Day: April 16, 2024

In a bid to ensure a safe cyberspace in the country, the Director General of Cyber Security Authority, Dr Albert Antwi-Boasiako, has disclosed that cybercriminals were innovating their processes to swindle more victims.

He said apart from the psychologically driven fraud – mobile money fraud, and online impersonation, these criminals were deploying other means to scam people.

To clamp down on this process, he said the Cyber Security Authority was working with tech providers for early detection.

He highlighted that as the general election nears, the country is likely to witness AI-powered misinformation campaigns.

Dr Albert Antwi-Boasiako therefore encouraged the general public to remain vigilant and be selective with the content they consume on the internet.

“…Criminals are innovating their processes and we’re likely to see AI-powered misinformation campaigns. That makes it difficult for us but we’re working with the tech providers; those who own the platforms have mechanisms to detect this so we’re en
gaging with them to ensure that as we get close to the elections, we will be able to detect and prevent some of these issues,” he stated.

“The electoral public should be aware that not everything that is transmitted across the network is legitimate so we don’t need to consume everything,” he added.

Speaking to the media on the sidelines of the West African Regional CSIRTS Symposium in Accra on Tuesday, April 16, 2024, Dr Antwi-Boasiako said the gathering of various CSIRTS representatives in Ghana was to collaborate and discuss the common trends within the cyber domain and proffer solutions accordingly.

Source: Ghana Web

The Electricity Company of Ghana (ECG) has disconnected power supply to the Kumasi Kejetia Market in the Ashanti region’s Kumasi Metropolis due to outstanding electricity bills.

The market’s management, grappling with a hefty accumulated bill of GHS7,175,000, has resorted to generator power, costing GHS20,000 daily, as traders struggle to foot their dues.

The bustling Kumasi Kejetia Market, a hub of commercial activity in the Ashanti region, faced a significant setback on Friday, April 12, 2024, as the Electricity Company of Ghana (ECG) disconnected its power supply due to unpaid bills.

Management of the market disclosed to Kumasi FM’s Elisha Adarkwah that the market, housing 7,203 lockable shops, had amassed a substantial debt of GHS7,175,000 to the ECG.

Consequently, the Operations Manager, Nana Opoku Amankwah, revealed that the market now relies on generators, incurring a daily expense of GHS20,000 to maintain intermittent lighting.

The root cause of the unpaid bills, according to Nana Opoku Amankwah,
lies in the traders’ inability to settle their dues, forcing the market’s management to bear the burden.

The market, connected to a single meter, has prompted repeated protests from traders demanding individual meters to address exorbitant bills.

In response to these concerns, the market’s Board and management have committed to installing individual meters for traders, priced at GHS2,895 and GHS3,900, depending on the type of meter preferred by each trader.

While some traders have fulfilled payment obligations, installation remains pending for others yet to settle their dues.

Nana Amankwah emphasised that the installation of individual meters holds the promise of alleviating power supply disruptions to the market, offering a potential solution to the ongoing predicament

Source: Ghana Web

The Interbank forex rates from the Bank of Ghana today, April 16, 2024, have shown that the Ghana Cedi is trading against the dollar at a buying price of 12.9907 and a selling price of 13.0037.

At a Forex bureau in Accra, the dollar is being bought at a rate of 13.35 and sold at 13.65.

Against the Pound Sterling, the Cedi is trading at a buying price of 16.1942 and a selling price of 16.2117.

At a Forex Bureau in Accra, the pound sterling is being bought at a rate of 16.45 and sold at a rate of 16.95.

The Euro is trading at a buying price of 13.8270 and a selling price of 13.8420.

At a Forex Bureau in Accra, the Euro is being bought at a rate of 14.00 and sold at 14.50.

The South African Rand is trading at a buying price of 0.6854 and a selling price of 0.6855.

At a forex bureau in Accra, the South African Rand is being bought at a rate of 0.40 and sold at a rate of 1.10.

The Nigerian Naira is trading at a buying price of 88.4821 and a selling price of 89.2485.

At a forex bureau in Accra, Nigerian Na
ira is being bought at a rate of 9.00 Naira for every 1 Cedi and sold at a rate of 14.00.

For the CFA, it is trading at a buying price of 47.3889 and a selling price of 47.4403.

At a forex bureau in Accra, CFA is being bought at 20.50 CFA for every 1 Cedi and sold at a rate of 22.50 CFA for every 1 Cedi.

Source: Ghana Web

Director General of Cyber Security Authority, Dr Albert Antwi-Boasiako, has noted that the government and institutions in the ECOWAS sub-region need to raise awareness of cybersecurity.

According to him, until this canker is addressed, it will be difficult for issues relating to cyberattacks and threats to be addressed.

Speaking to the media on the sidelines of the West African Regional CSIRTS Symposium in Accra on Tuesday, April 16, 2024, Dr Antwi-Boasiako entreated institutions to strengthen their cyberspace by investing and not wait for an attack that could undermine the confidentiality, integrity, and availability of information before they remedy the situation.

He said, “The biggest challenge we have is the lack of awareness that the threat even exists and I say it is because once you don’t have visibility, it becomes difficult for you to even take steps to address them….”

“We’ve seen institutions only step up their investment in cybersecurity after they have been attacked. That is not a good way t
o go, I believe once we increase awareness across board, institutions, government will gradually put in necessary investment in preventing cyber attacks that could undermine the confidentiality, integrity and availability of information,” the Director General of Cyber Security Authority stated.

Dr Antwi-Boasiako further noted that the Cyber Security Authority was working with the central bank – Bank of Ghana – to develop a security operating system to sanitize the country’s cyberspace.

He explained that anytime there is a crisis or attack within the cyber domain, it undermines the confidentiality or even the availability of the digital service.

The Director General of Cyber Security Authority said the gathering of various CSIRTS representatives in Ghana was to collaborate and discuss the common trends within the cyber domain and prefer solutions accordingly.

Source: Ghana Web

Renowned economist, Professor Stephen Adei, has called on Ghanaian to brace themselves for impending economic difficulties in the coming years.

He stressed that the recent delays and hiccups in government’s debt restructuring operations are only signs of the anticipated economic headwinds to come.

Speaking during a press briefing organized by the Grand Coalition in Accra on Monday, April 15, the former Board Chair of GRA called on Ghana’s economic managers and political leaders to focus on implementing practical and sustainable policies that put the economy on a sound footing.

‘The reality is that the economic crisis we are in is going to be with us for some time, because if you look at the domestic debt exchange programme, most of it has been delayed till 2027, 2028.

‘I wish that I will be hearing from those who want to be heads of state and their campaigning – not their grand ideas, how they are going to see us through so that we reach a stage where we have a sustainable development outcome. In other wo
rds, we need in this nation, a three-staged agenda for resolving the crisis,’ Professor Adei is quoted by citinewsroom.com to have said.

He continued to explain that ‘The second one is laying what we economists call the preconditions of development, what will propel us from thereafter, and then a long-term vision of the Ghana we want to be at least by 2057.’

In December 2022, Ghana experienced one of its worst economic downturns as it defaulted on making payments on most of its external debt, consisting of $30 billion.

The country has since been shut out from international capital markets and has now resorted to the domestic treasury bill markets for borrowing.

Ghana, which is currently under a 17th IMF bailout programme, on April 13, 2024, reached a staff-level agreement with the IMF Mission team on a second review that will pave the way for a third instalment of the bailout funds of $360 million.

IMF Mission Chief to Ghana, Stephane Roudet, during a joint presser held in Accra, however, urged Ghanaian
authorities to secure a deal with its commercial and bilateral creditors for the IMF Management and Executive Board to approve the next disbursement.

Source: Ghana Web

Letshego Ghana Savings and Loans Plc (‘Letshego Ghana’ or ‘the Issuer’) has successfully listed its latest Bond on the Ghana Stock Exchange on 20th March 2024 to the value of GHS100million.

This is the first issuance under the inclusive finance brand’s expanded GHS500 million Medium-Term Note Programme, demonstrating the company’s commitment to supporting the growth of local capital markets while diversifying its funding base by accessing local capital and investors.

Despite challenging macroeconomic conditions characterized by a relatively high interest rate environment, Letshego Ghana’s bond garnered an impressive response from a diverse pool of investors, including banks, pension funds, asset managers, and insurance schemes.

The issuance secured approximately ninety-four (94) bids, with around 16% from new investors. The order book peaked at GHS141 million at offer close, positively reflecting an oversubscription of 1.41 times.

Overall, the success of this issuance reaffirms Letshego Ghana’s standing a
s a trusted corporate bond issuer in Ghana’s active capital market. It also highlights the growing significance of domestic capital markets as an alternative funding source for corporate issuers.

The transaction was priced at 22% for the 2-year fixed rate note, while the 4-year floating rate note was priced at 182-day T-bill rate plus a margin of 100 basis points. The transaction marks the Issuer’s foray into the capital markets since 2021 and mirrors Letshego Ghana’s strong credit profile and capacity to deliver appropriate and inclusive financial services to individuals and small business owners across the country.

Commenting the bond issuance, Country Chief Executive Officer of Letshego, Nii Amankra Tetteh, noted, ‘This successful funding round is a testament to the confidence and trust placed in the Letshego Ghana brand by our investors. With this funding injection, we can provide increased access to inclusive finance solutions for more Ghanaians and demonstrate economic and social impact in communities
across Ghana, through productive lending. We appreciate the ongoing support of our investors, who remain valuable partners as we fulfil our brand purpose to improve more lives in Ghana.’

Letshego Ghana’s Chief Finance Officer, Poelo Mkpayah added, ‘The success of this bond issuance evidences the company’s strong financial and business fundamentals. Letshego Ghana remains committed to maintaining global standards in corporate governance while delivering long term sustainable value for all our stakeholders.’

Stanbic Bank Ghana LTD and Black Star Brokerage Limited were joint lead arrangers and cosponsoring brokers to the issue.

Source: Ghana Web

The Ministry of Finance has affirmed that ongoing negotiations regarding debt restructuring with creditors have not culminated in failure.

Through a tweet, the ministry clarified that an interim agreement has been reached between Ghana and bondholders, but adjustments are necessary to align with IMF debt sustainability targets.

‘Ghana and Bondholders reached an interim deal, which must still be tweaked to meet IMF debt sustainability targets,’ it stated.

The ministry emphasized that this phase does not signify failure but is rather a step in an ongoing process towards an agreement consistent with debt thresholds under the Debt Sustainability Analysis (DSA).

According to the ministry, substantial progress has been made in the debt restructuring negotiations. ‘No, this is not a failure but part of an ongoing process to arrive at an agreement consistent with debt thresholds under the DSA. We have made significant progress on the debt restructuring negotiations and the Government of Ghana thanks bondholders f
or their support in this process.’

The ministry iterated its commitment to continuing negotiations to finalize terms consistent with IMF debt sustainability targets.

Ghana’s objective is to reduce its external debt repayments and interest costs by US$10.5 billion from 2023 to 2026. An agreement in principle was reached in January to restructure US$5.4 billion of loans with official creditors. However, confirmation from official creditors regarding the comparability of the bondholder deal is awaited.

Dr. Mohammed Amin Adam, the Finance Minister, at the joint press conference on the completion of the second review of the IMF programme, stressed the government’s determination to achieve an agreement acceptable to all parties while adhering to the sustainability targets outlined in its IMF-supported economic program.

Over the past two months, the government has adopted a more assertive approach in negotiations with commercial creditors and Eurobond holders. Despite expressing confidence in reaching a deal, th
e government reiterated the importance of staying within the parameters of the IMF-supported program.

The ministry also emphasized the significance of maintaining the sustainability targets of the economic program. Formal discussions have been ongoing since March 16 with two groups holding Ghana’s international bonds, comprising an ‘international’ group of western asset managers and hedge funds, as well as a group including regional African banks.

Source: Ghana Web

The Ministry of Transport has directed the Ghana Police Service and other security agencies to lookout for transport operators charging fares above the approved ones.

In a directive issued on Sunday, April 14, 2024, the Ministry called upon the Ghana Police Service and other security agencies to apprehend any driver found contravening the existing fare regulations.

‘Therefore, the Ministry is by this statement urging the Ghana Police Service and other security agencies to be on the lookout for any driver who goes contrary to the directive issued by the GPRTU and the GRTCC,’ the statement said.

As negotiations for revised public transport fares continue with the Road Transport Operators due to the recent surge in fuel prices and operational costs, the Ministry emphasized the importance of adhering to the current fares set by the Ghana Private Road Transport Union (GPRTU) of the TUC and the Ghana Road Transport Coordinating Council (GRTCC).

The Ministry’s Public Relations Unit highlighted that drivers must
comply with the established fares, warning of legal consequences for those who fail to comply with the directive.

Meanwhile, the GPRTU and GRTCC issued a joint statement on Thursday, April 11, 2024, urging commuters not to pay any extra charges beyond the approved fares.

They denounced the unilateral fare increases by certain commercial drivers as unlawful, affirming ongoing discussions with the Ministry of Transport towards resolving the fare adjustments.

Acknowledging the challenges posed by rising fuel costs and associated expenses, two transport operating groups, the Concerned Drivers Association of Ghana (C-DAG) and the Transport Operators of Ghana, had announced a 15% fare hike, which was to be implemented from Saturday, April 13, 2024.

These groups cited escalating fuel prices, government inaction on petrol cost reductions, and the elevated expense of vehicle spare parts and lubricants as reasons for the fare increment. However, the Ministry’s directive stands in contrast to these independent fare
adjustments, stressing the importance of following the approved fare structures until further consensus is reached.

Source: Ghana Web