Business24 Newspaper 1 7May 23

IMF funds will give confidence to external creditors

The Chairman of Parliament’s Roads and Transport, Kennedy Osei Nyarko, has indicated that the International Monetary’s Fund’s (IMF) imminent disbursement of US$600m rst loan tranche will aid the country’s economic recovery as well as give con dence to external creditors as to the way forward regarding disbursement for road projects.

Government is undertaking major road projects across the country; however, some have stalled due to lack of funds and according to Mr. Osei Nyarko, who is also the Member of Parliament for Akim Swedru, the nal outcome of the IMF negotiations will enable government take a decision on its external creditors.

Speaking with Business24/Investment Times in an exclusive interview on the greater impact the disbursement will have on the economy, he said “Roads are ongoing, there is a big project on the Nsawam stretch which is being funded by government of Ghana, it is an extended credit facility but because of the economic diculties, government decided to suspend its debt/loan servicing,

By Eugene Davis

so all those creditors also decided to suspend disbursement of loans.

It is when the disbursement comes that the work or project can continue. They were all waiting to hear the decision government will take or the outcome of government’s negotiations with the IMF -now thankfully, government is at the tail end of negotiations with IMF and I am sure the moment they nish, they will take a nal decision and the creditors will know the way forward.

Government expects the IMF to approve a rst loan tranche of $600 million as soon as tomorrow [Wednesday], paving the way for disbursement within a week, government o cials have said.

Ghana is seeking $3 billion from the Fund to shore up its battered economy.

Further, Mr. Osei Nyarko said the near release of the funds will help government meet its expenditure target.

“The IMF money will help -it is essentially a balance of payment support which government will

deposit in the central bank co ers to shore up our reserves, the moment that happens, it strengthens our cedi which will translate into things easing a bit.”

He also commended government for the measures being put in place to stabilize the economy “I think government is on track and it is the hope that by December in ation target of 21percent can be attained and we hope that if that happens prices of goods and services will fall drastically, that is our expectation.

The MP for Akim Swedru also backed the reduction of prices of fuel in the second pricing window of May 2023, and expressed the hope that it lingers on for the bene t of Ghanaians.

The second tranche of $600 million is expected to be approved after a successful rst review of the programme, sometime in November or December, with the rest disbursed in equal tranches of $360 million after semi-annual reviews.

The IMF funds will boost Ghana's co ers and help it work towards the target of foreign reserves amounting to the equivalent of three months of imports by 2026.

Renaizance Oil MD convicted of defrauding a BDC of GHc27.9m

ally aroused suspicion within Misyl Energy, prompting its Chairman, Dr. Nick Danso Adjei, to report the matter to the police for investigation. During the course of the investigation, it was revealed that Tay had issued a post-dated cheque worth GHc250,000.00, which was later dishonored.

Justice Lydia Osei Marfo who has deferred Tay's sentencing to May 29, following the court's order for restitution with the complainant as part of his mitigation plea. The convict has been remanded into prison custody until the sentencing date.

In a landmark ruling, David Aseye Tay, the Managing Director of Renaizance Oil Limited, an unlicensed Oil Marketing Company, has been convicted on 23 charges of defrauding by false pretense, amounting to over GHc27.9 million.

The amount GHc27.9 million in 2018 was equivalent to $6 million when $1 was exchanged at GHc 4.67.

The verdict was delivered after a full two-year trial at the Criminal Division of the High Court in Accra, presided over by Justice Lydia Osei Marfo.

Despite initially pleading not guilty, Tay was found guilty on all counts, which include defrauding by false pretense, issuance of false cheques, money laundering, among others.

The charges against Tay stemmed from his false representation to a licensed Bulk Distribution Company (BDC), Misyl Energy Company Ltd., who are importers of nished petroleum products and is owned by Dr. Nick Danso Adjei. Prosecutors in court revealed that in January 2018, Renaizance Oil was introduced to Misyl Energy, and Tay subsequently entered into negotiations with the General Manager of the complainant's company to lift products in the name of three other Oil Marketing Companies (OMCs): Goodness Energy Limited, Compass Oleum Limited, and G&G Oil Company Limited.

During the negotiations, the prosecution argued that Tay knew that two of the OMCs, Goodness

Energy and Compass Oleum, did not belong to him. Nonetheless, he misrepresented to these OMCs that he had imported petroleum products and could supply them from oil farms belonging to certain BDCs. The two OMCs made full payments to Tay, expecting the products to be delivered, but he failed to ful ll his obligations.

The court heard that Tay intentionally stopped making payments to Misyl Energy, amounting to GHc27,987,250.00, resorting to issuing dishonored cheques to cover the amount owed. Additionally, he used the proceeds from defrauding Misyl Energy to purchase G&G Oil, another OMC, and acquired various properties.

The fraudulent activities eventu-

This court case is said to have brought to light the fraudulent activities of the convict David Aseye Tay who is alleged to have defrauded other players within the oil and gas industry including a doctor who is said to have passed away after he succeeded in defrauding him of a $1 million. He is also said to be owing the revenue authority running into hundreds of thousands.

But this time unfortunately for David Aseye Tay now a convict he took his activities to the wrong company hoping to defraud them to the tune of $6 million dollars but Dr. Nick Danso Adjei handed him over for the law to take its course.

The conviction of David Aseye Tay sends a strong message about Ghana's commitment to combating nancial fraud within the oil industry. As this high-pro le case continues to unfold, the outcome of the sentencing and subsequent legal actions will be closely watched by both the business community and the public.

VGMA: A catalyst for the growth of Ghana’s music industry

development of the country’s music industry through the annual programme and helped elevate musicians.

The 12-year partnership between Vodafone Ghana and Charterhouse, the organisers of the VGMA, has proven bene cial to the artists and the entertainment industry as a whole.

programmes provide insights into various aspects of the music business, such as royalties, copyrights, and investment tips, helping artists to build sustainable careers.

was a star-studded a air that hosted and awarded hardworking Ghanaian artistes.

Since becoming the title sponsor of the Ghana Music Awards (VGMA) in 2011, Vodafone Ghana has consistently supported the

Over the years, Vodafone Ghana has taken extra steps to guarantee the success of the VGMAs by introducing new concepts, o ering informative seminars, and launching unique initiatives to bolster Ghanaian artists. These

For example, Kuami Eugene, who won the VGMA21 Artiste of the Year award in 2020, acknowledged that the support from Vodafone enabled him to secure a Range Rover gift and various business deals.

Ghanaian Talent Flourishing on International Stages

It is interesting to note the trend

The Vodafone Ghana Music Awards 2023

of past VGMA winners going on to achieve international recognition and accolades at prestigious award events like the Black Entertainment Television (BET), MTV Base, and AFRIMA. This pattern has contributed to placing Ghana’s music on the map and increasing its prominence on the global stage.

For instance, Sarkodie, who won VGMA awards in the past, went on to secure the BET’s ‘Best International Act: Africa’ award in 2012 and ‘Best International Flow’ at the 2019 BET Hip Hop Awards. Similarly, Stonebwoy, another VGMA winner, claimed the ‘Best International Act’ title at the 2015 BET Awards. This trend highlights the potential of Ghanaian musicians to excel beyond their home country, further establishing the signi cance of the VGMA in identifying and celebrating outstanding talent.

Innovations and Initiatives in the Music Business

Vodafone Ghana’s in uence on the VGMA has led to the introduction of several new concepts and initiatives, including the VGMA

National Music Summit, a stakeholder engagement forum that brings together musicians, managers, producers, and other industry professionals to discuss key issues a ecting the sector.

Another such initiative is the Vodafone Icons talent show, which aimed to provide a platform for rising stars in the Ghanaian music scene. The competition saw several talented artists emerge, such as Noella Wiyaala, who went on to achieve national and international success. The show has also supported artists like Christian Owusu and Bogo Blay, who won the 2014 Remix Edition and the 2018 edition, respectively.

The Vodafone 020 Live concert, one of the biggest musical events in Ghana in its time, featured both local and international acts, providing Ghanaian artists with a unique opportunity to share the stage with global icons such as P. Square, Dbanj, Trey Songz, and Ludacris. The event not only promoted the country’s music but also reinforced Vodafone’s commitment to the industry.

In addition to these, Vodafone

Ghana has also launched the VGMA Unsung category, which recognises and supports up-and-coming artists. One key category in the VGMA is the Green Award, which rewards musicians for their contributions to environmental causes. For example, Stonebwoy won the Green Award in 2022 for his song ‘Greedy Men,’ which targeted illegal mining. In the latest instalment of the VGMA, Vodafone Ghana presented the Green Award to musician Worlasi Langani, popularly known as Worlasi, for his e orts to promote green spaces with his remarkable tree-planting project, ‘Giving Shade.’ These initiatives demonstrate Vodafone’s dedication to nurturing talent and promoting social responsibility within the music industry.

The 24th VGMA: A Testament to Vodafone Ghana’s Impact on the Music Industry

The 24th edition of the VGMA highlighted the profound impact Vodafone Ghana has had on the Ghanaian music industry. Top performers included new sensa-

tion Black Sherif, celebrated rapper Sarkodie, gospel singer Piesie Esther, and highlife artist Ofori Amponsah, among others. The event culminated with 21-year-old artist Black Sherif winning the prestigious ‘Artiste of the Year’ award, demonstrating the ongoing success and growth of the music scene in Ghana. The event was a memorable one, with unique experiences such as the Vodafone Red Room, which o ered an exclusive and unforgettable experience for VIP guests and the general public during the VGMAs. Attendees enjoyed the ceremony in a luxurious yet comfortable setting, watching the proceedings on live TV screens.

Vodafone Ghana’s commitment to nurturing talent and promoting environmental causes further underscores its dedication to the industry and the wider community. As a result, the brand has become an integral part of the country’s vibrant music scene, contributing signi cantly to its ongoing success and global in uence.

GIPC cautions public against dubious business development and funding program

The attention of the Centre has been drawn to a dubious funding program for Small and Medium Scale businesses, as captured in a Google Docx le, making rounds on social media. The said program, which encourages interested businesses to submit key company details for fund distribution, is claimed to have been initiated by GIPC in partnership with the Ministry of Finance and the African Development Bank.

The Centre by this issue, wishes to inform the general public that it has not sanctioned any such arrangement to distribute funds under the tag “Business Development and Funding Program for SMEs”, as being spread. For avoidance of doubt, all GIPC-initiated programs aimed at supporting/incentivizing businesses, such as the Youth Entrepreneurship Program and Ghana Club 100, are/will be rightfully communicated via the Centre’s o cial channels (website –gipc.gov.gh; social media – gipcghana on Instagram/Twitter/YouTube & Ghana Investment Promotion Centre; on LinkedIn and Facebook) We therefore advise the general public to disregard

the dubious notice in circulation, and exercise caution in this regard.

S&P Global partner RMG to handover US$1.2m network licenses to KNUST

The Kwame Nkrumah University of Science and Technology (KNUST) has recently received the network licenses of six software – Kingdom Geoscience Bundle, Harmony Enterprise, Piper, WellTest, SubPump, and PERFORM; a development which is expected to further bridge the gap between industry and academia.

These software licenses, estimated to be worth US$1.2 million, were presented by S&P Global, a leading intelligence service provider, in partnership with Reservoir Management Group (RMG) Limited, a provider of petroleum geosciences and reservoir engineering services.

The implementation of these cutting-edge engineering and geoscience software will enable researchers and students at KNUST to conduct more complex analyses and simulations, leading to accurate and groundbreaking discoveries within the academic setting and better preparing them for the job market.

To ensure the successful installation and usability of the software, the management team from RMG, along with their partners from S&P Global, paid a visit to the university, where they engaged in discussions with the Provost of the College of Engineering and the Vice-Chancellor of KNUST.

Nana Akwasi Ankamah, the Managing Director of RMG, emphasised the signi cance of these software licenses in the petroleum industry as many National Oil Companies and International Oil Companies utilises them in their operations. He expressed the importance of introducing students at KNUST to these

software tools before they enter the industry, thereby closing the gap between industry and academia.

“One of the things we realised in our consulting space is the heavy usage of these software in the industry for real-time decision making. We felt it was t for the students to be introduced to it before they get into the industry to make them ready to fully utilize these software and bring value to any organization they will be attached to”, Mr. Ankamah said.

He also mentioned the possibility of extending this initiative to other universites and expressed the intention to invite S&P Global for webinars and training sessions in the future.

Samuel Asiedu Duah, the Business Development Manager for RMG, highlighted RMG's commitment, along with S&P Global, to advancing education in the elds of science, technology, engineering, and mathematics (STEM).

He stressed the need to equip the next generation of oil and gas professionals with the hands-on skills and tools required to navigate the most advanced industry software.

“In our experience in providing petroleum geosciences and reservoir engineering services, we see the need to equip the next generation of oil and gas professionals with hands-on skills and tools in navigating these most advanced industry tools, he said, adding that the goal is to reduce the learning curve for students as they enter the industry, ultimately increasing their market value and employability in the highly skilled oil and gas sector.

Nalin Vatte, Associate Director for S&P Global, expressed condence that the software licenses would optimise production and enhance the capabilities of the students.

Also, Professor George Yaw Obeng, representing the Provost of the College of Engineering, commended RMG and S&P Global for their generous contribution, noting that it aligns with KNUST's mission. He highlighted the importance of modern software tools for training students, conducting research, and engaging with communities to e ectively transfer knowledge and contribute to national development.

"This is a very good gift and it is consistent with the mission of KNUST. We require modern tools in software for training students. Also, for our research and engaging with communities because the knowledge we generate from the research is the knowledge we transfer to the community in order to engage the community e ectively and build the nation. So, this software are very key for both faculty research as well as the students' training,” he noted.

Prof. Emmanuel Donkor, Head of Petroleum Engineering at KNUST, highlighted the signicant impact of the licenses on the academic work of students, providing them with the necessary skills for the industry. He explained that the validated licenses would allow for unrestricted usage, enabling academic work and research to be published without any hindrances.

Highlighting the advantages of using authorised licenses, which ensure compliance and the abili-

ty to openly reference and utilise the software for academic purposes, he remarked, “Imagine you use a software and because you know it is pirated, you can not make mention of it in any publication. When you have a validated license authorised without any restrictions from usage, you can do anything. The only thing is that because it is free, you cannot commercialise it. But we can use it anyhow for academic purposes.”

About S&P Global S&P Global connects trusted knowledge to customers’ workows – mitigating risk, increasing e ciency and accelerating innovation. For more than 60 years, leading Research and development (R&D) and engineering-intensive organizations have relied on us to achieve on-time, on-budget delivery of complex projects and new products.

S&P Global delivers an unparalleled combination of technical content and Arti cial Intelligence (AI) technologies to surface answers from the vast universe of technical knowledge, both inside and outside the organization. In a single interface, we connect the dots between information scattered across many di erent sources, allowing technical professionals to make better, more informed decisions faster.

About Reservoir Management Group Limited (RMG) Reservoir Management Group Limited ("RMG") is a 100% Ghanaian-owned company registered under the Companies Act, 1963 (Act 179). The company is also registered and licensed by the Petroleum Commission of

Ghana.

Reservoir Management Group Limited provides a complete range of petroleum geosciences, subsurface and reservoir engineering services, o ering full eld lifecycle solutions from exploration, through appraisal, to development and production. With the aim to maximize pro tability for Exploration and Production (E&P) operators and National Oil Companies.

RMG’s integrated solutions are also focused on developing new or under-evaluated plays and prospects with reserve potential capable of a ecting the growth pro le in both frontier and mature basins. Our consulting services are aligned towards training, capacity building and competency development for the local workforce. Serving the oil and gas industry in Ghana, we

aim to be the preferred provider of expert consultancy services in Africa.

About KNUST

Kwame Nkrumah University of Science and Technology (KNUST) is a university located in Kumasi, Ghana. It is the second public university established in the country. The university is currently ranked the best in Ghana & West Africa by the

www.webometrics.info university ranking.

The vision of KNUST is to be globally recognised as the Premier Centre of excellence in Africa for teaching Science and Technology for development; producing high-calibre graduates with knowledge and expertise to support the industrial and socio-economic development of Ghana and Africa.

Analysts predict decline in fuel prices this month

Prices of fuel in the second pricing window of May 2023 is expected to decline, according to advocacy group, Chamber of Petroleum Consumers Ghana (COPEC).

COPEC’s estimation is as a result of the decrease in the price of crude on the international market and stable to slightly declining forex rates.

And according to the group, petrol is expected to be sold at

GH¢11.67 per litre from the current GH¢12.00

Executive Secretary of COPEC, Duncan Amoah, indicated that “The second pricing window of the month of May 2023 is set to commence in a few hours from now, indications are that pump prices are likely to decline for fuel products across the country.

The following basic information forms the basis of projections

By Eugene Davis

for the coming window, that; Crude price has seen a decline from the mean price of $85.29/barrel to $76.64/barrel (-10.14%) whiles the forex or Dollar exchange rate has slightly decreased from a previous average of GHS12.0060 to GHS11.9963 (0.08%) per $1, the following shall be the predicted retail gures for Petroleum products.’

The second pricing window of the month of May, 2023 is set to to commence in a few hours from now. Indications are that pump prices are likely to decline for fuel products across the country.

The following basic information forms the basis of projections for the coming window, that; Crude price has seen a decline from the mean price of $85.29/barrel to $76.64/barrel (-10.14%) whiles the forex or Dollar exchange rate has slightly decreased from a previous average of GHS12.0060 to GHS11.9963 (0.08%) per $1, the following

shall be the predicted retail gures for Petroleum products -Petrol GHS11.67/L, Diesel GHS11.51/L, Mean Price for Petrol and Diesel GHS11.59/L, LPG GHS10.63/kg

Thus, for a 14.5 kg LPG cylinder, is expected to be selling at GHS154.10 for the window. All Predictions are within (±5%) error margin.”

Diesel

The statement further indicated that with the international benchmark prices declining from $747.93/MT to $673.25/MT (-9.98%), the expected mean retail price for the next window shall be GHS11.51/L

Thus, Diesel is expected to also decline by some 6.53%* of the current Mean Market price of GHS12.31/L to be selling between _GHS10.93/L and GHS12.08/L_ within ±5% of projection.

Mean Price of Petrol and Diesel

The Mean price of Petrol and Diesel for the coming window

Nana Akwasi Ankamah - Managing Director (RMG), left, shaking hands with Prof. Rita Akosua Dickson Vice Chancellor (KNUST), right

per the numbers shall be 11.59/L ± 5%.

LPG

With the international benchmark prices declining from $522.77/MT to $452.75/MT (-13.39%) the projected retail price of LPG is expected to see a reduction by about 1.02% from the current average of 11.64/kg to GHS10.63/kg.

Thus, within ±5% error, LPG is expected to be sold between GHS10.10/kg and GHS11.16/kg_

COPEC, however, encouraged government to do all it can to reduce taxes on LPG or to subsidise the price of LPG to promote or encourage its nationwide accessibility and usage which will eventually help save the

environment.

Mr. Amoah also projected a likely further reduction in fuel prices in June.

Petroleum products are imported into the country by bulk distribution companies or wholesalers, which then sell them to oil marketing companies or retailers. Demand for the

products, especially diesel and petrol, has grown at an average of 5% per year since 2000 due to economic growth.

Three key factors drive petroleum products prices in Ghana. First is the import parity price of the product. The second is the foreign exchange rate. The third is taxes and margins.

UBA Ghana wins International CSR Award

“Over the years, we have actively invested in education, empowerment and made positive contributions towards our environment. This award once again rewards the Bank’s commitment to people and communities’ development, particularly through our National Essay Competition, Food Bank, Each One Teach One, Read Africa program, under the UBA Foundation.”

Chris added, “UBA Ghana will continually go full force in executing our CSR programs to help achieve the long-standing commitment of UBA Foundation.

United Bank for Africa, Ghana has been named as the ‘Best CSR Bank Ghana 2023’ by the Global Business Magazine Awards. The list of winners was released and published on their website.

The award is designed annually to honor and reward excellence in companies across di erent

sectors and highlight extraordinary performances of companies in the sector of banking, nance, insurance, Real estate, leadership and technology.

On this occasion, Chris O kulu, Regional CEO for West Africa and Managing Director of UBA Ghana said, “UBA Ghana has earnestly

performed its corporate social responsibility, adhering to UBA Foundation’s purpose of bettering communities in which we operate. We strongly believe that sustainable CSR is a key catalyst to development. This award recognises UBA Ghana’s CSR activities and we are truly honoured to receive this award.”

We wish to dedicate this award to all the hardworking sta of the bank who make the things happen and for us to get this recognition. We also appreciate our customers who patronize the bank and energize us to continue to support society through our interventions.

The Global Business Magazine Awards aims to promote and encourage quality performance across di erent sectors.”

European Union celebrates youth and skills in Ghana on Europe Day

H.E. Irchad Razaaly, said “a young, dynamic and skilled workforce reduces unemployment and boosts sustainable and inclusive growth. So to bring life back into our economies and democracies, both on the European and African continents, the answer lies in turning to our young generations and providing them with the right skills to thrive.”

The European Union in Ghana marked Europe Day this year with a reception, exhibition and several performances at the EU Ambassador’s Residence. In line with the launch of the “European Year of Skills” in Brussels, Europe Day in Ghana celebrated Youth and Skills while highlighting the EU's partnership with Ghana and

its commitment to shared values of peace, democracy, and development.

The Europe Day reception and exhibition showcased the diverse skills of Ghanaian youth and a display of young Ghanaian talents through various performances. The event was attended

by Ambassadors of EU Member States, Ghanaian Ministers and o cials, members of the diplomatic corps, traditional rulers, development partners, private sector representatives, civil society and creative industry representatives.

The EU Ambassador to Ghana,

Ambassador Razaaly underscored the EU's support to Ghana's economic and social development, noting the EU's continued investment in key sectors such as job creation, vaccine manufacturing, environmental protection, and security.

He emphasized the impor-

tance of addressing these global challenges together with partner countries like Ghana. Ambassador Razaaly added that “despite Russia’s unjusti ed aggression against Ukraine, not one euro has been diverted from our initial commitments to Ghana. On the contrary, we are expanding our support to address new needs and new challenges”.

Hon Mustapha Ussif thanked the EU for its support and stressed the value of Ghana's partnership with Europe in advancing Ghana's development agenda especially in the area of youth and skills. He stated that, “investing in the youth remains top priority of government and we are happy of the EU continuous support in that direction”.

In addition to this event, the EU will celebrate ‘Europe Month’ through a number of activities on Youth and Skills, to equip youth with the skills to thrive and achieve their ambitions. These include a Job Fair for young jobseekers in Tema, an exhibition of youth-led SMEs in Accra, the launch of the Jobs, the Migra-

tion and Development Project and EU-Ghana Pact for Skills together with Ministry of Youth and Sports and the Ministry of Employment and Labour Relations. A Ghanaian-European fusion concert and music workshop for children in Tamale, as well as lm screening and reside chat in Jamestown, Accra.

Fintech M-KOPA raises $250m to scale high-impact business across Africa

M-KOPA, a leading ntech platform, today announced it successfully closed over $250m in new debt and equity funding to expand its nancial services o ering to underbanked consumers across Sub-Saharan Africa. This marks one of the largest combined debt and equity raises in the African tech sector, enabling M-KOPA to continue its rapid growth.

Over $200m in sustainability-linked debt nancing was led and arranged by Standard Bank Group, Africa’s largest bank and long-term strategic partner to M-KOPA. Other participating lenders include The International Finance Corporation (IFC), funds managed by Lion's Head Global Partners, FMO: Dutch Entrepreneurial Development Bank, British International Investment, Mirova SunFunder and Nithio.

A further $55m in equity investment was backed by existing strategic investor Sumitomo Corporation, which is contributing $36.5m to the total raise and will engage closely with M-KOPA on new growth markets and

products. Blue Haven Initiative, Lightrock, Broadscale Group and Latitude, the sister fund to Local Globe, also participated in the transaction.

M-KOPA’s ntech platform combines the power of digital micropayments with the Internet-of-Things (IoT) to provide customers with access to productive assets. In markets where individuals have limited pre-existing nancial identities and conventional collateral, M-KOPA’s exible credit model allows individuals to pay a small deposit and get instant access to everyday essentials, including smartphones, electric motorcycles and solar power systems, and then graduate to digital nancial services such as loans and health insurance.M-KOPA's solution embeds credit into the product through a smart digital connection, giving customers ownership instantly, which they can pay o through micro-instalments over time. The company has sold over 3 million of these products through a unique direct sales model that includes more than 10,000 agents.

M-KOPA’s operations started in East Africa and successfully expanded to Nigeria in 2021 and, more recently, Ghana. From 2020 to 2022, M-KOPA recorded a compound annual growth rate of 85% in new customer acquisition, and was recently recognised as one of Africa's Fastest-Growing Top 100 companies by the Financial Times for two consecutive years, in 2022 and 2023. Today’s news coincides with the business reaching over 3 million customers and providing over $1 billion in cumulative credit for underbanked customers in Africa. The company continues to scale rapidly and is on track to acquire an additional million customers over the course of 2023. With this new funding, the business aims to grow its smartphone services, expand its model to new markets and extend its nanced product set. In line with M-KOPA and its partners’ longstanding commitment to creating a positive impact, the debt nancing is structured to support sustainability-linked goals with pricing that is linked to the achievement of environmental and social targets.

Lendable was appointed as the Borrowing Base and Sustainability Veri cation Agent for the debt transaction. M-KOPA will also use the nancing to drive women’s nancial inclusion and reduce greenhouse gas emissions in its East African markets by increasing smartphone ownership among women and further developing its electric mobility solutions o ering, respectively.

Speaking on the round, Jesse Moore, M-KOPA CEO and Co-founder said, “At M-KOPA, we are working hard to create a positive environmental and social impact by systematically addressing the barriers to digital nancial services. We have already unlocked $1bn in cumulative credit to over 3 million customers, and are proud of the thousands of local jobs we’ve created during tough economic times. As we continue to scale, we remain committed to

building a sustainable business and closing economic and digital gender gaps. We are delighted to have the support of new and existing investors who share our vision and mission”.

“Supporting M-KOPA is in line with our purpose of driving

sustainable growth for Africa and her people. Financial inclusion not only enables economic growth, it also accelerates it. M-KOPA has, in a short time, managed to positively impact so many lives by enabling access to power and smartphone connectivity, which are a vital part of enabling the economic

empowerment of all.” added Nick Riley, Corporate Financing Solutions at Standard Bank.

“As a strategic investor, we are very excited to accelerate business growth through collaborative e orts in business development. By leveraging each

expertise and resource, we believe this partnership will have a positive impact on both the nancial and telecommunications sectors, ultimately enriching the lives of people across the continent.” commented Masaki Nakajima, Senior

Managing Executive O cer, General Manager, Media & Digital Business Unit at Sumitomo Corporation.

Is your insurance cover enough for your family?

life insurance is to protect the nancial future of their children. When you have a new child or the number of your dependants increase, it is important to ensure that your life insurance is adjusted to accommodate the changes. “An educational policy can be taken in addition to a life cover, for example, to cater to the needs of your dependants in the unfortunate situation of your demise”, says Akweley.

purchased with a home loan, a mortgage protection policy can be taken out to cover the outstanding loan balance”, Akweley reiterated. In the event of your demise or disability, you can rest assured, knowing that your family will not be burdened with paying for the home loan.

In Ghana, insurance is typically not considered a necessity, however, for people who take insurance policies, their sum insured (maximum amount paid out for claims) are largely based on their current circumstances.

Sadly, after people take policies, they fail to increase their sum insured as their circumstances change.

Head of Retail Banking at First National Bank, Mrs. Akweley Laryea, recommends that as your nancial circumstances change, it is essential to review the sum insured as it may no longer be su cient to cover

the needs of your family or dependants.

She highlighted common situations that should encourage people to update the amount of cover they are insured for.

Marriage – getting married and starting a family is a commitment that comes with a number of nancial responsibilities. It is therefore essential to update your policy cover to include your partner as an insured life or the bene ciary of your policy.

Children – one of the common reasons why people take out

Getting a higher paying job - if your nancial situation improves, you should update your insurance cover accordingly to ensure that your dependants maintain the same lifestyle should you pass away. “For example, you could have moved into an a uent suburb and decided to take your kids to a high-end school”, she added.

Buying a new house – whether your home is purchased through a home loan or self-nanced, it is essential to have adequate insurance policies in place to secure it. “You will need a property insurance policy to protect the building from damages as a result of re, ood and allied perils. The content of your home can also be protected from damages caused by these perils and from thefts, burglaries and robberies. For homes

Health – as health costs increase, you may need to consider taking out a private health insurance policy to cover yourself and your family. A medical emergency is one of the top reasons why people are unable to achieve their savings and investment goals because such emergencies are usually unexpected and require large sums. Akweley explained that a health insurance policy will take care of majority, if not all, of your emergency expense, allowing you the room to achieve your savings and investment goals. If your health condition changes, you may have to consider taking a funeral policy or updating your cover amount, based on your age and individual circumstances. Furthermore, depending on the nature and severity of the illness, you may claim some compensation from your insurer.

“If you are unsure of the amount of life cover you need or whether it’s the right time to update your policy, it is advisable to speak to your bank or nancial services provider for guidance,” concludes Akweley.

Why Personal Branding is key Five Steps for a successful personal branding

expertise, and establish yourself as a thought leader in your  industry.

Here are ve ways to guide you to build a good personal brand.

De ne your brand and become an expert. Take the time to do some soul searching and determine exactly who you are and what makes up your brand.  The use of certain words such as cooperative, resourceful, exible, forward-thinking, connected, diplomatic, intuitive, precise, enterprising, ethical, genuine to describe your persona, and outlook will set you on a good path. You  should focus on becoming an expert in your  eld and establish an expertise that's relevant to your mission, goals, and vision.

other professionals in your circles with great brand personality.  Using social networks and commenting on their blogs, posts and content is one of the best ways to network and become known in the industry. Attending interactive events where your targets will be present will also help with brand awareness.  Clarity, Consistency, Loyalty. Be true and transparent in who you are. Don’t pretend to be who you are not. Express your brand across all communications mediums using the right content, pictures, tone of voice and language.

Be intentional and consistent in building your brand. Determine where you want to t in (industry and niche area of expertise) and then remain visible to your target audience.

Je Bezos, the founder of Amazon, is famously quoted as saying, “Your brand is what people say about you when you’re not in the room. And in today’s competitive world, personal branding is key to di erentiate you in the marketplace.

Personal branding is the process of de ning and promoting what  you stand for as an individual. It

allows you to di erentiate yourself from others in your eld, showcase yourunique skills and strengths, and cultivate a reputation that can lead to career advancement, business opportunities, and personal ful llment.

By creating a strong personal brand, you can build trust with others, demonstrate your

Establish a presence. You’re being Googled by friends, colleagues, and potential customers, so make sure your branded content is what people nd when they Google your name. One way to do this is to build a basic online presence through websites or blogs. If you cannot own one yourself, you can churn out great content or articles about your expertise and share on these platforms. Social media is a great platform to use to build your personal presence.

Generate brand awareness through networking. You should be connecting with

Get feedback from those who know you best—at work, at home, anywhere. The true measure of your brand is the reputation others hold of you in their hearts and minds. Notice how they introduce you to others. Enquire from them what your top brand attributes and core strengths are. If they can easily tell you, then you’ve succeeded in branding you.

Overall, personal branding is an essential tool for anyone looking to succeed in today's competitive and ever-changing world, so be unique and stay true to yourself every day! This is what will set you apart from the rest.

The week-on-week yields witnessed an overall approximated increase of 0.17bps, 0.13bps and 0.23bps across the 91, 182 and 364-day bills respec�vely.

Trea sury Bill purchases at the last auc�on undersubscribed by 16.55%

T-bills: Government to raise GH¢2.782 billion this week. First Tranch e of IMF ca sh to hit BOG account this week. Infla�on rate falls from 45. 00% to 41.20% for the month of April 2023.

OUR SOURC ES: GSE/GFIM/B OG/CS D

LSF PR appoints Akinbamiyorin as MD to lead Africa region

oping and executing successful PR campaigns across the continent, Tolu brings a wealth of leadership and industry expertise to the role.

Commenting on the appointment, Founder, Bidemi Zakariyau Akande expressed immense satisfaction with the company's development over the years, its achievements so far, and its new direction. She said, "Last year, we reached our tenth-year milestone, and it’s been a remarkable journey for us. Through the years, our work has continued to re ect our unwavering commitment to providing exceptional services to our clients across the African market.

Her deep understanding of the Nigerian and African markets as a whole, as well as her ability to lead successful PR campaigns, will continue to be a tremendous asset to our clients and our team," Bidemi added.

LSF PR, a leading pan-African PR agency based in Nigeria, has announced the appointment of Tolulope Akinbamiyorin as its Managing Director.

With a proven track record in devel-

"After an extensive internal and external process, it’s wonderful to be able to promote great talent like Tolu into this key leadership role.

Akinbamiyorin's new role benets from her vast experience and expertise, gained during her prior position as an Account Director at the agency. Through her tenure, she spearheaded successful campaigns for clients in diverse sectors including nancial services, technology, and consumer goods. Akinbamiyorin possesses a remarkable attention to detail and has proven to be exceptionally skilled at collaborating with clients to deliver exceptional results that surpass expectations.

"I am excited to lead the team in delivering top-notch PR services across the continent having

worked closely with Bidemi on a transformational journey," said Tolulope Akinbamiyorin. "As a pan-African PR agency, we are well-positioned to deliver meaningful results for our clients. I look forward to this next chapter continuing to put LSF PR’s primary goal centre stage, given our agency’s results-driven approach to implementing and executing strategies for clients.

I also look forward to working with our talented and passionate team to create even more best-in-class work for our clients whilst enhancing opportunities for sustainable growth in Africa”.

Akinbamiyorin holds a bachelor’s degree in marketing communications (Advertising & Public Relations) with First-Class Honors from Cyprus International University and has completed various courses in Leadership and Public Relations. Prior to joining LSF PR, she worked at Hill+Knowlton Strategies.

China successfully launches Tianzhou -6 cargo spacecraft into orbit

China has successfully launched the Tianzhou-6 cargo spacecraft with the Long March-7 Y7 carrier rocket from Wenchang Spacecraft Launch Site in south China's island province of Hainan at 9:22 p.m. Beijing Time (2122 GMT) on Wednesday.

The cargo craft entered the designated orbit about 10 minutes after the blasto , said the China Manned Space Agency (CMSA), adding that Tianzhou-6 is working as planned and will dock with the China Space Station.

The primary purpose of Tianzhou-6 is to deliver essential supplies and spacesuits to the taikonauts currently residing aboard the China Space Station, known as the Shenzhou-15

crew. Additionally, the cargo craft will also transport maintenance components, application facilities and propellant to support the operations of the space station.

Boosted capacity

Compared to its predecessor, Tianzhou-5, Tianzhou-6 boasts a signi cant increase in weight, providing additional storage space and capacity.

It is the rst of a new generation of China's cargo ships –from Tianzhou-6 to Tianzhou-11 – to boost their loading capacity from the previous 6.9 tonnes to 7.4 tonnes.

According to the China Acad-

emy of Space Technology (CAST), the spacecraft's e ective loading capacity is up from 18.1 cubic meters to 22.5 cubic meters  Notably, it carries 70 kilograms of fresh fruit, approximately twice the amount carried by Tianzhou-5. Fruit that's convenient to eat, rich in nutrition and with long storage life is always the preferred choice. In previous missions, apples, bananas and grapes were sent there.

In addition to fruit, the space engineers are also planning to launch a large refrigerator to the space station to store frozen food.

"If the taikonauts wish to eat grilled steak, we will freeze the beef on the ground and deliver it to the space station," said Wang Ran, lead designer of cargo spacecraft systems at CAST.

The Long March-7 carrier rocket is the country's new-generation medium liquid-propellant carrier rocket with high reliability

and safety. The Tianzhou-6 mission is the 7th launch for the Long March-7 rocket.

With a total length of 53.1 meters and a diameter of 3.35 meters, the rocket is bundled with four boosters, and has a takeo weight of nearly 600 tonnes and a payload capacity of about 14 tonnes to low-Earth orbit.

In addition to undertaking cargo launch missions to the space station, the Long March-7 rocket will also launch low- and medium-orbit satellites in the future. As the Tianzhou-6 ies toward the China Space Station, its predecessor Tianzhou-5 has recently detached from the space station and is currently orbiting independently. Following the departure of the Shenzhou-15 crew later this month, Tianzhou-5 will dock at another port on the station. Assembled in late 2022, the China Space Station features a T-shaped basic structure and has already accommodated four groups of taikonauts.