Category: Finance

Accra,- Mr Ken Ofori-Atta, Minister of Finance, says Africans must come together and seize the opportunity to create partnerships that will make the Africa Continental Free Trade Area (AfCFTA) work.

That, he said, was necessary because the COVID-19 pandemic had taught Africa that its economic prospects hinged on expanding regional value chains across the nascent manufacturing economies.

This was in a speech read on his behalf in Accra at a three-day Africa Globalized Investment Forum organised by AfCFTA Policy Network.

It was on the theme: “Hand in Hand with Africa Investment Opportunities Under AfCFTA”.

He said the setbacks suffered across local supply chains due to the pandemic necessitated the reshoring of industrialization and trade effort.

He said by bringing together a continent of over 1.3 billion people, with a combined GDP of US$ 2.5 trillion, Africa’s incomes could potentially rise by US$ 450 billion by 2035 because of the AfCFTA.

Also, a one percentage point increase in Africa’s share of global trade from 2 to 3 percent could generate US$ 70 billion of additional income per annum for the continent.

He said the post-COVID-19 recovery should be anchored on increased economic integration and unlocking the productive capacity to meet local demand across strategic sectors.

“I envision trade liberalization, supported by initiatives such as establishing Commodity Exchanges and Derivate markets, becoming an essential tool for supporting our organizational capital, deepening our financial markets, and crucially delivering innovation on a scale that can unlock Africa’s potential”.

Mr Louis Yaw Afful, Group Executive, AfCFTA Policy Network (APN)Group, said the purpose of the Summit was to take the opportunity through the protocol under AfCFTA, to focus on harnessing and harmonizing investment through the African continent.

“APN being the leader and first network on AfCTA, we would like to run this with partners, governments, private sector with the focus to bring all investors from across Africa and outside Africa to network, partner and look for sectors they can develop”.

He said their vision was to have the “invest city of Hope Project” and were happy to have been offered a 100-acre land in the Eastern Region.

The focus, Mr Afful said, was to have an APN tower which would be a centre of excellence and tourism ecosystem.

“We are going to bring investors who have already shown interest from the JTC Group, one of the largest fund managers with an asset of over $120 billion, to support the tourism sector.”

He commended the AfCFTA Policy Network and its partners for putting together the forum.

Source: Ghana News Agency

Kumasi,- The National Pensions Regulatory Authority (NPRA) has described Micro Pensions Scheme as the best for the informal sector.

Mr. Hayford Attah Krufi, Chief Executive of the Authority, said the African economy, which was basically informal, would succeed through small scale pension, personal pension, and group personal pension schemes.

He cited countries such as Nigeria, Kenya and Uganda which were progressing in the micro pension sector.

“We in Ghana, especially in the informality of the nature of how we work, the best way to approach pensions is through associations, cooperatives, unions and individual”, he explained.

Speaking at the National Pensions Awareness Week in Kumasi, he said old age poverty, especially, among the informal sector was increasing and there was the need to wipe out the narrative, adding that they constituted about 85 per cent of the population.

Mr. Krufi noted that the NPRA was therefore working hard to raise informal pensions from a low level of three per cent penetration to 40 per cent penetration in the next five years.

The Awareness week was targeted at deepening educating and sensitizatising Ghanaians on the tier-three pensions in relation to the informal sector.

It is also aimed at bridging the knowledge gap among some key stakeholders to improve participation in pensions and retirement planning.

It targeted associations of traders, drivers, tailors and dressmakers, hairdressers and beauticians, vulcanizers, woodworkers and the Trades Union Congress (TUC).

Mr. Ignatius Baffour-Awuah, Minister for Employment and Labour Relations, said pension schemes had become necessary in the development of Ghana which was why president Nana Addo Dakwa Akufo-Addo recently inaugurated Cocoa Farmers’ Pension Scheme.

He debunked the notion that pension plans were only for those in the formal sector, and explained one did not have to be a salary worker before enrolling on pension schemes.

The Minister implored employees to demand information about their contributions towards pensions.

Source: Ghana News Agency

Mr Ernest Akwasi Appiah, the Managing Director of Enepa Ventures Limited, a farmer-based organisation, has presented a cheque for one million Ghana cedis to the Kwame Nkrumah University of Science and Technology (KNUST) to support its development projects.

 

 

 

 

 

 

 

 

A statement issued by the KNUST, copied to the Ghana News Agency, said the donation was in support of the School of Public Health and the Department of Horticulture of the Faculty of Agriculture.

 

Mr Appiah, also the MD of the Agricultural Manufacturing Group Company, said the donation was made in response to a request from Dr Eli Gaveh, a Senior Lecturer at the Department of Horticulture, to support the University’s ongoing activities.

 

Each academic year, he said he intended to grant scholarships to 20 deserving students of the School of Public Health and Faculty of Agriculture.

 

Mr Appiah said the gesture was in line with his passion and belief that financial challenge should not be a limiting factor in maintaining children in schools adding that he would continue to help students in similar situations.

 

On behalf of the University, Professor Ellis Owusu-Dabo, the Pro-Vice Chancellor, received the cheque and expressed gratitude to Mr Appiah for his generosity.

 

 

 

 

He assured Mr Appiah that the money would be put to good use and due recognition would be accorded him for his support to the University and urged other well-meaning Ghanaians and cooperate bodies to emulate the example.

 

In terms of scholarships, Professor Owusu-Dabo explained that there were stringent criteria in place for identifying outstanding but underprivileged students, assuring the delegation that scholarships would be given to worthy beneficiaries.

 

Prof Christian Agyare, the Provost of the College of Health Sciences and Prof Enoch Osekre, the Dean of the Faculty of Agriculture, and the Provost of the College of Agriculture, commended Mr Appiah for the gesture.

 

Prof Sam Newton, the Dean of the School of Public Health, said the fund would help expand infrastructure for the school, increase enrolment and help address current public health challenges such as the Covid-19 pandemic.

 

Professor Rita Akosua Dickson, the Vice Chancellor of the KNUST, was delighted for the support and gave the firm commitment of the University to support the AMG and any other benevolent entities with excellent publicity, brand building, research and product development.

 

AMG is the country’s largest indigenous manufacturer and distributor of high-efficiency and high-performance crop fertilizers, formed in 2012.

 

They provide crop nutrition product/strategy to small and large-scale farmers to ensure high yield by implementing less expensive but highly effective crop nutrition combinations.

 

The visionary entrepreneur expanded his operations to help strengthen Ghana’s economy and empower farmers across the 16 regions.

 

Source: Ghana News Agency

The Ghana Environmental Advocacy Group (GEAG), in collaboration with the Nzema Advocacy for Peace Building and the Petroleum Hub Committee, has raised concerns over the Petroleum Hub Development Project in the Jomoro Municipality.

 

 

 

 

 

 

 

 

The concerns follow an extensive review of available documentation by the group, regarding the proposed petroleum hub project at the Bonyere enclave.

 

The concerns were contained in a letter signed on behalf of the group by the Convenor, Madam Elizabeth Allua Vaah and addressed to the Board Chairman of the Petroleum Hub Development Corporation (PHDC) and Omanhene of Western Nzema Traditional Council (WNTC) Awulae Annor Adjei and copied to other stakeholders.

 

Among the concerns raised by the group are that the 20,000 acres of land earmarked for the project was overly large compared to other land sizes around the globe.

 

The letter said the loss of lands and rivers would deprive indigenes of farming and fishing activities and raised concerns of lands and water bodies suffering from spillage and petrochemical effluences and gases.

 

The group also identified the lack of a framework for relocation and resettlement of affected towns and households.

 

A major concern to the group is the lack of details on financial settlements and compensations to landowners as well as loss of generational benefits use and value of the land.

 

The group said the lifetime and generational health impacts to indigenes must be considered and earmarked financial benefits and royalties to Nzemamanle from generated revenue established at $15 billion to Ghana.

 

The group, however, bemoaned the little involvement and consultation with Nzemas, who would be directly impacted as no signs of training skills development for local people into the petrochemical industry.

 

The group, however, recommended that the land size for the petroleum hub enclave be scaled down to 5,000 acres and develop a framework for the release of hub lands only if required by establishing major milestones and substantial completion of hub facilities.

 

It stressed the need for the formation of a broad-based Nzema stakeholders Assembly to comprise representatives from affected towns, villages and of Nzema descent with various backgrounds to liaise with Awulae and Jomoro in seeking the long-term plan.

 

It also called for the establishment of environmental controls and measures against petrochemical spillages, effluents and harmful gases and a framework for relocation and resettlement of displaced villages, towns and households as well as the establishment of fair and equitable financial settlements and compensation schemes for displaced landowners, farmers and fishermen.

 

The group also called for the establishment of a generational benefit scheme for government-acquired farmlands, fishing and water bodies to be released to original landowners if project development is halted or suspended.

 

The PHDC must establish an informed development plan that seamlessly integrates the petroleum hub enclave with towns and villages without any comparative degradation of utility capacity.

 

Above all, “there is the need to set up and start a skills and technical manpower development programme for Nzema indigenes at least six years before completion of the second phase of the project.”

 

Source: Ghana News Agency

The Dangme Rural Bank Limited recorded a net profit of Gh¢113,904 in 2020 as against Gh¢347,179 in 2019, representing a dip of over 100 percent.

 

 

 

 

 

 

 

 

However, the bank’s total assets grew from Gh¢37,415,628 in 2019 to Gh¢47,237,294 in 2020, representing an increase of 27 percent.

 

Short Term Investment also improved from Gh¢12,573,919 in 2019 to Gh¢22,186,823 in 2020.

 

Nene Affum Kaafra III, the Chairman of the Board of Directors, said this at the 36th Annual General Meeting of the Bank at Kpone, near Tema on Saturday.

 

He said the climate that emerged from the financial clean-up and the downturn of the economy after the Covid-19 pandemic posed challenges during the period.

 

Nene Kaafra said in the light of gradual but steady recovery from the industry clean-up by the Bank of Ghana the bank’s operational result dipped for the year under review.

 

“In our environment just as it happened elsewhere, the sluggish nature of general economic recovery adversely affected our business during the year,” he said, adding that; “We have endeavoured to maintain our focus in spite of the challenges.”

 

Nene Kaafra said in order to improve the fortunes of the bank, members were being entreated to increase their shares by acquiring more shares and introduce their friends and families to do same.

 

He said in line with the bank’s digital drive, discussions were underway with the ARP Apex Bank Limited to issue ATM cards to customers.

 

“We are also focused on strategies to improve customers experience on e-Banking solutions as well as optimize its full potentials,” the Board Chairman said.

 

He said the Bank continued to support various institutions in the catchment area, notable among them was the Kpone Community Senior High School in the National Mathematics and Science Quiz.

 

Nene Kaafra expressed the hope that the bank would continue to make a sustained and steady progress from year to year to enhance the value of the customers and shareholders’ investment.

 

He did not declare any dividend for payment to the shareholders.

 

Source: Ghana News Agency

Takoradi, Oct. 20, GNA – Mr Stanley Ogoe, Western Regional Director of the National Pensions Regulatory Authority (NPRA), says the Authority was taking steps to educate workers in the informal sector workers on the benefits of a retirement plan and becoming members of pension schemes.

According to him, workers in the informal sector have shown the least interest in the three-tier pension scheme and encouraged them to sign on to other schemes regulated by the Authority.

Mr Ogoe made this known when he paid a courtesy call on the Omanhen of Essikado Traditional Area, Nana Kobina Nketsia V and said plans were afoot for the Authority to roll out some programmes geared towards public awareness in the coming weeks.

He explained that the NPRA, which was established by the National Pensions Act 2008, (Act 766) to regulate and monitor the operations of the three-tier pension scheme, ensured effective administration of all pensions in the country.

He said the Authority also approved, regulated and monitored trustees, pension fund managers, custodians and other institutions that handled pensions and established standards, rules and guidelines for the management of pension funds under the Pensions Act.

He added that the NPRA received and investigated complaints of impropriety in respect of the management of pension schemes, and sensitized the public on matters relating to the various pension schemes.

Mr Ogoe said all was set for the NPRA to hold a public forum in Sekondi to sensitize and address the concerns of the public regarding pension plans and use drama to demonstrate ways to prepare for retirement and its corresponding benefits to market women in the Metropolis.

He added that they would undertake radio sensitization and partner all trustees under the Authority to adequately educate the public during the Pensions Week celebration.

For his part, Nana Kobina Nketsia commended the leadership of the NPRA for the plans to educate the public especially the informal sector, stressing that, one could not do away with retirement and that there was the need to properly prepare for it.

He urged them to be extra vigilant, be transparent and accountable in regulating the trustees, fund managers as well as the stakeholders under their supervision to ensure that contributors monies were secured especially, at a time when there have been so much malfeasances in the financial sector.

Nana Nketsia said the Ghanaian economy was bedevilled with inflation instability, which often made it difficult for the average Ghanaian to invest and impressed upon the NPRA to be proactive in managing the funds of contributors.

Source: Ghana News Agency

Accra, Oct.21, GNA – Mr Alan John Kwadwo Kyerematen, Minister of Trade and Industry has inaugurated a seven-member Board of GRATIS Foundation to act as the pivot around, which Ghana’s industrialisation agenda will revolve.

He said unlike the GRATIS of old, the new Board must scale up interventions for public and private enterprises to thrive.

The Board Members, who have been re-appointed to serve a second term, are: Dr Richard Amoako Baah, Chairperson; Mr Ntim Kofi Adjei, Chief Executive GRATIS Foundation and Member; Mr Emmanuel Effah Preko, Member, Mr Collins Owusu Amankwaah, Member.

The rest are: Madam Diana Frimpong Manso, Member; Madam Abena Nyarko Antwi, Member and Mr Emmanuel Agyei Anhwere, Member.

Mr Kyerematen congratulated them and said their re-appointment signified President Nana Addo Dankwa Akufo-Addo’s confidence in them to take the Foundation to higher heights.

GRATIS Foundation was established in the late 1980s by Ghana Government with support from the European Union to train young men and women to acquire skills and become self-employed particularly in the area of artisanship.

It was also set up to develop appropriate technologies to support the agricultural sector.

The Minister said Government, since 2017, had embarked on an aggressive industrialisation programme to make Ghana the new manufacturing hub for Africa.

He said the for a new vision of an industrialised Ghana to be achieved, the Foundation needed to be restructured, re-branded, and resourced to fit into the current times.

Dr Richard Amoako Baah, the Chairperson, on behalf of the Board expressed appreciation to the President and sector Minister for granting them another term of office.

He called on the Ministry to assist them with the needed resources to make their work successful.

Source: Ghana News Agency

Takoradi, Oct. 21, GNA – Dr Steve Manteaw, Co-Chair of Ghana Extractive Industry Transparency Initiative (GHEITI), has underscored the need for the Ghana National Petroleum Commission (GNPC) to increase its equity participation in the oil and gas industry.

This, he said, was vital to ensure that the country derived maximum benefits from the extraction of its natural resources.

He said no country in the world had enjoyed tremendous benefit from the extraction of its natural resources without direct and heavy participation.

Speaking in an interview with the Ghana News Agency (GNA), Dr Manteaw noted that in a situation where a country did not actively participate in the extraction of its natural resources, foreign investors repatriated a chunk of the profits made and raw materials to their home country.

For example, he said only five per cent of Ghana’s gold extraction was retained in the country but indicated that the country could have retained a chunk of the profits if it had high stakes in the extraction.

Subsequently, Dr Manteaw called on the Government to consider investing in the extraction of the country’s natural resources for high equity.

Contrary to the assertions that the country and the Western Region, in particular, had not benefited from the oil extraction, he said Ghanaians have benefited a lot from the oil revenue.

He mentioned some of the projects funded with oil money to include the construction of Kotoka International Airport Terminal three under the Ghana Infrastructure Investment Fund which he said was yielding dividends for the country.

He also mentioned that oil money was being used to fund the implementation of the Free Senior High Program which had benefited many Ghanaian children, and debunked the notion that Ghanaians have not benefited from the oil extraction.

Dr Manteaw expressed concern about the corporate governance structure of the GNPC and said the appointment of the CEO had been political and often characterized by political considerations and interests which override commercial considerations.

This, he stressed, did not augur well for the country’s developmental prowess and advocated the security of tenure for the CEO of GNPC and “argued that in that case, the appointment could go through competitive processes as practised in the corporate world so that there would be no or limited political interference in its management process.”

Source: Ghana News Agency