Day: April 27, 2024

The Global Manager of SN Anku IP Firm, Sarah Norkor Anku, has said that Intellectual Property (IP), when adopted in businesses, would help entrepreneurs boost, protect, and monetise their ventures.

Addressing the media at a workshop to commemorate World Intellectual Property Day, she stated that IP has worked in other countries, urging Ghanaian entrepreneurs to also make use of the system.

‘What we have done is partner with OAWLI, a women’s entrepreneurship hub, to have a workshop with the women and educate them on how to use the IP to boost their businesses and to benefit from their intellectual property assets. There is a gap in terms of knowledge and we hope that with this workshop, we will get more people interested in using the IP system to their benefit.

‘It has worked in other jurisdictions, so we should be able to use that in Ghana and Africa to help our own businesses as well, especially the women’s businesses and the young women entrepreneurs. We want to secure their creativity; we want them to k
now what they can use their creativity for and how they can monetise what they have in order to help them or to take care of their families,’ she said.

Sarah Norkor Anku entreated all business owners to register their businesses as mandated by the laws of Ghana.

World Intellectual Property (IP) Day is celebrated every April 26.

As part of events to mark the celebration, the SN Anku IP Firm, in collaboration with the Oxford Africa Women Leadership Institute (OAWLI), held a workshop on April 26 to brief entrepreneurs on the need to use IP in their businesses.

The 2024 World Intellectual Property Day was celebrated under the theme ‘IP and the SDGs: Building Our Common Future with Innovations and Creativity.’

Source: Ghana Web

Asantehene wants action over Boankra Inland Port By Dominick Andoh | The Asantehene, Otumfuo Osei Tutu II, has called on government to complete the Boankra Inland Port project, to open up the middle belt for increased economic activity.

‘The progress on the Airport project is commendable but the Inland Port project is also at a slow pace. Whatever impediments are slowing the progress, ensure that are removed for its completion. The coming in of the Inland Port and the International Airport with the railway will boost the economy.

The Inland Port project has been delayed. It started in the era of President Kufour. Ensure all the obstacles are cleared to make that project see the light of day. Even if it means to get a share of the IMF loan to complete the Inland Port project, it is possible,’ he said.

The Asantehene was speaking when a delegation led by the Minister for Transport, Kwaku Ofori Asiamah, paid a call to him to brief him about the progress of work on the Kumasi Airport and the planned inaugurati
on date.

Kumasi Airport Expansion works

Work on Phase Two (2) of the Kumasi Airport Project began in 2018. It included the construction of a new Terminal Building to handle one million passengers per annum, two boarding bridges, a road network, perimeter fence, a substation and parking lot among others. The cost of the expansion work was estimated at £66,350,000.

Phase three of the Kumasi Airport Expansion Project involves the extension of the existing runway pavement from 1,981 meters to 2,320 meters, the construction of new taxi link and two Apron Parking Stands, an Air Traffic Control Building, and a Fire Station among others. The cost for this phase is estimated at £58,900,000.

The Kumasi Airport is currently served by two domestic carriers namely: Africa World Airlines (AWA) and Passion Air. The Project Contractor is Messrs Contracta Construction UK Ltd. Ghana.

Source: Ghana Web

The Social Security and National Insurance Trust (SSNIT) has said that the payment of pensions to members is not funded by its reserves, as reported by some media houses.

This follows media reports that SSNIT reserves are being depleted.

In responding to the publications, SSNIT assured members that the fund can meet its benefit payment obligations beyond 2036.

SSNIT, in several points, indicated that ‘pension payments are not funded by reserves. The SSNIT pension scheme, as set up by ACT 766, is a partially funded scheme, and pension payments are funded from contributions and returns from investments.

‘The Trust therefore assures all members and the public that it will continue to ensure prudent management of the Fund to meet its benefit payment obligations beyond 2036.”

Source: Ghana Web

The Ghana Federation of Labour (GFL) has admonished Organised Labour of Ghana to ensure that the Board of the Social Security and National Insurance Trust (SSNIT) operates in a way that protects the interest of pensioners.

The Secretary General of the GFL, Abraham Koomson, who was speaking on Power Kasiebo on TV XYZ, observed that the Akufo-Addo government had been unnecessarily barging into the affairs of SSNIT and causing the Trust’s finances to decline through suspicious investments.

Although he admitted that the contributions of Ghanaian workers to SSNIT are invested into other ventures to accrue profits for onward distributions to pensioners who had over the years contributed to the Trust, Koomson cited clandestine wastages as the cause of the near collapse of the institution.

According to him, the Akufo-Addo government has contributed to the financial challenges of SSNIT which have affected the monthly stipends of pensioners.

Reacting to government’s direct interference with the operations of SSNIT,
the vociferous unionist stated that until Organised Labour charges its representative on the Board of SSNIT to fight for the right thing to be done, the trust would head into a ditch.

‘Organised labour has a representative on the board of SSNIT so we have to ensure that that representative does not go into meetings only to drink tea and take allowances,’ Koomson cautioned.

‘If that happens, it means we have failed workers who are now pensioners and those contributing to SSNIT.’

Koomson further threw more light on the unfortunate happenings at SSNIT that were hindering the progress of the institution, saying government fired the former Director General of the state institution, Dr John Ofori-Tenkorang, only to manipulate the current SSNIT Boss to misuse the funds meant for pensioners’ comfort.

After the firing of Dr Ofori-Tenkorang earlier this month, he was directed to hand over to Kofi Bosompem Osafo-Maafo, a son of a senior advisor to the president, Yaw Osafo Maafo, who would later be the successor of D
r. Ofori-Tenkorang.

Abraham Koomson believes the circumstances leading to Kofi Bosompem’s promotion from the Deputy Director-General in charge of Investment and Development at SSNIT are questionable and dangerous to the Trust’s funds.

‘Dr Ofori-Tenkorang was working well but these people, the NPP, didn’t like his style so they had to yank him off so they could have access to loot funds from the institution,’ Koomson stated in the interview.

To him, it is Organised Labour that can stop the mismanagement of the public funds entrusted in the care of SSNIT.

SSNIT has consistently provided financial security for retirees since 1991 when it transformed to a Social Insurance Pension Scheme governed by the PNDC law 247.

However, SSNIT has been projected to deplete its funds in meeting its financial commitments to beneficiaries in the future.

A recent report by the International Labour Organisation (ILO) indicates, based on its actuarial valuation, that SSNIT reserves are expected to reach zero by 2036.

As of 2
020, SNNIT had covered for 1.6 million Ghanaians, representing approximately 16% of the country’s workforce.

ILO said a growing portion of the Trust’s resources intended for beneficiaries is being allocated to the operational costs of the scheme.

The report shows that from 2008 to 2020, the average return on total assets was 12.2 per cent. Adjusting for inflation, the real average return on assets is 0.9 per cent.

One notable aspect of investing in Ghana is the 91-Day Treasury Bills (T-Bills), which have provided a higher average return of about 17.5 per cent over the past 12 years compared to the nominal return on assets. In fact, the fund’s return has averaged at 70 per cent of the average yield of T-bills.

The GFL believes the situation is worrying but the government must not touch the funds of the Scheme.

Mr Abraham Koomson, once again, admits the challenges of SSNIT but sees a solution devoid of government interference.

‘We got wind of this issue some 5 years ago. It is not a new issue….the problem
has to do with investment that SSNIT does with peoples’ contributions,’ Koomson said.

‘Some time, I remember SSNIT made donations to some chiefs,’ he stated and condemned such acts while asking the Akufo-Addo government to stay off SSNIT funds.

Source: Ghana Web

Energy and other commodity prices are projected to become significant deflationary factors in the forthcoming years, according to the World Bank.

This trend may pose challenges for central banks aiming to implement interest rate reductions.

In a report released on Thursday, the multilateral lender highlighted that the substantial decline in commodity prices observed over the past two years has stabilized.

This stabilization is attributed to tightening supplies due to geopolitical tensions and increased demand for industrial metals and those utilized in the energy transition.

According to Financial Times News, between mid-2022 and mid-2023, global commodity prices experienced a notable decrease of 40 per cent, impacting commodities such as oil, gas, and wheat. Consequently, global inflation saw a reduction of approximately 2 percentage points during this period, according to the findings of the bank

But over the past year, prices have plateaued, according to the World Bank’s index, putting an end to this
deflationary pressure.

‘Global inflation remains undefeated,’ said Indermit Gill, World Bank Group’s Chief Economist and Senior Vice-President. ‘A key force for disinflation – falling commodity prices – has essentially hit a wall. That means interest rates could remain higher than currently expected this year and next.

‘The world is at a vulnerable moment: a major energy shock could undermine much of the progress in reducing inflation over the past two years,’ he added.

Commodity prices will fall as little as 3% in 2024, 4% in 2025

The bank forecasts that commodity prices will fall as little as 3% in 2024 and 4% in 2025. That would still leave prices about 38% higher than they were on average between 2015 and the start of the coronavirus pandemic in 2020.

This slowdown in price falls will do little to quell above-target inflation and create a problem for central banks wanting to bring down interest rates, according to the report.

‘The big deal was that commodity prices were staying high while global gro
wth slowed, Ayhan Kose,’ the World Bank Group’s deputy chief economist, told the Financial Times.

This divergence marked the start of ‘a new era’, Khose added, noting that the last time this happened was in the wake of the 2008 global financial crisis.

While most commodity prices are still set to come down at a slower pace, according to the bank’s forecasts, the copper rate is set to rise as the energy transition spurs demand for the metal, which is essential for manufacturing electric cars and upgrading the electricity grid.

Double-digit growth in global energy investment ‘brings additional pressure on the demand side, keeping prices higher’, said Khose. Demand in China had also been more robust than expected, he added.

Tensions in the Middle East

The report also forecasts that tensions in the Middle East will push up the cost of gold – seen as a haven in times of conflict and oil. The bank expects the price of Brent crude oil to average $84 a barrel this year, slightly higher than last year’s average,
and $79 in 2025. On Thursday, Brent was trading at about $88 a barrel.

Commodity prices could be even higher if conflict in the Middle East escalates, however, the report added.

‘Those tensions bring a certain premium, especially in the context of the price of oil, and also bring more frequent price movements,’ said Khose.

The bank forecasts that, if the conflict intensifies in a worst-case scenario, oil prices could blast through $100 per barrel this year. Such a sharp rise would push up overall global inflation nearly by 1 percentage point, it said.

Source: Ghana Web

The Advertisers Association of Ghana (AAG) has expressed its frustration over the failure of the government to pass laws to regulate activities in the advertisement sector.

Speaking to the media, the President of AAG, Andrew Ackah, said that the lack of proper legislation is part of the reason the Association is not making any progress and is faced with a lot of challenges.

Andrew Ackah was particularly not happy with the Parliament of Ghana which he said has failed to pass the Advertising Bill, even though the bill has been in the house for years.

‘Every serious country within the African Continent has a regulation that governs advertising. Nigeria, Kenya, South Africa; all these big countries with big markets within Africa do have a regulation when it comes to advertising, because advertising is a big deal. Unfortunately, we don’t. I’ll give you an example. I’m pretty certain you’ve seen the proliferation of billboards everywhere, right? Why should it be? It didn’t used to be that.

‘We have a lot to do.
And I think that for us to progress and move faster, we will need the advocacy for the advertising bill for it to go through parliament, for it to be assessed, to be made robust, so that it can be passed finally. So that we can have an authority that regulates the entire industry. It’s been about twelve to 14 years coming,’ he said.

The AAG president added, ‘We’ve gone through parliament, the last parliament session before 2017, it had actually gone to the floor of parliament. We had the first reading, and then all of a sudden, we couldn’t go through the 2nd, 3rd, 4th session. Parliament rose and there was a new government’.

He, therefore, urged Ghana’s legislators to expedite the process when the bill comes before it so there would be a law to govern the advertisement sector.

Source: Ghana Web