2022: The MILESTONE YEAR

Jetex Annual Review

Dubai, United Arab Emirates, Dec. 29, 2022 (GLOBE NEWSWIRE) — The business aviation industry is currently going through the biggest transition in history, accelerated by the digitalisation, accessibility, and the exceptional travel conveniences that it offers against the backdrop of a gradual recovery from the health crisis. In many ways, it reflects the fourth industrial revolution, which is more significant, and its ramifications more profound, than in any prior period of human history.

With the private jet traffic setting new records in 2022, experts predict up to 8,500 new business jet deliveries until 2031, which amounts to an estimated total value of US$ 274 billion. At the same time, sustainability is at the top of the agenda to ensure that the industry develops in line with the decarbonisation goals set by IATA.

The record results could not have been achieved without the efficiency and exceptional ability of the business aviation industry to adapt and to remain connected to its customers, continuing to inspire their desire to travel and discover.

For the first time, Jetex invites you to discover the latest trends in private aviation, and what will shape the global industry in the future in its interactive annual review.

Discover

About Jetex:

An award-winning global leader in executive aviation, Jetex is recognized for delivering flexible, best-in-class trip support solutions to customers worldwide. Jetex provides exceptional private terminals (FBOs), aircraft fueling, ground handling and global trip planning. The company caters to both owners and operators of business jets for corporate, commercial and personal air travel. To find out more about Jetex, visit www.jetex.com and follow us on Instagram, Twitter, Facebook, and LinkedIn.

 

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Oleg Kafarov - Director of Portfolio Development & Corporate Communications
Jetex
+971 4 212 4900
teamorange@jetex.com

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Capture mental health on NHIS – Trust Jesus Foundation

Accra, Dec. 29, GNA — The Trust Jesus Foundation has called for the coverage of mental health cases on the National Health Insurance Scheme (NHIS) to improve mental health delivery care in Ghana.

“What will happen to someone who cannot afford to pay the required amount? The high cost of treatment is one of the factors contributing to the high number of mental patients roaming the streets.” Madam Mary Wormenor, President, Trust Jesus Foundation, said.

Madam Wormenor made the call during a visit to the Pantang Mental Hospital, near Accra, to fete the inmates as part of their annual end of year assistance to mental homes in Ghana.

She also requested for the establishment of a Mental Health Levy which would go a long to solve some of the problems associated with the mental health sector.

Aside capturing mental health on the NHIS, she also asked the Government to consider making mental health care affordable and accessible.

“It is high time Ghana took mental health issues more seriously, considering how millions are gradually falling through the net.” Madam Wormenor appealed.

She advised that the economic challenges facing the country should not only be looked at in terms of the economic survival of the Ghanaian, but also how he dealt with the mental challenges like anxiety and despair.

Madam Wormenor explained that, “There’s a clear relationship between mental illness and poverty. Mental illness can push you into poverty and poverty can also push you to mental illness.”

She informed that poverty could make one stress himself through over thinking and that could push on into depression, leading to issues of mental health, suicide, among others.

She asked Ghanaians to live by hope and manage to survive, trusting that tomorrow would be better.

“This is a coping mechanism which would help us not to be affected mentally whilst Ghana strived to recover from the economic challenges facing us,” she indicated.

Madam Mary Rhondi Asiaw, Senior Nursing Officer at the Pantang Psychiatric Hospital, receiving the items, observed that the gesture was timely.

Madam Asiaw indicated that there was a thin line between sanity and insanity “and until it happens to you, you won’t know the reality of it.”

Trust Jesus Foundation is a Non-Governmental Organization which focuses on mental health and other health issues in Ghana.

As part of their activities, they fete mental patients at the end of every year in order to put smiles on their faces which go a long way to help them in their recovery process.

They have visited Accra Psychiatric Hospital, Ankaful Mental Hospital in addition to other health outreach programs in and outside Accra.

The foundation distributed over 300 packs of Jollof Rice with chicken, soft drinks (malt) and bottled water to the inmates and staff of the Pantang Mental Hospital at a cost of 20,000 Ghana Cedis.

Source: Ghana News Agency

Ghana Oil Palm Development adjudged best company for Eastern Region

Koforidua, Dec. 29, GNA — Ghana Oil Palm Development Limited (GOPDC) has been adjudged the Best Regional Company in the Eastern Region at the Association of Ghana Industries (AGI) Quality Awards, for displaying outstanding expertise and perseverance.

The AGI Best Regional Company Award is granted to a company that has demonstrated resilience, competence, ingenuity, and proven leadership in corporate social responsibility, a track record GOPDC has shown over the years.

Mr Charles Okyere Addo, Commercial Manager of GOPDC, told the Ghana News Agency in an interview that the award has motivated management and personnel at the oil company to provide better quality services to their customers.

He said the company would continue to provide excellent products and services to clients while also providing optimal working conditions for employees to give their utmost, through substantial investment in plant and equipment as well as sustainable agricultural practices.

He said, “This award only recognises what we have always been doing and we are not going to rest on our oars. We can only get better.

“We will continue to provide the best working condition for our cherished employees; providing quality products to support our clients – both locally & internationally and positively impact the environment and the communities within which we operate.”

GOPDC is a fully-owned subsidiary of the SIAT GROUP, a Belgian agricultural investment company with operations in Cambodia, Côte d’Ivoire, Gabon, Ghana, and Nigeria.

The company leases two concessions from the Ghanaian government: GOPDC Kwae (8954 hectares) and GOPDC Okumaning (5075 hectares), both in the Kwaebibirem Municipality and Denkyembour District of the Eastern Region, with a total of approximately 9000 hectares of oil palm planted.

GODPC diversified into rubber cultivation in 2012, planting around 771 hectares of rubber trees in the uplands inside its Kwae concession.

Mr Addo further stated that as part of its corporate social responsibility, GODPC has introduced a scholarship scheme in which students are chosen from communities in their operational districts and granted scholarships to study at the higher levels. 

According to him, 27 students benefited from the scholarship initiative in 2022, with a cash package of 100,000 Ghana cedis.

Furthermore, in order to accomplish SDG six, “Access to water and sanitation for all,” GOPDC has installed a mechanised water system for the residents of Kwae, which has a population of over 6000.

He said that manual boreholes had also been drilled to serve the communities of Koka, Afunya, and Adjikpo, and that in 2022, the company supported the people of Kusi with the sum of 110,700 Ghana cedis to complete a nurses’ quarters that was initiated by the community.

In addition, the company provides annual support to traditional Councils, particularly during festivals and other cultural rituals.

GOPDC’s impact on communities has been phenomenal, as it operates an out-grower scheme of over 5000 hectares involving around 4500 farmers scattered over a 30-km radius, generating direct and indirect income for over 50000 people.

During peak seasons, the company employs over 4,000 workers and produces over 35,000 tonnes of palm oil and palm kernel oil per year, with a storage capacity of approximately 21,000 tonnes at both Kwae and Tema harbours near Accra.

Source: Ghana News Agency

Fuel prices to reduce significantly from January 1, 2023

The Institute for Energy Security has predicted a significant reduction in the prices of petroleum products from January 1, 2023.

They attribute the reduction to recent stability in the cedi and the 5.28% and 5.09% fall in the prices of petrol and Liquefied Petroleum Gas.

“Despite the marginal rise in the price of gasoil [diesel] on the international market, the Ghana cedi’s appreciation against the dollar will force prices down locally.

“Prices are, therefore, set to reach ¢9.50 and ¢11.60 per litre for gasoline [petrol] and gasoil [diesel] respectively, and ¢9 per kilogram for LPG in the coming days,” the Institute stated.

Fuel prices began reducing from the second pricing window of December 2022.

This was also attributed to the cedi’s appreciation against the dollar.

Fuel was selling at a national average price of ¢12.68 from ¢15.16 for a litre of fuel, representing a 16.36% reduction over the period.

Diesel was also pegged at a national average price per litre moved from¢18.78 from ¢15.55; falling by roughly 17.20%.

On the international market, Brent fell by 0.51% over the previous window’s average price of $81.90 per barrel to the present average price of $81.48 per barrel.

Source: Ghana Web

Cedi projected to depreciate by 22% in 2023 – EIU

The Ghana cedi has been projected to lose about 22% to the dollar in 2023.

This is noted to move the cedi to rank as the 3rd weakest performing currency on the African continent, according to its Africa Outlook 2023 Report.

UK-based Economist Intelligence Unit (EIU) who made the projection added that it expects the exchange-rate weakness to continue into 2023, albeit to a lesser degree.

“Most African currencies have lost substantial value against the US dollar during 2022 and we expect exchange-rate weakness to continue into 2023, albeit to a lesser degree,” myjoyonline quoted the EIU.

Ghana’s cedi depreciated against the dollar by more than 50% for the first 11 months before beginning to gain stability in the last month of 2022.

However, the EIU noted that the currencies of the troubled states of Sudan and Zimbabwe will be among the weakest in the world during 2023.

Also, Ghana, Malawi, Sierra Leone, Ethiopia, and Egypt—” which will all suffer from elevated rates of inflation—will see their currencies depreciate by more than 10% against the US dollar.”

African powerhouses of Nigeria, South Africa, Angola, Algeria, and Kenya will not be exempted from the currency weakness and will experience further depreciation of their currencies against the US dollar in 2023.

Source: Ghana Web

Government of Ghana Domestic Debt Exchange: Potential Financial Sector Impacts and Mitigating Safeguards

A. Background

On 5th December 2022, the Government of Ghana launched Ghana’s Domestic Debt Exchange programme, an invitation for the voluntary exchange of approximately GHS137 billion of the domestic notes and bonds of the Republic, including E.S.L.A. and Daakye bonds, for a package of New Bonds to be issued by the Republic.

The Exchange excludes Treasury Bills in totality, and notes and bonds held by individuals (natural persons).

B. Potential Impacts on Debt Exchange on Financial Sector

Stress tests have been conducted by the relevant financial sector regulators to estimate the potential impact of the Debt Exchange for banks, specialised deposit-taking institutions (SDIs), insurance firms, asset managers, collective investment schemes, pension fund trustees, and regulated pension schemes, that could result from their participation in the debt exchange.

C. Regulatory Tools to Mitigate Financial Stability Risks from the Debt Operation

To help manage the potential impacts of the Debt Exchange on the financial sector, financial sector regulators will deploy all regulatory and supervisory tools to mitigate risks to financial stability. Regulators will assess impacts on a regular basis, and quickly address evolving risks in order to safeguard financial stability.

To support and encourage full participation of financial institutions in the voluntary debt exchange:

Regulatory Forbearance on Liquidity and Solvency

Financial sector regulators will temporarily reduce regulatory capital and liquidity requirements for regulated firms and schemes that voluntarily participate in the debt operation. Regulators will also suspend or delay any new rules that will have an adverse impact on liquidity or solvency. Each regulator will communicate more specific reliefs to its regulated firms/schemes in due course.

Ghana Financial Stability Fund (GFSF)

The GFSF is being established with a target size of GHC 15 billion to be provided by the Government of Ghana and its development partners.

The Fund will provide liquidity to financial institutions that participate fully in the Debt Exchange. All financial institutions (banks, SDIs, pension schemes, collective investment schemes, fund managers, broker/dealers, insurance firms) that fully participate in the Debt Exchange can access the GFSF for augmented liquidity support, with effect from the date of completion of the Debt Exchange.

The Fund will be managed by the Bank of Ghana under unique operational guidelines being developed by the Financial Stability Council.

The Financial Stability Council will provide ongoing advice and oversight for the use of the GFSF.

Accounting Treatment

Regulators are already in discussions with external auditors of financial institutions and will provide guidance to ensure a standardized approach to the accounting treatment applied to the Debt Exchange.

D. Conclusion

In keeping with its mandate, the Financial Stability Council will continue to closely monitor the impacts of the Debt Exchange on financial institutions and on the financial system as a whole, as well as the effectiveness of the measures outlined above. These measures will be reviewed continuously and recalibrated as needed to ensure maximum effectiveness to safeguard the stability of our financial system and the protection of deposits, pensions, policy holders’ funds, and investor funds/assets.

Source: Ministry of Finance

Ghana Euro Bondholders Form Representative Committee

December 19, 2022—Following the public statements by the Government of Ghana of its intention to seek a restructuring of its external debt, international holders of Ghana’s Eurobonds have organized to form a bondholder creditor committee (the “Committee”). The Committee is representative of a diverse group of institutional investors including mutual funds, asset managers, insurance firms, hedge funds, and family offices.

Steering Members of the Committee include the following holders (acting either directly or for and on behalf of the funds or the accounts they manage): Abrdn, Amundi (UK) Limited, BlackRock, Greylock Capital Management, Ninety One.

The Committee is focused on the orderly and comprehensive resolution of Ghana’s debt challenges, recognizing that such resolution will require fair burden-sharing and collaboration among the Ghanaian authorities, private creditors (both domestic and international) and official sector creditors. The Committee welcomes the authorities’ ongoing engagement with the International Monetary Fund (the “IMF”) and the recent announcement of the Staff Level Agreement.

The Committee notes that a process of good faith negotiation would avoid unilateral actions and would require, inter alia, the timely exchange of detailed economic and financial information among the committee, the Ghanaian authorities and the IMF, and would need to be anchored in reasonably feasible economic adjustment by the Ghanaian authorities. In this regard, the Committee endorses the Institute of International Finance’s Principles for Stable Capital Flows and Fair Debt Restructuring, which provide meaningful guidance for successful sovereign debt restructurings. The Committee stands ready for a swift engagement on that basis.

The Committee aims at securing an outcome that is both equitable to creditors and responsive to the economic and social challenges facing Ghana. A key factor in measuring the success of Ghana’s debt resolution would be the timely restoration of international market access, which remains critical for Ghana to meet its development objectives.

The Committee has appointed Orrick, Herrington & Sutcliffe LLP as legal advisor and Rothschild & Co as financial advisor.

Holders of the Eurobonds interested in receiving more information are encouraged to contact ghana.bondholders@rothschildandco.com or tlaryea@orrick.com (+ 1 (202) 255 8902).

Source: Ministry of Finance

Ghana police warning against harmful New Year prophecies

Police in Ghana have warned faith leaders against making traditional New Year prophecies which can cause fear, anxiety or death.

The right of freedom of worship must not violate the rights of others, the police said in a statement.

Millions of Christians often gather in churches to hear their pastors make proclamations about the new year.

The messages often range from optimistic projections to those warning of impending doom.

The police order came into force last year after the public was inundated by predictions of deaths and calamity, local news site My Joy Online reported.

In a statement, the police commended religious groups for their “cooperation” and for “adopting legally acceptable means for communicating prophecies”.

The police said they had adopted Dec 27 as Prophecy Communication Compliance Day.

“This day is being set aside to remind all of us to practice our faith within the confines of the law to ensure safe, secure environment, free of anxiety generated from predictions of impending harm, danger or death,” the statement said.

Source: NAM NEWS NETWORK