Day: January 16, 2023

One of Ghana’s leading Business Consultancy Hub, The Business Africa Consulting Group Limited, widely known as The BAC Group is commemorating its first anniversary this month of January 2023.

This comes after one year of providing solid business-oriented solutions to individuals, groups and institutions.

The BAC Group is a consulting firm set up to channel knowledge, skillsets and expertise to help individuals, organizations and nations develop, integrate and reconfigure significant strategic assets towards optimal operations and performance across business spectrums.

The company has successfully offered these services in line with its mission through developing, deploying, monitoring, and regularly evaluating world-class, competitive advisory, management, organizational, and media services through dynamic concepts that are relevant to its clientele in the business ecosystem.

According to the Chief Executive Officer, Dr. Ernest Koranteng, the company is indeed on course to making huge impact in 2023.

Dr. Ernest Koranteng, touching on the theme for the first anniversary of the consulting firm, had this to share:

“For us, it is one year of thankfulness to God, individuals, groups and organizations we have had the privilege of dealing with.

Particularly, to those who have trusted us and given us opportunities to work for them.”

Dr. Koranteng further mentioned that “some institutions, individuals, groups and businesses have been good to us and even for those who didn’t treat us favourably, we consider that critical to our growth too. We can only get better as we mark a successful first year.”

He revealed that The BAC Group has been consulting for clients across a wide range of industries including sports, media, telecom, politics and hospitality.

Some of The BAC Group’s clients include the Chartered Institute of Procurement and Supply, Ghana Institute of Procurement and Supply, Sportive Avranches Football Academy, Berry Ladies Football Club, among several other groups and institutions.

“This strategic management consulting firm was established in January 2022 with the view of channeling the expertise, experiences and network of its founder and staff to creating value through solutions in the African business ecosystem.

All our activities are guided by relevant data science and it is the vision of the BAC Group to become a relevant player in the global consultancy business,” he stated.

He went on to add that “The BAC Group is headquartered in Ghana with operations across West, East and Central Africa as well as parts of Europe and North America.

The consulting firm has interest across Business Advisory, Sports business, Events and promotions architecture, Media Production and Business facilitation.”

One of its landmark events was The All-Star Game held in June 2022.

The event featured a star-studded football cast of Ghanaian international players led by Captain Andre Ayew and Ivory Coast and Barcelona midfielder, Frank Kessie, played at the Accra Sports stadium.

The game was organized as part of activities for the Black Stars to appreciate Ghanaian fans for their support throughout a difficult qualifying campaign towards the World Cup, Qatar 2022.

Source: Ghana Web

Majority Leader in parliament, Osei Kyei-Mensah-Bonsu, has disclosed that the House was not presented with details of the Domestic Debt Exchange Programme (DDEP) before the announcement by the Finance Minister [Ken Ofori-Atta] on December 5, 2022.

According to him, although there were engagements on the domestic economy, Parliament was not furnished with the fine details contained in the debt exchange programme which forms part of the debt restructuring exercise mooted by the International Monetary Fund (IMF).

“There were meetings before the budget came to be consummated and later on presented by the Finance Minister. So we had broad discussions, but the details were not known to us at the time, but some consultations went on as to where exactly we were as a nation. But I am not too sure that this matter came up for discussion maybe the broad strokes were mentioned but not the details,” Kyei-Mensah-Bonsu said speaking on Accra-based Citi FM.

As part of efforts to secure an IMF bailout and address the country’s unsustainable debt situation, government launched the DDEP inviting bondholders to voluntarily exchange approximately GH¢137 billion domestic notes and bonds of the Republic including ESLA and Daakye for a package of new bonds.

Meanwhile, various groups of bondholders have called on their members to reject government’s Domestic Debt Exchange Programme due to a lack of broader consultations and negotiations.

Source: Ghana Web

The Ghana Association of the Banks (GAB) has directed all commercial banks in the country not to sign onto government’s amended debt exchange programme.

According to the Association, demands of its members must first be met before a decision is taken on signing onto the programme.

GAB in a letter issued to Managing Directors and Chief Executive Officers of commercial banks pointed out that the ongoing uncertainty due to the debt restructuring exercise will likely have an impact on banking sector.

“From the uncertainty surrounding the programme, GAB recommends that all banks must stay away from any further movement on the exchange until our demands have been met. However, in the event that a bank may have to move forward to exchange, the MD/CEO must inform the CEO of GAB directly of the decision”.

The Association further wants government to engage key stakeholders in the financial sector and announce an extension to the earlier expiration deadline for the debt exchange programme.

As part of efforts to secure an IMF bailout and address the country’s unsustainable debt situation, government launched the Domestic Debt Exchange Programme inviting bondholders to voluntarily exchange approximately GH¢137 billion domestic notes and bonds of the Republic including ESLA and Daakye for a package of new bonds.

In the wake of this, various groups of bondholders in the financial sector have called on their members to reject government’s Domestic Debt Exchange Programme due to a lack of broader consultations and negotiations.

Source: Ghana Web

Special Aide to former President John Dramani Mahama, Joyce Bawah Mogtari, has accused government of destroying the hard-earned investments of Ghanaians.

According to her, government is taking the monies of investors and bondholders through the domestic debt exchange programme it intends to roll out by the end of January this year.

Joyce Bawah Mogtari further said several Ghanaians lost monies and their jobs during the banking sector cleanup.

In a tweet sighted by GhanaWeb business, she said, “Fellow Ghanaians lost monies and jobs in the Banking Sector clean up exercise, and now they are taking people’s livelihoods from them, disguised as a Domestic Debt Exchange Scheme.”

“So annoying. So now it’s the fault of Ghanaians for expecting that leadership does what it was elected to do? You mess up the economy and scuttle people’s hard-earned investments and turn round to suggest the victims of your recklessness are not being patriotic enough?” Joyce Bawah Mogtari added.

Government of Ghana is seeking to revive the economy through a $3 billion International Monetary Fund loan.

As part of its efforts to meet the conditions required for the loan, government has announced a domestic debt exchange programme aimed at varying the terms of existing government bonds.

Meanwhile, goverment has extended the deadline for the expiration of the debt exchange programme to January 31, 2023.

Source: Ghana Web