Category: Business

Nigeria plans to almost triple energy prices within weeks, people in the presidency with knowledge of the matter said, in a bid to attract new investment and slash about $2.3 billion spent to cap tariffs.

Power companies will be allowed to raise prices to 200 naira ($0.15) per kilowatt-hour from 68 naira for urban consumers this month, according to people who asked not to be identified because they aren’t authorized to speak on the matter. These customers represent 15% of the population that the government says consume 40% of the nation’s electricity, the people said.

Nigeria’s economy has been hobbled by the lack of power supply while an increasing subsidy burden has weighed on government finances, diverting capital from building roads and spending on health care. With the latest move, President Bola Tinubu wants to cut down on price distortions, which haven’t ended despite breaking the state-owned power firm into 11 distribution companies and six generation firms and selling them to investors.

‘The regul
ator will make any pronouncements based on its discussion with the distribution and generating companies. The presidency cannot say anything at this stage,’ Bayo Onanuga, a spokesman for the presidency said, adding that the ‘electricity sector is hurting.’

The move to raise the tariff follows pressure from Nigeria’s debt-burdened electricity distribution companies that want to charge a cost-reflective price to improve their finances, the people said.

While the country privatized generation and distribution in 2013, tariffs are set by the Nigeria Electricity Regulatory Commission, a government-controlled body. Power firms aren’t allowed to charge enough to recover the cost of distributing electricity, with the government paying the difference as a subsidy to companies in the sector.

The government has in the past said that electricity companies are short of an estimated 2 trillion naira in capital and need new investors to revive the industry.

The move will also help reduce government spending as it will n
ow only subsidize the poor in rural areas. The intervention gulped around 120 billion naira monthly, before authorities devalued the currency at the end of January.

Last month, the International Monetary Fund warned that the capping of fuel pump prices and electricity tariffs below cost recovery could have a fiscal cost of as much as 3% of Nigeria’s gross domestic product in 2024.

Nigeria suffers from power blackouts as its more than 200 million people rely on grid electricity of less than 4,000 megawatts from an installed capacity of 13,000 megawatts despite an abundance of gas and hydro capabilities. In contrast, South Africa – with a population that’s almost a third the size of Nigeria’s – has about 52,000 megawatts of capacity.

On Monday, the Nigerian Midstream and Downstream Petroleum Regulatory Authority increased the price of natural gas which is used to generate more than 70% of electricity in Nigeria. Power companies will now have to pay $2.42 per one million British thermal units from the previou
s rate of $2.18 MMBtu.

In his new year’s speech, Tinubu promised to fix the power supply that has been bedeviled by patchy revenue collection and a dilapidated national grid that has left most residents to produce their own electricity using noisy generators.

Both increases will likely weigh on an already constrained consumer and hamper the central bank’s efforts to rein in inflation in the West African country, where about 40% of the population live in extreme poverty. The monetary policy committee has raised its benchmark interest rate by 1,325 basis points since May 2022 to a record 24.75%%. Price-growth accelerated to a near 28-year high of 31.7% in March.

Source: Ghana Web

Vice President Dr. Mahamudu Bawumia has intervened to expedite the release of vital construction materials at the Tema Harbour for the renovation efforts of the Komfo Anokye Teaching Hospital (KATH).

The shipment, which includes crucial imported tiles, was previously delayed due to accumulating demurrage and stalling fees.

The consignment also faced a substantial import duty of over GHS1.7 million for the ten containers.

However, a press statement from the Project Chairman of the Heal Komfo Anokye Project, Sammy Adu Boakye, claimed that the matter was resolved following intervention from the previous Majority Leader’s office and the Vice President’s office.

“The office of the Vice President has thankfully responded with alacrity with the assurance of taking up the matter and getting it resolved favourably. The immediate past Majority Leader in Parliament has also been very proactive in seeking to assist the Heal Komfo Anokye project to receive the necessary waivers so that contributions and donations can
be applied directly to procuring quality materials for the sake of this project which has enormous public benefits,” part of the release read.

According to him, “Their untiring efforts will enable us to use project funds judiciously and help us to attain our goal of renovating the 70-year-old blocks at Komfo Anokye Teaching Hospital.”

The renovation is part of the ‘Heal Komfo Anokye’ initiative, a joint venture initiated by the Asantehene, Otumfuo Osei Tutu II, to commemorate his 25th anniversary on the throne.

The project aims to raise $10 million to refurbish Blocks A, B, C and D of the hospital, enhancing the facility that has served the community for nearly 70 years.

Source: Ghana Web

Stanbic Bank Ghana has announced an investment of GHS6.5 million in community projects and initiatives across the country. Spanning education, health, youth empowerment, financial literacy, entrepreneurship, agriculture, and youth enablement, these initiatives aim to contribute to the development of communities in which the bank operates.

This was contained in the bank’s Annual Results Statement and CSI Report for 2023.

According to the 2023 CSI Report, the bank’s CSI spending is in line with its purpose of driving Ghana’s growth. The report said, ‘We are working to continuously increase the positive social, economic, and environmental (SEE) impacts arising from our business activities and ultimately increase our social capital.

Stanbic Ghana’s purpose, Ghana is our home, we drive her growth with best-in-class solutions, is both a statement of why we exist and a description of what we do every day. We are committed to forging a sustainable growth path that benefits both current and future generations.

We
have embedded the consideration of social, economic, and environmental (SEE) impacts into our business strategy and decision-making processes. We take our responsibilities to society and the environment seriously, and we commit to being transparent and accountable for our impacts.’

In education, the bank engaged in the delivery of three STEM projects (Laptops donations to KNUST and the University of Ghana, a 5-day Bootcamp for SHS Girls, a 3-day Stanbic-GIMPA Hackathon), and the support of academic and infrastructural needs of numerous educational institutions across the country.

In the area of health, the bank contributed towards quality healthcare delivery by donating ventilator machines and supporting the child cancer units of Ridge and Korle Bu Teaching Hospital. The bank also paid for treatment costs for several patients, financed healthcare providers’ participation in international conferences and medical exchange programs, and supported the development of health-related infrastructure in Ghana.

As o
ne of the foremost financial institutions in the country, Stanbic Bank has committed to ensuring that the vast majority of Ghanaians have access to financial literacy, which is key in reducing inequality. In keeping with this commitment, the bank provided consumer education and financial literacy to help people make more informed decisions.

As a keen interest area, the bank supported radio stations across the country to deliver financial literacy programmes. They also organized four quarterly breakfast meetings to discuss socio-economic issues, reaching millions of Ghanaians through radio, tv, and social broadcasts.

In acknowledgment of the critical role small businesses play in the economy of the country, Stanbic Bank in 2023 gave over 5000 SMEs access to existing and potential clients by partnering with the Volta Regional Coordinating Council to organize the 5th Volta Fair, 1000s of female-led enterprises benefitted from training, insights, and opportunities from a 4-week meet and greet event that brought
together approximately 3000 women entrepreneurs to network, learn and sell. Over 1000 young enterprise owners also benefitted from the bank’s business incubator programmes at the SBIncubator.

In 2023, Stanbic Bank continued financing agriculture and empowering Small and Medium Enterprises (SMEs) in the sector to ensure the sustenance of the sector as the main driver of the country’s economy. The bank continues with its 16-year tradition of supporting the National Farmers’ Day celebration with a Massey Ferguson MF 375 tractor to the Ministry of Food and Agriculture (MoFA).

The bank also planted over 2000 trees across the country to mitigate the impacts of climate change and improve access to reliable and sustainable energy sources.

Aside from offering the youth learning experience, and equipping them with education and skills required for the modern world of work through internships, the bank also took great interest in youth talent development.

Largely focusing on Sports, Stanbic Bank supported various to
urnaments across all sports disciplines which helped young Ghanaians demonstrate their talents on a competitive level, build their confidence through the sport they love, and of course, find and cement bonds with their community of fellow players.

These strategic investments show that Stanbic Bank Ghana’s commitment to the country goes beyond financial services. The bank, through its community engagements and initiatives, is fostering positive change across the nation. By working in close collaboration with communities, Stanbic Bank is not just driving Ghana’s growth, but weaving itself into the very fabric of the country’s socio-economic development story.

Source: Ghana Web

The volatile and unpredictable nature of the cryptocurrency market demands robust analytical tools for traders and investors seeking to make informed decisions. Technical indicators, which analyze past and current price data to forecast future price movements, are essential in navigating the crypto trading landscape.

Here’s a quick look at the five best indicators for crypto market analysis, offering insights into their functionalities and how they can be leveraged for effective trading strategies.

1. Fibonacci Retracement

Fibonacci Retracement is a tool based on the idea that markets will retrace a predictable portion of a move, after which they will continue to move in the original direction. The main retracement levels are 23.6%, 38.2%, 50%, 61.8%, and 100%, derived from the Fibonacci sequence. These levels are seen as potential support and resistance levels.

Application in Crypto Trading:

Identifying Support and Resistance Levels: Traders use Fibonacci levels to predict where prices might pause or re
verse.

Setting Target Prices: The levels can also be used to set target prices or stop-loss orders.

2. Moving Averages (MA)

Moving Averages are fundamental yet powerful tools in the arsenal of a crypto trader. By smoothing out price data over a specified period, MAs provide a clearer view of the overall trend direction, free from the noise of short-term price fluctuations. Two primary types of MAs are widely used: the Simple Moving Average (SMA) and the Exponential Moving Average (EMA). SMA calculates the average price over a specific period, while EMA gives more weight to recent prices, making it more responsive to new information.

Application in Crypto Trading:

Trend Identification: A rising MA indicates an uptrend, while a falling MA suggests a downtrend.

Crossover Strategies: The crossing of a short-term MA above a long-term MA (Golden Cross) signals bullish momentum, whereas the opposite (Death Cross) indicates bearish momentum.

3. Relative Strength Index (RSI)

The Relative Strength Index is a mo
mentum oscillator that measures the speed and change of price movements. RSI oscillates between 0 and 100 and is typically used to identify overbought or oversold conditions in the market. An asset is generally considered overbought when the RSI is above 70 and oversold when it’s below 30, potentially signaling a market reversal.

Application in Crypto Trading:

Identifying Reversal Points: Traders use RSI to spot potential reversal points by looking for divergences between the indicator and price movement.

Overbought/Oversold Conditions: Entering or exiting trades based on the RSI reaching overbought or oversold levels can help traders capitalize on potential reversals.

4. Bollinger Bands

Bollinger Bands consist of three lines: the middle band being an N-period SMA (typically 20 days), and the upper and lower bands are the SMA plus or minus twice the standard deviation of price over the same period. This indicator is particularly useful for identifying the volatility and price levels relative to previous
movements.

Application in Crypto Trading:

Volatility Analysis: Narrow bands indicate low volatility, while wide bands suggest high volatility.

Price Targets: Prices tend to bounce within the bands, so touching the upper or lower band could indicate a reversal point or a continuation of the trend.

5. MACD (Moving Average Convergence Divergence)

The Moving Average Convergence Divergence is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. The MACD is calculated by subtracting the 26-period EMA from the 12-period EMA. The result of this subtraction is the MACD line. A nine-day EMA of the MACD called the ‘signal line,’ is then plotted on top of the MACD line, which can function as a trigger for buy and sell signals.

Application in Crypto Trading:

Trend Confirmation: A MACD above zero indicates a bullish trend, while a MACD below zero suggests a bearish trend.

Signal Line Crossovers: A bullish signal is given when the MACD crosses above the
signal line, and a bearish signal is given when the MACD crosses below the signal line.

Effective Use of Indicators in Crypto Trading

While the above indicators are powerful tools for market analysis, their effectiveness increases when used in conjunction with one another. For instance, a trader might use RSI to gauge the market’s momentum and then use Fibonacci retracement levels to determine potential entry or exit points. Similarly, combining Moving Averages with MACD can provide insights into both the market’s direction and its momentum.

It’s also crucial for traders to remember that no indicator is foolproof. Cryptocurrency markets are influenced by a wide range of factors, including regulatory news, market sentiment, and technological developments, which might not always be accurately reflected through technical analysis alone. Therefore, a holistic approach that includes both technical and fundamental analysis, along with a solid risk management strategy, is essential for successful trading.

Wrap-u
p

The cryptocurrency market, with its high volatility and unpredictable nature, requires traders to be equipped with the best tools for market analysis. The five indicators discussed-Moving Averages, RSI, Bollinger Bands, Fibonacci Retracement, and MACD-offer valuable insights into market trends, momentum, and potential reversal points. By understanding and applying these indicators effectively, traders can enhance their trading strategies, making informed decisions that align with their investment goals and risk tolerance. However, the key to maximizing the benefits of these indicators lies in their combined use and the incorporation of broader market analysis and risk management strategies.

Source: Ghana News Agency

Sandra Amarquaye, the Communications Manager for Karpowership Ghana Limited, has been honoured as one of the top 10 women communication practitioners for 2023.

This prestigious acknowledgement from Women In Public Relations (PR) Ghana recognizes her remarkable contributions and innovative approach to managing the brand of the international power-producing company over the past eight years.

The recognition dubbed ‘2023 Top 10 PR Women Ghana’, recognises women in the industry who are going the extra mile to position themselves as the driving force behind innovative strategies, impactful campaigns, and communications efforts of businesses, local, and international institutions.

A statement issued by jury members led by Women In PR Ghana founder, Faith Senam Ocloo, commended Ms. Armaquaye for leading her organisation to initiate a scholarship scheme for students of Takoradi Technical University, and for renovating a school block for the people of Ngyeresia in the Western region.

‘Sandra participated in severa
l speaking engagements and key among them was the 2023 Emerge Conference organised by the International Central Gospel Church,’ the statement added.

Joining Karpowership during its formative years in Ghana, Ms. Armaquaye and her colleagues, played a pivotal role in formulating policies, strategies, and action plans for the communications unit of the company. Her unwavering dedication and strategic acumen have been instrumental in driving the corporate vision and ensuring the success of the company’s communication endeavours.

In her role, Ms. Armaquaye has exhibited a profound understanding of corporate social responsibility (CSR), media engagement, stakeholder relations, and community outreach. Her adeptness in implementing effective strategies has been crucial in upholding the company’s positive image and fostering strong relationships within the community.

This recognition comes on the back of her award as the 2021 Sustainability and External Relations Champion at the Women in Mining and Energy Awards. I
n 2019, she was also nominated as an emerging star at the Ghana Energy Awards. She was also given the 2018 Karpowership Ace Initiative award as an employee whose innovations and ideas contributed greatly towards the success of the company.

In response to the latest recognition, she expressed gratitude for the honour and emphasized her commitment to continually pursue excellence in the field of public relations. She hopes the recognition will inspire the next generation of PR professionals in Ghana to think and do big things. As a former journalist at TV3 Ghana and an associate member of the Institute of Public Relations Ghana, Ms. Armaquaye says she remains steadfast in her commitment to advancing the field of public relations and contributing to its growth in Ghana.

Women in Public Relations Ghana is a professional networking organisation working since 2017 to educate, mentor, and empower female PR professionals. The organisation says 46 nominations were received from the PR community for the 2023 edition
of the Top 10 Women in PR Ghana, which a five-member jury pruned to 10.

The other finalists include Gifty Bingley (Senior Communications Officer / Head of Public Information – AMISOM/ATMIS African Union), Ivy Heward-Mills (Director, Center for International Education and Collaboration, University of Professional Studies, Accra), Shirley Tony Kum (Corporate Communications Manager, Vivo Energy, Shell) and Georgina Asare Fiagbenu (Senior Communications Officer, MTN Ghana).

The rest are Dr. Paulina Kuranchie (Corporate Communications Lecturer and Consultant), Praise Nutakor (Head of Communications and Partnerships, UNDP Ghana), Emma Wenani (Chief Director, Global Media Alliance), Maame Akua Amoah Twum (Communications Coordinator for Anglophone West and North Africa, Afrobarometer), and Laila Abubakari (External Communications Manager, Electricity Company of Ghana).

Source: Ghana Web

The Interbank forex rates from the Bank of Ghana today, April 2, 2024, have shown that the Ghana Cedi is trading against the dollar at a buying price of 12.8706 and a selling price of 12.8834.

At a Forex bureau in Accra, the dollar is being bought at a rate of 13.20 and sold at 13.60.

Against the Pound Sterling, the Cedi is trading at a buying price of 16.2529 and a selling price of 16.2705.

At a Forex Bureau in Accra, the pound sterling is being bought at a rate of 16.40 and sold at a rate of 17.00.

The Euro is trading at a buying price of 13.8962 and a selling price of 13.9100.

At a Forex Bureau in Accra, the Euro is being bought at a rate of 14.00 and sold at 14.60.

The South African Rand is trading at a buying price of 0.6786 and a selling price of 0.6789.

At a forex bureau in Accra, the South African Rand is being bought at a rate of 0.40 and sold at a rate of 1.10.

The Nigerian Naira is trading at a buying price of 109.9301 and a selling price of 110.3961.

At a forex bureau in Accra, Nigerian N
aira is being bought at a rate of 8.50 Naira for every 1 Cedi and sold at a rate of 13.50.

For the CFA, it is trading at a buying price of 47.1572 and a selling price of 47.2041.

At a forex bureau in Accra, CFA is being bought at 21.00 CFA for every 1 Cedi and sold at a rate of 23.00 CFA for every 1 Cedi.

Source: Ghana Web

President of the Ghana Medical Association (GMA) Dr. Frank Serebour, has cautioned hospital managers to be proactive in providing alternative power sources in the face of erratic power supply from the Electricity Company of Ghana (ECG).

Underscoring the critical nature of the services rendered by hospitals in saving lives and attending to patients, Dr. Serebour insisted, ‘We are in an emergency situation, so we have to plan whether there is continuous power supply or not.

‘Even if your generator is not in use, you still have to ensure that it is maintained. You do not have the luxury to give excuses that you did not have power because your standby generator was not working,’ he contended.

Dr. Serebour made this call in light of the power crises facing the country, its deleterious effects on essential services like hospitals, and the calls for the ECG to provide a time table to allow institutions and individuals plan their lives.

In an interview with Millicent Safo-Adu on Bresosem at Abusua FM, Dr Serebour
said hospital managers cannot rely solely on the Electricity Company of Ghana nor a timetable.

Dr. Serebour who doubles as the Medical Superintendent for the Bekwai Government Hospital recounted that he has managed to keep the lights on at his facility where power supply from the national grid is extremely erratic.

‘If you come to Bekwai Hospital, for instance, almost every hour the power will go off and come back. It’s not because ECG is not providing power, but we do have panels that ensure that every time power fluctuates to either high or too low voltage, it cuts off due to the machines we use.

‘Immediately after that, the generator set will kick in. When the power becomes stable, the panel will switch off the generator set and revert to ECG,’ he explained.

Commenting on the need for a time table to support contingency planning, Dr Serebour argued that a hospital is an emergency facility and cannot operate like a home with a set timetable.

‘A Hospital is an emergency centre. A hospital is not a home.
Whether there’s electricity or not, you must plan. Therefore, you can’t tell us there’s a power outage and you were not given a timetable, so you don’t have light. It’s not acceptable,’ he stated

Tema General Hospital case

Dr. Serebour was of the view that the Tema General Hospital’s 2 hour power outage debacle which culminated in the suspected case of a baby dying as a result of the incident, was avoidable.

He disclosed that when Tema Government Hospital experienced a power outage, Bekwai Government Hospital faced a similar issue due to a faulty panel.

‘At the time Tema Government Hospital did not have power, Bekwai Government Hospital also did not have electricity because their ACB Panel that ensures ECG power was faulty.

We ran on a generator for three days continuously, but nobody heard anything about the power outage issue. We were able to restore power yesterday, and that was when we agreed to replace and buy the new ACB 25A panel at a cost of Ghc122, 548. 87. I could have said we couldn’t pay, so
the power should have been turned off’, he pointed out.

He advised managers to focus on local system management and have contingency plans in place.

‘It’s time for managers to narrow down how they manage our systems locally. What were the management doing? Tema General Hospital is a big facility; you can have a generator and a backup as well. Assuming the generator is not functioning, what was their alternate plan that resulted in a two-hour outage?’

Dr. Serebour urged managers of health facilities to understand the critical nature of healthcare services.

‘We must know where we are, how sensitive the work we’re doing is, and put in measures to ensure that when there are emergencies, we are able to deal with them, especially with power issues and water.’

Source: Ghana Web

The Consolidated Bank Ghana Limited (CBG) has developed several products to support small and midsize businesses (SMEs) at Nkawkaw in the Eastern Region to open opportunities for them through its newly introduced products.

Key among the products is the collateral-free loan, which enables SMEs to access loans up to GHS500,000.00 without collateral.

Disclosing this at the bank’s official launch at Nkawkaw in the Kwahu West Municipality, Mr Daniel Wilson Addo, the Managing Director, said the CBG had a responsibility to provide safe, convenient, and competitive banking products and services to the Nkawkaw residents and surrounding communities.

He said with the town being an SME hub, the bank had a special interest in the sector, hence the introduction of the products.

CBG has flexible products for individuals, businesses, children, and students ranging from investments, loans, savings, advisory services, and insurance. Currently it has 114 branches across 13 regions of Ghana.

Mr Addo said the bank was establ
ished to support the economic growth of Ghana by providing convenient and competitive banking products and services to all clients, including micro and small enterprises as well as retail traders.

Plans were also underway to introduce unique digital solutions such as mobile banking and Artificial Intelligence (AI) to customers for an easy banking experience.

Mr Yaw Owusu Addo, the Kwahu West Municipal Chief Executive, entreated the bank to strengthen its ties with reputable businessmen in the area since natives of Kwahu were known for their business acumen.

That, he said, would foster the economic growth and development of the bank.

Nana Asante Kwame Betieni, the Chief of Kwahu Atibie, assured the bank of the traditional area’s commitment to avail land for the construction of accommodation facilities for the workers.

He, therefore, advised the workers to portray professionalism, hard work, dedication, and excellent customer service to clients to establish a good working relationship and image.

Source:
Ghana News Agency