Nikkiso Clean Energy & Industrial Gases Group Announces Expansion of Service for Middle East and Northern Africa

Nikkiso CE&IG new Service Facility for Middle East and Northern Africa

Nikkiso CE&IG new Service Facility for Middle East and Northern Africa, based in Sharjah Free Zone

TEMECULA, Calif., Jan. 30, 2023 (GLOBE NEWSWIRE) — Nikkiso Clean Energy & Industrial Gases Group (“Group”), a part of the Nikkiso Co., Ltd (Japan) group of companies, is proud to announce yet another expansion of their manufacturing and service capabilities for the Middle East and Northern Africa markets. With this expansion, they will be providing pump and turboexpander aftermarket repairs of their full line, including J.C. Carter pumps. Their new state-of-the-art service center will allow repairs to be made locally rather than the need to ship elsewhere.

The new facility, based in the Sharjah Free Zone, was established to provide expanded support for the Middle East and Northern Africa markets. They have added field service support, and shop technicians specifically trained to support Marine, J.C. Carter, Nikkiso Cryogenic Pumps (ACD and Nikkiso Cryo) and Turboexpanders. In addition to in-shop and on-site repairs, they will provide aftermarket service.

“With this facility, we will be able to respond more quickly to our customer’s needs, providing individual support and solutions expansion. Nikkiso CE&IG will now be able to provide greater service and support to our customers with our local presence,” according to Jim Estes, President of Nikkiso Cryogenic Services.

This expansion represents their commitment to and support of the growth of the Middle Eastern and North African market.

Cryogenic Industries, Inc. (now a member of Nikkiso Co., Ltd.) member companies manufacture and service engineered cryogenic gas processing equipment (pumps, turboexpanders, heat exchangers, etc.) and process plants for Industrial Gases, and Natural Gas Liquefaction (LNG), Hydrogen Liquefaction (LH2) and Organic Rankine Cycle for Waste Heat Recovery. Founded over 50 years ago, Cryogenic Industries is the parent company of ACD, Nikkiso Cryo, Nikkiso Integrated Cryogenic Solutions, Cosmodyne and Cryoquip and a commonly controlled group of 20 operating entities.

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Anna Quigley

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Acquire assets not liabilities – Investment Consultant

Investment Consultant, Mr. Victor Tandoh, has advised individuals and couples to obtain assets rather than liabilities.

According to his, many of the things’ people claim to be assets are rather liabilities and that needs to change.

In simple terms, he explained an asset as “anything that gives you money whiles a liability is anything that takes your money.”

In a counseling session with registered couples in the upcoming 2023 Happy FM Mass Wedding, he said, “If you buy anything that doesn’t add profit to you, then it’s a liability not an asset. But if you buy something that will make you gain profit, that’s an asset so you need to be careful what you go in for.”

Citing an example, he mentioned that if he buys an expensive phone and it’s doesn’t give him anything in return, it’s a liability but if he’s a photographer or one learning or working with the phone, it becomes an asset because he’s making gains from using it.

“We need to know the distinction between both and know how to use them accordingly. As individuals, I believe you need to get to the stage where your assets outweigh your liability because whether we like it or not, you’ll come across liabilities but try and make sure your asset is more than that,” he charged.

He stated some examples of assets as, investments, businesses, stocks and many others.

The investment consultant added that it is advisable to also consider where you are and find out which asset you are comfortable with and can build for yourself.

Source: Ghana Web

Government officials only interested in procurement because it helps them to steal – Senyo Hosi

Economic analyst, Senyo Hosi has expressed his frustration over the failure of the Ministry of Agriculture and other government agencies to collaborate with the private sector in creating food sufficiency.

Speaking on Peace FM’s Kokrokoo morning show, Senyo Hosi told host, Kwame Sefa Kayi that officials who are responsible for ensuring the effectiveness of the agric sector are rather interested in procurement which is an avenue for them to steal from public coffers.

“The thing is not rocket science, it is like seeking to have five children in five years. You need to know that it takes nine months to give birth to a child so you will have to know that you need five years if you have one wife, and you will also need to have five wives if you want to do it in a year.

“It is simple, I don’t know how to break it down. It is not difficult but you must have love and a heart for what you are doing,” he said.

“It is all part of my frustrations with this country, people are more interested in procurements because it is what they rely on to steal. Because of that, people are not interested in the actual work that will help the country. That is our challenge,” he added.

According to Senyo Hosi, the failures of the government and the agric ministry include their inability to create an enabling environment for private investors to thrive.

“You want one million metric tonnes (of rice) and you know that your yield in this country is 3.4 metric tonnes per hectare. But here is the case the government has secured zero lands for the private sector.

“You don’t even sit with the private sector to plan, meanwhile you don’t have funding. So how do you do the work?” he questioned.

Ghana relies heavily on imports to meet its demand for food items such as rice and poultry.

However, the government of Nana Addo Dankwa Akufo-Addo under its flagship Planting for Food and Jobs says it has done creditably well in growing the country’s agric sector.

But speaking on Kokrokoo on Monday, January 30, 2023, Senyo Hosi described the policy as a complete failure.

“How much irrigated fields do we have? Have we invested in our irrigated fields to match our needs as a country? But when you look at the billions we have spent on this Planting for Food and Jobs, which we can’t see any particular thing that’s sustaining the industry. I think that it’s a failed project. It’s a totally failed project,” he stressed.

Source: Ghana Web

US$100 million lost yearly to corruption at ports

An estimated US$8.3million in monthly revenue is lost through corrupt practices at the country’s seaports.

This sum amounts to almost US$50million every six months and US$100million each year, according to Vice President Dr. Mahamudu Bawumia. The losses, he said, are due in part to deception by some importers who, with the aid of some rogue officials, deliberately and wrongly declare contents of imported containers.

“In an attempt to lessen corruption at the various ports, the country initiated a port paperless system (PPS) in 2017 that allows for a transparent clearing system,” he said.

He however said there remains a lot to be done to attain a fully corruption-free port.

“There is therefore a compelling need for maritime sector stakeholders across the continent to formalise actions to combat bribery and corruption, by collaborating and encouraging all stakeholders in the ship/shore interface to ensure compliance with national and international laws prohibiting corruption,” Dr. Bawumia advised.

Dr. Bawumia said this in a speech read on his behalf by the Minister of Public Enterprises, Joseph Cudjoe, at a Regional Maritime Stakeholders’ Workshop in Accra.

With Port Tema controlling 70 percent of the country’s seaborne trade and Takoradi Port handling the export of minerals mainly from mines situated in the Western part of the country, Dr. Bawumia maintains that challenges such as bureaucracy and delays in clearing goods have been minimised through the PPS

Meanwhile, maritime stakeholders have expressed concern that the inability to fully tackle corruption at the various ports could have far-reaching consequences which would be detrimental to shipping operations within the African Continental Free Trade Area.

Danish Ambassador to Ghana, Tom Norring, disclosed that Denmark has been assisting countries in the sub-region to build a robust, corruption-free shipping industry.

“Denmark has always been a strong player in the maritime sector globally and in the West African region. We have always encouraged transparency in the sector, as Denmark is a country that frowns on corruption. The Danish maritime industry is known for its efficiency, and we have helped to replicate some of its technologies in the region,” he said.

Ambassador Norring said the African Continental Free Trade Area presents a historic opportunity to boost intra-African trade through the maritime industry, and thus further reap the sector’s benefits.

The Regional Maritime Stakeholder Workshop on Global Good Practice in Vessel Clearance was organised by the Maritime Anti-Corruption Network; Convention of Business Integrity-Nigeria; the Danish government and Ghana Maritime Authority

Source: Ghana Web

Cedi sells at GH¢12.80 to $1 on forex market, GH¢10.80 on interbank market

The Interbank forex rates from the Bank of Ghana today, January 31, 2023, have shown that the Ghana Cedi is trading against the dollar at a buying price of 10.7945 and a selling price of 10.8053.

As compared to yesterday’s trading of a buying price of 10.7946 and a selling price of 10.8054. At a forex bureau in Accra, the dollar is being bought at a rate of 12.20 and sold at a rate of 12.80.

Against the Pound Sterling, the Cedi is trading at a buying price of 13.3560 and a selling price of 13.3705 as compared to yesterday’s trading of a buying price of 13.3691 and a selling price of 13.3846.

At a forex bureau in Accra, the pound sterling is being bought at a rate of 15.00 and sold at a rate of 16.00.

The Euro is trading at a buying price of 11.7519 and a selling price of 11.7636 as compared to yesterday’s trading of a buying price of 11.7324 and a selling price of 11.7450.

At a forex bureau in Accra, Euro is being bought at a rate of 12.70 and sold at a rate of 13.60.

The South African Rand is trading at a buying price of 0.6212 and a selling price of 0.6218 as compared to yesterday’s trading of a buying price of 0.6277 and a selling price of 0.6283.

At a forex bureau in Accra, South African Rand is being bought at a rate of 0.50 and sold at a rate of 1.10.

The Nigerian Naira is trading at a buying price of 42.6328 and a selling price of 42.7189 as compared to yesterday’s trading at a buying price of 42.6296 and a selling price of 42.7241.

At a forex bureau in Accra, Nigerian Naira is being bought at a rate of 14.50 Naira for every 1 Cedi and sold at a rate of 19.50.

Source: Ghana Web

ECG’s indebtedness to Bui Power hits US$614 million

The Electricity Company of Ghana’s debt to Bui Power Authority has hit a whopping US$ 614 million as at the end of 2022, from the previous US$386 million at the end of 2019.

This was revealed when officials of Bui Power appeared before the Public Accounts Committee in its consideration of the Report of the Auditor-General on the Public Accounts of Ghana-Public Boards, Corporations and other Statutory Institutions for the year ended 31st December 2020.

Deputy CEO, Finance and Service at the Bui Power Authority, Dr. George Tettey told the committee that one of the Authority’s major financial challenges has to do with the collection of receivables from ECG.

“We have a huge problem with the collection of our receivables. ECG’s indebtedness to Bui Power stood at $386 million as at the end of 2019. And, it is now $614 million,” he stated.

Source: Ghana Web

Access to savings, credit and investment remains a challenge – BoG charges FinTechs

Bank of Ghana Governor, Dr. Ernest Addison, has underscored the importance of providing inclusive access to a wide range of financial products and services to all in society.

He believes that FinTechs have a critical role to play in improving the lives of a segment of the population which are unbanked and underserved although they are experiencing formal fund transfers and payments through mobile money.

Speaking at the Ghana Fintechs Award 2022 in Accra, Dr Addison commended the efforts made by FinTechs over the years toward increasing financial inclusion and empowering persons economically.

“However, access to savings, credit, and investment remains a challenge. People must be able to save to take care of future needs, invest and access credit to meet pressing needs or seize opportunities to expand their businesses,” he noted.

He, therefore, called on FinTechs to take advantage of the challenge to provide innovative solutions to address these besetting constraints to fostering a truly financially inclusive society.

Touching on the gender dimension of financial inclusion, Dr Addison noted that although there has been a reduction in the gender gap in account ownership across developing countries, the latest 2021 Global Findex Report, paints a deeply concerning picture which needs to be addressed.

“Women dominate the micro, small and medium-size enterprise segment which constitutes about 90 percent of businesses in Ghana. Consequently, the gender gap has far-reaching implications for output growth, employment generation, societal welfare, and economic and financial empowerment.”

“This is without a doubt, a fertile ground for FinTech intervention that promises very high dividends. Several types of businesses including agriculture, manufacturing, distribution, transportation, retail, and wholesale are represented in this category and require user-centric solutions to make any meaningful impact,” the BoG Governor explained.

Source: Ghana Web

BoG, Ministry of Finance to commit to zero financing of 2023 budget and beyond

Governor of the Central Bank, Dr Ernest Addison, has said the Bank of Ghana and the Ministry of Finance will commit to zero financing of the budget in 2023 and beyond.

According to him, the move forms part of prudent macroeconomic policies which are expected to trigger a disinflation path and downward trends in the policy rate.

Speaking at the 60th-anniversary launch of the Institute of Chartered Accountants Ghana (ICAG), Dr Ernest Addison, explained the move will further restore the country’s reserve buffers to at least 3 months of imports cover by the end-2025.

“Monetary financing of the government deficit, which was pursued to prevent domestic defaults arising from systemic auction failures during 2022 will end under the programme,” he stated.

“With inflation currently at 54.1 percent, tight monetary policies are expected to contain the persistent price shocks in the economy and ease inflationary pressures,” Dr Addison added.

The BoG Governor however noted that all these projections hinge strongly on the successful attainment of an IMF programme.

Touching on government’s Domestic Debt Exchange Programme, Dr Addison said the decision mooted by the IMF, to secure a Board Level Approval for a bailout, will guarantee Ghana’s debt sustainability over the medium term.

“The core objective of the DDEP is to harness the fiscal consolidation agenda and its successful implementation is expected to improve the debt metrics, complement the current monetary policy stance, and reset the economy to macroeconomic stability,” he concluded.

Source: Ghana Web