TIG Post

Author: Chris Kodo

  • Cocoa paste, highest contributor to country’s NTEs – Report

    The top-earning product among the top 10 items that made up the majority of the nation’s Non-Traditional Export (NTE) revenues last year continued to be cocoa paste.

    The product brought in $495.89 million for the nation as opposed to $463 million in 2020, a 7.1% increase.

    The lowest earner during the examined year was nonetheless aluminum plates, sheets, and coils, which contributed only $90.98 million.

    The top 10 main NTE items, according to a report on “Analysis of Non-Traditional Export Statistics” published by the Ghana Export Promotion Authority (GEPA), were cocoa paste, cocoa butter, cashew nuts, articles of plastic, canned tuna, and natural rubber sheets.

    The rest are refined palm olein, iron/steel circles, rods, sheets and billets, cocoa powder and aluminium plates.

    The report showed that the total value of the top 10 leading products amounted to $2 billion, representing 62.96 per cent of total NTE earnings of $3.3 billion in the period under review.

    Of the total earnings from the NTEs, cocoa paste, which is the biggest earner, contributed 14.89 per cent to the total NTEs while aluminium plates, sheets and coils contributed 2.73 per cent.

    Cashew nuts was the only agricultural product that popped up on the list of the top 10 leading products.

    Breakdown

    Cocoa butter recorded $363.95 million in 2021 against $253 million in 2020, indicating 43.83 per cent, while cashew nuts did $287.46 million as against $252 million in 2020.

    Articles of plastics contributed $182 million in the year under review, higher than the $157 million it contributed the previous year, with canned tuna adding $152 million the same year as against $128 million in 2020.

    In the same period under review, iron/steel (circles, rods, sheets, billets) recorded $140 million, higher than the $118 million it contributed in 2020.

    Natural rubber sheets did $135 million in the year as against $73 million the previous year, while refined palm olein contributed $127 million as against $89 million in 2020. On the other hand, cocoa powder contributed $122 million in 2021 as against $77 million in 2020.

    Interventions

    With the advent of the National Export Development Strategy (NEDS), Ghana will be embarking on an ambitious leap towards industrialisation and export.

    The NEDS seeks to vigorously promote and support Ghanaian manufacturing companies to undertake cocoa processing in Ghana and forward integration towards the selling of liquified chocolate mass or manufacturing of chocolates and chocolate products in the consumer market.

    The NEDS, spanning 10 years (2020-2029), seeks to diversify and grow the NTE sector of the economy and places emphasis on providing support for continuous product development.

    It seeks to give a significant boost to Ghana’s export volumes by growing NTEs from US$2.8 billion (2020) to US$25.3 billion in 2029.

  • Ghana captain Andre Ayew wants more slots for Africa at World Cup

    Ghana captain Andrew Ayew has clamored for more slots for Africa in the World Cup.

    Africa has one of the highest representations on FIFA with 53 countries but has been allocated only five slots for the tournament.

    Ghana, Senegal, Cameroon, Tunisia and Morocco will be the five teams to be representing Africa at the tournament which comes off in November in Qatar.

    Ayew, who believes Africa are underrepresented at the World Cup has called for more slots.

    “If we have more teams, that will be fantastic. It’s about time. We have the most countries, but we are underrepresented, and the African qualifiers are always difficult and stressful. We have a lot of big teams, and the expectations are high, so it will be difficult for all of the big teams to qualify with only five slots.

    If we can secure more berths, we will have a better chance of seeing an African team reach the semi-finals or even win the World Cup” he told Al Jazeera.

    Source: footballghana

  • Environmental, social and governance impact on to banking sector (1)

    Everyone has a role to play in achieving the Global Sustainable Development Agenda 2030, but the banking industry has a specific role to play as a vital enabler of inclusive economic growth.

    By 2050, the population of the world is anticipated to reach 9.8 billion.
    By 2050, we would have produced three times as much rubbish—3.4 trillion tonnes—and three times as much plastic waste, with the oceans reportedly containing more microplastics than fish due to increased need for housing, water, electricity, and food.
    As we extract more to meet the demand for expansion, this rapid increase will put enormous pressure on natural resources.

    The financial sector as an enabler to economic growth will need to re-imagine how they finance economies to ensure that amplified emphasis on environmental, social and governance (ESG) sensitivities are taken into consideration. ESG has become a very important tool to measure performance in the financial sector. For investors, ESG is the act of funding businesses that demonstrate positive impact on the environment, support their stakeholders and demonstrate ethical leadership and good governance. Integrating ESG by organisations is the practice of incorporating ESG considerations into decision-making, risk frameworks, corporate practices and governance frameworks.

    Incorporating ESG into mainstream banking is becoming integral in assessing the performance of banks not just in meeting compliance, but for investors and Foreign Direct Investment (FDI) opportunities within the banking sector. The evidence in the importance of ESG in the financial sector is evident in the growth of Principles of Responsible Investment (PRI) signatories which increased from 250 in 2006 to almost 4000 assets in 2021 with a total volume of over USD 120 trillion under PRI management.

    The advantages of ESG are also becoming evident and well documented with proven advanced performance in financial markets for ESG aligned assets. Evidence of more resilient performance of ESG aligned funds was apparent during the start of the Global Pandemic. ESG aligned funds on the S&P Global market rose between 27.3 per cent and 55 per cent, while the S&P 500 increased 27.1 per cent over that period.

    Emergence of sustainability risks

    The expectations of stakeholders on the role of the banking industry to manage sustainability issues has increased tremendously in the last decades. The new dynamic is placing consumers at the centre of all transactions because in the new era, it is important that businesses and funders demonstrate how they are meeting human needs and meeting the Sustainable Development Goals (SDGs). Global challenges are becoming multi-faceted in nature, volatile, unpredictable and can lead to severe business disruptions as the global COVID-19 pandemic has shown. The pandemic highlighted the fragmented nature of our business transactions and the importance of embracing ESG as a holistic approach towards business operations where risks are identified and new opportunities unlocked to create competitive advantages and long-term growth that unlocks tangible value for banks and their customers.

    Sustainability risks, also referred to as ESG risks, have emerged since the concept of sustainability was introduced in the financial sector. The burden of meeting global goals and cutting greenhouse gas emissions will need the financial sector to play a critical role in the delivery of the global commitments towards safeguarding the environment and building resilient communities. Banks can play a critical role in closing the apparent gap in financing to meet the SDGs and GHG Emissions targets by 2030. ESG aligned assets was over US$30 trillion in 2018, according to recent research by the Global Sustainable Investment Alliance. ESG investments are expected to exceed US$100 trillion mark by 2030, according to a forecast by Deutsche Bank.

    Banks in Ghana are increasingly required to incorporate ESG into risk management frameworks and this has led banks to be more conscious about how the funding they provide is being used. The global pandemic, especially highlighted the importance of corporate good governance with clear evidence of better performance from well governed companies, underlining the fact that social and environmental responsibility can add tangible value to businesses in emerging markets.

    In 2019, all 24 banks in Ghana signed up to the Sustainable Banking Principles which outlined a set of seven principles to guide them on how best to integrate sustainable banking into their operations. Also, five Sector Specific Guidance Notes were developed to help them to easily map their risks in sustainable banking with potential impacts and unlock financially viable opportunities in a holistic manner.

    Ghana as a key contributor to global commitments is a signatory to the Paris Treaty on Climate Change where Ghana pledged her commitments to cutting greenhouse gas emissions via the Ghana National Determined (GND) Contributions and the 2030 Agenda for Sustainable Development. The former is a legally binding international treaty on climate change which was adopted by 196 parties at United Nations Community of Parties (COP) for climate change in Paris, on 12 December 2015, while the latter provides a shared universal blueprint for peace and prosperity for people and the planet, now and into the future, via a set of 17 SDGs.

    The delivery of these critical global agendas will require both public and private sector financing. For Banks in Ghana, the availability of ESG linked funds which are geared towards reducing greenhouse gas (GHG) emissions via Ghana NDCs and assisting Ghana meet the SDGs through responsible investments, unlocks opportunities for access to international funding and alignment with opportunities from impact-oriented projects.

    ESG aligned banks will have the opportunity to access ESG aligned funding, while increasing their competitiveness via exposure to new opportunities that help Ghana meet its global commitments, thereby reducing the existing gap in funding for climate change and achieving SDGs, especially from the private sector.

    The relevance of ESG

    Institutional investors especially are now very aware of the growing importance of ESG factors in financial matters and investment decisions. They require banks to demonstrate how they integrate ESG into their lending mechanisms, and risks framework and demonstrate how this plays a role in driving tangible outcomes and impacts while earning returns on their investments. Access Bank, for example, as a leading digital bank has a robust Environmental and Social Risk Management (ESRM) which ensures projects considered for funding are cleared for environmental and social risk before lending decisions are made.

     

  • Wilfried Zaha details how Ronaldinho made him fall in love with football

    Crystal Palace forward Wilfried Zaha has revealed how Brazil great Ronaldinho made him fall love with football.

    WHAT HAPPENED? During an impromptu Q&A with fans on Twitter on Sunday, Zaha revealed how the former Barcelona playmaker, known for for his technical skills, flair and creativity, as well as his exceptional first touch, got him to love the game due to the way he played with a smile on his face.

    WHAT DID ZAHA SAY? One fan asked Zaha; “Which player do you wish you’d played with, can be current or past?” to which he responded: “Ronaldinho, because he made me fall in love with the game by just making it so enjoyable to watch… he played with flair and happiness.”

    THE BIGGER PICTURE: Zaha, who also likes to play with flair given his trickery and stepovers down the wing for Crystal Palace has been a mainstay in the Eagles team, making over 400 appearances for the side and become the first player to score 50 top-flight goals for the club in a 2-0 win at Manchester City in October 2021.

    Zaha was linked with a move away from Palace in the summer transfer window once again but stayed on for what will be his ninth straight season at the club and already has four Premier League goals from five matches.

    The Ivory Coast forward has previously rated Arsenal great Thierry Henry as his Premier League player of all-time with Manchester United forward Cristiano Ronaldo and Chelsea legend Didier Drogba the others that he idolizes.

    WHAT NEXT FOR ZAHA? Zaha is currently on international duty with Ivory Coast and after he starred in Saturday’s 2-1 win over Togo, he will hope to lead the Elephants’ attack on Tuesday when they face Guinea.

    After the international break, Zaha will link up with Palace, who host Chelsea in the Premier League at Selhurst Park on October 1 when he will hope to get back on the scoring charts with his last top-flight goal being a stunner in the 1-1 draw against Brentford on August 30.

    Source; Goal.com

     

     

  • Ghana Free Zones Authority calls for research into coconut products

    The Chief Executive Officer (CEO) of the Ghana Free Zones Authority (GFZA), Dr. Michael Oquaye Jnr., has urged for research into the creation of coconut goods to add value and generate the most revenue for the nation.

    He claimed that by conducting research on the use of coconuts as a food, fuel, and medicinal source, Ghana may improve its market share in the worldwide coconut sector.

    “I will encourage all the organizations in the industry to perform more research and development that can be commercialized and used domestically as well as for export,” said Dr. Oquaye Jnr., the former high commissioner of Ghana to India.

    Speaking at the second edition of the International Coconut Festival Ghana, which was organised by the Ghana Export Promotion Authority (GEPA) and the African Coconut Group, he indicated that the GFZA was committed to the coconut sector.

    “GFZA focuses on export-led industrialisation and we wish to assure all businesses willing to export more than 70 percent of their products to come to Freezones for the monetary and non-monetary incentives,” he said.

    Mr Sampson Abankwah, Head of the Greater Accra Regional Ministry Office for Trade and Industry, speaking on behalf of the sector Minister, Mr Alan Kyerematen, said the Ministry was committed to growing the sector through industrialisation.

    An agenda of industrialisation within the sector, he said was geared towards reducing unemployment, improving balance of trade, and creating a self-reliant notion amid disruption of global supply chain due to COVID-19 pandemic and the Russia-Ukraine war.

    “It is, therefore, the hope of the Ministry that we continue to strengthen existing institutional synergies and use every available opportunity to promote coconut production,” he said.

    He also called for networking among players to create the needed exposure for SMEs in the industry to thrive.

    Mr Samuel Dentu, Deputy Director in Charge of Operations and Finance at the Ghana Export Promotion Authority (GEPA), said the Authority in 2017 launched the Coconut revitalisation programme to revamp the then ailing Coconut industry and to improve the supply capacity of the value chain.

    The intervention, which he noted was in line with the mandate to develop, facilitate and promote Ghana’s export through product and market diversification, had yielded positive results as the 2021 Non-Traditional Export (NTE) performance showed that Coconut raked in $11.44 million with coconut oil generating $7 million in export revenue.

    “These represented an increase of 132 percent and 133 percent respectively over the 2020 figures,” he said.

    GEPA, he said was working in line with the National Export Development Strategy (NEDS) to ensure that the country could earn about $2.8 billion from semi-processed to processed coconut annually by 2030.

    The festival seeks to facilitate market links within the coconut value chain, boost local trade among players in tourism, hospitality and art and creative industries and create direct and indirect jobs for economic empowerment.

  • Rihanna to headline 2023 Super Bowl Halftime show

    Rihanna has slyly affirmed that she will be performing at the Super Bowl LVII Halftime Show in Feb. 2023. Roc Nation also officially confirmed the singer’s participation through a statement released on Sunday.

    The singer shared a picture of an NFL-branded football on her Instagram. The post came amid reports that the singer was “in talks” to headline the next Halftime Show.

    The game, which typically draws one of the biggest single TV audiences of the year, is scheduled to be played at the State Farm Stadium in Glendale, Ariz. on Feb. 12.

    “Rihanna is a generational talent, a woman of humble beginnings who has surpassed expectations at every turn,” said Jay-Z in the official announcement. “A person born on the small island of Barbados who became one of the most prominent artists ever. Self-made in business and entertainment.”

     

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    Although having Rihanna as a Halftime headliner is a logical conclusion on the Roc Nation front, the singer has not released an album since 2016.

    She has commented vaguely about two different albums in the years since (and been photographed coming in and out of recording studios), with one being described as a dancehall album. However, details remain scarce.

    Regardless, the announcement was enough to rile up fans of the R&B singer, who hope her primetime appearance means a new album is finally on the way. Rihanna was also offered to headline the 2019 Halftime show but turned down the offer in a decision to show solidarity with Colin Kaepernick.

    “We are thrilled to welcome Rihanna to the Apple Music Super Bowl Halftime Show stage. Rihanna is a once-in-a-generation artist who has been a cultural force throughout her career,” Seth Dudowsky, NFL’s head of music, said in a statement. “We look forward to collaborating with Rihanna, Roc Nation and Apple Music to bring fans another historic Halftime Show performance.”

    The Apple Music Super Bowl Halftime Show will be telecast and produced by DPS. Roc Nation and Jesse Collins serve as executive producers and Hamish Hamilton serves as director. Roc Nation is also serving as the strategic entertainment advisors of the live performance.

    “Rihanna is an incredible recording artist who is a favorite for many millions of Apple Music customers around the world,” said Oliver Schusser, Apple’s vice president of Apple Music and Beats.

    “We’re excited to partner with Rihanna, Roc Nation and the NFL to bring music and sports fans a momentous show — what an incredible artist for the inaugural Apple Music Super Bowl Halftime Show.”

    This is the first year that Apple Music will serve as a sponsor for the halftime show, replacing the NFL’s longtime partner Pepsi. The NFL announced the move last week at midnight, which had fans hypothesizing that Taylor Swift would be a potential headliner due to Swift’s connection to the hour (Her forthcoming album is called “Midnights”).

    That was later disproved by sources close to Swift, who spoke to both People and TMZ and alleged that, although she had been approached by the NFL in the past, the pop phenom had turned down the offer.

    In May, Pepsi officially renounced its title as a halftime show sponsor, choosing to walk away from a decade-long association that transformed the event from a lineup of primarily rock musicians like Bruce Springsteen and Tom Petty and the Heartbreakers in favor of a new group of artists aiming at the younger generations that advertisers and the NFL seek to court.

    The NFL was said to be seeking significantly higher annual payments for the sponsorship rights. According to a press release issued by the league, the contract with the software company is a multi-year deal.

    Apple has in recent months shown a greater interest in sports. Its streaming platform has started new deals with Major League Baseball and Major League Soccer to show games to subscribers. Sports rights have long been the province of traditional media companies like Fox, Disney, Paramount Global and NBCUniversal, but technology companies like Apple and Amazon have made a bigger play for those rights as they seek to bring in consumers to their broadband subscription-video services.

    Amazon, for its part, is now a major NFL partner thanks to its control of rights to “Thursday Night Football.”

    Earlier this year, the Super Bowl LVI Halftime Show assembled a star-studded crew of artists including Dr. Dre, Snoop Dogg, Eminem, Mary J. Blige and Kendrick Lamar. The performance achieved five Creative Arts Emmy nominations and won three Creative Arts Emmys, including outstanding live variety special — a first-ever for the Halftime show.

    Past Super Bowl Halftime Show performances include the Weeknd, Jennifer Lopez, Shakira, Justin Timberlake, Lady Gaga, Katy Perry, Bruno Mars, Prince, Madonna and more.

    Apple Music will be offering sneak peeks of its Halftime ideas via its social handle on TikTok, Instagram and Twitter.

    Source:myjoyonline.com

  • Don’t overlook Africa’s huge development prospects – Akufo-Addo to global investors

    Given the enormous development opportunities on the continent, President Nana Addo Dankwa Akufo-Addo has urged the international investor community to forge a significant presence there.

    He said, “Africa needs you, and you need Africa.

    He claimed that the continent was actively developing the 1.3 billion-person market, which will enable trade and financial systems.

    President Akufo-Addo said this when he addressed the 77th Session of the United Nations General Assembly in New York, United States of America.

    “Already, goods and services are flowing more freely across our artificial borders,” he said, with a renewed commitment towards inclusive and sustainable industrialisation and economic integration.

    President Akufo-Addo said it had become clear today more than ever before, the importance of the strength and unity of Africa, with the leaders working assiduously to shed that image of a helpless and hapless continent.

    In line with the Africa Union’s Agenda 2063 as well as the Sustainable Development Goals (SDGs), Africa’s ambition was to transform its food systems over the next decade.

    “What we require now is support from the investor community for the rolling out of this lucrative agro-industry,” he added.

    The President urged African leaders to see the crisis that confronted the continent as an opportunity to achieve a breakthrough in the development agenda of the people.

    “Incidentally, 2022 is billed as Africa’s year to take action on food and nutrition development goals.”

    “We see the current geo-political crisis as an opportunity to rely less on food imports from outside the continent, and use better, our 60 per cent of the global share of arable lands to increase food production.”

    President Akufo-Addo noted that the continent had come to realise the devastating impact of relying on Russia and Ukraine for 70 per cent of its wheat consumption.

    The recent crisis between the two countries, he said, had come with its attendant negative consequences on Africa, hence the need for the continent to champion its own cause to enhance food security and sufficiency.

    “We have enough land, enough water, enough gas and enough manpower to produce enough fertilizer, food and energy for ourselves and for others,” he said.

    On economic empowerment, the President said the creation of the African Continental Free Trade Area, with its office in Accra, was driving intra-African trade and creating unparalleled momentum for economic diversity and transformation.

    He cited how Ghana, for instance, had taken measures to process more of its cocoa, refine more of its gold, and was determined to exploit the entire value chain of the country’s huge lithium deposit.

    “Ghana is also building an integrated bauxite and aluminium industry, as well as an integrated iron and steel industry, building new oil refineries, and had, so far, attracted six of the world’s biggest automobile manufacturers to assemble and set up manufacturing plants in Ghana prior to producing them in the country,” the President said.

    Several African countries had inflation rates surging three to four times higher than what they were two years ago, he said, and Ghana was experiencing the highest inflation for 21 years.

    The 77th session of the UN General Assembly opened on Tuesday, September 13, with the high-level debate running from September 20-26.

    This year’s theme: “A Watershed Moment: Transformative Solutions to Unlocking Challenges,” acknowledges the shared roots of crises such as COVID-19, climate change and conflict, as well as the need for solutions that build global sustainability and resilience.

  • 11 matches 1 win: Black Stars’ poor record in 2022

    The Black Stars are on a poor run in 2022 despite managing to secure a World Cup spot within the period.

    Since the start of the year, Ghana have played a total of eleven matches and have managed just a single win. In the remaining 10 matches, the team lost five and drew five.

    Ghana’s only win so far this year came against Madagascar during the 2023 African Cup of Nations qualifiers in May.

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    Since beating Madagascar to end an initial six-match winless run, Ghana have gone four games without recording a victory, losing two of those games.

    Ghana’s poor record in 2022 started in January when the Black Stars lost 3-0 to Algeria in a pre-AFCON friendly.

    On Friday, September 23, Brazil handed Ghana their fifth defeat of the year, hammering the West African powerhouse 3-0 in an international friendly in France.

    Head coach Otto Addo and his chargers will be looking to end their current four games winless run when they come up against Nicaragua, who are ranked 139th ranked by FIFA.

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

    Below is Ghana’s record in full

    Algeria 3-0 Ghana

    Morocco 1-0 Ghana

    Gabon 1-1 Ghana

    Ghana 2-3 Comoros

    Ghana 0-0 Nigeria

    Nigeria 1-1 Ghana

    Ghana 3-0 Madagascar

    Central African Republic 1-1 Ghana

    Japan 4-1 Ghana

    Ghana 0-0 Chile

    Brazil 3-0 Ghana

    11 games (1W, 5L,5D)

    Source: Ghanaweb

  • Invest more in state instruments – Expert to public

    Dr. Raziel Obeng Okon, the chief executive of CIDAN Investments Limited, has recommended the people to invest in government securities since they offer higher rates than other types of short-term investments.

    He claimed that even if many nations, including Ghana, are experiencing economic turmoil, it is still important to develop the habit of investing more money so that you have it when things become tough.

    Dr. Obeng Okon advised the public to maintain their commitment and consistency with investing in a statement to GBC Business News.

    Dr. Obeng Okon said, ”falling on investments now to boost one’s business is a good move.”

    He urged businesses, especially startups, to use parts of their investment proceeds for projects.

    Experts say most ordinary individuals can easily make investments in stocks, bonds, and CDs.

    With stocks, “you are investing in the equity of a company, which means you invest in some residual claim to a company’s future profit flows and often gain voting rights (based on the number of shares owned) to give your voice to the direction of the company.”

    In the same vein, “Bonds and CDs are debt investments, where the borrower puts that money to use in a pursuit that is expected to bring in cash flows greater than the interest owed to the investors.”

  • My ambition is to win AFCON or World Cup with Black Stars – Andre Ayew

    Black Stars skipper, Andre Ayew has said his only aim is to steer the Black Stars to win a major trophy (the Africa Cup of Nations or the World Cup).

    The West African country have not won any major trophy since winning the 1982 AFCON in Libya.

    The Black Stars have come close to ending the trophy drought in 1992, 2010, and 2015.

    The 32-year-old has been with the national team for almost a decade and a half, having risen through the ranks after making his debut in 2008.

    Ayew was a key member of the all-conquering side that swept the U20 AFCON and U20 FIFA World Cup titles in 2009 and was also a member of the team that lost the AFCON 2010 and AFCON 2015 to Egypt and Ivory Coast respectively.


     

    With Ghana preparing to grace the Qatar 2022 World Cup, the former Swansea City star insists his only goal is to win a trophy with his country.

    According to him, he wants to end his career by winning either the Africa Cup of Nations (AFCON) or the FIFA World Cup.

    “For myself, to be real, I don’t have personal targets. The only personal target I had— and still have — since I joined the Black Stars was to win a trophy with the team,” Ayew told Graphic Sports.

    “That’s my only target and I’ve been close several times (the 2010 AFCON and 2015 AFCON final).

    “I won the Under-20 AFCON and won the Under-20 World Cup trophies, but my only target is to win a trophy in the Black Stars jersey, any trophy that I can win — AFCON or the World Cup trophy. That’s my goal, that’s my aim and that’s what I pray and work hard for every day.”

    Ayew was named in the starting line-up as Ghana lost 3-0 to Brazil in an international friendly last Friday in France.

    The Al Sadd forward is expected to feature again when the Black Stars take on Nicaragua in their next friendly assignment on Tuesday.

    Source: Ghanaweb

     

  • Energy Minister promotes Ghana’s offshore oil blocks in Texas

    Dr. Matthew Opoku Prempeh, the energy minister for Ghana, is in Houston, Texas, USA, for an oil and gas roadshow with some senior representatives from the Petroleum Commission, Ghana National Petroleum Corporation, and GOIL.
    Five accessible oil blocks offshore of Ghana are being promoted.

    The group, which also includes representatives from Base Energy, is promoting the oil blocks that are accessible 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 Block and the Southwest Saltpond Block.

    At the strategic roadshow event, which was planned to coincide with the maiden Africa-Houston Energy Summit, Energy Minister, Dr. Matthew Opoku Prempeh, said Ghana has four sedimentary basins of significance to oil and gas, namely; Western, Central, Eastern, and the Voltaian.

    He said the Western basin has Ghana’s three actively producing deepwater oil and gas fields.

    Dr. Prempeh added that the Voltaian basin is onshore and the remaining two are largely offshore. Most parts of the offshore basins are open for Exploration and Production activities. He said GNPC is currently exploring the Voltaian Basin to establish its prospectivity, following which the basin will be open to investors.

    The Minister told investors 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 are key incentives to consider investing in Ghana.

    He also highlighted the availability of an existing architecture to support infrastructure-led exploration, which shortens the time between exploration and production.

    Dr. Prempeh urged investors to “find in Ghana a friend and partner saying the country is ready to provide the needed support to ensure the success of their operations”.

  • Amend the law for mining firms to pay royalties monthly – Stakeholders to govt

    Government legislation requiring mining corporations to pay government-owed royalties on a monthly basis rather than a quarterly basis has been requested by civil society organizations and mining industry players.

    Dr. Steve Manteaw stated during a stakeholder engagement hosted by the Ghana Extractive Industry Transparency Initiative (GHEITI) that although negotiations to alter the law to require mining companies to pay royalties on a monthly basis have been underway, they have not yet reached a conclusion.

    “The regulation has to be amended to give effect to the directive for mining companies to pay their royalty on monthly basis,” he stated.

    Research indicates that only two mining firms have taken up the task to pay royalty on monthly basis. These include Newmont Gold Ghana and Anglogold Ashanti. The amount of royalties paid by mining companies depends on the gross revenue realized from the sale of the mineral product by the mining Company.

    The Minerals and Mining Amendment Act 794 puts the royalty rate application at 5% of the gross revenue of minerals.

    Minerals and mining operations Tax (Mineral Royalty) is imposed on the income of firms engaged in mineral operations. Subject to any financial stability agreement, the mineral royalty rate is 5% of the total revenue earned from mining operations.

    Mineral Rights Payments, other fees Licences, and Property rates are used by the Recipient Agencies that is Minerals Commission and District Assemblies respectively as Internally Generated Funds.

    Mineral Royalty is first paid into the Minerals Income Investment Fund. 20 percent of the mineral royalty receipts are thereafter released to the Minerals Development Fund and the OASL.

    Ground Rent is received by the OASL and distributed in accordance with Article 267(6) of the 1992 constitution. That’s 25 percent to stools; ii. 20 percent to Traditional Authorities within the area of authority of which the stool lands are situated; and iii. 55 percent to the District Assemblies.

    The benefits of monthly payment of royalties by mining companies to the government are that they will help in quick distribution to all stakeholders in the industry especially mining communities to enable them to continue with their developmental programs. The government will also have access to adequate funds to develop infrastructure.

  • Thomas Partey to be assessed ahead of north London derby

    Ghana midfielder Thomas Partey will be assessed by league leaders Arsenal ahead of the north London derby against Tottenham in the English Premier League on Saturday.

    Partey picked up a thigh injury earlier this season, missing a number of games for the Gunners, but made his return to the first team in the 3-0 win against Brentford just before the international break.

    The 29-year-old was due to start in Ghana’s pre-World Cup friendly with Brazil, but had to pull out of the line-up minutes before the game last Friday.

    He was withdrawn as a precautionary measure and replaced by RCD Mallorca midfielder Baba Idrissu.

    As a result of the injury, he miss the Nicaragua clash on Tuesday in Spain as the Black Stars prepare ahead of the World Cup in Qatar.

    It is unknown whether Partey will be available for the north London derby.

    He has made four league appearances for Arsenal so far this campaign.

    Source: Ghanaweb

  • Cost of living crisis: One coconut currently sold above GH¢3

    Coconut enthusiasts have bemoaned the price hike of their favorite fruit, which went from costing GH1.50p in 2021 to GH4 as of September 2022.

    Consumers have expressed that if prices continue to rise, they may cut or stop consuming. The price increase has surprised them.

    The price hike for coconut, according to some consumers who contacted with GhanaWeb, is nonsensical because the product doesn’t need to be refined before it is sold to its end users.

    They asked: “Coconut just has to be plucked and transported to wherever they want to sell it, so why is the price increasing too?”

    However, in a separate engagement with Shadrach Kweku Owusu who retails coconut in Accra New Town on September 24, 2022, he revealed that even though the price of the coconut itself has not increased significantly, other factors such as transportation and the general increase in the prices of goods and services, they are forced to increase their prices to make ends meet.

    He said: “The price of coconut has just gone up slightly, but due to the increase in the price of every good on the market, we also have to increase our prices, or else we cannot survive.”

    Kweku Owusu also attested that many people have reduced their intake of coconut as it doesn’t sell out as fast as he did in previous times.

  • Ghana must tap into $2 billion global snail industry – MESTI

    The global value chain for snails has grown to $2 billion, according to the Ministry of Environment, Science, Technology, and Innovation (MESTI), and Ghana needs to get into this sizable industry.

    In some regions, such as the Mediterranean region, Africa, or Southeast Asia, “snail meat” is viewed as a delicacy with significant nutritional, therapeutic, and cosmetic benefits; yet, it is stigmatized in other cultures.

    Mr. Oliver Boakye, Special Advisor to the Minister, MESTI, highlighted the economic importance of growing the snail industry in Ghana during the inaugural edition of the Snail Festival organized by the Council for Scientific and Industrial Research-Forestry Research Institute of Ghana (CSIR-FORMIG).

    The festival’s theme was “Farm Snails, Eat Snails, and Market Snails,” with the goal of creating avenues for snail lovers to learn more about snail farming while networking.

    As a result, a variety of snail foods were displayed, including Jollof rice with snails, yam chips with snails, snail meat pies, fufu with green soup, banku with snail stew, snail meat kebabs, and live snails.

    Coupons ranging from GH₵5.00 and up were distributed to all participants, including basic and senior high school students, to be used to purchase any of the snail cuisines displayed.

    Mr. Boakye, speaking on behalf of the sector minister, stated that irresponsible human activities such as deforestation, bush burning, improper pesticide application, and others posed a danger to the sustainability of the snail population.

    He cautioned that if the tendency continued, and there were no adequate measures in place to safeguard and sustain the snail population, Ghana would soon lose its traditional delicacy of snail flesh.

    “Adequate environmental protection is the bedrock of sustainable development. We have no option than to take a good look at the years of collecting snails,” he said.

    He also stated that it was time for Ghana to prioritize snail farming, development, and promotion of snail-based industries as the primary means of sustaining edible snail species.

    Prof Robert Kingsford Adaboh, CSIR Council Chairman, said snails contained rich nutrients such as iron and vitamins A and C that could improve vision and strengthen the human immune system.

    He further mentioned that snail meat had a greater protein-to-fat ratio than other animal meals like chicken, beef, and others, and that “snail shells contained a high amount of calcium.”

    However, he observed that a large decrease in the population of edible snails had caused an increase in its market price and praised the CSIR for turning a new page in technology transfer by organizing the Snail Festival and holding farmer training sessions.

    Prof Paul P Bosu, Director-General of CSIR, said the CSIR-FORIG had trained approximately 3,000 farmers in snail farming to help preserve the snail population.

    He urged the youth to pursue snail farming as a form of economic empowerment and emphasized that it would help solve Ghana’s high unemployment rate.
    The CSIR-FORIG aspires to be a leader in humid tropics forestry research.

  • Blame Hearts of Oak technical team for poor run – Dr Nyaho-Nyaho Tamakloe

    Board member of Hearts of Oak, Dr. Nyaho-Nyaho Tamakloe has attributed the club’s poor run to the technical team, led by Samuel Boadu.

    The Phobians are yet to record a win in the ongoing 2022/23 Ghana Premier League.

    In their opener, Samuel Boadu and his charges suffered a 1-0 defeat to Aduana Stars at the Nana Agyemang Badu in Dormaa.

    In their second game, Hearts of Oak hosted their city rivals, Great Olympics at the Accra Sports Stadium, and after 90 minutes of action, the game ended 1-1.

    The FA Cup champions were hoping to secure their first win of the season when they were hosted by the sworn rivals, Asante Kotoko at the Baba Yara Stadium in the matchday 3 games.

    However, Hearts of Oak returned to the capital with just a point.

    After three games played, Hearts of Oak sit 13th on the league log with just two points.

    According to Dr. Tamakloe, the club’s poor run must be attributed to the technical team despite the board’s ability to recruit the best players in the country.

    “If support could recollect, I spoke about the problem Hearts of Oak is facing and as a board, we have done our best for the club,” he told Asempa FM.

    “As a club, I can confidently say there is no club in the country whose players and coaches better that Hearts of Oak.

    “I am very happy that supporters are realizing that the problem is the technical team and when I made mention of that, I was attacked.

    “We have recruited the best players in the country for the technical team and six of these players are with the Black Galaxies but look at the results they are churning out.

    “We will leave it for the supporters to judge and see if these quality players are supposed to be churning out such results.

    “Years back, when Hearts of Oak play a game, you don’t ask of the scoreline but you rather ask the scoreline but that is not what we are seeing today.

    “I hinted on where the problem is and here we are today,” he added.

    Samuel Boadu will be hoping to steer the side to a win when they host Bibiani Gold Stars in the matchday four games at the Accra Sports Stadium on Saturday.

    Source; Ghanaweb

  • Time to shift away from cocoa export to local consumption – Prof. Owusu

    Professor Ebenezer Oduro Owusu, a former vice chancellor of the University of Ghana, has called for a move away from the export of cocoa and toward local use of the beans.

    According to him, both recent and previous administrations have pushed to promote cocoa sales at the expense of domestic consumption.

    We must consume the goods we generate, according to Professor Owusu. We must make sure that we consume chocolate locally. The health benefits of cocoa are numerous.

    He was delivering a lecture on the topic: “COCOBOD @75: Sustaining Our Environment, Wealth and Health.”

    The occasion was also used to launch the 2022 Cocoa Day, which is slated for October 1.

    He suggested that cocoa be used more regularly in the preparation of local dishes and called for efforts to develop local cocoa diets that would ensure local consumption of the crop.

    Regarding the consumption of chocolate products, he admitted that pricing concerns had largely deterred the citizenry from regularly consuming made-in-Ghana chocolate products, thus accounting for the almost rapt focus on export of cocoa beans to the processing factories in the West.

    He also called for the New Products Unit of the Cocoa Research Institute of Ghana (CRIG) to be better resourced to bring new approaches to the production and value addition of cocoa in the country.

    He emphasised research as key to the development of the cocoa sub-sector and pointed to the development of early and high yielding, and pest resistant varieties of the cash crop, which came about due to years of research.

    Professor Oduro Owusu called for more efforts to be made to “curb the unwarranted destruction of lands and the environment” especially in cocoa growing areas, where the Ghana Cocoa Board (COCOBOD) recently reported that about 19,000 hectares of cocoa farms had been destroyed due to the activities of illegal gold miners.

    “I find it very hard to understand why as a nation, we cannot be united to fight ‘evils’ that threaten the future of our dear country.”

    He warned that if nothing concrete was done about the danger of illegal mining, the country might soon depend on the imports of food and potable water.

    He said, “polluted water bodies, destroyed aquatic lives as well as shrink pathways of water bodies are matters that may cost us so much as a nation.”

    Besides this danger to our water and land, he also cautioned that due to the presence of heavy metals like mercury in the soil from the illegal mining activities, it was becoming difficult for Ghana’s cocoa to pass the heavy metals test when shipped to other jurisdictions.

    He thus urged scientists at CRIG to research into how long it would take for the destroyed lands to be restored to their original states.

    Deputy Minister of Agriculture, Yaw Frimpong Addo, who represented Dr Owusu Afriyie Akoto at the event, noted that the theme of the lecture, ‘COCOBOD @75: Sustaining our environment, wealth and health,’ epitomises the government’s policy direction for the cocoa sector “by securing sustainable farming practices alongside boosting domestic cocoa production.”

    He said interventions in the sector, such as hand pollination, rehabilitation of cocoa farms, pruning and the supply of farming inputs had positively influenced production patterns.

    He stated that work on the COCOBOD Cocoa Management System, a database of all farmers in the country, was near completion with the data about 664, 529 farmers so far captured unto it.

    This, he said, would make it easy for the implementation of the Cocoa Farmers’ Pension Scheme.

    He commended the various players in the cocoa sector as well as all those who were at the helm of affairs at COCOBOD since its establishment 75 years ago.

    Chief Executive Officer of COCOBOD, Joseph Boahen Aidoo, on his part stated that “making the cocoa industry more vibrant requires that cocoa farmers are better remunerated.”

    This, he explained, was the motivation behind the 29% increase in the producer price of cocoa from GH¢8,240 to GH¢10,560.

    He indicated that the Board and Management of COCOBOD have resolved to reduce the debt burden drastically, by adopting austerity measures, due to the ongoing ravages of COVID-19, which had led to decreased demand for cocoa around the world.

    According to the CEO, the Living Income Diffferential remained the best pricing mechanism to regulate cocoa prices and cushion the farmers against cocoa price volatility.

    Meanwhile, the Ghana Cocoa Day Celebrations will be held at the Presbyterian Boys’ Senior High School (SHS) at Suhum in the Eastern Region.

    The programme of activities include a simultaneous walk by staff of COCOBOD on Saturday, September 24, in Accra, Tema, Kumasi and Takoradi.

    On Wednesday, September 28, there will be a float at Suhum and an exhibition by cocoa and chocolate producers, as well as agrochemical and input suppliers, financial institutions and NGOs on the Suhum SHS school park.

    A forum on sustainable cocoa production as well as a cocoa quiz competition will be held on Thursday, September 29.

    There will be a football competition among some four selected schools from the Eastern Region on Friday, September 30 at the Suhum School Park. This will be followed by a ‘Cocoa Night Concert.’

    As the climax to the 75th Anniversary celebrations, there will be a grand durbar at Suhum Presbyterian SHS Park on Saturday, October 1.

  • No one is bigger than Hearts of Oak – Dr Nyaho Tamakloe slams Samuel Boadu

    Board member of Accra Hearts of Oak, Dr. Nyaho-Nyaho Tamakloe has taken a swipe at head coach of the side, Samuel Boadu, reiterating that no one is bigger than the club.

    After three games, in the 2022/23 Ghana Premier League season, the Phobians are yet to record a win.

    Hearts of Oak opened their campaign with a defeat against Aduana Stars before sharing spoils with their city rivals, Great Olympics.

    In the matchday 3 games, Hearts of Oak were hosted at the Baba Yara Stadium by their bitterest rivals, Asante Kotoko and after 90 minutes of action, the game ended 1-1.

    The Phobains sit 13th on the league log with just two points after three games.

    Dr. Tamakloe speaking in an interview attributed the club’s poor run to the technical team, adding that the board would not hesitate to show anybody the exit door after the poor start of the season.

    According to him, no one is bigger than the club.

    “No one is bigger than the club and not even the Board Chairman, Togbe Afede,” he told Asempa FM.

    Hearts of Oak will hope to secure their first win of the season when they host Bibiani Gold Stars in the matchday four games at the Accra Sports Stadium on Saturday.

    Source: Ghanaweb

     

  • Transform operating models, adapt to increasing policyholders’ expectations – Practitioners told

    Dr. Justice Yaw Ofori, the commissioner of insurance, has asked major participants in the insurance industry to change their operations and business strategies in order to meet the rising demands of policyholders.

    He claims that the insurance industry in emerging nations has undergone significant growth and quick change, and he encourages African businesses to do the same.

    On September 26, Dr. Justice Ofori spoke to attendees at the inaugural session of the AIRDC and AISDAC educational conference in Accra.

    “The landscape of insurance especially in developing countries keeps changing due to rising policyholder expectations and technological development and as such, insurers and reinsurers have no choice but to transform their business and operating models to re-emerge stronger than before.”

    “Key players from the global market seek to exploit these untapped opportunities. It is therefore important for regulators and practitioners alike to set requirements for guidance in this regard. Insurance business is built on trust and the commitment to fulfill promises, so a suitable dose of prudential supervision is necessary for it to grow and flourish,” Dr. Ofori added.

    He however noted that although there are vast opportunities in the insurance sector, the market in developing countries still faces some notable challenges.

    These include; trust in insurance, unhealthy competition, bad corporate governance practices and fluctuating boardroom ethics.

    The AIRDC and AISDAC educational conference was on the theme; “Building Resilience in the heat of a Global Economic Tussle.”

  • GRA hands over some alleged tax defaulters to the Police

    Three facilities’ managers have been turned over by the Ghana Revenue Authority (GRA) to the CID Unit of the Ghana Police Station for an investigation into possible tax law violations.

    Champion Dishes, a restaurant in Adabraka, Grace Has Found Us, and Celeb’s, all located in Dansoman, were discovered to not be issuing the Commissioner-invoice. General’s

    The Ghana News Agency was informed by Mr. Joseph Annan, Area Enforcement Manager of GRA in charge of Accra Central, that they had broken the rules of the Value Added Tax (VAT).

    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.

    He said the Police would do their investigations, but for them as tax administrators, “we will assess their books and then apply all the penalties and interest that are applicable.”

    He said it was an offence not to issue the VAT invoice and the law would take its own course.

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

    “We will continue this exercise until our taxpayers do the needful,” he added.

    He said the Authority in their auditing process would conduct a preemptive assessment, which meant that they would have to pay immediately, but then they would recommend a full audit to be conducted.

    Mr Annan said even though they would audit their books the legal aspect would be handled by the CID, where they would prepare their docket for possible prosecution.

  • Parliament approves fees for “access” to information

    Parliament has passed the law spelling out the various fees to be paid by persons seeking Information under the Right to Information law.

    This is the Fees and Charges (Miscellaneous provisions Act 2022 (ACT 1080). Persons seeking Information are to pay 0.27 pesewas for every photocopy of A4 size of information.

    Section 75 of the Right to Information Act, 2019, (ACT 989) requires applicants to pay the fee approved by Parliament.

    “An applicant seeking access to information under this Act shall pay the fee or charge approved by Parliament in accordance with the Fees and Charges (Miscellaneous Provisions) Act,2009 (Act 793).”

    The Right to Information Commission in accordance with this law submitted a proposal to Parliament spelling out how much should be charged.

    Even before this could be passed, applicants seeking information were in some instances asked to pay amounts considered to be problematic.

    The Fourth Estate’s Evans Aziamor Mensah was asked by the Minerals Commission to pay $1,000 to access Information.

    This amount was later set aside by the Right to Information Commission as being unreasonable. The matter is currently pending at the Court of Appeal.

    Speaking on The Law on the Joynews Channel, Executive Secretary of the RTI Commission, Yaw Sarpong Boateng, said the new fees approved by Parliament will provide clarity on the matter.

    “It sits with our argument that the fees ought to be reasonable in respect of the reproduction not for the cost of generating the Information.”

     

    Source: Myjoyonline.com

  • Ghana will not default on loan repayments despite Fitch downgrade – US-based Associate Professor

    Financial Expert, Dr. Williams Peprah, says government will not default on the repayment of its loans despite the downgrade of the country’s credit rating to deeper junk status by rating agency, Fitch.

    Fitch’s said its decision on Ghana reflects surging interest costs on domestic debt, a prolonged lack of access to Eurobond markets and the increased likelihood that Ghana will pursue a debt restructuring given mounting financing stress.

    Speaking to Joy Business, Dr. Peprah, who is an Associate Professor at Andrews University in Michigan, USA said government must however act decisively to reduce further pressures on the economy.

    He therefore wants the government to cut its expenditure, both current and capital drastically, in order to settle its interest payments promptly.

    “We can mention that, when it comes to the capacity to pay, Ghana is in the position [to repay]. In terms of Ghana’s character, when we’re doing the creditworthiness analysis, we have not defaulted on any of our loans. So this gives the signal that the likelihood of Ghana having the character to default is not very imminent”.

    “When it comes to conditions, we know that Ghana is hoping to abide by all conditions. Indeed that is why Ghana is pursuing an International Monetary Fund (IMF) programme to be able to give a bailout in terms of liquidity support so that Ghana will be able to find its feet”.

    IMF programme to calm financial markets

    Dr. Peprah is hopeful an IMF programme will come off by the first quarter of 2023 to calm the financial markets and turn the economy around.

    “We’re hoping that this [IMF programme] should come off in the first quarter of 2023; some funds will come from IMF to help the economy to turnaround. But more importantly, this rating though is alarming and disturbing, we may have to build the hope that we’ll be able to turn things around by being disciplined with our expenditure in the country”.

    He however pointed out that the review of Ghana’s credit rating from ‘CCC’ to ‘CC’ was expected, though all is not lost.

    “The ratings given by Fitch which put Ghana’s long-term currency debt to junk status is very alarming, but it was anticipated. However, if you look at the analysis of how to determine the credit worthiness of Ghana, it is not all that lost.”

    “We admit that when it comes to capacity to pay in terms of our debt ratio, it is gone up but it is not too alarming”, he further said.

    He alluded that there’s a high probability that government may intend to come out with strategies that would boost revenue collection, “but what we really expect government to do at this time is to reduce its expenditure drastically both capital expenditure and current expenditure to make room for some funds to be able to settle loans that government has taken”.

    Fitch downgrades Ghana to further ‘junk’ status

    Rating agency, Fitch, on Friday September 23, 2022, downgraded Ghana’s Long-Term Local – and Foreign-Currency Issuer Default Ratings (IDRs) to ‘CC’ or further junk status.

    This is the second time in 2022 that it has downgraded Ghana’s credit worthiness.

    It is also coming two days after President Akufo-Addo took a swipe at ratings agencies at a UN Conference for unfairly assessing and rating African countries poorly at a time the global economy was going through difficult period.

    Source: Myjoyonline

  • We’re learning more about Afrobeats amid push of category in Grammys – Grammy Awards CEO

    The Chief Executive Officer (CEO) of the Recording Academy, organisers of the Grammy Awards, has said there is a possibility the event will in the near future have a category for Afrobeats.

    Speaking to the media on his arrival in Ghana, Harvey Mason Jr, noted that the Recording Academy recently had a meeting with leaders of the Afrobeats community including producers, songwriters, executives and others to learn more about the genre – and will continue to do so.

    “We just talked about what are the different sub-genres (of Afrobeasts), the needs, the desires, and my goal is to represent all genres of music including Afrobeats at the Grammys but it has to be done properly,” Mr Mason said.

    He explained that as the CEO of the Recording Academy, he cannot solely decide whether to create a category for a genre or not – members of the academy must submit a proposal.

    “So, the process has started,” Mr Mason stated, adding that the Academy will continue to have fruitful conversations with the Afrobeats creators among others during the process.

     

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    Meanwhile, the Recording Academy CEO is expected to meet players in the Ghana music industry to discuss the country’s growth in music and others.

    He noted that he is hoping to learn more about Ghana music’s ecosystem, royalty system, and monetisation, among others.

    Afrobeats in the past few years has become a global phenomenon with many music lovers and creators worldwide exploring the world of African music.

    With the growth of the genre on a constant rise, the British Official Charts Company published on its site the UK Afrobeats Singles Chart in 2020 following the rising popularity of Afrobeats music and artists in the United Kingdom.

    In March 2022, the renowned music charts company Billboard also published their Afrobeats Songs Chart.

    Among others, Afrobeats acts like Burna Boy and Wizkid have had a number of nominations in the Grammy Awards (Best Global Music Album) with their studio albums.

    Artistes like Chris Brown, Justin Beiber, Sam Smith, Ed Sheeran, Selena Gomez and many others have all worked with a number of Afrobeats stars.

    Source:myjoyonline.com

  • Government misses T-Bills target for first time in 15 weeks

    For the first time in 15 weeks, government missed the target of its Treasury bill sale by almost 10%, despite surging interest rates.

    This follows the downgrade of the country’s credit rating into deeper junk status by rating agency, Fitch.

    The sale of the Treasury bills took place the same day Fitch announced the downgrade of the country’s creditworthiness despite surging interest rates.

    The failure to meet its target should send a signal to the government to tighten its fiscal policy to prevent further stress on the economy.

    The yield on the 91-day T-Bill finally reached 30%, from 29.90% the previous week.

    The 182-day bill which is already trading above 31% inched up marginally to 31.34%.

    Meanwhile, government secured ¢1.19 billion from the sale of the short-term securities, almost 10% lower than its target of ¢1.33 billion cedis.

    It’s unclear whether the investors, largely banks, will remain cautious in investing in government securities.

    However, this challenge should compel government to move fast over the negotiation with the International Monetary Fund for an economic programme to avert any liquidity constraint.

    Securities Bids Tendered (GH¢) Bids Accepted (GH¢)
     91 Day Bill  948.14 million  948.02 million
    182 Day Bill  244.28 million  244.28 million
    Total 1.192 billion 1.192 billion
    Target 1.331 billion

    Source: Myjoyonline

  • Bawku Update: IGP, Interior Minister, Chief of Defense Staff visit Bawku to meet with factions

    A high profile delegation on Sunday, September 25, 2022, visited Bawku in the Upper East Region to meet factions involved in the Bawku conflict in a bid to bring sanity to the area.

    The Inspector General of Police, the Interior Minister, and Chief of Defense Staff called on the youth of both factions to dialogue for peace to prevail in Bawku.

    Correspondent Peter Agengre reports that the delegation led by Interior Minister, Dominic Nitiwul, met with the Zugrana Bawku Naba and his elders to inform them of the need to allow peace to prevail in Bawku. He entreated the elders to be part of the peace making process by stopping the killings.

    “Shooting and killing people will not bring a finality to the chieftaincy issue. What we want you to do is to cease the shooting and let’s use the appropriate channel to resolve the issue.”

    The youth of Bawku made up of both factions at separate meetings expressed sad sentiments that the conflict in Bawku has made them jobless and made their families lose their bread winners. They however pledged peace.

    “We appreciate the government’s effort to bring a finality to this issue. We are ready to stop fighting, but we entreat you also to use your powers to end the conflict.”

    They also called on the delegation to “lift the ban on the use of Mahama Candoo in Bawku township”.

    The delegation was made up of the Minister of Defense Dominic Nitiwul, the Minister for the Interior Ambrose Derry, the Chief of Defense Staff, Vice Admiral Seth Amoama among other dignitaries.

    Source: GBC

  • Rihanna to headline 2023 Super Bowl Halftime show

    Rihanna has slyly affirmed that she will be performing at the Super Bowl LVII Halftime Show in Feb. 2023. Roc Nation also officially confirmed the singer’s participation through a statement released on Sunday.

    The singer shared a picture of an NFL-branded football on her Instagram. The post came amid reports that the singer was “in talks” to headline the next Halftime Show.

     

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    The game, which typically draws one of the biggest single TV audiences of the year, is scheduled to be played at the State Farm Stadium in Glendale, Ariz. on Feb. 12.

    “Rihanna is a generational talent, a woman of humble beginnings who has surpassed expectations at every turn,” said Jay-Z in the official announcement. “A person born on the small island of Barbados who became one of the most prominent artists ever. Self-made in business and entertainment.”

    Although having Rihanna as a Halftime headliner is a logical conclusion on the Roc Nation front, the singer has not released an album since 2016.

    She has commented vaguely about two different albums in the years since (and been photographed coming in and out of recording studios), with one being described as a dancehall album. However, details remain scarce.

    Regardless, the announcement was enough to rile up fans of the R&B singer, who hope her primetime appearance means a new album is finally on the way. Rihanna was also offered to headline the 2019 Halftime show but turned down the offer in a decision to show solidarity with Colin Kaepernick.

    “We are thrilled to welcome Rihanna to the Apple Music Super Bowl Halftime Show stage. Rihanna is a once-in-a-generation artist who has been a cultural force throughout her career,” Seth Dudowsky, NFL’s head of music, said in a statement. “We look forward to collaborating with Rihanna, Roc Nation and Apple Music to bring fans another historic Halftime Show performance.”

    The Apple Music Super Bowl Halftime Show will be telecast and produced by DPS. Roc Nation and Jesse Collins serve as executive producers and Hamish Hamilton serves as director. Roc Nation is also serving as the strategic entertainment advisors of the live performance.

    “Rihanna is an incredible recording artist who is a favorite for many millions of Apple Music customers around the world,” said Oliver Schusser, Apple’s vice president of Apple Music and Beats.

    “We’re excited to partner with Rihanna, Roc Nation and the NFL to bring music and sports fans a momentous show — what an incredible artist for the inaugural Apple Music Super Bowl Halftime Show.”

    This is the first year that Apple Music will serve as a sponsor for the halftime show, replacing the NFL’s longtime partner Pepsi. The NFL announced the move last week at midnight, which had fans hypothesizing that Taylor Swift would be a potential headliner due to Swift’s connection to the hour (Her forthcoming album is called “Midnights”).

    That was later disproved by sources close to Swift, who spoke to both People and TMZ and alleged that, although she had been approached by the NFL in the past, the pop phenom had turned down the offer.

    In May, Pepsi officially renounced its title as a halftime show sponsor, choosing to walk away from a decade-long association that transformed the event from a lineup of primarily rock musicians like Bruce Springsteen and Tom Petty and the Heartbreakers in favor of a new group of artists aiming at the younger generations that advertisers and the NFL seek to court.

    The NFL was said to be seeking significantly higher annual payments for the sponsorship rights. According to a press release issued by the league, the contract with the software company is a multi-year deal.

    Apple has in recent months shown a greater interest in sports. Its streaming platform has started new deals with Major League Baseball and Major League Soccer to show games to subscribers. Sports rights have long been the province of traditional media companies like Fox, Disney, Paramount Global and NBCUniversal, but technology companies like Apple and Amazon have made a bigger play for those rights as they seek to bring in consumers to their broadband subscription-video services.

    Amazon, for its part, is now a major NFL partner thanks to its control of rights to “Thursday Night Football.”

    Earlier this year, the Super Bowl LVI Halftime Show assembled a star-studded crew of artists including Dr. Dre, Snoop Dogg, Eminem, Mary J. Blige and Kendrick Lamar. The performance achieved five Creative Arts Emmy nominations and won three Creative Arts Emmys, including outstanding live variety special — a first-ever for the Halftime show.

    Past Super Bowl Halftime Show performances include the Weeknd, Jennifer Lopez, Shakira, Justin Timberlake, Lady Gaga, Katy Perry, Bruno Mars, Prince, Madonna and more.

    Apple Music will be offering sneak peeks of its Halftime ideas via its social handle on TikTok, Instagram and Twitter.

     

  • Ghana now has zero equity interest in AngloGold Ashanti after it sold – Sam Jonah

    Sir Sam Jonah, a well-known businessman and the former CEO of Ashanti Goldfields, has disclosed that the Ghanaian government has sold all of its interests in AngloGold Ashanti.

    The business tycoon claims that Ghana sold 30% of its stock in the company in 1994.

    However, after the business was listed on the New York Stock Exchange, the remaining 25% was sold.

    He lamented the low level of ownership the nation has in significant corporations and locally-run enterprises, calling the event’s outcome “horrible.”

    According to him, no Ghanaian has any shares in any of the mines in the country.

    Speaking on GTV’s BBUM show on September 25, 2022, he said: “Ghana’s government has 10 percent interest in all the mines but beyond the government, there is no Ghanaian who has [even] 2 percent shares in the mines. Ghana’s government has 55%, and they sold their interest from 55% to 25% in 1994.

    “So, the Ghana government sold and took 400million dollars out and so Ghana government became 25% and not a 55% shareholder and later on we merged and became AngloGold Ashanti. And currently, as we speak, it has zero equity interest in AngloGold Ashanti. The Ghana government had 10 percent in the mines, like Obuasi etc, but as the company that merged, the Ghana government has zero percent of AngloGold Ashanti, which is a shame because we sold,” he said.

    Sam Jonah also stated that in South Africa, all the mines are owned by South Africans which meant that profit was not expatriated and that accounted for Johannesburg’s recognition as a gold mining city.

    Meanwhile, as Ghana currently faces harsh economic crisis, trade unions have asked the government to institute some laws that will ensure that foreigners who do business in Ghana retain a percentage of their profit in the country.

    They believe that this will help address the rapid depreciation of the cedi.

  • IMF team arrives in Ghana on Monday to hold negotiations on $3 billion loan request

    On Monday, September 26, 2022, a delegation from the International Monetary Fund is scheduled to land in Ghana to begin formal loan request negotiations with the government of Ghana.

    According to a report from Reuters, the negotiations would be focused on the policies and changes that the IMF might support as part of a program of economic assistance for Ghana.

    Once an agreement on a program is reached, Ghana hopes to receive $3 billion from the Fund over the course of three years.

    To get the cash in the first quarter of 2023, the government expects to wrap up negotiations by the end of this year.

    The IMF officials are expected to be in the country until October 7, 2022.

    Meanwhile, Government has routinely explained that recent economic headwinds are attributable largely to the ravages of the COVID-19 pandemic, the ongoing Russia-Ukraine war and the banking sector clean-up.

    The rippling effect has been an increase in the cost of living, record high inflation rates and downgrades of the economy by rating agencies such as S&P and Fitch – a situation which has dealt a heavy blow to government’s ability to access the international capital market.

    The Cedi has also been on a free fall compelling the Bank of Ghana to resort to hiking its monetary policy rate to deal with the situation.

    The worsening economic situation compelled the government in July to initiate contact with International Monetary Fund for an economic support programme.

  • Two arrested in crackdown on Ghana Premier League piracy

    This past weekend saw a crackdown on persons who illegally stream Ghana Premier League matches on new media platforms and social media.

    Two of the alleged culprits were arrested at the Baba Yara Stadium during yesterday’s GPL clash between Kumasi Asante Kotoko and Accra Hearts of Oak.

    Prior to that, StarTimes, the Chinese firm which signed a five-year agreement worth $5.25million with the Ghana Football Association in 2020 to be the exclusive television rights owner of the GPL and the FA Cup for five years had sent out cease and desist letters to several YouTube channels that were streaming the league matches without approval.

    Two of the letters sent out by the lawyers of StarTimes were addressed to the owners of Dan Kwaku Yeboah TV and Pepe Suarez.

    Portions of the letters read.

    NOTICE TO CEASE AND DESIST

    We act as lawyers for and on behalf of Startimes Development Ghana Limited of Accra (hereinafter referred to as ‘our client’) and write pursuant to its instructions thereof.

    The purpose of this letter is to inform you that our client reserves and own all production and broadcast rights for all the Ghana Premier League and FA CUP matches played under the auspices of the Licensor (Ghana Football Association) in respect of the 2019/2020 to 2023/2024 seasons (“the events”) that was first published on 20th January 2020 and which agreement is protected by the laws of Ghana.

    It has been brought to the attention of our client that you have made an unauthorized production and broadcast of a match played under the auspices of the GFA which is titled Match Day 1 Fixture, Aduana Stars vrs Accra Hearts of Oak played at Dormaa on the 11th day of September 2022 via live streaming to the public.

     

    As you have not sought or requested permission/authorization to use, nor to make and/or distribute, sell, lend, or lease any of our client’s exclusive right titled Match Day 1 Fixture, Aduana Stars vrs Accra Hearts of Oak, you are hereby notified to CEASE AND DESIST any and all further unlawful acts of infringement with regards to your actions relating to this matter.

    Failure to comply with this notice will confirm your complicity and leave our client with no other alternative but to proceed to file a civil action suit seeking monetary damages and compensation for court and attorney’s fees in direct result of your unlawful actions.

    It is not our client’s wish to seek legal recourse, however, our client will vehemently do all that is necessary to protect its rights and interest.

    Please take note that this letter will be the only and last warning we will provide. Therefore, you are hereby requested to immediately CEASE and DESIST any further acts and within three (3) business days of receipt of this notice, return the signed written assurance attached, affirming that you will refrain from any further acts of infringements on our client’s rights.

    Source: graphiconline

  • We’re poised to minimise debt restructuring’s impact on financial systems – Finance Ministry

    The Finance Ministry says it is poised to lessen the impact of the intended financial restructuring on the stakeholders in the country.

    According to the Director of the Ministry’s Financial Sector Division, the plight of affected parties will be prioritised as government engages with the International Monetary Fund (IMF) on the approach to the debt readjustment.

    Samson Akligoh assured that “no decision will be taken without external conversations… It is important that nothing is done to compromise the banking system and destroy people’s confidence in the banking sector as a whole.”

    He, however, fell short of highlighting whether the government is likely to settle for a domestic or external debt restructuring modality.

    This comes on the back of concerns raised by experts on the propensity of a purely domestic restructuring modality to do very little in rescuing the economic downturn.

    We're poised to minimise debt restructuring's impact on financial systems - Finance Ministry

    Institutional investors, financial institutions, and pension funds rank amongst the hardest hit by the intended debt restructure.

    As Ghana wallows in an ailing economy, experts are banking their hopes on external economic restructuring measures to help salvage the situation.

    But speaking on Newsfile, Samson Akligoh explained that the Finance Ministry has all the financial sector players at the core of its IMF talks and will be industry-led.

    “I understand why the analysis will say this… But if you’re within the Ministry of Finance the job is that you have to do whatever you can to minimise the impact so that the economy is not disrupted.”

    He also admitted that “yes, we have a difficulty. But it is not something that we cannot sail through.”

    Source: Myjoyonline

     

  • Debt restructuring impact on financial systems will be minimised – Akligoh

    The country’s financial system and investor confidence will be less affected by an impending debt restructuring program, according to the assurance provided by the ministry of finance.

    Prior to securing a US$3 billion credit facility from the International Monetary Fund, the Government of Ghana is anticipated to start discussions with domestic or foreign bondholders in an effort to restructure the country’s cedi debt.

    The nation’s debt, which has been rising at an alarming rate, will need to be restructured as one of the primary prerequisites for the credit arrangement.

    Reacting to concerns raised by some finance experts on the potential impact of the debt restructuring exercise, Director of the Financial Sector Division at the Finance Ministry, Sampson Akligoh said government will critically consider the plight of affected parties.

    “No decision will be taken without external conversations… It is important that nothing is done to compromise the banking system and destroy people’s confidence in the banking sector as a whole.”

    He, however, added that key players in Ghana’s financial sector will be prioritized as government engages the IMF on a potential support programme

    “I understand why the analysts will say this…But if you’re within the Ministry of Finance, the job is that you have to do whatever you can to minimise the impact so that the economy is not disrupted,” he is quoted by Joy Business.

    “Yes, we have a difficulty. But it is not something that we cannot sail through,” Akligoh added.

    Meanwhile, a team from the International Monetary Fund are expected to arrive in Ghana on Monday September 26 to hold official negotiations with the government of Ghana for a loan request.

    According to a Reuters report, the negotiations will centre on polices and reforms that could be supported by the IMF under economic support programme for Ghana.

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

  • US$70 million Tamale Airport Phase two project completed – Regional Minister

    The construction of the Phase two of the Tamale Airport Development Project has been completed at a cost of US$70 million and awaiting commissioning by the end of this year.

    The 5,000-square metre airport, with an annual passenger throughput of 400,000 capacity, is expected to boost the local economy, tourism and investment drive to the Northern Region.

    The expansion works included the construction of a modern terminal, VIP Lounge, two boarding gates, four self-service check-in kiosks and eight check-in desks.

    Other ancillary facilities were airline offices, commercial retail area, a multi-purpose terminal for Hajj travel facilitation, 350-capacity car park and a five-kilometre road network.

    Alhaji Shani Alhassan Saibu, the Northern Regional Minister, announced this in Accra on Sunday when he took his turn at the Minister’s press briefing.

    The Minister updated the public on major physical infrastructure and social services undertaken by the Government over the past five years, especially on health, transport, agriculture, One- District, One-Factory and projects being implemented under the Infrastructure for Poverty Eradication Programme (IPEP) by the Northern Development Authority.

    President Nana Addo Dankwa Akufo-Addo on August 15, 2019 cut the sod for the construction of phase two of the Tamale Airport Development Project and scheduled to be completed within 26 months.

    “It is on record that the Tamale Airport can boast of the best Tarmac in the country. It could be a major hub for air cargo for exporting agricultural produce in the West African Sub-region,” Alhaji Saibu emphasised.

    The interchange would boost the local economy, create employment and add to the beauty of the city, the Minister stated.

    Six flagship programmes under the “One-district, One-factory” were in operation in the Region, employing more than 1,000 permanent and 3,000 casual workers respectively, he said.

    Alhaji Saibu stated that a total of 353.79 kilometres of road projects were ongoing in the Region, with 60 per cent of them at various stages of completion.

    Also, the Ghana Highway Authority had undertaken various road maintenance works such as regravelling, rehabilitation, resealing and sectoral rehabilitation works on roads across the Region including Salaga-Bimbilla road, Tamale-Daboya road and Kpatinga-Gaa road as well as rehabilitation of the Barwah Barracks, the Minister said.

    Under the $2-billion-dollar Ghana-Sinohydro Master Project Support Management, the Minister said the first-ever Interchange in the northern sector of the country was constructed-Tamale Interchange- which was opened to traffic on March 29, 2022 by President Akufo-Addo, thereby opening up the local economy and creating many employment avenues for the teeming youth.

    On health, he said, a total of 118 projects were ongoing including CHPS compounds, health centres, clinics, maternity wards, accommodation for health workers and administration blocks, with 82 of them completed, representing 72 per cent.

    The Minister said although there had been tremendous progress in infrastructure facilities in the Region a lot more needed to be done to enhance the living standards of the people and eradicate poverty from the Region.

    Source: GNA

  • Adwoa Boatemaa Adu-Poku wins Miss Ghana UK 2022

    Held recently, Adwoa Boatemaa Adu -Poku staved off competition from 10 other beautiful ladies to take the coveted crown. She also won Miss Eloquence on the night.

    Adwoa Boatemaa Adu -Poku won for herself £1000 cash , ticket to Ghana (Easter 2023), a trip to Dubai sponsored by Koppan Hospitality, Outfits from Nelles, products from House of Hair, UKG Heritage, Natural Skincare by Viva CBV beauty treatment from LCMP and she automatically is the Face of MGUK Foundation.

    First runner-up went to Miss Margherita Melody Nana Adwoa Boatemaa Oppong. She also won the Miss Eloquence award and went home with £500 cash, products from House of Hair, UKG Heritage, Natural Skincare by Viva CBV and beauty treatment from LCMP.

    Additionally, Miss Manuella Ann Adwoa Awini won second runner-up and also Miss Eloquence award. She went home with £250 cash,, products from House of Hair, UKG Heritage, Natural Skincare by Viva CBV and beauty treatment from LCMP.

    The other award winners were Margherita Melody Nana Adwoa Boatemaa Oppong who won Best Traditional Wear award, Best Personality award went to Miss Glenda Nana Adwoa Serwaa Gaspard and Miss Social award went to Miss Esmeraldah Afiyoh Nague.

    The judges for the pageant were, Mrs Gina Haick nee Cave-Lathbridge -Manager for Coach Tapestry Brand Ambassador, Denise Hanson – Miss Ghana UK 2010, Papa Kow Bartell – Head of Trade and Investment Ghana High Commission UK and Ireland, Yvonne Abba- Opoku ACG- Director at Heartfelt Philanthropy Network and Chartered Governance Advisor and Mamaga Abu Buiekpor II of Anlo State.

    Prior to the main event, the contestants embarked on a number of activities including, mental health and wellbeing session, cultural dancing, etiquette training, cooking session, MGUK Foundation Life Skills Training and Coaching, cake decorating challenge among others.

    Speaking to the Co-Director of Miss Ghana UK, Ms Mavis Osei, she noted gratitude is all she has to render.

    “I thank God for giving us the strength to do this. Relieved that we managed to put this phenomenal show on in 2 and half months.
    The feedback has been extremely positive, one of the best Miss Ghana UKs ever. This was only made possible with funding from all our sponsors and more so the Miss Ghana UK team without everyone this would not have been possible,” she said. Massive thank you to all sponsors, supporters and media partners,” she told Graphic Showbiz.

    Source:pulse.gh

  • ‘Africa is ready for business’ – President Akufo-Addo to investor community

    “As a result, our message to the world’s investors is that Africa is open for business.
    You need Africa, and Africa needs you.
    Africa is actively creating the largest single market in the world with 1.3 billion people, so you need it.
    A customs union and a continental payment system that will speed up and streamline trade between us will be established soon.

    President Nana Addo Dankwa Akufo-Addo said these things during his speech to the 77th session of the United Nations, which is taking place in New York, United States of America.

    In his address, the President stated that Africa sees “the current geopolitical crisis as an opportunity to rely less on food imports from outside the continent and use better our sixty percent global share of arable lands to increase food production.”

    According to him, “we have seen the devastating impact of relying on Russia and Ukraine for seventy percent of our wheat consumption. We have enough land, enough water, enough gas and enough manpower to produce enough fertiliser, food and energy for ourselves and for others.”

    In spite of this, President Akufo-Addo acknowledged that “we cannot do it all by ourselves”, and asked the global investor community to see Africa for what it is – “the new frontier for manufacturing, for technology, for food production.”

    In the case of Ghana, the President told the gathering that his government has launched the successful policy of ‘One District One Factory’ – a policy, with government incentives, that has directly seen, so far, to some one hundred and twenty-five (125) enterprises being set up in various districts across the country, leveraging on each area’s competitive advantage.

    “That is why, six years ago, my government embarked on an aggressive policy of planting for food and jobs, which has helped our farmers increase their yields in folds. Indeed, we are recognising that many of the things we import can be found or produced in Ghana, or in other African countries,” he added.

    With the Secretariat of the African Continental Free Trade Area located in Ghana, the President stressed that the free trade area is driving intra-Africa trade and creating an unparalleled momentum for Africa’s economic diversity and transformation.”

    True to our knowledge that industrialisation is the way to go and, with the single market as the added incentive, President Akufo-Addo indicated that Ghana has taken policy measures to add value to her natural resources.

    “For example, we are processing more of our cocoa, refining more of our gold, and we are determined to exploit the entire value chain of our huge lithium deposits. We are busily building an integrated bauxite and aluminium industry and an integrated iron and steel industry, building new oil refineries and have, so far, attracted six (6) of the world’s biggest automobile manufacturers to set up assembling plants in Ghana, prior to producing them in the country,” he added.

    In line with the African Union’s Agenda 2063 and the United Nation’s Sustainable Development Goals (SDGs), the President indicated that Africa’s ambition is to transform her food systems over the next decade, anchored in the Comprehensive Africa Agriculture Development Programme (CAADP) and the Malabo Declaration on Accelerated Agricultural Growth.

    “What we require now is support from the investor community for the rolling out of Africa’s lucrative agro-industry, and for the community to see agribusiness in Africa as much more an opportunity than the perceived, exaggerated risk which has been the false, but dominant narrative,” he added.

    In conclusion, President Akufo-Addo tasked the United Nations “to take proper stock of this initiative and ask a few searching questions, recognising what could have been achieved with greater commitment and focus.”

  • International financial system skewed against Africa; reform it now – Akufo-Addo

    President Nana Addo Dankwa Akufo-Addo, has called for an urgent reform of the international financial system, as the current monetary system is skewed against developing countries.

    According to President Akufo-Addo, “the financial markets have been set up and operate on rules designed for the benefit of rich and powerful nations, and, during times of crisis, the façade of international co-operation, under which they purport to operate, disappears.”

    Taking his turn to speak at the United Nations General Assembly, on Wednesday, 21st September, in New York, the President stated “these are the savage lessons that we have had to take in, as the world emerged from the grip of the coronavirus to energy and food price hikes, and a worldwide rise in the cost of living. The necessity for reform of the system is compelling.”

    Stressing that “our world is currently not in a good place”, he recalled an observation by the World Bank which has described the global economy as “enduring its steepest slowdown since 1970.”

    With the world confronted by a devastating global economic pandemic, pushing Africa into its worst recession for half a century, President Akufo-Addo stated that a slump in productivity and revenues, increased pressures on spending and spiralling public debts confronted the continent without relent.

    “As we grappled with these economic challenges, Russia’s invasion of Ukraine burst upon us, aggravating an already difficult situation. It is not just the dismay that we feel at seeing such deliberate devastation of cities and towns in Europe in the year 2022, we are feeling this war directly in our lives in Africa. Every bullet, every bomb, every shell that hits a target in Ukraine, hits our pockets and our economies in Africa,” he said.

    Describing global inflation as “the number one enemy this year”, President Akufo-Addo noted that “it hit a 40-year-high in the US and UK in recent months. There is record inflation in the euro zone. Several African countries have inflation rates surging three to four times higher than what they were just two years ago.”

    In Ghana, the President indicated that “we are experiencing the highest inflation for 21 years. The high costs of food are hurting the poor, especially the urban poor, the most.”

    The spill over from the raising of interest rates by central banks across the world to combat inflation, according to the President, has been severe beyond borders, as global investors pull money out of developing economies to invest in bonds in the developed world.

    This, he explained further, has led to depreciating currencies and increased borrowing costs; meaning economies in Africa need to raise and spend more of our own currencies to service foreign debts in US dollars.

    “It has become clear, if ever there was any doubt, that the international financial structure is skewed significantly against developing and emerging economies like Ghana. The avenues that are opened to powerful nations to enable them take measures that would ease pressures on their economies are closed to small nations,” he said.

    To make matters worse, President Akufo-Addo noted that “credit rating agencies have been quick to downgrade economies in Africa, making it harder to service our debts. The tag of Africa as an investment risk is little more than, in substance, a self-fulfilling prophecy created by the prejudice of the international money market, which denies us access to cheaper borrowing, pushing us deeper into debts.”

    History, the President stressed, “will judge us harshly if we do not seize the opportunity to make the changes that will enable us deal with the many problems we face.”

    Sahel Conflict

    Touching on the conflict in the Sahel, President Akufo-Addo noted that the conflict has moved from the Sahel, inexorably, to the West African coastal countries, with all of Ghana’s neighbours suffering terrorist attacks, with some losing territorial space to the invading forces.

    The terrorist pressure, he explained, the terrorist pressure has provided a pretext for the unhappy reappearance of military rule in three (3) of the fifteen (15) member ECOWAS Community, two (2) of whom have borne the brunt of the terrorist outrages in the Region – Mali and Burkina Faso.

    “All of us in the Region are being forced to spend huge amounts of money on security. This is money we should be spending on educating and giving skills to our young people; on building much needed roads, bridges, hospitals and other such infrastructure, which we are spending to fight terrorists or to keep them out from destabilising our countries.”

    This, according to President Akufo-Addo, is a global problem, deserving the attention of the world community for a global solution.

  • NDC orchestrated the heckling of Akufo-Addo at Global Citizen Festival – NPP

    The governing New Patriotic Party (NPP) has accused the National Democratic Congress (NDC) of orchestrating the heckling of President Akufo-Addo at the 2022 Global Citizen Festival.

    President Akufo-Addo who delivered that keynote address the event was met with loud boos and hoots from spectators.

    As the crowd chanted “Away!” the President delivered his speech without a hitch.

    However, the NPP is unpleased with the incident and has taken on the NDC for it.

    Issuing a statement, Deputy Director of Communications, Ernest Owusu Bempah Bonsu said the NDC intentionally sponsored the heckling for political scores.

    Considering the country’s economic crisis, Mr Owusu Bempah said President expected a cold reception, however, it was disgraceful for the NDC to organise its supporters to go and shout down the President in the manner it happened.

    “Truly, politicians don’t expect to be popular all the time. Getting on with running the country is a job where you have to take difficult decisions a lot of the time. There’s nothing wrong if President Akufo-Addo goes to an event and receives cold reception. That’s a normal occurrence.

    “But then, to allow politics to take centre stage at such an event and single out the President unfairly for political point scoring raises serious concerns. To put it more bluntly, it is pure evil and utter disgrace for the NDC to organize its supporters to go and shout down the President the manner it happened,” he said.

    Read his full statement below.

    NDC’s evil machinations and chorus of jeers at Akufo-Addo

    There was much consternation and even more navel-gazing Saturday night about patrons serenading Akufo-Addo with boos and chants of “away” “away” during the Global Citizen concert at the Independence Square.

    Some saw it as a rightful comeuppance for the President, while others saw it as a disheartening confirmation of the polarization of our society.

    But then, there’s a twist to this disgusting enterprise. As President Akufo-Addo begins to give his speech at the Global Citizen concert at Independence Square last night, the crowd’s mood appeared normal. Moments later, the boos emerged and as that kindling took light, chants of “away, away” echoed throughout the place.

    Quite frankly, in normal sporting or entertainment events, fans boo. It might not be printed on the ticket, but fans believe the price of admission includes a right to express themselves about pretty much anything that goes on at the ballpark, stadium or arena. They whistle, jeer and taunt, and no one – players, coaches, other fans, even mascots are immune.

    To think President Akufo-Addo would be spared that kind of reception, or be outraged that he wasn’t, is either naïve or sanctimonious.

    Truly, politicians don’t expect to be popular all the time. Getting on with running the country is a job where you have to take difficult decisions a lot of the time. There’s nothing wrong if President Akufo-Addo goes to an event and receives cold reception. That’s a normal occurrence.

    But then, to allow politics to take centre stage at such an event and single out the President unfairly for political point scoring raises serious concerns.

    To put it more bluntly, it is pure evil and utter disgrace for the NDC to organize its supporters to go and shout down the President in the manner it happened.

    As a matter of fact, the mean-spirited treatment of President Akufo-Addo, and the fact that the president’s appearance prompted loud and sustained boos and jeers from partisan NDC crowd at the global citizen event crossed some bright lines.

    The question of political civility is a common debate topic in our political economy, to the extent that responses almost feel predetermined. But this relatively predictable moment still felt worrying and, given the venue, particularly a global event of this magnitude, we ought to speak out.

    Never before in the history of this country has a president, who by the way, has done more than any other president in recent times, and for all demographics been treated so unfair and disrespected.

    It’s very difficult to imagine that the political opposition to Akufo-Addo does not recognise the fact that this choreographed hogwash they put up last night has the potency to bite them in the arise. When political opposition determines that they have a big stomach or taste for the fight, they are encouraging, then we have a huge trouble on our hands.

    The Ghanaian partisan politics that became the national status quo since the dawn of the fourth republic needs fine-tuning because the political rhetoric and behaviour considered acceptable are on a sliding scale. It is time to separate social issues/politics from entertainment and sport.

    Ernest Kofi Owusu Bempah Bonsu
    Deputy Director of Communications, NPP

    Source: Myjoyonline

     

     

  • Yaw Annor set for Togo debut after completing nationality switch

    Ghanaian-born Togolese international, Yaw Annor has arrived at Togo national camp in Morocco ahead of his national team debut following his nationality switch.

    The 2021/2022 Ghana Premier League top scorer who is currently playing for Ismaily SC in the Egyptian League completed his nationality switch in August 2022.


    The former Bechem United winger is expected to make his maiden appearance for Togo in their game against Equatorial Guinea on Tuesday, September 27, 2022.

    The 24-year-old former Ashantigold striker could have made his debut in Togo’s 2-1 loss to Ivory Coast on Saturday but missed out due to late arrival in camp.

    Yaw Annor scored 22 goals to win the Ghana Premier League top scorer award while beating Asante Kotoko’s Franck Etouga who scored 21 goals.

    Source: Ghanaweb

  • 505 Artisans in Ashanti Region acquire NVTI certification

    Five hundred and five artisans from the Ashanti Region have taken part in the National Vocational Training Institute’s (NVTI) skilled proficiency examination with support from the Ghana National Petroleum Corporation (GNPC) through its foundation.

    The exams formed part of activities under the Skilled Artisans Project (SAP) aimed at equipping artisans with competency based certification.

    The beneficiaries were drawn from Offinso, Bekwai, Mampong and Kumasi and were tested in two modules: domestic and technical.

    The domestic modules included cookery, bakery, dressmaking, tailoring, hairdressing, interior decoration and make-up artistry, while the technical modules comprised plumbing, carpentry, auto-mechanics, general electrical and aluminium fabrication.

    Objective

    Addressing the media after inspecting the candidates at the various centres in the region, the Executive Director of the GNPC Foundation, Dr Dominic Eduah, said the objective of the project was to empower the youth with employable skills and also set them up to become masters and employers.

    He said over the years, the focus had been on those in the formal sector to the detriment of those in the informal sector.

    He said due to that, the SAP was introduced two years ago to also add those in the informal sector to help them acquire certification for their areas of trade.

    “The process is very simple; we want to move them from an informal sector to a semi-formal sector. That is, they also get the opportunity to be certified and acquire soft skills in book keeping and investment,” he said.

    He explained that the SAP was a livelihood empowerment programme designed to support the youth across the country with the much needed technical and vocational skills that could match up with the best standards anywhere.

    Dr Eduah said the NVTI certification phase of the project was necessitated by the need to boost their employability and credibility as trained artisans.

    Dr Eduah said Ashanti Region was the fifth region to benefit from the project after the initial ones for Western and Western North, Central, Eastern and Greater Accra.

    He stated that this year, the foundation was sponsoring a total of 2,050 artisans including 505 from the Ashanti Region.

    Target

    He said the foundation targeted those who had already learnt the skills but didn’t have what it took to set themselves up.

    “We are offering young people, who are inspired to learn these important trade skills, the requisite tools and equipment needed to start their own entrepreneurial businesses, in a bid to make them economically independent to support themselves and their families,” he said.

    Source: Graphiconline

     

  • Jojo Wollacott not good enough – Sonnie Badu calls for new goalkeeper

    Ghanaian gospel musician, Sonnie Badu believes Jojo Wollacott is not gifted enough to be Ghana’s safest pair of hands at the 2022 FIFA World Cup.

    With just a few weeks to the World Cup, Ghana’s goalkeeping department has become a worry for fans after the Black Stars flaws were uncovered in their 3-0 defeat to Brazil.

    According to Sonnie Badu, the Black Stars need goalkeeper who is good at communicating and commanding his defence.

    He suggested that the coach Otto Addo must consider making Orlando Pirates goalkeeper, Richard Ofori the number one for the Black Stars although he believes Jojo Wollacott can be Ghana’s ‘best shot stopper’ in future.


    “In all honesty, I am very worried about our goalkeeper. It’s not that he’s not good, but I think in time he will be one of our best shot-stoppers,” Sonnie Badu stated in a post on Facebook.

    “However, for now, we need a very confident keeper who has great command at the back and in the pole and also communicates clearly.

    “I hardly saw him saying a word at the back, maybe they don’t get it, because with Ghana Blackstars you play with passion. I think the coach should strongly consider using Ofori as our number 1 … Well, I guess he knows better. #Ronaldo will be waiting for us with his free kicks,” he stated.

    Jojo Wollacott conceded three goals in Ghana’s 3-0 defeat to Brazil in a friendly match played on September 23rd, 2022.

    Source: Ghanaweb

  • Chamber of Mines to sell 125,000 ounces of gold to BoG by December 31

    Under the Bank of Ghana’s (BoG) Domestic Gold Purchase Program for 2022, the Ghana Chamber of Mines intends to sell approximately 125,000 ounces of gold to the BoG.

    The time frame for this sale is September 2022 to December 2022.

    The choice was made as a result of a meeting between Vice President Alhaji Dr. Mahamudu Bawumia, other members of the Economic Management Team, and some stakeholders, including the Bank of Ghana, the Ministry of Lands and Natural Resources, the Minerals Commission, PMMC, and the leadership of the Chamber, to discuss the implementation of the BoG’s Gold Purchase Programme in light of the nation’s economic challenges.

    Ahead of that meeting, Newmont Ghana had already sold 3,500 ounces of gold to the Bank of Ghana as part of the programme.

    Vice President Dr. Bawumia noted after the meeting that “it was agreed that to help shore up the foreign exchange reserves of the Bank of Ghana, starting September 1st, the Bank of Ghana will purchase a portion of the output of the gold mining companies on a continuous basis at world market prices, but payment will be made in Ghana cedis”.

    “This will represent a significant and sustainable addition to Ghana’s foreign exchange reserves over time and strengthen the country’s balance of payments position”, the Vice President added.

    President of the Chamber, Mr. Joshua Mortoti stated that “as good corporate citizens the Chamber supports the programme,” noting that the Gold Purchase Programme will be mutually beneficial to all stakeholders.

    On his part, the Chief Executive Officer of the Chamber, Mr. Sulemanu Koney, stated that members of the Chamber will further engage the Central Bank to fast-track the implementation of the program.

    Discussions on the Gold Purchase Programme started in 2020 between the BoG and gold-producing member companies of the Chamber to support Ghana’s foreign exchange reserves.

  • I need a linkup with Usher – Mr. Drew

    Mr. Drew has asked for a possible meet-up with American songwriter, singer, and dancer Usher.

    The young budding artist has said that the American music man has been an inspiration to him leading to his career path in music and that has contributed to his craftmanship and brand as an artist.

    The “Shuperu” hitmaker shared on social media, how he’d like to meet up with the R&B singer, he said in his tweet.

    Should Ghanaians be expecting a possible collaboration with Usher after the link-up?

    The singer landed in Ghana ahead of his performance at the Global Citizen Festival happening at the Blackstar square on Saturday, September 24, 2022.

    The 2022 Global Citizen Festival returns for its 10th-anniversary edition on Saturday, September 24, 2022, to call on world leaders and major corporations to take urgent action for girls, for the planet, and to end extreme poverty NOW.

    Artists including Sarkodie, TEMS, Neil Young with Crazy Horse, Foo Fighters, The Black Keys, Band of Horses, and K’Naan will perform at the Global Citizen Festival.

    With two stages in international cultural capitals, the 2022 Global Citizen Festival will be broadcast globally from New York City’s Central Park, presented by Citi and Cisco, and Black Star Square in Accra, Ghana, presented by Harith General Partners.

    It will be hosted by award-winning actor, playwright, and activist Danai Gurira. Other presenters joining her include Berla Mundi, Joselyn Dumas, Michaela Coel, Nomzamo Mbatha, and Sabrina Dhowre Elba.

    Source:pulse.gh

  • Check out Nicaragua’s form ahead of Ghana friendly

    Nicaragua will go head-to-head with Ghana at the Estadio Francisco Artés Carrasco on September 27, 2022.

    This will be the first meeting between the two countries and the Nicaraguans will be feeling confident about winning the tie.

    Nicaragua are ranked 139th by FIFA but they are in some decent form juxtaposed with Black Stars.

     

    In their last five matches, the North American side have won three, lost one and drew one.

    They beat Trinidad and Tobago 2-1, drew two-all with Saint Vincent and the Grenadines, and beat Bahama 0-2 and 4-0 in a doubleheader before losing Suriname 2-1.

    Ghana, on the other hand, are without a win in their last four matches losing two and drawing two.

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

    Source: Ghanaweb

  • ECOWAS regulators to meet in Ghana over regional electricity market

    Regulators and operators of electricity in West Africa will meet in Accra to review some developments in the regional market.

    The three-day meeting will start on Monday, September 26 and end on Wednesday, September 28, 2022, a statement issued by the Department of Communication, ECOWAS Regional Electricity Regulatory Authority (ERERA) said.

    With the imminent launch of the second phase of the regional electricity market, ERERA is expected to put in place the enabling regulatory framework which will help in fast-tracking the development of the regional electricity market.

    The experts would, among others, consider the Detailed Rules and Procedures for Market Surveillance as a guide to provide transparent procedures and processes to monitor the regional electricity market.

    The Market Surveillance Rules would specify the roles to be played by national regulatory authorities, Transmission Service Operators and System and Market Operators.

    This is to ease effective monitoring of the market and prevent abuse and distortions and sanction defaulters, the statement noted.

    The draft Market Surveillance Rules include draft Guidelines for Market Surveillance of ECOWAS Regional Electricity Market, analysis of Existing Bi-lateral Contracts for Conformity with Model Bi-lateral Agreement.

    The draft also has the ECOWAS Market Documents, as well as the Report on Definition and Revision of the Detailed Rules and Procedures for Market Surveillance.

    It said the meeting would also review the Gap Analysis Report of a recent study, which was related to the Functional Model on System Reliability and Electricity Market for the ECOWAS Electricity Market.

    Again, the regional experts would review the draft rules for the Harmonisation of Licensing Criteria for the Regional Electricity Market, the statement noted.

    The harmonised framework for granting of licenses and authorisations for participation in the power market includes guidelines for grant of export and import licenses for cross-border power trading in ECOWAS countries and a model export and import licenses for adoption by Member States.

    According to ERERA’s documents, a harmonised licensing framework would provide the regulatory tools that will help regulators keep an oversight of the market and help ensure that licensing does not restrict entry by players into the regional electricity market.

    The participants at the meeting would be updated on the ECOWAS Directive on the Organization of the Regional Electricity Market, with emphasis on the drafting of national roadmaps.

    Source: GNA 

  • Association of Sachet and Packaged Water Producers in Upper West backs prices increment

    The National Executive Committee‘s planned increase in the price of sachet and bottled water has been supported by the Upper West Regional branch of the Association of Sachet and Packaged Water Producers.

    The members claim that the increases were brought on by the rising costs of packaging materials, which are primarily imported, of fuel, power, and water, as well as the rising exchange rate of the dollar against the cedi, which has already caused the demise of certain businesses.

    At a news conference conducted in Washington on Sunday, September 25, 2022, the association announced this.

    The engagement was aimed at riding on the back of the media to explain to the general public on the need for the increase in prices of their products.

    Addressing the media, Secretary to the association – Mr. Wiyor Abass Mbulibee, outlined the factors that necessitated the call for the increment in sachet and bottled water prices.

    According to him, the decision by the National Executive Committee of the National Association of Sachet and Packaged Water Producers served as a guide during the deliberation of the local association held on September 24, over the rising cost of production and the subsequent decision to review the pricing of their products.

    “The factors that necessitated the increase are rising cost of fuel per litre. Since late March 2022, the increase in fuel prices is about 61%. Packaging material is on a serious rise and still rising daily. In January this year, a kilogram of roll was ¢16.50 (but) as we speak now today, it’s ¢27.00 per kilogram. Packaging bags in January 2022, was ¢16.00 but now it’s ¢30.00.

    We need to comment and say that these materials are imported and not produced in Ghana. Electricity is another hurdle that members of this association face day in, and day out. And we all know that with effect from 1st September 2022, it was announced that prices of power and water were increased. In January 2022, the Dollar was about ¢6.00, today it’s a little above ¢10.00.”

    The association also mentioned other indirect expenditures such as the cost of maintaining the sachet water-making plant, the servicing of vehicles as well as the payment of workers that all add up to the total cost of production.

    They are therefore appealing to retailers and consumers alike to bear with them with the increment since that is the only way they can continue to be in business having had some companies closed down as a result of not being able to cope with the high cost of production.

    On the back of the hikes in the cost of production, the association, in line with the recommendation by the National Executive Committee’s past review for increment, indicated the new price of single sachet water would now stand at ¢0.50 per 1 whilst a bag of sachet water from the producers to the retailers sells at ¢7.00 which is to be sold at ¢9.00 by retailers to the final consumer.

    “Yesterday after our deliberations and analysis, the production cost, the price of 1 sachet water – the one an individual takes to drink which is to be sold by retailers ¢0.50 per 1. The price of 1 bag of sachet water from producers, should be ¢7.00. Price of 1 bag of sachet water from the retailers – we mean those who buy from the producers. Retail should be ¢9.00,” the secretary indicated.

    The National Association of Sachet and Packaged Water Producers (NASPAWAP) had reviewed the prices of bottled and sachet water upwards due to what they say is the hikes in the cost of raw materials which are mostly imported, fuel, electricity, and water, among others.

    By the upward adjustments, a bag of sachet water was to be sold at ¢7.00 by the producers to retailers who would sell to consumers at ¢9.00 per bag.

    The price of one piece of the sachet water would now be retailed at ¢0.50p, while the 500ml bottled water would also be retailed at ¢2.00 and the 750ml bottled going for ¢3.00.

  • US$70 million Tamale Airport Phase two project completed – Minister

    The Tamale Airport Development Project’s Phase Two of development has been finished, costing US$70 million, and is ready for commissioning by the end of the year.

    The 400,000 passenger capacity, 5,000 square meter airport is expected to increase investment, tourism, and the local economy in the Northern Region.

    A contemporary terminal, a VIP Lounge, two boarding gates, four self-service check-in kiosks, and eight check-in desks were all built as part of the extension project.

    Additional amenities included airline offices, a commercial shopping center, a multipurpose terminal for Hajj travel assistance, a 350-space parking lot, and a five-kilometer road system.

    Alhaji Shani Alhassan Saibu, the Northern Regional Minister, announced this in Accra on Sunday when he took his turn at the Minister’s press briefing.

    The Minister updated the public on major physical infrastructure and social services undertaken by the Government over the past five years, especially on health, transport, agriculture, One- District, One-Factory and projects being implemented under the Infrastructure for Poverty Eradication Programme (IPEP) by the Northern Development Authority.

    President Nana Addo Dankwa Akufo-Addo on August 15, 2019 cut the sod for the construction of phase two of the Tamale Airport Development Project and scheduled to be completed within 26 months.

    “It is on record that the Tamale Airport can boast of the best Tarmac in the country. It could be a major hub for air cargo for exporting agricultural produce in the West African Sub-region,” Alhaji Saibu emphasised.

    The interchange would boost the local economy, create employment and add to the beauty of the city, the Minister stated.

    Six flagship programmes under the “One-district, One-factory” were in operation in the Region, employing more than 1,000 permanent and 3,000 casual workers respectively, he said.

    Alhaji Saibu stated that a total of 353.79 kilometres of road projects were ongoing in the Region, with 60 per cent of them at various stages of completion.

    Also, the Ghana Highway Authority had undertaken various road maintenance works such as regravelling, rehabilitation, resealing and sectoral rehabilitation works on roads across the Region including Salaga-Bimbilla road, Tamale-Daboya road and Kpatinga-Gaa road as well as rehabilitation of the Barwah Barracks, the Minister said.

    Under the $2-billion-dollar Ghana-Sinohydro Master Project Support Management, the Minister said the first-ever Interchange in the northern sector of the country was constructed-Tamale Interchange- which was opened to traffic on March 29, 2022 by President Akufo-Addo, thereby opening up the local economy and creating many employment avenues for the teeming youth.

    On health, he said, a total of 118 projects were ongoing including CHPS compounds, health centres, clinics, maternity wards, accommodation for health workers and administration blocks, with 82 of them completed, representing 72 per cent.

    The Minister said although there had been tremendous progress in infrastructure facilities in the Region a lot more needed to be done to enhance the living standards of the people and eradicate poverty from the Region.

  • GITFiC launches book on AfCFTA

    To actualize the dreams of African Continental Free Trade Area (AfCFTA) and keep it afloat, the Ghana International Trade and Finance Conference (GITFiC) has taken a step further to launch a handbook on its activities.

    The book; ‘Actualising the African Economic Vision; A practical handbook on AfCFTA’, which was launched at the Pacific Alliance Embassy in Accra received high patronage and would serve as the guideline for African leaders, the Academia, Trade and Finance community and all other participants of the AfCFTA.

    In his welcome address, Mr Selasi Koffi Ackom, Chief Executive Officer of GITFiC said it took a great deal of work with of consultations, in-depth analysis, and references to come out with the final product.

    “This journey began for us when we took the 3rd conference to the Headquarters of the African Union Addis Ababa in 2019 and succeeded in getting a number of stakeholders from the four corners of the continent to the 3rd conference, including; Finance Ministers, UNECA, Trade & Development Bank in Kenya. ECOWAS Bank in Lome, Afrexim Bank in Egypt, Trade Ministers, Finance and Trade Experts, Agric, Aviation et al”.

    He said in 2020, they brought Chief Trade Negotiators, Deans of Premier Universities and Senior Media men and women from Africa back to Accra to advance the conversation on the AfCFTA, when Accra was officially declared the Commercial Capital.

    “Rightly so because Accra hosts the AfCFTA secretariat and has a rich history of both colonial and present, cross border trade emergence and also as the first country in Africa, south of the Sahara to gain independence.

    He said in 2021 they brought monetary and financial magnets from Central Banks in Africa to major stakeholders to discuss the Pan African Payment and Settlement System and its regulatory antecedents, where President Akufo-Addo gave the Keynote address through Vice President Mahamadu Bawumia.

    He said it was revealed in sections of the survey report that literature on the AfCFTA were missing and despite the gross interest in the subject matter by the public, almost nothing concrete was there to read more so, in a simplified form.

    Mr Ackom said the book was inspired by all Heads of State on the African Continent and the advent of the AfCFTA had received substantial interest and set forth a renewed sense of optimism and conviction that seeks to propel Africa into the league of global trade powerhouse.

    He said the book was expected to reach every educational complex on the continent through the help of State Agencies, Continental Institutions with requisite funding and Corporate Africa at large.

    “This book has been devoid of large leaflets and content. The main aim here is to encourage reading and attract same. The book comprises 10 chapters however; these 10 chapters give a complete understanding of the AfCFTA and its functional implementation structures and practically expose the reader to the opportunities within the AfCFTA.

    “The book has diagrams, info-graphics and photos to spice reading and give a pictorial meaning to the context and content and is currently in two languages; English and French and the African Union has recommended for our immediate attention to have the book translated in all recognized languages by the Union in a message sent to us on September 7th, 2022. These languages include; Arabic, Kiswahili, Portuguese and Spanish.”

    He said plans were afoot to translate it into Spanish, Arabic and Portuguese.

    He commended Ambassador Albert Muchanga, Mr. Nyame-Baafi, Mr. Bernard Afreh, Mr Tsornam Akpeloo and several other Chief Trade Negotiators who contributed to the practical book in diverse ways.

    Madam Claudia Turbay Quintero, Colombian Ambassador on behalf of the Pacific Alliance Embassy made up of Colombia, Mexico, Peru and Chile, said the launch of the book was an opportunity for the alliance to work hand-in hand with AfCFTA.

    She said they were forming an internal integration and that would be extended to Ghana and AfCFTA in general adding “we want to go closer to Africa.”

    Mr Bernard Afreh, Lead Consultant for GITFiC said the launch of the AfCFTA and the book would enhance trade and economies of Africa in succeeding yeaars and improve the lives of over 1.5 billion people.

    He appealed to financial institutions and Commercial and Trade communities to make good use of the literature contained in the book.

    Other speakers at the programme included Mr Tsonam Akpeloo, Greater Accra Regional Chairman of Association of Ghana Industries, Mr Joe Ghartey, Former Member of Parliament for Essikao-Ketan in the Western Region, and Ambassador Albert Muchanga.

    Over 6000 copies of the book which has a street cover price of GHS 100 were sold at the launch.

    Source: GNA

  • Five changes Ghanaians would love to see in Ghana’s game against Nicaragua

    Against a less-fancied opponent in Nicaragua, coach Otto Addo has a perfect chance to convince Ghanaians of how his team could look at the World Cup.

    If Brazil were too big a team for him to implement his plans to perfection, a Nicaraguan side that lie 139th on the World Ranking should give him no such headache.

    Following the disastrous display against Brazil, there have been calls for changes, and here are highlights of five things Otto Addo must do in Tuesday’s game.

    Change the system

    Ghana found some stability in the second half against Brazil when Otto Addo switched to the three-back system.

    Many believed that the players in camp are more suited to the three-back system with wings backs and three forwards.

    It is the expectation of many that Otto Addo will go for a 3:4:3 formation.

    Change the goalkeeper

    Though he cannot be solely blamed for the goals conceded against Brazil, there is a feeling that Jojo Wollacott is not really up to scratch.

    He appears to lack the confidence and presence to command the goal areas. With the game being a test match, Otto Addo should try Richard Ofori and Manaf in the post.

    Sports Debate: Ghanaians share predictions for Ghana-Brazil clash

    0 seconds of 12 minutes, 48 secondsVolume 90%

    Protect Ayews and Baba Rahman from further abuse

    Baba Rahman and the Ayew brothers were the most vilified in the aftermath of Ghana’s drubbing at the hands of Brazil.

    Many believe that the three players do not deserve to be in the starting team as they have consistently failed to perform in Ghana jersey.

    Whiles some disagree, it will be right that Otto Addo protects from the public attack by not playing or starting them.

     

    Learn to defend and score from set-pieces

    Two of the goals that Ghana conceded against Brazil were from set-pieces. The mistakes were elementary as on both occasions, the Brazil attacks had a free run to attack the ball.

    Otto Addo must show that it has taken notice of that by working on it in training and showing the result during matches.

    Additionally, the team must also learn to create chances from set pieces they get. Set-pieces have now become an important avenue for goals.

    Give Elisha Owusu, and Afriyie Barnieh a chance

    In his brief cameo against Nigeria in March, Elisha Owusu gave an indication of what he could bring to the team.

    He has however not had enough time to fully convince Ghanaians that he merits his call-up.

    Afriyie Barnieh also deserves his chance to show that he was not just called up to make the numbers but as a potential candidate for the World Cup.

    Source: Ghanaweb

     

     

     

  • Banks are on brink of insolvency, over $1b needed for financial sector clean-up – Bright Simons

    Vice President of IMANI Africa, Bright Simons has painted a bleak picture about the state of Ghanaian banks as the country’s fiscal system is in distress.

    Speaking at the 2022 Baah-Wiredu Memorial Lecture on Thursday, Bright Simons noted that some banks are on the verge of insolvency due to the government’s inability to protect the country’s fiscal space.

    He explained that the situation as it is will cause “catastrophic problems” for the economy and the government will need more than its projected $ 1 billion for a financial sector clean-up.

    “Some banks are already on the brink of capital distress, some banks are literally on the brink of insolvency in Ghana now because of the government’s attitude that well the fiscal authorities do not have money and so I do not have the $ 1 billion that I need to fix the problem, I am just going to leave it for now.

    “We had a run on one or two banks because they keep failing clearing and the word goes out that they are failing clearing and because of that people start to pull out their monies, we are seeing that in the investment side…we know that the $1billion that the Governor says it is waiting for is not enough,” he said.

    He added that asset quality reviews done on some banks revealed their distressing positions and urged the government to tread cautiously in dealing with the matter.

    “When we do an asset quality review, things that were hidden pop up. Do you remember those days when they announce profits, a large amount and they were winning awards and all of a sudden we did an asset quality review and things started to become frightening…I think that the government has to be extremely careful,” he noted.

    The government has since 2018 spent about GH₵25billion on the banking sector clean-up to save the deposits of customers.

    Source: Myjoyonline

  • Effia-Kwesimintsim Municipal Assembly exceeds 2021 IGF target

    The Effia-Kwesimintsim Municipal Assembly (EKMA) last year generated three million, seventy-nine thousand two hundred and sixteen Ghana Cedis, ninety-seven Ghana pesewas (GHC 3,079,216.97).

    The amount represented 104.87 per cent collection rate of Internally Generated revenue projection of GHC 2.93 million.

    Mr Kojo Acquah, the Municipal Chief Executive (MCE), who made this known to the Ghana News Agency, said a total budgeted revenue for the year was more than GHC 29.85 million.

    Of the amount, he said, GHC 20.08 million was realized as of 31st December, 2021.

    He said to meet the projections, a Revenue Management Committee was constituted to ensure that all rated properties were billed and collected.

    Mr Acquah said the Revenue Taskforce of the Assembly helped in a mass mobilization of revenue which accounted largely for the surplus of the actual collection of IGF.

    On expenditure, he said, the total expenditure budgeted for the period was GHC 29.88  million.

    He said the Assembly spent a total amount of GHC 21.7 million,  representing 72.83%.

    Mr Acquah announced that Management had formed a thirteen member Municipal Research and Proposal Committee to identify and submit proposals for financial aid from local and international institutions.

    He mentioned that work had begun and reports on the efforts and achievements of the Committee would be communicated to all relevant stakeholders in due course.

    On collection of Property Rates, he said, the Assembly was able to lobby GIZ, an International Organization in Germany, to assist in revenue mobilisation in the areas of property rate and Business Operating Permit (BOP) collections.

    Mr Acquah said an assessment of the property and business rates collection of the Assembly revealed that its existing data on property and business owners was not linked to its spatial maps of street addresses, which made it difficult for revenue officers to easily identify rate payers.

    “By virtue of this, the Assembly with support from GIZ would obtain fresh data on all properties and businesses within the Municipality for an update of its street address maps towards effective bill distribution and collection”, the MCE indicated.

    Source: GNA

  • Chamber of Mines to sell 125,000 ounces of gold to central bank

    Gold producing member companies of the Ghana Chamber of Mines will, between now and December 2022, sell about 125,000 ounces of gold to the Bank of Ghana (BoG) under the central bank’s  Domestic Gold Purchase Programme.

    The decision followed a meeting between Vice President Alhaji Dr. Mahamudu Bawumia, some other members of the Economic Management Team, the Bank of Ghana, the Ministry of Lands and Natural Resources, Minerals Commission, PMMC as well as the leadership of the Chamber to consider the implementation of the BoG’s Gold Purchase Programme in the light of the country’s economic challenges.

    Ahead of that meeting, Newmont Ghana had already sold 3,500 ounces of gold to the Bank of Ghana as part of the programme.

    Vice President Dr. Bawumia noted after the meeting that “it was agreed that to help shore up the foreign exchange reserves of the Bank of Ghana, starting September 1st, the Bank of Ghana will purchase a portion of the output of the gold mining companies on a continuous basis at world market prices, but payment will be made in Ghana cedis”.

    This will represent a significant and sustainable addition to Ghana’s foreign exchange reserves over time and strengthen the country’s balance of payments position”, H.E. the Vice President added.

    President of the Chamber, Joshua Mortoti stated that “as good corporate citizens the Chamber supports the programme”. Noting that the Gold Purchase Programme will be mutually beneficial to all stakeholders.

    On his part, the Chief Executive Officer of the Chamber, Dr. Sulemanu Koney, stated that members of the Chamber would further engage the Central Bank to fast-track the implementation of the programme.

    Discussions on the Gold Purchase Programme started in 2020 between the BoG and gold producing member companies of the Chamber to support the Ghana’s foreign exchange reserves.

    The Ghana Chamber of Mines is the main minerals industry association in Ghana. The Chamber represents the collective interests of companies involved in mineral exploration, production and processing in Ghana.

    Source: GNA