Category: Business

ACCRA, APRIL. 5, GNA – A NATIONWIDE TRAINING OF TRAINERS AND ORIENTATION PROGRAMME ORGAINSED FOR TOP COMMANDERS OF THE MOTOR TRAFFIC AND TRANSPORT DIVISION (MTTD) ON THE MOTOR INSURANCE DATABASE (MID) HAS BEEN CLIMAXED WITH A SENSITIZATION AND ENFORCEMENT EXERCISE.

THE EXERCISE HAD THE COMMISSIONER OF INSURANCE OF THE NATIONAL INSURANCE COMMISSION, DR JUSTICE OFORI AND MR FRANCIS ABOAGYE NYARKO, DIRECTOR-GENERAL OF THE MTTD OF THE GHANA POLICE SERVICE CHECK ON MOTORISTS IN THE EASTERN REGION TO ENSURE THEY HAD THE CORRECT MOTOR INSURANCE POLICIES.

A STATEMENT ISSUED AND SIGNED BY MR MAWULI ZOGBENU, PUBLIC RELATIONS MANAGER AT THE NATIONAL INSURANCE COMMISSION, SAID OVER 120 VEHICLES WERE STOPPED AND INSPECTED AND ABOUT 20 VEHICLES WERE FOUND WITH FAKE INSURANCE POLICIES.

THE DRIVERS OF THESE VEHICLES WERE IMMEDIATELY PROVIDED INSTANT INSURANCE POLICIES BY INSURANCE COMPANIES PRESENT BEFORE THEY WERE ALLOWED TO CONTINUE WITH THE JOURNEY TO THEIR VARIOUS DESTINATIONS.

IT SAID DR. JUSTICE OFORI COMMENDED THE INSPECTOR-GENERAL OF POLICE (IGP), DR. GEORGE AKUFFO DAMPARE FOR ENSURING THAT THE MOTOR INSURANCE DATABASE (MID) WAS A SUCCESS.

PARTICIPANTS FOR THE TRAINING WERE SENIOR POLICE OFFICER DRAWN FROM ALL 18 ADMINISTRATIVE REGIONS OF THE GHANA POLICE SERVICE.

THE TRAINING AIMED AT PROVIDING PARTICIPANTS WITH KNOWLEDGE ON THE MID, WHICH HAS BEEN A GAME CHANGER FOR INSURANCE SECTOR AND FOR ROAD TRAFFIC INVESTIGATIVE PURPOSES.

THE MID WAS LAUNCHED IN 2020 TO HELP CURB THE DISRUPTIVE INCIDENTS OF FAKE INSURANCE STICKERS IN THE SYSTEM.

DR. JUSTICE OFORI SAID: “THE USE OF THE MID FOR ENFORCEMENT ON OUR ROADS HAD NOT ONLY PROVIDED SUPPORT TO THE INSURANCE INDUSTRY BUT IT IS ALSO HELPING THE POLICE IN THEIR ROAD TRAFFIC INVESTIGATIONS WITH THE VIEW TO PROTECT INNOCENT LIVES AND PROPERTY. DRIVERS AND VEHICLE OWNERS HAVE BECOME MORE CAUTIOUS AND NO LONGER SUSCEPTIBLE TO THE MODUS OPERANDI OF FRAUDSTERS.”

MR FRANCIS ABOAGYE NYARKO COMMENDED THE NIC FOR THEIR COMMITMENT AND RESOLVE TO CONTINUOUSLY SUPPORT THE POLICE IN THE ENFORCEMENT OF THE ROAD TRAFFIC ACT 1959

STATISTICS FROM THE POLICE MTTD INDICATE THAT THE MONTHS OF JANUARY AND FEBRUARY 2022 HAVE SEEN A REDUCTION IN THE NUMBER OF DEATHS ON OUR ROADS WHICH STAND AT 469 AS AGAINST 517 DURING THE SAME PERIOD LAST YEAR.

Source: Ghana News Agency

Tema, April 5, GNA – The Centre for Greater Impact Africa (CGIA) has cautioned the public against investing in cryptocurrencies as the Bank of Ghana (BoG) is yet to license it, making it a high-risk venture.

The Reverend Dr. Samuel Worlanyo Mensah, CGIA Executive Director explained at the Ghana News Agency Tema Industrial News Hub Boardroom Dialogue platform that until the BoG regulated cryptocurrency investments; it was not advisable to invest in it.

Speaking on the topic, “Investment and sustainable development,” Rev. Dr. Mensah stressed that “as Ghana has not accepted and not regulating crypto if you engage in it, it is at your own risk, because if it is accepted by the laws of the country, then it is safe and trusts worthy.”

He explained that even though some countries had accepted it as part of their national currencies, Ghana was yet to do so, therefore investing in it was equivalent to investing in the air with nobody to hold responsible in case of any eventuality, according to him, there were no physical offices and workers to turn to.

On having prominent people endorsing cryptocurrency, the economist disclosed that it was a business strategy that was being used to lure many unsuspecting people into investing in such currencies.

He stressed that having realized that most countries were cautioning their citizens against it, operators were now conniving to convince the public about it through endorsements.

Mrs. Ramat Ebella Ellis, Banking Executive and CGIA Investment Advisor contributing to the discussion reminded Ghanaians that the higher the return rate for an investment, the higher the risk involved.

She added that based on recent happenings on such high yield investments, a potential investor must do a proper background check, and if possible contact the Bank of Ghana to ensure all legal fulfilments and licenses had been done for the said investment product.

Mrs. Ellis said potential investors could consider some bank products such as treasury bills, fixed deposits, cocoa bills, bonds, trust accounts, shares, and mutual funds among others.

She encouraged the public to consider investing for longer periods, opening high-yield savings accounts by shopping around and comparing the rates of banks, as well as taking advantage of other available bank products instead of venturing into high-risk unregulated investments.

The investment analyst noted that it was okay to start small, it was a wrong notion that investment must be done only when one was earning more or have a lump sum.

Mrs. Ellis who is also a Financial Planner reminded the public that investment was for everyone and it was the best way of securing the future for personal sustained development stressing that, “investment is all about what you can do with what you have, it is earmarking money for the future with the hope that it will grow over time”.

Source: Ghana News Agency

Accra, April 05, GNA – The Institute of Statistical Social and Economic Research (ISSER), University of Ghana is set to undertake a $4.

92 million research project on policies and incentives to deepen Digital Finance Retail Distribution Networks (DFRDN) in Low-and-Middle-Income countries (LMICs).

The initiative will focus on deepening digital financial inclusion and how to improve women’s access to financial services in LMICs.

It will be launched in the first half of 2022 with an event to Kickstart the project and the issuance of the first Requests for Proposals (RFP) for pilot studies and experimental research.

The project is led by Professor Peter Quartey, Director of ISSER with Professor Francis Annan of the Georgia State University, Dr David Ameyaw, Visiting Scholar, ISSER and Director of International Centre for Evaluation and Development (ICED), and Dr Simon Bawakyillenuo of the ISSER, as Co-Principal Investigators.

The DFRDN Project, funded by the Bill & Melinda Gates Foundation, will be led by ISSER and implemented through any qualified field partner, including but not limited to the Institute’s own internal research project teams.

It will seek to engage researchers from the Global North and the Global South, with the goal of expanding the representation of researchers from the Global South in development studies, fostering future partnerships and capacity building.

Prof. Peter Quartey, in a statement copied to the Ghana News Agency, said: “A meaningful response to the growing interest and pressure to deepen digital finance requires strong data and evidence-led insights to guide the framing of policies.

He said the DFRDN project was timely and opportune for the ISSER to contribute and “deepen digital financial inclusion with data and illuminating findings”.

The Director of ISSER said despite the strong evidence demonstrating the essential role of agent networks in driving financial inclusion for underbanked populations, data from LMICs suggested that agent networks remained quite sparse, particularly in poorer peri-urban and rural locations.

The DFRDN project, therefore, aims to demonstrate how to effectively expand the reach of agent networks through public policy and commercial solutions that can plausibly be scaled.

It will also advance public knowledge about the structural constraints limiting agent networks globally.

Source: Ghana News Agency

Tema, April 5, GNA – The African Union (AU) Executive Council has adopted the ‘Strategic, Business and Operational Framework for an African Diaspora Finance Corporation (ADFC)’ as the framework for the AU legacy project on diaspora investment.

This came after the endorsement by the African Ministers of Finance in December 2021, and consideration by the relevant sub-committee of the AU’s Permanent Representatives Committee (PRC), AU document made available to the Ghana News Agency in Tema stated.

In view of the adoption, the AU Commission shall undertake a feasibility study, covering business operations, investment planning and criteria, and the application of ADFC funds.

ADFC will be set up as an independent, non-AU continental finance institution, operating as a social enterprise and working together with other African and global finance, development, and diaspora institutions, the AU stated.

The first phase of the ADFC implementation involves the initiation of an innovative finance scheme through the Remittance Match Funding mechanism (RemitAid™).

According to the AU, working closely with partners, ADFC will develop, issue and manage Diaspora Bonds and Mutual Funds, to harness and channel diaspora savings and resources into socially responsible and impactful ventures, in priority sectors in Africa.

The AU said the ADFC profits and surpluses will be invested in a legacy Endowment Fund, and income earned from the Endowment Fund will be disbursed in the form of grants and soft loans to African development organisations and institutions, both in the diaspora and on the continent.

Mr Albert Muchanga, AU Commissioner for Economic Development, Trade, Industry, and Mining, noted that the AU’s decision was historic.

He stated that the Heads of State and Government first made a commitment for a legacy project on diaspora investment a decade ago in May 2012, at the Global African Diaspora Summit in Johannesburg, South Africa.

Commissioner Muchanga expressed the AUC’s gratitude to all Member States, stakeholders and development partners who supported and participated in the long formulation and consultative process.

He thanked Professor Gibril Faal, the AUC Lead Consultant on Diaspora and Innovative Finance, author of the ADFC Framework Report, and founder of RemitAid™, for his leadership and longstanding commitment to expanding and enhancing diaspora contributions to development.

He also urged all development and corporate partners to team up with ADFC, starting with the RemitAid™ scheme, to harness the untapped options and opportunities of diaspora investment and finance.

Source: Ghana News Agency

Accra, April 05, GNA – The United States says it will continue to support Ghana to become self-sufficient in food production in the wake of global fertiliser shortage occasioned by Russia’s invasion of Ukraine.

Dr Jim Barnardt, Assistant to the U.S. Agency for International Development (USAID) Administrator, told journalists at a virtual meeting on Tuesday, April 5, 2022 that the Agency would continue to work with its partners to build the capacities of smallholder farmers on the continent.

He was responding to a question on measures that should be adopted by Ghana to cushion itself against elements that affect access to key commodities as well and ensure food security.

The meeting discussed the impact of the ongoing Russian invasion of Ukraine on food security in Africa and around the world.

“We need to continue to work with our partner countries, US Government, and other international partners in the UN system to help them develop the capacity for production of these inputs so that you have some self-sufficiency.” Dr Barnardt said.

He added that: “We must still allow for the global markets to flourish and I think the idea of trade is incredibly important that we continue to maintain, but also build that capacity so that Ghana has the ability to withstand certain shocks.”

Since Russia’s invasion of Ukraine on February 24, 2022, the world has been experiencing crop shortages and the rising prices of food, fuel, and fertiliser.

Ukraine is a major exporter of wheat, corn and sunflower oil. Russia on the other hand produces large quantities of nutrients, such as potash and phosphate – essential fertiliser ingredients.

It estimated that Ghana imports 30 per cent of its wheat flour and fertilizer from Russia. The country also sources 60 per cent of its iron rods imports and other metal sheets from Ukraine.

Some analysts have cautioned that the ongoing war, if not resolved forthwith, could disrupt global food supplies, and trigger global food insecurity.

Madam Cindy H. McCain, Permanent Representative of the U.S. Mission to the UN Food and Agriculture Agencies in Rome, said Russia’s invasion of Ukraine had led to far-reaching humanitarian crisis and had brought “a sharp focus” on food security.

She said the UN organisations and partners are working assiduously to respond to the crisis and save lives.

“As a government, we’ve invested heavily in resilience-building programmes and committed to provide more than $11 billion over the next five years to address food security and nutrition needs around the world,” she said.

According to the United Nations, between 720 and 811 million people went hungry in 2020 because of the pandemic, and the figure is expected to rise in 2022, with some countries still struggling to recover from the economic downturn.

The Food and Agriculture Organisation (FAO) has indicated that Russia’s invasion of Ukraine has already led to port closures, the suspension of oilseed crushing operations and the introduction of export licensing requirements for some products in Ukraine.

“All of these could take a toll on the country’s exports of grains and vegetable oils in the months ahead. Much uncertainty also surrounds Russian export prospects, given sales difficulties that may arise as a result of economic sanctions imposed on the country,” the Organisation said in an Information Note published on March 25, 2022.

Source: Ghana News Agency

Accra, April 05, GNA – The Aya Institute for Women, Politics and Media has secured partnership with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) Ghana to undertake a study to assess the potential of women-led businesses in Ghana.

The partnership which is under the GIZ Programme Support Scheme is for these businesses to take advantage of the African Continental Free Trade Area (AfCFTA).

In a release issued to the Ghana News Agency, on Tuesday, in Accra, it said the Institute was building the capacity of women who were cross- border traders and entrepreneurs in Ghana on the opportunities of AfCFTA while advocating for policy reforms that would address any institutional and structural barriers to trade.

It said the project was the Institute’s contribution to three of the Sustainable Development Goals; gender equality, decent work and economic growth and reduced inequalities for Ghanaian women in project regions.

“The Aya Institute’s team of respected academics and international trade and development experts has been working assiduously on this project since December 2021 and will be launching the research findings in April 2022.

The release said there would be series of stakeholder engagements with the Association of Ghana Industries, Ghana National Chamber of Commerce and Industry and other relevant trade and development organizations.

It said the geographical focus for the project would be the Greater Accra, Ashanti, Western and Northern Regions which were considered ‘trade hubs’ where over 50 per cent of women-led businesses were located.

“As part of project activities, there will be sensitization programmes on radio and television platforms to educate the public on women’s trade and development. Research findings will be presented to major stakeholders, including the Ministry of Trade and Industry and the AfCFTA secretariat and the media.”

“The International Trade Centre (ITC) estimates the proportion of informal retail trade at around 40 percent of the cross-border trade, whereby women are disproportionately active in the informal sector at approximately 70 to 80 percent.”

According to the release “a recent annual MasterCard Index of Women, placed Ghana second globally in countries with most women entrepreneurs. These statistics and others have formed the basis for this project.”

It said the Institute was of the view that building the capacity of Ghanaian businesswomen through research and training would encourage financial inclusion needed to build a robust economy and end gender poverty which has not only become continental but a global issue that countries were struggling to eliminate.

It noted that financial inclusion was crucial to eliminating gender poverty and to enable women to be active partakers of our democracy.

The Aya Institute for Women, Politics and Media is a pro-gender organisation undertaking research, training, advisory and advocacy interventions with the aim towards achieving gender equality. The Institute works in thematic and interlinked areas: Gender, Governance, Trade, Public Policy, Economic Empowerment and Media.

Source: Ghana News Agency

Accra, April 4, GNA – The Ghana International Trade and Finance Conference ( GITFiC) has congratulated Japan Motors and Nissan for operationalising their assembly plants in Tema Metropolis in the Greater, a suburb of Accra – the Commercial Capital of Africa.

They said their operations will reduce burdens on consumers who hitherto had to spend huge sums of money to import their products.

Speaking to the Ghana News Agency on the impact of their plants in Ghana and Africa, Mr Selasi Koffi Ackom, Chief Executive Officer of GITFIC said it was appropriate and would propel the AfCTFA as Ghana was the headquarters.

“It is going to boost the African trade and facilitate trading among the West African states and reduce their importation bills.”

Mr Ackom said two years ago, during GITFiC’s presentation in a meeting, they wore great smiles and announced the commencement of this industrial project.

“We celebrate your dedication and support for an industrialised Ghana. Cheers to more wins and more success, Mr Kalmoni and the entire hardworking team at Japan Motors.”

Source: Ghana News Agency

Kumasi, April 04, GNA – The Peasant Farmers Association of Ghana (PFAG) says it will continue to support the government in ensuring that there is enough food for the people in the country.

This is because peasant farmers had become the focal point for agricultural policy advocacy in Ghana and there was the need for them to constantly undertake activities and innovations that would help increase crop yield and productivity to ensure food security in order to remain relevant in the agricultural transformation agenda.

Mr Wepia Awal Adugwala, Board Chairman of PFAG, told the Ghana News Agency in Kumasi on the side-lines of the 2022 Annual General Meeting (AGM) that, the Association had developed a four-year strategic plan through social enterprises advocacy, capacity building and offering of agribusiness opportunities to aid members not only to increase food production but also to lift themselves from peasantry to prosperity.

The AGM which was held under the theme “Building Back Better, Consolidating the Gains of Smallholder Farmers for Improved Food Systems”, sought to elect new executives, review the Association’s constitution and reflect on the activities and plans in relation to food security in Ghana.

Mr Adugwala indicated that although the government’s initiatives of the One Village One Dam (1V1D), One District One Warehouse, Planting for Food and Jobs (PFJ), One District One Factory (1D1F) brought high hopes to smallholder farmers, some of the projects were not yielding the expected impacts.

“We were all expectant of the impact these policies will have on farmers in general and were looking forward to a major and radical transformation of our agricultural sector to increase food production, provide jobs, increase incomes and improve the livelihood of farmers,” he stated.

He therefore, called on the government to assess the programmes and introduce some reforms to better the lives of peasant farmers.

Mr Adugwala also urged the government to in its quest to reform the implementation gaps of the PFJ, prioritize the generation of farmer databases for the purposes of targeting, especially for smallholder women and the youth farmers to enable them access subsidized fertilizer and other inputs.

The government should again consider rolling out a flexible loans scheme which guaranteed low interests for farmers.

This, he believed, would enable farmers to purchase input from the open market to support their activities.

He further called on the government to put a premium on the livestock industry, especially the rearing of ruminants such as goats, cattle and sheep in the country.

Source: Ghana News Agency