Category: Business

It is hypocritical for former finance minister Dr. Kwabena Duffuor to be running around distributing freebies to the grassroots members of the National Democratic Congress (NDC) when he has not paid his own workers at EIB for more than 17 months, Taxi Driver show host Blakk Rasta has said.

Dr Duffuor’s Ahotor project is meant to give relief to the suffering grassroots members of the biggest opposition party.

He recently donated public address systems and other equipment worth GHS90,000 to some constituencies in the Ashanti Region following similar donations to some constituencies in Accra.

A livid Blakk Rasta, however, says he cannot understand why the former Governor of the Bank of Ghana, who also served as Finance Minister in the Mills administration, would neglect his hungry staff and be sharing freebies to members of a political party due to his own presidential ambition.

“I hear Duffuor is going round doing some Ahotor whatever. What hypocrisy!” Blakk Rasta fumed on the Blakk Pot segment of the Taxi Driver show on Class91.3FM on Friday, 2 September 2022.

“Your people at EIB have not been paid for 17 months and you are running around doing Ahotor what?”

“And, this guy used to be finance minister … The people who need Ahotor are the people at EIB”, he noted

In his view, Dr Duffuor is not being sensitive to the plight of his own hungry staff.

“… Yes, you have a genuine problem: your businesses were shut down by this dirty government in power but today, you have enough money to go round doing Ahotor when [for] 17 months or so, EIB workers have not been paid?”

“… They are inflaming their own political ambitions … I don’t like people like that”, he declared.

Recounting his own experience with his former radio station Zylofon, Blakk Rasta said: “I worked with NAM1; he didn’t pay me for 17 solid months but we still worked. [Do] you know why? Because, me, my eyes are not on salary; I’m a fasting human being. I can fast for five days; no food, no water”.

“But not everybody can fast”, he said.

“NAM1’s business was crippled and he had genuine problems but we were still going through supporting a man to bring back his business”.

“If EIB workers would also do the same and be pushing you so that your business can rise again, all of a sudden you have the muscles to do Ahotor”.

“Ahotor should start with EIB. [Do] you think if all of a sudden NAM1 made money and he decided to go around doing Ahotor without coming to us, we would stay there? We would look for his head and give it to Otumfuo to drink pito with”, Blakk Rasta noted.

In July this year, the flagbearer hopeful denied claims that staff of his media empire, comprising Starr FM, Kasapa FM, Ultimate Radio, Agoo FM, Abusua FM, Empire FM, GHOne TV, Agoo TV, Starrfm.com.gh, Kasapafmonline.com and the Heritage newspaper, across the country, are not being paid salaries.

Some staff of the media group went on a one-day sit-down strike that month.

They were angry that their founder is sponsoring grassroots members of the NDC with money, business schemes and donations while they rot away.

Some of the staff claim they are owed salary arrears for 15 months.

However, Dr Duffuor told Accra-based Asaase Radio in an interview that it was all “propaganda” and “politics”.

“I have so many companies”, he said, adding: “I have not had any information that they are not paying themselves”.

“EIB has been there for how many years? For seven to eight years; why will the workers be there and not be treated well?” he wondered.

“I don’t believe that. It is propaganda. And if I want to support the grassroots of my party, what is wrong with that? Do you know what they go through? Go and see what they are going through in the rural areas”, he asserted.

According to him, “Since January they [EIB] have been paying them, there is no problem. It’s previous arrears they are talking about. So, the management is handling that problem. Arrears and not payment of salaries…”

Source: Modern Ghana

Accra, Sept. 2, GNA – GCR Ratings (“GCR”) has affirmed its strong rating of Ecobank Ghana, scoring Ghana’s top bank A+ on long-term and A1 on short-term issuer ratings, with a positive outlook.

The Rating agency also extended the rating to September 30, 2022, saying however that the current ratings remain valid.

In a report published on its website, the GCR stated that “The ratings on Ecobank Ghana reflect a strong business profile supported by leading market shares, stable funding sources and good levels of liquidity.

“The ratings also factor in improving capitalization and increasing asset quality risk. The competitive positioning of the bank is a relative strength to the rating, benefiting from its well-established franchise and leading domestic position as a top tier financial institution”.

The report also stated that Ecobank Ghana is one of the leading digital banks in Ghana leveraging Ecobank Transnational Incorporated’s (ETI’s) extensive digital strategy innovations.

“We consider the bank to be adequately equipped to deal with the ramifications of COVID-19 from a business continuity level. Ecobank Ghana is adequately capitalized. We think the COVID-19 pandemic has not had as severe an impact on the bank’s earnings when compared to domestic peers, and we believe the bank’s forward-looking earnings capacity is still good and will support future capital generative capability,” the report said.

On Funding and Liquidity, the GCR Ratings indicate that “The bank’s funding is considered stable, with customer deposits making up 94% of the group’s funding base. Though deposits are predominantly demanded deposits, they have historically been sticky”.

On the Bank’s parent company, GCR indicates that “Although not a material asset or revenue contributor, there is evidence of integration and technical support from the parent”. The bank’s other shareholders are the Social Security and National Insurance Trust (16.21%), and the remaining shareholders own less than 2%.

The GCR Ratings on its outlook indicated that it expects that Ecobank Ghana’s financial profile would continue to be resilient despite the strains in the operating environment and that the bank will outperform the market in terms of earnings over the rating horizon. Ecobank’s previous rating history from 2013 to date has been very strong and reflects the strong capitalization levels of the Bank.

Unlike the Fitch ratings which tend to cap the ratings based on the ratings assigned to the country, the GCR rating is based primarily on the Bank, highlighting its strength, financial performance, sustainability, and income-generating capability. It will be recalled the Fitch Ratings downgraded all Banks in Ghana rated by Fitch following the country’s downgrade.

GCR Ratings’ next rating of Ecobank Ghana is due at the end of September 2022.

Source: Ghana News Agency

Fincap Securities in partnership with the Ghana Stock Exchange have launched CediManager, an investment platform for trading government securities.

CediManager is a user-friendly and secure platform that can be accessed on desktop computers and mobile devices. It provides investors, both residents and non-residents, quick and convenient access to investments in the Government of Ghana Securities.

At the launch, the Head of the Ghana Fixed Income Market of the Ghana Stock

Exchange, Mr. Augustine Simons said, “The launch of this innovative platform brings the world’s attention to the need of bringing people and capital together to create value for all stakeholders”.

As a first in the Ghanaian market, CediManager will bring Government bonds, Cocoa bills, Government notes and Treasury bills to the fingertips of Ghanaian investors.

Mr. Francis Boadu, the Head of Broker-Dealers of the Securities and Exchange

Commission (SEC) said, “The Securities and Exchange Commission reiterates the call to all stakeholders to partner with the Commission in the successful implementation of the various market initiatives in the Capital Market Master Plan.

The SEC remains committed to protecting investors, integrity of the market and promoting the growth and the development of a vibrant capital market that will support the economic growth agenda of Ghana”.

Fincap Securities is an investment banking and securities trading company focused on innovation that provides a variety of financial services to a clientele that includes governments, financial institutions, businesses, and private individuals.

Fincap uses cutting-edge technology, years of expertise, and in-depth financial understanding to offer its clients a multifaceted, custom strategy to satisfy their capital needs.

According to Mr. Geoffrey Fathers Maison, CEO of Fincap, “This step’s major idea is to strengthen our growth and commitment by driving a distinctive proposition “Making Money Work” and assisting our clients in recognizing and associating with our CediManager brand in the marketplace.

Called to launch the CediManager platform, Ms. Abena Amoah, the Deputy Managing

Director of the Ghana Stock Exchange expressed her excitement about the wave of

advanced technology being utilized to bring the capital market to the doorstep and fingertips of investors. She urged the brokerage community and industry players to follow suit and provide other innovative technologies to assist the growth of the capital market.

Source: Ghana Web

Accra, Aug.29, GNA – The Universal Merchant Bank Ghana (UMB), has presented a cash grant of GHS5,000 to Ewudzie-Sampson, a young female ‘agripreneur’, in support of her online grocery business.  

The story of Elselund Ewudzie-Sampson, also known as Adwoa Agbogbloshie was brought to prominence during a segment on the highly rated, youth focused show, The Springboard Virtual University.

The host of the show, Reverend Albert Ocran invited Adwoa on the show following commendations from social media on her work ethic and innovation. 

Adwoa’s enterprise was highlighted as an example of young, inspiring entrepreneurship. 

A statement to the Ghana News Agency said, moved by Adwoa’s story, UMB extended the financial support to her.  

The statement said UMB was lending its expertise and support through its unique SME value proposition, to further propel Adwoa’s business growth. 

Nana Dwemoh Benneh, the Chief Executive Officer of the Bank, stated, “UMB has been a partner of Springboard since 2018 and we have continued this sponsorship because the objectives of Springboard align with our origin story. 

We are the Bank set up to promote Ghanaian start-ups and SMEs and we have been doing this since 1972.”

He further said, “We were moved to support the Big Samps Market because their story inspires us all. We want to support her growth, and in so doing, remind all our customers and Ghana, that when it comes to SMEs, you cannot go wrong with UMB.

Big Samps Market’s story is also an exemplar of the national policy we all are eager to see succeed, that is converting our youth bulge into a powerful wave of entrepreneurs.” 

Mrs Comfort Ocran, the CEO of Legacy and Legacy and Executive Director of Springboard Roadshow Foundation, urged young entrepreneurs to be inspired by the story of Adwoa Agbogbloshie.

 She further admonished the upcoming generation to stay the cause, exploring homegrown solutions and indigenous means of solving challenges. 

In her response to the support, Ms Elselund Ewudzie-Sampson of Big Samps Market, expressed appreciation for the support and vote of confidence in her business.

 She said, “This is serendipity and the grace of God, as all this is happening during our 5th anniversary. I am truly grateful to UMB for the support. You are truly now a part of the Big Samps story. 

We are confident that as your latest SME banking customer, you will groom and grow us, as you have done to many other corporates, since 1972.” 

Source: Ghana News Agency

GHANA IS blessed with rich natural resources of gold, oil, timber, diamond, manganese, bauxite with great human resources, yet Ghanaians are poor. The nation survives mostly on loans and grants. Corruption is the monstrous evil destroying Ghana. State officials, particularly politicians misappropriate, misapply and mismanage public funds for their selfish gains.

Many enter politics poor, but come out extremely wealthy. Consequently, someone has observed that most politicians throughout the world do not enter politics to make money; rather they enter politics to steal money. This is the evil undermining the development of Ghana and nearly all countries on the African continent.

Ghana’s economy has always been in shambles with its currency, the cedi, depreciating against the US dollar and other foreign currencies. Concerned Ghanaian citizens blame the situation on politicians accusing them of dereliction of duty.

Critics often chastise government’s economic management team for being incompetent, and generally attribute the mismanagement of the economy to corrupt practices perpetrated by government officials. The problem cannot be left unaddressed. To help tackle the problems, especially the canker of corruption, some pastors have been encouraging Christians to go into active party politics.

These pastors project that Christians with their strong Godly principles and ethical standards will help wrestle the nation from corrupt and selfish unbelievers who have been dragging the development of the country for years and restore hope to the masses. Generally, it is assumed that a good Christian proves to be a good citizen. And a good citizen proves to be patriotic, nationalistic, selfless and hardworking for better management of the economy.

Thus, true Christian politicians will not steal, embezzle or misappropriate state funds. They will not connive with foreign nationals to engage in illegal mining popularly called galamsey, and eventually destroy our water bodies. And they will not give or receive bribes while signing contracts for their selfish gains.

It is also expected that Christians with high moral uprightness and convincing traits of honesty, contentment, prudence, leadership, foresight and vision can only occupy high political positions to bring about the needed socio-economic change if they are in politics, considering the structure of Ghana’s winner takes-it-all political governance system .

But a question is asked as to whether Christians are not already actively involved in politics in Ghana? Over the years, most presidents, ministers of state, Members of Parliament, the Chief Justice and the justices of the courts, Metropolitan, Municipal and District Assemblies and other handlers of the economy have been mostly Christian men and women.

In fact, it is estimated that the Christian population in Ghana is about 71.2 per cent in terms of numbers. Thus, in 2020, Archbishop Philip Naameh wondered, “If we take politics as an example, our political landscape is full of Christians. We say we are 71 per cent but who are those doing the bribery and the corruption and the stealing of state money either for our families or for our individual needs or wants?”

Is it the case that, Christians who are already serving as politicians in various departments and agencies where corruption, stealing, embezzlements and nepotistic practices occur are false Christians? “Ken Ofori-Atta, Finance Minister, said in Parliament while delivering the 2017 budget statement and economic policy of government on March 2, 2017, in Accra that, “Through Jesus Christ, we can resolve these challenges and establish a righteous and just society for all.”

There is no doubt that the Finance Minister’s government, led by President Akufo-Addo, has undertaken some developmental projects in the country, but the challenges of poverty, corruption and other social vices in the country remain. Is it the case that Christians who are in politics do not uphold and live by the tenets of the Word of God?

Now, it is important to point out that in a multi-religious country like Ghana, Christians alone may not be elected or appointed into public offices, the greater percentage of the Christian population of the country, notwithstanding. Christians in Ghanaian politics peacefully work together with Muslims, traditionalists and atheists.

We know that a true Christian is not a disciple of Plato, Aristotle, Karl Max or Max Weber. A true Christian is a child of God through Christ Jesus. As a follower of Christ, a Christian is strictly required to love righteousness and hate corruption. Christians are told that they are in the world, but not of it. They must not love the corrupt systems of the world. If they do, God will become their enemy (James 4: 4).

Disciples of Christ are told that they dwell among wolves and serpents and so they must act wisely. They are exhorted that they are the light and salt of the world; hence they should lead by example. They are taught against corruption, bribery, stealing, nepotism, partiality, selfishness and other sinful behaviours.

They are told to manifest the fruit of the Spirit of God such as love, joy, peace, gentleness, patience, goodness, kindness, faithfulness and self-control (Galatians 5: 22). They are charged to avoid maligning people by making malicious utterances and speaking evil against their neighbours.

With these instructions, can a true Christian really survive in African politics which seems to thrive on institutional corruption, insults, name-calling, intimidation, hatred and campaign of calumny without disobeying the commands of his God? And what impact have Christians in government made to protect the public purse and to address the aforementioned problems?

The answers to this question is anybody’s guess since most people at the helm of affairs admit they are largely Christian.

So, Brother/Sister Christian, what conscious efforts are you making to curb corruption in your business transactions with other people? Are you being honest, or, in your quest to make more money overnight you charge exorbitantly and infect them with corruption and dishonesty. Remember, if you serve poison on the table for others to eat, you will definitely have your share. “Wo to eduru bone a, ebi ka w’ano”. May God touch our hearts to repent from today.

Source: Modern Ghana

Accra, Aug 26, GNA – Alhaji Farouk Aliu Mahama, Board Chairman of the Ghana Integrated Iron and Steel Development Corporation (GIISDEC), has assured that his outfit will provide a strategic direction to develop a vibrant Integrated Iron and Steel industry in Ghana.

He said the dream for a real industrialization to build an integrated Iron and Steel industry has been on the horizon for far too long and that lessons learnt from the past had informed his outfit to do things differently to make the dream a reality.

“We are poised to define our focus and chart a roadmap to achieving the President’s vision of an Integrated Iron and Steel Industry.”

Alhaji Farouk Aliu Mahama was speaking at the opening of a two-day Stakeholders’ Workshops held in Accra to develop a Masterplan for Ghana’s Iron and Steel Industry.

The Masterplan which has four major areas to deal with includes Mining, Refinery, Smelting and the Downstream which are critical to the achievement of a vibrant industry.

“This Masterplan will enhance and enrich our collaboration with our stakeholders to develop critical infrastructures like Port and Railway Infrastructure, to enable transportation of Iron, Steel and other bulk materials, adequate Power, and best environmental practices.”

He said the Board and Management of GIISDEC were spearheading the stakeholders’ consultation workshops to build a Masterplan that would be acceptable to all stakeholders for the operationalization of the Corporation, adding that, the final Masterplan would be unveiled to Ghanaians by President Nana Addo Dankwa Akufo-Addo and the Minster for Lands and Natural Resources when completed.

Alhaji Farouk Aliu Mahama who is also the Member of Parliament (MP) for Yendi noted that there was the need for the new GIISDEC Board to build on the foundation and positive gains of his predecessors to achieve their targeted goals.

He said the dream of GIISDEC to build an integrated Iron and Steel industry was a national agenda and an investment for our collective future that requires the input and collaboration from all to make a history.

The hardworking GIISDEC Board Chairman announced that his team was five months ahead of the timelines set out for the development of the Masterplan which he said was as a result of his determination to work together with his Board Members, Management, Staff and Stakeholders to get the Masterplan for Ghana’s Iron and Steel Industry before the end of 2022.

According to him the Masterplan was necessary for the industry to provide technical guidance and practical direction on every step of the way to develop the entire iron and steel value chain to boost the Ghanaian economy.

“If anyone ever doubted the realisation of the vision of the President to build a thriving integrated iron and steel industry, let him look no further than this key project and others GIISDEC is undertaking”.

He said the Masterplan would define the full scope of Ghana’s Integrated Iron and Steel Industry, and also ensure the full utilization of the iron reserves the country was endowed with.

The Yendi Legislator observed that GIISDEC had become a key component of government’s industrialization and transformation agenda and that as a result, GIISDEC is building partnership with the private sector to attract significant investment into the industry to enhance the economy.

He said the global trends indicated growing demand for iron and its related artifacts; and that enforced their resolve to make Ghana the iron and steel hub in Africa.

Alhaji Farouk Aliu Mahama, however, disclosed that some of the major challenges ahead of them were: environmental concerns, transportation bottlenecks, high-energy intensive process of steel production and the need to develop clean alternatives in terms of energy solutions.

“We shall work together to address these challenges as prescribed by the Masterplan”.

Source: Ghana News Agency

Kaleo (UW/R), Aug. 24, GNA – President Nana Addo Dankwa Akufo-Addo says construction of solar power plants in the Upper West Region has the potential to engender rapid industrialisation to accelerate socio-economic growth.

That, he said, could allay the fears of investors and boost their confidence as they could take advantage of the improved, reliable and affordable energy supply through the solar power plant to invest in the region.

President Akufo-Addo said this at Kaleo on Tuesday during the commissioning of a 13-megawatt (MW) solar power plant to complement the electricity supply to the region from the national grid.

“Industries and other facilities, which before time could not be established in the region due to the unavailability of reliable and affordable electricity supply can now be assured of enough energy capacity to meet the industrial, leisure and domestic needs,” he said.

President Akufo-Addo cut the sod for the construction of the 17MW Kaleo and Lawra solar power plants in February 2020 with funding support from the German government through the German Development Bank (KfW) at a cost of €22.8 million.

The President said the KfW is also supporting government with funds for the construction of an additional 15MW solar power plant at Kaleo, which was expected to be completed in 2023.

The Kaleo solar power project would be of enormous benefit including increasing the geographical spread of power generation asset, resilient national power system to guarantee reliable power supply, and ultimately reduce the nation’s carbon emission, he said.

The project would also provide direct employment for the people in Kaleo and surrounding communities as well as increase Corporate Social Responsibility (CSR) from the appropriate agencies.

President Akufo-Addo was optimistic that the project would serve as a tourism boost for the Kaleo Community and as a destination for educational and technological advancement in the area.

He commended the German Government for the strong relations, cooperation and partnership with the Government of Ghana in funding the project through KFW saying: “I look forward to more of such fruitful exchanges in the future.”

The solar project, the President said, formed part of his government’s “development agenda to bring these resources closer to the north thereby opening up additional opportunities in our regional development journey.”

Renewable energy had the prospects of leading to poverty alleviation, improving livelihoods and serving as a catalyst for socio-economic development, he said, and encouraged international partners that sought to invest in other sectors to work with the Volta River Authority to develop more of such projects in the country.

“The commissioning of the Kaleo solar power plant is consistent with Ghana’s national determined contribution to addressing the effects of climate change”, he added.

Dr Mohammed Amin Adam, the Deputy Minister of Energy, said it was government’s desire to install at least 1,350MWp capacity of renewable energy by the end of 2030.

The current renewable energy capacity of the country stood at 151MWp with the Akufo-Addo’s government contributing 114MWp, representing 75 per cent of the current total installed capacity, he said.

“In this era of energy transition, the policies of your government are already bearing fruits and are rightly projecting Ghana as a leader in sustainable development”.

The project was executed by the Spanish contractor, Elecnor S.A, with Tractebel as the consultant.

Source: Ghana News Agency

The assets managed by resident and non-resident investment funds operating in Bulgaria totaled BGN 8,282.3 million as of end-June 2022, the Bulgarian National Bank reported here on Monday.

These assets increased by BGN 1,057.5 million (14.6%) year-on-year, and decreased by BGN 441.1 million (5.1%) compared to March 2022.

The assets of resident investment funds amounted to BGN 2,681.9 million as of end-June 2022 increasing by BGN 421.4 million (18.6%).

As of end-June 2022, equity funds held 49.5% in the assets of resident investment funds, compared to 42.6% in June 2021.

Bond funds’ assets held 33.4% at the end of June 2022, compared to 39.2% in June 2021.

Source: Ghana News Agency