By Christian Kpesese
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After sixteen years of technical support, institutional capacity building and assistance in the formulation of Ghana's Oil Sector Loses Key Backer as Norway Exits Program environmental regulatory framework that contributed signi cantly to the e ective management of the country’s petroleum resources, the Oil for Development (OfD) programme by the Norwegian government with Ghana has come to an end.
The Oil for Development has been a centrepiece of cooperation between Ghana and Norway since 2008, prior to the later opening its embassy in Ghana.
Speaking at an event organized by the Norwegian Agency for Development Cooperation (Norad) to formally end the 16-year Oil for Development programme (OfD) partnership in Accra, Ambassador of Norway to Ghana, Ingrid Mollestad, said his country has o ered support to 30 countries including Ghana in the management of their petroleum resources due to the rich experience, achievements and lessons learnt over the years.
According to her, the Ghana-Norway partnership was aimed at promoting sustain-
By Christian Kpesese
able oil management resources for economic growth and the welfare of unborn generations.
According to her, the 16 years cooperation provided Ghana with the requisite technical knowledge, development of regulatory system, health and safety and security expertise for the management of its petroleum resources whiles contributing to the building of strong and competent institutions.
She noted that despite the fact that the Oil for Development programme was coming to an end, there was still considerable scope for continuing partnership with Ghana on management of natural resources, emphasizing that both countries are coastal states and sustainable management of ocean resources was crucial for their future prosperity.
Director of Research Statistics and Information and Management at the ministry of Environment, Science, Technology and Innovation (MESTI), Cephas Adjei Mensah on behalf of the sector Minister, Ophelia Mensah Hayford said Norway supported the rst phase of the programme with a grant of Norwegian Krone NOK of 40 million which start-
ed from 2010 to 2014.
According to him, a second phase of the programme was initiated between 2015 and 2019 to strengthen the country’s capacity to manage its petroleum resources in an environmentally sustainable manner.
The third and nal phase which concludes this year ends the 16 year partnership with unforgettable impact on Ghana’s oil and gas sector.
Mr Adjei Mensah said the partnership has helped Ghana in its environmental management e orts, resulting in poverty reduction.
It also helped in the development of the Environmental Management Petroleum Policy for Oil and Gas Industries (EMPOGI).
This he noted contributed signi cantly in building institutional capacity and establishing regulatory frameworks for environmental management in Ghana’s oil and gas sector.
Director of Petroleum Directorate at the Ministry of Energy, James Yamoah oh his part said OfD helped Ghana in the establishment of a robust legal and administrative framework for her petroleum sector.
He mentioned the creation of the Petroleum Commission and the creation of a scal framework that ensures the country receives a fair share of petroleum revenue as some signi cant achievements under the OfD programme.
Stakeholders at the event including representatives from the Petroleum Commission, MESTI, Ministry of Energy and
Civil Society Organisation lauded the numerous achievements chalked by Ghana the cooperation and how lessons learnt could bene t the future management of Ghana’s petroleum resources.
Background
Following the discovery of oil in commercial quantities in 2007, then Secretary General of the United Nations (UN), Busumuru Ko Annan is on
record to have placed a phone call to the Norwegian minister for Climate and Environment to o er assistance to Ghana due to the remarkable strides that country has chalked in the management of its hydrocarbon resources.
The intervention of Ko Annan resulted in the signing of a memorandum of understanding between Ghana and the Nordic country which
gladly o ered to support the country resulting in the inaugural OfD in 2008.
The programme emphasised a comprehensive approach to petroleum management, encompassing not just resource extraction, but also revenue management, environmental protection, and safety considerations, with the ultimate aim of poverty reduction in developing countries.
Speaker of Parliament Alban Bagbin has announced the indenite suspension of parliamentary proceedings, e ective Tuesday, October 22. The decision comes amid ongoing discussions and political developments within the House.
The decision was made in a chamber dominated by National Democratic Congress (NDC) legislators, who had taken over the Majority side of the aisle.
Earlier, Members of Parliament from the New Patriotic Party (NPP) had walked out in protest, following a dispute with the opposition, which claimed to hold the majority and subsequently occupied the NPP's seats.
During the brief session, Speaker Alban Bagbin concurred with Francis-Xavier Sosu that the o cial record should be amended to accurately re ect that, when the New Patriotic Party (NPP) members walked out on Thursday, they were indeed the Minority in Parliament.
Leading the NPP MPs' exit, E utu MP Alexander Afenyo-Markin explained that they had withdrawn to their o ces to await further directives from the Speaker on how to proceed. Afenyo-Markin emphasized that the NPP chose the path of peace, opting not to engage in direct confrontation with the opposition to avoid chaos. He rea rmed the party’s commitment to preserving Ghana's peaceful reputation and national harmony.
"We did not cause any commotion here. We exited quietly and informed Mr. Speaker that the appropriate venue to address these grievances would be the courts. We expect our colleagues on the NDC minority side to follow due process. Ultimately, it will be up to Mr. Speaker to make the nal determination. The nation is looking to him, and with his years of political experience,
this is a pivotal moment for him to support the actions we've taken to preserve peace."
Hours later, Speaker Alban Bagbin entered the chamber and resumed proceedings. He informed the House that while there were enough members present to conduct the day's business, the numbers were insucient to make any binding decisions.
On October 18, the Supreme Court issued a stay of execution on Speaker Bagbin's ruling, which had declared four parliamentary
seats vacant. The Court directed Parliament to recognize the four MPs and allow them to fully represent their constituencies and carry out their o cial duties. This directive will remain in e ect, not just for the 10 days initially requested by the applicants, but until the Supreme Court delivers its nal judgment on the case.
The stay application was led by NPP MPs seeking the Court's intervention to halt the enforcement of the Speaker's ruling, which would have a ected three
of their colleagues and one NDC MP. The application was led ex parte, meaning Speaker Bagbin and Parliament were not formally joined to the case, allowing the Court to consider the NPP MPs' request without requiring a response from parliamentary authorities at this stage.
A panel of Supreme Court justices, presided over by Chief Justice Gertrude Torkonoo and including Justices Mariama Owusu, Kwame Adibu Asiedu, Ernest Yao Gaewu, and Yaw Darko Asare, delivered the ruling to stay the Speaker's decision.
Progress in quelling in ation is more pronounced for advanced economies such as the U.S., while it will take longer for countries in the Middle East and Sub-Saharan Africa, which are still struggling with double-digit price increases, the International Monetary Fund's chief economist said on Tuesday.
Pierre-Olivier Gourinchas also told a news conference that risks of a U.S. recession are now diminished, as the U.S.' strong economic performance is being powered by improvements in productivity and labor supply due to an in ux of immigrants.
At the recent Boardroom Summit, where over 1000 of the nation’s top CEOs, policymakers, and executives gathered, Professor Douglas Boateng, Chair of the Minerals Income Investment Fund (MIIF), delivered a powerful message: the current state of board compensation in state-owned enterprises (SOEs) is unsustainable, and immediate reform is critical.
Speaking on the sidelines of the summit, Professor Boateng highlighted the dangers of inadequate boardroom compensation, warning that it threatens the future of these vital institutions. “We can no longer pretend everything is ne,” he stated. “How can we expect board members, overseeing organizations with assets exceeding $400 million, to fully commit to their duties when they’re paid less than $380 per meeting or 1520 per annum? Some receive a paltry $114 per quarter or $ than $500 annually. This level of compensation is far too low for the responsibilities involved.”
Professor Boateng emphasized that board members face increasingly serious risks in today’s corporate landscape. “In these days, not only can one’s hard-earned reputation be
destroyed, but you can go to jail if things go seriously wrong. Board members must take their roles seriously, and for that, they must be properly compensated,” he cautioned.
He also stressed the need for board members to add value through a deep understanding of the companies and industries they oversee. “Protecting shareholder interests and driving value requires directors to constantly seek information, ask tough questions, and stay informed. This demands time, e ort, and fair compensation,” he said.
While recognizing the honor of public service, Professor Boateng insisted that fairness in remuneration is essential. “Serving as a non-executive director in SOEs is a national duty, but the serious responsibilities involved require fair compensation. This call is not for higher pay for current directors and chairpersons , but to ensure that future leaders are properly incentivized to meet modern board room governance demands.”
The summit has become a pivotal forum for governance discussions across Africa. Professor Boateng’s remarks reignited debate on the future of SOE leadership, making clear that without
reform, these enterprises will continue to struggle in attracting and retaining the talent they need to thrive.
“Outdated practices must change. State-owned enterprises are critical to national develop ment and meeting global objec tives like the UN SDGs and Africa’s Agenda 2063. Board compensation must re ect the importance of these roles, not just to attract talent but to safe guard the integrity and e ective ness of these institutions,” he added.
Professor Boateng called for a shift from politically motivated appointments toward mer it-based leadership. “SOE board roles require specialized exper tise, strategic thinking, and accountability. Compensation should re ect the demands of the role. If we fail to act, we risk jeop ardizing the future of these insti tutions,” he warned.
In conclusion, Professor Boateng urged swift reform: “The time for change is now. Governments must reassess how SOE boards are compensated, not just for fairness, but to ensure that our state-owned enterprises are led by the best talent equipped to navigate today’s complex global challenges.”
His remarks have sparked a renewed drive for governance reform, with strong support for a forward-thinking approach to
Government at the just ended treasury bill auc�on announced
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
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.
For eight years, Telecel Ghana has been breaking barriers to inclusive customer support and redening what it means to serve all customers. Through its pioneering Super Care initiative launched in 2016, the telecommunications giant has made one thing clear: improving accessibility for people with special needs is a staunch commitment.
As part of its annual CARE Month this October, Telecel Ghana in collaboration with the Ghana National Association of the Deaf (GNAD), held a special event to spotlight the integration of Super Care services into the Telecel Play app and contributions of the Super Care support team. It also announced the rollout of a ordable, tailored airtime and data packages, speci cally targeted at members of the Deaf community. Telecel’s Super Care initiative has evolved from a basic customer service line into a robust digital
support system equipped with sign language-trained agents.
With the integration of Super Care features into the Telecel Play app, the Deaf community can access seamless support with video-call capabilities for sign language assistance anywhere in Ghana.
Speaking to an audience of about 350 members of the Deaf community in Accra, Mercy Dawn Akude, General Manager for Commercial Operations said the telco will continue to actively champion accessibility solutions that meet their telecom needs.
“Our Super Care journey over the past years has been a story of relentless growth. What began as meeting a need has now set a standard. Today, our Deaf customers can access support in sign language, resolve issues via video calls, and navigate the digital world with tools designed specically for them,” she added.
During CARE Month, the celebration goes beyond rewards and recognition. This year, as in previ-
ous years, the Deaf community is at the heart of the celebration.
Traditionally, customer service relied on the sound of voices over the phone or in-person greetings at retail shops. But what happens when those voices can't be heard?
Kwame Asante used to face diculties in accessing customer support for his basic telecom challenges. Today, with Super Care, he’s found renewed con dence that his issues will be resolved swiftly. "With Super Care, I feel I’m heard and respected," he said through a sign language interpreter.
Additionally, Telecel o ered data-free browsing for the sign language community last Sunday as part of its voice and data avalanche packages for CARE Month.
Jean-Marie Adotey, a Super Care team member, takes pride in resolving issues facing the Deaf community within 24 hours. She said “I’m not just a service provid-
er, but I’m a digital ally for those who need it most. It’s a ful lling role to be helping the Deaf community get the telecom support they need.”
Telecel Ghana is celebrating CARE Month with a clear message: no voice is too small, and no customer is left behind. The Super Care team is available daily from 7AM to 8 PM, with agents trained in sign language to provide comprehensive support to the hearing-impaired community. Deaf customers can request support and access tailor-made voice and data o ers by dialing *494#.
CARE Month is an annual celebration of the loyalty of customers and dedication of frontline employees by Telecel Ghana. With loyal customers receiving rewards and gift packages, Telecel users can win prizes by interacting on the telco’s social media channels or visiting their retail shops throughout the month of October.
The Janet O. Boadi Foundation o cially launched its mission to bridge the educational gap and empower underserved communities under the theme “Empowering Minds, Building Futures.” Founded by visionary leader Janet Osei-Boadi, the foundation is dedicated to providing educational opportunities, resources, and support to enhance access to quality education across Ghana and beyond.
The inaugural event, held at the Kempinski Hotel in Accra on the 2nd October 2024, drew stakeholders from various sectors, including education, diplomatic missions, schools, government, and civil society. The guest of honor and keynote speaker was Professor Joseph Awetori Yaro, Provost of the College of Humanities at the University of Ghana, who delivered an address on the importance of inclusive education and its potential to transform lives. In his speech, Professor Yaro highlighted the critical role that education plays in alleviating poverty, improving socio-economic conditions, and fostering sustainable development.
In her opening remarks, Janet Osei-Boadi, founder of the foundation, expressed her passion for uplifting communities through education. “At the Janet O. Boadi Foundation, we believe that education is a fundamental right and a key to breaking the cycle of poverty. Our mission is to ensure that underserved communities have access to the tools, resources, and support they need to
succeed in their educational journeys,” she said.
The foundation’s initiatives include scholarships for students in need, provision of learning materials and technology, teacher training programs, and community-driven education projects aimed at fostering lifelong learning. Its long-term goal is to create an environment where every child, regardless of their background, has the opportunity to reach their full potential.
As part of the launch, Janet O. Boadi Foundation also unveiled its strategic partnerships with local and international organizations, emphasizing collaboration to amplify its impact.
The foundation is set to embark on its rst major project in the Northern Region, where it will distribute educational materials and facilitate workshops for teachers, equipping them with the skills needed to deliver e ective and engaging learning experiences.
The Janet O. Boadi Foundation’s motto is “There is Hope”.
About Janet O. Boadi Foundation
The Janet O. Boadi Foundation is a non-pro t organization dedicated to empowering individuals and communities through education. By providing scholarships, learning resources, and teacher support, the foundation aims to foster access to quality education and drive positive change in
underserved communities.
This press release covers the key elements of the launch, emphasiz-
ing the foundation’s mission and the importance of education in empowering communities. Let me know if you need any adjustments!
UNDP Resident Representative Niloy Banerjee warns that diverting arms creates a false sense of entitlement, fostering impunity and violence. At the "Silence the gun and save a life" campaign launch, he emphasized that easy access to diverted weapons exacerbates con icts, harming the country's and region's image.
He made this statement at the launch of the campaign against small arms jointly organized by the commission of small arms and the UNDP under the theme
"Silence the gun and save a life"
In his statement, Mr. Banerjee stressed that access to these diverted weapons brings impunity and violence. He said " It creates a false sense of entitlement that might is right. This kind of mentality exacerbates con icts and negatively a ects the positive image not only of the country but also of the sub region and for Africa at large" He further stated that these weapons circulated easily due to porous borders which along with other things also contribute to drugs and human
tra cking, he said makes the disarment e orts quiet challeng ing. According to him the United Nations estimates that at least 875million small arms are in circu lation. Speaking on the sidelines however, Mr. Leonard Tettey the national project coordinator for small arms at the UNDP posited that that commission for small arms was yet to commission a study to ascertain the number of arms in circulation in the country. He further implored the public to trust our security services to take care of the security needs of the
nation rather than seeking out arms for individual protection.
The commissioner for small arms
Mr. Samuel Williams Yeboah, stated in an interview with the press that, the campaign is a joint e ort by the UNDP and the small arms commission to undertake public education across the nation to sensitize the public on the the need to avoid the use of arms during and after the election which comes under the banner "Ballots without Bullets".
among other things, Mr. Yeboah stated that their major challenge has to do with nancing such projects. He encouraged the general public to report individuals in their communities who
possess arms unlawfully. According to him the campaign would be carried around churches, mosques, schools as well as durbar grounds across the length and breath of the country.
When industry players in Ghana’s energy sector recently gathered under the guidance of the Public Interest and Accountability Committee (PIAC), the stunted nature of the country’s oil production dominated the conversation. The nation’s crude oil output has been steadily falling since its peak in 2019 when production hit 71.4 million barrels. Fast forward to 2023, and that number dropped to 48.25 million barrels—an annual average decline of close to 10%. This decline, while troubling, is not entirely unexpected. With no new elds coming on-stream since this peak, output from the sector has been challenged. The Jubilee eld, Ghana’s rst major o shore oil discovery, is in the 14th year of its expected 25-year production cycle and is now approaching its natural decline. Similarly, the TEN (Tweneboa, Enyenra, Ntomme) eld, which once promised to deliver 80,000 barrels per day (bpd), has been producing far below expectations at only 20,000 barrels per day (bpd) due to complexities within the eld’s reservoirs. However, there’s a silver lining: the TEN eld is rich in gas, with only about 7% of its gas resources tapped so far. This untapped potential o ers hope for future gains if strategic actions are taken.
There is also the Sankofa Gye Nyame eld (OCTP) which currently produces close to 25,000 bpd and vast amounts of gas for domestic use. The fourth eld yet to come on stream is the Deepwater Tano Cape Three Points (DWT/CTP) block operated by Pecan Energies (formerly Aker Energy). The company is currently engaging a wide range of stakeholders towards the delivery of a nal investment decision ahead of full-scale operations.
Despite Jubilee, TEN and Sankofa, contributing 100% of Ghana’s current total oil production, the outlook for the sector must concern every well-meaning Ghanaian. If action isn’t taken soon, the country’s once-burgeoning oil industry will be short-lived. It’s a situation that calls for immediate intervention by all sector players, led by government, and strong leadership to reverse the trend.
Ghana’s oil sector is at a crossroads. The global energy transition, which promotes renewable energy over fossil fuels, poses a signi cant challenge to countries that rely on oil for revenues. For Ghana, this, along with other perceived risks, has resulted in a decrease in international investment interest. In recent years, negotiations with major oil companies have fallen through due to disagreements over contract terms and an uncertain regulatory environment.
One of the biggest concerns for potential investors in Ghana is the lack of regulatory predictability. International Oil Companies (IOCs) have voiced frustration over issues like contract sanctity and scal instability, both of which make it di cult to commit to capital-intensive, long-term projects. Ghana’s last oil block licensing round was in 2018, and since then, negotiations for all awarded blocks have stalled. Meanwhile, countries like Ivory Coast, Mozambique and Guyana are quickly becoming more attractive options for oil investments. At a recent local content conference organised by the Petroleum Commission in Takoradi, a panel discussion on the state of the sector revealed useful gems. Players expressed cautious optimism about the sector, decrying the slow nature of decision-making.
Once hailed as an attractive and friendly destination for investors, it seems this perception is fast ying out of the window. Take ExxonMobil’s entry into Ghana’s oil sector in 2018 , for example. This was a game-changer as the oil giant had indicated that it will invest US$5 billion into the sector. Then just a year later, Exxon announced it was exiting the country. Why did Exxon make this decision? Was it frustration in doing business in Ghana? Were the block sizes awarded in the licensing round of 2018 too small? Did it have to do with the low quality of data provided?
There are other issues that continue to make Ghana unattractive: the long-drawn-out arbitration case involving ENI, Spring eld and the government did a lot to create discomfort amongst foreign investors. Hess Corporation, Anadarko and Aker all exited in similar fashion.
There is also still the ongoing international arbitration case at the courts in London, following a tax dispute between Tullow and the Ghana Revenue Authority (GRA).
Any investor will tell you that the optics do not look good nor promising. The perception must change, it should not just be rhetoric, but a concerted e ort and action must be clearly visible. As a Senior Executive of Tullow recently commented at a forum, investment decisions on project opportunities, are subjected to a thorough competitive review process, amidst other competing options within a portfolio, its bankability, e ciency and delivery timelines.
When a decision is nally taken, according to this Senior Executive, it behooves government to keep its end of the bargain, guaranteeing that the agreements stand the test of
time.
The simple fact remains: the quickest way to enhance the growth of Ghana’s oil and gas industry is through renewed investments. With the right incentives and a stable regulatory environment, there’s no doubt that Ghana can regain its position as a key player in sub-Saharan Africa. After all, as it is oft said, “money goes where it is welcome.”
Stemming the decline
One practical solution to revitalize Ghana’s oil output is enabling and prioritising Infrastructure-Led Exploration (ILX) in Ghana’s oil basins. This approach involves using existing oil and gas infrastructure to support recovery of untapped pockets of oil in nearby marginal elds. The technique has proven e ective in other oil-producing countries, and operators in Ghana are keen to implement it. However, it requires swift governmental approval and support to move forward. ILX continues to be touted as the future of the industry, a more novel form of exploration that makes sense, because it enables rapid development of discoveries, promotes e cient use of infrastructure and is a cost e ective and sure way to reignite existing elds. What the partners require immediately would be access rights to carry out such activities. It is understood that negotiations have been initiated but fast-tracking decisions around it, is crucial.
Another critical issue that demands attention is the TEN Enhancement Plan of Development (TAPOD). This plan aims to reverse the decline at the TEN eld, boost oil recovery, and make better use of domestic gas resources. The Petroleum Commission, at the recent PIAC workshop,
assured stakeholders that the operator of the eld and the commission have undertaken reviews of the TAPOD to facilitate the amendment of the existing POD for the TEN eld. To avoid further eld decline, urgent action is required to complete the reviews and approve the amended plan of development. Every day of delay exacerbates the eld’s decline and deters potential investors.
There is also a pressing action that needs to be taken to address the de cit in mid stream gas infrastructure to support exports from produc ing elds and feed the domes tic market in a sustainable way. The development of well-es tablished gas infrastructure will fast-track Ghana’s energy security by taking advantage of the vast amount of gas within the nation’s basins and make gas a transition fuel to boost the economy. It is time for gov ernment to review its current Gas Master plan to ensure that it is t for purpose within the context of the growth aspira tions for the industry and take opportunities to expedite current Gas Sales agreement negotiations. To unlock signi cant investment for gas pro duction, government must be ready to provide the payment security and guarantees required to support the devel opment of the country’s abun dant gas resources.
Government, your Move Ghana’s oil and gas sector is brimming with potential, but it is teetering on the edge. The government’s next steps are crucial to improve the coun try’s attractiveness. Approving necessary agreements, such as the gas sales contract and the TAPOD, is paramount.
Expanding ILX operations could breathe new life into declining elds. Additional measures to transform the sector, must include better scal terms, right oil and gas infrastructure, regulatory clarity, foreign investments boost and industry-academia collab-
oration.
The path forward is clear without doubt: fast, decisive action by the government to create an investment-friendly environment that also honours existing agreements. This will stabilize production and position
Ghana as a major oil and gas hub in Africa for years to come.
In this moment, the clock is ticking. It’s time for the government to act—before the industry collapses. Ghana’s energy future depends on it.
2,500 3,000
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
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
Source: Ghana Stock Exchange
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 compares 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.
Source: Bank of Ghana
Source: Bank of Ghana
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$73.06 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.
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
CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA).
Name: Ernest Tannor
Email: etannor@cidaninvestments.com
Tel: +233 (0) 20 881 8957
Name: Moses Nana Osei-Yeboah
Email: moyeboah@cidaninvestments.com
Tel: +233 (0) 24 499 0069
Name: Julian Sapara-Grant
Email: jsgrant@cidaninvestments.com
Tel: +233 (0) 20 821 2079
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
CIDAN Investments Limited
CIDAN House House No. 261
Haatso, North Legon – Accra
Tel: +233 (0) 27 690 0011/ 55 989 9935
Fax: +233 (0)30 254 4351
Email: info@cidaninvestments.com
Website: www.cidaninvestments.com
Disclaimer: The contents of this report have been prepared to provide you with general information o nly. Information provided in and available from this report does not constitute any investment recommendation.
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The Majority Caucus in Ghana’s Parliament has rea rmed its commitment to peace, vowing not to resort to violence after the opposition National Democratic Congress (NDC) Members of Parliament (MPs) took over the Majority bench at a sitting on Tuesday, October 22, 2024.
Addressing the media moments after staging a walkout from the oor of Parliament, the Majority Leader, Alexander Afenyo-Markin said the path to the Majority bench isn’t through “patapaa” (brute force), urging the NDC Minority Group to respect the Supreme Court’s ruling that overturned Speaker Alban Sumana Kingsford Bagbin’s orders.
This ruling, issued on Friday, October 18, 2024, allowed four previously barred MPs to represent their constituents and declared their seats vacant no more.
Afenyo-Markin advised the NDC to persuade Ghanaians to vote for them if they believe they have the electoral appeal to win the Majority.
‘That’s how we secured the Majority benches in 2017 and 2021. That how it’s done elsewhere, not through threats or intimidations. The path to the Majority bench is not carved through brute force or ‘patapaa’ in the hope that the seats on the Speaker’s right will be surrendered”, he noted.
On Friday, October 18, 2024, the Supreme Court of Ghana temporarily overturned Speaker Alban Sumana Kingsford Bagbin’s ruling which had barred four Members of Parliament (MPs) from representing their constituents and declared their seats vacant.
The apex court, accordingly, directed Parliament to recognize and allow the four a ected MPs namely Andrew Amoako Asiama, Independent MP for Fomena and 2nd Deputy Speaker, Cynthia Mamle Morrison, NPP MP for Agona West, Peter Yaw Kwakye-Ackah, NDC MP for Wassa Amen East and Kwadwo Asante, NPP MP for Suhum, to perform their duties.
The decision followed the granting of an ex-parte application led by the Majority Leader, Alexander Kwamena Afenyo-Markin, praying to the Court to stay the execution of Bagbin’s ruling declaring vacant the seats of four MPs and ordering the said MPs to vacate their seats in Parliament on account of his declaration.
Following the Supreme Court’s ruling, the Minority Caucus led by Dr. Cassiel Ato Forson on Sunday, October 20, 2024, declared the NDC’s readiness to protect their new Majority status, citing the Speaker’s ruling that shifted the balance of power, giving the NDC Caucus a slight advantage with 136 MPs compared to the NPP’s 135.
The Minority Leader said the NDC MPs were resolute in defending what they believe to be their rightful majority.
“The e ect of the Speaker’s declaration is that currently, we no long have an independent member of Parliament. The NPP has 135 members. This e ectively
utters the con gurations of Parliament signi cantly. The NPP Group is now the Minority Caucus as de ned in Order 6 of the Standing Orders of Parliament. The Minority Caucus means members of the party or parties that have the send largest number of seats in Parliament”, he stated.
The Minority Group backed their words with action by taking over the Majority bench at a sitting on Tuesday.
However, Afenyo-Markin emphasized that his side will always respect the court’s decisions and not resort to violence.
“If they insist on entering the chamber with advertised thuggery, we will quietly leave and stay away from the House”, he stated.
The walkout led to a conclave meeting between the Speaker and the Leadership of Parliament, but it wasn’t enough to convince the two sides to resume sitting, prompting the Speaker to adjourn the House sine die.
ThThe Center for Financial Literacy Education Africa marked the Second Edition of the National Estate and Gift Planning Awareness Conference on the 18th of October, 2024 at the Ghana-India Ko Annan Centre of Excellence in Accra. The annual event which is a major activity during the October Estate and Gift Planning Awareness Month Campaign every year brought together a diverse group of young professionals, including health professionals, banking and nance professionals, and experts within the nancial and legal community to discuss the pivotal theme, “Estate and Gift Planning: An Instrument for Wealth and Sustainability; Giving Back Means Giving Forward.”
The conference underscored the importance of estate and gift planning as a critical tool for both wealth management and sustainability. Estate planning involves making strategic decisions about the transfer of assets during a person’s lifetime and at death, while gift planning typically refers to charitable donations made during one’s lifetime or as part of an estate plan. Both processes help individuals and families maintain nancial health, protect assets, and create meaningful legacies.
The concept of “Giving Back Means Giving Forward” was a focal point, highlighting how charitable giving and thoughtful and careful estate planning can bene t not only bene ciaries but also communities and future generations. This idea of paying it forward through well-structured estate and gift plans promotes not only personal wealth preservation but also sustainable social impact.
Experts at the conference discussed various strategies that allow individuals to leverage their wealth in ways that contribute to societal well-being, such as Charitable Trusts and Foundations: Structuring gifts to create long-lasting legacies through donations to charitable causes, ensuring that funds are managed e ectively for generations. Writing of Wills; a will gives individuals the power to determine how their wealth will be distributed after death. Without a will,
intestacy laws dictate how assets are divided, which may not align with the deceased wishes.
The collaborative nature of the conference emphasized how estate and gift planning integrates cross-disciplinary expertise, combining legal, nancial, health, and philanthropic knowledge to achieve sustainability, wealth preservation, and the common good.
A ve-member advisory board was unveiled at the conference that would provide strategic guidance to the Center for Financial Literacy Education Africa in its mission to empower Africans with knowledge to make informed nancial decisions. Their responsibilities include
shaping policies that promote nancial literacy, advising on educational programs, facilitating partnerships with key stakeholders, and supporting fundraising e orts to sustain the Center for Financial Literacy Education Africa’s initiatives. The ve-member advisory board was; Mr. John Awuah, Chief Executive O cer of Ghana Association of Banks, who would serve as the chairman of the board, Prof. Enoch Opoku Antwi, Dean of Business and Communication Arts, Academic City University College, Mr. Daniel Ofori-Dankwa, President of Pro Patria Limited, Mr. Kennedy Wiafe E ah, Lawyer and Legal Practitioner at Nsiah Akuetteh & Co, and Mrs. Ramat Ebella Whajah, Sector Head of the Accra-Tema Zone,
The CFLE team led by Mr. Peter Asare Nyarko expressed his profound gratitude and excitement to work with the advisory board to elevate the Centre’s initiatives and projects to achieve its mission and long-term vision of an Africa in which all people are nancially aware and nancially literate and have access to ethical nancial advice, products, and services.
This conference provided a platform for professionals to exchange ideas and reinforce the signi cance of estate and gift planning in fostering a culture of responsible wealth management and philanthropy.
Chief executive of Telecel Ghana, Ing. Patricia Obo-Nai has called for an integration of purpose-driven strategies and sustainable practices in businesses to make more socioeconomic impact.
Speaking during a panel at the 7th annual Leaders on Purpose CEO Summit in New York on the theme ‘Shared Planet, Shared Future, Shared Purpose - Building Future-Fit Economies for Generations to Come,’ Ing. Obo-Nai advised business leaders to prioritise purpose and social impact in
their operations. The summit was held on the sidelines of the 74th session of the UN General Assembly in New York.
“A purpose-driven culture is essential for organisational success. Viewing purpose as a waste of investment is a risk to business sustainability. Purpose goes beyond making pro t. We must invest in developing our host communities, upskilling the people we work with, be interested in how we grow technological resources in our communities and how we engage local people in
employment,” she said. Ing. Obo-Nai’s panel participation follows her contribution to the prestigious 2024 Leaders on Purpose CEO Study, a renowned research initiative that explores the evolving landscape of purpose-driven leadership. This year’s study, titled ‘Purpose in Action: Leading Business Change in a Volatile World,’ highlights the critical role of purpose in navigating today’s complex global challenges.
The Leaders on Purpose CEO Study, established in 2015, is a
EDITOR: BENSON AFFUL
longitudinal research project that provides deep insights into how forward-thinking CEOs are integrating purpose into their business strategies to drive sustainable growth and impact. The 2024 edition focuses on themes such as geopolitical resilience, ethical AI integration, and climate leadership.
Highlighting the role of technology in sustainable development, she articulated the critical need for expanding connectivity infrastructure through collaboration to bridge the digital divide. “Expanding infrastructure and making it future proof is critical. We believe participating in infrastructure sharing and co-investment programmes is one of the most e ective ways to close the existing digital gap.”
As Telecel seeks to lead Africa’s digital transformation, Ing. Obo-Nai said improving access to digital connectivity has a much broader impact. “Our belief is that we can empower people to use digital products and services to better their lives and businesses. So, it's not just about how we connect businesses or digitalize business processes, but how we empower people's lives through digital solutions.”
Beyond its core operations, the telco is implementing a robust sustainability strategy to lessen its environmental impact including the increment of the number of solar-powered exchanges from two to ve to reduce both its carbon footprint and reliance on the national grid. Additionally, Telecel Ghana said it has planted about 14,000 seedlings since 2020, with a goal of adding 100,000 trees to the nation’s forest cover by 2030.
At the heart of the Leaders on Purpose summit, during UN General Assembly Week, is the continuation of global public-private dialogue as thousands of leaders from around the world converge to accelerate progress on the 2030 Agenda for Sustainable Development, especially in sustainable nance, digital transformation, and global resilience.