Category: Business

Australian exploration company Moab Minerals has purchased an initial 14.64% interest in CAA Mining, a UK-incorporated company focused on lithium and gold exploration in Ghana, Africa.

Through the acquisition, Moab Minerals has acquired a stake in three projects that complement its existing assets.

It will expand its business as a junior exploration company while letting its shareholders invest in lithium.

According to Moab’s board, the investment is a strategic move, given CAA’s interest in lithium projects in the country.

As part of the transaction, Moab acquired 2.7 million shares in CAA Mining for £750,000.

The three projects acquired by the Australian company are covered by six prospecting licence applications that cover a total area of 730km².

Moab Minerals managing director Malcolm Day said: “Following significant due diligence, we are very pleased to announce the investment in such high-potential lithium projects in Ghana. The board believes the investment is an excellent strategic fit for Moab and will add short and long-term value for Moab shareholders.”

The six projects are located next to a coastal highway, which is 100km away between the major cities of Accra and Takoradi with a major port at Takoradi.

CAA had signed a deal to acquire up to 85% of Lithium Resources Ghana for $8m.

As part of the agreement, the company can acquire any or all of the six prospecting licences applied for by Lithium Resources Ghana.

The licences are prospective for lithium and share a similar geology with the Atlantic Lithium Ewoyaa discovery with 35.3 million tonnes at 1.25% lithium oxide (Li2O).

The potential for exploration was identified from preliminary geological and geophysical studies and with occurrences of known pegmatites.

An auger drilling programme of 20,000m has also started at one of the projects.

CAA claims to have so far spent nearly $500,000 on establishment and exploration costs associated with the six licences.

Source: Ghana Web

National Planning Commission Chief National Development Adviser, Sylvester Mbangu said Namibia did not make strides in changing the structure of its economy which consists of a large informal sector, resulting in the majority of the population being in vulnerability.

Speaking at the launch of the Sixth National Development Plan (NDP6) formulation process here yesterday, Mbangu said for the past 30 years the structure of the economy consists of a large informal sector where the majority of the population earn low wages with no formalised contracts.

This, he said should be of consideration in the NDP6 formulation covering the period of 2024/25 to 2030/31 financial years aimed at addressing Namibia’s ambitions and ultimately improving the standard of living of Namibians.

He explained that Namibian sectors that propel economic growth such as agriculture, mining and fishing amongst others are of low economic complexity and do not allow for much innovation, resulting in an uncompetitive economy.

“Our economy depends much on external sectors without export, we produce what we do not consume and that of which we produce we export it. So our economic growth is volatile because we experience external factors and these are the challenges we are experiencing,” he noted.

Source: The Namibian Press Agency

Residents and farmers in the Tapa Abotoase in the Biakoye District of the Oti Region have been overwhelmed by the continuous destruction of food crops by uncontrolled cattle grazing in the area, occasioned by herdsmen.

Herdsmen are reported to be physically attacking farmers.

The worried farmers are complaining about the destruction, which is negat , who found their activities worrying and complained about them.

Mr Daniel Arhin, Chairman of the Tapa Wonsom Farmers Association in the Biakoye District,

Mr Arhin, in a News conference at Tapa Abotoase, noted that the destruction of farms and food crops such as maize, cassava, beans, groundnut and yam had led to food shortage and increase in prices of these foodstuff in the enclave.

He said the herdsmen allowed their cattle to roam about with impunity and as a result the cattle crossed roads which resulted in some accidents in the area.

Mr Arhin said the district, which was noted for producing maize in large quantities in the Oti region was gradually losing food crops to activities of herdsmen in the area.

He said the herdsmen, whose destination they were not privy to, were increasing in numbers in the enclave and showing evidence of permanency by constructing a mosque, which had reached lintel level.

Mr Arhin said the rise in sea level had affected food production hence the menace if not controlled would render all efforts by farmers to a loss.

He said they were also concerned about criminal activities associated with some herdsmen and would not want to experience such activities in the Tapa area.

Mr Arhin said they had written to the Regional and District offices of the Police command, traditional councils and Omanhene of the menace but had not seen any action.

He said they were petitioning President Akufo-Addo to support them, while calling on Assembly members to drum home their worries during their meetings in the district.

A farmer, Adam, noted that although he was a farmer, he still bought food to feed his family due to destruction of his farm produce by the herds of cattle.

Other farmers also lamented about the menace and appeal for immediate intervention to avert any disturbances between farmers and the herdsmen.

Source: Ghana News Agency

Unilever Ghana PLC has taken its turn at the ‘Facts Behind The Figures’ forum, organized by the Ghana Stock Exchange (GSE) for listed companies.

The Managing Director of Unilever Ghana PLC, George Owusu-Ansah, said the company’s revenue increased to Gh¢ 632m in 2022, up from the Gh¢527m recorded in 2021. This represented a 20 percent increase in turnover over the period. The company ended the year having recorded a profit of Ghc15m, up from the Ghc0.4m recorded in 2021.

The improved turnover in 2022 was largely a result of continued investment in coverage, innovations, and building of the equity of its core brands, including its heritage brands, Key Soap, Pepsodent, and Geisha among others.

The company prioritized efficiency improvements, waste reduction, and strong credit control alongside inflation recovery to boost its profitability.

Managing Director of Unilever Ghana PLC, George Owusu-Ansah, said the company continued to deploy its sustainability projects with a focus on the collection of plastic waste and the promotion of second-life solution options.

It did this in collaboration with like-minded members of the Ghana Recycling Initiative by Private Enterprises (GRIPE). The company also extended support towards the teaching of Oral and Personal hygiene habits in schools and communities across the country.

Referencing the company’s growth trajectory since 2020, George Owusu-Ansah said Unilever Ghana PLC remains committed to living its purpose of ‘Making Sustainable Living Commonplace’ and aims to deliver long-term value to its stakeholders.

Source: Ghana Web

The Tema Region of the Electricity Company of Ghana (ECG), is decrying the rampant manner in which structures are being put up within its utility corridor, a situation the Company says poses danger to life and property.

The General Manager of the Region, Ing. Ankomah Emmanuel revealing the kind of entities involved in the activities noted that these were mostly done by small scale business operators.

“The encroaching is done mainly by chop bar operators, fitting shops and all sorts of businesses using metal containers such as salons, barbershops and provision shops,” said the engineer.

According to him, they put these structures in the utility corridors as well as near transformers, substations and overhead cables, a situation that sometimes impedes repair works, adding that the situation was becoming widespread across its operational areas.

“This situation has become rather too rampant within the entire Tema Region which spans from Nungua, Tema, Afienya, Lower Manya Krobo, Yilo Krobo, Prampram, Ningo, Sege, Ada, Sokpoe, Juapong and surrounding areas,” he observed.

The General Manager thus appealed to the members of the public in its three operational regions of Greater Accra, Eastern and Volta Regions to refrain from such illegalities, citing the possible danger of loss of lives and properties as probable consequences.

Ing. Ankomah who disclosed these during a brief media encounter, also appealed to the relevant state agencies in the various jurisdictions to take up this issue and to ensure that the utility corridors will remain free from such activities.

Source: Ghana Web

President Nana Addo Dankwa Akufo-Addo has taken a swipe at rating agencies for their “reckless” downgrades of African economies during the COVID-19 pandemic and the Russia-Ukraine conflict.

He noted that these downgrades have led to these countries especially Ghana being shut out of the international capital market.

Speaking at the 30th Africa Export and Import Bank annual meetings, President Akufo-Addo stated that these downgrades have led to the deepening of the problems of African countries.

“I can comfortably and convincingly say this as the AU champion for African financial institutions and leader of a country, which recently had to deal with one of the most difficult periods in his post-independence history, difficulties which were exacerbated by the reckless behaviour of rating agencies that engaged in pro-cyclical downgrades shutting Ghana out of capital markets and turning it liquidity crisis into a solvency crisis.

“The country which had become the favourite child of bondholders, and had successfully gone to market at the height of the pre-Covid downturn was suddenly shut out of international capital markets,” he said.

The President lauded the Afrexim Bank for its contributions to Africa’s growth and problems.

“Afreximbank under its counter-cyclical response mechanism provided timely support to help Ghana navigate the macroeconomic management challenges worsened by Russia’s war of aggression in Ukraine in an orderly manner when suddenly, we realized we were alone,” he said.

Source: Ghana Web

Dr. William Mensah-Ansah, an industrialist has commended the International Labour Organization’s (ILO) mandate to strive for a better future for all.

He said the ILO’s renewed mandate to understand and anticipate the transformational drivers of change that were already in operation and to be ready to respond rapidly to events and challenges that could not reasonably be predicted needed global commendation.

In an interview with the Ghana News Agency in Tema, Dr. Mensah-Ansah said Labour Unions must adopt a new model of engagement based on diplomatic engagement and transparent industrial relations.

Dr. Mensah-Ansah said Labour Unions must begin to look at collaborating with governments and employers to address challenges and offer possibilities for the achievement of social justice in an ever more complex world of work.

He said the most salient characteristic of the global economy that Ghanaian Labour Unions must consider had to do with the impact of globalization, stressing that the injection of new technology into the world of work meant that people, goods, and capital were moving ever more rapidly between countries.

‘This gives rise to an interdependent global economic network that is affecting almost everyone on the planet. Globalization today means the internationalization of production, finance, trade, and migration,’ he said, stressing that these are major challenges that must be addressed through diplomatic dialogue and not an antagonistic posture.

Dr. Mensah-Ansah said one of the most symbolic controversies relating to the future of work lies in the issue of whether technological progress would result in the destruction or creation of jobs, which the Ghanaian Labour market, especially Organized Labour, must begin to address.

He said Ghana has initiated an aggressive digitization and digitalization drive and a new dimension in the era of robotization and artificial intelligence. ‘What is the future of workers?’ These are issues that we must holistically look at.

‘In the current era of transformation, Organized Labout must adopt the new model of diplomatic engagement with governments and employers to secure the future of workers,’ he said.

Dr. Mensah-Ansah called on the TUC to adopt modern diplomatic means for mediation instead of the old antagonistic fighting strategy, which has become outmoded.

Source: Ghana News Agency

The Minister of Finance, Ken Ofori-Atta is known for his signature; white apparel, brown bag, and use of scriptures from the good books anytime he addresses the public on the economy.

On such a case over the weekend, the minister, while giving an update on the economy after Ghana received the first trench of $304 million of the $3 billion it requested from the IMF, indicated that the current gains is the doing of the Lord and we must be glad and rejoice in it.

This was contained in a Twitter post by Metro TV.

Ken Ofori-Atta began by expressing appreciation to organizations and institutions who assisted the ministry in implementing some policies and programmes.

“For us in Ghana, we’ve successfully navigated the Debt Exchange Programme (DEP) with steadfastness. My gratitude to the individuals, banks, insurance and capital market sectors for their resolve and the strong intercessory prayers by our faith-based organizations.

“And so fellow Ghanaians as in Psalms 118, let us indeed give thanks to the lord for he is good. For this is the lord’s doing and it is marvellous in our sight,” he said.

Background

The Minister of Finance, Ken Ofori-Atta, is well-known for his signature white apparel, brown leather bags, and for being someone who loves to quote scriptures from the Bible.

Every time he addressed the country on economic matters, he would always throw in a reference to a scripture in the Bible, to support an argument or to conclude his speeches.

The suspicion, as has become common knowledge now, is that with those scriptures, he is sending a signal that his words are the truth, and nothing else.

The most recent of such instances where the minister referred to a Bible scripture in a public address was when he appeared in parliament on February 16, 2023, to present a statement on the government’s Domestic Debt Exchange Programme (DDEP).

As expected of him, he began his presentation with a quotation from the Bible.

“Mr. speaker I come in peace and as expected, if I look at Psalm 105, it says that let’s give thanks and note that we should rejoice with the lord and make his great deeds known to people,” he said, attracting varied reactions from both sides of the house,” he said.

Not too long after that, the minister and some members of his team attended the IMF/World Bank Spring Meeting, where they discussed Ghana’s external debt restructuring, and the modalities and subsequent approval of a $3 million bailout to help Ghana.

Rather surprisingly, the minister was not heard using any of these speech-reading techniques at these international engagements with the IMF and the World Bank leaders.

Throughout the series of meetings with the leaders of the Bretton Wood Institutions, the finance minister has not been heard making references to the scriptures as a negotiating skill to appeal to the emotions of the leaders.

There is a begging question about whether or not the use of Biblical scriptures is just a technique the Minister of Finance, Ken Ofori-Atta, employs within the shores of Ghana only, or whether there is a bigger explanation as to why the same isn’t applied in his engagements outside the shores of the country.

What is the power that exists in the use of Biblical scriptures within Ghana, but the same is not used outside the country? What happens to all those well-known, relatable scriptures when Ken Ofori-Atta is engaging with people outside the shores of Ghana?

Source: Ghana Web