Category: Business

The Ghanaian music industry has been rocked by recent claims made by musician Kay Smooth that he was responsible for introducing Shatta Wale to the late Terry Bonchaka, whom Shatta has credited with inspiring his music career.

In an interview on Power FM’s entertainment show, Kay Smooth asserted that Shatta Wale should always be grateful to him for being the one to connect him with Terry Bonchaka.

Shatta Wale has not yet responded to Kay Smooth’s claims, but this revelation has ignited a debate among fans and industry insiders about who deserves credit for Shatta Wale’s success.

It is well-known that Terry Bonchaka was a huge influence on Shatta Wale’s music, and the dancehall artist often pays tribute to him on the anniversary of his passing. However, if it is true that Kay Smooth was the one to introduce the two musicians, then perhaps he deserves some credit as well.

Of course, it’s not just about who introduced whom to whom. Shatta Wale’s success is the result of many factors, including his own talent and hard work, as well as the support of his fans, fellow musicians, and industry professionals.

Nevertheless, the role of influencers and connectors cannot be underestimated in the music industry, where relationships and collaborations can make or break a career.

Kay Smooth’s claim may seem like an attempt to capitalize on Shatta Wale’s success, or it may be a genuine assertion of his own importance in the Ghanaian music scene. Whatever the case may be, it is clear that this revelation has sparked a conversation about the importance of giving credit where credit is due in the music industry.

It is worth noting that Shatta Wale has been embroiled in several controversies over the years, including accusations of plagiarism and feuds with other musicians. This latest claim by Kay Smooth adds another layer to the complex web of relationships and rivalries that make up the Ghanaian music scene.

Despite the drama, it is clear that Shatta Wale has become one of the most successful and influential musicians in Ghana today. Whether or not Kay Smooth deserves credit for his success, it is undeniable that Shatta Wale has made a significant impact on the music industry and the culture of Ghana as a whole.

In the end, the debate over who made Shatta Wale who he is today may never be fully resolved.

However, what is certain is that his music has touched the hearts and minds of millions of people, and his legacy will continue to inspire and influence generations of musicians to come.

Source: Ghana Web

The World Bank on April 21 released its 2023 Logistics Performance Index report, a measure of countries’ ability to move goods across borders with speed and reliability.

The seventh edition of Connecting to Compete, the Logistics Performance Index (LPI) report comes after three years of unprecedented supply chain disruptions during the COVID-19 pandemic, when delivery times soared.

The LPI, which covers 139 countries, measures the ease of establishing reliable supply chain connections and the structural factors that make it possible, such as the quality of logistics services, trade- and transport-related infrastructure, and border controls.

“Logistics are the lifeblood of international trade, and trade in turn is a powerful force for economic growth and poverty reduction,” Mona Haddad, Global Director for Trade, Investment, and Competitiveness at the World Bank said. “The Logistics Performance Index helps developing countries identify where improvements can be made to boost competitiveness.”

On average across all potential trade routes, 44 days elapse from the time a container enters the port of the exporting country until it leaves the destination port, with a standard deviation of 10.5 days. That span represents 60 percent of the time it takes to trade goods internationally.

According to LPI 2023, end-to-end supply chain digitalisation, especially in emerging economies, is allowing countries to shorten port delays by up to 70% compared to those in developed countries. Moreover, demand for green logistics is rising, with 75 percent of shippers looking for environmentally friendly options when exporting to high income countries.

“While most time is spent in shipping, the biggest delays occur at seaports, airports, and multimodal facilities. Policies targeting these facilities can help improve reliability,” Christina Wiederer, Senior Economist with the World Bank Group’s Macroeconomics, Trade and Investment Global Practice and the report’s co-author said.

Such policies include improving clearance processes and investing in infrastructure, adopting digital technologies, and incentivising environmentally sustainable logistics by shifting to less carbon-intensive freight modes and more energy-efficient warehousing.

Source: Ghana Web

The total revenue from royalties for the three oil fields in Ghana was US$302,954,860.69 in 2022 compared to US$185,683,636.46 in 2021, representing 63.2 per cent increase, the 2022 annual report of the Public Interest Accountability Committee (PIAC) had noted.

Royalties are early and dependable sources of revenues for the state as it is a charge on gross production.

Royalty from the Jubilee Field contributed 52 per cent of the total Royalties for the period, followed by SGN (32%) and TEN (16%).

Corporate Income Tax (CIT)

CIT is currently charged at a rate of 35 per cent on profits of the IOCs.

The total CIT received from the three fields in 2022 stood at US$388,889,564.00, representing 90.8 per cent increase from that of 2021 (US$203,854,804.35).

CIT constituted the second highest among the petroleum revenue streams in 2022.

The Ghana Revenue Authority (GRA) is required under Section 3 of the Petroleum Revenue Management Act, 2011 (Act 815) to assess, collect, and account for petroleum revenue due Ghana derived from royalties, corporate income tax and other defined sources.

These revenues are paid directly into the Petroleum Holding Fund (PHF) by the 15th day of the ensuing month by the entities obliged to make the payment.

For 2022, a total of US$1,428,760,076.93 accrued to the PHF from royalties, carried and participating interest (CAPI), corporate income taxes (CIT), surface rentals, and income earned on the PHF, compared to US$783,325,849.87 in 2021.

This represents 82.4 per cent increase from the 2021 figure.

The increased revenues can be attributed to favourable international crude oil prices which were higher than estimated prices, the PIAC report said.

The average achieved price by GNPC on behalf of the Ghana Group for the three producing fields increased by 52.9 per cent from US$69.180/bbl in 2021 to US$105.746/bbl in 2022.

Despite the decline in production volumes, petroleum revenues increased in 2022 by 82.4 per cent.

Receipts from Crude Liftings for Ghana Group

Receipts from crude oil liftings amounted to US$1,036,800,383.96 in 2022 as compared to US$578,613,886.90 in 2021, representing an increase of 79.2 per cent.

Receipts from Jubilee Field

Crude Liftings Six (6) liftings (64th – 69th) were made from the Jubilee Field in 2022, yielding US$567,393,883.49 in receipts, whereas five liftings recorded in 2021 yielded US$310,863,857.82.

Receipts for the period include the 63rd parcel of crude oil lifted on the 8th December, 2021 which was realised in January 2022 and excludes the 69th lifting on 17th December, 2022 whose revenues will be realised in January 2023.

The JOHL, a subsidiary of GNPC, made two (2) liftings during the year under review yielding a total of US$185,567,320.93 on the Jubilee Field.

Receipts from TEN Field

Crude Liftings for Ghana Group

One (1) lifting (21st) was made in 2022.

Total receipts from liftings in 2022 yielded an amount of US$182,370,774.69 whereas receipts for 2021 yielded US$128,723,696.70 from three (3) liftings.

Receipts for the period include the 20th Lifting from the field on 15th December, 2021 whose revenue was realised in January 2022.

The JOHL made one (1) lifting yielding an amount of US$87,084,888.02 on the TEN Field.

Receipts from Sankofa Gye-Nyame (SGN) Field Crude Liftings

There were three (3) liftings on the SGN field in 2022 with total revenues amounting to US$287,035,725.78 as compared to two (2) liftings in 2021 yielding US$139,026,332.28 in revenues. This represents a 106.5 percent increase over 2021 receipts.

JOHL Crude Oil Lifting Receipts

For the year 2022, a total amount of US$272,652,208.95 was made from JOHL’s liftings in the Jubilee and TEN fields. However, the revenue from these liftings were not part of receipts into the PHF for 2022.

Analysis of Petroleum Receipts

Carried and Participating Interest (CAPI) continues to contribute the highest percentage of total revenues followed by Corporate Income Taxes, Royalties, PHF Income, and Surface Rentals.

Carried and Participating (Additional) Interest (CAPI)

Carried and Participating Interest are two (2) forms of state participation that effectively capture its fair share of economic rents from petroleum projects regardless of whether there is initial commitment of funds by the State or not.

The revenue derived from CAPI constituted 51.4 per cent (US$733,845,523.27) of total revenues accruing from the three (3) fields as compared to US$392,930,250.44 in 2021.

This represents 86.8 per cent increase in CAPI over that of 2021.

The CAPI generated from the Jubilee Field stood at US$409,422,833.99, whilst that of TEN and SGN amounted to US$135,001,742.30 and US$189,420,946.98, respectively.

Surface Rentals

Surface Rental payments received in 2022 totaled US$687,759.16 compared with US$826,815.52 for 2021, indicating a 16.8 per cent decrease.

According to the GRA, this amount received is attributable to nine (9) out of the current fourteen (14) companies with respect to the oil blocks under their operation.

As of the end of December 2022, Surface Rental Arrears had amounted to US$2,774,066.79, up from US$2,579,170.21 as at the end of 2021, representing a 7.6 per cent increase.

Out of the Surface Rental Arrears, an amount of US$1,803,124.41, representing 65 per cent of the total arrears, relates to four (4) contractors whose Petroleum Agreements were terminated by the minister of energy in 2021.

PHF

Income Interest on the Petroleum Holding Fund yielded US$2,382,369.82 in 2022 as against US$30,343.09 in 2021.

This represents a significant increase in the interest income on the PHF (7,751%).

The significant increase was as a result of higher overnight rate on cash holdings from 0.05 per cent at start of 2022 to 4.30 per cent at end of the year.

Gas Revenue

Apart from 2015, there has been no payment into the PHF with respect to gas revenues from raw gas supplied by GNPC.

A total of 31,623.54 MMSCF of raw gas worth US$211,505,426.70, was delivered to Ghana National Gas Company (GNGC) during the period under review.

According to GNPC, total outstanding receivables from GNGC with respect to raw gas supplied amounted to US$605,691,381.479 as at the end of December 2022.

These represent revenues from gas sales that ought to be paid into the PHF.

Make-Up Gas

Make-Up Gas (MUG) for the three-year period 2018 to 2020 amounted to 35,650.45 MMSCF.

Out of the amount, 180.10 and 5,431.47 MMSCF were recovered in 2021 and 2022, respectively, leaving a balance of 30,038.88 MMSCF to be recovered in subsequent years.

According to GNPC, in 2021, due to relatively lower offtake volumes, the Annual Contract Quantity 11(ACQ) was exhausted on 30th December 2021, therefore, only 180.10 MMSCF was recovered on 31st December 2021.

However, in 2022, due to increased offtake volumes, the ACQ was achieved by 4th December, leaving about 27 days of MUG recovery which amounted to 5,451.37 MMSCF for the year.

Per the Gas Sales Agreement (GSA), the MUG for each year can be recovered within five years following the year that it was incurred, on First-In First-Out (FIFO) basis.

Thus, the total MUG taken of 5,631.47 is matched against MUG of 2018, leaving a balance of 837.57 MMSCF of 2018 to be recovered by the end of 2023.

The total invoiced amount for gas taken from the SGN Field in 2022 amounted to US$456,673,908.92.

An annual reconciliation adjustment for the 2021 delivery year as per the Gas Sales Agreement (GSA) resulted in a credit of US$1,585,904.27 to GNPC in January 2022.

This brings down the total gas invoice amount to US$455,088,004.65.

Cumulative Petroleum Revenues (2011-2022)

From 2011 to date, total petroleum revenue has amounted to US$8.79 billion.

The year 2022 has recorded the highest realised petroleum revenues into the PHF, with 2016 recording the lowest revenues.

Source: Ghana Web

The Tarkwa District Court B has remanded three suspects into police custody following an attack on the KK Gold buying shop at Akoon in the Tarkwa-Nsuaem Municipality of the Western Region.

The suspects, a Ghanaian, and two foreigners were charged with conspiracy and robbery, but their pleas were not taken.

The presiding judge, Mr. Isaac Osei Asare adjourned the case to Wednesday, May 3, 2023, for continuation.

Fataw Awudu, 42, a Ghanaian, Samuel Amaechi Kingsley, 47, Togolese, and Ezekiel Stephen Oghenakaro, 45, Nigerian were alleged to be part of the gang that robbed the company on Tuesday, April 18, 2023, at about 1800 hours.

When the police had information on the robbery and proceeded to the scene, the suspects had already bolted with gold weighing 408.5 grams worth GH?613,000.00 an undisclosed amount of money.

Intelligence gathered by the police indicated that the robbers used the Tarkwa-Banso, Esuoso to Bonsawire road, hence they alerted the communities within that neighborhood.

On the same day, at about 2100 hours the Police Intelligence Department and the police patrol within the area with the assistance of the youth in the vicinity arrested Samuel and Ezekiel at their hideout in Esuoso.

The police retrieved a sack containing a cash sum of GH?397,190.00 and gold that weighs 4.7 grams.

On Wednesday, April 19, 2023, the Police Intelligence Department upon a tip-off apprehended Awudu.

Investigations are underway to arrest four others who escaped with the rest of the gold.

Source: Ghana Web

Access Bank this week fulfilled the dreams of 50 Women Entrepreneurs by offering grants and an IFC-certified mini-MBA programme to help grow their businesses.

The 50 were finalists shortlisted from over two thousand applicants who submitted their business ideas to compete in the business pitching contest dubbed the Womenprenuer Pitch-a -thon Africa under the Bank’s award-winning Women’s initiative W.

This is the 4th edition of the Pitch-a -than that the Bank uses to offer financial and non-financial solutions to women business owners across Africa.

Speaking to the graduates at a ceremony in Accra, the Executive Director for Retail and Digital Banking at Access Bank Ghana, Pearl Nkrumah said this year’s programme is unique as it is the maiden edition hosted in Ghana and thus gives more Ghanaian women the opportunity to participate.

She was excited by the innovation and creativity shown in the business concepts of the finalists. “Out of over 2000 applications received and further screening of 300 competitors who pitched various exciting business ideas, the 50 stood out, proved, and justified their inclusion.“

She told the audience that supporting women remains a strategic pillar for Access Bank and the pitch-a-ton is one of the many ways the Bank empowers women to gain financial independence.

“I strongly believe the mini-MBA, world-class business training, access to finance, and coaching sessions you received have been worth your while and will remain valuable to you for the rest of your business lives.”

Group Head of Retail Banking at Access Bank Ghana PLC, Matilda Asante-Asiedu said the Bank would continue to support the finalist to growth from micro to big businesses. “Our final ten received a share of GHS300,000 in cash prizes, personal accident cover, and free marketing support including website design among others”.

She acknowledged, the German Development Agency GIZ, the International Finance Corporate -IFC, AFC, Sheeltech, InnoHub, Oze, and Scaleup Africa for partnering the Bank to make the program a success.

The First prize winner Naomi Kokuro operates an Agrictech Enterprise that provides grocery shopping services via a mobile Mobil App (Kaya App). She took home a cash prize of GHS50,000, business insurance cover worth GHS20,000, and a free website design among other accolades. She was overjoyed that her award will enable her to serve more customers and thanked Access Bank for the initiative.

“I am so excited not just for myself, but for the many head potters who will be supported through this award,” Naomi said. Amida Iddrisu, a woman with special needs whose business uses shea butter to produce personal care products and trains new entrants, also received an exceptional Managing Director’s award for making it to the top fifty.

Over the years, Access Bank has developed a deep understanding of its customers, delivered excellent services, and empowered them to achieve more through financial education and access to finance.

Source: Ghana Web

I find it quite bizarre whenever the brassbound supporters of His Excellency John Dramani Mahama pontificate somewhat impetuously that he is returning to the presidency to correct the perceived wrongs of the incumbent president, His Excellency Nana Addo-Danquah Akufo-Addo.

In any case, the crucial question every discerning Ghanaian should be asking the teeming supporters of Mahama is: did Mahama do any wrong at all during his tenure in office?

For argument sake, if indeed Akufo-Addo has failed to meet the expectations of Ghanaians, who says Mahama is a reliable alternative?

To be quite honest, the sceptics feeling of indignation with the current political and socio-economic dynamics is something shared by many Ghanaian electorates.

The current administration may have made some mistakes along the line, the critics disposition nonetheless appears somewhat sophisticated, because the prevailing economic meltdown is ecumenical due to the pernicious coronavirus and Ukraine/Russia impasse, as a matter of fact.

Unfortunately, the brassbound Mahama loyalists do not want to acknowledge the painful fact that a large portion of the country’s scarce resources went down the drain from the mismanagement and the wanton sleazes and corruption perpetrated by the officials of the erstwhile Mahama administration.

You may agree to disagree, the fact however remains that Mahama has never been Ghana’s economic Messiah, and some of us, as a matter of principle, do not see him as the best custodian of Ghana’s economy.

Of course, in a dynamic democracy such as ours, governments pop in and out. Suffice it to emphasise that such practice will continue unabated.

The all-important question we should be asking is: can we trust every sound adult Ghanaian to just perch on the presidential seat?

In truth, a president of a country is a lifetime privilege that comes with juicy trappings and enormous responsibilities.

Therefore, someone with vast life experience, a catalogue of suitable employable skills, a portfolio of relevant qualifications, tried and tested competency and requisite knowledge should be a suitable candidate for the position given the absolute importance attached to the presidency.

Nevertheless, the emergence of democracy has energised every sound adult Ghanaian to compete for such an important position.

Regrettably, we are, more often than not, been electing ‘a semicircle’ of negligent officials whose only preoccupation is to sink the nation deeper and deeper into the mire through incompetence and unbridled corruption.

It is, indeed, an undeniable fact that we choose to exercise our voting rights by electing a president in anticipation that the said leader will form a formidable government to run the affairs of the country to the benefit of all and sundry but that has not often been the case.

There is no gainsaying the fact that discerning Ghanaians cannot so soon forget the harsh economic conditions the Mahama government wilfully imposed on them. Indeed, those sad memories will long be stencilled on the mental sheets of discerning Ghanaians.

The all-important question one may ask the brassbound Mahama supporters is: where is the justification for former President Mahama’s ability to steer Ghana in the right direction when a GH9.5 billion debt former President Kufuor left in 2009 rocketed astronomically to incredible figures in just four years?

How can the diehard supporters convince some of us about former President Mahama’s capability to lead Ghana again when he woefully shrunk Ghana’s GDP from GH47 billion to GHC40 billion in five years?

How could Mahama supporters justify former President Mahama’s suitability to lead the nation again when he abysmally dragged an economic growth of around 14% in 2011 to a squeamish 3.4 % as of December 2016?

Didn’t the much-touted economic Messiah drag single-digit inflation in 2012 to double figures by 2016(15.8%)?

Where is the justification for Mahama to lead Ghana again when his terrible errors in judgement sent Ghanaians into darkness for well over five years amid business crippling dumsor?

How can the diehard supporters convince some of us about former President Mahama’s suitability to lead Ghana again when he woefully wasted Ghana’s scarce resources instead of purchasing fuel to generate power?

We do not have to look any further than the 2016 and 2020 general election results to acknowledge how Ghanaians were disgusted over Mahama’s dreadful errors in decision-making which culminated in the unspeakable dumsor.

By and large, the successive NDC governments have proven to be the worst economic managers who can never improve upon the socio-economic standards of living of Ghanaians.

Let’s face it, Akufo-Addo may have faced some challenges in the discharge of his mandate, his ‘brainchild’-the Free SHS is a monumental achievement that will benefit the generations yet unborn.

I bet it will rather be easier for a camel to go through an eye of a needle than for NDC to return to power anytime soon with former President Mahama, judging from the unprecedented economic mess he left behind.

Source: Ghana Web

Veteran journalist Kwesi Pratt Jnr. has berated the Nana Addo Dankwa Akufo-Addo government over its implementation of its flagship One District, One Factory programme (1D1F).

Speaking in an interview on Metro TV’s Good Morning Ghana on Friday, monitored by GhanaWeb, Kwesi Pratt said that even though he takes no delight in criticising the government, the 1D1F after seven years of implementation has had a meaningful impact on Ghana’s economy.

He explained that the programme was not targeted and has not fundamentally impacted Ghana’s economy, with the country still importing meagre things like toothpicks.

The veteran journalist, who is the managing editor of the Insight Newspaper, added that if proper steps are not taken to transfer Ghana’s economy, the country will continue running to the International Monetary Fund (IMF) for help.

“Look, what we need to do is to industrialise in a way which changes the order of things now.

“All of these One District, One Factory factories, how have they been able to alter our import dependence? As we sit here, when you go to every supper market… you find drinking water being imported.

“Toothpicks are still being imported; this is after 7 years of One District, One Factory, seven years! Where are we going,” he asked.

He added that the factories under the programme should be able to have an impact on Ghana’s economy like the Atuabo Gas Plant, which significantly affected the country’s dependence on gas imports.

“The Atuabo project is one project, and yet it had a fundamental impact on the economy,” he said.

Source: Ghana Web

Producers of palm oil at Tafi Dekpor, a farming community in the Afadzato South District of the Volta region, are calling on the government, individuals, and organisations to help them produce on a large scale.

The women said some help in the supply of machines, ready market and working on the deplorable nature of the road would increase and sustain their business and production.

Madam Vivian Akpene Aborvor, a palm oil producer and seller, told the Ghana News Agency (GNA) that lack of machines to pound the palm fruits as well as assist in the oil production affected large production of oil for the market.

She said the cost of palm fruits also affected the production adding that the palm oil had to be transported to the market before they were purchased because the deplorable nature of the road prevented buyers from coming to the community.

Madam Aborvor said the cost in transporting the oil to the market was also high because only motorbikes and tricycles could ply the deplorable roads and they charged exorbitant fares.

She said they currently sold a bottle of palm oil for GH?17.00 in the market but GH?15.00 when buyers came to the community.

Madam Aborvor also noted that they had to sell their produce at either Logba or Kpando markets, adding that an available market ready to purchase their products in large quantities would help them.

Mr Prosper Bedu, a farmer, noted that the sale of palm fruits in the community hinged on its availability, which in turn determined the prices at which they were sold to their client.

He said a paint rubber of palm fruits currently cost GH?12.00 but could sometimes cost either GH?10.00 or as low as GH?5.00.

Checks by the GNA revealed that a Centre that was established to help the women in oil palm processing known as the ‘Comdeks Hatof Womens Oil Processing Centre’ had become a white elephant.

Mr Agblewodea Lawson, Acting Headman of the Community, said the Centre was established in 2014 to help in oil palm processing by a non-governmental organisation led by one Samuel who hailed from Akatsi.

He said the said Samuel provided shelter, pots, and other materials to help in the processing with the hope of expanding future productions but unfortunately everything halted, and they also had not heard from him and the NGO.

Mr Agblewodea said they were currently in need of a palm fruit pounding machines, processors as well as other equipment to help the production of palm oil.

Source: Ghana News Agency