Day: March 24, 2022

Kwahu Aduamoa (E/R), March 24, GNA – The Kwahu Aduamoa Information and Communications Technology (ICT) Centre has been outfitted with about 30 computers, projectors, and a router to improve effective ICT teaching and learning in the community.

The equipment was provided by the Kwahuman Association in Belgium, led by Nana Okotwerebour Ampadu, the Kwahumanhene in Belgium, the Ghana Investment Fund for Electronic Communication (GIFEC), and Madam Naomi Ansomaa, a Kwahu Aduamoa native living in Germany.

Nana Kwame Oduro Apenteng II, Krontihene of Kwahu Aduamoa, who presented the items to the centre on behalf of the donors, said the purpose of the donation was to provide practical ICT education to students who study in the community to contribute to Ghana’s technological revolution.

He said the new computers would be used to replace those that have become faulty since the inception of in 2017, and urged the students to take their computer studies seriously.

He said the world was revolving around digital literacy and so it was, therefore, critical to assist children in schools in obtaining the necessary logistics to thoroughly study ICT in order to contribute to the national digitalization agenda.

Nana Apenteng II advised the youth to focus on the positive aspects of the internet and to use it creatively to address community challenges.

He praised the association and the philanthropists for their contributions to the area’s development, and urged parents to take a more active role in their children’s education.

Mr Samuel Owusu Annor, the Headteacher of the Aduamoa Roman Catholic School, who received the computers on the school’s behalf, said practical ICT education was a challenge in schools because students were only taught the theories and not practicals.

He thanked the Association for the gesture and urged NGOs, churches, corporate institutions, and philanthropists, both at home and abroad, to help schools in the area with infrastructure.

Nana Afia Boatemaa, Kwahu Aduamoa Wirempemhene in Accra, gave a GHS1,000.00 cash donation to the Roman Catholic and Presbyterian Junior High Schools to promote sporting activities.

Source: Ghana News Agency

To celebrate this year’s World Oral Health Day in Ghana, the Ministry of Information, together with Pepsodent, Ghana Dental Association and other relevant stakeholders, have joined forces to encourage Ghanaians take control of their oral health and avoid severe pain, costly and complicated treatments, and ultimately tooth loss.

To mark the day, a panel discussion was held at the Ministry of Information as part of an ongoing campaign which has been themed ‘Don’t Wait Until It’s Too Late #TalkToADentist’. It stems from global research conducted by Pepsodent which suggests that in Ghana, 4 out of 5 people have lost teeth by the age of 65.

Panelists discussed the biggest barrier to accessing dental care, signs to look out for before seeking professional dental advice and some initiatives engaged by Pepsodent in preventing serious problems that lead to tooth loss among Ghanaians.

The discussion featured Joel Boateng, Oral Care Category Manager, Unilever Ghana, Dr. Cecilia Kakrabah-Quarshie, Vice President of Ghana Dental Association, Eno Quagraine the Founder & CEO of Talkative Mom, Ghana’s First Parenting App. It was moderated by Anita Erskine, seasoned bilingual broadcaster.

In his address to Ghanaians to mark WOHD, the Minister of Information, Honorable Kojo Oppong Nkrumah, said, ‘Oral health is important because it is critical for wellbeing. It is also important because it affects the people around you. And so, I want to encourage you not just to brush regularly, but to take better care of your general oral health and make it a point to visit your dentist regularly.’

Joel Boateng outlined how Pepsodent is working with its partners to ensuring Ghanaians across the country get free dental screening.

He said, ‘As part of our brand’s ongoing mission to unleash the power of healthy smiles by eradicating oral disease for everyone, we are providing free dental check-ups via dental screenings centres around the country. We are also televising free dental consultation in partnership with the Ghana Dental Association through our popular TV programme Time with The Dentist. Through these services, we aim to help Ghanaians take control of their oral health to avoid tooth loss’

This year’s celebration was characterized with free dental screening at the ministry of information which saw students, members of staff of the ministry and the general public walk in for free dental services.

You can also get your free dental screening at Accra Mall, Achimota Mall, Junction Mall, Okaishie market and some selected communities across the country.

To find out more and follow the ‘Don’t Wait Until It’s Too Late #TalkToADentist’ campaign, follow @PepsodentGH on social media

Source: Ghana Web

–The Minority in Parliament has faulted the Ministry for Communications for the stampede that occurred at the National Identification Authority (NIA) head office at Shiashie, in which one person got injured.

The group attributed the incident to the badly considered directive from the Ministry for Communications that by March 31, 2022, if the SIM cards are not re-registered, they would be deactivated.

Mr Samuel Nartey George, Deputy Ranking Member on the Communications Committee addressing the media in Parliament House stated that the instruction by the Communications Ministry created panic in some people, thus the rush to meet the deadline causing the stampede.

He said the Minister for Communication and the Director-General of the National Communication Authority (NCA) could have been proactive to avoid the incident.

“This should not have happened, whatever the faith of the injured persons is, we hold the Minister for Communications and the Director General of the NCA solely responsible for the unfortunate incident that has happened. The NCA and the Minister for Communication are fully aware that the directive they have given is untenable. It makes no meaning to suggest that on 31st March 2022 they would deactivate sim cards”

Mr Sam George also urged the NIA to halt the mass registration of identification cards at their offices and channel their resources to the district offices to prevent citizens from traveling long distances and massing up at the NIA offices.

“The NIA remains a national security installation, the integrity of the biodata is as stake. Today it is stampede… tomorrow it could be arson. How do you handle this with the number that you are allowing there?” he questioned.

He said per the NCA’s own report, less than eight million sim cards had been registered and there were over 40 million active sim cards and questioned whether the NCA would deactivate the 32 million sim cards.

Mr Sam George also called for an extension of the deadline for the re-registration and an apology to the victims and families of the injured

“You will expect a proactive agency and ministry to have by now announced the extension of the re-registration of the sim cards” he added.

He said even though they received information, the government is willing to extend the deadline for re-registration but does not know what is holding them back.

Source: Ghana News Agency

Berekum, (B/R), March 24, GNA – About 40 vulcanizers in the Berekum Municipality in the Bono Region have undergone a day’s training to upgrade their knowledge on tyre safety.

The training organised by the Bono Regional Office of the National Road Safety Authority (NRSA) exposed the vulcanizers to tyre specifications and general safety of tyres including manufacturing and expiry dates.

Mr Kwasi Agyenim Boateng, the Bono Regional Director of the NRSA, told the Ghana News Agency (GNA) it was imperative to engage the vulcanizers, upgrade their knowledge as well as identify and help tackle challenges confronting them.

He indicated vulcanizers were key stakeholders in the transport industry, hence the need to regulate their activities.

“It was essential to upgrade their knowledge on the type of tyres and the required tyre pressures good for vehicles.

“We have realized most of the vulcanizers do not understand the nature of their work because many of them are not having formal education,” Mr Boateng stated.

He assured the Authority would continue to collaborate with other stakeholders to help stem road accidents in the country.

Chief Inspector Jeffrey Oppong Sarfo, Station Officer, Berekum Motor Transport and Traffic Department urged the vulcanizers to always wear reflective gears to protect themselves.

“You must also avoid setting up your shops along road curves because it is dangerous to do so,” he advised.

Mr Yaw Opoku, a vulcanizer expressed appreciation to the NRSA, saying the training had enlightened them, and asked the Authority to sustain it.

Mr Iddrisu Usman, another beneficiary said he had worked for the past 30years but had no opportunity to participate in such trainings, saying, it had enhanced his knowledge in the vulcanizing work.

Source: Ghana News Agency

MFS Africa, Africa’s largest digital payments network, has been named one of the world’s ‘Top 100 Cross-Border Payments Companies’ by FXC Intelligence (the leading specialist provider of global payments data) in its 2022 Market Map list.

The list is published annually to recognise and celebrate companies that have championed innovation in global payments and are positioned to lead the next era of payments excellence.

The final list is based on FXC Intelligence tracking the activity of more than 15,000 competitors in the cross- border payments sector.

Dare Okoudjou, Founder and CEO of MFS Africa, said, “To be named one of the Top 100 Cross- Border Payments Companies by FXC Intelligence is truly gratifying for us and reflects the hard work and dedication of our entire team. We are proudly pan-African and the accolade reflects our mission of making borders matter less, not only across the continent, but globally. This has been a momentous time for MFS Africa and we are determined to build on our success in the years ahead.”

Regarding MFS Africa’s inclusion to the list, Daniel Webber, CEO of FXC Intelligence, said: “MFS Africa is a key part of Africa’s growing ecommerce landscape, catering to merchants, money transfer businesses and small businesses across the continent. As one of Africa’s biggest digital payments gateways and a reach of over 600 cross-border payment corridors, it earns its place in the Cross-Border Payments 100.”

The announcement marks another important milestone for MFS Africa after significant developments during the past two years.

In October 2021 the South African company announced it had signed an agreement to acquire Baxi, one of Nigeria’s leading super-agent networks – a deal that will be the second highest value fintech acquisition in Nigeria to date.

Then in November 2021, MFS Africa was proud to announce it had raised US$100 million in Series C funding for massive expansion across Africa following a series of acquisitions and investments in other African fintechs.

Positive developments have continued into 2022 with the company announcing it had also joined the Pan-African Payment and Settlement System (PAPSS), Africa’s new cross-border and financial markets infrastructure to facilitate the payment, clearance and settlement of Intra- African trade payments.

By joining, MFS Africa extended the reach of the PAPSS network to over 320 million mobile money and last mile users across 35 African markets.

To discover more about MFS Africa, visit mfsafrica.com

About MFS Africa

At MFS Africa, we believe that making a payment should be as easy as making a phone call. We believe that access is the currency with which Africans can overcome barriers and injustice and render borders insignificant.

We give our partners access to a borderless world of opportunities, connecting enterprises, banks, mobile money operators and money transfer companies to each other and to more than 320 million mobile money wallets in over 35 African countries.

Our infrastructure enables disbursements and collections by connecting partners to our network footprint of Mobile Network Operators, Banks and Cash Pickups through our API or Business portal, Beyonic.

In addition to mobile remittance services, we enable merchant payment, bulk payment, bank-to-wallet transfers, and an array of other cross border and www.mfsafrica.com

Source: Ghana Web

Reliable and affordable energy is basic to any country’s ability to grow and equitably share the economic gains. The consumption of crude oil and gas, and derivative petroleum products such as petrol, diesel and kerosene, features strongly in the global energy geopolitics debate.

In Ghana, as in many other countries, the price of fuel — particularly petroleum products — is both a political and an economic decision.

Before 2005, the Ghanaian state controlled the import, distribution and pricing of petroleum products. But shortages were a regular occurrence. Coupled with this, the government subsidised consumers, meaning they didn’t pay the full cost of the product. It is estimated that Ghana spent about 2.2% of its gross domestic product subsidising fuel in 2004, far exceeding the budget of the Ministry of Health.

The regime was deemed inefficient as the rules were inconsistently applied. Ineffective subsidies put a strain on the economy and often benefited middle-class consumers rather than the poor. A study indicated that almost 78% of fuel subsidies in Ghana benefited the wealthiest group while only about 3% of subsidy benefits reached the poorest quintile.

In 2005, Ghana deregulated the downstream petroleum industry as part of the debt relief package under the joint IMF–World Bank Heavily Indebted Poor Countries (HIPC) initiative. The policy had three objectives, namely to:

remove restrictions on the establishment and operation of facilities by the private sector

remove restrictions on the importation of crude oil and petroleum products

remove price controls.

To give legal effect to the policy, the country passed the National Petroleum Authority Act, 2005 (Act 691), which established the National Petroleum Authority. Its mandate is to regulate, oversee and monitor activities in the downstream petroleum industry, establish a Unified Petroleum Price Fund, and provide for related purposes.

The other component of the 2005 regulatory reform was a transparent automatic petroleum pricing formula for full cost recovery. In other words, consumers would bear the full costs of petroleum products. Only some were cross-subsidised, such as premix used in the fishing sector.

In addition, Ghana’s 2009 and 2017 energy policies and the 2012 Petroleum Pricing Regulations state that:

Ex-refinery prices of petroleum products will be based on import parity prices.

Transportation and distribution charges for petroleum products will be regulated to ensure reasonable profit margins for transporters and distributors.

Cross-subsidies between petroleum products will be applied, as necessary, to achieve specific national development objectives.

Uniform national prices for petroleum products will be maintained.

Demand growth

Petroleum products are imported into the country by bulk distribution companies or wholesalers, which then sell them to oil marketing companies or retailers. Demand for the products, especially diesel and petrol, has grown at an average of 5% per year since 2000 due to economic growth.

While Ghana has been a net exporter of crude oil since 2010, the country remains highly vulnerable to oil price shocks because it imports a significant share of petroleum products consumed in the country and exports to others in the sub-region. These imports mostly come from Europe (Rotterdam). Consequently, the country is subject to volatility in international markets for crude and petroleum products, as seen recently with the Russia-Ukraine conflict.

Arriving at a price

Three key factors drive petroleum products prices in Ghana. First is the import parity price of the product. The second is the foreign exchange rate. The third is taxes and margins.

Imports are regulated by the petroleum authority to ensure full cost recovery, government revenue generation and uniformity of prices. Full cost recovery is based on the import parity pricing benchmark or “landed cost” of refined fuel in Ghana. The import parity pricing, quoted in US dollars, represents the price that the bulk distributors pay for the delivery at the Tema Port. This includes the free on board price, freight charges, insurance, customs duty, and port dues.

The rationale behind the import parity pricing benchmark is to have a strong relationship with the actual costs of fuel imports into Ghana. The petroleum authority employs a two-week inventory window (1st-16th of the month) whereby the two-week average of the free on board prices of the products is computed.

The historical average exchange rate of the cedi to the dollar within the two-week time-frame is then added to the equation. Charges such as port duties are added to arrive at the ex-refinery price, calculated in Ghana pesewas per litre.

Taxes and levies passed by Parliament are then added along with various oil marketing companies’ (distribution) margins to arrive at the final ex-pump price. The ex-pump price is the price the public pays for fuel at the various filling stations. Fuel taxes and margins typically make up about 40% of ex-pump fuel prices.

Ghana imposes eight levies and five margins on petroleum products. The levies are for energy debt recovery, energy fund, energy sector recovery, price stabilisation and recovery, road fund, sanitation and pollution, special petroleum tax and unified pricing petroleum fund. The margins paid to the distributors are for bulk oil storage and transportation, dealers (retailers/operators), fuel marking, marketers, and primary distribution.

Some reform options

The government and other stakeholders can adopt the following reform options to improve Ghana’s pricing in downstream petroleum markets.

Firstly, Ghana’s central bank, the Bank of Ghana, can preferentially auction or sell dollars to the bulk distribution companies at the interbank rate. This will help these companies mitigate forex pressures, especially since they often have to borrow at higher forex rates from commercial banks. A couple of basis point reductions in the exchange rate could go a long way in stabilising prices.

Secondly, the Tema Oil Refinery, which is barely functional, must be restructured. The refinery needs new ownership under a public-private partnership arrangement, improved corporate governance, and new financing to provide critical upgrades to its facilities. The Bulk Oil Storage and Transportation Company Limited must expand its storage capacity to play a more critical interventionist role in Ghana’s energy security.

Thirdly, the government needs to rationalise the various taxes and levies imposed on petroleum products. Some, such as the sanitation and pollution levy, are nuisance taxes. Others, like the price stabilisation and recovery levy, have not been fully used for their intended purposes. This levy has mainly subsidised premix and residual fuel instead of the other legal requirements under the Energy Sector Levies Act, 2015 (Act 899) to “stabilise petroleum prices for consumer”.

The petroleum authority’s latest ex-refinery price build-up data shows that both premix (used by fisherfolk) and residual fuel oil (used by industry) are heavily subsidised or discounted by 89% and 77%, respectively. In other words, these categories of consumers are paying 11% and 23% of the actual landed cost of the fuel.

Moreover, the evidence shows that illegal industrial fishing trawlers dominate Ghana’s fishing industry, with artisanal fishing on the decline. Thus, there is a need for proper economic pricing of premix and fuel oil by rationalising the heavy subsidies on them and channelling the savings to stabilise petroleum prices for all consumers.

Source: The Conversation

Accra, March 24, GNA- The Ghana Institute of Management and Public Administration (GIMPA) has conferred honorary Doctorate degrees on four distinguished Ghanaian personalities who have contributed to the country’s development.

They are Professor Stephen Adei, former Rector of GIMPA, Mr Ernest Bediako Sampong, Founder of Ernest Chemists Limited, Dr Barfuor Adjei-Barwuah, a Statesman in Residence at Worcester Polytechnic Institute, Massachusetts, USA and Mrs Grace Amey-Obeng, Medical Aesthetician and Founder of FC Beauty Group Limited.

Prof Adei’s citation read “your leadership impacted and produced great societal benefits. Between 2000 and 2008, you transformed GIMPA from an ordinary institution to a world-class and the University of choice in Ghana.”

“By virtue of the authority vested in me, Mr Kofi Darko Asante, the Chairman, Governing Council of GIMPA by the Act 676 (2004), I am pleased to confer on you, honoris causa, the degree of Doctor of Letters, with all the rights, responsibilities, and privileges appertaining thereto, here and elsewhere.”

Mr Sampong’s citation read “a distinguished GIMPA Alumnus, a productive entrepreneur with international repute who has made enormous contributions to humanity in Pharmaceutics.”

“By the virtue of the authority vested in me, Mr Kofi Darko Asante, the Chairman, Governing Council of GIMPA by the Act 676 (2004), I am pleased to confer on you, honoris causa, the degree of Doctor of Humane Letters, with all the rights, responsibilities, and privileges appertaining thereto, here and elsewhere.”

Dr Adjei-Barwuah’s citation read “An accomplished Diplomat and a one-time Ambassador to one of the world’s most powerful nations, your diplomatic acumen is marched in full measure by your civic sensibility.”

“By the virtue of the authority vested in me, Mr Kofi Darko Asante, the Chairman, Governing Council of GIMPA by the Act 676 (2004), I am pleased to confer on you, honoris causa, the degree of Doctor of Law, with all the rights, responsibilities, and privileges appertaining thereto, here and elsewhere.”

Mrs Amey-Obeng’s citation reads “Yours is a life of business achievement, philanthropic achievement, and commitment to the improvement of the human conditions, especially the girl child.”

“By the virtue of the authority vested in me, Mr Kofi Darko Asante, the Chairman, Governing Council of GIMPA by the Act 676 (2004), I am pleased to confer on you, honoris causa, the degree of Doctor of Humane Letters, with all the rights, responsibilities, and privileges appertaining thereto, here, and elsewhere.”

Odeneho Kwafo Akoto III, King of Akwamu Traditional Area, Guest of Honour at the special congregation, commended GIMPA for contributing to world-class excellence in training, consultancy and research in leadership, management, and administration.

Odeneho Akoto III commended the Honorands for their selfless commitment and dedication in their respective fields of disciplines for nation-building and urged others to emulate their gestures for the holistic growth of the country.

He suggested to GIMPA to institute annual awards of excellence for Ghanaians who have immensely contributed their quota to national development.

The Chairman Governing Council of GIMPA said it was worthwhile to celebrate the illustrious personalities to appreciate their unflinching support to the country’s growth.

Mrs Amey-Obeng, on behalf of the Honorands, commended GIMPA for the honour done them and pledged to continue to work hard to create more job opportunities for the teeming youth for sustained socio-economic development.

Source: Ghana News Agency

Accra, March 24, GNA -Finance Minister, Mr Ken Ofori-Atta, has announced a series of fiscal measures aimed to reduce the deficit, stem rising inflation and slow the depreciation of the cedi.

The measures include a cut in discretionary spending by an additional 10 per cent, in addition to a 20 per cent expenditure cut announced in January and a reduction in government ministers and heads of state agencies’ salaries by 30 per cent.

The government is also imposing a moratorium on vehicle purchases and foreign travel except in special circumstances and a 50 per cent cut in fuel coupon allocations.

“The difficulties we are facing in Ghana are not peculiar to Ghana,” he said, citing the impact of the COVID-19 pandemic and the war in Ukraine on the economy.

“We are confident these measures will address the short term challenges our nation is facing.”

Inflation has risen to a six-year high of 15.7 per cent while the cedi has depreciated about 15.6 per cent against the dollar.

Mr Ofori-Atta said the Government decided to take the measures to ensure the achievement of the fiscal deficit target of 7.4 per cent of GDP for 2022.

However, he said the unyielding stance of the Minority in Parliament against the E-levy was gravely affecting investor confidence and the capacity of government to implement its programmes and settle our debts, triggering a downgrading by credit rating agencies, and now leaving the cedi vulnerable as we could not access the International Capital Market.

He urged parliament to fast-track the passage of the E-levy.

On the depreciation of the cedi, Mr Ofori-Atta said the government would conclude an external financing arrangement with some international banks of up to $2 billion in the next two to six weeks to shore up the cedi.

The Minister ruled out going to the International Monetary Fund (IMF) for a bailout.

Source: Ghana News Agency