Category: General

The Bank of Ghana (BoG) has disclosed that Ghanaian banks profitability in 2023 indicates the sector’s rebound from the Domestic Debt Exchange Programme, which caused significant losses to the sector.

The BoG said the banking sector was particularly strong in 2023, as the sector recorded GHS8.3 billion in profit from a loss of GHS6.6 billion in December 2022.

This was disclosed in the Monetary Policy Report for January 2024, which highlighted the economic and financial sector assessments that the Monetary Policy Committee of the BoG considered prior to the policy decision during the 116th meeting.

The BoG said the growth outturns of key income lines contributed to the improved profit performance of the banks in 2023.

‘Net interest income grew by 41.5 percent in 2023, compared to a growth of 18.7 percent in 2022. Fees and commissions grew by 22.7 percent in 2023, relative to a growth of 25.2 percent in 2022.’

It said the increased growth in net interest income in December 2023 was on account of higher int
erest income on loans and investments from increased lending rates and interest rates on money market instruments.

‘The moderation in interest expenses, which is attributed to the contraction in borrowings observed during the year, also contributed to the higher growth in net interest income in December 2023 relative to December 2022,’ the report said.

Banks reported lower impairments on financial assets in 2023, also contributing to the improved profit performance during the year.

Total provisions and impairments contracted by 79.2 percent in December 2023, after increasing sharply in December 2022 on account of the huge impairments on restructured bonds.

Operating expenses, on the other hand, recorded a higher growth of 34.9 percent in December 2023, relative to the 27.2 percent growth in December 2022, driven by the higher growth in other operating expenses and staff costs,’ the BoG said.

In a related report, Fitch Solutions, an international rating agency, disclosed that the bank’s profitability in 2
023 minimised the impact of the DDEP.

The rating agency also attributed the profitability to the capital-raising initiatives encouraged by the Bank of Ghana (BoG) through the Ghana Stabilisation Fund (GSF), which it said will continue to support the recovery in capitalization.

The losses due to the DDEP were said to have cost the Ghanaian banks an amount of GHS 37.7 billion, with private and domestic banks losing GHS 19.9 billion while their foreign-owned counterparts lost GHS 17.7 billion.

Source: Ghana News Agency

The Twene Amanfo Senior High and Technical School (TASTECH) in Sunyani was adjudged winners of the 67th Independence Day Anniversary March Past, after students of the school exhibited their marching prowess on Wednesday.

The Jubilee Park in Sunyani, the venue for the anniversary celebration, was thrown into a state of excitement and laughter, as the TASTECH students demonstrated their inherent marching talents and skills to the admiration of the spectators, emerging winners of the SHS category of the parade.

The St. James Seminary and SHS and the Social Welfare Technical School emerged second and third respectively.

In the Junior High School category, the Abesim-based Peprah-Agyemang Capital JHS emerged winners, Sunyani Seventh-Day Adventist JHS and Methodist ‘A’ and ‘B’ second position and the B and B JHS third position.

The Peprah-Agyemang Capital School also won the first position Primary Division category, followed by the Police Experimental Primary School and Ridge Experimental ‘D’ in that order.

In
all, a total of 860 students from the various public and private SHSs and JHSs, cadet corps, and social clubs participated in the anniversary parade held on the theme ‘our democracy, our pride’.

Captain Leaslie Fanyinka of the Third Garrison Infantry Battalion of the Ghana Armed Forces (GAF) led the parade of contingents of security services, including GAF, Ghana Police Service, Ghana Immigration Service, Ghana National Fire Service as well as the Customs Division of the Ghana Revenue Authority and the Ghana Prisons Service.

Addressing the parade prior to the march past, Madam Justina Owusu-Banahene, the Bono Regional Minister, commended the students and for their excelling performance, and highlighted the need for them to remain responsible and disciplined.

She asked the gathering, including civil society actors and organisations, various Heads of Departments and Agencies, traditional authorities and religious bodies to ‘approach the 2024 electoral process with a strong sense of responsibility.’

Mad Owus
u-Banahene also called on Ghanaians to remain committed to upholding the principles of transparency, inclusivity, and fairness in the electoral process, as the nation went the polls in December.

The Regional Minister later presented the Presidential Special Awards to some outstanding students of the 2023 Basic Education Certificate Examination (BECE) in the region.

Source: Ghana News Agency

Some residents of Ketu South have attributed the prevailing peace in the country to prayers offered to God by school children.

The residents said though the workings of the Almighty in sustaining Ghana’s peace could not be left out, it was important to give credit to the young learners for praying over the country five days in every week.

They spoke to Ghana News Agency on the sidelines of the Municipality’s Independence Day parade in commemoration of Ghana’s 67th Anniversary celebration saying, a lot of underlying conditions that could drive people to radicalise and join groups to disturb the country’s peace were on the rise but still, peace prevailed.

Madam Cynthia Agbodo referred to the National Anthem which opens with ‘God bless our homeland Ghana and make our nation great and strong’ to drive home her point.

‘Just listen to the words of our anthem. These young school boys and girls, some of them very innocent, sing this song from Monday to Friday. Why won’t God listen to them? We have peace in Ghana
not because we’re doing everything right, we are tolerant, forgiving, or anything. It’s just by grace and that’s why we should be thankful to God and our children.’

‘I tell you; things are hard. Socio-economic issues, poor governance, just to name it. It’s important for our leaders to sit up and make the necessary corrections because for me, we need this peace currently in the country,’ she said.

Another, who identified her name only as Mawusi said she had come out to witness the parade only because her children were participating in the march past.

‘There’s nothing interesting about the anniversary celebration. It’s been 67 years since Ghana gained her independence from English colonial rule but there is little, we as Ghanaians can be proud of.

We’re in one piece as a country because of the prayers of our children – The National Anthem and the Lord’s Prayer (from the Holy Bible) and we thank God for their lives.

Source: Ghana News Agency

Mrs Bernice Ofori, the Tema Metropolitan Education Director, has urged Ghanaians to uphold Ghana’s democratic values and take pride in the country’s democracy.

Mrs Ofori said such democratic values were very important, hence, the need for citizens to protect, uphold, and cherish them with unwavering dedication to ensure that the sacrifices of Ghana’s forefathers were not in vain.

She said this when she addressed students at the Tema Metropolitan Independence Parade to commemorate Ghana’s 67th Independence Day celebration at the Tema Sports Stadium.

The celebration was on the theme: ‘Our Democracy, Our Pride, emphasising the role of education in Ghana’s democratic journey.’

She said that with quality education, such democratic values could be preserved, explaining that education is the foundation of a thriving democratic society.

‘Education is not only a means of academic achievement, but also for social and political transformation, playing a pivotal role in Ghana’s journey towards a more inclusive and p
rosperous democracy,’ she said.

Mrs Ofori indicated that education empowers citizens to actively participate in shaping the democratic landscape of the nation.

According to her, through education, citizens become informed, responsible, and engaging, adding that such attributes are essential for the sustenance and progression of Ghana’s democracy.

She emphasised that democracy was not just a system of governance but a commitment to empowering citizens through knowledge.

Touching on activities in the educational sector of the metropolis, the education director listed some achievements chalked by schools in 2023, mentioning that some schools performed very well in academic competitions and cultural events.

Such schools, she said, included Our Lady of Mercy (OLAMS) and the Community-eight-number-two basic school achievements in various national and regional competitions, noting that they showcased excellence in education.

Mrs Ofori indicated, however, that the education sector was faced with some challenges
, such as the lack of parental involvement, truancy among students, and the technology gap.

She stressed the importance of addressing these challenges collectively to strengthen the foundation of Ghana’s democracy and ensure that every Ghanaian has the necessary tools and knowledge to actively participate in the democratic process.

Source: Ghana News Agency

Mrs Samira Bawumia, the Second Lady of Ghana, has launched this year’s ‘Wear Ghana Month’ campaign with the aim of promoting and showcasing the rich heritage of Ghanaian fashion.

The campaign organised by the National Commission on Culture (NCC) in partnership with the Ministry of Tourism, Arts and Culture (MoTAC) and the Ghana Tourism Authority (GTA) is also to support local designers and artisans every year in the month of March.

During the month- long celebration various activities and events would be organised to highlight the beauty and diversity in Ghanaian fashion, including fashion shows, pop-up shops, exhibitions, workshops, and panel discussions. Designers and brands from Ghana would also be given a platform to showcase their latest collections and connect with a wider audience.

Speaking at the launch, in Accra Mrs Bawumia said one of the main goals of the ‘Wear Ghana Month’ was to encourage people to support and buy locally-made products.

She said by promoting Ghanaian fashion, it helps in crea
ting awareness about the importance of sustainable and ethical fashion practices, adding that it would boost the local economy and support small businesses in the fashion industry.

‘In addition to promoting Ghanaian fashion, Wear Ghana Month also celebrates the country’s rich cultural heritage. Traditional Ghanaian clothing, such as Kente cloth and Adinkra symbols, are often featured in the designs showcased during the event. This helps to preserve and promote Ghanaian culture and traditions,’ she added.

Mrs Bamumia indicated that the month was a celebration of Ghanaian fashion and culture, bringing together designers, artisans, fashion enthusiasts, and the public, saying it was a time to appreciate the beauty and creativity of Ghanaian fashion.?

‘Whether you are a fashion lover or simply interested in learning more about Ghanaian culture, Wear Ghana Month is a must-attend event that celebrates the best of Ghanaian fashion.’

Mr Stephen Asamoah Boateng, the Minister of Chieftaincy and Religious Affairs, an
d Caretaker Minister, MoTAC, stated that the initiative was not just about promoting the Ghanaian? local industries, but also celebrating the rich cultural heritage and supporting the economy.

‘When we choose to wear Ghanaian-made products, we are not only showcasing our national pride, but we are also contributing to the growth of our local businesses and the creation of job opportunities for our people.’

He added that ‘by supporting our local artisans, designers, and manufacturers, we are helping to preserve our traditional craftsmanship and promoting sustainable practices in the fashion industry.’??

He said wearing Ghanaian-made products described us as people and a reflection of our unique identity.?

Mr Asamoah Boateng noted that ‘it was a way for Ghanaians to tell the world that we are proud of our heritage and that we value the skills and talents of our local artisans and also a way for us to show our support for the growth and development of the country.’

He appealed to Ghanaians to come together
to support the local industries and promote the Ghanaian cultural heritage. ‘Let us show the world the beauty and diversity of Ghanaian fashion’ he added.

Nana Otuo Owoahene Acheampong, Executive Director, NCC, said, ‘the Centres for National Culture, entrusted with the responsibility of organising and hosting the 2024 edition of the ‘Wear Ghana Month’ would be transformed into cultural hubs, bringing together artisans, designers, performers and enthusiasts to engage in a collective celebration of Ghana’s cultural identity.

This, he said, would serve as a beacon, guiding Ghana towards a future where the Ghanaian fashion industry would flourish on the global stage, showcasing the ingenuity and creativity of? designers, artisans and entrepreneurs.

Nana Acheampong urged Ghanaians to embrace the spirit of unity and collaboration, nurturing the talents and empowering the communities.

Source: Ghana News Agency

Mr Ebenezer Amoah, the Chief Director, Western North Regional Coordinating Council has appealed to the Ministry of Foreign Affairs and Regional integration to consider setting up a passport application centre in the region to enable residents easily acquire traveling passport.

According to the Chief Director, residents usually have to travel all the way to Kumasi or Takoradi for biometrics data which according to him, was cumbersome considering the distance.

‘We already have immigration service office in the region that can help with the process.’ he pointed out.

Mr Amoah, made the appeal when officials from the Ministry paid a courtesy call on the Regional Coordinating Council prior to a sensitization workshop for students and other identified groups on the Economic Community of West African States (ECOWAS) protocols in achieving vision 2050.

Mrs Perpetua Dufu, the Coordinating Director, Multilateral and International Organisations, Foreign Affairs Ministry, in a response assured of making a case for the
establishment of passport application center in the region.

Checks by the Ghana News Agency revealed that residents from the nine Districts in the region have to travel to either Kumasi, Takoradi or Sunyani to access passport application center services.

Source: Ghana News Agency

AngloGold Ashanti Iduapriem Mine, has held its 20th non-denominational annual thanksgiving service to express gratitude to God for sustaining the Mine and taking them through another year successfully.

The service was attended by traditional rulers, politicians, clergy, Muslim leaders, heads of decentralised agencies, employees, and their dependents as well as business partners of the Mine.

There were worship and praise sessions in honour of God that featured gospel musicians including Pastor Joe Beecham, Team Impact, Tarkwa and the Tarkwa Crusaders Choral Group.

All the attendees dressed in white apparel sang and danced to the glory of God for his faithfulness. Prayers were said for the company and its employees.

‘Praising the Goodness of the Lord’ (Psalm 135:3, 65:11), was the theme for this year’s thanksgiving Service.

Speaking at the ceremony, Mr Samuel Boakye Pobee, Managing Director of Iduapriem Mine, said in 2023, the company began the year with challenges in mining, followed by the announcement o
f the proposed joint venture with Goldfields Tarkwa Mine, which made their employees a bit startled.

‘It felt like we were going to swim against the tide throughout the year. By the grace of God, last year turned out to be one of the best years in the history of this Mine.’

‘Indeed, God is good, and I think I will be right to say if it has not been for the LORD on our side where will Iduapriem Mine be? I am therefore truly grateful to God, our employees, and all stakeholders for the immeasurable support’ he said.

Mr Pobee announced that the Mine achieved a relatively strong production and financial performance in 2023 and that they were among the best performers across all key metrics within the AGA group.

‘Our success was not only on the production front but also on the social front, where we won 12 company and six individual awards. These accolades are a testament to our relentless pursuit of excellence in everything we do. They speak volumes of the outstanding contributions of not only our employees, b
ut also stakeholders, and together we celebrate their collective success.

‘We share this great achievement with you and extend our heartfelt congratulations to all the employees who were recognized for their hard work, dedication, and commitment to excellence, Indeed, the Lord has been good to us,’ he stated.

Mr Pobee used the opportunity to thank the government, traditional authorities, host communities, ministries, departments and agencies, contractors, employees, and all other stakeholders for their unwavering support and cooperation, which continued to propel the Mine to shine and excel in all aspects.

He said as part of addressing the unemployment situation in the Mine’s host communities and improving the income of beneficiary households, the company was currently running a four-year Girls’ Apprenticeship Programme in dressmaking for females selected across the host communities in Teberebie.

‘The Mine has also constructed a vocational centre with a business unit fully furnished with industrial equipm
ent for commercial garment production in Teberebie as part of this initiative’ the managing director said.

Furthermore, Iduapriem Mine has established a fully equipped soap and detergent production factory in New Tokunaso. The beneficiaries of this project have been trained and assisted by the Mine to obtain the required certification and approvals from the Food and Drugs Authority to produce in commercial quantities, he added.

Mr Pobee encouraged the public to purchase some of their products available on the market, under the brand name; Adwenpaye.

Mr Kwabena Okyere Darko-Mensah, Western Regional Minister, who was the special guest, revealed that ‘The journey of AngloGold Ashanti may have been marked by challenges, but here we are standing strong in unity and in prosperity. This affirms our collective acknowledgement of the goodness that has accompanied our endeavours.’

He requested that in the same way that AngloGold had been able to develop an economic plan for the people of Obuasi, so should AngloGold
Ashanti Iduapriem Mine also develop a prosperity plan for the people of Tarkwa Nsuaem Municipality.

Apostle Dr Daniel Okyere Walker, Area Head, Church of Pentecost, Tarkwa, in a sermon, advised Ghanaians to learn to acknowledge what the assemblies, security agencies, managers, employees, and leaders among others do for them.

‘I have observed that people appreciate only those they support. I am not happy about this, and it is my prayer we change from this attitude. We need to appreciate one another, let us have a spirit of gratitude because that is the only key we can use to open God’s storehouse,’ he stated.

‘At any point in time, we will have leaders to run the affairs of this country. If these people are doing well let us praise them, and if they perform badly let us be bold and speak out. We need to work together and transform our country because God has blessed us with all the resources, and we cannot continue to live in poverty.’

Source: Ghana News Agency

The Ministry of Tourism Arts and Culture, (MoTAC) and the 2004 Ghana Culture Policy Review Committee has presented the final policy draft? to the Parliamentary Select Committee on Youth, Sports and Culture, in Accra.

The presentation was to afford members of the parliamentary select Committee the opportunity to have a fair idea of the draft, have further discussions and deliberations on it before coming out with the final draft.

Nana Kwesi Gyan-Apenteng, Chairman of the Review Committee, said the Ghana Culture Policy had been in existence for the past 20 years and the Committee as part of its mandate was tasked to review the policy to conform with current trends.

He said since the policy was formulated many things had happened, especially in the area of technology, and the development of the Ghanaian culture.

‘New ideas have come up, and especially we want this policy to be based more on the 1992 constitution of Ghana. So what we have been doing is to hold series of consultations with various stakeholders
. And today what we are meet the Parliamentary Select Committee to have their input before coming up with the final draft.’

Mr Gyan-Apenteng noted that with these consultations, they expected stakeholders to state their positions and add to the ideas that they already had in the draft so that together there could make it a better policy.

He said one thing they were optimistic about was for? the policy to go a long way to preserve and promote the use of Ghanaian languages.

‘The truth of the matter is that so many Ghanaian languages are dying because they are not being promoted, and preserved. And when we say preservation of languages it means using them in music, and more widely outside the area where it is spoken.’

Mr Stephen Asamoah Boateng, Minister of Chieftaincy and Religious Affairs, and Caretaker Minister, MoTAC said? the purpose of the meeting was to share ideas to make additions and subtractions to the draft, in order to renew and improve upon it, to fit into the current trends.

He said the need
had arisen to improve areas like technology that was fast changing the world so that it did not interfere or change entirely Ghana’s rich culture.

‘We are also looking at the education aspect, architectural designs of our buildings and also how culture is fluid and moves on and so we do not have to be static to be overtaken by events.’

Mr Asamoah Boateng said the committee was also looking at the?overall diversified people of Ghana and how language and the way of life had all worked together in tandem, and how to work on improving that.

‘For the past 20 years things have changed and technology is fast growing and has taken over, and the human nature of people want to do things differently?to catch up quickly and so there must be some discipline in our way of life.’

Mr Mark Okraku Mantey, Deputy (MoTAC), said culture was?the heartbeat of any country, and the thread that wove together the tapestry of our identity, heritage and aspirations.

‘It also serves as a guiding light, shaping our collective journey
towards a future that is rooted in our past and the ability to open endless opportunities.’

He said the?attention to the pace with which the world was changing through technological advancements, shifts in societal values and the

interconnectedness of global communities made it imperative to ensure that the Cultural Policy, was relevant and could be adapted by all.??

‘What is? being developed must be inclusive, diverse, and sustainable. Since our cultural heritage belongs to all of us, it is the duty of all of us to safeguard it for future generations while allowing it to also evolve in response to changing times.’

The Deputy Minister urged the Committee to engage in rigorous deliberations, foster open dialogues, think creatively and examine other successful cultural policies around the world. ‘With this, I believe their recommendations will shape the foundations of our cultural landscape for years to come.’

He assured the Committee of Government’s unwavering support for them, saying, Government was comm
itted to providing the needed resources and creating the enabling environment that encouraged innovation and excellence in the realm of culture and the arts.

He reminded members of the Committee of the need for the policy to reflect the collective aspirations of the people,? their shared values and act as a source of inspiration for generations to come.

He said, ‘it must be a beacon that will guide us towards a future of unity, creativity, and sustainable progress, and prayed that the efforts made in getting the policy developed be rewarded such that it would uplift, empower, and unite our nation.’

Source: Ghana News Agency