Firms woefully unprepared for cyber threats, PwC report
By Eugene Davis
Shell posts stronger -than-expected profit as gas offsets lower refining margins
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CalBank posts 26.1% profit
Newmont champions breast cancer awareness among employees and host communities
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Firms woefully unprepared for cyber threats, PwC report finds
By Eugene Davis
According to PwC’s Ghana 2025 Global Digital Trust Insights Survey, only 2% of organizations worldwide have implemented cyber resilience measures across all key areas, underscoring an urgent need for improvement.
This survey, involving over 4,000 business and technology leaders from 77 countries, reveals signi cant resilience gaps that businesses must close to defend against today’s complex cyber threats.
The report serves as a wake-up call, highlighting immediate action areas for organizations striving to achieve cyber resilience, enhance risk management, and improve leadership alignment.
Speaking at PwC’s Ghana “Leadership Strategies for Cyber Resilience and Growth” breakfast series, Clement Yayra Tettey emphasized the need to integrate cyber resilience into business strategies.
He noted that fewer than half of Chief Information Security O cers (CISOs) are signi cantly involved in strategic decision-making, despite the rapid expansion of cyber threats driven by advances in AI, cloud technology, and the proliferation of connected devices.
Mr. Tettey remarked, “Many organizations lag in cybersecurity, and bridging the gap between business and technical leaders is essential.” He advised companies to increase security awareness training, establish baseline security protocols, and, particularly for nancial institutions, comply with regulatory standards like those set by the Bank of Ghana.
Stephen Cudjoe-Seshie, Cyber Security Authority Lead at National CERT-GH, highlighted the pressing cyber challenges facing Ghana, including online fraud, job scams, and cyberbullying. At an enterprise level, he noted the threats of malware, ransomware, and unauthorized access to executive pro les. Cudjoe-Seshie urged companies to be vigilant in data management and recommended antivirus
software and cautious online behavior.
Marco Loots, Director of Cybersecurity at PwC South Africa, stated that cybersecurity must be prioritized alongside operational metrics and ROI. He emphasized the importance of staying updated on cybersecurity trends, understanding competitors' actions, and investing in the right talent, technology, and tools. Loots warned about the dual risks of ransomware and hack-and-leak attacks, where attackers compromise information and demand payment both to decrypt and remove sensitive data from the internet. The cost of breaches can reach up to $500,000.
Abel Lomotey Daitey, Chief Information O cer at GCB Bank PLC, noted that nancial institutions have made progress in cyber
resilience but emphasized the need for CISOs to e ectively advocate for cybersecurity investments to remain relevant.
Jacqueline Hanson-Kotei, Head of Security for MTN Ghana, stressed that cybersecurity should be ingrained in an organization’s culture. “Everyone should understand and ‘own’ cybersecurity,” she said, adding that leadership must support this foundation.
The survey reveals that organizations are least prepared to address their most concerning threats: cloud-related risks, hack-and-leak operations, third-party breaches, and attacks on connected devices. This disconnect highlights an urgent need for stronger investments in cybersecurity infrastructure and response capabilities to address these vulnerabilities.
Shell posts stronger-than-expected profit as gas offsets lower refining margins
Shell’s earnings comfortably beat market expectations last quarter, as higher volumes at its gas business helped o set a slump in pro t margins at its re neries and lower oil prices.
The oil and gas giant said adjusted earnings were 6.03 billion US dollars (£4.64 billion), down 3.1% from 6.22 billion dollars (£4.79 billion) during the same period last year.
The gure beat a company-provided analyst consensus of 5.36 billion dollars (£4.13 billion), and Shell con rmed plans for further returns to shareholders.
Total production at Shell’s integrated gas business was 941 thousands barrels of oil per day (boe/d), down on the last quarter but up 4.5% on the same period last year.
Meanwhile, liquefaction volumes – turning natural gas into liquid –was 7.5 million tonnes, up 9% on the same period last year.
Integrated gas has been a growing focus for chief executive Wael Sawan, who has carried out a cost-cutting programme at the company and reduced its focus on renewables since joining in 2023.
The results came after Labour con rmed plans to raise a wind-
fall tax on North Sea oil and gas rms to 38% from 35% and extend the levy by a year, in its autumn Budget on Wednesday.
Commenting on the tax increase, Shell chief nancial o cer Sinead Gorman said: “Elected o cials just have to balance budgets in the best way they see t.
“We have to look for policies that provide certainty… We invest over the long term.
“We have seen a number of changes in the scal policy… in the last few years, but we continue to engage constructively with the Government on alternative scal regimes to support the future of the North Sea and that energy transition in the UK.”
Ms Gorman added that Shell still faced a “less favourable” macroeconomic environment more broadly.
Chancellor Rachel Reeves raised taxes on oil and gas rms at the autumn Budget (Jordan Pettitt/PA)
Brent crude prices remain signicantly down over the last six months, and weaker demand for oil worldwide has hit margins at Shell’s oil re neries.
Re ning is “a bit more di cult at the moment. We’re de nitely seeing a period of rebalancing in
all the energy markets”, she said.
The issue has also hit Shell’s competitors. Earlier this week, BP revealed that its third-quarter pro ts plunged by nearly a third after margins tumbled.
Shell said earnings were also pushed down by charges relating to redundancies and restructuring.
The company cut jobs at two business units responsible for exploration strategy and for developing its oil and gas nds, which saw 20% of sta axed at the divisions, according to reports earlier this year.
Nonetheless, the company announced it would give more
returns to shareholders by buying back a further 3.5 billion dollars (£2.69 billion) of its shares.
It marks the twelfth consecutive quarter that Shell has rewarded shareholders with more than three billion dollars (£2.31 billion) in buybacks.
The results came as protesters from climate group Fossil Free London gathered – dressed in Halloween costumes – outside Shell’s London o ce near Waterloo.
Shell has weakened several carbon reduction targets earlier this year, following other oil and gas giants in placing higher emphasis on nancial returns amid pressure from investors.
CalBank PLC has reported a profit-after-tax of GH¢223.9 million, re ecting a 26.1% increase compared to the same period last year.
Per data from the Bank’s unaudited nancial results for the period ending September 30, 2024, CalBank Group however recorded a 24.7% drop in net interest income.
This was driven by a strategic slowdown in loan growth due to high interest rates.
The reduction in net interest income was o set by substantial recoveries of impaired loans, totaling GH¢712.5 million. These recoveries, mainly from the hospitality, construction, and services sectors, were achieved through assertive legal actions and the liquidation of collateral assets.
Operating expenses for the com-
pany rose 9.3% year-over-year, largely due to in ationary pressures on goods and services.
However, sta costs were kept under control, rising only 9.7%, re ecting management’s disciplined cost-containment e orts
amid challenging economic conditions and currency depreciation.
CalBank’s deposit growth has been remarkable, with total deposits up by 26.5% —rising from GH¢7.5 billion at the end of 2023 to GH¢10.1 billion by Q3 2024.
This growth is largely attributed to a shift in deposits from corporate accounts to individual and SME clients, who now represent over 80% of total deposits.
In a press statement, CalBank CEO, Carl Asem attributed the bank’s performance to a positive trend in core earnings drivers, highlighting a striking 97.4% increase in fees and commissions income.
He noted that CalBank’s digital strategy played a crucial role, with enhanced digital channels and an expanded agent banking network signi cantly contribut-
ing to deposit growth.
“Our long-term retail strategy is focused on expanding our presence nationwide and in the short term, our focus is to enhance and solidify our digital footprint. To this end, in Q3-2024, we registered 996 new agents, bringing our total agent network to 1,886, spread across all 16 regions of Ghana,”he said.
He further noted that, “We will continue to expand this delivery channel through 2024/2025 and beyond in line with our retail strategy. Across all channels, our business activity levels have shown resilience, setting a positive tone for the last quarter of 2024. In the long-term, our key imperative is to become the leading bank for digital payments and innovation in the country.”
Chairman Mr. Joseph Mensah also commented: “The turnaround of CalBank’s performance towards a positive trajectory has come about due to the ongoing restructuring e orts by management and the board. The fundamentals of the bank have been strengthened and the outlook for the future is very bright. We are well-positioned to continue on our pathway to success.”
Newmont champions breast cancer awareness among employees and host communities
Breast cancer remains a signicant public health challenge in Ghana. According to the World Health Organisation (WHO), over 4,000 new cases are diagnosed annually, and more than 2,000 lives are lost to the disease each year in the country. Unfortunately, more than 70% of these cases are detected at an advanced stage, making early screening and awareness critical in the ght against breast cancer.
It is for this reason that the e orts of corporate entities are considered crucial in increasing awareness among the population to reduce cancer and related health risks globally.
In Ghana, Newmont continues to reinforce its commitment to employee health and well-being through its Women’s Health Awareness Programme, a critical part of the Africa operation’s year-long Employee Well-being Programme. This comprehensive initiative focuses on di erent well-being areas throughout the year, with September and October dedicated to women’s health. This year’s Women’s Health Awareness theme, ‘Embracing a Better, Stronger You’, is aimed at empowering women to prioritise their health, with a particular focus on sexually transmitted infections (STIs), dysmenorrhea, and breast cancer.
As part of Pinktober (Breast Cancer Awareness Month), Newmont o ered free breast cancer screenings for employees and their female dependents. These screenings are complemented by health talks aimed at educating participants on early detection and the importance of proactive health checks. By empowering women to take charge of their health, the company seeks to foster a culture of well-being that extends beyond physical health to psychological resilience.
In addition to supporting its workforce, Newmont prioritizes community outreach. Through radio talks, Newmont’s Ahafo South and Akyem mines as well as Ahafo North project are educating host communities on breast health and the importance of regular check-ups. In previous years, Newmont facilitated free screenings for women within its host communities, and in 2023 alone, 1,340 people were screened, with 16 individuals
referred for further medical care.
Newmont employees in Accra have also consistently supported breast cancer initiatives, participating in the annual 5K Run/Walk for a Cure. This event brings together people from all walks of life to raise awareness and funds to help eliminate breast cancer in Africa.
Newmont’s Employee Well-being Programme re ects the company’s commitment to the holistic
well-being of its workforce, as well as the company’s safety and inclusion values. By dedicating speci c months of the year to women’s health, the company ensures that employees are equipped with the necessary knowledge and resources to safeguard their health.
Have you been screened for breast cancer? Visit a health facility near you today and get screened, because early detection and treatment can be the
Government at the just ended treasury bill auc�on announced a set target of GH¢4,035.00 million across the 91, 182 and 364-day bills. However, total bids amoun�ng to GH¢4,195.32 million was received and accepted represen�ng a 3.97% oversubscrip�on of GH¢160.32 million
Following the total bid oversubscrip�on, the week-on-week yields also soared further, at least more significantly than the previous week’s increase , witnessing an upward reac�on of 32.62bps, 12.63bps a nd 15.57bps increases across the 91-, 182- and 364-day bills respec�vely.
T-bills: Government to borrow GH¢3,980.00 Million this week across the 91, 182 and 364 day bills to cater for maturi�es totaling circa GH¢3,540.00 Million
Shares: MTN Ghana Sha res c on�nue to dominate GSE equity market trades despite a no price change to close the week at GHS2.15 per share. GLD shares on the other ha nd is the bigge st gainer with a price increa se of G H¢27.81 to close at GH¢423.81 per share
Mutual Fund: NTHC Horizon Fund reports a Year-To-Date (YTD) performance of 32.18% and a Net Asset Value (NAV) growth of 40.44% for the week ending O ctober 18, 2024
Economy
Cedi now selling at G H¢16.55 to a dollar at major forex bureaus
Ghana’s fiscal deficit to GDP to end 2024 at 4.2% - World Bank.
Gexim to host 3 day “Farmer’s Mart” from 5th – 7th Nov.2024
The Ghana Export – Import Bank (GEXIM) has announced a three day Small and Medium – sized Enterprises (SME) Fair dubbed “Farmer’s Mart” as part of activities to mark this year’s edition of the annual National Farmers’ Day celebrations.
“Farmer’s Mart” is scheduled to take place at the forecourt of the Africa Trade House, next to the British Council in Accra, from Tuesday 5th to Thursday 7th November 2024 from 8AM to 8PM daily. It is in line with the spirit of the celebrations, which seeks to recognise and reward hard-working farmers and shermen nationwide.
The three day fair forms part of activities to contribute to the successful execution of this year’s celebrations. In addition, the fair will witness an exhibition of a wide range of innovative, a ordable, authentic and quality
Made-In-Ghana products and services of world-class standard.
The Deputy Chief Executive O cer responsible for Banking, Ms. Rosemary Beryl Archer took the opportunity to congratulate all Ghanaian farmers’ and shermen for their enormous contribution to economic growth over the years and highlighted their important role in human survival.
“As a country, it is important to consolidate the gains made in the agricultural sector over the years. We have also witnessed the introduction of ground-breaking initiatives by the Government to increase growth in agriculture as well as reforms to improve regulatory framework to attract more private investment into the sector.
As part of our mandate to assist the Government of Ghana to reposition the Ghanaian economy into an export-led one, the Bank has made signi cant investment in agriculture and the value chain. Through several interventions, the Bank is supporting SMEs in the sector to embrace value addition, be more innovative with products of globally accepted standards”.
Ms. Archer highlighted the importance of the Banks popular SME fair, Tuesday Market, which birthed the GEXIM MiG Town, the rst state-sponsored Made-In-Ghana shop located at the ground oor of the Africa Trade House.
“After every edition of Tuesday Market, we kept getting calls from the general public on where to buy products they purchased at the fair as most of the SMEs and other vendors didn’t have outlets where they stock their products. It became necessary to set up the GEXIM MiG Town, a one stop shop for everything Made-In-Ghana.
The shop stocks assorted and well packaged Mae-In-Ghana products including food and ingredients, beverages, skin and beauty products, textiles, apparel and
garments, leather footwear and slippers and many more. It is open to the general public on weekdays from 8AM to 5PM”.
Ms. Archer urged members of the general public to visit “Farmer’s Mart” to take advantage of the mega discounts to be o ered by vendors and buy their favourite Made-In-Ghana products at unbeatable prices. “Farmer’s Mart” takes place at the forecourt of the Africa Trade House from Tuesday 5th to Thursday 7th November 2024 from 8AM to 8PM daily
FirstBank Ghana supports Discovery Teen Foundation in celebrating International Day of The Girls Child
As part of FirstBank Ghana's celebration of the International Day of the Girl Child on October 11, the Discovery Teen Magazine and Discovery Teen Foundation organised an engagement session for young adolescents from di erent schools. The event was under the theme Empowering Adolescents to make informed choices. The session was aimed at educating and empowering teens transitioning from childhood to adulthood. Some of the topics discussed included critical issues a ecting today’s youth like challenges faced by adolescent girls, sex, dating and
drug abuse, violence among young people and so on.
The interaction, held at the Osu Ebenezer Presby Church Hall in Accra, brought together approximately 150 students from St. Thomas Aquinas, Osu Salem Basic One JHS, Discovery Teen members at the Apostolic Church, and Discovery Teen members at the Victory Bible Church. These young attendees had the opportunity to hear from a group of resource persons, including medical, legal, digital marketing, and development professionals, on pertinent topics related to health,
online safety, personal development, and nancial literacy.
Speaking on FirstBank’s support for the event, Mr. Victor Yaw Asante, Managing Director and Chief Executive O cer of FirstBank Ghana, emphasised the Bank’s dedication to supporting initiatives that create positive change in communities, particularly among the youth. “At FirstBank Ghana, we believe that empowering adolescents with knowledge and skills is essential in building a strong future for our communities. Through our partnership with Discovery Teen
Foundation, we are investing in the well-being of young girls and boys alike, ensuring they are equipped to overcome challenges and make informed decisions as they journey into adulthood.”
Discovery Teen Magazine and Discovery Teen Foundation, known for their unwavering commitment to adolescent development, structured the session to cover critical issues and open discussions that resonate with today’s youth. Mercy C. Agyabeng, Development Consultant at Discovery Teen Magazine, shared her insights on the impor-
tance of such platforms, saying, “Adolescence is a transformative period that comes with its own unique challenges. At Discovery Teen Foundation, we aim to equip young people, especially girls, with the knowledge they need to make responsible choices. Today’s interaction is about addressing real-life concerns like online safety, personal hygiene, and nancial planning in a way that resonates with their everyday experiences.”
The panel featured Dr. Gertrude Neequaye, who provided insight on managing physical and emo tional changes during adoles cence. Dr. Neequaye encouraged the girls to practice personal hygiene as they adapt to the physi cal changes of puberty, emphasis ing how crucial this is for their well-being.
Lawyer and Reproductive Rights Expert, Marian Darlington spoke on the dangers of online abuse, an increasingly prevalent issue as adolescents engage more on digital platforms. She highlighted how misuse of the internet can lead to vulnerability, urging the young audience to exercise caution and set boundaries online.
Noalina Kuukua Slippi-Mensah, a development consultant intro duced the importance of setting SMART goals, encouraging girls to prioritise education and remain
focused. She emphasised that speaking up and building condence are fundamental for girls to navigate challenges and succeed academically and personally.
Michael Ofosu, Digital Marketing Lead at Media General, presented a balanced perspective on internet use, underscoring the internet as a platform for both learning and potential risks. He shared personal anecdotes to inspire the teens to leverage online resources positively, urging them to remem-
ber that “the internet does not forget.”
Additionally, FirstBank Ghana’s Osu Branch Manager, Theresa Frimpong shared insights on nancial literacy, covering the importance of saving and discussing the Bank's youth-oriented savings packages designed to foster responsible money management habits from an early age. FirstBank Ghana’s sponsorship of the event underscores its dedication to community growth and youth empowerment, especially
during the International Day of the Girl Child, a day celebrated globally to promote gender equality and address the unique challenges that girls face.
FirstBank Ghana is a subsidiary of First Bank of Nigeria Limited. The FirstBank brand is celebrating its 130th anniversary this year. First Bank of Nigeria is the parent of FirstBank UK, FirstBank DRC, FirstBank Guinea, FirstBank Sierra Leone, FirstBank Gambia, FirstBank Senegal, and FirstBank Ghana.
A cross section of the participants and the speaker at the Discovery Teen and Discovery Magazine Int. Day of the Girl Child event
CBG bridges digital gap with computer donation to schools in Agona
In an e ort to bridge the digital gap and equip students with essential IT skills, Consolidated Bank Ghana Ltd. (CBG) has donated 30 desktop computers to three (3) junior high schools in Agona: Agona SDA JHS, Bedomase D/A Basic School, and Bipoa JHS.
This initiative forms part of the Bank's ongoing commitment to community development through its Corporate Social Responsibility (CSR) e orts. Speaking at the handing-over ceremony, the Managing Director of CBG, Daniel Addo, reiterated the Bank’s dedication to supporting education and empowering communities.
“At CBG, we believe in the power of community and the importance of contributing to the development and sustainability of the communities we serve. Today, we are proud to help bridge the gap and empower students with the tools they need to succeed in the world of technology,” he said.
The three (3) schools received 10 computers each, alongside a refurbishment of their Information and Communication Technology (ICT) laboratories. These
upgrades include electricals, painting, and tiling works, which aim to provide students with an enhanced learning environment to develop fundamental digital skills.
Mr. Daniel Addo further highlighted that this initiative aligns with CBG’s core CSR pillars, which focus on health, community development, and education, as well as contributing to the United Nations' Sustainable Development Goals (SDGs). “In today’s digital age, access to computers is not a
luxury but a necessity. We are excited to see the impact this initiative will have on the students and the broader community,” he added.
Representing the three (3) beneciary schools, the Headmaster of Bipoa JHS, Desmond Kwadwo Mensah, expressed heartfelt gratitude to CBG for the generous support. “This donation will truly transform the learning experience for our students. For many of them, this is their rst real
encounter with computers, and we believe this will open doors to new opportunities. On behalf of Agona SDA JHS, Bedomase D/A Basic School, and Bipoa JHS, we say thank you to CBG for standing with us,” Mr. Mensah stated. With this latest donation, CBG continues to demonstrate its commitment to strengthening the educational foundation in the communities it serves. By empowering students with digital resources, the Bank aims to foster greater academic perfor
Pathfinders Global Limited Leads 'Sustain the Shore' Beach Cleanup at Labadi Beach to Mark Climate Action Day
On October 26, 2024, Path nders Global Limited, a sustainable travel and tour company, organized a successful beach cleanup at Labadi Beach, Accra, in celebration of the International Day of Climate Action. The event, titled “Sustain the Shore”, brought together volunteers, sponsors, and eco-conscious partners to collectively combat beach pollution and promote environmental sustainability.
By prioritizing eco-tourism and community involvement, Pathnders Global once again underscored its dedication to environmental preservation within the travel industry.
Path nders Global, known for its unique approach to sustainable tourism, regularly organizes trips that blend a ordability with ecological mindfulness, both locally and internationally. Through these e orts, the company has developed a reputation not just as a travel provider, but as a champion for environmentally responsible tourism. With every experience it o ers—from group excursions to individual travel packages—Path nders is committed to reducing the carbon footprint of its travelers while enriching the communities and landscapes they visit.
Meaningful Partnerships
Path nders Global collaborated with an impressive lineup of partners to make “Sustain the Shore” a success. Sponsors and partners, including Promasidor, Blackstone Projects and Development, SESA Recycling, McKingtorch Africa, Divaloper, GrandHedge International and GreenAgro Foundation, contributed resources and support to maximize the cleanup’s impact. Together, these organizations helped Path nders mobilize volunteers and raise awareness about the critical issue of marine pollution. Thanks to these partnerships, all recyclable waste collected was properly sorted and processed, particularly plastics, which pose a major threat to marine ecosystems. With companies like SESA Recycling and McKingtorch Africa leading the recycling e orts, “Sustain the Shore” highlighted the role that corporate and nonpro t partnerships play in promoting environmental responsibility. Path-
nders Global demonstrated that, by uniting with organizations that share similar values, even greater strides can be made toward cleaner beaches and healthier ecosystems.
Eco-Tourism at Heart
As a company focused on eco-tourism, Path nders Global is committed to ensuring that tourism leaves a positive impact on the environment. The "Sustain the Shore" beach cleanup is one example of how Path nders actively contributes to the well-being of local ecosystems. Every trip organized by the company—whether a local group excursion or a carefully curated international tour—emphasizes environmental awareness, aiming to inspire travelers to appreciate and protect the destinations they visit.
By integrating sustainability into
all aspects of its o erings, Pathnders is rede ning eco-tourism. The company’s travel experiences, designed for groups, families, and solo adventurers alike, include opportunities for cultural immersion and environmental engagement, ensuring travelers connect with nature respectfully and responsibly.
Growing Community
Path nders Global’s commitment to sustainability extends beyond its travel o erings to include community-oriented environmental programs. Through initiatives like “Sustain the Shore”, the company is fostering a growing community of eco-conscious travelers who recognize the importance of conserving natural resources and minimizing their environmental impact. Whether organizing group hikes, beach cleanups, or educational events, Path nders is creat-
ing pathways for travelers to engage in meaningful environmental action.
The Vision Path nders Global Limited envisions a future where tourism and environmental conservation go hand in hand. By continuously partnering with like-minded organizations, the company is setting a new standard for eco-friendly travel and climate action. Events like “Sustain the Shore” serve as a reminder that tourism can be a powerful force for good, capable of inspiring individuals and organizations alike to take steps toward a more sustainable world. With more events and programs planned for the future, Path nders Global remains steadfast in its mission to lead eco-tourism initiatives and empower travelers to become active participants in the preservation of the planet’s natural beauty.
Glorious Women on the Go (GWOGO) hold summit on divorce; offers free breast screening
In an era where the rate of divorce continues to escalate, the Glorious Women on the Go (GWOGO) hosted its second annual summit at the Christian Worship Centre, Teshie Assembly bringing together diverse audience seeking insights and guidance on navigating the complex emotional, social, and spiritual issues surrounding divorce.
The event was under the theme Finding Strength Within in the Matter of Divorce, aimed to provide a supportive and holistic experience for patrons.
In an opening remark, the President of GWOGO, Mrs. Cassandra Quaye, emphasised the organisation’s commitment to addressing critical social issues impacting families today. "This summit is about equipping men, women, and families to better understand and navigate the realities of divorce, with a particular focus on its e ects on children," she noted. "At GWOGO, we address issues that are increasingly a ecting society, and this year, we felt compelled to tackle divorce given its growing prevalence, both within the church and in the broader community."
The Resident pastor of Christian Worship Centre, Teshie Assembly, Reverend William Quaye spoke to the church’s essential role in supporting couples through marital challenges.
“Divorce a ects not just families, but entire communities,” he stated, underscoring the need for a holistic approach. “We’ve approached this topic from psychological, legal, spiritual, and practical perspectives to ensure that attendees leave with tangible tools for strengthening their families.”
Clinical health psychologist Dr. Dorcas Ntiamoah Sackey shared her expertise on the psychological toll of divorce, likening it to the grief that follows the death of a loved one. “Divorce ranks second only to the death of a spouse in terms of life stress,” she explained. “It can lead to depression, anxiety, and a profound loss of self-worth. Embracing self-care and seeking support are essential steps in the healing journey.”
From a legal standpoint, Mr. Eric Adjei-Laryea discussed the importance of open communication in preventing con icts that often lead to divorce. “Con ict often arises from unspoken issues,” he remarked, emphasizing that
“early, honest communication can prevent misunderstandings that could eventually damage a marriage. Couples should also be informed of their legal rights and obligations to navigate the process with greater clarity.”
Stanley Addaquay, a mental health professional, addressed the signi cant psychological stress that accompanies divorce, warning of its potential to exacerbate underlying mental health issues. He highlighted miscommunication as a common cause of marital breakdown and encouraged couples to keep communication clear and open. “Let your partner know exactly what you want and what you don’t want,” he advised.
“Seeking support from a psychologist or psychiatrist can also be bene cial for maintaining mental health during and after a divorce.” Re ecting on the event’s success, Mrs. Quaye expressed her vision for GWOGO's future. "It is our hope that this summit reaches audiences far beyond Ghana, empowering individuals worldwide to strengthen their marriages and families,” she shared. Following the event, Nyaho Medical Clinic o ered free breast cancer screenings, reinforcing GWOGO’s commitment to promoting both physical and mental well-being in the community. The summit was chaired by Apostle Bismark Okyere and mod-
erated by media personality Abeiku Santana, with the warm and engaging Joyce Ahiadorme serving as Master of Ceremonies. About Glorious Women on the GO (GWOGO)
Glorious Women on the Go (GWOGO) is an a liate of the Women's Fellowship of the Christian Worship Centre (Celebration Chapel). The organization is dedicated to empowering women, children, and individuals facing various challenges, with a vision to expand its reach across Ghana and beyond. GWOGO aims to extend its mission of support and guidance to families navigating complex issues, adding an extra dimension of care for participants.
CIDAN INVESTMENTS LIMITED
WEEKLY MARKET REVIEW FOR WEEK ENDING October 18, 2024
Trend in Market Indices - 2024
STOCK MARKET REVIE
W
The Ghana Stock Exchange closed higher this week on the back of price increases by 3 counters.
The GSE Composite Index (GSE-CI) gained 0 77 points (+0.02 %) for the week to close at 4,347.47 points, reflecting a year-to-date (YTD) gain of 38.89% The GSE Financial Index (GSE-FI) remained flat for the week to close at 2,203.38 points (0.00%), reflecting a year-to-date (YTD) gain of 15 87%
Market capitalization inched up by 0 09% to close the week at GH¢99, 054.59 million, from GH¢98,964.42 million at the close of the previous week. This reflects a YTD gain of 34.05%.
The week recorded a total of 1,455,234 shares valued at GH¢13,965,256.93, compared with 1,114,611 shares, valued at GH¢14,296,225.56 traded in the preceding week.
MTNGH dominated the volume of trades while New Gold Exchange Traded Fund dominated the value of trades for the week accounting for 89.80 % and 78 87% of the volume and value of shares traded respectively.
The market ended the week with 3 advancers, as indicated in the table below
GSE CI GSE FSI
YTD Performance of GSE Market Indices
GSE CI GSE FSI1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000
Volume and Value of Trades for Week Ending 18/10/2024
CIDAN INVESTMENTS LIMITED
WEEKLY MARKET REVIEW FOR WEEK ENDING
October 18, 2024
CURRENCY MARKET
The Cedi continued its depreciation run for the second straight week It traded at GH¢15 9900/$, compared with GH¢15.7900/$ at week open, reflecting w/w and YTD depreciations of 0.56% and 25.70% respectively. This compar es with a loss of 24.91% a year ago.
The Cedi also depreciated against the GBP for the week. It traded at GH¢20.8422/£, compared with GH¢20.7885/£ at week open, reflecting w/ w and YTD losses of 0.26% and 27.39% respectively. This compares with a depreciation of 25.63% a year ago.
The Cedi inched up marginally against the Euro for the week It traded at GH¢17 3700/€, compared with GH¢17.4049/€ at week open, reflecting w/ w gain and YTD depreciation of 0.20% and 24.43% respectively. This compares with a depreciation of 24.35% a year ago.
The Cedi lost grounds against the Canadian Dollar for the week It opened at GH¢11 5530/C$ but closed at GH¢11.5867/C$, reflecting w/w and YTD losses of 0.29% and 22.23% respectively. This compares with a depreciation of 24.15% a year ago.
CIDAN INVESTMENTS LIMITED
WEEKLY MARKET REVIEW FOR WEEK ENDING October 18, 2024
Exchange Rates: Ghana Cedi vs Selected Currencies
Source: Bank of Ghana
Ghana Market Summary
Source: Bank of
COMMODITY MARKET
GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢4,195 32 million for the week across the 91 -Day, 182-Day and 364-Day Treasury Bills This compared with GH¢4,613.93 million raised in the previous week.
The 91-Day Bill settled at 25 94% p a from 25 62% p a last week whilst the 182 -Day Bill settled at 27 03% p a from 26.90% p a last week The 364Day Bill settled at 28 74% p.a from 28 58% p a last week
The tables below highlight primary market activity at the close of the week.
Oil prices fell as a recent rebound ran out of steam, with concerns over slowing demand in major oil consumer China remaining squarely in play. Brent futures traded at US$7 3.06 a barrel, compared to US$79.04 at week open, reflecting w/w and YTD depreciations of 7 57% and 5.17% respectively.
Gold prices rose as traders remained largely biased towards safe havens in anticipation of a tight 2024 presidential election Gold settled at US$2,730 00, from US$2,676 30 last week, reflecting w/ w and YTD gains of 2 01 and 31 77% respectively
The price of Cocoa declined for the week Cocoa traded at US$7,432 50 per tonne on Friday, from US$7,751.00 last week, reflecting w/w loss and YTD appreciation of 9.87% and 84.72% respectively.
International Commodity Prices
CIDAN INVESTMENTS LIMITED
WEEKLY MARKET REVIEW FOR WEEK ENDING October 18, 2024
YTD Performance of Selected Commodity Prices
swaps, with terms that can be set from three months to more than a year.
Source:
https://www.investopedia.com/terms/o/overnig htindexswap.asp
ABOUT CIDAN
CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA)
RESEARCH TEAM
Name: Ernest Tannor
Email: etannor@cidaninvestments.com Tel: +233 (0) 20 881 8957
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Name: Julian Sapara-Grant
Email: jsgrant@cidaninvestments.com
Tel: +233 (0) 20 821 2079
CORPORATE INFORMATION
INVESTMENT TERM OF THE WEEK
Overnight Index Swap (OIS): It is a hedging contract in which one party exchanges a predetermined cash flow with a counterparty on a specified date. A debt, equity, or other price index is used as the agreed exchange for one side of this swap.
An overnight index swap applies an overnight rate index such as the federal funds rate Index swaps are specialized groups of conventional fixed -rate
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Tel: +233 (0) 27 690 0011/ 55 989 9935
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Disclaimer : The contents o f this report have been prepared to provide yo u with general info rmation o nly. Information provided in a nd available from this report does not constitut e a ny inv estment recomm endation.
The info rmation contai ned herei n has b een obtained from sources that we beli eve to be reliable, but its accuracy a nd complet eness ar e not guaranteed.
Gold Cocoa Brent Crude
Goldkey Properties, UKGCC breast cancer awareness event empowers and inspires
Goldkey Properties, developers of award-winning residential, commercial and mixed-use spaces in Accra, hosted “Blossoms of Hope”, in partnership with the UK-Ghana Chamber of Commerce (UKGCC), to raise awareness about breast cancer, focusing on prevention, early detection, and treatment options.
Held at Cantonments City Green Park, Cantonments with support from Blue Skies Ghana LTD., “Blossoms of Hope” featured a panel discussion, a free breast cancer screening conducted by Impact Medical and Diagnostic Centre, and a networking session.
Justine Koblavie, the Head of the Commercial Business Unit at Goldkey Properties LTD., remarked that her company was pleased to organise the event as raising awareness about breast cancer and promoting early detection contributes to the achievement of the UN Sustainable Development Goal 3- Good Health and Well-being.
“By organising the "Blossoms of Hope" event, Goldkey Properties is also able to demonstrate its commitment to social responsibility, employee well-being, and community health, ultimately bene ting business and the wider community”, she added.
Meanwhile, the Executive Direc-
tor of the UKGCC, Adjoba Kyiamah, remarked that she was “inspired by the amazing stories of strength and survival shared at the event”. She commended the panel for a great job communicating the prevention, early detection, and treatment options of breast cancer, and urged all to prioritise their health and get screened regularly.
Challenges, Opportunities, and the Future of Breast Cancer Care
Speaking during the panel discussion on "Challenges, Opportunities, and the Future of Breast Cancer Care", Clinical Oncologist, Dr. Edwina Ayaaba Ayavilah, encouraged all women to regularly check their breasts for abnormalities, emphasising that breast cancer is not a death sentence when diagnosed early.
According to her, regular self-exams and screenings are crucial
for catching potential issues before they progress.
“Knowing what to look out for and having a plan in place can make all the di erence. Early detection signs can include noticeable changes in the breast or surrounding areas,” she explained.
Dr. Ayavilah added that risk factors such as age and a woman’s menarche also contribute to the likelihood of developing breast cancer.
“The time at which you have your menarche—that’s your rst menstrual cycle—a ects your risk of breast cancer. You can’t control this, just as you can’t control when you enter menopause,” she said.
Dr. Ayavilah appealed to the government for strategic support and investment to expand radio-
therapy facilities across the country.
“We currently have limited resources, and many patients cannot access necessary treatment due to nancial and geographical barriers. Increasing access to radiotherapy is crucial if we are to improve survival outcomes, especially for underserved regions,” she emphasized.
She noted that cultural beliefs often deter people from seeking timely care, calling for continuous, year-round breast cancer advocacy and locally-focused research to better understand cancer trends within Ghana and across Africa.
“We need to build our own data and insights to know what works best for Ghanaian patients. Collaboration with transparent, impactful organisations is essential to achieving this,” she said.
Surviving Breast Cancer
Breast cancer survivor and advocate Mrs. Gina Kumah-Dzagah, who battled breast cancer for over two years and survived, shared her commitment to advocacy by telling her story and ensuring that other women receive the necessary help they need.
“After my treatment, I became dedicated to helping others navigate this journey. I sew arti cial breast prostheses to ensure that no woman in Ghana has to worry about post-surgery self-image concerns or resort to inadequate alternatives,” she shared.
Mrs. Kumah-Dzagah highlighted the importance of breast cancer awareness, urging women to take early warning signs seriously.
“Before my diagnosis, I believed that October awareness was just noise. But lack of awareness almost cost me my life. Please, know the signs and symptoms, and if you detect anything unusual, go to the hospital immediately. Early detection and timely, e ective treatment are key to survival,” she added.
She further stressed the importance of destigmatizing cancer and improving public education to reduce misinformation about breast cancer.
73 Ankobra West Rural Bank
74 Moonlight Fresco Limited
75 Crocodile Matchets (Ghana) Ltd
76 Kwahu Praso Rural Bank Limited
77 Atwima Kwanwoma Rural Bank PLC
78 Engen Ghana Ltd
79 Alpha Industries Limited
80 Odotobri Rural Bank PLC
81 Imperial General Assurance Company Ltd.
82 Maphlix Trust Ghana Limited
83 Papaye Fast Foods Ltd
84 Reiss & Co Ghana Ltd
85 Activa International Insurance Company (Ghana) Limited
86 Bayport Savings and Loans
87 Sefwiman Rural Bank Plc
88 Firstcode Management Services
89 Anum Rural Bank PLC
90 Kintampo Rural Bank Plc
91 Agroecom Ghana Limited
92 Adansi Rural Bank PLC
93 Advans Ghana Savings and Loans
94 Beaver Health Group
95 Kaaseman Rural Bank PLC
96 Gilsan Manufacturing Company Limited
97 Federated Commodities LTD (FEDCO)
98 New Crystal Health Services Limited
99 Otuasekan Rural Bank Plc
100 Ahantaman Rural Bank PLC
MTN Ghana CIO urges stronger cybersecurity measures
MTN Ghana's Chief Information O cer, Bernard Acquah, has urged companies to strengthen their cybersecurity frameworks, emphasizing the importance of embedding digital security into the core culture of organizations. Speaking at the MTN Bright Conversation webinar, titled “Navigating the Digital World Safely: Awareness, Action, Assurance,” Acquah underscored the urgent need for businesses to keep pace with the constantly evolving cyber threat landscape.
“Cybersecurity is a fundamental aspect of life in the digital age,” he stated. “At MTN, we’re committed to empowering our com-
munity with the knowledge and tools essential for online safety. Our theme, ‘Living with Security,’ embodies this commitment.”
During the session, Acquah highlighted key cybersecurity practices, advocating for the adoption of external security tools, regular vulnerability assessments, and rigorous testing to detect potential weaknesses in company networks. He emphasized that building a secure digital environment goes beyond technical solutions; it requires a shared responsibility that includes every employee.
“Cybersecurity should become part of daily routines,” Acquah
advised, encouraging employees to see it as a collective corporate responsibility rather than an isolated task. He stressed the importance of employee training, strict access control policies, and continuous endpoint monitoring as foundational elements of an e ective cybersecurity strategy.
Acquah also cautioned against the dangers posed by external devices like USB drives, which can introduce malware and jeopardize network security. To counter these risks, he recommended implementing two-factor authentication and promoting the use of strong, unique passwords.
As part of MTN Ghana's commitment to addressing cyber threats, Acquah encouraged participation in Cybersecurity Awareness Month, underscoring the value of ongoing education on safe online practices. “Awareness and regular testing keep everyone vigilant and are crucial in preventing security breaches,” he remarked.
This year’s Cybersecurity Awareness Month initiatives re ect MTN Ghana’s dedication to fostering proactive digital security as a cornerstone of sustainable growth in an increasingly digital world.
FirstBank Ghana unveils new Friday wear cloth to promote unity and brand identity
FirstBank Ghana has o cially launched its new Friday wear cloth during a sta engagement session, which brought together employees from branches across the country. The new fabric, deeply rooted in the Bank’s values and identity, will be worn by sta every Friday, symbolising unity, collaboration, and the Bank’s commitment to its timeless legacy.
The unveiling ceremony, held during the sta engagement session, was attended by all sta . The session, aimed at fostering team spirit and engagement among the workforce, served as the ideal occasion to introduce the new cloth, which will now be an integral part of the Bank’s corporate culture.
The design of the new Friday wear embodies FirstBank's brand identi-
ty and the values that have sustained its success over the years. The vibrant colours of the fabric derived from the Bank’s signature descriptions represent the institution's enduring legacy.
The interconnected patterns featured in the cloth symbolise the various roles and identities within the Bank, highlighting the importance of collaboration and teamwork.
The new Friday wear will now be a symbol of unity and pride, worn by employees regularly. No matter their role or branch location, employees will share a visual connection that represents their collective values and mission.
Commenting on the signi cance of the cloth, Naa Adokailey Amofa, Head of Human Development at FirstBank Ghana, said, “Our brand
logo represent our timeless legacy, one that has been built through years of trust, dedication, and innovation. The di erent motifs connected in the design re ect our diversity, but at the same time, they signify the passion of FirstBankers, collaboration with stakeholders and the evolution of our brand. This new Friday wear means more than just a piece of clothing, it is a symbol of who we are as a team and it represents our commitment to working together, respecting our di erences, and achieving success as one collective force. We believe this will help strengthen our sense of belonging and enhance team collaboration across all branches.”
The sta engagement session that accompanied the launch was lled with excitement as employees shared in the pride that the new
cloth represents. The cloth stands as a tangible reminder of FirstBank Ghana’s core values, where every employee, regardless of their role, contributes to the Bank’s overall success.
The introduction of the new cloth underscores FirstBank’s dedication to nurturing a strong organisational culture that promotes unity, collaboration, and shared success. As the Bank continues to grow, this initiative will reinforce the connection between its sta and its mission to serve customers and the nation.
FirstBank Ghana is part of the First Bank Group of Nigeria Limited, which is celebrating its 130th anniversary this year. The group operates across several countries, including the UK, DRC, Guinea, Sierra Leone, Gambia, and Senegal.
EDITOR: BENSON AFFUL