Category: Business

African governments and businesses have been encouraged to ensure citizens’ access to affordable smartphones and digital financial services to spur intra-continental trade.

This is because affordable digital devices and services are critical enablers for the successful implementation of the Africa Continental Free Trade Area (AfCFTA), financial inclusion, and economic stability.

Sector giants, have, therefore, called for increased access to affordable smartphones, quality, fast, and reliable internet, and mobile money interoperability across the African continent.

They made the call at the ongoing second Africa Prosperity Dialogues in Aburi in Ghana’s Eastern Region.

Dr Ernest Addison, Governor, Bank of Ghana (BoG), stated that a time that many African countries had deployed mobile money platforms, there was the need for a strong push for mobile money interoperability.

‘This could empower the underserved populations with essential financial tools to help unlock opportunities for savings, loans, and secu
re transactions, as well as promote economic stability and growth,’ he said.

The Governor stated that since the establishment of the Pan-African Payment and Settlement System (PAPSS) only a few of African countries had achieved full interoperability.

He noted that intra-African trade for the period 2015 to 2019 averaged 15 per cent for Africa, 58 per cent for Asia and 68 per cent for Europe, with several factors, including lack of payment infrastructure, been identified to be hampering growth of African trade.

‘The way forward is for African countries to leverage on the large technological savvy and youthful population to shape the future of payments to drive financial inclusion, intra-trade activities, and promote economic growth overall,’ he noted.

Dr Addison encouraged that players in the digital and financial value chain on the continent continued with deliberations such as this Dialogue Series to ascertain the best ways of supporting such initiatives that would enable financial inclusion and intra-Af
rica trade flows.

During a panel discussion, Mr Selorm Adadevoh, Chief Commercial Manager, MTN Group called for bold decisions to remove all regulatory barriers for cross border payments and transactions.

He said it was important to invest, both in infrastructure and education of the African populace to be able to be more digital savvy through a right mix of finance and research ‘to dictate our own solutions.’

‘If we invest in infrastructure without investing in the skills then, we’ll never seek to actually derive the benefit from that infrastructure,’ Mr Adadevoh said.

Ms Nompilo Mrafo, Chief Sustainable and Corporate Affairs Officer, MTN Group, said it was important for governments and private sector players to form partnerships needed to drive affordable digital technology in Africa.

Ms Mrafo also called for the empowerment of young people through education so that they are not only consumers but digital entrepreneurs.

Ms Angela Kyerematen-Jimoh, Strategic Partnership Lead, Microsoft Africa, noted th
at the continent could not drive digital advancement if investment was not made into affordable and reliable data.

‘We need data to drive innovations, therefore, it’s important that the government take the lead to ensure that we have reliable data to digitalise Africa,’ Ms Kyerematen-Jimoh said.

Source: Ghana News Agency

President Nana Addo Dankwa Akufo-Addo on Friday commissioned Ghana’s first private oil refinery built by the Sentuo Group, Ghana, a Chinese conglomerate, at the Tema Industrial Area, near Accra.

The two-million-dollar Sentuo Oil Refinery has an initial processing capacity of 40,000 barrels per day, scalable to 100,000 barrels when the facility is fully operational.

The facility is expected to be completed this year and would operate at a production capacity of five million barrels per year.

At a colourful ceremony, President Akufo-Addo said the development was a significant milestone in Ghana’s journey towards energy independence, industrialisation and economic prosperity.

‘This project represents not just the brick and mortar but also a symbol of our determination to shape our destiny, strengthen our economy, reduce our dependence on foreign oil and inspire investment in our economy.’

The President, who was optimistic that Ghana would soon wean itself from the reliance on foreign fuel for the country’s
energy needs, said the operation of the refinery would serve as the pivotal step towards securing the country’s energy future.

‘No longer would we be relying on external sources for fuel, instead, we will harvest our natural resources to fuel our progress.’

President Akufo-Addo said the refinery would not only provide the country with petroleum products but also create jobs and empower local communities, drive investment in related industries and contribute to the overall realisation of Ghana’s broader industrialisation agenda.

‘By processing our crude oil domestically, we are creating opportunities to add value, transform raw material into finished products and increase the competitiveness of our manufacturing sector,’ he said.

The President said the refinery stood as a good example of ‘our Ghana made initiative, where we prioritize local production for the benefit of Ghanaians.’

It was also an indication of the good cooperation between the public and private sectors in the country, and investing in the
sector would pave the way for a robust industrial revolution that will support various sectors, including agriculture, pharmaceuticals, manufacturing, and construction, he noted.

President Akufo-Addo was not happy that 95 per cent of Ghana’s current consumption of petroleum products was imported, resulting in heavy reliance on external sources.

‘This over-reliance not only poses challenges such as high costs, and the constant drain on our foreign currency reserve, but also limits our ability to control prices and ensure stable supply.

‘The establishment of this refinery signifies our commitment to reducing this dependence, achieving self-sufficiency, and driving the growth of our domestic petroleum industry.

President Akufo-Addo however gave the assurance that the Government would pull all stops to ensure that the Tema Oil Refinery, which has not been in operation for some time, becomes operational.

‘We will stop at nothing to bring it back on stream sio that, together with Sentuo more of our oil will be
refined right here in Ghana,’ he said.

Xu Ning Quan, the Executive Chairman of the Sentuo Group, said the development reflected the long-standing ties between China and Ghana and underscored what nations can achieve when the private sector are supported.

He thanked the government of Ghana for creating the conducive and enabling atmosphere for the private sector to thrive, saying the project would complement Ghana’s quest for energy sustainability and efficiency.

The Sentuo Group, which has been present in Ghana since 2008, currently comprises six business sections including Sentuo Steel Limited, Fujian Sentuo Ceramic Tile Company Limited, Habilass Resources Company Limited, Sentuo Resources Recycling Limited, Sentuo Oil Refinery Limited and Sentuo Building Materials Complex and now hires more than 4500 local employees.

Source: Ghana News Agency

Mr Wamkele Mene, Secretary General, African Continental Free Trade Area (AfCFTA) Secretariat, has announced a digital trade protocol by end of January.

‘Soon, we’ll conclude protocol on women and youth in trade, [which is] very critical for inclusion, and we’ll also conclude protocols on digital trade later this month,’ Mr Mene said.

He said this at the ongoing second Africa Prosperity Dialogues in Aburi, Eastern Region, noting that the protocol would provide regulatory support to empower young Africans.

A 2022 report by Endeavor Nigeria valued Africa’s digital economy at an estimated US$115 billion with a potential to reach US$712 billion by by 2050.

‘The protocol on digital trade positions us to harness the benefits of Africa’s digital economy to ensure digital inclusion, particularly, young Africans who are at the cutting edge of digital innovation and would require the regulatory support for them to thrive in Africa’s digital market,’ he said.

To achieve enhanced production, value addition, and trad
e within the continent, the Secretary General said it was important for all stakeholders to actively engage in producing and exporting goods that would generate employment within Africa.

‘This strategy will not only create local jobs but also ensure that Africa becomes competitive in the global economy of the 21st century,’ Mr Mene said.

On some achievements since the implementation of the pact, three years ago, he said there had been the development of the AfCFTA e-tariff book to provide private sector stakeholders clarity on applicable tariffs for their exports.

‘Additionally, the agreement on rules of origin for a significant portion of tariff lines (92.3 per cent), which account for a major share of intra-African trade (95.5 per cent), lays a solid foundation for the AfCFTA,’ he said.

Speaking at the summit, Mr Ebenezer Twum Asante, Senior Vice-President of Markets, MTN Group, called for an enabling environment for technology to be a critical part of intra-continental trade by breaking the physical ba
rriers.

‘Digitisation should be able to enable productivity in Africa… for us to be part of that distinctive global trade to capture top value we need technology to be able to do that,’ Mr Asante said.

The Africa Prosperity Dialogues is a platform for Africa’s leadership to engage, form partnerships and commit to achieving the ‘Africa Beyond Aid’ agenda envisioned by the African Union (AU).

Some 15 Heads of States from six regional economic communities, over 80 sector ministers, more than 100 top industrialists and financiers and some 800 decisionmakers and thought leaders are attending this year’s summit.

It is being held under the auspices of the African Prosperity Network and the African Continental Free Trade Area (AfCFTA) Secretariat.

Source: Ghana News Agency

The Human Rights Division, Accra High Court, has?dismissed an application filed by Dr Papa Kwesi Nduom, GN Saving and Loans Company and others for the violation of fundamental human rights in its entirety.

Dr Ndoum filed an application against the Bank of Ghana (BoG), the Attorney General and the Receiver of the savings and Loans companies, praying the Court to revert the decision by BoG to revoke the license of GN Savings and Loans, saying the action was a violation of his fundamental human rights.

Meanwhile, applicants have served notice of an appeal, saying ‘We will appeal and prevail.’

The Court presided over by Justice Gifty Addo Adjei, delivering judgement on the case, said the Central Bank was therefore right when it revoked the licence of the third respondent because it had become apparent that it was unable to meet its debt obligations due to poor governance structures.

Initially, Lawyers for the BoG raised a legal objection to the application on the basis that the jurisdiction of the High Court
had been wrongly invoked.?

Dr Justice Srem Sai, Counsel for Dr Nduom, said the action taken by the BoG and its agent, which included the receiver of the savings and loans companies, was a clear violation of his human rights.

The lawyers for the Central Bank?and the Attorney General said the jurisdiction of the court had been wrongly invoked because matters of banking revocation were expected to go for arbitration at the Arbitration Centre.

But Justice Srem Sai?vehemently opposed this argument.

The Court said the applicant had not been able to satisfy the court that at the time of the revocation of its licence, it was solvent and able to meet its debt obligations.

Justice Addo Adjei said the claim by the applicants of unreasonableness coupled with malice and violation of existing laws in the process of the revocation was unfounded.

On the violation of the rights of the Administrative justice, the court was of the view that the Central Bank intervened in the applicants’ operations by way of revocation of
license according to the provisions of Article 130 of the 1992 Constitution.

‘No illegality was occasioned by the conduct of the Central Bank in revoking the license in the face of insolvency,’ she added.

She said BoG had not breached the fundamental principles imbibed in its status.

The court said the Central Bank took the most reasonable and fair decision in the face of the liquidity challenge in accordance with its mandate.

On the issue of discrimination, the court concluded that the applicants were not discriminated against since other entities suffered a similar fate as that of the applicants.

The court said the applicant was not discriminated against and their complaints are unfounded and without merit.

It said the applicants could take the matter of debt owed them by the government through the Finance Ministry, even though they maintained that several actions to demand their money from the government had failed and so it was unreasonable for the BoG to have revoked their license, considering thei
r circumstances.

The court awarded a cost of GH?50,000 in favour of all the respondents.

Source: Ghana News Agency

Delta Air Lines (NYSE: DAL) Tuesday reported financial results for the December quarter and full year 2023 and provided its outlook for the March quarter and full year 2024.

The press release issued to the Ghana News Agency by Kingdom Concepts Consult, in Accra, said Delta delivered industry-leading operational performance and financial results in December quarter.

It generated record full year revenue and over $5 billion of pre-tax income, a near doubling over 2022; Guiding to 2024 free cash flow of $3 to $4 billion, an improvement of up to $2 billion over 2023.

Delta Air Lines expects record March quarter revenue on improving domestic environment and continued strength in international demand, with solid profitability, according to the release.

‘2023 was a great year for Delta with industry-leading operational and financial performance, said Ed Bastian, Delta’s chief executive officer.

‘Our people and their commitment to deliver unmatched service excellence for our customers is at the foundation of De
lta’s success. We are thrilled to recognize their outstanding work with $1.4 billion in profit sharing payments next month.’

The CEO added: ‘In 2024, demand for air travel remains strong and our customer base is in a healthy financial position with travel a top priority. We expect to grow full year earnings to $6 to $7 per share and generate free cash flow of $3 to $4 billion, further strengthening our financial foundation.’

Highlights of the December quarter and full year 2023, including both GAAP and adjusted metrics, are on page six and incorporated here.

Source: Ghana News Agency

Four employees of Fidelity Bank, a privately owned bank in Ghana, have received awards at the Ghana Association of Banks (GAB) Awards ceremony for their exemplary contribution to the banking sector.

They are Mr Atta Yeboah Gyan, Deputy Managing Director; Mr Simon Adu-Gyamfi, Director of Operations; Mr Ransford Nana Addo, Head of Financial Crime Management, and Mr Eric Frempong Amponsah, Head of Brand and Marketing Insights.

The four were honoured for outstanding leadership within the Ghana Association of Bankers Chief Finance Officers (CFO) forum; addressing industry challenges; fighting against fraud; and exemplary work in managing media relations and corporate communications for the financial sector respectively.

Mr Gyan earned an accolade for the pivotal role in ensuring that perspectives of banks were heard and considered not only significantly to the industry’s stability during challenging times, but also underscored his unwavering dedication to fostering collaboration and unity within the sector.

M
r Adu-Gyamfi was also recognised for his exceptional contribution in addressing industry challenges, particularly in facilitating communication among member banks, CIT vendors, and the Bank of Ghana.

His proactive measures that included data-driven analysis, introduction of a business model for navigating armoured bullion van deployment delays, and meticulous risk mitigation strategies were instrumental in ensuring smooth operations and minimising disruptions in operations.

Mr Addo was acknowledged for his relentless efforts, including a robust fraud education programme and active collaboration with the ACFE Ghana Chapter, which demonstrably reduced the incidence of Bank Account Takeovers.

His proactive approach extended beyond Fidelity, sparking industry-wide conversations, and leading to crucial reforms like SIM replacement regulations, a direct consequence of his dedication to safeguarding not only Fidelity’s customers, but those across the entire banking sector.

Mr Amponsah was duly recognised for his
exemplary work in managing media relations and corporate communications for the financial sector.

His commitment to effective communication and stakeholder engagement has been instrumental in shaping a more positive public perception of the banking sector, proving that clear and consistent messaging to build trust and understanding even amidst challenges.

A statement from Fidelity Bank said the acknowledgment firmly reinforced Fidelity Bank’s stature as a prominent force in the financial landscape.

It said the Bank, propelled by its recent financial report, remained on an impressive growth trajectory, spearheading innovation, prioritising customer protection, and contributing to the overall stability of the industry.

Source: Ghana News Agency

Businesses in Cape Coast have been challenged to build strong partnerships and adopt collaborative strategies to ensure sustainable development with minimal challenges.

The experts and stakeholders, who made the call at a business forum, also observed that the penchant for competition had created a hostile business climate, which was killing many businesses.

The two-day forum heralded the Fourth Osabarimba Royal Awards as part of activities marking the 25th anniversary of Osabarimba Kwesi Atta II as the Oguaamanhen (Paramount Chief of Cape Coast).

The forum identified the prospects as well as challenges to enable stakeholders to strategise to revamp businesses and woo investors to transform the Central Regional Capital.

Chiefs, business owners, lecturers, heads of state organisations and students, who participated, identified countless opportunities in education, tourism, hospitality, agriculture, agro-processing, and fishing among others, which were worth investing in.

In their view, creating trustwort
hy partnerships would establish a symbiotic support system where businesses could work together at different levels to ensure they flourished collectively and contributed meaningfully to the local economy.

They noted that toning down on the competition and going into partnerships was critical in business growth in the contemporary world.

Nana Obiri Aduama, the Nkosohen of Oguaa Traditional Area and General Manager of the Ridge Royal Hotel explained that building partnerships did not necessarily mean merging businesses but making arrangements in areas of mutual benefits.

‘For instance, market women can put their monies together and send one person to buy the items at the farmgate in bulk, instead of going individually, which will affect their capital and inevitably inflate the prices too,’ he said.

‘If we come together to do business, it will drive down the prices, ease the burden on consumers and boost our businesses for our collective good.’

Nana Aduama encouraged market women to take records of their b
usiness activities to help them get access to credit facilities and effectively trace their profitability.

‘There is a lot of money in Cape Coast and if we change our mindset and work together, the city will develop.’

‘Businesses should plan well, looking at the long term, building capital and growing the market.’

Dr Richard Adu Agyapong, a Lecturer at the School of Business, University of Cape Coast (UCC), entreated entrepreneurs to leverage the power of technology and innovation to improve their services and expand their customer base.

He said it was cheaper to create brand awareness and build strong relationships with a wider customer base on social media such as Facebook and Instagram with millions of active users across the globe.

Dr Charles Hackman Kwamena Essel, also a Lecturer with the UCC School of Business, urged business owners to develop a progressive mindset and adopt the attitude of resilience and perseverance.

That would improve decision-making skills, strengthen customer relationships, e
nhance risk management, and promote sustainability and ethical practices among others, he noted.

He entreated the youth to learn new skills rather than getting fixated on what they knew already even when there were no opportunities for same.

Madam Nicholina Naa Yeye Adumuah, the Central Regional Head, National Insurance Commission (NIC), appealed to business leaders to identify young talents in different areas and mentor them to help the ancient city to grow.

She said the city was abound of talented youth who needed guidance and grooming to reach their potential.

‘There are a lot nurturing we can do and so let’s go back to the basic and secondary schools and the universities and see how we can nurture the young students to help the development of Oguaa,’ she said.

As a regulator of insurance companies in the region, she attested to the numerous opportunities and wooed insurance companies to extend their operations to the area.

Nana Pokoo-Aikins, the Central Regional Chairman of the Ghana National Chambe
r of Commerce, called on business owners to collaborate with academia to polish the skills of their workforce.

Also the Development Chief of Kakumdo Traditional Area, he observed that investors depended largely on the skillset of local artisans for cheaper operations, therefore the new to constantly update their skills to stay in business.

He said it was critical to build the capacity of local businesses to take advantage of the city’s resources.

Osabarimba Kwesi Atta II, Oguaamanhen, reiterated the need to embrace digital marketing and social media for business operations.

He said the forum had been fruitful and urged participants to put the knowledge acquired into practice to transform Cape Coast.

‘We are going to build on all the discussions, and we will produce a document and make sure it works,’ he said.

‘We have an aim, and we are working towards that aim.’

The annual Osabarimba Royal Awards, jointly instituted by the Ridge Royal Hotel and the Oguaa Traditional Council, seeks to reward businesses
and individuals for their exceptional achievements and contributions to the development of Cape Coast.

The awards ceremony, scheduled for Saturday, January 20, at the Emintsimadze Palace, would be preceded by ‘a night with Kwaw Paintsil Ansah’, a legendary Ghanaian filmmaker, on Friday and be crowned with a movie night at the Ridge Royal Hotel on Sunday.

Source: Ghana News Agency

Mr. Yaw Sakyi Afari, Chairman of the Marketing and Sponsorship Committee of the Local Organising Committee (LOC) for the Accra 2023, has called on companies to support and sponsor the upcoming continental sports festival to be staged in Ghana.

Leading twenty sports journalists to inspect facilities on Wednesday at Legon, University of Ghana and Borteyman, he said there were opportunities for businesses to advertise and market their products and services through sports.

They inspected a newly constructed sports hall, tennis courts, aquatic center for swimming, tartan tracks and football field.

He said many people love sports in Ghana and there were spaces for bill boards, banners and other electronic advertising opportunities.

Mr. Sakyi who was a keen Basketball and Boxing enthusiast urged the media to come out with positive news reports about the games.

He said, ‘the 13th African Games is certainly coming on in March 3 to 23 2024, and you can see we are ready and putting finishing touches, we are ready
to host Africa.’

Over 5,000 sportsmen and women, coaches and officials from 55 countries expected to compete in 25 sports disciplines.

Present at the tour was Mr. Dan Kweku Yeboah Chairman of the Media / Publicity Committee and Mr. Maurice Quansah, member of the Committee.

Source: Ghana News Agency