Category: Business

Accra,- Mr Solomon Asamoah, Chief Executive Officer Ghana Infrastructure Investment Fund (GIIF), says the Fund is seeking to move the Ghanaian construction industry to lower carbon and more resource-efficient path through certified green buildings.

He said GIIF and the International Finance Corporation (IFC) were committed to significantly promoting the Excellence in Design for Greater Efficiencies (EDGE) software, standard and certification in their operations.

EDGE software can be used for free to design a resource-efficient commercial or residential building in more than 160 countries.

Mr Asamoah told the GNA that as an infrastructure Fund with high sustainability credentials and keen on contributing towards the achievement of the nationally determined contributions of Ghana under the Paris agreement, they wanted to do infrastructure that met the needs of the present without compromising the ability of future generations to meet their own needs. 

“We believe in the preservation of natural resources and our climate for future generations,” he said.

The World Economic Forum in its 2020 Global Risks report identified the top ten risks up to the year 2030 and beyond in terms of likelihood of occurrence and impact. 

Out of the ten, seven of them are of an environmental and social nature. Per the report, climate now tops the risks agenda at the global stage, whiles the economy which was the core risk some ten years ago has disappeared from the top five risks on the global stage. 

The CEO said the concern highlights the importance of climate issues in the global discourse and the relevance of GIIF’s collaboration with the IFC.

GIIF is a body corporate wholly Ghana-owned and established under the Ghana Infrastructure Investment Fund Act, 2014, Act 877. 

The Fund is initially capitalised at $325 million of anchor paid-in equity with a mandate to identify, develop, invest, mobilise and manage investments in a diversified portfolio of infrastructure assets in Ghana for national development, profitably and sustainably. 

GIIF is flexible in the instruments of financing (equity, debt and anything in between) that it deploys for non-recourse to limited recourse transactions.

Mr Asamoah said over the last four years GIIF had been very busy and had invested $280 million in a portfolio of 12 infrastructure projects in seven sectors across Ghana. 

He said more importantly, for every $1 GIIF invested in projects, it had managed to bring in an additional $10 from external investors.

“This is already a sizeable return on the initial capital deployed by the government in GIIF,” he said.

He said also impressive was that to date, every sponsor backed by GIIF has been Ghanaian and this aligned with its ethos of raising the level of Ghanaian participation in infrastructure by building world-class projects with local sponsors.

Some of GIIF portfolio of investments are Ghana Airports Company (the development of the new international terminal (Terminal 3) at Kotoka International Airport and new regional airports), Takoradi Port expansion (improved container and process handling) and the Western Corridor Fibre project (creating ultra-modern communication network infrastructure). 

The rest are Takoradi Oil Jetty (new multi-product oil jetty capable of receiving vessels of up to 70,000DWT) Pullman Hotel (which is EDGE Certified by the IFC), Crown Forest Ecological Safari Park (also EDGE Certified by IFC) and Atuabo Power plant (which will convert flared gas into electricity).

It has raised financing from two Premier global financing institutions and on July 2, 2021, the French Development Agency, executed an US$85million, 10-year Credit Facility Agreement with GIIF to on-lend to sustainable infrastructure projects in Ghana. 

The CEO said this was accompanied by a €400,000 technical assistance package to help build capacity within the Fund for increasing its green investments.

“The AfDB has just approved a $75million facility for the Fund, again for on-lending to infrastructure projects in Ghana,” he added.

Mr Asamoah said the above two facilities from global Development Finance Institutions represented a major endorsement for GIIF in the way it operated and ran its business to international standards. 

He said this would enable GIIF to increase the range and depth of infrastructure projects it could fund within Ghana. 

“The Fund is not resting on its oars either. It has a strong pipeline of projects in critical sectors of the economy that it looks to make strategic interventions into,” he said.

He said GIIF would continue to promote sustainable design practices, and with IFC, jointly present the benefits of using the EDGE software, standard, and certification systems.

Source: Ghana News Agency

Accra, Mar. 01, GNA – Mr. Andrew Kwame Pianim, a renowned Economist, says Ghana needs to impose external tariffs on the importation of sugar to protect domestic production.

He said it was the only way to make domestic production of sugar competitive as other countries had their raw materials subsidised.

Mr Pianim said this in an interview with the Ghana News Agency following the announcement by President Nana Addo Dankwa Akufo-Addo that the Komenda Sugar Factory in the Central Region would be operationalised by April, this year.

He said a tariff of about 30 to 35 per cent on importation of sugar would protect local production.

The Economist also said it was important for local manufacturers to be allowed to import sugar if Komenda was unable to meet local demand.

“There must be a way for the local manufacturer to be given the right to import additional sugar… but it means that the extra money they make on it should be shared with the State Treasury,” he stated.

Mr Pianim also said it was important for the factory to sell the produce through the established importers in Ghana to avert any tension between the local manufacturers and importers in the country.

“We should make sure that we sell it through the established importers in Ghana so the factory is still the wholesaler and then the Ghana Union of Traders Association members will not be trying to import or smuggle sugar into the country to compete with it. Give them the distribution rights so you don’t substitute them out of the business,” Mr. Pianim said.

He commended the President’s decision to operationalise the factory and said, “this decision is the first step as the factory’s capacity is not enough to meet local demand. The next step is to step up production to meet the whole local demand.”

“We should also have an eye on export to ECOWAS and other African countries who import sugar for domestic use and for confectionaries,” he added.

The Komenda Sugar factory was established in 1964 to boost local production of sugar and to reduce importation.

The factory became defunct in the early 1990s due to poor management and technical issues.

It was, however, revamped by former President John Dramani Mahama in 2016 with a loan facility of 35 million dollars from the Indian EXIM Bank.

Despite the rehabilitation in 2016, the facility is yet to commence commercial production, with President Akufo-Addo administration describing the reconstruction as overvalued to the tune of US$ 12 million.

Source: Ghana News Agency

Kumasi,- Two hundred and eighty Ghanaian entrepreneurs have graduated from the third edition of a mentoring programme organised by Sinapi Aba Savings and Loans (SASL) at a ceremony in Kumasi.

The beneficiaries in a group photograph with some leadership of SASL, after their graduation ceremony in Kumasi.

The beneficiaries in a group photograph with some leadership of SASL, after their graduation ceremony in Kumasi.

For the first time, nine (9) out of the number were men while the remaining two hundred and seventy-one (271) representing 95 per cent, were women.

The men were trained to become change agents in their respective communities.

This brings to 655, the number of Ghanaian entrepreneurs to have benefitted from the programme which saw 150 and 225 graduating during the maiden and the second edition, respectively.

The mentees, drawn from across the country, underwent a six-month training under 75 mentors who mentored them through various trades and crafts to acquire first-hand information and experience to enhance their business development.

The mentorship involved bringing experienced mentors from various established Small and Medium Enterprises (SME) business modules to coach, mentor and share best practices with their mentees at their various work places across the country.

Dubbed :“ Mentoring the Next Generation of Great Women, ” the mentoring programme supports and improves people, especially women in the SME sector to acquire the right skills to become economically viable to contribute positively towards the nations’ economy.

Some of the skills acquired during the training, were proper record keeping, planning in business, innovation and creativity in business, how to guard against fraud and stock control.

SASL is a leading non-banking financial institution in the country, which has for the past 28 years promoted the development of businesses in the country with particular emphasis on supporting women in the SME sector.

It currently has 44 branches across the country.

Graduation ceremony

Speaking at the graduation ceremony in Kumasi at the weekend, the Chief Executive Officer, Sinapi Aba Saving and Loans (SASL) , Mr Tony Fosu Gyasi, said the company, like many others, was not just interested in doing business but was also keen in the development of Ghanaian women who formed over 60 per cent of Ghana’s informal sector.

“We will continue to provide the needed support towards the development of many more women to complement government’s effort at reducing unemployment in the country, ” he said.

The CEO urged the beneficiaries to make good use of the skills acquired and contribute towards the development of the country.

He encouraged the SME business space to find Sinapi Aba as their solution centre, and a one stop financial provider to help them sustain their businesses, considering its numerous sustainable financial packages and the capacity building initiatives.

Mr Ofosu thanked the Canadian Government through its agencies; Global Affairs Canada and Opportunity International Canada, for their support towards the mentorship programmes, and that the programme had come to stay.

Poverty reduction

The Chief Programme Officer, SASL, Mrs Joyce Owusu-Dabo, said the programme stood the chance of reducing poverty among women, especially those in the rural areas who covered about 65 per cent of SASL’s target for the project.

She said the company had not only supported entrepreneurs financially, but had also continuously equipped them with the technical knowledge to sustain their businesses.

First impression

She charged the beneficiaries to be disciplined at all times, since discipline was what it took to improve upon their business.

“Don’t dress anyhow. First impression is always very important in promoting your business, “she told the graduating class.

The beneficiaries shared their successes and how the programme has impacted them positively thus offering them a reason and ability to stay relevant in their trade.

Source: Ghana News Agency

Dormaa-Ahenkro (B/R), – Vice President. Mahamudu Bawumia has paid for the nomination forms of 580 current polling station executives who are contesting in the upcoming elections in the Dormaa Central Constituency.

Mr William Nyarkoh, the Constituency Secretary of the Party, announced the payment in an interview with the Ghana News Agency at Dormaa-Ahenkro in the Bono Region.

Mr Nyarkoh denied and dismissed reports of involvement of Alhaji Mumuni, the Party’s Constituency Chairman of sponsoring the purchase of forms for some of the prospective applicants.

Mr Nyarkoh said the 580 forms represented those that had been sold out currently but “they are still expecting to receive 295 more forms to be sold out only to applicants of the 21 new polling stations.”

He explained the Constituency Election Committee had met to decide on consensus to offer an opportunity for old polling station executives wishing to contest to buy nomination forms.

He said there were no complaints about the process and, therefore, appealed to members to remain calm and united by avoiding actions and inactions that could weaken the stability and progress of the Party in the constituency. 

Source: Ghana News Agency

Hohoe (V/R), Mar. 1, GNA – Apostle Ernest Narh Adulai, Senior Pastor of the Revival Assemblies of God Church, Hohoe, says there is the need for Parliament to be united and do away with fighting and agitation on political grounds.

He said the absence of unity and current happenings would scare the citizens.

Apostle Adulai, addressing the media during the Climax of the 40th Anniversary Celebrations and Chapel Dedication of the Church in Hohoe, said Parliamentarians must sit down and dialogue

He said occurrences in neighbouring countries should not be taken for granted.

“We want our Parliamentarians to come together, avoid the selfish attitude and take the love of the nation into consideration.”

Apostle Adulai urged them to sacrifice their comfort for the betterment of the country and said it was the prayer of the Church that the country would be united and develop.

Source: Ghana News Agency