Unlocking Africa’s agricultural potential will help mobilise the requisite amount of nance needed to help develop the continent, Africa needs between 130 to 170bn USD annually to bridge her infrastructure gap and generate sustainable growth for at least ve percent per year. It presents an exceptional opportunity for the private sector investment.
President Nana Akufo-Addo has asked governments and stakeholders across the continent to show bold leadership to ensure a robust intra-Africa trade to drive agriculture growth, economic diversi cation and the must needed industrialization of the continent.
Speaking at the opening of the two-day 7th African Leadership Forum in Accra under the theme : Promoting intra-Africa trade to unlock agricultural potential in Africa, President Akufo-Addo said “The AfCFTA has set the stage for Africa’s industrialization and transformation; what is required now is for our respective governments and businesses to show bold leadership -we need coherent and complementary strategic actions by government and businesses, the right mix of policies and strategies for export, value addition to commodities, the greater sense of purpose to ensure a robust intra-Africa trade to drive agriculture growth, economic diversi cation and the must needed industrialization of the continent.
We must consolidate the successes so far and with a sense of urgency develop a signature solution needed to dig deeper intra-Africa trade and spur impact investments needed to bring prosperity to the continent.”
The Africa Continental Free Trade Area (AfCFTA) is one of the agship projects of Agenda 2063: The Africa We Want. It is a high ambition trade agreement, with a
comprehensive scope that includes critical areas of Africa’s economy, such as digital trade and investment protection, amongst other areas. By eliminating barriers to trade in Africa, the objective of the AfCFTA is to signi cantly boost intra-Africa trade, particularly trade in value-added production and trade across all sectors of Africa’s economy.
For President Akufo-Addo, AfCFTA is undeniably a major game changer and once fully realise can increase intra-Africa trade by US$35bn and reduce external import by US$10bn yearly -which he adds more opportunities for growth for small businesses and the potential to lift some 13m people out of poverty.
Additionally, a successful AfCFTA will mean Africa’s industrial export would be diversi ed -moving away from undue reliance on extractive commodities and foreign import.
Agriculture has exceptional potential for increasing intra-Africa trade, creating new jobs, improve inclusivity due to upstream and downstream linkages.
“We must move away from being mere raw exporters of agricultural produce and add value to our agriculture, not only would we be able to increase earnings from our agriculture but will also position countries on the continent to be able to deal with price hikes and shocks caused by global events.” he noted.
The Secretary-General of the Africa Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene emphasized the importance of addressing food security in Africa which requires prioritizing intra-Africa trade and unlocking the continent’s agricultural potential.
Further, he stated that with 794.7million people experiencing food insecurity, it is time to reduce dependence on imports and promote self-sustaining food supplies.
According to Mr. Mene the AfCFTA provides a platform for e cient cross-border trade, enabling surplus food to reach de cit regions quickly.
He also indicated that Africa has the potential to feed 9 billion people in the world by 2050, far more than the current world population.
“Africa can, therefore, provide for Africa, with self-sustaining food supplies, fully unlocking its agriculture potential to help feed the world. And this task is not beyond us.
There is, therefore, is an imperative need to accelerate agricultural production to reduce the food import bills, revive the rural economies, slow down rural to urban migration, expand foreign exchange earnings and create jobs, especially for young Africans and women.”
The forum seeks to provide a space to share experiences and insights to facilitate a successful agricultural trade among African countries. Delegates include former heads of state and government and leaders from the private sector, academia, civil society.
According to the Project Manager for Jospong Group Ing. Kwadwo Osei, the project will be completed on schedule.
This was made known when the sector minister for Sanitation and Water Resources Hon. Cecilia Abena Dapaah paid a working visit to the Kpone Land ll site on Tuesday May 24, 2023.
The visit was to inspect on-going works on the decommissioning and re-engineering of the 35-hector land ll site.
the media the stages as well as the extent of work done, and also the resolve to turn the site into a recreational park for tourism and its related purposes.
The Minister of Sanitation and Water Resources, Hon. Cecilia Abena Dapaah indicated her pleasure with the work done thus far and urged the consultant to meet the project schedule.
She assured her ministry's commitment to periodically maintain the facility to ensure longevity.
Mastercard hosts its rst-ever Fraud and Cyber Security Forum in Ghana today, in partnership with the Ghana Cyber Security Authority (CSA). The event brings together key players in the ecosystem, including nancial institutions, regulators, and
ntech, to examine the latest fraud trends and address crucial aspects of cybersecurity in Ghana.
With the increased adoption of digital services, new payment ows, and connected supply chains, cyber risk is one of the
By Eugene DavisThey have also drilled gas wells to vent or are the gas depending on the cubic volumes that will be emanating from the eld.
What is left to be done is the completion of access roads and converts for e ective drainage as well as improving on the green vegetation for the site.
Work on the Kpone land ll site which started eight years ago, with the initial intention to process waste generated by the then Tema Metropolis (now sub-divided into Tema Metro and Kpone Municipality) was receiving much more waste than was expected and thus escalated into an unpleasant situation that needed urgent response.
"The ministry will do its part to -
She urged the general public to be responsible and stop indiscriminate disposal of waste, adding that the ministry has a zero tolerance policy for land lls.
"We do not have any excuse to be creating land lls, creating mess and dumbing indiscriminately," she stressed.
Ign. Osei hinted that they have moved over a million cubic of waste from the site for e ective drainage and landscaping.
The Sector Minister, Hon. Cecilia Abena Dapaah upon her visit to the site, and assessing the di culties that the community had had to face in dealing with smoke, re and the leakage of poisonous liquid and polluted air into their water bodies from the site, pushed for the award of the contract to be re-engineered and de-commission the Kpone Sanitary land ll site to help overturn the problems the community had to endure.
The contract was eventually awarded to Zoomlion Ghana (a Ghanaian based company) and work commenced on 1st June 2020.
top risks faced by organizations today. It is essential that this risk is well understood and managed by organizations to protect themselves and their customers. The threat of cybercrime is also growing, with identity theft, ransomware, and phishing attacks
becoming more common. Mastercard recognizes the seriousness of these threats and places a high priority on fraud prevention and cybersecurity in all the countries where it operates, including Ghana.
"We must help businesses
prepare for cyber-attacks and decrease nancial risk by identifying data breaches, assessing cyber threats, and acting on insights," said Bossman Kwapong, The Country Director for Ghana at Mastercard. "As the digital economy grows, so do the intentions of cyber criminals who are ready to exploit weak links. Our partnership with the Cyber Security Authority of Ghana, is a signicant step towards ensuring the safety and security of our partners and customers."
The forum covered the latest attack methods utilized by cyber criminals, the assets they target, and the motivation behind such attacks. With a speci c focus on the nancial services sector, the forum o ered a comprehensive overview of the regional cyber threat landscape, recent fraud attacks and best practices to address fraud vulnerabilities that may impact business pro tability.
Mastercard also demonstrated its cutting-edge fraud detection solution, such as the Decision Intelligence solution which utilizes advanced technologies and tools to quickly detect and prevent fraudulent activities in real-time, thereby helping to protect customers' accounts and transactions.
“This meeting by Mastercard is borne out of the desire to prepare Ghanaian issuer banks against the increasing rate of cyber security threats within the banking ecosystem. It is a proactive engagement, and it must be supported by all. ,” commented Dr Albert Antwi-Boasiako, Acting Director-General of the Cyber Security Authority (CSA). “As a regulatory body, we can only be proactive and lead the national response through the implementation of appropriate policies and regulatory interventions. The CSA is currently implementing several regulatory activities
including the Licensing of Cybersecurity Service Providers and Accreditation of Cybersecurity Establishments, and Cybersecurity Professionals.”
Stakeholders at the conference agreed on the need for increased partnerships and collaboration for improved security. According to a ranking by the Global Cybersecurity Index (GCI), Ghana is one of the most cyber secure countries in Africa, behind Mauritius and Tanzania. However, with increase in digitization, there is a need to develop cyber resilience to secure end-to-end points in the nancial services ecosystem. ”Our organization is pleased to partner with global technology leaders such as Mastercard. The positive work this organization has been doing to combat cyber threats, protecting most especially the customer and small businesses is remarkable. We hope this partnership is one of many to come,” said Ernest Kwamina
“Online security is of paramount importance and we commend Mastercard’s proactivity in providing platforms where pertinent discussions such as cybersecurity and combating fraud, especially for customers, is being tabled. As nancial institutions we aim to provide systems that are safe and reliable for all Ghanaians,” commented John Awuah, CEO of Ghana Bankers Association.
Mastercard remains committed to delivering innovative and e ective solutions to its customers in Ghana, helping to create a secure and inclusive digital future. Through partnerships with organizations such as the Cyber Security Agency of Ghana, Mastercard remains committed to promoting cybersecurity and fraud prevention across Ghana and beyond.
platform for these leaders to interact, share ideas and listen to new research and emerging trends in their respective industries. The summit also recognises leaders who have impacted their sectors in unique ways in the year under review.
Abena was lauded for displaying great leadership, innovation and creativity in the transformation of Absa Bank, which celebrated its third year of transiting from the Barclays brand to Absa in Ghana, last February. The bank's unvarnished commitment to supporting real sector growth and projecting a digitally-enabled strategy, is creating synergy with clients, customers and key stakeholders.
above 40%.
Abena's leadership has also seen Absa step up its commitment to the communities through initiatives in education, nancial inclusion and environmental conservation.
Absa Bank's Managing Director, Abena Osei-Poku has won recognition as the CEO of the Year in the banking sector at the just-ended CEO Summit 2023, held at the Kempinski Gold Coast hotel.
The summit brings together all the captains of industry, corporate leaders across the public and private sectors, including government o cials, and other key stakeholders.
The summit also provides a
Recently the bank launched an unheralded campaign for SMEs in Ghana - providing loans at 10% per annum to women-owned businesses, youth entrepreneurs and businesses in the agriculture and ntech sectors in the country. What makes the proposition so unique is that it has come at a time when lending rates hover above 30% due to a challenging local economy, with in ation still
Commenting on the recognition, Abena said "I want to recognise the bank’s incredible clients, stakeholders, and colleagues for their unwavering support throughout the years. This award is for them. As a bank, our strategy remains unchanged - we will continue to nd new and innovative ways to create value for our customers as they navigate the challenges of the external environment. Our role is to empower them and their businesses whilst deploying cutting-edge digital technology to create convenience."
Absa Bank is regarded as a systemically important bank in Ghana’s economy and has operated in Ghana for over a century. The bank’s brand purpose re ects a sense of empowering Africa’s tomorrow, together - one story at a time.
With its political stability, conducive business environment, committed and progressive government-private sector participation, adaptable workforce, excellent sea and air connections to Europe and the USA, transparent regulations, no frills business processes and a thriving private sector, Ghana, home to the headquarters of the African Continental Free Trade Area (AFCTFA) is an excellent hub for investors seeking to do business in Africa.
As Ghana continues to make giant strides to solidify its status as the force to reckon with in Africa, it welcomes global investors to be a part of this journey and take advantage of the abundance of investment opportunities.
The Ghana Investment and Opportunities Summit which is being organised by the Ghana High Commission, UK in partnership with the Ghana Investment Promotion Centre has been scheduled for June 2023 in London.
The event which is the third in the series is aimed at bringing together delegates from the international investor community, venture capitalists and private equity fund managers amongst others for indepth discussions and the exploration of viable bankable investment opportunities within various sectors of the Ghanaian economy as well as matching local businesses with international partners.
This year’s summit is set to take place over two days at the London Hilton on Park Lane on the theme “Post Covid Economic Recovery: Opportunities for the Investor”
The keynote speaker for this year’s summit will be the Vice President of Ghana, H.E Dr Mahamudu Bawumia who will lead a delegation of industry captains and business leaders to showcase why Ghana should be the number one choice for investors to consider doing business in Africa. The key sectors of focus for the summit will be, Finance, Digitalisation, Agriculture, Energy, Manufacturing, Tourism and Diaspora Mobilisation.
As Ghana is working to regain its position as being one of Africa’s fastest-growing economies, it remains one of the best places for doing business in West Africa according to the World Bank’s Ease of Doing Business Report 2020. According to the EY African
Having grappled with the detrimental impacts of the global pandemic just like every other country, Ghana’s focus on maintaining a sustainable economy is now more important than ever and one of the key ways of achieving this is to ensure a consistent attraction of foreign direct investment.
The third edition of the GHIOS is expected to attract over eight hundred delegates, two hundred corporate industry captains, about forty speakers, over hundred million deals to be sealed amongst Business-to-Business sessions.
The summit seeks to target international investors, various corporate organisations, government institutions as well as the general public in Ghana and Europe and the diaspora.
Key leaders from the Ghana Neth erlands Business and Culture Council (GNBCC), and the European Chamber of Commerce have a rmed Ghana’s position as the leading destination for FDI and trade with the highest competitiveness score in West Africa.
They however noted that Senegal and Ivory Coast were fast gaining ground and Ghana had to redouble her e orts to remain competitive.
These points were made by Mr. Tjalling Wiarda, General Manager of the Ghana Netherlands Business and Culture Council and Mr. Nicholas Gebara, Executive Director of the European Chamber of Commerce during an expert panel webinar to mark European Union Day at the Institute of International A airs, Ghana (GhIIA.org).
The webinar organized by the International Economics and Trade Observatory (IETO) at the GhIIA.org was moderated by the coordinating fellow of the IETO, Mr. Fred Amissah. In setting the tone and establishing the premise for the discussion, Mr Amissah stated that the Institute’s position on trade is premised on the Ricardian concept of comparative advantage. Flowing from this, the Institute was of the view that international trade based on leveraging Ghana’s advantage was key to the country’s development.
The webinar had thus been organized as part of the celebrations to mark European Day, and in recognition of the long period of trade relations that has existed between
was an attempt to tap into the knowledge of the European Chambers of Commerce on how Ghana was competing in attracting European businesses and investments compared to its peers in sub-Saharan Africa.
The panelists were emphatic that despite major challenges, Ghana remained an oasis of peace and security in ECOWAS and thus continued to be preferred. They all agreed that the establishment of the African Continental Free Trade Area (AfCFTA) and the siting of the AfCFTA o ce in Accra presents a bullish opportunity for growth in the economy.
Mr. Gebara said “any European company is looking for ease of access to large markets in Africa. So, if I can trade with Ghana, and through that gain access to the 300 million ECOWAS market as well, it will de nitely be attractive.”
Mr. Wiarda however noted that Ghana had to do more to become more attractive with the AfCFTA framework, otherwise companies would move their bases to other African countries as entrepots. He noted for instance that more had to be done to bring to life the free zones concept as the current feedback from prospective companies indicated that the costs of setting up were a bit higher compared to other markets.
He further noted that Senegal and Ivory-Coast were making great strides in attracting business, and
the Sahelian region. He further stressed that the cost of doing business in Ghana is very high. This was on the basis that, a foreigner requires US$200,000 as capital before set-up a business in Ghana as compared to Nigeria which is US$50,000.
Mr. Wiarda of GNBCC, responding to a question on Ghana’s transport infrastructure in the role of competitiveness, indicated that Kotoka is at the moment the most expensive airport for airlines to land in Africa, and the fth most expensive in the world. Therefore, more is needed to be done if Ghana wished to put in place an airbridge for produce, as Kenya had achieved for Naivasha to Europe. However, Mr Nicholas Gebara of the European Chamber of Commerce highlighted that the modication and the implementation of the companies act along with the introduction of the Insolvency Law and the Bankruptcy Law is an indication of e orts to streamline the regulatory framework which is essential for any business entity registered and operating in Ghana. He however noted that consultations could be deepened to ensure that the business community is carried along.
Both Mr. Gebara and Mr. Wiarda were emphatic that European partners and participation delivered the quality that was key to the growth of the Ghanaian economy. They noted that even though other countries seem to have lax
regimes and were thus inching up in the volume of trade, it was becoming evident that their lack of standards on issues like human rights, quality standards and climate issues were in the long-term leading to unsustainable growth.
Mr. Wiarda said, “For example, because of the high EU standards necessary to export from a Ghanaian farm into the EU, produce here will be of high quality and be excellent for local consumption. Also because of this high standard, these farms can then export this produce at a premium into other high-value markets like the USA or Britain, ultimately delivering more revenue to the farmer.”
In response to a question on which countries could serve as a template for Ghana becoming more competitive, both panelists indicated that Ghana could take very useful lessons from countries like Vietnam, Rwanda, Suriname, and Morocco on the needed reforms to boost competitiveness.
The graduate attache in charge of research at the Institute, Mr. Prince Asante in closing the event noted that the insights gleaned were useful and added to the body of research that will be put together into a policy recommendation brief to Parliament. He also noted that the full recording of the webinar was available on the institute’s social media handles and invited the public to upcoming seminars from the Institute.
Vodafone Ghana celebrated another landmark moment in its crusade for workplace diversity and inclusion as it welcomed ten additional young women into its Female Engineering Student Sponsorship Programme (FESSP) in a ceremony held at its headquarters on 23rd May 2023. Since its inception in 2011, the FESSP has been committed to bridging the gender gap in STEM (Science, Technology, Engineering, and Mathematics) disciplines and advocating for equal opportunities for women. To date, the programme has proudly supported 65 female students from distinguished Ghanaian universities, enhancing their career prospects with nancial aid, internships, mentorship, and direct access to job opportunities.
One such bene ciary, Nana Aba Acquaah-Harrison, serves as an exemplar of the programme's success. A recent Computer
Engineering graduate from the University of Ghana, Acquaah-Harrison has thrived academically since joining FESSP in 2022, amassing an impressive array of accolades, including the Vodafone Prize for Best Graduating Female Student in Computer Engineering, and the Ericsson Best Graduating Female in Computer Engineering in 2022.
"The mentorship I've received from accomplished women in STEM has been instrumental in preparing me for the workforce and honing the skills I need to succeed," expressed Acquaah-Harrison. "Vodafone Ghana's FESSP initiative has opened doors for me that I never thought possible."
FESSP is designed to o er participants a well-rounded experience that readies them for thriving careers in STEM. The scheme selects brilliant female students from top-tier Ghanaian universities, providing them
with nancial support for academic expenses, a tablet, and a data allowance to support their studies. Participants in the programme gain industry exposure during internships at Vodafone Ghana while on school breaks and, after graduation, undertake their national service with the company, bene tting from continued mentorship and hands-on experience.
"Mentorship is a vital part of the FESSP, o ering participants access to accomplished professionals who provide guidance and support as they embark on their STEM careers," stated Hannah Ashiokai Akrong, HR Director of Vodafone Ghana. "With this programme, Vodafone Ghana is actively addressing the gender STEM gap by nancially supporting and mentoring female students pursuing degrees in engineering and technology."
The impact of the FESSP is
evident in the achievements of its recipients, many of whom credit their success to the programme's support and mentorship. By providing opportunities for young women to embark on careers in engineering and technology, FESSP is making a signi cant contribution to narrowing the gender STEM gap.
As Nana Aba Acquaah-Harrison summarised, "Through the FESSP initiative, I have been able to pursue my passion for computer engineering and gain valuable experience through my internship with Vodafone Ghana’s technology team."
Vodafone Ghana's FESSP is a testament to the company's unwavering dedication to empowering women and reducing the gender gap in STEM disciplines. By investing in the forthcoming generation of female engineers, Vodafone Ghana is fostering a diverse and inclusive workforce that is poised to drive innovation and growth.
anniversary and commemorate their Alma Mater’s 69th Speech and Prize-Giving Day over the weekend in Ho.
The event, which is hosted by various alumni each year, was organized under the theme ‘Preparing today's girl for the future of work and entrepreneurship’. In his remarks, Mr. Ko Torku, the Board Chair of OLA Girls, commended both the management and students for accomplishing such a great feat despite ongoing challenges. He also applauded the e orts of the Old Students from the 1997- and 1998-year groups in organising the year's celebration.
"Despite the multitude of challenges facing the School, I am proud to state that the school continues to progress very well as a category ‘A’ school in Ghana, and I also want to acknowledge the 1997- and 1998-year group for generously sponsoring this occasion."
Mrs. Gifty Mottey-Gowu, the President of the 1998-year-Old Students Association Group, expressed her excitement and appreciation to the school's management for allowing them to come back and support the school after such a long time. "Today marks the 25th anniversary of the completion of the 1997/1998-year group of OLA Senior High School, and I am
today we are here to not only celebrate our 25th anniversary but also give back to the school that has helped shape us into who we are."
This happened as the alumni association made contributions of food items, toys, and educational materials to the Ho Teaching Hospital's Pediatric Unit, the Madanfo Shelter in Ho, and the School Administration.
The donations on Friday to the school and the pediatric unit of the Ho Teaching Hospital was sponsored by GB Foods, Twellium Industries (Verna & Bigoo), and Ghana Oil Palm Development Company (GOPDC). Additionally, the 97 and 98-year groups dedicated a 16-seater toilet facility and a fully equipped E-library with 10 computers and one server to aid in smooth teaching and learning activities.
Addressing the theme ‘Preparing today's girl for the future of Work and Entrepreneurship’, Mama Afua Kobri Kotoku I, the Sub-Divisional Queen Mother for Taviefe Traditional Area in the Ho Municipality and a past student of the 1998-year group, encouraging the students to seize control of their future by diligently preparing today to achieve their career aspirations.
Quoting a publication by Stanbic
ture, industry, and services."
She entreated the students to develop their skills and master the use of technology in order to succeed in the high-skilled workplace of the future. She also urged them to consider breaking into male-dominated areas and not limit their dreams to jobs that are conventionally available for women.
“The availability and adoption of new technologies and access to global markets is enabling people to do more in less time with fewer people and of course regardless of their locations. Although the adoption of new technology is relatively slow in our parts of the world, the pace will increase in the near future as more and more people obtain relevant skills to use these technologies and will thus encourage our young ladies, not to limit their dreams to the conventionally available jobs to women but also strive to break into some of the male-dominated areas,” she said.
Madam Benedicta Amata Mawunyo Agbezudor, the headmistress of OLA Girls High School, expressed her gratitude to all parties who have made signicant contributions to the development of the schoosai She also appealed to the government for its support in providing the necessary resources to ensure e ective teaching and
learning at the school. Expressing her concerns, she stated, "OLA SHS, has not received a single project, not even the special one promised to support the double track system. The school bus is inadequate to accommodate educational tours due to our growing student population. Many classrooms are overcrowded, emphasizing the urgent need for a 24 Unit Classroom Block, among other essential facilities." Stressing the importance of collaboration, the president of the 1997 old student association Mrs. Seyram Folie-Asagba called for improvement in the school's overall conditions and academic excellence, aiming to elevate its ranking not only within the region but nationwide. She emphasized the need for a partnership between OLA and the old girls, urging a balanced approach rather than placing demands solely on the latter.
The celebrations were glamorous and colourful, as participants were dressed in Kente in the school’s blue and gold hues. The gathering not only a orded the alumni the opportunity to appreciate students and sta for their tireless e orts both in academics and non-academic activities but to help promote and deepen the cordial ties among the school’s alumni, students, sta , and the management of the school.
It also witnessed a bon re night, borborbor dancing, a touch light processing, and a performance by the award-winning musician, Cammidoh.
Stanbic Bank and its parent bank, Standard Bank South Africa have acted as debt arranger and coordinating banks for a syndicated loan for Genser Energy Ghana Limited to support the construction of a natural gas pipeline and processing facilities. The transaction is in line with the Bank’s climate policy which supports e orts to mitigate the impact of climate change, and to improve access to reliable and sustainable energy sources: a critical factor in economic growth and poverty alleviation in Africa.
Speaking on the impact of the transaction, Head, Energy and Infrastructure, Stanbic Bank Ghana, Sydney Nii Ayitey Tetteh said the bank is committed to partnerships that aim at nding the right energy solutions on the continent.
He said “We are committed to partnering with businesses and other relevant stakeholders to nd the right energy solutions to improve and drive Africa's growth. This transaction enables Genser to take gas from the upstream that would otherwise be ared and direct it back into the Ghanaian economy. The processed gas and associated hydrocarbons will be used as fuel to provide power to homes to displace kerosene and other more carbon emitting fuels as energy sources and provide natural gas and liquids for the industrial sector. This is imperative for Ghana's energy transition and climate change goals.”
He added that “Our commitment
to gas nancing is informed by the emissions and development plans of our key markets. We will continue to nance gas responsibly over the medium to long term as a transition fuel for use in domestic and regional markets as well as a means of facilitating natural gas for export. We commit to developing a transition nance product framework that will support the use of gas in its speci c role as a transition fuel in Africa. We continue to work toward reducing our emissions intensity while managing our gas exposure.”
The funding will be used to re nance Genser’s existing debt and support the next phase of its expansion, enabling construction of a 105km natural gas pipeline to Ghana's second largest city. Kumasi, a gas conditioning plant in Prestea, and a natural gas liquid (NGL) storage terminal at Takoradi Port.
The transaction will not only support Genser’s energy transition strategy but also contribute to Ghana’s national climate change targets. Furthermore, the availability of cheaper and readily accessible piped natural gas will assist Genser’s customers to transition from imported trucked diesel and heavy fuel oil (HFO) to local natural gas alternatives. This comparatively cheaper and cleaner energy source will also support Ghana’s bid to relocate power plants from coastal regions to reduce line losses and improve the national grid's
energy e ciency. It further has the potential to position the country as a signi cant producer and exporter of NGLs.
Ghana has become the second country in Africa after Mozambique to receive payments from a World Bank trust fund for reducing emissions from deforestation and forest degradation, commonly known as REDD+. The World Bank’s Forest Carbon Partnership Facility (FCPF) paid Ghana $4,862,280 for reducing 972,456 tons of carbon emissions for the rst monitoring period under the program (June to December 2019).
“This payment is the rst of four under the country’s Emission Reductions Payment Agreement (ERPA) with the World Bank to demonstrate potential for leveraging results based payments for carbon credits,” said Pierre Laporte, World Bank Country Director for Ghana, Liberia, and Sierra Leone. “Subject to showing results from actions taken to reduce deforestation, Ghana is eligible to receive up to $50 million for 10 million tons of CO2 emissions reduced by the end of 2024.”
These actions are within a six-million-hectare stretch of the West Africa Guinean Forest, where biodiversity and forests are under pressure from cocoa farming and unsustainable harvesting, and small-scale mining. Ghana is one of 15 countries that have signed ERPAs with the World Bank.
“The many years of dialogue, consultations, and negotiations
with local communities, traditional authorities, government agencies, private sector, CSOs, and NGOs have paid o ,” said Samuel A. Jinapor, Minister for Lands and Natural Resources. “This emission reductions payment will further promote con dence in Ghana’s REDD+ process for action to reduce deforestation and forest degradation while empowering local community livelihoods. The road to global 1.5 degrees cannot be achieved without healthy standing forests, and Ghana is committed to making it possible.”
Ghana is the world’s second-largest cocoa producer. Cocoa drives the economy, but it is also one of the main causes of deforestation and forest degradation in the southeast and western regions of the country. Stakeholders are working to help some 140,000 Ghanaian farmers increase cocoa production using climate-smart agro-forestry approaches, rather than slash and burn land-clearing techniques that decimate forests. More sustainable cocoa farming helps avoid expansion of cocoa farms into forest lands and secures more predictable income streams for communities.
Ghana’s Cocoa Board is participating in the REDD+ process, as are some of the most important cocoa and chocolate companies in the world, including World Cocoa Foundation members like Mondelēz International, Olam, Touton, and others. Their combined actions are not only helping bring change to the cocoa sector, but they are also helping Ghana meet its national emissions reduc-
Former Chairman of Parliament’s Finance Committee, Dr. Mark Assibey-Yeboah, has proposed to government to consider ringfencing portion of the IMF proceeds, intended to bolster nancial
Ringfence aims to reserve money for a speci c purpose, to reduce taxes on the individual or company, or to protect the assets from losses incurred by riskier opera-
According to Dr. Assibey-Yeboah, “With US$600m disbursed by the Fund, we could ringfence and apply part of the proceeds as payment of coupons, servicing of bilateral debt and enhance leap programme,” he told Business24/Investment Times in an interview over phone.
Under the Payment of Coupons/Principal of Bonds (and Cocoa Bills), he indicated that the Ministry of Finance projected 85% Participation Rate in the Domestic Debt Exchange and urged government to prioritise the payment of coupons to restore con dence.
“This means that only 15% of individual bondholders, excluded Pension Funds and Cocoa Bills are 'original' bonds that have to be settled in the near term. Government needs to prioritise the payment of coupons/principal of the afore-mentioned bonds to restore con dence to the nancial system. Currently, market players are interested primarily in 91-day Treasury Bills. Restored condence will push investors to 182-day and 1-year Treasury Bills,
giving government some breathing space.”
Further, he also asked government to use part of the proceeds to service its bilateral debt, explaining following the suspension of interest payments on Eurobonds and Bilateral loans, “almost all critical infrastructure projects have grounded to a halt.
“Contractors have demobilised from site. Turnkey projects like the KATH Maternity and Children's Block (@ 54% completion), Eastern Regional Hospital (@ 50% completion), Obetsebi Interchange (@ 90% completion), Nungua Beach Road (@ 80% completion), Takoradi PTC Interchange (@ 85% completion), Czech-Funded Bridges (@ 70% completion) amongst others are
all being discontinued.
“We should resume interest payments on these critical loans. Doing so will give the contractors impetus to remobilize and go back to site, albeit, at an increased project cost.”
Dr. Assibey-Yeboah who was a former Member of Parliament for New Juaben South also noted that government can use portions of the proceeds to enhance the LEAP programme.
“The gradual removal of 'subsidies' on electricity is biting the poor very hard. With food and energy in ation persisting, LEAP, our social protection program that provides cash transfers to very poor people must be enhanced and expand-
ed.”
The International Monetary Fund approved Ghana’s request for a $3 billion bailout over three years to support the debt-ridden nation’s recovery.
The West African economy will receive an immediate disbursement of about $600 million, the IMF said in a statement on Wednesday following an Executive Board meeting.
Ghana, long seen as one of Africa's best run countries, has been struggling to recover from the combined e ects of the global Covid pandemic and the war in Ukraine.
Despite being one of the world's biggest producers of cocoa and
the leading producer of gold in Africa, one of Ghana's basic problems is that it does not earn enough through exports to pay for everything it imports.
This is known as the balance of payments de cit and is partly what the IMF loan is designed to help with. But that is not all.
The programme is also expected to signi cantly slow the rate of in ation and ensure a stable local currency. All of this will bene t ordinary Ghanaians through stable prices of basic commodities including imported ones.
It has been considered risky to lend money to Ghana, but with the new IMF programme it should mean that the country can borrow again to implement its
The leadership of the Marveled Church would like to cordially invite you to attend its upcoming business session on Saturday, May 27, 2023 at 9:00 am. This conference is geared towards helping people who are looking to gain insights on the latest business trends, network with peers, and stay ahead of the competition. During the session, panellists we will be sharing valuable information about their success stories, as well as industry insights and strategies they have adopted that have helped them to achieve their desired results.
This year's conference theme is " Innovating for Success in uncertain times". As businesses continue to face unprecedented challenges due to the global pandemic, the conference will focus on practical solutions and insights to help organizations thrive in the face of adversity.
The event will feature keynote speeches, panel discussions, and interactive sessions led by some of the most sought-after industry experts. Attendees will have opportunities to network with peers, collaborate on challenges, and gain practical knowledge on topics shared. Presentations at the conference are as follows: Innovating your way into wealth, building global brands in the digital age, making queen moves: winning as a woman in the mar-
ketplace; Flourishing among thorns: faith as the game changer in life and business and launching new ventures: jump-starting innovation for entrepreneurs and business owners.
The speakers at the confab are as follows:
Chris Orlando, Lead Pastor of Marveled, a church movement to reveal the reality of God to this generation; turning broken and desolate lives into a luxuriant garden of Eden. Chris Carries a burden to see men and women become God’s dream through the impartation of the Spirit and insightful, practical teaching of God’s word.
The keynote speaker for this conference is Mr. Charles Quao. Mr. Quao is an award-winning luxury real estate developer and Chairman of Quao Realty; a company with a collection of multimillion dollar developments such as Legacy Square in East Legon, Pristine Garden in Sakumono, 233 Boulevard in cantonments, Essence and One Elms in Airport Residential. He is solely responsible for idea conception, project co-ordination and project funding for the projects.
We are pleased to introduce BigGodwin Martey, an award winning and astute entrepreneur, philanthropist and technology expert with over 15 years in building businesses. He is the President of The SoftGroup com-
prising Websoft Solutions, and Beverage Soft. He is the convenor of The BigGodwin Masterclass.
Benjamin Gregory Aggrey, a strategist and digital transformation consultant will be delivering broad sector solutions that help big corporates, start-ups, small and growing businesses to impact today's marketplace at the conference. He is the founding partner of Centrifuj, a multidisciplinary rm unlocking brand potential with strategy, design and technology to drive growth and build globally competitive businesses.
The highly sought-after virtuoso, Selorm Dreamaker CEO of Accento Projekts Limited, will be present to share her experience in interior design, remodelling and project management. With her impact over the years, she has trained many people to become interior designers. Also, speaking at the confab is Mrs. Ana Arkutu. Mrs. Anaku, a real estate agent and a marketing consultant has over 14 years’ immersive industry experience. She works hand in hand with leaders and teams of luxury real estate companies facing challenges with sales to set up systems which will connect the brand to their clients and automatically increase sales, making the company, team and leader a success story.
Samuel Agyeman-Prempeh is an ordained Pastor. He is a Certi ed Professional Trainer (CPT) by the International Association for People & Performance Development (IAPPD), UK and a publishing consultant assisting busy executives to write and publish bestselling books. He has served as Head of Protocol at a diplomatic mission, Corporate A airs O cer at a French multinational agribusiness, and as Events & Media Correspondent for a digital ad agency. Samuel is an author and co-author of bestselling books including; Mastering Digital and Marketing with In uencers.
We are excited to bring together business leaders and experts from various industries to share their experiences and provide insights into navigating through these uncertain times. We believe this conference will o er practical solutions and enable participants to gain knowledge and make informed decisions to drive the success of their business. Don't miss this unique opportunity to connect with like-minded professionals and learn from industry experts. We hope to see you there!
You can connect online via the following social media handle: https://www.facebook.com/thisismarveled
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It is timely to rede ne the narrative of Africa’s air transport industry to that of interconnectedness, a ordability, pro tability, e ciency, and sustainability. This was the impetus of the much-awaited Convention, held under the theme “Changing the African Aviation Narrative”.
While the air transport recovery trajectory continues post-COVID-19 and with the headwinds arising from other geopolitical-related developments, it is critical for the air transport ecosystem stakeholders put their weight behind concerted actions for air transport business to thrive and contribute to the continent’s sustainable rapid development.
The Convention was held at the Ethiopian Skylight Hotel in Addis Ababa, Ethiopia, from 0709 May 2023 under the patronage of the Government of the Federal Republic of Ethiopia and was graced by two Ethiopian Ministers - Her Excellency Nasise Chali, Ethiopia Minister of Tourism and His Excellency
Dr. Alemu Sime, Ethiopia Minister of Transport and Logistics- who was the Guest of Honor. Speaking at the CConvention on the importance to change the future of our industry with transformative ideas and actions, Mr. Abdérahmane Berthé emphasized that African Airlines face many challenges that the industry needs to contemplate and nd lasting solutions with serious consideration.
“Critical among the challenges facing our industry is sustainability. Only 10% of African citizens can a ord air transport, meaning there is a huge room for growth. Reducing
the cost of operation, cooperation among airlines, partnerships, and consolidation are part of AFRAA’s initiatives and advocacy to make air transport a ordable for Africans.” He said.
The main objective of the Convention was to convene stakeholders to dialogue and deliberate on subject matters to pave the way for the air transport industry’s development and change the narrative of African Aviation. This CConvention also aimed at establishing lasting interactions and partnerships among aviation players and airlines in the aviation value chain for win-win relationships that will bene t African aviation.
Summit Vision Micro nance has since 2021 disbursed over $375,000 in working capital to cashew producers in the O nso North District of Ghana’s Ashanti Region to increase production.
The working capital was disbursed to cashew nursery operators for grafting of seedlings and smallholder farmers to expand their farms.
The nancing by Summit Vision Micro nance according to O nso North District Chief Executive, Asare Bediako, is contributing to the government and district assembly’s strategy to transform the area into a major cashew production hub, create jobs for youth, alleviate poverty and contribute to economic growth.
“My district is better o economically. Most of the farmers who received nancing from Summit Vision Micro nance to procure seedlings have seen their crops maturing and are looking forward to a bumper harvest and good returns on their investment,” he said.
Until about ve years ago, farmers in the O nso North District of Ghana’s Ashanti Region mainly cultivated cocoa until dry soil conditions emanating from the e ects of climate change began to signi cantly reduce their yields. Faced with a threat to their livelihoods, after consulting community leaders, the farmers decided to grow high-value cashews, for export. But rst, they had to overcome access-to- nance challenges like buying cashew seedlings, polythene plant pots and other agricultural inputs needed to set up nurseries, hence accessing nancing from Summit Vision Micro nance.
For instance, during the 2021 production season, Summit Vision Micro nance disbursed $31,944 to the Nkenkaasu Cashew Group to buy grafted cashew seedlings, planting bags, access water and hired labour to cultivate 215 acres of cashew.
“We contacted nancial institutions for loans, but they were not interested in nancing cashew production because they considered it as a long-term investment
with uncertain prospects,” said David Wiafe, leader of the 224-member Nkenkaasu Cashew Group–35 percent of whom are women.
Help eventually came from Summit Vision Micro nance, one of 16 partner nancial institutions of the USAID-supported Feed the Future Ghana Mobilizing Finance in Agriculture (MFA) Activity. MFA works to improve access to nance for farmers and agribusinesses in Ghana. The Activity provides training, technical support, and incentives to nancial institutions to increase lending to farmers and agribusinesses to boost production, invest in processing and expand their businesses.
“We were able to repay the loan in six months and applied for another to acquire inputs and increase the number of acres cultivated to over 500 in 2022,” said Wiafe. “Financing from Summit Vision has been very helpful. Getting grafted seedlings has reduced the cashew gestation period from about ve to two years.” (Grafting one plant’s
stem, root or branch onto another can improve crop resilience against pests or disease.) “Also, young people in the district have seen the potential in cashew production and are no longer migrating to cities in search of jobs following poor cocoa yields.” With the bene ts clear to all, the Nkenkaasu Cashew Group is attracting more members and the District Assembly is recommending Summit Vision Micro nance to other districts in the region to nance their cashew production. Summit Vision Micro nance is up to the challenge and o ering support to train more youth and women cashew grafters to meet demand for seedlings and secure long-term loans for farmers to maintain their farms.
Mr. Frank Osei Boadu, General Manager of Summit Vision Microfinance said, “Our partnership with the USAID-supported Ghana MFA Activity has equipped our sta with skills and knowledge in agriculture lending. In less than two years, we have increased our agriculture loan portfolio from 20%, before our partnership with MFA, to 29%with a 100% loan