GIPC chief sees revitalized public-private partnership empowering local, global champions
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Newmont’s Ahafo South Mine maintains position as Ghana’s best company
Speaker unveils GH₵69 million office complex to strengthen parliamentary efficiency and service delivery
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Support businessesyoung to reach standardsglobal – Absa’s Kobla Nyaletey
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Letshego Ghana Savings and Loans achieves ISO 27001
certification
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GIPC chief sees revitalized public-private partnership empowering local, global champions
CEO of GIPC, Yo Grant,has maintained that revitalizing public-private partnerships is essential for cultivating local and global champions, ultimately driving signi cant progress in the economy.
He noted that strengthening collaboration between the public and private sectors is more critical than ever, especially in light of recent global disruptions. Speaking at the 21st Ghana Club 100 Awards, Grant stated, “I believe that if the relationship between the private and public sectors remains robust, our country will witness substantial progress, leading to a thriving economy.”
The Ghana Club 100 awards serve as a beacon of recognition for the resilience of Ghana’s private sector and its pivotal role in economic recovery amid global challenges. Mr. Grant acknowledged the signi cant hurdles faced by the global economy in recent years, particularly due to the COVID-19 pandemic and its lasting impacts.
“Today, we take immense pride in honoring companies that have excelled and acted as the backbone of our economy. Despite
By Eugene Davis
the challenges, it is the private sector that has sustained us. As we observe a remarkable recovery, it’s evident that success is attainable, and businesses can emerge as champions in their respective elds.”
Every country faces its own challenges, yet they continue to celebrate their champions. The evolution of the Ghana Club 100 over the years illustrates this dynamic; we’ve seen new companies rise while traditional leaders have slipped in the rankings. This transformation reinforces my belief in the immense growth potential ahead. With a solid partnership between the private and public sectors, we can overcome our challenges and achieve even greater success.
Themed “Fostering Domestic Champions, Building Local Capacity,” the ceremony honored the nation’s leading companies and acknowledged the private sector’s vital contributions to sustaining Ghana’s economic stability.
This year’s Ghana Club 100 Awards celebrated those companies that have not only navigated
recent economic hurdles but have emerged stronger, contributing to a more diversi ed economic base in Ghana. “The Ghana Club 100 Awards recognize companies that have weathered the storm and come out resilient, exemplifying the qualities that enhance Ghana’s competitiveness on the global stage,” Grant remarked.
Furthermore, he rea rmed GIPC’s commitment to honoring and celebrating outstanding companies. “We will continue to rank these companies and bestow the accolades and recognition they rightfully deserve.”
He also highlighted the government's ongoing e orts to transition from outdated strategies to innovative approaches, particularly shifting from raw material exports to value addition, thereby creating opportunities for new entrants in the sector. GIPC remains dedicated to recognizing those who successfully navigate challenges to become leaders in our economy, regardless of their circumstances.
The Chief of Sta , Akosua Frema Osei Opare, expressed that the GC100 awards exemplify the incredible spirit of Ghanaian enterprises.
Newmont’s Ahafo South Mine maintains position as Ghana’s best company
Newmont’s Ahafo South operation in Ghana has maintained its position as Ghana’s Best Company and the leading extractives business in the country. The accolade was presented to Newmont at the 21st edition of the Ghana Club 100, which was held on Friday, 25th October, 2024 at the Palms Convention Centre in Accra.
The company ranking, which recognizes top 100 companies in Ghana for their sustainable operations, growth prospects and social performance, is organized by the Ghana Investment Promotion Centre (GIPC), a government agency responsible for facilitating and promoting investment in Ghana as a preferred investment destination in Africa.
The Akyem operation located in the Birim North District of the Eastern Region improved on last year’s ranking, placing fourth in the overall ranking and third in the extractives sector. Newmont’s operations in Ghana have a decent track record in the ranking, placing in the top ten on multiple occasions. The Akyem Mine previously won the top award in 2015 and 2016 consecutively, and both mines have also been recognized for their investment in social responsibility.
Newmont’s reputation as a responsible mining business in Ghana is well documented, as the mine emphasises safe production, operational excellence, sustainable practices and values-driven stakeholder management. As the world's leading gold mining company, Newmont Corporation’s
commitment to environmental stewardship, community development and sustainability is leaving an enduring mark on Ghana's socio-economic development.
The company’s 2024 half-year scal payments to the Government of Ghana published in August, stood at GHS 3.176 billion, covering royalties, corporate tax, pay as you earn, carried interest, and levies. The company also supports local businesses through training opportunities, creating opportunities for them to thrive in the host communities.
The awards also highlight Newmont's transformative impact on local communities. This impact extends beyond the mines, reaching the very communities that surround them. At the heart of the Covid 19 pandemic, the company funded the establishment of two PCR laboratories in partnership with Kumasi Centre for Collaborative Research into Tropical Diseases (KCCR) and the Ghana Health
Service in the Asuti North and Birim North districts of the Ahafo and Eastern regions respectively. Over the years, Newmont has invested over $65 million in its community development Foundations in Akyem and Ahafo that are transforming lives through scholarships, skills training, healthcare infrastructure, and
economic livelihood projects. Newmont's recent accolades underscore its role as a global leader committed to reshaping the narrative of the mining industry.
These initiatives also demonstrate the company’s dedication to a future where responsible mining practices become the industry standard, not merely an option.
Speaker of Parliament, Alban Sumana Kingsford Bagbin, has inaugurated a GH 69 million supplementary o ce complex, designed to transform the institution into a resilient and dynamic parliamentary administration.
At the inauguration of the new ve-storey building at Parliament House in Accra, Mr. Bagbin emphasized that the complex is tailored to meet the evolving needs of the organization, featuring exible workspaces and state-of-the-art technology. He highlighted that this O ce Complex will house the Parliamentary Training Institute along with
various specialist departments.
Mr. Bagbin urged Parliament sta to take ownership of the facility, emphasizing the importance of treating it not merely as a state asset but as a shared resource. "It is my hope that this building will remain t and functional for the bene t of both present and future generations," he stated.
In discussing the importance of Parliament, Mr. Bagbin remarked that the strength of any democracy is re ected in its parliamentary system. He underscored that for citizens to bene t from democratic governance, Parliament must
be robust, as it plays a crucial role in both law-making and oversight.
He reiterated that Parliament embodies the principles of representation, accountability, and governance, acting as the voice of the people while holding the government accountable.
“The responsibility of strengthening Parliament does not rest solely with its members; it is a collective duty. We must collaborate to ensure our citizens do not su er and struggle in vain when they elect us,” he said.
Mr. Bagbin called on stakeholders
and Ghanaians to uphold and respect Parliament's role in shaping the nation’s democratic framework, urging support for strengthening all parliamentary departments.
Notably, the O ce Complex also includes ancillary facilities such as commercial stores, aimed at fostering an ecosystem that enhances productivity by minimizing the time and e ort required to procure essential items for the smooth operation of various o ces, including those of Members of Parliament.
Clerk to Parliament Cyril Nsiah
Abdul Rahman Amoadu (second from left), Managing Director of Newmont’s Africa operations commends the GIPC for a successful event
praised the ongoing support from successive parliamentary service boards and the contractors, Messrs. China State Haulong Construction Limited, for their commitment to completing the project ahead of schedule.
He added that the multipurpose building will provide essential training and learning facilities, o ce accommodations for specialist o cers, and additional o ce space for various departments.
Ing. Michael Krakue, Executive Chairman of ADK Consortium, the project consultant, urged Parliament and stakeholders to implement a rigorous maintenance regime to preserve the
facilities for both current and future use.
The project scope includes the construction of a ve-storey o ce block to house the Parliamentary Training Institute and provide vital ancillary services, as well as a two-storey o ce block for the Development Department of Parliament. Improvements also include the rehabilitation of the Eastern Perimeter Fence Wall to enhance security and the extension and refurbishment of the existing Fire Service Block to bolster its operational e ectiveness.
The new ve-storey Parliamenta-
ry Training Institute building will o er convenient banking services from commercial banks on the ground oor, along with conve-
nience shops on the rst oor, ensuring a comprehensive service o ering for Parliament's needs.
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.
Support young businesses to reach global standards – Absa’s Kobla Nyaletey
Absa Bank’s Executive Director for Retail and Business Banking, Kobla Nyaletey, has urged Ghanaian companies to support young businesses, even if their quality initially falls short of top standards. Speaking at the E-Jobs4All Development Summit, held from 22 to 27 October at the Accra International Conference Centre, Kobla advocated for the consistent support of local entrepreneurs, arguing that, with time, this support would enable young businesses to build sustainable quality standards and compete at a global level.
“This may require paying a bit more for local products, but the bene t to the country’s economy will be signi cant,” he said. The summit, themed “Igniting Futures: Entrepreneurship, Innovation, and Peace for Sustainable Development,” provided a platform for business and nance leaders, policymakers, and emerging entrepreneurs to connect.
Mr Nyaletey also stressed that young businesses need structure, but it must be the kind that supports growth without limiting creativity. He explained that while investors typically look for organised, dependable business models, overly rigid frameworks can constrain fresh ideas. Instead, he urged mentors, coaches, and investors to provide guidance that allows young entrepreneurs to grow in ways that are both sustainable and adaptable.
Touching on nancing, Kobla noted that young entrepreneurs
need tailored nancial support at various stages of their business development, from grants and patient capital to interest-free loans and loans with a ordable interest rates. He highlighted Absa’s own commitment to these
needs, mentioning the bank’s collateral-free SME loan o ered at a rate of 10% per annum. Through this subsidised loan programme, Absa Bank has reached nearly 7,000 MSMEs, helping create over 49,000 jobs.
The six-day E-Jobs4All Development Summit featured an array of sessions, including development dialogues, training, and pitch competitions, all aimed at promoting youth-led economic growth in Ghana.
Letshego Ghana Savings and Loans achieves
ISO 27001 certification
Letshego Ghana Savings and Loans PLC, a subsidiary of Letshego Africa (Letshego Group) is proud to announce its successful attainment of the prestigious ISO 27001 certi cation. This signi cant milestone demonstrates the company’s unwavering commitment to implementing and continually improving its Information Security Management System (ISMS) to safeguard sensitive information, ensure operational resilience, and maintain trust with customers.
The ISO 27001 certi cation is an internationally recognized standard that outlines requirements for estab-
lishing, implementing, maintaining, and continually improving information security management systems. It also includes provisions for the assessment and treatment of information security risks, ensuring that organizations like Letshego Ghana can manage sensitive data with the highest level of protection. This certi cation, which also ful ls the regulatory requirement set by the Bank of Ghana for all savings and loans companies, reinforces Letshego Ghana’s commitment to complying with both local and international data protection, con dentiality, and privacy regulations.
By achieving this certi cation, Letshego Ghana has taken a proactive approach to identifying, assessing, and mitigating risks that could impact operational stability. This accomplishment re ects the company's dedication to adopting global best practices in information security, thereby boosting customer con dence in the safety and reliability of the nancial services it provides.
Customers can trust that their personal and nancial information is being handled with utmost care and security.
Commenting on the achievement, Nii Amankra Tetteh, CEO of Letshego Ghana Savings and Loans, said, "Achieving ISO 27001 certi cation is a testament to Letshego Ghana’s commitment to protecting the integrity of our systems and the privacy of our customers. As we continue to grow and innovate in delivering nancial solutions, we remain dedicated to upholding the highest international standards of information security."
At the certi cation presentation, Eric Odae, ISO Audit Lead for Certi-Trust, the certifying body, added, "At Certi-Trust, we take great pride in certifying organizations that exhibit a true commitment to information security. Letshego Ghana’s achievement of the ISO 27001 certi cation is well-deserved, as their approach to security management has met
global standards. This certi cation is not only a re ection of their dedication to protecting sensitive customer information but also a signi cant step towards ensuring long-term operational resilience and compliance with international security protocols."
Letshego Ghana Savings and Loans remains committed to its mantra of 'Improving Lives' by o ering tailored nancial solu tions underpinned by world-class security and customer service excellence. This certi cation underscores the institution's continuous e orts to provide safe, reliable, and secure nancial services, ensuring that customers' information is protected at all times.
Letshego Ghana Savings and Loans PLC is a licensed nancial services provider, providing inno vative solutions to individuals across the public and private sectors, as well as supporting Micro and Small Entrepreneurs. The company is a wholly owned
subsidiary of Letshego Africa and operates with 16 physical outlets and a sta complement of over 100 employees. The company’s customer reach is enhanced through strategic partnerships, innovative delivery, and their new and enhanced digital channels.
NADeF Scholarship Programme: Turning aspirations into achievements
In the Ahafo Region of Ghana, a transformative initiative is reshaping the trajectory of countless young lives. The Newmont Ahafo Development Foundation (NADeF) scholarship scheme, launched in 2009, serves as a vital tool for empowering youth through education and vocational training. With its focus on formal education and employable skills development, this initiative has become a beacon of hope and opportunity for the host communities of Newmont Ghana Gold Limited’s Ahafo South Mine and Ahafo North Project.
Newmont operationalized its Ahafo Mine in 2005, thereby, signi cantly diversifying the economy of Ahafo. Along this transition came opportunities for sustainable development. In response to these evolving dynamics, Newmont, in consultation with its ten host communities and other key stakeholders, established the Newmont Ahafo Development Foundation (NADeF) in May 2008 as its primary driver of corporate social responsibility. The ten bene ciary communities are Kenyasi No.1, Kenyasi No.2, Ntotroso, Gyedu, Wamahinso, Yamfo, Susuanso, Afrisipakrom, Terchire, and Adrobaa in the Asuti North District and Tano North Municipality. NADeF has seven thematic operational areas-Human Resource Develop-
ment, Economic Empowerment, Social Amenities and Infrastructural Development, Cultural Heritage, Natural Resources Management, Sports, and Youth Development. NADeF is funded by a unique model that includes US$1 per ounce of gold produced and 1% of the mine’s annual pro t after tax from the Newmont Ahafo Mine.
Prioritizing future development, NADeF allocates an impressive 28% of its total budget to human resource development initiativesacademic and apprenticeship scholarship scheme. By o ering scholarships tailored to the unique needs of students under human resources development, the Foundation is cultivating a new generation of educated and skilled individuals who can contribute to the Ahafo region's long-term growth.
In a signi cant milestone, 13,507 individuals have bene ted from the academic scholarship of which 5,042 bene ciaries received support for senior high school prior to the free SHS introduction, while 7,062 were granted nancial aid for tertiary education. The scholarship scheme is open to students across public and private tertiary institutions including universities, colleges of education, and health training institutions among others. NADeF has, since 2017, suspended its scholarship support for senior high school (SHS) students. This decision was in uenced by
the introduction of the Free Senior High School (FSHS) policy by the government of Ghana, which aims to ease the nancial burdens of secondary education. The policy presented the opportunity for NADeF to re-de ne its focus in scholarship o erings by expanding the scheme to cover more tertiary students. Applicants who fail to meet the required cut-o grade of an aggregate score of 24 or better in their SSCE or WASSCE equivalents will be re-evaluated based on their improved academic performance in tertiary institutions. To qualify for reconsideration, students must achieve at least a second-class lower grade point average (GPA).
Under the apprenticeship component, 1,403 others have received support for vocational skills and apprenticeship trades. The vocational training includes welding and fabrication, hairdressing, dressmaking, auto mechanics, heavy-duty equipment training, videography, and baking, among others. These apprenticeship programmes, among others, serve as a catalyst for job creation and entrepreneurial opportunities within the local economy. Validated local residents-youth and master craftsmen (certi ed by professional body or association) in the communities qualify as apprentice, and master craftsman/woman under the
programme.
Testimonies of Tertiary Education Bene ciaries
Felix Ba our Agyebinti, now a medical practitioner from Wamahinso in the Asuti North District, embodies the positive impact of educational support. With the help of NADeF’s scholarship, he completed senior high school enroute to Kwame Nkrumah University of Science and Technology (KNUST) in Kumasi to study medicine. This scholarship played a crucial role in alleviating the nancial strain on his family, enabling him to acquire essential study materials and medical tools without overwhelming stress.
“There was a time when my younger siblings were admitted to senior high school, and their admission fees, along with my tuition fees for the year, were overwhelming. The support from NADeF was a relief for my parents. I can still remember the joy on their faces to this day,” he said. “As a scholarship recipient, it reminds me to strive for excellence in everything I do and to be a role model for the younger generation.”
The experience of receiving a scholarship has instilled in Agyebinti a profound sense of responsibility. He views his education as an opportunity to excel and serve as a role model for the next generation. Since graduating, he has dedicated
over four years to serving at major Catholic health facilities in the Ahafo Region, including St. Elizabeth Hospital at Hwidiem and St. John of God Hospital at Duayaw-Nkwanta. His role extends beyond clinical duties as he actively engages in various health outreach programmes aimed at enhancing healthcare access and delivery.
From Adrobaa, a community in Tano North Municipality, Aisha Bukari's story shines as a beacon of hope for single mothers navigating the complexities of life and education. At 30, Ms. Bukari juggles the responsibilities of raising three children while pursuing her dreams, a journey made possible through the NADeF scholarship.
Being the eldest of six siblings, she faced signi cant challenges after her secondary education at Acherensua Senior High School in 2009. With nancial constraints preventing her from attending university for over a decade, her aspirations seemed out of reach. However, receiving the NADeF scholarship allowed her to enroll in a Diploma in Education programme at the University of Education, Winneba, through the Sunyani Distance Learning Centre.
The scholarship re-ignited Ms. Bukari’s ambition. While studying, she took up the role as an unprofessional teacher in a local private school, contributing to her family's income and gaining vital experience in the classroom. “Thanks to the NADeF scholarship, I proudly stand as a trained teacher ful lling my national service. I will soon pursue my bachelor’s degree—a dream I once thought was a mirage,” she stated.
Breaking Barriers Through Apprenticeship
In Kenyasi, 32-year-old Sandra Yiettey after completing her senior high school education in 2016, aspired to join either the military or Immigration Service, fueled by her desire to serve her community. However, three unsuccessful enlistment attempts left her dreams in a limbo.
As a mother of three, she faced pressing nancial challenges. She established a food business, selling tuo zaa , a nutritious Ghanaian dish, which provided crucial support for her family. Yet, her ambitions extended beyond cooking; she was eager to venture into welding and metal fabrication. Unfortunately, nancial limitations hindered her access to necessary training.
A breakthrough came in 2023 when she received NADeF apprenticeship scholarship to learn welding and metal fabrication. This opportunity has catalyzed her journey towards becoming a skilled tradeswoman. Ms. Yiettey is enthusiastic about addressing the gender disparities in male-dominated industries. "When a woman engages in a traditionally male dominated trade, she often becomes the preferred choice in society," she noted. Her ambition is not solely for personal advancement; she aims to empower young women, especially school dropouts, by providing them with valuable employable skills. “Upon completing my three-year apprenticeship, I plan to mentor the next generation of women in welding and metal fabrication to demonstrate that with determination and support, barriers can be dismantled,” she stated.
The story of 21-year-old Comfort Fordjour in Kenyasi exempli es the transformative power of vocational training. After completing her Junior High School education in 2020, young Comfort initially pursued vehicle air conditioner repairs. However, her aspirations faced setback when her mentor and master craftsman abandoned her and other apprentices after 18 months, leaving them without guidance.
Fortunately, the NADeF apprenticeship scholarship intervened, providing her with a sewing machine and essential tools for dressmaking. This support not only relieved her family’s nancial burden but also rekindled her passion for learning a trade. “The NADeF apprenticeship support is a dream come true for me,” she shared, highlighting how this opportunity has paved the way for a sustainable career.
Impact Assessment
Prof. Yaw Ofosu-Kusi, Chairperson of the Board of Trustees, NADeF said the scholarship scheme is revolutionizing educational opportunities for children in the ten bene ciary communities, enabling families to overcome nancial obstacles that previously hindered their access to quality education.
“The transformative nature of the scholarship scheme instills hope for future leadership within the communities. By removing nancial barriers, the Foundation is paving the way for a generation poised to participate in decision-making processes,” he emphasized.
“The Apprenticeship Programme
on the other hand equips young people with essential vocational skills. This initiative caters to those who may not thrive in traditional academic settings, providing them with hands-on training that translates directly into employment opportunities. The programme plays a crucial role in youth empowerment, enabling many to achieve nancial independence and contribute positively to their families and communities,” Prof. Ofosu-Kusi added.
Sustainability of the scholarship scheme
As Newmont Ahafo Mines maintain their operations, NADeF is committed to enhancing academic and apprenticeship opportunities within the local community through its robust scholarship scheme. This initiative is part of a broader sustainability strategy aimed at ensuring that the bene ts of Newmont’s operations at Ahafo extend well beyond economic metrics. NADeF's scholarship programme is not merely short-term aid; it is a long-term investment in the communities’ future. The Foundation allocates a percentage of its annual receipts to an Endowment Fund, guaran teeing the programme's viability even after mining operations cease in the area. As of December, 2023 NADeF’s Endowment Fund investments stood at GH¢97.8 million. This forward-thinking approach secures educational support for generations to come.
The Ahafo North Project, expected to commence commercial operations in 2025, is set to signicantly boost NADeF’s nancial standing. The mine is projected to produce between 275,000 and 325,000 ounces of gold annually over its 14-year lifespan, translating into substantial contributions to the Foundation and its scholarship initiatives.
Conclusion
As NADeF evolves and broadens its impact, the potential for meaningful change in individual lives and the national development narrative is signi cant. Achieving sustainable rural community development is a collective e ort, underscoring the importance of support systems like those o ered by the Newmont Foundation (NADeF).
Sandra Yiettey (left) happily cutting a steel as her colleagues look on.
Comfort Fordjour(left) at workplace
Aviation sector supported 27% of Dubai’s GDP in 2023
Emirates Group and Dubai Airports have today released an economic impact study that rea rms the central role aviation plays in Dubai’s economy, by quantifying its contributions and forecasting the sector’s upwards trajectory, based on nancial and passenger growth projections for the sector.
The study, compiled by global research rm Oxford Economics, includes an assessment of direct economic activity generated by the aviation sector, indirect activity generated through the sector’s supply chain, and induced activity supported through wage-funded consumption by the local aviation workforce. The study also assesses the catalytic impact of tourism spending facilitated by the aviation sector in Dubai.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline & Group, and Chairman of Dubai Airports said: “Under the leadership of HH Sheikh Mohammed bin Rashid Al Maktoum, Dubai’s aviation sector has been a core pillar of our city’s economic growth strategy to date, and it will continue to play a key role in the D33 Economic Agenda.
“Supported by strong air connectivity, Dubai has a prominent presence on the global stage for trade, investments, tourism, and is a leading player in aviation and logistics. Our ambitious plans for Dubai World Central – Al Maktoum International airport, and our ongoing investments to expand capacity at Dubai International, will unlock further economic opportunities by supporting the projected demand for air transport. Our growth plans will generate even more skilled jobs, and also help drive innovation as we work with leading technology partners to develop future solutions to enhance travel experiences and make operations more e cient and secure.”
Aviation sector’s contribution to Dubai economy
In 2023, Dubai’s aviation sector, consisting of Emirates Group, Dubai Airports (including Dubai International and Dubai World Central - Al Maktoum airports), and other aviation sector entities¹ are estimated to have supported
AED 137 billion (USD 37.3 billion) in gross value added² (GVA), equivalent to 27% of Dubai’s GDP. This included the core economic impact of AED 94 billion, and AED 43 billion from the catalytic impact of aviation-facilitated tourism. These gures are projected to increase steadily, with aviation activities facilitated by Emirates and Dubai Airports contributing AED 196 billion, or 32% of Dubai’s forecasted GDP by 2030 (in 2023 prices).
Aviation-led activity also accounted for 631,000 jobs across Dubai, equivalent to one in ve jobs in the emirate in 2023. A further 185,000 aviation-linked jobs are expected to be created by 2030, with the total number of jobs supported by Dubai’s aviation sector forecast to grow to 816,000 jobs.
A previous economic impact report released by Oxford Economics in 2014 found that the aviation sector contributed to 27% of Dubai’s GDP and supported 417,000 jobs. While the latest results indicate the share of Dubai’s GDP has remained stable, the sector’s gross value added has increased in real terms, with the current gures re ecting faster growth across other sectors, as
well as diversi cation in the wider economy over the past decade. Dubai’s vital investment to futureproof its aviation sector and ensure it remains an economic driver, is evident in ongoing major investments to expand capacity and operations at Dubai International, in addition to a new generation facility at Dubai World Central - Al Maktoum International. The new AED 128 billion airport will be ve times the size of Dubai International, with the rst phase to be completed in 10 years. When fully completed, Dubai World Central - Al Maktoum International will consist of over 400 aircraft stands, with capacity to serve 260 million passengers annually. The expansion of Dubai World Central - Al Maktoum International is not included in the study’s main impact results3; however, the construction project is expected to contribute an estimated AED 6.1 billion to Dubai’s GDP in 2030, as well as support 132,000 jobs. The new airport and surrounding infrastructure will contribute to Dubai’s Economic Agenda (D33), which aims to strengthen the emirate’s trade and tourism footprint. D33’s progressive development plans also seek to make Dubai one of the most connected cities by adding 400 destinations
to its foreign trade map, in addition to making it one of the top ve logistics hubs in the world. Aviation and tourism in Dubai Aviation is also the driving force behind the growth of international tourism to Dubai. As one of the most frequented destinations in the world, visitors stayed an average of 3.8 nights in 20234, spending an average of AED 4,3004 on hotels, restaurants, attractions and shopping. According to the report, international visitors ying to Dubai spent an estimated AED 66 billion last year. In total, aviation-facilitated tourism spending is estimated to have contributed: AED 43 billion in gross value added, or 8.5% of Dubai’s GDP, supporting 329,000 jobs. More than half of GVA, AED 23 billion, was generated by those ying to Dubai with Emirates. Tourism to Dubai is projected to grow signi cantly over the next six years, with aviation-facilitated tourism spending expected to support AED 63 billion in gross value added, equivalent to 10% of Dubai’s projected GDP, as well as one in eight Dubai jobs.
The full Oxford Economics report ‘The Economic Impact of Aviation In Dubai’, can be found here
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
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 Ghana
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
WEEKLY MARKET REVIEW FOR WEEK ENDING October 18, 2024 CIDAN INVESTMENTS LIMITED
YTD Performance of Selected Commodity Prices
swaps, with terms that can be set from three months to more than a year.
CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA)
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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Gold Cocoa Brent Crude
Africa’s Economic Future: Less talk, more action – Prof. Douglas Boateng.
Africa is at a crossroads. With a collective GDP of $2.6 trillion, the continent lags behind global economic powerhouses such as China ($17.5 trillion), the United States ($25 trillion), and India ($4 trillion). Even smaller European nations like the United Kingdom and France outpace Africa, with GDPs of $3.5 trillion and $3.1 trillion, respectively.
This stark contrast raises a crucial question for Africa’s leaders, policymakers, and business executives: Can any African country achieve a GDP of at least one trillion dollars by 2063? Or is it time for a more ambitious and uni ed vision; an integrated United States of Africa, with open borders, harmonized policies, and seamless movement of goods, services, and capital across the continent?
At the recent Boardroom Summit, Professor Douglas Boateng, convenor of the event and chairman of the Ghana Minerals Income and Investment Fund (MIIF), delivered a clear
message to C-suite executives: “Africa’s potential is undeniable, but we are held back by fragmentation and short-term thinking. The time for endless discussions is over. We need decisive action. The idea of a United States of Africa isn’t just bold. It’s necessary to secure our economic future.”
For CEOs, chairpersons, and policymakers, the call to action is clear: The time has come to shift from rhetoric to results. African leaders must move beyond national interests and embrace regional integration. The African Continental Free Trade Area (AfCFTA) is a critical stepping stone, but its success depends on swift, coordinated action from both public and private sectors.
“The world will not wait for Africa,” Boateng emphasized. “We have the demographic advantage, and we have the resources, but we lack the political and economic will to turn our aspirations into reality. It’s time
to stop talking and start doing.”
Africa’s transformation requires more than policy documents. It demands dismantling protectionist barriers, making strategic investments in education and infrastructure, and committing to sustainable development. For business and political leaders, this means working together to create environments where innovation, trade, and entrepreneurship can thrive.
Agenda 2063 o ers the roadmap, but as Boateng noted, “Plans without execution are futile. Now is the time for leadership to move from reactive policymaking to bold, proactive initiatives that deliver immediate results.” The continent cannot a ord to wait any longer. Leaders must focus on outcomes, not promises.
The stakes are high. The decisions made today will shape Africa’s position on the global stage for decades to come. “Action speaks louder than words,” Boateng concluded. “It’s
More than just a tricycle
Beyond Beans Foundation in partnership with Child Rights International, Ghana, has presented a tricycle with special features to Abeho, a community in the Ayensuano Municipality, to provide a safe, friendly, and convenient mode of transportation for children to commute to school.
The ceremony, held on Thursday, September 26, 2024, was attended by school children, teachers, parents and local dignitaries.
Speaking at the ceremony, the Project Manager for Community Development at Beyond Beans Ghana, Mr. Innocent Yeboah-Num, said his organization was committed to the welfare of children.
“Our partnership with Child Rights International, in implementing the School Mobility Project, is very important to us. We believe that children deserve access to quality education to help them achieve their purpose in life.
“We are very happy this project is being implemented and we believe that it will go a long way
to help them improve attendance and school enrolment in the community,” he noted.
The Queen mother of Abeho, Ohemaa A ul Ayebea, thanked the organizations for their gesture and promised to ensure that the Tricycle Management Committee would maintain the tricycle so that it can bene t the children and the community at large.
The tricycle, with a roof, foldable side covers, upholstery seats and storage compartments, and capacity to carry about 12 children, was unveiled amidst cheers and applause.
More than 100 children from Abeho and its surrounding communities will directly bene t from this initiative. "I'm thrilled to ride in this tricycle to school," exclaimed Comfort, a JHS student of Kwadwo Hum Roman Catholic Basic School. "It will enable us to get to school early and not miss the rst lesson!"
The Mobility Project is funded by Beyond Beans Foundation and is being implemented by Child Rights International, Ghana. "This project demonstrates the
power of partnerships in addressing pressing social issues. We, therefore, invite corporate organizations, and individuals to support the initiative”, Mr. Malek Appiah A um, the Mobility Project Lead said.
Child Rights International plans to expand this initiative to other communities. So far, a total of 13 tricycles have been distributed in
time to stop talking about potential and start delivering results that matter for our people, businesses, and future.”
Africa’s future will not be shaped by endless meetings and speeches but by the strength of our decisions and actions. Now is the time to act. Less talk, more doing. The moment is ours. Let’s seize it.
nine communities across three regions. "We envision a future where every child has access to safe, reliable, and friendly transportation, empowering them to succeed in education and beyond," added Mr. Malek A um.
For more information or to support this initiative, please contact Child Rights International at 0302 503744/ 0302 790703 or childrightsghana@gmail.com.
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
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.
Nine lucky customers win GH¢ 270,000 in extended Telecel More Money promo in October
With the extension of the ongoing Telecel More Money promo to December, nine lucky Telecel customers have won GH¢30,000 each as weekly cash prize in October alone.
Coming from di erent parts of the country including Tafo, Tamale, Kasoa, Sunyani, Okaishie, Assin Fosu, Kanda, Obuasi and Ashaiman, the promo winners re ect the broad reach and impact of the rewarding cash prize promotion.
Humusulemi Osman, a second year Information Technology student at the University of Development Studies in Tamale, was overjoyed when her Telecel Cash wallet was credited GH¢30,000 at the presentation event at the Tamale Lorry Station.
“I didn’t believe it was real. My family didn’t either, so they couldn’t attend the event till I con rmed I had received the cash
prize,” Humusulemi said “Never did I ever dream of receiving this much money in my account. I will use it to support my tuition and hostel costs and invest in expanding my mother’s beauty products business.”
Launched in July, the Telecel More Money promotion aims to reward customers for their loyalty and encourage the active use of Telecel’s services for all customers, including mobile, xed, broadband and business. Customers who activate the promo and top up their accounts stand a chance to win GH¢100 daily, GH¢30,000 weekly and the grand prize of GH¢1,000,000 to become the Telecel millionaire.
As at the end of October, about 11,500 Telecel customers had won a total of GH¢2 million. By the climax of the ve-month Promo in December, a total of 18, 500 Telecel customers would have won
GH¢100 daily, 60 lucky customers would have grabbed GH¢30,000 each and the luckiest customer will walk away with a whooping GH¢1 million and be crowned the Telecel millionaire.
In Moshie Zongo, Kumasi, 21-year-old apprentice cobbler, Meshack Agawena was in disbelief when he received the call announcing he had won GH¢30,000.
“I was at work, so I hung up after the Telecel sta congratulated me for winning. I thought it was fraudulent, so I didn’t pick up the subsequent calls. The next day, another call came through and I decided to give it the bene t of the doubt and it turned out to be real. I was so excited and happy when I received the money at the presentation event.”
Meshack said his dad was nancially stranded and needed capital to restart his business hence the prize
money is the miracle they desperately needed. He will invest the rest into starting his own shoe repairs business after completion of his apprenticeship.
David Umoh, Director of Consumer Business at Telecel Ghana, said “We want our customers to know that every interaction with Telecel can lead to a win of any of the cash prizes for the More Money Promo. This is about rewarding and supporting our customers, and we invite everyone to join in as every top-up counts toward a chance to win big.”
The More Money promo, which has been extended until December, o ers Telecel users the chance to win exciting cash prizes simply by joining the promo and topping up their accounts. Telecel users can participate by sending the keyword ‘WIN’ to 500 or dialing *500# to opt-in or alternatively, activate the promo in the Telecel Play App.
