Category: Finance

Accra, Ghana-focused miner Golden Star Resources says China’s Chifeng Jilong Gold Mining has agreed to purchase all of the company’s shares for a total of $470 million in cash.

The Transaction will be consummated through Chifeng’s majority-controlled subsidiary, Chijin International (Hong Kong) Limited.

In a statement, Golden Star CEO Andrew Wray said the deal would help to deliver growth at Wassa.

According to the statement, shareholders of GSR under the transaction would receive total consideration, payable in cash of $3.91 per Golden Star Share.

“The consideration represents a 24.1 percent premium over the closing price of the Golden Star Shares on the New York Stock Exchange (NYSE) as of October 29, 2021, a 37.2 percent premium based on the volume-weighted average price of the Golden Star Shares on the NYSE over the 20 trading days ending October 29, 2021, and a 51.5 percent premium based on the volume-weighted average price of the Golden Star Shares on the NYSE over the 60 trading days ending October 29, 2021,” the statement said.

The sale of GSR to Chifeng Jilong Gold, the statement said, had been unanimously approved by the Board of Directors of Golden Star, adding that it was important that Golden Star Shareholders unanimously vote in favour of the acquisition of the company.

“This offer, and the healthy premium being paid relative to recent trading levels, reflect the progress made in defining the future growth profile at Wassa as well as the repositioning of Golden Star with a streamlined corporate and financial structure.

We believe that the transaction will benefit all of our stakeholders, with shareholders receiving an attractive premium in return for the future growth potential, and with Wassa forming part of Chifeng’s larger portfolio of gold mines there will be a larger capital base to help deliver that growth,” the statement said.

“Chifeng has a proven track record as a responsible operator and is well positioned to build on the platform and reputation we have worked hard to establish. We look forward to working with Chifeng over the coming weeks to close this transaction and transition to the new team,” Andrew Wray, CEO of GSR said.

“We intend to invest significant financial and human capital into Wassa to realize the mines’ full potential and in doing so expand our operating footprint into West Africa.

Chifeng has an established track record as a safe and sustainable operator and is focused on creating value that will provide long-term benefits to all of our stakeholders including the people of Ghana,” Lyu Xiaozhao, President of Chifeng Jilong Gold said.

Subject to the condition’s precedent being met, the transaction is expected to close in January 2022.

 

Source: Ghana News Agency

 

Accra,- African Development Bank Group President, Dr Akinwumi A. Adesina, says the Bank will mainstream the African Continental Free Trade Area into its country and regional integration strategies.

 

Receiving African Continental Free Trade Area (AfCTA) Secretary-General Wamkele Mene, in Abidjan on 29 October, Dr Adesina said, “the implementation of the free trade area will become a key component of the Bank’s lending programme. We want to have a critical mass of AfCFTA-aligned investments.”

 

Dr Adesina said the Bank would support the AfCTA Secretariat in implementing its various trade and industrial workstreams.

 

“We have a responsibility to ensure that that the African Continental Free Trade Area is an industrial hub. The zone should become an area for manufacturing, not merely for trading,” Dr Adesina stressed.

 

He said the Bank would work closely with the AfCTA Secretariat to ensure that Africa produces at scale.

 

“We require a large industrial manufacturing zone that generates income and competes on a local and global scale,” the African Development Bank chief said.

 

Dr Adesina assured the AfCTA chief of the Bank’s long-term support for the continental initiative.

 

He said it would provide institutional support, particularly in the areas of industrialization, finance, infrastructure, and logistics.

 

Mr Mene said the Secretariat would help member states remove trade barriers to boost intra-African trade. “But we cannot do so without the support of the African Development Bank,” he said, explaining … “we would just be a trading hub with no real output.”

 

The AfCFTA chief said that the Africa Continental Free Trade Area provided Africa with a great opportunity to develop the necessary infrastructure to support trade and benefit small and medium enterprises.

 

He sought the Bank’s continuous support. “We want the initiative to run as an African initiative supported by our heads of state and our development finance institutions,” Mr Mene said.

 

The Bank and the Secretariat are to put together an Africa industrialization forum for more directed Bank support. “We want to ensure that industries emerge in a more structured manner in Africa,” the African Development Bank president said.

 

Both leaders agreed to draft a memorandum of understanding to strengthen their relationship and facilitate effective collaboration.

 

The African Development Fund, the Bank group’s concessional lending arm, provided support for the establishment of the AfCFTA Secretariat in Accra, Ghana through a $5 million institutional grant to the African Union.

 

Several senior management officials of the Bank participated in Friday’s meeting, including Senior Vice President Bajabulile “Swazi” Tshabalala, Vice-President for Regional Development, Integration and Business Delivery Khaled Sherif, Vice President for Private Sector, Infrastructure and Industrialization Solomon Adegbie-Quaynor, Special Adviser to the President on Industrialization Professor Banji Oyelaran-Oyeyinka, and Director of the Industrial and Trade Development Department, Abdu Mukhtar.

 

Source: Ghana News Agency

Accra,- Mr. Kofi Lucas, National President of NARNGO and Project Implementation Strategist has explained that Ghana will use wisdom and strategy to feed 10 Million Ghanaians on daily basis.

 

“The funding to feed 10 million Ghanaians is not coming from World Bank or IMF, it does not mean that any support from them will be rejected, it will be welcomed and appreciated. Ghana is sitting on MONEY, but you need to use wisdom and strategy to get the money for the project. “

 

This was in reaction to a story the Ghana News Agency published, where the Network of Association of Registered NGOs (NARNGO) appealed to the government to call for proposals from the private sector and other external partners to feed 10 million Ghanaians on daily basis.

 

The publication also suggested to partners to take advantage of government’s interventions, such as one-District-One Factory, Farming for food and Jobs among others to enhance the feeding programme.

 

After the publication, there were reactions as to how it could be done, which the President responded; “We will not disclose to the public how this project will be funded, for other NGOs to hear and take note. It is strategic. Yes, this project is not captured in the 2021 budget, but there is a way out. It is also strategic. The identification and selection of the beneficiaries is also strategic. “

 

Mr Lucas encouraged government to invite Proposals from Development NGOs to act as a lead facilitator and to develop a comprehensive concept to tackle the problems identified in order to feed at least on daily basis 10 million Needy Youth and Senior Citizens at the community levels nationwide for the next 4-years.

 

“Should government invite Proposals from Development NGOs, NARNGO shall apply. We already have a proper roadmap developed by both NARNGO and Critical Strategic Thinkers Network our strategic partners who are Deep thinkers, Strategies, Experts, Professionals and Problem-Solvers among others.”

 

He said the Lead facilitating NGO must take advantage of Government’s flagship programmes such as Planting for Food and Jobs (PFJ), Rearing for Food and Jobs (RFJ), One-District-One Factory (1D1F), Planting for Export and Rural Development (PERD) to champion this laudable cause.

 

He said they should be able to create and establish Cooperative Business and Artisanal Ventures to employ at least One million Jobless Youth and Adults Nationwide.

 

“The role that Government, stakeholders, Strategic Alliances and all on board will play must be properly defined for effective collaboration and realization of the aims and objectives of the project within four-years.

 

Mr Lucas said in order to complement Government’s efforts, Government needed combined forces with NGOs with good plans, good ideas, wonderful concepts, good intentions, passion, compassion, can do spirit, perseverance, vision, innovations, initiatives and commitment to solve numerous problems and challenges facing Ghana by disseminating to the Grassroots, Government’s Coordinated Programme of Economic and Social Development Policies 2017- 2024. An Agenda for Jobs: Creating Prosperity and Equal Opportunities for All.

 

“It is in view of this that the leadership of the NARNGO is appealing to the President of the Republic of Ghana, through the office of the Chief of Staff, to consider this concept as the President’s Project to be Code-named: “THE PRESIDENT’S PROJECT- OPERATION FEED GHANA”, which is similar to the Presidential Pitch and then invite proposals from Developmental NGOs.

 

“This is to complement government’s efforts to tackle unemployment, abject poverty and hunger facing especially the down trodden at the community levels just to mention a few. “

 

Source: Ghana News Agency

 

Accra,- Management of the Social Security and National Insurance Trust (SSNIT) has allayed fears that a Saturday gas explosion that occurred at its Premier Tower in Accra will disrupt business activities of the Trust.

 

In a press statement on Sunday, October 31, 2021, the management said though the explosion affected some of the glazed windows at the Pension House and Tower Block, “it will not interrupt the conduct of business.”

 

“Management of the Social Security and National Insurance Trust (SSNIT) wishes to inform the public that the explosion which occurred at the premises of Premier Towers in Accra in the morning of Saturday, 30th October 2021 will not affect the conduct of business at the Head Office,” it emphasised.

 

The statement said security agencies were investigating the cause of the unfortunate incident and called for calm.

 

It added that management had put in place all the necessary precautions to ensure the safety and security of staff and clients.

 

“Members and clients may visit our offices to access any service on Monday, 1st November 2021.”

 

On Saturday, October 30, a gas explosion at the Premier Tower of SSNIT killed one person and left two others injured.

 

The blast, according to the management of SSNIT, was caused by two gas cylinders, which were being used to cut an old metal garbage container into pieces by two scrap dealers.

 

Source: Ghana News Agency

 

GNA – The Ministry of Lands and Natural Resources on Friday inaugurated a special committee to halt gold smuggling in Ghana.

The Committee is chaired by Mr George Mireku Duker, a Deputy Minister of the Ministry in charge of Mines, tasked to ensure the integrity of the gold export value chain and increase the government’s revenue on gold trade.

An assessment of trade data on gold export between Ghana and its major partner nations, including India, United Arab Emirates and Switzerland in 2019, revealed that more than nine billion dollars worth of gold exports remained unaccounted for.

Members of the Committee include representatives from the Minerals Commission, Precious Minerals Marketing Company (PMMC), National Intelligence Bureau (NIB), Ghana Police Service, Ghana Immigration Service, Ghana Boundaries Commission, Ghana Revenue Authority and the Sector Ministry.

Out of the Committee, a task force would be formed to spearhead the fight against illegal smuggling of gold trade in the country.

At the inauguration of the Committee and its first consultative meeting in Accra, Mr Mireku Duker said since the introduction of the three per cent withholding tax on gold trade in 2019, the purchase and export of gold had dwindled drastically due to the smuggling of the commodity.

He said if drastic measures are not taken to stop the menace, Ghana may lose its position as the leading gold producer in Africa.

“We have tasked you to check gold smuggling and the security agencies must monitor the inflow and outflow of gold and it is a charge you cannot fail this nation.

” We must protect and sustain the integrity of the country’s gold exports value chain,” Mr Mireku Duker emphasised.

He was optimistic that with security operatives and industry experts being members of the Committee, it would succeed in curbing the menace.

He pledged the Ministry’s commitment in terms of providing logistical support to the Committee to accomplish its mandate.

Mr Kiston Akomeng Kissi, the Chairman of the PMMC Board and Nana Akwasi Awuah, the Managing Director of PMMC, pledged their full cooperation to ensure that gold smugglers were apprehended and dealt with accordingly.

Mr Akomeng Kissi said the PMMC would re-double its efforts to stop gold smuggling and promised the Company’s co-operation in that regard.

Nana Akwasi Awuah also said the Company would work collaboratively with the security agencies to succeed.

 

Source: Ghana News Agency

GNA – The National Pensions Regulatory Authority (NPRA) has climaxed its national pensions awareness week celebration with the opening of its Tema Zonal Office, the fifth office nationwide.

Mr Hayford Attah Krufi, Chief Executive Officer of the NPRA, said the opening of the office was to bring its services closer to the people.

The new office adds up to the zonal offices in Kumasi, Tamale, Takoradi and Sunyani with a sixth one expected to be opened in 2022 at Koforidua.

Mr Krufi said the offices would enable the Authority, which was established with the National Pensions Act 766 of 2008, to discharge its mandate of overseeing the administration of pensions in Ghana and regulating and monitoring activities of pension managers and trustees, among others.

He said NPRA deemed it appropriate to situate a zonal office in Tema to serve the many companies, employees and informal workers within the industrial city and its environs.

He said the Authority was working to get informal workers to join pension schemes to secure their future when they no longer have the strength to engage in tedious work.

The CEO further said the office would strengthen education and sensitization in the zone to ensure that people understood that pension contributions were not only for the formal sector but for anyone earning some form of income from the age of 15 to 60 years.

He added that staff would also be visiting the various workplaces within the area to ensure they comply with the pension payment of their staff.

Mr Krufi also encouraged pension contributors and prospective ones to use the facility to check on their contributions and find out how they could register for the various schemes.

Mr Bright Wereko Brobbey, Deputy Minister of Employment and Labour Relations, commended the NPRA for taking their services close to the people by opening more offices and discharging their duties professionally.

Mr Brobbey said there was the need to get informal workers to think about their pensions, saying out of the more than 11 million workers in Ghana, nine million were in the informal sector.

He said employment was not only formal, adding that it was worrying that people only thought of formal work as employment making those earning incomes rather than from formal referring to themselves as unemployed.

Mr Brobbey, therefore, called on such persons to safeguard their future by visiting the NRPA offices to find out how best they could contribute to pension schemes.

The Deputy Minister also urged staff, who would be posted to the Tema Zonal Office, not to only create awareness on pensions but should have the patience for clients, especially desperate pensioners who would visit the office with issues.

Mr Isaac Ashai Odamtten, Tema East Member of Parliament, on his part also commended the management of the NPRA for creating the needed awareness on pensions and called on staff to also be interested in the happenings in companies in the area.

 

Source: Ghana News Agency

GNA – Three students of the University for Development Students (UDS) have won this year’s Vice-Chancellor’s Business Innovation Award, qualifying them to receive GH¢ 15,000.

00 each to implement their business ideas.

The students/graduates, whose business ideas fall in areas of agriculture production and nutrition, will be supported by the Business Innovation and Incubation Centre (BIIC) of UDS to develop their ideas into viable business ventures.
The Awardees are Mr Alhassan Abdul-Rashid Wumpini, a final year Development Education Studies student, Ms Tiku Chantal Atut, a graduate student at the Department of Agricultural Engineering and Ms Charlotte Tiesaah, a biotechnology student, who graduated this year.

They pitched their business ideas, where a panel of judges subjected them to an assessment and selected the winners.

Five other students, who also pitched their business ideas but could not win the Vice-Chancellor’s Business Innovation Award, would also be supported through incubation to develop their ideas into viable business ventures.

The Vice-Chancellor’s Business Innovation Award formed part of the activities of the BIIC of the UDS to develop an entrepreneurial mindset among the youth, especially students of the UDS and to strengthen University private sector relationships.

This year’s event, which was the second in the series of the annual event, was sponsored by the Management of UDS, UDS Alumni, Agricultural Development Bank, Yara Ghana and Amaati Company Limited.

Professor Gabriel Ayum Teye, Vice-Chancellor of UDS, said the initiative was not only targeted at solving the challenge of graduate unemployment but also to create a pool of capable alumni of the University to support the University with funds and other resources to run its affairs.

Professor Teye appealed to the corporate world and all well-meaning individuals to support the University’s BIIC to implement its objectives to support students of the University to develop their entrepreneurial skills to become business owners, job creators and employers.

Mr Hashim Attakurah Suleman, Managing Director of Bridgewave, a facilities management company, spoke about the challenges and opportunities that entrepreneurs encountered, encouraged the Awardees and students to have the tenacity of purpose and a strong mindset to succeed in business.

Mr Suleman, who is also an alumnus of UDS, told them to be confident and courageous to sail through the challenges, emphasising that they should not be afraid of losing but “Put in place measures to mitigate your risks and be able to rise even after adversities.”

Mr Wumpini, whose business idea was organic and standard production of vegetables to promote the health of consumers, was excited at the Award, saying “In the next two-three years, we hope to be supplying vegetables to hotels and other organisations across the country.”

 

 

Source: Ghana News Agency

GNA – The public has been encouraged to take advantage of the zero charges on GhQR transactions and patronize the service.

Currently, payments made via GhQR is free implying that anyone, who pays through the platform will not pay charges but just the cost of the item.

A statement issued in Accra said patronizing such a service could trigger other electronic platforms to consider reducing their charges or remove them completely.

GhQR is an electronic payment channel that enables customers to scan displayed QR codes with their smartphones and pay or dial displayed USSD codes with their phones to make payments.

It said Ghana’s QR code for payment was universal, which meant that any customer whose bank or payment service provider offered the service could use it wherever it was displayed.

The statement said it was considered a game-changer in the cash-lite agenda, as it was easier to set up, less expensive to manage and payments made on the GhQR platform hit the account of the merchant or receiver instantly.

It said the QR code was fast becoming a preferred form of payment, particularly in Asia and spreading to other parts of the world.

Ghana launched the service last year and some shopping outlets have been set up to offer the service.

Mr Archie Hesse, the Chief Executive of Ghana Interbank Payment and Settlement Systems, urged the public to go for GhQR, wherever the service was available.

He explained that it was very convenient as it took no time for payments to be effected.

“With GhQR no time is wasted making payment and issues of change doesn’t arise at all, besides it is secured and leaves an audit trail for business owners to know their transaction history,” he said.

Mr Hesse also explained that GhQR offered the public the opportunity to make payments electronically without paying charges.

He said patronising this would send signals that the volume of transactions on other electronic payment channels would go up when charges were reduced or taken out completely.

“Some concerns have been expressed about charges on electronic payment channels, with calls on service providers to reduce the cost of their services,” Mr Hesse said.

He said if free services such as GhQR did not witness a corresponding increase in patronage, service providers might not readily see that waving costs on other channels would lead to a more than proportionate increase in the volume of transactions.

Mr Hesse encouraged shop owners to find persuasive ways to inspire their customers to pay via the GhQR platform because of the benefits that accrue to both the merchant and the customer.

 

Source: Ghana News Agency