By Eugene Davis
More than 100 Ghanaian business leaders have urged government to bolster its relationship with the private sector and develop comprehensive strategies to support them to grow.
According to these leaders, for the Ghanaian economy to be in a strong position again, more inward investment, new green industries and start-up business ventures are required.
SMEs are the engine of Africa’s economy but quite a significant number of them are unable to sustain their operations. In Ghana, more than 85% of enterprises are SMEs and these SAMEs contribute towards 70% of the country’s gross domestic product, research shows (ITC, 2016)
Enabling Ghanaian SMEs and the private sector to be globally competitive through skills development was a critical focus point at the maiden McDan Business Forum held in Accra last Thursday.
Speaking at the maiden McDan Business Forum, the CEO of McDan Group of Companies, Daniel McKorley stated that the aim of the event was to assemble business leaders and solicit ideas which they plan to present to government.
“The past year 2022 has been a struggling year and we witnessed things that we never saw before in terms of business and I feel the politicians did their best, government did what they had to do, right now the private sector must have some voice with ideas, so I thought it wise to bring some few business men together for us to brainstorm, see what we can do
to support the government and also if we have any ideas we take it to government to see how they can buy into it and make sure that the business environment becomes an enjoyable one.” he told journalists after the event.
During the forum, there were calls for the strengthening of the local content and adopting diversification.
According to Mr. McKorley, the country has had weak local content law and spirit, he reckons it is about time local business men have a “big say in policy, it looks like the whole business community is sitting back watching on for the politicians and government to take decisions for us, and I think it is about time, we support government with our resources and ideas”
He also added that business men in the country must be more solution minded in order to support government.
At the forum several issues such as the cedi depreciation to the US dollar, adding value to the country’s raw materials, developing market access for smes to partake in the Africa Continental Free Trade Area (AfCFTA), redefining the Ghanaian mindset, were discussed.
Ghanaian businessman and former co-founder of UT Bank, Prince Kofi Amoabeng touched on the weakening cedi to the dollar and offered strategies, stressing that individuals habits and behaviours have changed which has made the demand of the dollar high.
“We have a change in lifestyle,
values -the food that we eat, things we wanted for ourselves and family is changed. In every home in the south of Ghana, they have to pound fufu which is local, now everybody is eating rice which we don’t grow, we have to import toothpick after we have eaten our rice.
We need dollars to pursue whatever our level of desire is, therefore the rate of the cedi to the dollar will worsen, and one major contribution to this is corruption -when people have taken monies from the system, they need dollars so it is more compact so they can run away and put those monies outside, so apart from the fact that we have changes in values, lifestyle and everything, there is so much corruption which is also pushing for more dollars.”
On some of the solutions, he stated that government should limit the importation of rice, oil and non-essential items, “government will have to put some kind of ban and restrictions in place so we don’t have to import much because importation puts a stress on it, a strong GRA is needed in order to rake in more taxes, a bold leadership which is not greedy will help stabilize the cedi.”
The forum saw leaders from various sectors of the Ghanaian economy share their perspectives on ways to improve the fortunes of the Ghanaian economy in the coming year.
Some participants included the CEO of Maxigate Group, Mr Dennis O. Carter; the Managing Director of FBN Bank Ghana, Victor Yaw Asante; the CEO of Payswitch, Kojo Choi and the MD of Penta Build Limited, Mr Firas Jaber.
USA, last week , M r Kyremanten advocated, among others, for greater investment in agriculture and agribusiness as well as oil and gas sec tors
industries, and suppor t for the development of infrastruc ture including road struc ture and
Member countries of the International Monetary Fund will pay more in terms of interest rate for loans contracted from the fund.
The roundtable was on the ex tension of the African Growth and Oppor tunity Ac t (AGOA) which is set to expire in September 2025.
This is because the IMF has increased its lending rate on its Special Drawing Rights (SDR) from 0.89 per cent to 2.99 per cent, representing an increase of 2.1 percentage points.
He also called for more resources to be pumped into blue ocean economy, light manufac turing
The new rate which took effect on January 6, 2023, means that Ghana would have to pay more should the Bretton woods institution approve the US$ 3 billion programme.
AGOA Prefe ment is a unil between the sub -Sahara which gra ta-free access for around 1,800 promoting ment of these
Ghana is currently seeking an IMF-support programme to the tune of $3.0 billion that will span a period of about three years to revive its struggling economy.
This means the nation will pay an interest of 2.99% on the $3.0 billion over a period that will be determined by the terms and conditions of the Fund.
Already, the country is already seeking for debt cancellation via the G20 Common Framework programme, despite only poor nations eligible for it.
added
meetings and events including,
MTN MoMo has implemented the Bank of Ghana (BoG) approved increase in daily and monthly transaction limits as well as maximum wallet balances. The wallet transaction limit increase will facilitate efficient payments, encourage greater seamless transition into a Cash-lite society and promote more digital payments.
Customers with Daily Transaction Limits of GHC 1,000, GHC5,000 and GHC10,000 have had their limits increased to GHC2,000, GHC10,000 and GHC15,000 respectively. Additionally, Account balance limits of GHC2,000, GHC15,000 and GHC 30,000 have been increased to GHC3,000, GHC30,000 and GHC 50,000 respectively. Further to these increases, monthly transaction limits for customers with Medium and Enhanced KYC are limitless while customers with Minimum KYC have a limit of GHC 6,000.
The Ag. CEO of MobileMoney Limited, Mr. Shaibu Haruna expressed his delight over the upward reviews approved by the BoG, following engagements to assess the possibilities of reviews to enhance digital payments and ultimately drive the Cash -lite agenda.
He said, “MML following the approval has gone ahead to implement the directives to ensure that our customers enjoy the convenience of doing various transactions such as the Money Transfer, Bill Payments, receive Remittances, Buy Insurance, Buy Shares, Payment of school fees as well as general goods and services.” “We are calling on all customers to take advantage of the enhancement in wallet size to grow their transactions and improve their livelihoods.”
The upward reviews have been activated for all MoMo subscribers. However, Customers who require further enhancements on their wallet are required to provide any of the following documents:
• Utility Bill in customer’s name, • Bank Statement, Registered Tenancy Agreement, • Letter from your employer.
• Tax Certificate
The document should be presented at any MTN Service Centre or engage MTN Ghana through its digital channels: Twitter: @MTNGhana or @AskMTNGhana; Facebook: MTN Ghana or WhatsApp:0554300000. Customers are advised to beware of the activities of fraudsters and report fraud issues by text to 1515 or 419.
nephrologist, talked about how chronic kidney diseases can lead to high blood pressure.
Dr Tannor explained to the host of the Vodafone Healthline show that kidneys help in the body's removal of waste and control of blood pressure. As a result, damaged kidneys cannot regulate blood pressure, which might result in elevated blood pressure.
He added that high blood pressure could also result in renal failure or chronic kidney disease. The doctor described how kidney-related blood vessels could be impacted by high blood pressure and become narrowed. As a result, the kidneys do not get enough blood, which deprives them of the oxygen and nutrients they need to operate. This damages the kidneys' tiny blood vessels.
He advised viewers to check their blood pressure often because high blood pressure has no warning signs or symptoms.
The ideal way to reduce one's risk of renal disorders and high blood pressure, according to Dr Tannor, is to make specific adjustments to one's lifestyle, such as exercising frequently, maintaining a healthy weight, eating healthily, and contacting your doctor for checks on both conditions.
The fourth episode of the Vodafone Healthline Spin-Off show also debunked the notion that putting a thread on a
baby's head prevents hiccups.
In response to the myth, Dr Aba Folson stated that there has not been any scientific or medical research to back up the belief.
She clarified: "The diaphragm contracts uncontrollably to cause hiccups. Whatever is in your hair has nothing to do with it. As everyone is aware, hiccups can occasionally be brought on by overeating, being overly full, or being dehydrated. Making sure that babies burp properly after feeding, keeping them upright for a while after feeding, and making sure they are well-hydrated are all simple steps you can take to try and reduce this problem in babies. However, when it does happen, it is not pathological and even goes away by itself. If it makes you feel better, you can put a thread on the baby's head, but it will not change anything."
Through the Vodafone Healthline show, Vodafone Ghana has provided free medical education and interventions to the Ghanaian public. The show keeps giving out useful information through interesting content on selected media outlets and social media.
The Vodafone Healthline Spin-Off edition airs on UTV on Mondays from 9:30 p.m. to 10:00 p.m. and on DGN on Tuesdays from 6:00 p.m. to 6:30 p.m.
acquiring knowledge now. With convenient online options to enhance skills and earn new certifications, it is important for women to make sure that they remain ahead of the curve. This is one of the ways to ensure that people come to you for your expert knowledge and remain relevant”, she emphasized.
challenges women are confronted with.
Ms. Eunice Golloh, the President and Founder of Impact Wave Initiative, a women community driven non-profit organization, has charged women to continue upgrading themselves in order to equip themselves to challenge the status quo and make a meaningful contribution to national development.
She made the call when her organi-
zation hosted its maiden “Impact Conference 2022” on Thursday 22nd December 2022 at the Holiday Hotel in Accra. It was a deep conservation about women empowering one another, looking out for each other and building synergies amongst themselves for growth.
In her welcome address, she said, “knowledge is an important currency today and there are several ways of
She further admonished women not to wait around, rather be more proactive and assertive. “It is a well-known fact that women underestimate themselves all the time. On the other hand, men grab opportunities even if they feel they are not ready and this makes a huge difference”, she added.
The successful event, which attracted hundreds of young women from across the nation’s capital and beyond, provided a platform for women to share their real life experiences and discuss solutions to
The distinguished panellists and speakers at the event included Ms. Ablah Dzifa Gomashie, former Deputy Minister of Tourism of the Republic of Ghana, Ms. Abigail Nikoi, a Business Development Professional and Marketer, Ms. Pearl Laryea, a Pastor and Entrepreneur and Ms. Cordelia Ama Selormey, a Media & Communications Consultant. Ms. Selina Bentoom, the Executive Director for African Foundation for Premature Babies & Neonatal Care (AFPNC), excellently moderated the event.
Impact Wave Initiative is dedicated to assisting young women build themselves to their best potential through mentorship, workshops, and physical development. Its vision is to change the concept and mindset of today’s women to change the narrative.
en.
According to Mr. Kyerematen, the government was fully committed to ensuring the successful implementation of the Ghana-Thailand rice project.
“Government is fully on board in terms of providing the enabling environment and policy framework for this project,” he said.
He praised the Executive Chairman of the Jospong Group of Companies (JGC), Dr. Joseph Siaw Agyepong, for venturing into rice production.
He was very confident that the project will be productive and inure to the mutual benefit of both Ghana and Thailand.
Afriyie Akoto, has appealed to investors in Thailand to come and invest in Ghana’s rice sector.
He said Ghana has huge potential for rice production which is evident in its favourable climatic conditions, availability of arable lands and an open society with a vibrant democracy.
Dr. Afriyie Akoto made the appeal when a delegation of investors from Thailand, led by the Executive Chairman of the Jospong Group of Companies (JGC), Dr. Joseph Siaw Agyepong, and the Honorary Consul of Ghana in Thailand, Dr. Sicha Singsomboon, paid a courtesy call on him at the ministry on Friday, December 30, 2022.
able to support large scale rice production, hence encouraged the Thai investors to take advantage of it and invest in the sector.
In addition, he assured the delegation of the government of Ghana’s support for investors in the rice industry.
“Our rice production is seasonal, and, therefore, we want action targeted at planting rice in April, May June, assuring that “we will make sure that land is made available to you,” he asserted.
He said it was his ministry’s target to make Ghana self-sufficient in rice production, which has seen some significant gains. However, he added that more needed to be done to bridge the deficit.
On this score, Dr. Afriyie Akoto charged the Thai delegation to bring an action programme to his ministry for consideration.
He asserted that the intervention by the private sector in the rice industry was very crucial, noting that it will help in the government’s vision of commercialising the commodity.
While commending Jospong Group of Companies for venturing into rice production, he maintained that he will continue to give Dr. Siaw Agyepong all the encouragement and support in his efforts to help the government address the food security challenge in the country.
The delegation from Thailand also visited the Minister of Trade and Industry, Mr. Alan Kwadwo Kyeremat-
Trade statistics between Ghana and Thailand, he bemoaned, has not been encouraging, but stated that there was much that Ghana could learn from Thailand.
Early in 2022, the JGC commenced its integrated rice farming project. And in showing the seriousness JGC attached to the project, a team led by its Executive Chairman, Dr. Siaw Agyepong, visited Thailand to understudy the Thai rice sector in order to replicate their experiences and strategy in Ghana.
The object JGC was to partner with major rice industry players in Thailand to provide technical and equipment support for the entire rice value chain in Ghana with the aim of boosting rice production in Ghana.
icates among others. The winners were rewarded for their dedication and commitment to providing millions of Ghanaians with mobile financial services nationwide. They were selected based on the value and volume of transactions done in the year under review, the number of new subscriptions and a zero record of fraud.
in digital payments and building a cash-lite economy. He also called on all stakeholders to help combat fraud.
at the 2022 MTN MoMo Awards.
Over one thousand awards were given out during the Awards ceremonies held in Takoradi, Kumasi and Accra for vendors in the South-West, Northern Ghana, and South-East Business Districts of Mobile Money Limited. Big Joe Ventures, located at Kasoa,
Links Limited, Tema emerged the overall winners for the various Business Districts, each taking home a prize of GHC 50,000 e- cash, a Motorbike, and a certificate of honor as well as other prizes.
Other top-performing Agents, Merchants and Mobile Agents were rewarded with motorbikes, smart TVs, laptops, CCTV Camera's, E cash, certif-
Speaking at the various events, Ag. CEO of MobileMoney Limited, Shaibu Haruna, thanked various stakeholders for their immense contributions to the growth of the MoMo service. He attributed the growth of the service over the years to the relentless efforts of several stakeholders especially MoMo Agents, Merchants, and other valued partners.
He added that despite the challenges the service faced in 2022, the future of Mobile Money looks more promising with the emerging opportunities
“The next phase of our business will be more exciting as we work to roll out several innovations and initiatives in line with our Ambition 2025 strategy of leading digital solutions for Africa’s progress, driving socio-economic growth and creating more value for our valued partners and stakeholders,” he said.
Currently, MTN MoMo has over 276,000 agent points across the length and breadth of Ghana and over 240,000 merchant points and over 12 million active users.
MTN MoMo Awards seeks to celebrate and recognize the efforts of agents, merchants and mobile money agents who have contributed immensely to the growth of the service across the country.
The recent global economic challenges attributed to the COVID-19 pandemic and disrup tions in supply and procurement as a result of the Russian-Ukraine war and the accompanying geopolitical issues have rekindled the debate on the economic integration of African countries.
Notwithstanding the global effects of the conflict such as challenges in grain and fertiliser shipments, African countries with their fragile economies seem to be hard hit.
According to the African Union Commissioner for Agriculture, Ms Josefa Sacko, Russia and Ukraine are major players in the export of wheat and sunflower to Africa.
The United States Assistant Secretary General, Ahunnna Eziakonwa, said Russia’s war in Ukraine has disrupted Africa’s promising recovery from the COVID-19 pandemic by raising food and fuel prices, disrupting trade of goods and services, tightening the fiscal space, constraining green transitions and reducing the flow of development finance on the conti-
most African currencies. According to the 2022 African Economic Outlook report released by the African Development Bank, Africa’s Gross Domestic Product (GDP) is affected by the lingering effects of the COVID-19 pandemic, and Russia’s invasion of Ukraine.
In West Africa, Ghana is struggling under the weight of weak economic policies, mismanagement and huge debt. For the citizens of Ghana, the uncertainties of the new year in terms of the value of the Ghanaian Cedi and its impact on their businesses and jobs is a headache. Sahelian countries such as Mali, Niger, Burkina Faso and Mauritania are vulnerable to these external shocks. The ripple effect is the rise in violent conflicts in these regions.
In a 2004 finance and development
ine Pattillo, two main reasons account for the African monetary union. The first reason is the Euro’s successful lated the regional quest for common
Secondly, they stated the desire of African countries to counteract the perceived economic and political weakness. While these may be the remote perceptions of most people, the demand for a monetary union, a single currency and even African integration cannot merely be because of these reasons.
The need for African countries to restructure their economies and insulate them against external shocks, and the need to have a relatively stable continental currency capable of withstanding the dynamics of international trade are necessary motivations for an African monetary union and integration.
Single currency
The idea behind creating a single African currency dates back to the nineties. Unfortunately, while there has been a unanimous agreement on
By Benjamin Kwame Amankwaits relevance and need, little to nothing has been achieved. Experts attribute the failure to severe fiscal problems, the lack of credibility of African central banks and financial institutions, and the quest to link monetary unions to regional integration. The major challenge, however, has been the lack of political will on the part of African governments. In the year 2003, fifty-three member states of the African Union renewed the call for a single African currency.
The plan was to create monetary unions in some existing regional communities, which will serve as an intermediary toward creating a single African central bank and currency.
Looking at the differences in currency and variations in value among others, the plan is broad and lacks focus not to mention the economic and political consequences that it is likely to have on the individual member African countries. It is thus not surprising that the basis of the project, to create monetary unions within existing sub-regional communities like the eco for West Africa has not seen the light of day.
The need for a common African currency cannot be overemphasised. It however requires a concerted effort, commitment and decisive action by African governments to achieve. African countries cannot continue blaming external shocks for their economic challenges. The global future is not dependent on aid from the West, as most African countries have relied on that for years. The forward match for Africa requires a joint commitment toward creating a monetary union of Africa even if not an immediate political integration. The Writer is a Marketing & Communication consultant E-mail:benonymullray@gmail.com
Dear friends,
Bathed in the warm winter sunshine, we welcome 2023, a new year full of promise and expectations. I would like to extend my greetings to you from Beijing!
In 2022, the Communist Party of China (CPC) successfully held its 20th National Congress, setting out the task of and pathways to advancing the rejuvenation of the Chinese nation on all fronts through a Chinese path to modernization. As a participant, witness and recorder of the new era, China Media Group (CMG) presented the grand and magnificent congress to the world, and produced a host of quality features such as "Trailblazer" and "Decoding the Past Ten Years" to tell China's remarkable stories during the past extraordinary decade, winning wide acclaim from audiences at home and abroad.
Over the past year, we have explored the integrated innovation of "Ideas + Art + Technology" to strive for the goal of delivering quality products across our channels, networks and platforms. In broadcasting the Beijing Winter Olympic Games, CMG adopted cutting-edge technologies to present a "Chinese style romance"
where the Olympic Spirit mingled with Chinese culture and the spark of technology lit up ice and snow. International Olympic Committee President Thomas Bach praised CMG for the unprecedented scale and success it achieved in covering the Games. Programs produced by CMG such as "China in the Classics" and "China in Poetry and Painting" are not only an artistic interpretation of lasting Chinese civilization, but also a continuous pursuit that contributes to the diversity of human civilizations. Our shows like the Spring Festival Gala, the Mid-Autumn Festival Gala and the New Year Gala have helped inspire enthusiasm for Chinese culture overseas. Our series of screening events of Chinese film and TV programs like "China Documentary Festival" and "The Bond" for Latin American and African audiences have helped build a bridge across civilizations and bring together hearts and minds through the medium of images and films.
In the past year, we held the first CMG Forum, the China-Argentina High-level Forum on Cultural Exchanges, the Chinese-Arab Media Cooperation Forum and other media events with diverse themes to continuously improve our "Media Partners"
regional cooperation mechanism, elevating the friendship with our global counterparts through exchanges and interactions. Following the conclusion of the 20th CPC National Congress, we launched a series of 58 overseas media events on "New Journey: China and the World" to discuss the relevance of Chinese modernization and its significance to the world with friends from different countries, which received support and coverage from more than 2,000 international media outlets.
As President Xi Jinping has emphasized on many occasions, China firmly stands on the right side of history and the side of human progress, and strives to contribute Chinese wisdom and solutions to the cause of human peace and development. The capacity for communication is one essential metric for an international media outlet, and truth is the source of vitality of all media organizations.
Over the past year, we have improved our global news gathering network and dedicated ourselves to honing our capability to report on top world news stories. We now broadcast in 68 languages, up from 44, with a coverage of 233 countries
and regions. When reporting on the Russia-Ukraine conflict and the COVID-19 pandemic, we have abandoned prejudices, stayed true to truth and made China's objective and impartial stance and solutions heard by the international community.
In the coming year, we will keep forging ahead with enterprise and fortitude, and present new prospects in the new era in China to the international community from multiple perspectives. The coming year also marks the 10th anniversary of the proposal of the Belt and Road Initiative. And we will continue to make friends through media cooperation, advance exchanges and mutual learning among civilizations, and shoulder our duty as a responsible media organization in promoting humanity's shared values and the building of a community with a shared future for mankind.
"Rivers and mountains look lovely on this long day. The spring breeze delivers fragrance of flowers and grass." With the spring coming soon, I again wish you a happy new year filled with health, peace and happiness. Thank you!
Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed nearly USD$100 million in direct funding to 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs. The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.
The Foundation’s ability to fund, train, mentor, and network young African entrepreneurs, has created a unique platform for catalysing growth across the African continent. The robust ability of the Foundation to reach entrepreneurs across geographies and sectors, has enabled it to conduct innovative partnerships with the European Union, United Nations Development Programme, the International Committee of the Red Cross, the United States Government via the United States African Development Foundation (USADF), The Organisation of African, Caribbean and Pacific States (OACPS), The French Development Agency (AFD), The German Development Finance Institution (DEG), The German Agency for International Cooperation (GIZ), The African Development Bank (AfDB), and Google, with bespoke programmes including
targeting female empowerment and growth in fragile states.
Somachi, who joined the Foundation in 2014, has served as the Foundation’s Head of Research, Head of Policy and External Relations, and most recently as the Director of Partnerships and Communications. In her new role as CEO, Somachi will leverage her expertise, experience and network to provide strategic leadership in consolidating and deepening the Foundation’s work of transforming Africa through entrepreneurship.
Speaking on the appointment, Tony O. Elumelu, CFR stated: “This is an important time for the Foundation and Africa. Our work is ever more important, and our platform is demonstrating our ability to truly catalyse change. We are increasingly working with partners, to magnify our impact. Somachi’s experience in partnership development will be particularly relevant. Somachi, as Director of Partnerships & Communications, has demonstrated strong leadership, commitment, and strategic thinking, in delivering the Foundation’s mission to transform Africa. She is the perfect candidate to build on Ifeyinwa Ugochukwu’s impactful contribution.
“On behalf of the Board, I also thank Ifeyinwa, for her considerable achievements, significant s
Mozambique is ramping up sustainable energy supply to drive its economy especially the industrialization programme As it seeks reliable foreign par tnerships, it has already shor tlisted a few energy groups for the new US$4.5 billion M phanda Nkuwa hydroelec tric dam, on the Zambezi River, located in Tete province that is estimated to generate 2,070 megawatts for Mozambique I t will be 700 metres long and rise 86 metres above its foun-
Mozambique is ramping up sustainable energy supply to drive its economy especially the industrialization programme. As it seeks reliable foreign par tnerships, it has already shor tlisted a few energy groups for the new US$4.5 billion M phanda Nkuwa hydroelec tric dam, on the Zambezi River, located in Tete province that is estimated to generate 2,070 megawatts for Mozambique I t will be 700 metres long and rise 86 metres above its foun-
ing the seven potential investors was made at the end of an investor conference held in Maputo I t fur ther wrote that there were two individual companies and
ing the seven potential investors was made at the end of an investor conference held in Maputo I t fur ther wrote that there were two individual companies and
previously visited the site to understand the natural conditions of the area and assess the fundamental data to prepare proposals from a technical,
previously visited the site to understand the natural conditions of the area and assess the fundamental data to prepare proposals from a technical,
view.
The tender for the "Selec tion of the Strategic Par tner or Investor for the Development of the M phanda Nkuwa Hydroelec tric recieved the results of the market sur vey carried out in September involving the critical aspec ts of struc turing the projec t, alignment with potential buyers and shareholder par ticipation. The struc ture of the energy transmission line, the methodology for selec ting the strategic par tner, the implementation schedule, among other relevant issues related to the projec t transac tion.
The newspaper estimated the infrastruc ture cost between US$4.5 and US$5 billion and have capacity to produce 1,500 megawatts, mak ing M phanda Nkuwa the second-largest hydroelec tric dam in the countr y, af ter Cahora Bassa Hydroelec tric (HCB), which generates 2,070 megawatts. With the two infrastruc tures in fully operational energy produc tion, Mozambique hopes to achieve the goal of universal access to energy and respond to the plagues southern Africa.
The tender for the "Selec tion of the Strategic Par tner or Investor for the Development of the M phanda Nkuwa Hydroelec tric recieved the results of the market sur vey carried out in September involving the critical aspec ts of struc turing the projec t, alignment with potential buyers and shareholder par ticipation. The struc ture of the energy transmission line, the methodology for selec ting the strategic par tner, the implementation schedule, among other relevant issues related to the projec t transac tion.
According to Malaysian newspaper The Star, the process of selec t-
According to Malaysian newspaper The Star, the process of selec t-
during the construc tion phase, more than 7,000 jobs will be created, and 50 percent of the energy generated will be expor ted, contributing to the countr y's economy and thus mak ing a regional energy hub in Mozambique
during the construc tion phase, more than 7,000 jobs will be created, and 50 percent of the energy generated will be expor ted, contributing to the countr y's economy and thus mak ing a regional energy hub in Mozambique
The M phanda Nkuwa projec t will be a lower- cost power generation option which will position Mozambique as a regional energy hub, and contribute to universal access, industrialization, job creation and technical training while generating tax and concession fee revenue The projec t is fundamental for the energy transition and decarbonization of the southern region of Africa.
The newspaper estimated the infrastruc ture cost between US$4.5 and US$5 billion and have capacity to produce 1,500 megawatts, mak ing M phanda Nkuwa the second-largest hydroelec tric dam in the countr y, af ter Cahora Bassa Hydroelec tric (HCB), which generates 2,070 megawatts With the two infrastruc tures in fully operational energy produc tion, Mozambique hopes to achieve the goal of universal access to energy and respond to the plagues souther
General Direc tor
General Direc tor of the Carlos Yum, envisaged
Carlos Yum, e
price tag, 60% is for the construction of the dam and 40% for the power transmission line At this moment, the development
price tag, 60% is for the construction of the dam and 40% for the power transmission line At this moment, the development
public tenders for the updating of the projec t's feasibility studies will launch a tender for the iden-
The M phanda Nkuwa projec t will be a lower- cost power generation option which will position Mozambique as a regional energy hub, and contribute to universal access, industrialization, job creation and technical training while generating tax and concession fee revenue The projec t is fundamental for the energy transition and decarbonization of the southern region of Africa.
Carlos Yum has laid out the status of the M phanda Nkuwa hydroelec tric dam construc tion projec t According to Yun, the projec t is budgeted at around US$5 billion, and work will star t in
Carlos Yum has laid out the status of the M phanda Nkuwa hydroelec tric dam construc tion projec t. According to Yun, the projec t is budgeted at around US$5 billion, and work will star t in
public tenders for the updating of the projec t's feasibility studies will launch a tender for the iden-
closing a 2024 deadline has been set. In terms of shareholding, the M phanda Nkuwa projec t will have the par ticipation of the Mozambican state, through Electricidade de Moçambique (EDM) and Cahora Bassa Hydroelec tric [(HCB), with between 30% and 35% of shares The remaining 65% will be secured from private investors.
closing a 2024 deadline has been set In terms of shareholding, the M phanda Nkuwa projec t will have the par ticipation of the Mozambican state, through Electricidade de Moçambique (EDM) and Cahora Bassa Hydroelec tric [(HCB), with between 30% and 35% of shares. The remaining 65% will be secured from private investors
Car ta de Moçambique also informed that there would be consultants involved – from Brazil, the United States, Sweden and South Africa – to assess
Car ta de Moçambique also informed that there would be consultants involved – from Brazil, the United States, Sweden and South Africa – to assess
The storming of Brazil’s democratic institutions this weekend was no spontaneous “accident.” Conspiratorial plots and appeals for a military coup have been circulating on far-right social media for months, and they predictably intensified after Luiz Inácio Lula da Silva defeated Jair Bolsonaro in the presidential election last October. They sky-rocketed in the days before this weekend’s protests rocked Latin America’s largest country.
could
the foundations of democracy itself.
together of capital angements ities for existbank loans appears to problem temporar y solution.
By Robert Muggahminister of public security and justice, and the Supreme Court have vowed to prosecute all those involved. The restoration of order does not mean that Brazilian democracy is safe. While the insurrection may unify parts of society against the radical fringe, social-media activity already suggests that polarization could deepen in an already bitterly divided country. Many militant demonstrators and right-wing sympathizers will feel emboldened by their assault. Some of those who were carted away to jail will be held up as martyrs and heroic defenders of liberty and freedom. By labeling them “terrorists” and “fascists,” the government and the mainstream media risk alienating millions of Bolsonaro’s more moderate supporters.
instances Indeed, recent developments where external entities 40 per cent ratio to the countr y s debt has dwindled to a nearcant problems of speed of light which their securities can be withdrawn and its negative impact of weakening the local currenc y
volved in the new national debt architecture ,however, these ar ticles seeks to focus on symbiotic win-win business-like solutions The economic and social implications of appeals by the President on International stages and other various options will be discussed along with sound principles upon which they are based ethods for debt collection
Most of the militants who targeted the National Congress, the Supreme Court, and the Presidential Palace simultaneously were menacing amateurs. Like most of the insurrectionists who stormed the US Capitol two years ago, they used the occasion to trash offices and take selfies (including with several police officers who seemed loath to intervene). But make no mistake: this violent assault constitutes the most significant threat to Latin America’s largest democracy since the 1964 coup that ushered in two decades of military dictatorship.
Far-right protesters’ belief that the 2022 election was somehow “stolen” from Bolsonaro is not surprising. For years, Bolsonaro, his sons, and a clutch of advisers, influencers, and political operatives known as the “hate cabinet” have spoon-fed their supporters a steady diet of disinformation and misinformation.
Whenever credit is provided, a elationship between creditor and debtor is generated with the editor earning the right to epayment or to enforce same, with a contrar y obligation on the debtor to repay Debt default ould lend to operationalisation of contractual remedies made in prior arrangement with the editor to take possession of an em of value belonging to the debtor in exchange for the debt he second alternative includes our t remedies such as levying xecution or garnishee proceedings If the debtor is simply unable to pay, the appropriate emedy is bank ruptc y or insolenc y proceedings Another ractical alternative is to renegotiate the loan with par ties
The goal was always to undermine
During Bolsonaro’s four years in office, he and his allies challenged the integrity of the electoral process and peddled spurious claims of rigged elections and malfunctioning electronic voting machines. Bolsonaro then lit the fuse for the attack and fled the scene of the crime. Rather than participating in Lula’s inauguration – in keeping with the country’s democratic tradition – he decamped to a rented house in Orlando, Florida. He has denied any involvement in his supporters’ behavior.
The Movement.
within which to pay.) There are other options purposefully designed to clear the debts, urgently as possible Debt reframing Solution, termed as "debt-framing" gives the debtor breathing space however, the debt itself largely remains, and may even grow bigger in some instances
would be traded The sale -purchase transaction is usually at a heavily discounted price and this indeed is the main attraction for the purchaser of sovereign debt The market ought to provide oppor tunities for commercial banks or other creditors to rid themselves of bad debt at some returns, however small
to pay their debts in a nick of time and those who require ample time to raise funds If Ghana is to be declared bankrupt or insolvent, there couldn’t be any better arrangement than an orderly distribution of her assets by way of payment to creditors on a pari passu or pro -rata basis Hence, the need for cool heads or cooperation for the state to keep head above the current stormy waters I t is ver y crucial we all put our shoulders to the wheel in rehabilitating the debtor In the event of bank ruptc y it is not only the creditor who is protected There are other objectives to protect the debtor, and the community as a whole, having regard to what the legal people term as extra- curial regimes; namely, deeds of assignment, composition scheme, and deeds of arrangement
Sika Mp ε Dede, the maxim by the President has quickly metamorphosed into many things. From t-shirts to music and now, a book. The masterpiece authored by Peter Kwadwo Asare Nyarko & (CPT); Samuel Agyeman-Prempeh is an eye-opener on many salient money conversations.
Launched at the WestLionCo premises on the 25th of November 2022, it was well attended by patrons who thronged the place. Preceding the book launch was the Start-up Dialogue which saw as Ethel Anne Komlaga of Enterprise Bureau, Peter Kwadwo Asare of Center for Financial Literacy Education (CFLE Africa), Paul Frimpong of WestLionCo and Samuel Agyeman-Prempeh of Role Model Africa headlining the
Options in solving debt problem In the 1970s, nations which couldn’t honour their debt obligations blatantly went unilateral in either declaring postponement (moratoria), rescheduling or simply refusing to pay ( You remember President Acheampong’s repudiation-with the unpopular phrase of we won’t pay!) Per the Brady Plan, commercial bank debt were exchanged for bonds and were more successful than the Baker Plan-which zeroed in on reducing sovereign debt
They include debt restructuring;trading in debts in the secondar y market;debt-for- equity swaps;securitisation of debt, (debt conversions);privatisation and debt forgiveness ( The president with cup in hand and perhaps a recant of his Ghana Beyond Aid mantra has been globetrotting either trumpeting or ask ing for what is generally termed as the Paris Club Conversion, restructuring of the global
The parallels between Brazil’s violent protests and the January 6, 2021, insurrection in the United States are also not an accident. Bolsonaro is a fervent admirer of former US President Donald Trump, and he has been advised by former Trump aides such as Steve Bannon and Jason Miller, including in the weeks following his election loss. After meeting with Trump and his aides in November, Bolsonaro’s son, Eduardo, circulated a video of Bannon spewing conspiracy theories about Lula’s supposed use of voting machines to steal the election.
event.
swapping of debts for climate initiatives and slaver y reparations).
Debt restructuring rescheduling Ordinarily, an orderly management of the debt should be ben-
Ethel Anne Komlaga who spoke on Entrepreneurship and Funding expounded the need for entrepreneurship in these uncertain economic crises. She explained the need for each entrepreneur to discover their makeup and use that to their advantage. She gave wonderful insights on how to position oneself for funding. In her words, “there is a lot of money for funding”. All one needs to do is to identify the many sources of funds available.
Following the January 6 insurrection in the US, Eduardo Bolsonaro claimed that, had the protesters been more organized, they “would have the firepower to assure nobody (among the rioters) would die, kill all the cops inside – or the congressmen they hate so much.” Bannon has since enlisted Eduardo Bolsonaro to serve as the South American emissary for his own global populist campaign,
the debtor not to sink fur ther the economic tumult Restructuring usually involves the consolidation of many debt contracts into just a few, with the accompanying standardisation of their clauses, and same, becoming debt of the central bank with the sovereign's guarrestructuring accompanied by rescheduling, wherein new commercial bank loans and new IMF
Peter Kwadwo Asare Nyarko, Executive Director for the Center for Financial Literacy Education (CFLE Africa) and co-author of Sika Mp ε Dede engaged participants with priceless nuggets on the complexities of money and the independent. He said, “everyone
Like Trump in 2020, Bolsonaro refused to concede the election. Instead, he and his sons vigorously contested the validity of the process, tried to overturn the results in the courts, challenged the legitimacy of the incoming president, and urged their supporters to take to the streets. Some of Bolsonaro’s most devout followers heeded the call, setting up physical encampments in the capital, Brasília, organizing protests, encouraging truckers to set up blockades, and spreading social-media messages advocating a military intervention to prevent Lula from assuming power –an endgame the Bolsonaro family regularly hinted at in the past. When the expected coup failed to materialize, Bolsonaro’s most devout supporters took matters into their own hands. The insurrection was swiftly shut down after Lula decreed a federal emergency. Over 1,000 rioters have been arrested. Yet, as in the US after January 6, millions of Brazilians were stunned to see their capital so easily overrun. The country’s top government bodies were breached in minutes, and while there is plenty of blame to go around, most of the attention has focused on the capital district’s governor, his head of public security, and complicit state police. Within hours, the Attorney General’s office called for the arrest of Brasília’s public security secretary (who was previously Bolsonaro’s justice minister), and the Supreme Court removed the governor of Brasília for 90 days, pending a full investigation. Lula, his
must know the 5Ms of money. The Meaning of money, The Making of money, How to Manage it, How to Multiply and Move it”. He believes these
trajectory.
Creditors to sovereign borrowers may not be interested in long-term relationships with debtor nation but insist on their contractual rights through cour t to frustrate the initiatives Admittedly, there could be some legislative measures and some market practices such as the "collective action clauses" to discourage recalcitrant or dissenting creditors from doing it alone Rescheduling remains, to a large extent a voluntar y exercise, it does not guarantee a positive outcome either How strong is Ghana’s secondar y market?
Democracy can never be taken for granted. The same buildings, which house the so-called “tres poderes” (three powers), that were ransacked this weekend were the sites of a jubilant inauguration event just a few days earlier. Democracies start unravelling when large segments of the population lose faith in institutions and mistrust elected authorities and public servants. And as we have seen in Brazil and many other democracies around the world, social media tend to accelerate this process, especially when it is fueled by elected leaders who are themselves hostile to democracy, as was the case with both Trump and Bolsonaro. Bolsonaro left office facing over 152 impeachment requests, many of them for abuse of elected office.
Paul Frimpong of WestLionCo spoke on investments. Explaining the intricate details of investments especially in these times, he gave a detailed breakdown of hurled at us by the experts. He explained that, “risk is closely tied to investment”. He asked all potential investors to read more before making any investment decisions.
Having been in existence for 32 years,the Ghana Stock Exchange (GSE) is of age not to
secondar y market activities With restructuring, many debts were to be streamlined into
The climax of the session enchanted participants with a delivery by co-author of the masterpiece, Samuel Agyeman-Prempeh sharing his perspective on the all-important subject of juggling between a day job and a side hustle. Broaching the topic which has become a favorite of many, both in the formal and informal sector, the IAPPD Certiengaged participants on the need for side hustles to become much more than something we do for survival. “We need to run our
instruments capable of being widely traded Rescheduling was necessar y to facilitate trade in these "instruments," because it made them readily exchangeable as if they were commodities I t should be stated that rescheduling could only be considered as the mainstay of other propositions, rather than an answer to the debt problem in its own right The secondar y market is expected to be the market for the states' indebtedness, in which the debts of the countr y
speculators the oppor tunity to take chances on the repayment capabilities of the sovereign by whom the debts are owed There is inherent dangers with cour t actions by purchasers of sovereign debt in the secondar y market though. A remark able case, is often cited as the Dar t case where, the Dar t family bought Brazil’s debt at a huge discount of 60 per cent in 1993 and when Brazil requested to be allowed to conver t one -third of its debt into bonds at much less than face value, the family refused and sued claiming accelerated repayment of both the principal and the interest but the cour t did not grant all their request
businesses so well that they
and process, he highlighted. Mr. Agyeman-Prempeh emphasized the need for entrepreneurs to disintegrate themselves understand all aspects of the business but very importantly trust and work with team mates and partners as that serves as a catalyst for the growth of the business. The event rounded up with the launch of what is potentially a bestseller ‘Sika Mp ε Dede’. The book speaks on the many silent topics regarding money and its usage in our society and the world at large. A great companion to the student confused about money to the trader who seeks to make the most of his money to the investor who is in a dilemma on what to do in these times.
Peter Kwadwo Asare Nyarko and Samuel Agyeman-Prempeh’s ‘Sika Mp ε Dede’ is a light for all
times. Published by Lumière Creatif, the book is available on Amazon, Sayda, Booknook and Selar.
market has enormous advantage of providing liquidity for distressed loans Lenders can commit to loans with the k nowledge that the loans can be sold if it should become necessar y I t is however per tinent to conclude on the emergence of vulture funds as running counter to the whole idea of market-based approach for debt crises’ resolution. ( Vulture funds are investors that buy defaulted debt cheap and litigate against the issuer, demanding full payment thereby disrupting the whole restructuring process).
The Lula administration now faces a massive challenge. Investigating the violent protests and restoring faith in democratic institutions will dominate the domestic agenda, diverting attention from efforts to address urgent social, economic, and environmental issues. Just under half of Brazil’s voters still either support Bolsonaro or view Lula and his Workers’ Party with lingering suspicion over the corruption scandals of his previous presidency in 2003-10. While this weekend’s scenes of vandalism may repulse most Brazilians, mishandling the fallout could deepen anti-democratic sentiments. As in the US, rounding up and jailing the insurrectionists is the easy part. Healing the divisions that motivated them will be far more difficult.
Ghana’s glance Ghana is most vib star tup fast with Kenya, N as some when it Star tups nesses th and hav quick ly. setup and
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inDrive urban services platform – has started operating in Ghana. The company currently operates in over 700 cities in 47 countries. A distinctive feature of inDrive is its peer-to-peer pricing model, where the passenger and the driver agree on the fare and other details of the ride directly.
These agreements are final and do not change depending on distance, weather conditions or traffic congestion. The inDrive app has been downloaded over 150 million times, making it the second most
Kenya, Namibia, etc.
Unlike other ride hailing companies, inDrive does not use pricing algorithms and does not increase trip fares during rush hours. Once registered, the passenger inputs the A and B points of their route and offers their price for the trip when prompted by the app. Offers from available drivers will pop up on the screen.
The passenger then selects the offer that best suits them in terms of price, driver rating and vehicle model.
Drivers can select the requests they accept by passenger rating and user
Challenging Injustices. inDrive will not charge a service fee during the first stage of the launch in Accra. This means drivers who join the platform will be able to earn even more.
inDrive’s unique business model keeps the company competitive without needing to raise substantial investments. Peer-to-peer pricing, combined with the lowest service fee in the world (under 10% without VAT), alongside impactful campaigns, help organically grow brand awareness. About inDrive
ride-hailing services. Its services are available in over 700 cities in 47 countries throughout the world. The company’s app has been downloaded over 150 million times. inDrive offers other services, including intercity transportation, freight and cargo services, as well as delivery services in different markets of operations. inDrive is based in Mountain View, California, and operates regional hubs in the Americas, Asia, the Middle East, Africa and the countries of the CIS, and employs over 2,400 people. In early 2021, inDrive closed an US$140millioninvestment round with Insight Partners, General Catalyst, and Bond
