and District Assemblies to offer public fiscal management (PFM) training seminars to key personnel.

    He said it would ensure the personnel were well-versed in laws, policies, standards, regulations, and rules that support and bolster Ghana’s PFM system.

    “And, in order for the country to achieve fiscal discipline and sound financial management in Metropolitan Municipal and District Assemblies (MMDAs), actors must be familiar with the requirements of PFM Act 921 and its regulations,” he added.

    In an interview with the Ghana News Agency (GNA) Dr. Otopah described the PFM in the MMDA as an ecosystem that included the planning, budget, procurement, engineers, finance, and internal auditors, with the Coordinating Director and Chief Executives serving as superintendents.

    He said that any oversight in one of the departments might prompt an audit inquiry, which could result in an assembly being called before the Public Accounts Committee.

    According to the PFM cycle, an output unit from the assembly might be used as an input for another unit. “For instance, the annual action plan births the budget, which in turn births the procurement plans before the execution starts,” he said.

    He said Ghana Integrated Financial Management Information System (GIFMIS) was introduced to support PFM operations and transition away from manual to computerised means of processing government financial transactions.

    Additionally, if assemblies strictly adhered to their utilisation, financial anomalies would be decreased, and service management would be improved.

    He was concerned, however, about situations in which service providers appeared unconcerned about submitting receipts after payments were made via electronic funds transfer, claiming that such a practise could lead to cash management irregularities.

    He asked the MMDAs’ PFM actors to work together to guarantee financial and operational efficiency.

    Source: GNA

  • Muslims must eschew bickering, triviality to develop

    Sheikh Dr Amin Bonsu, National Chairman, Ghana Muslim Mission said Muslims need to eschew bickering and triviality and instead work together to build the capacity of the Muslim community to better serve the nation.

    He said the unity of a relatively large population of Muslims despite being a minority presented an opportunity to raise the needed financial capital to embark on human development projects.

    “We are about six million of the population. Give four million to the youth and the aged. If the 2 million of us can raise GH1 cedis each Friday in a week we can raise GH₵2 million,” he said.

    He gave the advice at the recent second edition of the National Muslim Conference (NMC) on the theme: “Towards a Coherent and Holistic Economic Empowerment Strategy for National Development-The Ghanaian Muslim Ummah in Context”.

    The conference was to create a Forum for Ghanaian Muslims to deliberate on how to make communities economically prosperous and eliminate extreme poverty and deprivation.

    Sheikh Umar Ibrahim, the Imam of Ahlusunna Wal Jamma, noted that a lack of trust over the years had bedevilled the developmental agenda of Muslims in the country due to a lack of transparency and accountability.

    He said it was better late than never for Muslims to come together for a collective goal.

    “If we had conceived this thought since the time of Dr Kwame Nkrumah, we would have progressed better. However, Allah knows the best time for doing things,” he said.

    The Imam of the Shia sect in Ghana, Sheikh Abubakar Kamaludeen, said the Muslim populace must learn to trust politicians who suffered from scepticism even if they meant well for the people.

    “Any initiative coming from a politician is always welcomed by suspicion,” he said.

    He further called for the development of a well-structured dialogue process to ensure stakeholders have ample opportunity to make input into the formulation of documents that would be binding on all stakeholders.

    Maulvi Muhammad Noor Bin Salih, Ameer and Missionary of the Ahmadiyya Muslim Mission in Ghana, commended the Muslim leadership for setting aside their differences and working together.

    The NMC is expected to serve as the mouthpiece of all Muslims on matters of mutual concern and also to serve as a forum for Ghanaian Muslims to deliberate on national policies and programmes.

    It would also offer opportunities for Muslims to participate in the legislative process through the submission of memoranda to committees of parliament when bills are been considered as well as represents Muslims to seek redress in the courts of the land on matters affecting the legal and fundamental rights of Muslims in Ghana.

    The Conference is established under a deed signed by the National Leaders of all the Muslim groups in Ghana, namely, Ahmadiyya, Tijania, Ahlu Sunnah and Shia as well as the Ghana Muslim Mission and the Muslim Caucus of Parliament.

    Source: GNA

  • Western Gospel Awards 2022 nominees announced

    The organizers of the annual Western Gospel Awards (WGA22) have unveiled the nominees for the 2022 edition of the prestigious award.

    The official announcement was made via a virtual telecast on Kantaka TV and on Social media on the official Western Gospel Awards page on FaceBook on Sunday, September 25, 2022.

    The 2022 Western Gospel Awards (WGA22) which will be hosted in Takoradi on the 27th of November this year, has SK. Frimpong, Navah, KDM, Ewuraba Eesi, and other top Gospel Acts as contenders for the Artiste of the Year.

    Below is the full list of nominees:

    Western Gospel Artiste of the Year

    Navah

    SK Frimpong

    Ewuraba Eesi

    KDM

    Ruger Quarm

    Western Gospel Collaboration of the Year

    KDM ft. Navah – Centre of my Life

    Mykford ft Koda – Made Nyina (My Everything)

    Ruger Quarm ft. Kofi Owusu Peprah – The Name of Jesus

    Mabel Love ft. Ruth Adjei – OSOMBO

    Ewuraba Eesi ft Nero – The Grace

    Etriakor Charles ft Philip Adzale – Doing Wonders

    Western Female Vocalist of the Year

    Georgia and Georgette

    Rhoda Offei

    Ruth Ackaah – Gyasi

    Ewuraba Eesi

    Western New Gospel Artiste of the Year

    Georgia and Georgette

    Mykford

    Ruger Quarm

    Eben Richy

    Ruth Ackaah – Gyasi

    Efua Black

    Obaapa Kakra

    Etriakor Charle

    Western Female Gospel Artiste of the Year

    Ewuraba Eesi

    Theresa Acquah

    Rhoda Offei

    Obaapa Kakra

    Mabel Love

    Ruth Ackaah – Gyasi

    Western Male Gospel Artiste of the Year

    EL Manuel

    Max Praize

    Ruger Quarm

    SK Frimpong

    KDM

    Isaac K Dentu

    SK Frimpong

    Western Gospel Song of the Year

    KDM – SIN

    Ruger Quarm – The Name of Jesus

    Mabel Love – OSOMBO

    Ewuraba Eesi – The Grace

    George Owens – Indebted

    Min. Esaw – King of Glory

    SK Frimpong – Pentecostal Praise

    Navah – Nyamele Mo Ngekyi le

    Western Choral Choir/Group of the Year

    Apowa Youth Choir

    Sixteenth Angelic Choir

    Wesleyan Symphonic Choir

    Western Instrumentalist of the Year (Technical)

    Corbina Saah

    Godfred (Ekueme)

    Terry String

    Richmon Kojo Quarm

    KingDee

    Bright Cobb

    Best Choreography / Mime Group of the Year

    FNDP Academy

    Dramatic Arts Ministry

    Dream Team

    Victory Dancing Stars

    Western Male Vocalist of the Year

    EL Manuel

    Ruger Quarm

    Navah

    Vincent Nyarko

    Mykford

    Etriakor Charle

    Western Gospel Radio/TV Presenter of the Year

    Kenneth (Skyy Power)

    Nana Ohene Appiateawaa Sikapa (Big FM)

    Prince Macasford (Owass fm

    Vincent Nyarko (Kyzz FM)

    King Mesh (Radio 360)

    Ebenak (Connect fm)

    Western Gospel Radio/TV Show of the Year

    Sunday Best – Beach fm

    Gospel Avenue – Amanfo fm

    Big In The Afteroon – ( Big fm)

    Life & living – (YFM)

    W’ayeyi Mbre – (Kyzz fm)

    Gospel 360 – (Owass fm)

    Western Contemporary Choir/Group of the Year

    Tsie-Eli Worshipers

    Divine Worshippers

    Blazing Altars

    High Tuned Gospel Crew

    Ministers of Life

    Breakthrough family Ministries Choir

    Glory Zone Choir

    Grace Choir

    Western Urban Gospel Artiste of the Year

    Mykford

    Eben Richy

    Min. Esaw

    EL Manuel

    Navah

    Kofi Ayeyi

    Etriakor Charle

    Western Best Lyrical Content of the year (Technical)

    Georgia and Georgette – The Lords Song

    Max Praize – Spirit Life

    Eben Richy – Ahye Mebo

    Vincent Nyarko – Mother Ghana

    Etriakor Charle – Doing Wonders

    Western Producer of the Year

    Ruger Quarm

    Jake Beatz

    BB.M

    Western Choral Choir/Group of the Year

    Apowa Youth Choir

    Sixteenth Angelic Choir

    Wesleyan Symphonic Choir Ghana

    Western Songwriter of the Year

    KDM – SIN

    Ewuraba Eesi – The Grace

    George Owens – Indebted

    Eben Richy – Ahye Mebo

    Isaac K Dentu – Your Grace

    Ruger Quarm – The Name of Jesus

    Western Choral Choir/Group of the Year

    Apowa Youth Choir

    Sixteenth Angelic Choir

    Wesleyan Symphonic Choir

    Western Gospel Music Video of the Year

    KDM – Wo Yie

    Mabel Love – OSOMBO

    Ewuraba Eesi – The Grace

    David Koomson – Wo Se Ayeyi

    George Owens – Indebted

    Isaac K Dentu – Your Garce

    Efua Black – Oye Jesus

    Western Best Blogger of the Year (Technical)

    Zhikay’s – (gospel2me.com)

    Ali Hashim – (hashimnews.com)

    Nana Kwesi Coomson – (233times.com)

    Ngosraba Ekow Yankey – (ghministers.com)

    Kofy Jesse – (kofyjesse.com)

    Kwame Davor – (gospelhauz.com)

    The Western Gospel Awards (WGA) is an annual award to honor and celebrate individuals who have excelled in the gospel industry, in the Western Region.

    The prestigious award was founded by Prolific GH.

    Western Gospel Awards always has in attendance numerous celebrities, politicians, journalists, actresses, and actors in the Western Region and its environs to grace the occasion.

  • Farmerline Group reaches Pre-Series A second close with US$1.5 million from Oikocredit in funding round worth US$14.4 million

    Farmerline Group today announced the second close of a Pre-Series A investment raise with an additional US$ 1.5 million investment from social impact investor Oikocredit.

    The investment is part of a total funding round worth US$ 14.4 million raised by Farmerline from investors including FMO and ARAF.

    Ghana-based Farmerline supports smallholder farmers and agribusinesses with digital tools, logistics, field agents and farm resources. The organisation has recently started plans to expand its operations into Ivory Coast in a bid to help farmers facing increased fertiliser prices and shortages.

    Dubbed the ‘Amazon for African farmers’, Farmerline provides smallholder farmers with access to high-quality fertiliser and seeds, free education on climate-smart farming practices and connections to international markets. More recently, it has financed around US$ 18 million worth of inputs and crops through franchise shop alliances with agribusinesses and input dealers.

    Global cooperative and social impact investor Oikocredit invests in partners working in the agricultural sector across Africa. As fertiliser prices more than quadruple and the conflict in Ukraine compounds global food security challenges, this investment is crucial. The latest US$ 1.5 million equity investment in Farmerline Group reinforces this commitment and brings the total raised by Farmerline to US$ 14.4 million.

    Farmerline recently closed a Pre-Series A equity investment of US$ 6.4 million and US$ 6.5 million debt. As the company deepens its presence in West Africa, it plans to strengthen its supply chain for agribusinesses, reduce the cost of farming and increase yield for farmers on the continent through the deployment of AI technology and local infrastructure.

    Alloysius Attah, co-founder and CEO of Farmerline, said: “We remain committed to standing by farmers and agribusinesses across Africa during this crucial time. With the support of Oikocredit alongside our first-round funders, our distribution, logistics and financing services will continue not only in Ghana but also in Ivory Coast where we’ve recently begun the process of expanding our team.”

    He adds: “Now is not a time for business as usual. We need to work closely with all partners and stakeholders in the agricultural sector through this critical period to create sustainable food system solutions that benefit African farmers.”

    Mila Georgieva, Equity Officer at Oikocredit, said: “The harmful impact of rocketing fertiliser costs on smallholder farmers in Africa is clear. With our investment in Farmerline, we are supporting those most affected by the price volatility. Our investments in the agriculture sector are at the core of Oikocredit’s work as a social impact investor, and we have already identified synergies with other portfolio companies. We are thrilled to support Farmerline Group and smallholder communities across Ghana and Ivory Coast.”

    Last month, Farmerline launched their Support a Farmer initiative – a public crowdfunding campaign to raise GH¢ 1 million (US$ 100,000) with the aim of providing 250,000 bags of discounted fertiliser to 25,000 farmers across Ghana.

    Alloysius explains: “In a recent Farmerline survey, we found that more than half of the Ghanaian farmers we spoke to hadn’t applied any fertiliser to their crops just weeks before the end of planting season. An additional 33% said they’ve only partially applied the fertiliser they need. It’s simply too expensive, and therefore imperative for us to not only do something to soften that burden but also provide an opportunity for everyday Ghanaians to stand in solidarity with the farming community during this turbulent time.”

    About Farmerline

    Farmerline partners with agribusinesses and farmer associations to support African farmers with high-quality fertilizer and seeds; free education on climate-smart farming practices, and access to international markets to ultimately create lasting wealth for them and their communities.

    Co-founders Alloysius Attah and Emmanuel Owusu Addai launched the company in 2013, delivering timely agronomic voice messages to 800 farmers across Ghana through its technology platform Mergdata – named by TIME Magazine as one of the 100 Best Inventions of 2019.

    Farmerline has since digitized 1 million farmers through partnerships across 35 countries, and its marketplace – the continent’s Amazon for African farmers – now combines digital tools with logistics, field agents, farm resources and strategic partnerships.

    The company is one of the largest employers in the Ghanaian agriculture sector.

    About Oikocredit

    Social impact investor and worldwide cooperative Oikocredit has over 45 years of experience funding organisations active in financial inclusion, agriculture and renewable energy.

    Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably. Oikocredit finances over 500 partners, with total outstanding capital of € 1,014.7 million (at 30 June 2022).

    Source: GNA

  • Why I was knighted by Prince Charles not Queen Elizabeth – Sir Sam Jonah explains

    Sir Sam Jonah KBE, has revealed the circumstances under which the British knighthood was conferred on him by Prince Charles (now King Charles III) instead of his late mother Queen Elizabeth II.

    In an interview on the BBUM show, a personality profile programme on Ghana Television (September 25), the former Ashanti Goldfields CEO said it was a privilege to have been invited and honoured by the British Royal Family.

    Jonah was knighted by Prince Charles in 2003, a ceremony that is ordinarily undertaken by the Queen herself. He explained how an equality important engagement took the Queen away hence the duty was placed on her son.

    “I had the privilege to be knighted by Prince Charles in 2003, it was quite an experience, I was fortunate I took my entire family with me, which was very unusual. Because usually, they would ask you to come with your spouse.

    “I was fortunate because what happened was, that same day, the reason why I was not knighted by the Queen was that, the Queen was hosting President Putin to a state lunch and therefore it fell on Prince Charles.

    “Therefore, Prince Charles said, bring your entire family and so I took my entire family,” he added.

    In his view, the new King is a “hugely understated and underappreciated person,” adding that he has a commanding presence, and unenforced authority and he is a delight to be with.

    He said he felt hugely privileged and fortunate for one-hour meeting his family had with the new monarch at the Buckingham Palace.

    In June 2003, Jonah became the first Ghanaian to be knighted in the 21st century when he was presented with an honorary knighthood (KBE) by the then Prince of Wales, in recognition of his achievements as an African businessman, a leading business executive from the Commonwealth, and an international public figure.

    Source: Ghanaweb.com

  • ‘I forgot about myself’ – Barber grabbed with drugs at police station

    A barber who went to visit his friend on remand at Baatsona Police Station, has ended in Police cells for possessing drugs.

    Abdulai Hamza was grabbed with 13 wrappers of whitish substances and three wrappers of plant materials, all suspected to be narcotic drugs.

    Charged with two counts of unlawful possession or control of narcotic drugs, Hamza pleaded not guilty.

    Hamza told police personnel that, “I forgot about myself when I went to the Police Station.”

    Hamza has been remanded into lawful custody by the court presided over by Mrs Rosemary Baah Tosu and he is expected to reappear on October 10.

    Prosecuting Police Inspector Josephine Lamptey said the complainants were Police personnel from Baatsona Police Station.

    Inspector Lamptey said accused who resided at Baatsona, on September 18, this year, called at the Station to visit his friend known as Gideon Sedzro, a remand prisoner.

    Prosecution said Hamza was there to ask Sedzro what he would like to eat.

    The prosecutor said the Police gave him permission to talk to his friend.

    However, prosecution said, the Police suspected him following his suspicious gestures and movements.

    Prosecution said therefore conducted a search on him and 13 wrappers of whitish substance and three wrappers of plant material suspected to be narcotic drugs were found.

    According to prosecution, the alleged narcotic drugs were found in Hamza’s shirt which he claimed ownership.

    The prosecutor said the exhibits had been forwarded to the Forensic Science Laboratory for analytical examination.

    Source: Ghanaweb.com

  • Dr UN gifts Joyce Dzidzor a brand new car after viral wedding pictures?

    Controversial Global Blueprint Excellence Awards organiser, Kwame Owusu Fordjour, popularly known as Dr UN, appears to have gifted former AIDS Ambassador, Joyce Dzidzo, a brand new car.

    In the video shared by blogger, IamphylxGh, Dr UN was captured entering a kitchen while announcing to his ‘significant other’ that he was home.

    In the wake of sharing an embrace, Dr UN asked Joyce to step out with him, with her eyes blindfolded to their compound where a surprise awaited her.

    The couple made their way to the compound only for Joyce to take her blindfold off to a brand new car parked in front of her.

     

    She jumped with delight, bouncing around like a kid who had been given a toffee before taking the vehicle out for a drive.

    Dr UN followed the car acting as a hype man to his ‘wife’ to whom many Ghanaians still doubt he is truly married.

    On September 23, 2022, photographs of the pair’s supposed wedding service surfaced with an announcement that they were now a couple, which left some Ghanaians confused.

    According to a section of Ghanaians, Dr UN and the former AIDS ambassador have figured out how to catch their attention with their relationship.

    Although many people feel their relationship is an act and an endeavour to get attention from people, the couple has answered a few questions to debunk rumours that they are a thing.

    Source: Ghanaweb

     

  • Abla Pokou: The 1700s Asante female royal who sacrificed her son to save her people

    She was a courageous, outspoken member of the royal family in Asanteman in the 1700s until her outspoken nature got her ousted from her people in the territory which later became known as Gold Coast and subsequently Ghana.

    While little is known about her heroism in Ghana, the people of what is now known as Cote d’Ivoire celebrate and honour the memory of Abla Pokou, also because she was a daring woman.

    Narrating the story of how Abla Pokou came to settle in Cote d’Ivoire and became the mother of the Baoule kingdom, Francis Tagro explained that she had a dispute over a succession during her time in the territory that is today known as Ghana but this escalated into a bitter rivalry, forcing her to flee the land to the neighbouring country.

    Speaking in a BBC documentary, the curator stated that this conflict happened under the reign of the Asantehene, Osei Tutu I.

    “All the Akan people living in Cote d’Ivoire are originally Asante. There was a conflict over the succession at the time of King Osei Tutu I, in what is today Ghana. During that migration, it was the last wave that was the most important, the one that led to the Baoule kingdom, and had at its head the Queen Abla Pokou,” he narrated.

    Continuing the narration, Francis Tagro said that Abla Pokou and her people got to a very trying point in their journey that required an unusual sacrifice to a river god.

    He explained that after several attempts, the royal had to succumb and give up her son as the perfect sacrifice – a move that saved them from damnation.

    “She left with her family and during the migration, they came to a river, the Komoe River but the Akans were not strong enough swimmers. So, they asked the river god to advise them on how best to cross the river. A priest in her entourage told her that the spirit of the river was demanding a sacrifice. It had to be something valuable.

    “So, they all removed their bracelets, finery, rings, every possession they had with them and offered them to the river, but the spirit refused these and insisted on them giving something that was even more valuable to them.

    “The priest told them that the river demanded that Abla Pokou sacrifice the baby son she was carrying. Once they reached the other side, the people who had been in pursuit of them stopped chasing them when they saw the river and were unable to cross it. The queen them said to her people, ‘The child is dead,’ informing them that she had sacrificed her child to gain their safe passage,” he said.

    Francis Tagro further explained that while this is a sad story, it has since informed the line of succession for the Baoule kingdom of Cote d’Ivoire, which was eventually set up by Abla Pokou.

    “It is really sad, that is why in the Asante Kingdom in Cote d’Ivoire, the method of choosing a successor in the royal family is matrilineal because it was the mother, Abla Pokou, who gave her son so that her people could be saved. Queen Abla Pokou is a charismatic character for the Akan people. She is highly revered. She epitomizes energy and determination,” he added.

    In further details shared by dw.com, Abla Pokou was the niece of King Osei Tutu and was born at the beginning of the 18th century.

    She is said to have fled the country after the death of her uncle with some loyal people to Dakon, her second brother.

    According to a curator at the Museum of Civilisation in Cote d’Ivoire, Tagro Gnoleba Francis, the story of this brave Asante queen, Abla Pokou, is one that is etched in the history of the people so much so that even after many centuries, her singular sacrifice of her son is still upheld.

    Source: Ghanaweb.com

  • KIA gets first standard certified airline repair facility

    At Kotoka International Airport, 3AMS-CELMS will run Ghana’s first Maintenance, Repair, and Overhaul (MRO) facility.

    Ben Owusu, a Senior Aviation Safety Inspector and Manager at Quality Assurance, claims that the organization is almost finished with its certification procedure, which began about five years ago.

    On March 29, 2022, the GCAA, the regulatory body for the aviation industry, approved 3AMS-CELMS Limited’s request to move on to stage four of the five-step certification process.

    In Ghana and the rest of West Africa, single-aisle aircraft and Boeing 737s will be able to be repaired and maintained by the company, according to Mr. Clifford Martey Korley, managing director of 3AMS-CELMS Limited.

    This means domestic operators Africa World Airlines (AWA) and PassionAir can service and repair their fleet locally.

    West Africa only has an MRO in Nigeria able to repair smaller aircraft, despite being one of the regions where air traffic growth prior to the pandemic in 2020 was on the ascendancy.

    There are about 32 West-Africa based airlines servicing the region, and tens of international flights servicing various airports in the sub-region daily.

    Airline operators in the sub-region have to either fly to Ethiopia, Egypt or South Africa to have faults and regular maintenance carried out on most large aircraft.

    Mr. Korley said when his company’s final certification is issued – hopefully by December, it will be able to service all such aircraft in the sub-region, earn money for the country and help hasten re-attainment of Category-1 status for the Kotoka International Airport.

    For Ghana to become an aviation hub, the establishment of an MRO is imperative.

    “The coming on-stream of 3AMS-CELMS Limited’s MRO operations will greatly accelerate the vision of becoming the go-to aviation hub in the sub-region,” he added.

  • Presidential staffer allegedly paid almost US$10,000 for 24-hour trip to New York

    An Executive Assistant to President Akufo-Addo, Charles Nii Teiko Tagoe, allegedly paid close to US$10,000 for a trip to the United States of America in mid-September.

    According to a report by Larry Dogbey, publisher of the privately-owned Herald Newspaper, Tagoe paid the said amount for the trip which was allegedly expected to span from September 13 – 21.

    The report added that despite holding a diplomatic passport, the Jubilee House employee was deported for yet-to-be-ascertained reasons.

    The presidential staffer in a Facebook post denied holding a diplomatic passport and the claim that he had been deported. He also threatened to sue the journalist over the report.

    In his response, Larry Dogbey also published KLM flight details on Facebook which purported that Tagoe had paid as much US$9,600 for the entire trip.

    Dogbey’s post read in part: “You left Ghana on Tuesday 13th September 2022 onboard KLM through Schipol Amsterdam to New York. You returned the next day Wednesday 14th September 2022 by a direct flight from New York to Accra onboard Delta Airlines.

    “You wanted to come back onboard the same KLM through Schipol on Wednesday, 21 September 2022. Who buys a ticket for nearly US$10,000 to see New York City through the windows of an airport? Waiting for your lawyers.”

    The presidential staffer offered another clarification on his Facebook wall which read: “So I arrived at John F Kennedy International Airport on Delta Airlines flight DL 047 from Amsterdam and I was arrested and deported at Dallas, Texas International Airport, onboard a United Airlines according to Larry Dogbey and The Herald Newspaper? We shall meet very soon wai.”

    Source: Ghanaweb

     

  • Afro-gospel artiste Joseph Matthew named the most knowledgeable entertainer in Ghana

    Since Joseph Matthew sprang into the Gospel Music scene in 2019, he has not only released impressively produced songs such as ‘Nyame Ye’, ‘My Story’ ‘The Name’, and Blessed but has also distinguished himself as an artist with magnificent communications prowess.

    Apart from hiking out world-class songs, the ‘Blessed’ hitmaker has received praise from entertainment pundits, showbiz enthusiasts, and other well-meaning personalities like popular powerful man of God Eagle Prophet and a former management member of Asante Kotoko, Nana Kwame Dankwah over his communication prowess.

    It would be recalled that speaking on Adom FM, Joseph Matthew revealed that though he is a gospel musician, he is not a Christian.

     

    This pronouncement created massive controversy within the public domain.

    While reacting to Matthew’s statement, Eagle Prophet named the ‘Blessed’ hitmaker a very knowledgeable entertainer.

    According to the Eagle Prophet, even though he doesn’t side with Matthew, he sees him as a very knowledgeable entertainer.

    However, Nana Kwame, who is currently the head of Sports at Hot 93.9FM expressing his view also revealed that he has listened to many Ghanaian entertainers speak but listening to how the ‘Nyame Ye’ hitmaker explained why he made such a pronouncement, “I can boldly say Joseph Mathew is the most knowledgeable entertainer we have interviewed on this show.”

    Source: hotfmghana

  • Energy Minister promotes Ghana’s offshore oil blocks to investors

    Dr. Matthew Opoku Prempeh, the energy minister, is in Houston, Texas in the United States as part of an oil and gas roadshow with top representatives from the Petroleum Commission, the Ghana National Petroleum Corporation (GNPC), and GOIL.

    The delegation, which also includes representatives from Base Energy, aims to publicize five prospective oil blocks off the coast of Ghana.

    They are the Cape Three Points Blocks in Deep Water, Offshore Cape Three Points South Block, and Shallow Water.

    It also contains the Expanded Shallow Water Tano (ESWT) Block and the Southwest Saltpond Block.

    At a strategic roadshow event which was planned to coincide with the maiden Africa-Houston Energy Summit on September 21, 2022, Dr. Prempeh said Ghana has four Sedimentary basins of significance to oil and gas namely; Western, Central, Eastern and the Voltaian.

    Opoku Prempeh said the Western basin has Ghana’s three actively producing deepwater oil and gas fields and added that the Voltaian basin is onshore and the remaining two are largely offshore.

    “Most parts of the offshore basins are open for E&P activities. GNPC is currently exploring the Voltaian Basin to establish its prospectivity, following which the basin will be open to investors” he explained.

    The Minister who is also Member of Parliament for Manhyia South told investors that the Jubilee Field became Ghana’s first commercial deepwater discovery which further deepened the interest for deepwater exploration in Ghana.

    “Having fast-tracked the development of the Jubilee Field, first commercial oil production commenced in December 2010, barely 40 months from discovery” he added.

    He continued, “two new fields (Tweneboa-Enyenra-Ntomme (TEN) Field and Sankofa – Gye Nyame Field) have since been brought onstream for production in 2016 and 2017 respectively.

    The three producing (3) fields currently provide an average daily production of about 150,000 bbl/d from a peak production rate approximately 200,000 bbl/d.”

    The Energy Minister stated that Ghana’s stable political and business climate, its highly prospective sedimentary basin with commensurate high exploration success rate, its guaranteed and attractive fiscal terms and the well-defined legal and regulatory framework.

    Opoku Prempeh also highlighted the availability of existing architecture to support infrastructure-led exploration, which shortens the time between exploration and production. He thus urged investors to find in Ghana a friend and partner.

    Meanwhile, the Minister will on Thursday participate in a roundtable discussion together with colleague Ministers at the Africa-Houston Energy Summit.

    It is expected that he will be heavy on the investment opportunities in Ghana’s upstream petroleum sector.

  • Forex bureaus sell $1 at GH¢10.49, BoG GH¢9.54 as at September 27

    Our forex bureau rates are provided by Afriswap Bureau De Change in Osu, Accra.

    On the Interbank forex rates from the Bank of Ghana today, September 27, 2022, the Ghana Cedi is trading against the dollar at a buying price of 9.5365 and a selling price of 9.5461.

    As compared to yesterday’s trading of a buying price of 9.5366 and a selling price of 9.5462. At a forex bureau in Accra, the dollar is being bought at a rate of 10.30 and sold at a rate of 10.49.

    Against the Pound Sterling, the Cedi is trading at a buying price of 10.1745 and a selling price of 10.1885 as compared to yesterday’s trading of a buying price of 10.4083 and a selling price of 10.4216.

    At a forex bureau in Accra, the pound sterling is being bought at a rate of 11.70 and sold at a rate of 12.00.

    The Euro is trading at a buying price of 9.1712 and a selling price of 9.1822 as compared to yesterday’s trading of a buying price of 9.2666 and a selling price of 9.2776.

    At a forex bureau in Accra, Euro is being bought at a rate of 9.70 and sold at a rate of 10.42.

    The South African Rand is trading at a buying price of 0.5264 and a selling price of 0.5271 compared to yesterday’s trading of a buying price of 0.5308 and a selling price of 0.5315.

    At a forex bureau in Accra, South African Rand is being bought at a rate of 0.45 and sold at a rate of 0.80.

    The Nigerian Naira is trading at a buying price of 45.5913 and a selling price of 45.7747 as compared to Friday’s trading of a buying price of 45.5709 and a selling price of 45.7480.

    At a forex bureau in Accra, Nigerian Naira is being bought at a rate of 12.00 Naira for every 1 Cedi and sold at a rate of 15.50.

  • Government keen on local production for jobs and wealth creation – Minister

    According to Nana Ama Dokua Asiamah-Adjei, deputy minister for trade and industry, the administration is tenacious in its efforts to industrialize the nation by utilizing the country’s enormous natural resources to generate long-term employment and income.

    Speaking to local manufacturers and producers last Friday in Accra at the ninth Made in Ghana Awards, she stated that the government would continue to work with them to advance industrialization.

    In order to increase production and develop high-quality Made in Ghana products, the government will keep working with the private sector, she added. “I implore local producers to play their role in our goal to make our country the manufacturing powerhouse of West Africa.”

    She added: “This approach is to whip-up local production and consumption while internally optimising the needed domestic investments to complement the inflow of foreign direct investments to grow the Ghanaian economy”.

    The deputy minister further made a strong call for increased patronage and consumption of locally-made products and services in the interest of job creation and retention.

    “Patronising Made in Ghana products and services is considered the best way to support national development and the transformation of local industries, as it helps to create and retain valuable jobs,” she emphasised.

    According to her, government recognises the varying difficulties facing local producers – for which reason it is working assiduously on bridging the logistical gaps in order to ensure manufacturers are able to ship their products freely onto the single African market.

    Ms. Asiamah Adjei said local producers have been able to overcome previous challenges with finishing and packaging their products, and are now producing well-packaged products which meet international standards.

    “This is a positive development, and hopefully we can do more to enhance the output of locally-made products. With the provision of packaging and logistical support, local producers will be able to take full advantage of the AfCFTA’s benefits,” she further indicated.

    The awards event was held on the theme ‘Ghana beyond imports’ to emphasise the need for Ghanaians to prioritise the consumption and patronage of locally-made products and services to underpin economic growth.

    This year’s edition unveilled the top-25 locally-made and celebrated iconic products and services across all sectors of the economy – which is a campaign to highlight and expose Ghanaian brands which have exhibited excellence in manufacturing practices and standards within the country.

  • Ghana’s debt situation will require comprehensive Debt Sustainability Analysis – Finance Ministry

    A package of economic support has been discussed with the IMF by the Ministry of Finance and the Bank of Ghana.

    A comprehensive Debt Sustainability Analysis would be necessary to establish that Ghana’s debt is on a sustainable path, according to a statement released by the Ministry (DSA).

    “The Ghanaian government is putting together a thorough post-COVID-19 economic blueprint that will serve as the framework for IMF negotiations.
    The program aims to create a macro-fiscal path that guarantees debt sustainability and macroeconomic stability and is supported by significant structural reforms and social protection “The announcement gave details.

    It added that Government negotiations with respect to the IMF-supported programme will commence this week beginning September 26, 2022.

    “We are optimistic about making progress in our discussions and Government remains committed and will continue to actively engage all stakeholders, both public and private, in a clear and transparent manner as we seek to fast-track this process,” the statement concluded.

    Meanwhile, Ghana is targeting an amount of US$3 billion over three years from the Fund once an agreement on a programme is reached.

    Government hopes to complete negotiations by end of this year in order to receive the funds in the first quarter of 2023.

  • Ayews, Rahman benched, Inaki starts: Black Stars predicted XI against Nicaragua

    Black Stars coach, Otto Addo could ring many changes in his line-up for Ghana’s final international break friendly against Nicaragua on Tuesday, September 27, 2022.

    Otto could make as many as seven changes in his starting eleven when compared to the team that started against Brazil last Friday.

    Alexander Djiku, Jordan Ayew, Dede Ayew, Kamaldeen Sulemana, Baba Rahaman, Felix Afena Gyan, and Jojo Wollacott, who started against Brazil could all start from the bench.

     

    Reports from the Black Stars camp suggest that Tariq Lamptey and Djiku have picked up minor injuries, which could rule them out of the game for precautionary reasons.

    In goal, Manaf Nurudeen could replace Jojo Wollacott, playing behind a back three of Daniel Amartey, Mohammed Salisu and Stephan Ambrosius.

    Dennis Odoi and Gideon Mensah are expected to be the wing-backs with Elisha Owusu and Baba Iddrisu playing as the double pivot.

    Kudus Mohammed could play behind an attacking line of Antoine Semenyo and Inaki Williams to complete the 3-4-1-2 system.

    Line up in full

    Manaf Nurudeen; Amartey, Mohammed Salisu, Ambrosious; Denis Odoi, Gideon Mensah; Elisha Owusu, Baba Iddrisu; Mohammed Kudus; Ransford Osei, Inaki Williams.