Category: Finance

Accra, More than 40billion dollars worth of trade deals are expected to be sealed at the Intra-African Trade Fair(IATF) 2021 scheduled for Durban, KwaZulu-Natal South Africa in November this year.

The IATF 2021 will provide a unique and valuable platform for businesses to access an integrated African Market of over 1.2billion people with a Gross Domestic Product of over 2.5trillion dollars created under the African Continental Free Trade Area (AfCFTA).

Mr Denys Denya, Executive Vice President, Finance, Administration and Banking Services at Afreximbank, said the trade fair would make AfCFTA a possibility.

Mr Denya was speaking at the first Country Roadshow held in Accra as a prelude to IATF 2021.

The Roadshow is to raise the awareness of the private sector about the substantial benefits of attending the second edition of IATF 2021, which will take place in Durban, KwaZulu-Natal, South Africa from 15 to 21 November 2021.

IATF 2021 will be on the theme:” Building Bridges for a Successful AfCFTA.”

He said Afreximbank had initiated a number of products like the Pan-African Payments and Settlement Systems, AfCFTA adjustment facility, African collaborative scheme and the trade fair.

He said over the years, the Bank had disbursed 1.7billion dollars to support Ghanaian companies.

The Executive Vice-President said Ghana had vital industries to promote Intra-regional trade and the participation and contributions of the private sector was key in the implementation of AfCFTA.

Mr Denya said the trade fair would play a significant role in making Intra-African trade a reality by providing a sustainable platform for buyers and sellers, investors and governments to connect and exchange trade investment information.

He called on the business community to participate in the event and take advantage of showcasing their product and investment opportunities.

Mr Hebert Krapa, the Deputy Minister of Trade and Industry, said government remained committed to the implementation of the AfCFTA agreement.

He said government would continue to collaborate with the private sector to promote Intra-regional trade.

He said the African free trade area agreement when fully implemented would close the trading gap on the continent.

The Deputy Minister said the fair would give government the opportunity to improve in the participation of Intra-African Trade.

He assured the organizers of Ghana’s full participation in the fair.

IATF2021 will provide a platform to promote trade under the AfCFTA and will bring together continental and global buyers and sellers, and will enable stakeholders to share trade, investment and market information as well as trade finance and trade facilitation solutions designed to support intra-African trade and the economic integration of the continent.

 

Source: Ghana News Agency

Kpone, The management of B5 Plus Group the largest steel manufacturer in West African has appealed to utility providers to ensure regular supply of water and electricity to companies within the industrial enclave.

Mr Mukesh V. Thakwani, Chief Executive Officer of B5 Plus Group, which is also the third largest steel manufacturer in Africa, located at Kpone, explained that industries depended on consistent supply of utilities for successful production.

He said the greatest challenge facing private companies in their operations was the lack of water and electricity; stressing “it is frustrating when lights go off for hours without any prior communications. Production operations have to come to an abrupt end, which sometimes even affects the machines”.

Mr Thakwani made the appeal when a delegation from the Centre for Greater Impact Africa paid a working visit to the company at Kpone and toured its steel manufacturing factory located at Lakpleku in the Ningo-Prampram District.

The delegation was led by the Reverend Dr. Worlanyo Mensah, Executive Director; Mr Samuel Akoetey, Director for Business Development for the Centre, Justice Isaac Douse, Appeals Court Judge (retired), Dr. Chris Kpodar, formerly of the United Nations, and Mr Prince Saviour Gankui, all Technical Advisors for the Centre.

He further noted that access roads was another problem which affected both the processes of production and distribution and therefore urged government to help the companies, the industrial catchment areas by rehabilitating the deplorable roads, as well as constructing new ones to link the industry base to the market.

Touching on other production related issues, he indicated that there was the need to put in place some tax exemptions on the importation of some important raw materials not available locally to bring down the cost of production and its resultant high cost of goods on the market.

Mr Thakwani observed that whereas local companies were producing certain items in Ghana, importation of the same products into the country does not create a competitive environment for the expansion of companies as they had to compete with imported goods.

He therefore suggested that either additional levies would be put on the importation of such goods or a total ban on them would help the local industries to thrive and create more jobs for the unemployed Ghanaians youth.

He noted that B5 Plus provides the sub-region with the needed nails, iron rods, wire mesh, binding wires among others and therefore there was the need for government to support it to expand and produce more.

He disclosed that the company had provided over 15,000 jobs directly and indirectly to Ghanaians.

Rev Mensah said for the high unemployment rate in Ghana to be reduced, there was the need to empower the private companies to take advantage of the AfCTA to give opportunity to the youth by expanding and creating more jobs.

He agreed that there was the need for governments to provide the needed basic amenities to companies as well as formulate good administrative policies to help companies thrive in their various sector in Ghana.

He said there was the need for instance for government to formalize the informal sector through digitalization to ensure that more people fulfil their tax obligations to the state instead of over burdening the ones who were already complying.

 

Source: Ghana News Agency

Akim Asene (E/R), To empower women’s group in the Asene Manso Akroso District, the Department of Agriculture, has organised an off-farm training programme for women in Akim Asene. The participants for the one-day training, were from Peace Palm Oil Processing Women Group, Moral Entrepreneurial Group among others, who were trained on liquid soap making.

Briefing the Ghana News Agency, Mr Samuel Adu, Officer for Women In Agriculture Development (WIAD), in the district, said off-farm activity was any activity undertaken by a farmer outside farming as an additional source of income.

He said the skill acquired was regarded as a source of livelihood for farm households, and as a means to diversify household income sources.

Mr Zakaria Birikorang, the facilitator for the training, took participants through stages in liquid soap making, ingredients used, and proper packaging for sales.

He advised them not to start their trades with huge amount of money, but as low as 40 Ghana cedis.

Mrs. Victoria Beyuo, the Agriculture Extension Officer for Asene Operational Area, said the group, which was into Palm oil Processing, aside the off-farm training activities held for them, also held monthly meetings where she took them through improved technology in oil processing, and book keeping.

Madam Elizabeth Kwakye, a member of Moral Entrepreneurial Group, a food processing group at Akim Asene, thanked the Agriculture Department, for the off-farm training and said it was also an income diversification strategy.

WIAD under the Ministry of Food and Agriculture, is a highly competent public institution transforming livelihoods and promoting the wellbeing of especially women, in the Agricultural sector.

 

Source: Ghana News Agency

Accra, Ghana Cocoa Board expects production to reach 1.06 million tonnes for the 2020/21 season, the Chief Executive Mr Joseph Boahen Aidoo, said on Thursday.

He said with six weeks to the end of the season, the Board had recorded 1.033 million tonnes, beating the previous record of 1.024 million metric tonnes in the 2010/ 2011 crop season.

Mr Boahen Aidoo was speaking at an event to introduce new weighing scales to be used by Licensed Buying Companies for purchases when the new cocoa season begins on October 1, 2021.

Mr Boahen Aidoo attributed the achievement to the efforts of the hardworking farmers and the several interventions introduced by COCOBOD to increase the yield.

“This achievement has never happened in the history of our cocoa industry. Not withstanding the negative impact of COVID-19 our hardworking farmers have broken the existing record,” he said, adding that all stakeholders in the cocoa production line must be applauded.

Mr Boahen Aidoo said the provision of improved seeds and fertilizer as well as mass pruning exercise undertaken by the Board contributed to the increase in yield.

“We at COCOBOD also did a lot of work with the various stakeholders such as the License Buying Companies, Extension Officers, the Quality Control Unit, researchers and the farmers to achieve this target.”

Mr. Boahen Aidoo expressed optimism that production in the 2021/2022 crop season will exceed the current target due to the US$400 Living Income Differential (LID) which directly goes to farmers.

“We are very sure that as the COVID-19 pandemic is controlled, the consumption of chocolate will go up and this will lead to an increase in demand for cocoa. When this happens, the Ghanaian cocoa farmer will be better off.”

He assured that COCOBOD will continue to put the Ghanaian farmer first to benefit from the sale of the commodity.

As part of measures to ensure that farmers are not cheated, Mr. Boahen Aidoo announced that effective October 1, 2021, which marks the beginning of the new crop season, electronic weighing machines will be used by License Buying Companies across the country.

He said COCOBOD had already secured 40,000 pieces of the new weighing scale machines to be purchased by the License Buying Companies.

“This issue of weighing, and cheating cocoa farmers has created a lot of problems, mistrust and disagreement in the cocoa industry. So, we have these weighing scales that can rely on both solar and electricity so that it can work in remote places,” he said.

Based on research with the Ghana Standard Authority, Mr. Boahen Aiddo stated that the new electronic weighing scales cannot be tampered with to protect the farmers.

He stressed that the new system will enhance fairness and protect the integrity of the processes.

He warned all License Buying Companies to abide by the new directive to avert sanctions by the regulator.

“This new electronic scale is sealed. The issues of tampering with scales will stop because with this new scale, once you tamper with it, it gets spoilt,” he said.

 

Source: Ghana News Agency

Accra, The International Finance Corporation (IFC) has signed a partnership agreement with South African radiology specialist Bergman, Ross and Partners Incorporated (BRP) to increase access to world-class medical diagnostic services in Ghana.

Under the partnership, IFC would invest roughly $3 million in Quest Medical Imaging (QMI) to build new medical diagnostic facilities in Accra to complement an existing facility in the city that provides ultrasound, fluoroscopy, digital X-ray, 3D mammography, Computed Tomography (CT), and Magnetic Resonance Imaging (MRI).

Signing the partnership agreement in Accra, Ronke Ogunsulire, IFC’s Country Manager for Ghana, said, “As we deal with the present emergency, IFC is also thinking beyond the pandemic.

He said IFC’s investment in the expansion of QMI increased Ghana’s domestic capacity for diagnostic services and strengthened the resilience of its health system to deal with future stress.

He said BRP’s digital systems enabled its radiologists to import images from distant locations for analysis, something expected to allow QMI to expand outside Accra and into other parts of Ghana.

BRP was also training Ghanaian technicians to undertake world-class medical diagnostics.

Ms Ronke explained that IFC’s investment in QMI fell under IFC’s Global Health Platform, which mobilised private investment to close the massive healthcare supply gaps created by the COVID-19 pandemic.

“This investment will be IFC’s third in healthcare in Ghana since the start of the COVID-19 pandemic,” she said. “The combined value of those investments is more than $10 million.”

Over the last decade, IFC had provided more than $4 billion in financing and advisory services to Ghanaian companies in sectors, such as agribusiness, education, energy, healthcare, financial services, manufacturing, retail, tourism, and transport,” she stated.

The new facilities are expected to be operational by the end of 2022 and will help QMI serve in excess of 5,000 patients monthly, up from the 3,000 it serves currently.

It will also increase the number of scanners and other diagnostic equipment in the country.

Jack Bergman, Founder and Managing Partner of BRP, said the company had seen a surge in demand for its services to 50 per cent in the country since the outbreak of the pandemic.
“We have responded by expanding our operations to seven days a week. With IFC’s support, the new facilities will help us meet the needs of our patients for world-class medical diagnostic imaging and analysis,” he said.

IFC is a member of the World Bank Group and is the largest global development institution focused on the private sector in emerging markets.

It operates in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing countries.

“In the fiscal 2020 year, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.

BRP was established in 1995 as a small radiology practice in Cape Town by Jack Bergman, Bergman, Ross and Partners Incorporated (BRP).

Currently, its part of a group of 20 radiology diagnostic centres across South Africa, where the company is headquartered, and Ghana, serving more than 15,000 patients a month.

BRP’s operations in Ghana are carried out under a separate entity, Quest Medical Imaging Limited (QMI Ghana). Both BRP and QMI Ghana provide a full range of diagnostic services, including ultrasound, magnetic resonance imaging, CT digital X-rays, fluoroscopy, and mammography.

Across its South Africa and Ghana centres, BRP has treated over 2,600 COVID-19 patients since the pandemic began.

 

Source: Ghana News Agency

Accra, The Ministry of Finance says allegations that the government has spent GH¢ 636 million on the Agenda 111 even before the sod cutting of the project are not true In a statement issued by the Public Relations Unit, the Ministry said the GH¢ 600 million released to the Health Infrastructure Account at Bank of Ghana (BoG) in 2020 to support the implementation of the District and Regional Hospital Projects was the equivalent of the US$ 100 million announced by the Government.

Accra, The Ministry of Finance says allegations that the government has spent GH¢ 636 million on the Agenda 111 even before the sod cutting of the project are not true

In a statement issued by the Public Relations Unit, the Ministry said the GH¢ 600 million released to the Health Infrastructure Account at Bank of Ghana (BoG) in 2020 to support the implementation of the District and Regional Hospital Projects was the equivalent of the US$ 100 million announced by the Government.

The amount, which is yet to be utilised, would be disbursed to contractors in accordance with the project work plan, it said.

“The said amount had been released into the project account at the BoG but not utilised yet. Project commencement has just begun. So far, only GH¢36million has been released as part of pre-construction mobilisation,” the statement explained.

The statement said the Ministry would draw down various amounts from the account to be managed by the Ghana Infrastructure Investment Fund (GIIF), following the commencement of actual project execution as evident in the sod cutting ceremony of 17th August 2021.

The Government, the statement said, would ensure the use of local teams, comprising of Ghanaian consultants, project managers and construction firms to execute the project and also ensure due process during disbursement and procurement.

“We wish to assure the general public that Government is still committed to tackling Ghana’s health infrastructure deficit and restoring the country on the path of achieving economic and social transformation,” it added.

 

Source: Ghana News Agency

Takoradi, Mr. Kwabena Okyere Darko-Mensah, Western Regional Minister has appreciated the Sekondi Takoradi Chamber of Commerce and Industry, (STCCI) for creating an online business enabler to grow local enterprises in this COVID-19 driven era.

” I have always held the belief that the people of Sekondi Takoradi have great minds and solutions to drive our Enterprise growth pole. This is another made in Tadi and comparable to Alibaba in business”, he said.

The Regional Minister said this when he officially launched the www.chambersmarket.com, a business directory and marketplace portal developed by the Chamber to help indigenous, small, and medium-size enterprises organise and trade with the world.

He said the quest to make the Sekondi Takoradi Financial Services Hub for the Region greatly hinged on such innovations from the private sector which also connected with government’s desire to create jobs.

“…And this is why STCCI and the Hamberg Chamber of Commerce initiative in this so called “new normal” space is very laudable to still keep businesses active…this platform even afford a more brighter prospect for working from home, resilience in business”, the Minister added.

Mr. Henry Nii Aryi Cobblah, who presented on the technicalities of the www.chambersmarket.com, described it as a platform with a global outlook giving businesses the connection, recognition, and reputation so deserved.

It would also grow entrepreneurs, create business opportunities and linkages, and definitely, an important tool in the pandemic and what businesses have to learn.

Mr. Benjamin Nii Kpani Addy, the Deputy Chief Executive Officer of STCCI said the marketplace portal would enable small businesses and trade associations to advertise and promote their wares to the world.

 

Source: Ghana News Agency

Takoradi (W/R), The Jomoro CPP Parliamentary candidate in the December 2020 elections, Mr Patrick Ekye-Kwesie has reminded the government and operators that the discovery of oil and Gas in the Tano Basin has not benefited the people of Jomoro. He noted that though the discovery of oil itself does not automatically translate into development, the strategies and economic framework, and policy decisions of the government must create the enabling environment for investment through renowned systems of development guided by empirical research.

This was contained in a press release issued by Mr.Ekye-Kwesi at Beyin and copied to the Ghana News Agency in Takoradi.

The release said since the announcement of Ghana’s oil find, there has been much literature on oil discovery and its impact on the economy.

“However, it is difficult to assume the views of young and old people in Jomoro who are beneficiaries or victims of the decisions being made today”, it said.

It lamented that, “there is growing despondency among the youth in Jomoro as a result of the national neglect being experienced by people around the oil rig”.

“We are tired of failed capacity building promises to the chiefs and good people in Jomoro”, It said.

It indicated that the youth were demanding full sensitization on the local content laws and the Petroleum Management Act for the people of Jomoro since it had been shelved for long.

“The youth is demanding without provocation, the corporate social responsibility of all operators in the Tano Basin including contractors and vendors”.

In addition, “we are demanding without hesitation, the status of the much talked about Fertilizer Plant in Jomoro and its associate infrastructure which is not viable”.

It said, “the youth also want to be abreast of the proposed Petroleum Hub in Jomoro and its current status especially to have more education on the compulsory acquisition of our farmlands”.

The youth is asking for routine safety briefing of the flaring of gas by the various players especially Ghana National Gas Company.

It reminded the government that it would be economically wise to construct a crew change port in Jomoro to reduce cost in embarking from Takoradi.

The release appealed to the Member of Council of State who is a daughter of Jomoro, Madam Eunice Buah” to put Jomoro at heart and speak to the President about their neglect despite feeding Ghana”.

 

Source: Ghana News Agency