Category: Business

The Atlantic Lithium Company has advanced feasibility studies for the revamp of the defunct Saltpond Ceramics Company in the Mfantseman Municipality, Mr Antwi Boasiako, the Social Performance Manager of Atlantic Lithium Ghana has said.

The move, he indicated formed part of Atlantic Lithium’s diversification and empowerment strategy to accelerate the pace of socio-economic development of the area for mutual gain.

Aside from job creation, reducing poverty and provision of social amenities, he said the Ceramics factory would maintain a balance of imported and exported ceramic goods.

Speaking in an interview with the Ghana News Agency, he said the development was in tune with the traditional authorities’ request for lithium for factories to accelerate development beyond the 15-year operational span of the company.

‘The Company is committed to diversification, and we are doing a feasibility study to explore the potential that can be harnessed to move into industrial activities outside lithium as requested by t
he traditional authorities.

‘One of such potential factories is the revamping of the existing ceramic factory, which has been turned into a paper packaging company.’

He said the abundant feldspar deposits in Ghana, particularly in the Mfantseman Municipality as raw material for ceramic would be the anchor for setting up the factory.

Feldspar is used as a fluxing agents to form a glassy phase at low temperatures and as a source of alkalis and alumina in glazes.

They improve the strength, toughness, and durability of the ceramic body, and cement the crystalline phase of other ingredients, softening, melting, and wetting other batch constituents.

‘Atlantic Lithium is optimistic about the buoyancy of the ceramic factory because one of the key things for setting up a factory is constant raw material supply. If you have an industry without raw materials, then you have failed from day one.

‘Fortunately, we have it in abundance,’ he said.

Touching on some interventions to empower the communities, he said per t
he mining lease agreement, Atlantic Lithium Company was expected to pay one per cent of its revenue into a Community Development Fund.

The amount would be utilised for the development of communities impacted by its operations and work to establish a chemical plant for processing lithium.

‘There is potential for local industrialisation from the application of the Community Development Fund.

‘This will encourage the growth of other industries and sectors such as construction, transportation and hospitality,’ he stated.

Mr Boasiako said the company acknowledged the impact of mining on host communities and was committed to ensuring the communities as well as Ghanaians who were by law the owners of the minerals benefited from them.

He pledged the company’s readiness to adhere strictly to the country’s mining laws and the agreement reached with the government and ensure it engaged in responsible, sustainable, and environmentally sound mining practices.

After seven years of exploratory activities, all is set f
or the mining of lithium to start in commercial quantities, with improved terms for the country.

The $250-million project, located at Ewoyaa in the Mfantseman Municipality is expected to commence production by 2025 for 15 years.

The government inked a deal with Barari DV Ghana Limited, a subsidiary of Atlantic Lithium Limited, which includes a royalty rate of 10 per cent and a free carried interest of 13 per cent incorporates new and enhanced terms intended to ensure that the country benefited, optimally, from the mineral.

Source: Ghana News Agency

Adama West Africa Limited, manufacturers of pesticides, has engaged stakeholders in the cocoa industry as part of efforts to provide a cost-effective farm input to cocoa farmers.

The engagement was also to afford management of Adama West Africa the opportunity to elicit feedback from Chief Farmers, Cocoa Technical Officers, Agro Input Dealers and other stakeholders in the cocoa value chain on the efficacy of its products.

Mr Joshua Banana Awutey, Marketing and Development Manager of Adama West Africa, told participants that their products were tried, tested and safe for use.

He said with their global presence and direct reach to farmers, his outfit was committed to using innovative technology and digital solutions to solve problems cocoa farmers faced.

According to him, Adama products such as Banjo Forte 400, Vamos 500 SC, EMA STAR 112 EC, Aceta star 46 EC and Trivor 310 DC among others, were effective and efficient in controlling major insect pests and diseases on cocoa farms.

Mr Awutey, however, cautio
ned farmers not to mix two products or chemicals together to avoid complications. Instead, they should read instructions and seek advice from extension officers before spraying the chemicals on their crops.

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

He said cocoa production had declined in the last three years, thereby affecting the local economy, hence 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.

Mr Osei noted that as part of the Productivity Enhancement Programmes, COCOBOD had earmarked 900,000 hectares of cocoa farms for pruning throughout the country t
his year, with 222,798 hectares of the total figure being in the Western-South Region.

‘As part of the Agenda Restoration, cocoa farmers in the Western-South Region are being supported technically to increase their farms productivity through the adoption of good agronomic practices such as pruning, poultry manure application, foliar fertilisers application, hand pollination and effective crop protection to produce at least 300,000 metric tonnes of cocoa between 2023/2024 and 2024/2025 seasons,’ he added.

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

Mr Osei said: ‘We will also engage the services of mass sprayers to apply both flowering inducers and foliar fertilisers on all farms pruned in the Region and the country at large.’

He, thus, called on all cocoa farmers to support the Agenda Restoration ( A
gRes – 300K!) to restore and revamp cocoa production in the Region for enhanced economic activities in the cocoa growing communities.

Source: Ghana News Agency

Zenith Bank (Ghana) Limited, a leading holistic financial services provider, and African Guarantee Fund (AGF), have announced a strategic risk-sharing partnership to support Micro, Small and Medium Enterprises (MSMEs).

It is to provide increased access to funding for MSMEs in Ghana with a particular focus on green businesses and women-owned/led businesses.

Recognizing that most MSMEs struggle to secure loans due to insufficient collateral or lack of credit history despite their invaluable contribution to the economy, this collaboration unlocks a suite of financial products and services specifically designed to address the unique needs of these businesses, fostering their growth and success.

AGF will provide partial guarantees on loans issued by Zenith Bank Ghana, thus reducing the Bank’s risk and making it easier for MSMEs to qualify for funding, opening doors they might have found previously closed.

Mr Henry Onwuzurigbo, the Managing Director and Chief Executive Officer of Zenith Bank Ghana, speaking at
the signing ceremony which came off at the Zenith Bank Ghana Head Office in Accra, said the Bank was acutely aware of the importance of small and medium-sized businesses as well as the challenges they face in accessing finance.?

He added that the partnership was consistent with the Bank’s belief that banking is exhibited in its purest form when it has a direct impact on businesses and consequently, the real economy.?

‘MSMEs are the lifeblood of the Ghanaian economy, and we are committed to providing them with the financial support they need to thrive,’ Mr. Onwuzurigbo said.?

‘This partnership with AGF will enable us to reach more businesses, particularly those owned by women and those committed to sustainability and help them achieve their full potential,’ he added

African Guarantee Fund, in its first agreement with Zenith Bank Ghana, is pioneering a landmark partnership aimed at bolstering SME lending activities in the country.?

This collaboration marks a significant stride in fostering economic growth
and empowerment within Ghana’s vibrant SME landscape.?

Mr. Bendjin Kpeglo, AGF West Africa Managing Director, said, ‘This partnership is a significant stride in our mission to drive sustainable economic development through our guarantee facilities to increase Zenith Bank Ghana’s financing of MSMEs in Ghana.’

Despite the progress made in recent years in promoting financial inclusion for women, the gender financial gap in Ghana is estimated at $242 million.?

Women entrepreneurs face financial exclusion, often the biggest challenge in running and growing their businesses.?

These exclusionary barriers include a lack of collateral, lack of understanding of financing or lack of inexperience in business management, as well as social and cultural constraints like the inability to inherit land.

The partnership leverages the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) Guarantee for Growth programme, which aims to unlock up to $3 billion in financing for women-led small and med
ium enterprises in Africa through financial institutions.?

A substantial portion of the risk-sharing mechanism will offer women-owned and women-led businesses discounted loan pricing and increased guarantee cover along with technical assistance support to help reduce the gender finance gap in Ghana.

?This aligns with Zenith Bank Ghana’s commitment to financial inclusion and gender equality.?

‘This new signature agreement illustrates the African Development Bank’s commitment, through the AFAWA initiative, to promote women’s economic empowerment and financial inclusion while addressing the gender financial gap in Ghana,’ Madam Eyerusalem Fasika, Country Manager of the African Development Bank’s Ghana Office, said.?

‘The AFAWA component within this transaction will support Zenith Bank Ghana in de-risking women-led businesses within its portfolio. We’re thrilled to see AFAWA and its implementing partner, the African Guarantee Fund, grow more support from financial institutions to boost women entrepreneurs’ ac
cess to finance in Ghana,’ Madam Fasika added.

The partnership also recognizes the growing importance of sustainability.

?Businesses operating in green sectors such as renewable energy, eco-tourism, and sustainable agriculture will benefit from increased financing backed by AGF’s Green Guarantee Facility, demonstrating both institution’s commitment to environmental sustainability.

Beyond financial support, Zenith Bank Ghana and AGF are committed to empowering MSMEs with the knowledge and skills they need to develop the capacity to expand their business.

They will collaborate to offer training workshops on financial literacy, business management, and sustainable practices.?

These workshops will equip MSMEs with the tools needed to navigate the market effectively, make informed decisions, and operate their businesses efficiently.

Longstanding tradition

This partnership builds upon Zenith Bank Ghana’s longstanding dedication to supporting MSMEs in Ghana. In October 2022, the Bank introduced dedicated MSME
accounts and partnered with organisations like the Development Bank of Ghana (DBG) and World Trade Center Accra in collaboration with Alibaba to expand market access.

Furthermore, the Bank has collaborated with the German Sparkassenstiftung for International Cooperation (GIZ) to provide access to finance training and partnered with VISA to roll out the Zenith SME Business card to serve the business needs of SMEs and improve their business efficiency and productivity.?

These initiatives demonstrate Zenith Bank Ghana’s unwavering commitment to fostering an environment where MSMEs can flourish and contribute meaningfully to the Ghanaian economy.

By combining their expertise and resources, Zenith Bank Ghana and AGF are creating a powerful ecosystem that empowers MSMEs in Ghana to overcome challenges, unlock their full potential, and become the driving force of economic growth and prosperity.

About Zenith Bank

Zenith Bank Ghana is a subsidiary of Zenith Bank Plc, one of Nigeria’s strongest and largest banks b
y

market capitalization, profitability and total assets and headquartered in Nigeria, with a presence in other West African Countries, the Middle East, Asia, and Europe.

Since its inception, Zenith Bank Ghana has differentiated itself from the competition by satisfying the changing needs and demands of customers through the deployment of cutting-edge ICT, employment of the best human capital in the industry and a firm commitment to first-class customer service delivery at its 42 business locations across Ghana.

The Bank is a member of the Ghana Deposit Protection Scheme.

African Guarantee Fund (AGF) is a specialized guarantee provider whose mission is to facilitate economic development and poverty reduction in Africa. To achieve this, AGF increases access to finance for Small and Medium-sized Enterprises (SMEs) across key economic sectors through an array of guarantee products and capacity development assistance. Since inception, AGF has unlocked more than USD 3.5 billion in SME financing, through partner
ships with 200 partner financial institutions across 40 African countries.??

AGF is backed by the following shareholders and sponsors: The Government of Denmark through the Danish International Development Agency (DANIDA), the Government of Spain through the Spanish Agency for International Cooperation (AECID), the African Development Bank (AfDB), French Development Agency (AFD), Nordic Development Fund (NDF) and Investment Fund for Developing Countries (IFU).

There rest are the German Development Bank (KfW), French Agency for Private Sector (PROPARCO), West African Development Bank (BOAD), Global Affairs Canada (GAC), USAID’s West Africa Trade and Investment Hub (WATIH), TechnoServe and Mastercard Foundation.?

African Guarantee Fund is rated AA- by Fitch Ratings.?

For more information, please visit: www.agf.africa? ??

About the Affirmative Finance Action for Women in Africa (AFAWA)

AFAWA is a pan-African initiative that aims to close the $42 billion financing gap for women in Africa through comprehen
sive support. AFAWA aims to unlock $5 billion in financing for women-owned and women-led small and medium enterprises by 2026.

?AFAWA is supported by the African Development Bank’s partners and donors, the G7 countries, the Netherlands and Sweden and the Women’s Enterprise Finance Initiative (We-Fi).

?Through AFAWA, the African Development Bank has approved $1,5 billion of investment for women entrepreneurs in 32 countries, channelled through 96 financial institutions.

Source: Ghana News Agency

Propak Ghana has officially opened visitor registration for the second edition of the exhibition and conference?scheduled to take place from?April 23 to 25, 2024 at the Grand Arena,?Accra International Conference Centre.

The exhibition and conference, targeted at producers, manufacturers, retailers and consultants working across the food and beverage, print and packaging industries, is expected to attract?more than 120 global suppliers showcasing their newest machinery equipment?and at?least 2,500 industry professionals.

A statement issued by the organisers said visitors would have an unmatched opportunity to interact with cutting-edge products and solutions and source equipment?aimed at improving?their supply chains?through live?machine?demonstrations.

It said the?exhibition hall?would be packed?with?many?leading international companies such as?Casfil, Filmatic, Emirates Printing Press, Royal Kaak?and?Starliner? and Co.?who would?be displaying their?innovative?equipment and services to key business owner
s and buyers from across the West African?sub-region.

The statement said in addition, visitors should expect to see a strong local representation with companies, including?Finepack?Limited,Jay Kay Industries,?Kane-Em Industries and Resitech?partaking in the exhibition exercise.

‘Alongside the exhibition, the conference programme will also be held across the?three-day period.?At the conference, participants can expect to gain exclusive market insights from a line-up of thought leaders and experts throughout a series of presentations and panel discussions.

‘This year,?we?will be particularly?excited to launch the first export masterclass as part of their commitment to engage, support and upskill business professionals from the manufacturing sector operating in Ghana. This gesture?will?be aimed?at building?the capacity?business professionals from?Ghana’s?manufacturing sector?for the export market in partnership with the Africa Trade Academy,’ it said.

The statement said Propak 2024?would be?organised?alongsi
de key industry?associations and partners?such as?the Ghana Investment Promotion Centre, Institute of Packaging Ghana, Ghana Plastics Manufacturers Association and Food and Beverage Association of Ghana.

Those partnerships, the statement said, would?ensure all areas of industry were aware of the?opportunities for exhibitors and visitors alike?to?grow their networks and learn about new developments affecting the manufacturing sectors.

Source: Ghana News Agency

Fidelity Bank Ghana, the nation’s largest privately-owned bank, has donated GHS 110,920 to the Design and Technology Institute (DTI) in Accra.

The contribution, championed by the Bank’s Corporate and Institutional Banking department would support the education of ten promising students, empowering them for success in the burgeoning field of technology and design.

DTI, a leading institution focused on vocational and technical training, plays a crucial role in equipping young Ghanaians with the skills needed to thrive in the modern workforce.

However, many talented individuals face financial barriers to accessing this transformative education.

Acknowledging the financial challenges faced by students, particularly those from disadvantaged backgrounds, DTI partnered with the Mastercard Foundation under the ‘Young Africa Works Initiative’ 2020-2023 to offer on a tried basis, up to 90 per cent of scholarships to brilliant but needy learners from deprived and vulnerable communities, especially females.

The st
udents are required to contribute a matching commitment fee of 10 per cent, which poses a significant hurdle for some of the brightest candidates recruited from impoverished communities across Ghana, thus threatening their access to industry-relevant technical training.

Recognising the critical need for skilled professionals and the potential of DTI’s students, Fidelity Bank stepped in to bridge the gap.

The donation covers the 10 per cent matching commitment fee required for the Mastercard Foundation’s ‘Young Africa Works Initiative’ scholarships, ensuring the students can fully access the programme’s benefits.

Fidelity Bank’s donation has effectively removed this barrier for ten deserving students, granting them the opportunity to develop their skills, gain valuable experience, and contribute meaningfully to Ghana’s development.

This contribution aligns with Fidelity Bank’s unwavering dedication to equipping young people with the skills needed for industry success while contributing to the United Nation
s Sustainable Development Goals.

John-Paul Taabavi, Head, Local Corporates, led the entourage from Fidelity Bank in presenting the donation to Constance Elizabeth Swaniker, Founder and President of DTI, during a heartfelt ceremony held at the school on Thursday, February 8, 2024.

DEI and Fidelity Bank staff stand together holding a dummy cheque with the beneficiary students

Speaking during the presentation, Taabavi expressed the Bank’s deep commitment to social responsibility and youth empowerment.

He said: ‘Fidelity Bank is honoured to support the aspirations of these talented young Ghanaians. Our investment in their education reflects our belief in their potential to drive positive change and innovation in Ghana’s growing tech sector.’

Swaniker, conveyed her gratitude for Fidelity Bank’s generous support, emphasising its transformative impact on the lives of the students.

‘We are immensely grateful to Fidelity Bank for their partnership and dedication to empowering our youth. With their support, these
students can now pursue their dreams and contribute meaningfully to Ghana’s industrial development,’ she said.

The beneficiaries of Fidelity Bank’s donation expressed their heartfelt appreciation for the opportunity afforded them.

Francisca Mensah, certificate one student, shared the emotional toll of worrying about school fees.

‘Paying the fees has been incredibly difficult,’ she confessed.

She added: ‘Whenever the topic came up, I felt overwhelmed and even cried sometimes, especially with no clear solution. This burden significantly affected my focus and learning. However, thanks to Fidelity Bank, I now have a sound mind to finally concentrate on my studies without constant worry. I am sincerely grateful for their support.’

Abdul-Rahman Abdullah, another certificate one student, echoed the sentiment.

‘Seeing the fee collector used to fill me with dread,’ he admitted, ‘especially when I knew I was behind. It made me question my place here and hindered my ability to focus. Now, with Fidelity Bank’s help
, I feel a sense of belonging. I am truly thankful for their assistance.’

Empowered by this newfound security, Francisca and Abdul-Rahman along with their fellow students, looked forward to acquiring valuable skills at DTI and making positive contributions to their communities.

Source: Ghana News Agency

Accra: Fitch Solutions, an international rating agency, says Ghana’s disinflationary trends could be hampered by geopolitical concerns and stalled foreign debt restructuring,

In a report detailing Ghana’s inflation and interest dynamics, the rating agency noted that an increase in geopolitical tensions could disrupt global trade, causing further increases in global commodity prices.

The rating agency stated that because Ghana was a net importer of both fuel and food, such an increase would raise the cost of imports and undermine the disinflationary process.

Ghana’s disinflation rate has been drifting downward, with the Ghana Statistical Service reporting 52.2 percent in December 2022, compared to 23.2 percent in the same month in 2023.

The Bank of Ghana (BOG) stated that the disinflation process will continue, with headline inflation predicted to fall from 13 to 17 per cent by the end of 2024 before gradually returning to the medium-term target range of 6-10 per cent by 2025.

Fitch Solutions also warned
that negotiations between Ghana and its commercial creditors could stall and take longer than expected.

Ghana’s external debt restructuring with government creditors is complete; however, negotiations with commercial creditors are still ongoing.

According to the rating agency, this would delay IMF payouts and erode investor confidence, culminating in a Cedi sell-off and a resumption of inflation.

The agency said that in both scenarios, the Bank of Ghana (BoG) would embark on a more conservative monetary easing cycle than we currently forecast.

Source: Ghana News Agency

Tolon: The DANIDA Alumni Network has held a forum with farmers in the Tolon District of the Northern Region to share knowledge on sustainable agricultural practices.

The forum was to discuss ideas and opportunities and formalise what is known as the Lead Farmer Concept, where farmers have been trained to take up advisory roles aimed at bridging the extension officer-to-farmer ratio gap in the area.

It formed part of the Ghana Agricultural Innovation Network (GAIN), a project being undertaken by a four-member group of the DANIDA Alumni Network, under a grant by the DANIDA Fellowship Centre.

The GAIN project, which has been running for a year, seeks to present innovative concepts to transfer knowledge in the smallholder farming systems in the Northern, Savannah and North East regions.

Mr Eugene Dela Setsoafia, a Member of the DANIDA Alumni Network, who led the forum, said the concept was informed by the Alumni members’ observation, which showed that there were challenges in the northern smallholder farming
systems.

He said the initiative was to train farmers as leaders, who were capable of transferring knowledge to other farmers to cover up the lapses that resulted from lack of agriculture extension services.

Mr Setsoafia said experienced and knowledgeable farmers, who had some social capital, were in a better position to advice their peers to adopt this knowledge.

Participating farmers at the forum shared some perceived challenges they might encounter practicalising the concept of lead farmers, notable among them being the issue of logistics.

He said despite the challenges that the lead farmer concept could face it presented great opportunities for innovation.

Madam Garcia Amelle Honvoh, a Representative of the Denmark Embassy, Accra, who joined the forum virtually, said DANIDA invested in diverse fields, including Agriculture, by offering grants to people who had potentials of making significant impact in the industry.

He lauded the DANIDA Alumni Network for their involvement in the GAIN project and exp
ressed his hope for insightful outcomes.

Mr Bassit Abdul Zakari, the Tolon District Director, Department of Agriculture, lauded the lead farmer concept saying it had the potential to bridge the persisting agriculture extension services gap in the district.

He noted that the extension service officer to farmer ratio was 1:3000 as against the recommended ratio of 1:500.

Mr Zakari said the beneficiary lead farmers trained for the project were from various communities in the district, which meant that their acquired knowledge with on new technologies and sustainable farming practices would be shared effectively with most farmers in the area.

Source: Ghana News Agency

Accra: The government has announced the suspension of the implementation of the 15 per cent Value Added Tax (VAT) on electricity consumption.

The suspension, the Ministry of Finance, in a statement copied to the Ghana News Agency on Wednesday, February 7, said was to allow for further engagements with key stakeholders, including Organised Labour.

‘The Ministry expects that these engagements will birth innovative, robust, and inclusive approaches to bridging the existing fiscal gap, while bolstering economic resilience,’ the statement said.

Source: Ghana News Agency