Category: Business

Accra, Dec. 13, GNA – Delta Air Lines, the leading United States carrier to Ghana, has commemorated its 16 years of service in the aviation industry in Ghana, with a commitment to invest in improving the social, educational and health care care of needy Ghanaians.

The milestone, celebrated by Airport operations, GSA staff and customers, demonstrated Delta’s continuous commitment to Ghana since it launched operations in December 2006.

“We are excited to be celebrating 16 years of service to the people of Ghana and we are grateful to government authorities, partners, staff and our cherished customers for their support,” said Jimmy Eichelgruen, Delta’s Regional sales manager for Africa, according to a release shared with the Ghana News Agency.

“Delta remains dedicated to the Ghanaian market as it continues to invest in social and developmental partnerships in the health and education sector to support women, girls, and youth in the country,” he assured.

Delta’s partnership with Breast Care International (BCI) has provided breast cancer education to improve knowledge, change attitudes, and promote the importance of early detection of breast cancer, while offering free screening to women in communities across the country.

More than 65,000 women have been screened with many suspected cases found, it said.

Since 2005, Delta has been supporting Breast Cancer Awareness charities globally, raised more than $24 million dollars and funded more 85 different research projects.

Delta’s and BCI’s resolve and dedicated service every year seek to make meaningful impact in the way cancer is viewed in our community.

In 2011, Delta established the Business School Internship program for Ghanaian business students.

The scheme has provided students with the opportunity to learn how a global company operates, build on their skills and support future career opportunities.

Additionally, Delta partners and supports the Junior Achievement (JA) Africa to advance business and STEM (Science, Technology, Engineering and Mathematics) education among young people across Africa, delivering hands-on immersive learning in work, financial health, entrepreneurship, sustainability, STEM, economics, citizenship, and ethics, among others.

In November, Delta introduced its Premium Select cabin experience in the Ghanaian market, featuring locally-inspired dining, premium hand-crafted amenities and more dedicated service touchpoints.

The service, he explained, was in line with Delta’s unwavering commitment to offering travellers with varieties and options to choose from, while connecting the world and making air travel an experience.

Over the years, Delta has grown its services and leadership as the leading US carrier to Ghana by operating daily flights between Accra and New York.

The Delta hubs in New York- JFK and Atlanta offer an unsurpassed network of hundreds of convenient onward connections worldwide. Delta is committed to providing affordable and quality service to Ghanaians.

Delta Air Lines is the U.S. global airline leader in safety, innovation, reliability and customer experience.

Headquartered in Atlanta and powered by employees around the world, Delta has for a decade led the airline industry in operational excellence,  while maintaining their reputation for award-winning customer service.

Delta operates to five cities in four African countries: Accra, Ghana; Dakar, Senegal; Johannesburg and Cape Town, South Africa; and Lagos, Nigeria.

Source: Ghana News Agency

Political Risk Analyst & Economist, Dr. Theo Acheampong wants government to do more in in the communication of its Debt Exchange Programme.

As part of Ghana’s moves to secure a support-Programme from the International Monetary Fund (IMF), Finance Minister Ken Ofori-Atta on Monday launched a Debt Exchange Programme to protect the investment of investors.

Throughout the week, there has been conversations on the Programme with concerns that despite the launch of the Programme many Ghanaians are losing their investments.

Amid the concerns and fears, Dr. Theo Acheampong is blaming the government for not doing much in terms of communicating the issues to the general public.

“Part of the reason why people are pushing some of the proposals away is that it doesn’t come across as though the burden is being equitably.

“Communication around Debt Exchange has not been carefully thought through,” Dr. Theo Acheampong said in an interview with Joy News on Saturday, December 10.

According to him, it is important that the government takes key decisions to support the various financial institutions.

“It’s really a question of the devil and being caught between the deep blue sea, and you have to make provision one way or the other to help the financial institutions.

“The government hasn’t carried the people along and been able to explain it,” Dr. Theo Acheampong added.

Under the Debt Exchange Programme announced by the Finance Minister, domestic bondholders will be asked to exchange their instruments for new ones.

Existing domestic bonds as of 1st December 2022 will be exchanged for a set of four new bonds maturing in 2027, 2029, 2032, and 2037.

The annual coupon on all of these new bonds will be set at 0% in 2023, 5% in 2024, and 10% from 2025 until maturity whilst coupon payments will be semi-annual.

Source: Modern Ghana

A former Member of Parliament for New Juaben South, Mark Assibey-Yeboah has lauded the launch of the Government’s Domestic Debt Exchange Programme but said it is not deep enough.

The former Parliament Finance Committee Chair said the programme is a softer way of protecting investments while restructuring the country’s debt ahead of the $3 billion International Monetary Fund (IMF) facility that the Government is seeking to secure.

“I will even say that the exercise has not been deep enough because from what we are hearing, individual bondholders are excluded, and there are no haircuts on the principal as it were and there have been some concessions if you like, so I think this is the softer way to go,” Mr Assibey-Yeboah told Eyewitness News host Umaru Sanda Amadu on Monday, December 5.

As part of measures to restructure the country’s debt burden, government launched the debt exchange programme.

The Minister for Finance, Ken Ofori-Atta speaking during the launch of the programme on Monday, December 5, 2022, said the objective is “to invite holders of domestic debt to voluntarily exchange approximately GHS137 billion of the domestic notes and bonds of the Republic, including E.S.L.A. and Daakye bonds, for a package of New Bonds to be issued by the Republic.”

The Minority Caucus in Parliament rejected the programme, citing financial dishonesty on the part of President Akufo-Addo and his Finance Minister, and said the programme would visit more frustration on investors and deprive them of their returns on investment.

Mr Assibey-Yeboah on Eyewitness News noted that, as part of the requirements for securing an IMF facility, the requesting country ought to restructure its debt before help is granted and this is the softer way to go.

“The IMF Programme is dependent on this debt restructuring, so before we can sign up for the programme, we need to restructure our debt. Our debt has become unsustainable, in simple terms, we simply cannot repay our debts, and we have to do something about it.

“The Government has admitted that the only way out of the economic mess is for us to sign up for an IMF programme and this has become a prerequisite for signing up for the programme and so if we don’t restructure our debt, we cannot have the programme in place.”

He added that the International Monetary Fund does not direct requesting countries on how to restructure their debt, and the government establishing an exchange programme for treasury bill holders and bondholders is a laudable one that needs to be supported to pave way for the start of the IMF’s intervention.

“The debt restructuring exercise is between us and our creditors, so inasmuch the Fund is demanding debt restructuring, they are not involved in the debt restructuring, they are sitting somewhere waiting for us to have the debt operation concluded before we can have the Programme with them.”

Source: Modern Ghana

South Africa Rugby World Cup winner Sibusiso Nkosi, who had been missing for three weeks, was found on Monday at the home of his father, an official from his club, the Bulls, told AFP.

The Pretoria-based Bulls later issued a statement confirming that the 26-year-old winger had spoken to the chief executive of the club, Edgar Rathbone, in Emalahleni, east of Pretoria.

“Sibusiso was safe, unharmed and in a position to speak to Edgar,” the statement said as a police search launched at the weekend for the missing star ended.

“Edgar spent time alone with Sibusiso to understand how best the company can provide him with the support he needs and what that support is.”

There was no immediate explanation as to what triggered the disappearance of Nkosi. He was sent home from a Bulls tour of Europe in October after missing a team meeting in Ireland.

Nkosi made the last of 16 appearances for the Springboks in 2021 and missed a tour of Europe last month due to a rib injury.

He recently slipped down the pecking order for the right wing position with Bulls team-mates Kurt-Lee Arendse and Canan Moodie preferred when first choice Cheslin Kolbe was injured.

Source: Modern Ghana

A private legal practitioner, Mr Martin Kpebu, has criticised government’s expenditure cuts announced in the 2023 budget by the Finance Minister, Ken Ofori-Atta in a bid to save the economy.

Mr Ofori-Atta in his presentation of the 2023 budget to Parliament announced among others, cuts in fuel coupons by 50 percent, a reduction in foreign travel by government officials and no purchase of 4-wheel drives for government officials.

But Mr Kpebu who has on several occasions called for the resignation of President Akufo-Addo, Vice President Mahamudu Bawumia and Ken Ofori-Atta told host of the Big Issue, Selorm Adonoo on Saturday, December 3, that these measures are merely recycled broken promises.

“These things are a recycle of the same old broken promises. When he came, he said there was a moratorium on the purchase of V8 and this same suggestion that the ministers should not travel in V8 was also agreed…so he [Akufo-Addo] made these broken promises and bought hundreds of V8 and now six years down the line, he is saying people should not travel in V8 for certain purposes.”

The outspoken legal practitioner said President Akufo-Addo has demonstrated enough incompetence to deal with the current economic crisis adding that the only solution to the country’s problems is for the president to resign.

“For me, the only thing that will heal this nation is the trio, Akufo-Addo, Bawumia and Ofori-Atta exiting office, that is the only thing. Then it will bring a new euphoria, it will bring new positive energy because now the energy is toxic.”

Source: Modern Ghana

Akatsi (VR), Nov. 30, GNA – Maphlix Trust Ghana Limited, producers of food crops in vegetable, grain, root, and tubers categories, have been recognised as the best industrial company for both Oti and Volta Regions at the ‘11th AGI Industry and Quality Awards.’

The national event, held at the International Conference Centre, was instituted to recognise industrial entities, who have performed creditably in various sectors of the Ghanaian economy.

It was on the theme “Leveraging Public Private Collaboration to Accelerate Sustainable Industrial Development.”

Dr Mawuli Felix Kamassah, the Chief Executive of Maphlix Trust Ghana Limited, in an engagement with the Ghana News Agency (GNA) after the awards, disclosed that “the company’s corporate governance is aligned with international standards and practices and helps us achieve not only our business objectives, but also help create value to society.”

He said their current business units, which included agricultural production, agro-processing, agronomy, and input supply would be enhanced to reduce the unwanted importation of farm produce.

Dr Kamassah revealed that his outfit, being a member of various industry and international bodies, would go the extra mile towards the exportation of major food crops such as orange flesh sweet potato, as well as fresh vegetables and fruits specially to neighbouring countries.

He added that his outfit, operating on a 1,900-acre land located at Dzodze within the Ketu North Municipality of the Volta Region, would continue to offer Agronomic and Technical services to all smallholder farmers.

Mr Dela Gadzanku, Volta, Oti, and Eastern Regional Chairman of the AGI, told the GNA a key indicator of the award was the company’s corporate social responsibility activities and commitment to community development.

He commended companies in the region for contributing to the growth of the agricultural and other sectors of the economy.

The awards cover 23 industrial sectors such as Agriculture, Information and Communication Technology, rubber and plastics, beverages, printing and packaging, pharmaceuticals, financial services, oil and gas, energy, advertising, and others.

A company from each region across Ghana, was also recognised.

This year’s ultimate award was received by Kasapreko as the best industrial company of the year.

Source: Ghana News Agency

Accra, Nov 29, GNA – Agricultural Development Bank PLC (ADB) has announced the retirement of Dr. John Kofi Mensah as Managing Director effective end of November 2022 after serving for five years in the role.

A statement signed by Mr Selorm Amevor, Head of Marketing and Communications said he was appointed in August 2017, and made ADB PLC to witness a significant transformation from a loss making Bank in 2015/16 to a consistent profit making bank during his tenure.

He said the retiring MD led a strategic vision of refocusing the Bank to its core mandate of agricultural financing with the aim of ensuring a significant portion of its loan portfolio was dedicated to the agricultural sector and also increased the number of branches of the Bank from 78 in 2016 to 87 by the end of this year.

“With a remarkable banking career of more than three decades, Dr. Kofi Mensah has positioned ADB stronger than it was in 2016 with a significant growth in assets, deposits and consistent profit growth.

The statement said the Board Chairman, Dasaabre Akuamoah Agyepong II thanked Dr. Kofi Mensah for his contribution towards the growth of the Bank

“According to the ADB Board Chairman, Dr. Kofi Mensah’s tenure will be remembered for the numerous positive changes that he spearheaded including the Bank being the first in the country to establish the Security Operating Centre (SOC) and also the attestation and certification of the Bank in a number of International Organization for Standardization (ISO) certificates and the refocusing of the Bank to its core mandate of agricultural financing”.

The statement said the outgoing Managing Director thanked the Board, Management and Staff for their support during his tenure which led to the stability and growth it witnessed over the period.

Shareholders have since appointed the Deputy Managing, Mr. Alhassan Yakubu-Tali as the new Managing Director awaiting regulatory approval.

Established in 1965, the Agricultural Development Bank PLC is the leading Bank in Agribusiness Financing in the country with one of the largest branch networks of 87 locations nationwide.

The Bank has won several awards including the Best Bank in Cocoa Financing at the Ghana Cocoa Awards.

Source: Ghana News Agency

Kumasi, Nov. 24, GNA – MTN Ghana is inviting applications from start-up businesses and tech hubs across the country for the MTN Ayoba MoMo Accelerator Challenge, a competition that seeks to push local businesses to leverage on Ayoba as a platform for growth.

Start-ups that enter the challenge would receive two weeks intensive online training during which they would be equipped with technical support to develop their own micro-apps.

Participants would be rewarded for the most liked micro app, best MoMo solution, top ayoba influencer, expert’s choice and top tech hub with winners receiving exciting cash prizes and other souvenirs.

Ms Estelle Wellington of Digital Solutions, MTN Ghana, who announced this, said the company’s 2025 strategy was anchored on building one of the largest and valuable platforms in Ghana and Africa as a whole.

Briefing the media in Kumasi as part of the MTN Ayoba MoMo Accelerator 2022 Roadshow, she said engagement with tech hubs as part of the competition would focus on the platform strategy of MTN and building a standing relationship with the tech hubs beyond the accelerator challenge.

The first part of the event, she said, were the roadshows, which sought to engage tech hubs and start-ups to bring forward their digital solutions and leverage on the ayoba platform to grow their businesses.

“One of the platforms that we are striving at MTN to be able to push our mission to make our customers lives a whole lot better is the app we called ayoba,” she emphasised.

She said the winners in four of the categories would take home GHC 20,000.00 each and MTN souvenirs except the top tech hub, which would be entitled to GHC50,000.00 and other goodies.

They would also have the opportunity to put their apps on the ayoba platform currently with a reach of 2.1 million customers in Ghana and more than 10 million in Africa.

“We are giving all these participants and tech hubs a platform to be able to push and grow their businesses because MTN and ayoba have a large customer base that will inure to their benefit,” she noted.

Source: Ghana News Agency