Category: Business

Africa holds the key to moving towards a world free from hunger and poverty. It is in Africa where enormous gains can be made, and agrifood systems transformation is the definitive foundation for the continent to realize sustainable development and modernization.

This month, Ministers of Agriculture from across Africa will meet in Morocco for the 33rd Session of the FAO Regional Ministerial Conference for Africa (ARC33) on 18-20 April.

It is a pivotal moment for collective action. I urge African nations to seize the momentum of agrifood systems transformation to unlock benefits across food security and nutrition, the economy and equality, the environment and resilience.

At FAO, we have outlined our strategic vision for the years ahead through the FAO Strategic Framework 2022-2031 which centres on the Four Betters: better production, better nutrition, a better environment, and a better life, leaving no one behind.

The Four Betters are not just a vision, they are a call to action. They are the pathways thro
ugh which countries can transform agrifood systems to be more efficient, more inclusive, more resilient, and more sustainable to deliver on the commitments of the Sustainable Development Goals and the post-Malabo agenda.

By encouraging better production through such means as mechanization, digitalization, agrifood industrialization and green-powered irrigation, African nations can boost productivity and efficiency, and enhance resilience to the climate crisis.

More than 1 billion Africans cannot afford a healthy diet, and this is simply unacceptable. By encouraging better nutrition, FAO is working with countries and other partners to make healthy diets affordable and accessible for all.

A better environment is essential for Africa’s living conditions and long-term future. Actions such as those under the Great Green Wall and FAO’s Green Cities Initiative are helping to reclaim degraded land, promote sustainable land use, adapt to the climate crisis and support sustainable urban food systems.

A better life
for all can be achieved through addressing forced migration, inclusive rural transformation, women’s empowerment and creating meaningful work opportunities with and for Africa’s youth. By leaving no one behind, we can build a more equitable and prosperous Africa for everyone.

Africa is a continent of tremendous opportunity. Africa dominates the list of the world’s 20 fastest-growing economies, and the African Continental Free Trade Area (AfCFTA) holds the promise of boosting intra-African trade and stimulating economic growth even further.

The continent is rich in natural resources. It also has the largest share of arable land, and its growing youth population holds vast yet not fully realized capabilities, particularly as agents of change and early adopters of technologies and innovations.

Conflict is a major obstacle to progress. Peace and stability are essential for sustainable development, and FAO is committed to supporting efforts to reduce conflicts, particularly those triggered by competition over n
atural resources, and build resilience in the face of adversity. By addressing the root causes of hunger and poverty, we can lay the groundwork for lasting peace and prosperity.

Peace is a prerequisite for food security and the Right to Food is a basic human right.

The climate crisis also cannot be ignored. Agrifood systems transformation offers not only an opportunity to mitigate the impacts of a changing climate, but to reverse some of the damage already done.

The FAO Regional Ministerial Conference for Africa provides one of the main continental platforms for African governments to share their perspectives and experience on implementing agrifood systems transformation and building capacity.

Morocco stands as an inspiration in this area. The nation has demonstrated remarkable progress in advancing the agricultural sector as a key driver of economic growth. Morocco’s modernization and diversification of agricultural production exemplifies its leadership in the region, as does its Salon International de l
‘Agriculture au Maroc (SIAM), to be held immediately after ARC33.

If we are to course correct in Africa, it requires doing things differently. Solutions from science, digital technology and innovation offer exciting potential. Success requires a collective effort from governments, civil society organizations, the private sector, UN partners, and local communities. Consultations with civil society, including farmers’ organizations, and with the private sector, were held in February and March. Their recommendations will help shape discussions at the Conference.

Success also relies on strategic partnerships and greater investments. Through FAO’s Hand-in-Hand Initiative we are brokering strategic partnerships between countries and investors to unblock bottlenecks in agricultural production and trade. In the last biennium, FAO mobilized more than USD900 million for agrifood systems in Africa, more than 60 percent above our target. This biennium we aim even higher.

Often, Africa presents two faces to the world:
one characterized by stereotypes of poverty and hunger, and the other, an authentic reflection of this richly diverse and vibrant continent.

By harnessing the power of science and technology, enabling policies and responsible investment, African nations can unlock the true face of the continent: a land of abundance, of resilience, dynamic, and of opportunity.

Let us embrace this face and work together on agrifood systems transformation for better production, better nutrition, a better environment, and a better life, leaving no one behind.

Source: Ghana Web

Sydney Nii Ayitey Tetteh, Executive Vice President, Energy and Infrastructure at Stanbic Bank Ghana, has emphasized the important role of financial institutions in the soon to be implemented wholesale electricity market.

He made this statement at the Electricity Market Conference held at the Volta Residence, Akuse in the Eastern Region.

The Electricity Market Conference had experts in the energy sector share insights on ways to bring about significant improvement in Ghana’s energy sector. Mr. Tetteh, on his part, indicated that, ‘Electricity serves as the lifeblood of any thriving economy, and Ghana stands as no exception to this reality.

To remain truly impactful in driving a nation’s development, financial institutions must take an active role within the energy sector. Presently, while our involvement in various aspects of the power sector is evident, there is a collective desire to further extend our contribution’.

Mr. Tetteh further stated that, ‘As a leading financial institution in the country, we a
t Stanbic Bank believe that a fully sanitized energy sector with active working stakeholders will create an enabling environment to support funding.

We are therefore deeply committed to engaging in this pivotal phase of the deregulation process, namely wholesale electricity market. Through our participation in that market, we aim to play a transformative role in ensuring a more robust, efficient, and sustainable energy landscape for Ghana’s future prosperity.’

Active involvement by financial institutions in the energy space have mainly been hindered by a difficult credit environment. Finding a lasting solution to this requires broader stakeholder engagement and collaboration.

The event was chaired by the Deputy Minister of Energy and Chairman of the Board for the Electricity Company Ghana (ECG), Hon. Herbert Krapa. In his address, the Deputy Minister shared that, ‘The discussions are imperative for the nation’s holistic progress. I’m delighted to have participated today, and I trust that these conversation
s will persist. As a ministry, we are eager to collaborate further, understanding the necessary steps and commitments required. We must develop a market framework that addresses our challenges and fosters the establishment of a sustainable power sector.’

The Electricity Market Conference, which spanned over two days, served as a crucial platform for key stakeholders in the energy sector to convene, discussing the significant challenges confronting the industry and collaboratively devising solutions. The aim was to foster positive transformations within the energy landscape, benefiting both market players and consumers nationwide.

Source: Ghana Web

Dubai-based gold smuggler, Alistair Mathias, on April 15, 2023 disclosed that President Nana Addo Dankwa Akufo-Addo was his close friend and lawyer.

‘Ghana’s president is a good friend of mine. In fact, he was my lawyer. Cyril Ramaphosa here; I know him. I know his kids,’ he said.

Alistair Mathias made this known in an undercover investigation of gold smuggling in Africa by the Investigative Unit of Al Jazeera.

Read the full story originally published on April 15, 2023 by www.ghanaweb.com.

A Canadian man who smuggles $40 million worth of gold from Ghana every month has disclosed the kind of close relationship he has with Ghana’s president, Nana Addo Dankwa Akufo-Addo.

Alistair Mathias, who is a gold trader with expertise in designing money laundering schemes for Africans, said that his work has given him access to every president or head of state on the continent.

Speaking in the final episode of the undercover investigations of gold smuggling in Africa by the Investigative Unit of Al Jazeera, Alistair
Mathis, who is one of the main characters in the video, boasted about his relationship with the Ghanaian president.

He (described as a financial architect) told the undercover reporters, who had posed as Chinese criminals seeking to launder dirty money from Africa, that his relationship with Akufo-Addo is a close one.

He also claims that the Ghanaian president is his lawyer.

‘There’s no head of state or president that either of us can’t get to on this continent. Next door in Swaziland, the king is a close friend of mine. Zambia’s president is a close friend of my friend. DRC Congo, the president has invited me several times to come and build a refinery.

‘Ghana’s president is a good friend of mine. In fact, he was my lawyer. Cyril Ramaphosa here; I know him. I know his kids,’ he bragged.

Alistair makes U-turn on knowing Ghana’s president

Before the conclusion of the Al Jazeera video, it stated that “Mr Mathias denied ever being awarded any tender by the Ghanaian government or entering into any government
contracts in any African country.

“President Akufo-Addo of Ghana told us that he had no recollection of acting as a lawyer for Alistair Mathias or his company.”

In an earlier story by GhanaWeb, it said that Alistair Mathias, a Canadian national based in Dubai, is reported to have been helping people launder money all over the world, using a web of companies and refineries to ensure his operation is successful. His clients range from Russians to African politicians.

He is said to be the partner of Ewan Macmillan, another alleged mafia figure exposed in the Al Jazeera series.

During his meeting with Al Jazeera’s undercover reporters, Mathias said that aside from Ghana, he moves gold worth between $70million and $80million from Zimbabwe monthly. South Africa was also on his list.

According to Al Jazeera, ‘When asked for a formal comment about the findings of Al Jazeera’s investigation, Mathias denied that he designed mechanisms to launder money and said that he had not laundered money or traded illegal gold
for Russian clients or anyone else. He told us he had never had any working relationship with Macmillan.’

Alistair Mathias accused of duping Ghanaian businessman

This isn’t the first time Alistair Marthias’ name is being tagged with crime; in 2014, he was accused of swindling a Ghanaian businessman of over $4million in a gold trade.

According to the businessman, Henry Osei, he opened a branch of his company in Dubai and gave Mathias the role of clearing and forwarding gold shipments to the refinery in Dubai as well as receiving proceeds for transfer to the Ghanaian company back home in Accra, since the latter was a resident of the UAE.

He said things ran smoothly at the beginning of the partnership, but in December 2013 and March 2014, Mathias failed to transfer proceeds of $4million to Ghana though checks revealed the refinery in Dubai had paid him for the sale of gold.

‘After all my efforts to retrieve my money proved futile, it left me no choice but to file a criminal case against him for his arrest.
Mr Matthias was subsequently arrested when he came to Ghana and was granted bail in less than an hour at the Police Headquarters. As I speak, the man has travelled back to Dubai,’ Mr Osei noted in a Dubai court.

Though Alistair pleaded not guilty to the charge of misappropriating the said amount, the court judged in favour of the complainant.

Source: Ghana Web

The Chief Executive Officer (CEO) of the Youth Employment Agency (YEA), Kofi Agyapong, has reaffirmed the YEA’s commitment to supporting youth empowerment, while speaking at the Impact Hub in New York, USA.

In his address to a global audience, the YEA boss highlighted the agency’s proactive approach to addressing youth unemployment in sub-Saharan Africa, citing several robust initiatives aimed at creating sustainable employment opportunities for the region’s young population.

Against the backdrop of persistent challenges, Mr. Agyapong stressed the importance of strategic interventions and partnerships in tackling the complex issue of youth unemployment.

‘I proudly showcased YEA’s innovative approach, spearheading initiatives like Community Protection Assistants, Community Health Workers, and Prison Office Assistants. Collaborations with esteemed partners such as Afarinick, Inzag, insurance companies, and now Guinness Ghana Limited have bolstered our efforts towards sustainable youth employment,’ Mr. Agyapo
ng said.

Among the key initiatives outlined by Mr. Agyapong was the Business and Employment Assistance Programme (BEAP), designed to provide vital salary support to over 10,000 businesses.

Additionally, he also mentioned YEA’s support for the garment industry, spanning over 500 micro, medium, and small-scale apparel enterprises, has garnered attention for its potential to drive economic growth and job creation.

In emphasizing YEA’s commitment to skills development, Agyapong emphazised the agency’s comprehensive training programs, which have equipped approximately 10,000 youth with essential skills across various trade areas.

Despite the formidable challenges ahead, Agyapong reiterated YEA’s unwavering dedication to reshaping Ghana’s employment landscape.

With a focus on determination and resilience, he affirmed his commitment to leading the charge in eradicating youth unemployment, underlining the agency’s role in fostering sustainable economic growth and prosperity.

Source: Ghana Web

ADAMA West Africa Limited, a leading manufacturer of pesticides, has engaged stakeholders in the cocoa industry as part of measures to provide a robust cost-effective supply network to enhance productivity of cocoa farms.

The engagement afforded the company’s management an opportunity to obtain feedback from Chief Farmers, Cocoa Input Dealers and Distributors in the value chain on its products’ efficacy.

Mr Joshua Banana Awutey, the Marketing and Development Manager of ADAMA West Africa Limited, told participants that the company’s products were well-researched, tried, tested and safe for use.

He said with extensive global presence and direct reach to farmers, ADAMA West Africa continued to identify problems facing cocoa farmers and address them through innovative solutions.

Mr Awutey said ADAMA products such as Banjo Forte 400, Vamos 500 SC, Ema Star 112 EC, Acetar Star 46 EC, and Trivor 310 DC among others, were effective and efficient in controlling major insect pests and diseases on cocoa.

He, howeve
r, cautioned farmers not to mix two products or chemicals together to avoid complications, and appealed to farmers to read instructions on labels and seek advice from extension officers before spraying the chemicals on their crops.

He reminded farmers that with regular farm sanitation, the insect population in the farm would reduce without spraying.

The Western-South Regional Manager of Cocoa Health and Extension Division (CHED) of the Ghana Cocoa Board (COCOBOD), Mr Samuel Osei, said the news from the Chief Executive Officer of COCOBOD that Ghana had lost over 500,000 hectares of cocoa swollen shoot virus disease was a serious concern to the sector, especially to the Division.

He added that cocoa production had declined in the last three years thereby affecting the local economy.

He said COCOBOD, therefore, welcomed the collaboration with ADAMA West Africa Limited to sensitize cocoa technical officers, farmers, and Agro Input Dealers on the right and appropriate use of their products for maximum yields.

M
r Osei asked ADAMA West Africa to continue to produce more potent and quality products to mitigate the challenges farmers faced on their farms.

He said as part of the Productivity Enhancement Programme, COCOBOD had earmarked 900,000 hectares of cocoa farms for pruning throughout the year.

Out of this figure, 222,798 hectares would be pruned in the Western-South Region, he noted.

He said as part of the Agenda Restoration, cocoa farmers in the Western-South Region were being supported technically to increase their production through the adoption of good agronomic practices such as pruning, poultry manure application, foliar fertilizer application, hand pollination and effective crop protection to produce at least 300,000 metric tonnes of cocoa between 2023/2024 and 2024/2025.

The Western-South Manager said COCOBOD would assist all cooperatives, associations, and groups with standard and motorized pruners as well as fuel and lubricants for massive cooperative-led pruning exercise of all cocoa farms in the Re
gion.

He called on cocoa farmers to support the Agenda Restoration (Ah-Res-300K!) to restore and revamp cocoa production in the Region for enhanced economic activities in the cocoa growing communities.

Source: Ghana News Agency

Following the brouhaha surrounding the renaming of the Africa and Middle East Resource Investment (AMERI) Power Plant to Kumasi 1 Thermal Power Plant, the Executive Director of the Institute for Energy Security (IES), Nana Amoasi VII, has indicated that there is nothing wrong with the move taken by government.

According to him, the exercise, yet to be undertaken by the Volta River Authority could be traced in its naming patterns of power plants.

Speaking on the growing development on Accra-based TV3 on Monday, April 15, 2024, Nana Amoasi VII said, ‘There is absolutely nothing wrong with renaming AMERI.’

He explained that the initial name of the power plant was attributed to the group of people who brought them to Ghana.

The Executive Director of IES also noted that the plant have been handed over to the Government of Ghana after an agreement to bring them under a build, own, operate and transfer (BOOT) arrangement.

‘They agreed that they will bring the plants under a build, own, operate and transfer arra
ngement…the plants have been transferred to Ghana after five years of operation. And so it is no more owned in any shape by the African Middle East and Resource Investment Company,’ he stated.

The Volta River Authority (VRA) in a Facebook post announced plans for President Nana Addo Dankwa Akufo-Addo to commission the Kumasi 1 Thermal Power Plant at Anwomaso in the Ashanti Region.

Reacting to this, the Director of the Legal Directorate for the National Democratic Congress, Godwin Edudzi Tameklo said the renaming of the power plant was a deliberate ploy to deceive Ghanaians.

He noted that the AMERI power plant which was initially procured by former President John Dramani Mahama, was aimed at addressing the country’s enduring power challenges,

Government on February 1, 2021 resumed ownership of the 250-megawatt (MW) Africa and Middle East Resource Investment (AMERI) thermal power plant according to terms of the deal.

The Dubai-based firm arrived in the country back in October 2015 to assist in resolving th
e power crisis at the time.

An agreement was then signed by the erstwhile John Mahama government at a total cost of US$510 million on a Build, Own, Operate and Transfer (BOOT) basis.

Source: Ghana Web

Minister of Finance, Dr. Mohammed Amin Adam, has led Ghana’s delegation to participate in the IMF/World Bank Spring Meetings taking place in Washington DC, USA.

The Ghanaian delegation is made up of officials from the Finance Ministry and the Central Bank, Minister of State at the Finance Ministry, Abena Osei-Asare, Information Minister, Fatimatu Abubakar, and Governor of the Bank of Ghana, Dr. Ernest Addison.

A statement issued by the Ministry of Finance on April 15 said the delegation will attend numerous meetings including the G-24 Ministers and Governors Meeting, the 11th Ministerial Meeting of the Coalition of Finance Ministers for Climate Action, Development Committee Plenary, and the UNECA-IMF-African Finance Ministers High-Level Working Group on the Global Financial Architecture.

Other meetings that the delegation will attend during their stay include, ‘the High-Level Event on Addressing Polycrisis: Capital Mobilization for the V20 Climate Prosperity Agenda’, and the 11th Ministerial Meeting of the
Coalition of Finance Ministers for Climate Action’

‘Aside the obligatory meetings with the IMF and the World Bank, the delegation will hold bilateral discussions with other partner countries, financial institutions, and private sector investors,’ the statement read.

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 installment 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

Today, let’s delve into the importance of establishing an investment objective for your investment portfolio. The investment objective holds paramount significance in investors’ overall financial goals, serving as a guiding principle that aids investors in aligning their investment decisions with their financial needs, risk tolerance, and time horizon.

Unfortunately, many investors in our region overlook the importance of defining their investment objectives before embarking on investment ventures. Below, we outline several reasons why the investment objective is pivotal to the overall performance of an investor’s portfolio:

? Clarity and Focus: Establishing an investment objective provides clarity and focus to investors, enabling them to articulate their financial goals and priorities effectively. Whether the objective pertains to wealth preservation, capital appreciation, income generation, or a blend of these goals, having a clear investment objective empowers investors to devise a strategic roadmap for
attaining their desired outcomes.

? Risk Management: The investment objective aids investors in evaluating and managing their risk tolerance adeptly. By delineating their risk preferences and constraints upfront, investors can construct a diversified investment portfolio that strikes a balance between risk and return in accordance with their risk appetite. For instance, investors with a conservative objective may prioritize capital preservation and opt for low-risk investment avenues, while those with a growth objective may embrace higher levels of risk in pursuit of superior returns.

? Asset Allocation: The investment objective steers asset allocation decisions by determining the optimal mix of asset classes (e.g., stocks, bonds, real estate) and investment strategies that resonate with the investor’s goals and risk profile. Asset allocation stands as a pivotal determinant of portfolio performance and risk, and aligning asset allocation with the investment objective can augment portfolio efficiency and res
ilience across diverse market conditions.

? Investment Selection: The investment objective shapes investment selection decisions by guiding the selection of specific investments, securities, or financial products conducive to achieving the desired investment outcomes. For instance, investors with an income objective may gravitate towards dividend-paying stocks, bonds, or income-oriented funds, while those with a growth objective may favor growth stocks, equity mutual funds, or alternative investments.

? Performance Evaluation: Serving as a benchmark for evaluating investment performance, the investment objective facilitates monitoring progress towards achieving financial goals over time. Through juxtaposing actual investment returns against target objectives, investors can gauge the efficacy of their investment strategy, make necessary adjustments, and stay on course towards realizing their long-term financial objectives.

? Communication and Collaboration: Clearly defining the investment objective fosters
seamless communication and collaboration between investors and their financial advisors or investment professionals. It enables advisors to tailor investment recommendations and strategies to meet the specific needs and preferences of their clients, nurturing a collaborative relationship grounded on mutual understanding and alignment of objectives.

In summary, the investment objective assumes a pivotal role in guiding investors’ decision-making processes, risk management endeavors, portfolio optimization strategies, performance evaluation metrics, and attainment of long-term financial prosperity. By establishing a clear investment objective reflective of their financial goals, risk tolerance, and time horizon, investors can make well-informed investment decisions aligned with their overarching investment aspirations and objectives.

For a deeper understanding of this subject and further assistance kindly contact EcoCapital Investment Management Ltd., on +233(0)501 553 502 or send us a mail via invest@ecocapi
nvestment.com.

Source: Ghana Web