The Minority in Parliament is demanding the immediate transfer of shares held by Jubilee Holdings Limited (JOHL)to the Ghana National Petroleum Corporation (GNPC).
According to the caucus, it will exude con dence among Ghanaians that government is exercising the needed oversight of state assets. Minority Leader, Dr Cassiel Ato Forson, said in statement that the NDC MPs said the transfer of the shares will show that the government is monitoring the revenues accruing from Ghana’s petroleum resources.
“By this statement, the Minority calls on the Akufo-Addo/Bawumia NPP government to transfer the shares held by JOHL to GNPC without delay, so that Ghanaians can be assured that appropriate oversight is being exercised on these assets by Parliament and other stakeholders.
This will only go a long way to ensure proper accountability and e ective monitoring of the revenues accruing from our petroleum resources.”
Further, the statement noted the Minister of Energy, Dr.
By Eugene DavisMatthew Opoku Prempeh, alleged that GNPC under the chairmanship of Mr. Freddie Blay is working on a transaction to relinquish about 50percent of the shares of JOHL to PetroSA, the state-owned oil company of South Africa.
This action, the minority claims sounds at odds with the value of the JOHL assets to the State and does not advance the interest of the Ghanaian people.
“We therefore call on the GNPC to give a clear and urgent explanation of the situation and what the thinking behind the happening is. As a matter of fact, the Minority will upon the resumption of Parliament le an urgent question for a clari cation of this whole saga.”
The minority also contend that the JOHL revenues are currently being used as a ‘slush fund’ to pursue all manner of business that has not been approved by Parliament under the usual GNPC budget approved process.
The recent lodgment of $100million of oil revenues in the accounts of JOHL which sparked concerns about the state being deprived of taxes
accruing from those revenues lends credence to our concern. But even more troubling is the fact that the Minister references, in his letter to the Executive Secretary to the President, an attempt to try to re nance GNPC’s current debts by using JOHL’s assets to do so with LITASCO. We can only presume that the intent here is to forward sell JOHL’s production share to raise this money.
One of the key tenets of the PRMA is to limit the government of the day on how much ‘forward selling’ of its oil and gas assets, it can do, so as not to mortgage o Ghana’s future. Such an act would lack transparency, add debt to an already debt distressed country that is under an IMF programme and may indeed be unconstitutional.
The issue of the divestment of part of Ghana’s stake in the Jubilee Oil Holdings Limited(JOHL)has been a matter of intense discussions in the media these past few days. The Minority in Parliament has observed various exchanges among key government functionaries, notably the Energy Minister and Board Chairman of the GNPC.
The Minority was concerned about the manner in which the
JOHL assets are held and managed. The JOHL assets were acquired by the Republic of Ghana and thus belong to the people pf Ghana. The late President John Evans Atta Mills, enacted the Petroleum Revenue Management Act,2011 (Act 815) which provided regulation
over how revenue from Ghana’s oil and gas resources are to be managed.
As required by the Act, Revenue from the assets are accrued to or disbursed from the Petroleum Holding Fund. It is therefore concerning to note
that the JOHL assets are not currently subject to PRMA provisions nor are JOHL revenues remitted to the Petroleum Holding Fund.
“The question then arises, if the JOHL asset is as valuable as reported and revenues from it are not remitted to the Petro-
leum Fund, where are the revenues lodged, how are they used and under which governance structure are they managed? Does the Auditor-General get to see accounts? the minority asked.
“As we celebrate Africa Day, we are greatly encouraged to receive this accolade, which recognises our work to deliver on our strategic priority to create shared value with ESG at the core,” said MTN Group President and Chief Executive O cer Ralph Mupita.
“It motivates us to keep focused on providing leading digital solutions for Africa’s progress and to ensure that everyone enjoys the bene ts of a modern connected life.”
Ralph Mupita, MTN Group President & CEO
MTN Group has been named by Brand Africa as the number one African brand that is doing good for people, society and the environment in a new category of its annual
awards inspired by businesses shifting from pro t to purpose.
Brand Africa also named MTN as the most admired African brand recalled spontaneously.
The new award category acknowledges MTN’s contributions towards empowering people, supporting sustainable societal development and preserving the environment. Through its broad range of initiatives and alliances, MTN Group demonstrates dedication to making a positive di erence in the lives of Africans. Understanding that commitment needs to translate into action, it advances in this regard in 2022 include ensuring greater digital inclusion by extending broadband (includ-
ing rural) coverage to almost 88% of the population in our markets; contributing approximately R149 billion in economic value-added to society; and reducing GHG emissions by around 13.9%^ as part of journey to achieve net zero emissions by 2040. “This award would not have been possible without the support of the many stakeholders with whom we engage every day. I would like to thank them all –among them our customers, our employees, governments and regulators, and society at large across our 19 markets,” added Mupita as he acknowledged the role of the Group’s partners in its achievements in connecting the unconnected, uplifting communities and protecting the planet:
In April, Brand Finance assigned MTN the highest ‘sustainability perceptions value’ of all companies in its ‘South Africa 100 2023’ survey in which the Group retained the rank as South Africa’s most valuable brand.
Ghana’s leading property developers are set to participate in the premier and only African real estate exhibition in Canada. Tagged the Africa Property Market Show (APMS), the event is scheduled hold from September 25-26 in Toronto, Ontario.
The property exhibition aims to o er direct access of a select pool of top property developers to the thousands of Ghanaians residing in Canada.
According to the event director, Steve Kalu, Canada is host to a vibrant Ghanaian Diaspora community with thousands of professionals, businesspeople and students who are keen on investing in properties back at home in Ghana. “With the number of Ghanaians currently residing in (and still migrating) to Canada, the Ghanaian diaspora market represents a vast business opportunity that has surprisingly remained relatively untapped for years.
Incidentally, there are hundreds of keen and investment-ready Ghanaians looking to invest in Ghanaian properties but are unable to do so due to di erent factors like the distance, distrust and a lack of such a platform as the Africa Property Market Show is set to o er”
Quoting some data to back his assertion, Kalu pointed to the fact that in 2022, personal remittances by diasporan Ghanaians amounted to 4.7 billion U.S. dollars. Also, in a survey carried out by Diaspora Media Inc. on Ghanaians residing in Canada, 76% indicated keen interest in investing in Ghanaian real estate. According to Kalu, the event was conceived in response to the demands of Ghanaians who have expressed interest in having a platform to explore trusted property investment options with a view at investing.
With the current state of the country’s economy and the attendant diminished purchasing power, the property show o ers Ghana’s property developers an opportunity to expand their market beyond the borders and the prospects of fetching the much-needed foreign investments into the country. Kalu stated “A few discerning real estate developers have recognized the huge opportunity and are gearing up on all fronts to bene t from this nascent and juicy market.
At the show, property developers will showcase di erent type of properties from Accra, Kumasi, Sekondi-Takoradi., Tamale, Achiaman, Sunyani, Cape Coast, Obuasi and other parts of the country. Aside from property developers, the APMS will host commercial and mortgage banks, home insurance companies, investment and fund managers, architects and designers,
smart home companies and other organizations within the real estate ecosystem.
On the attendees, Kalu stated that the event would host over 1,200 guest most of whom are ready and planning to invest within 3 months. The expected visitors include residential property buyers, retail and hospitality property investors, vacation and income home buyers, as well as investors in lands and commercial real estate. In essence, the Africa Property Market Show is a one-stop event for every real estate investment opportunity for attendees.
The Africa Property Show Market also hosts real estate companies from Kenya, Nigeria and South Africa and is being cohosted with the Canada International Property Show, the country’s largest international real estate event.
In a bold move to further its commitment to providing international payments for everyone and better serve its expanding community, Lemonade Finance announces its rebranding to LemFi. The decision to change the name was driven by a desire to simplify and capture the essence of the company's vision and to di erentiate itself in the evolving nancial services landscape.
Lemonade Finance was founded in 2020 with a simple vision, to empower immigrants seeking to achieve more in their lives. The company delivers its services through an app that enables users to send money to 10+ countries. LemFi is licensed as an Electronic Money Institution with the Financial Conduct Authority in the United Kingdom, under the name RightCard Payment Services. It is
also registered as a Money Service Business by the Financial Transactions and Report Analysis Centre in Canada.
“The name we started with was Lemonade Finance. And as our app gained popularity, our reach expanded across multiple countries, and we became the vital link between families and loved ones separated by distance,” explains Ridwan Olalere, the CEO and Co-Founder.
However, the company's growth and evolution demanded a name that would resonate even more deeply with its purpose while embracing the uniqueness of its community. Through extensive collaboration with the team and community, the decision to rebrand was made to better encapsulate the vision of provid-
ing a more inclusive and e cient means for people to send money home.
Introducing LemFi, a name that embodies the spirit of No Borders, No Barriers and no BS. The new name re ects the company's dedication to simplicity, agility, and accessibility while retaining its commitment to facilitating seamless nancial transactions for its users.
Embed Video:https://youtu.be/aUjEEqLI4jQ
"Our new name, 'LEMFI,' represents our unwavering dedication to breaking down barriers and transcending borders," says Ridwan. "It symbolises the strength and resilience of our community and allows us to
carve our own unique meaning within it."
The rebrand also comes with an expansion of vision. Hitherto, the goal was to power “International Payments for immigrants globally”; now LemFi aims to deliver “International Payments for Everyone”. This commitment will be demonstrated by unveiling an exciting line-up of product updates in the coming weeks and months.
The LemFi team thanks its valued users for their continued support and invites them to embark on this new chapter together. As LemFi, the company will continue building a product and expand to more countries in the coming weeks, empowering individuals to condently pursue their dreams.
United Bank for Africa Ghana (UBA Ghana) has marked this year’s Africa Union (AU) Day on May 25 with an array of initiatives. The day which is set across the African continent is set aside to celebrate Africa’s unity in diversity and also highlights the cultural and economic potential of the continent.
The day also presents an opportunity to re ect on the amazing contributions of and challenges faced by black people throughout history, to highlight the voices yet to be heard and the stories yet to
be told.
To commence the day, the bank discussed its role in unlocking Africa's business potential, emphasizing its Trade solutions in assisting trade facilitation across the sub-region. UBA Ghana also highlighted its cross-border remittance services to support traders and individuals in the movement of goods and services within Africa
Henry Nii Dottey, Head of Marketing and Corporate Communications at UBA Ghana who spoke during a TV interview said, “As trade remains a key economic
indicator, UBA helps customers trade safely locally and internationally. As an African bank, we are poised to satisfactorily serve customers to facilitate both Regional and International trade transactions.”
He added that the Bank in growing small businesses to grow to play in the African trade o ers working capital loans for SMEs to ensure we can make them ready for the African continent. ‘UBA believes small business is big business and that is why we
invest in them.”
To honor the rich culture and creativity of the continent, UBA Ghana encouraged its sta to dress in traditional African attire, celebrating Africa's cultural heritage
Additionally, the bank engaged its customers with an interactive activity called "Spin The Wheel," which provided education on African history, food, culture, etc, and o ered the chance to win exciting prizes.
The West African Monetary Institute (WAMI) and EMTECH SOLUTIONS Inc. today announced a strategic partnership to modernize country-level and regional regulatory sandboxes, enabling the harmonization of heterogeneous Fintech regulatory policies and frameworks across the West African Monetary Zone (WAMZ).
The collaboration aims at strengthening nancial integration across the WAMZ member states.
WAMI and EMTECH will establish a knowledge and collaboration program called WAMZ RegEX, which focuses on showcasing
regulatory innovation, sharing insights from global and regional regulatory sandbox benchmarking, onboarding a cohort of WAMZ regulatory sandboxes to conduct rapid pilots, and promoting value.
Additionally, the partnership will involve publishing research and
case studies, as well as capacity-building programs and thought-leadership workshops.
Olorunsola E. Olowofeso, Director General of the West African Monetary Institute (WAMI), emphasized the importance of the partnership saying, "Our collaboration with EMTECH marks a new chapter in
our commitment to creating a uni ed nancial landscape in the WAMZ and signi es a critical step towards achieving a more integrated and technologically advanced nancial ecosystem in West Africa. We look forward to the positive impact this partnership will have on our member states and the broader West African region."
Souleymane Tall, Director of
Financial Integration at WAMI, highlighted the strategic value of this collaboration and stated that the partnership with EMTECH would align with our core mission to promote nancial integration and regional economic development.
By working together, we could unlock new opportunities, improve access to nancial
services, and contribute to the overall growth and stability of the West African Monetary Zone.
Tunji Odumuboni, Executive Director, Africa at EMTECH, remarked, "We are excited and honored to collaborate with WAMI to drive nancial integration and economic development within the WAMZ." EMTECH’s expertise in Central Bank Digital Currency (CBDC) and Digital Regulatory Sandbox technology will support WAMI and WAMZ member states in fostering an environment conducive to nancial innovation.
Carmelle Cadet, Founder and CEO of EMTECH added, "The collaboration between EMTECH and WAMI aligns with our mission of making nancial markets inclusive and resilient for everyone, by modernizing central banking infrastructure."
“We are eager to work with WAMI to deploy solutions addressing
local and regional ntech innovation and regulatory frameworks in the West African Monetary Zone." Cadet continued, “As many countries are developing ntech regulatory frameworks, a regulatory sandbox is a powerful tool to support safe innovations and capitalize on investment opportunities and economic growth. From the U.S. to Europe, regulators need novel new tools. By joining e orts with WAMI, we are committed to work closely with all 6 member states and support them along this new journey of modern central banking in Africa. In EMTECH, they have a real partner for the long haul.”
For more information about the partnership between WAMI and EMTECH, please contact [WAMI Press Contact] at [+233 (0)302 743801] or [info@wami-imao.org] and [EMTECH Press Contact] at [+1 415 889-7444] or [info@emtech.com].
Chief Justice nominee, Justice Gertrude Torkornoo, has given the strongest indication that her o ce would not countenance any form of corruption or inducement from any third party or ‘judicial predators’ who pose to take money to go and give judges, as there would be sanctions for errant behaviour.
According to her constitutionally, a judge is supposed to be a person of good moral character and proven integrity and so there should not be any whisper.
For her, every aspect of judicial training they address the question of ethics, “we robustly work on it, we talk about and have orientation on it. Corruption is an activity that occurs from everybody’s eyes and that is why perhaps the predators have a eld day because [who is to know what is going on].
Appearing before Parliament’s Appointments Committee on Friday, May 26, 2023, for her vetting, Justice Torkornoo said
“To my mind, ensuring an active consideration by the citizenry that you ought not to be giving any money to anybody because justice is your constitutional right, may be one of the most potent forms of addressing the matter.
Beyond that there would be sanctions available to address any errant behaviour for me, if it is about always ensuring whatever activities we are undertaking in judicial administration are regulated by law -you cannot tamper with anybody’s right outside propriety and legality.”
She indicated her commitment to any e ort to address the perception that there is corruption in Ghana’s judiciary system and advised Ghanaians to abstain from giving money to people to take to judges, as there was no guarantee that the money would be actually sent to them.
“I would really love to tell Ghanaians that for every ten people
who tell, you, ‘give me money for a judge,’ you can be sure that nine likely is going into that person’s pocket, and not to a judge. So please don’t give money to people to take to judges, because it’s their own market,” Mrs Torkornoo advised.
Courts to be opened
During her vetting, she also indicated that management of the Judicial Service was in talks with the striking workers to call o their strike action.
She told parliament on Friday that she has been part of the team engaging the striking workers from the Judicial Service Sta Association of Ghana (JUSAG) and there was nothing to be worried about.
Justice Torkornoo said courts will soon be opened to the public.
Indeed, although the workers were on strike, the courts were opened on the instructions of management.
President Akufo-Addo nominated Justice Gertrude Araba Essaba Torkornoo, a Supreme Court Judge, as the new Chief Justice last month and has urged the legislature to expedite her approval.
Her appointment came after President Akufo Addo had consulted the Council of State and her nomination is in ful lment of Article 144 (I) of the Constitution which governs the appointment of a Chief.
Article 144 (1) of the Constitution requires the President to consult the Council of State before seeking the approval of Parliament of the new Chief Justice.
Justice Torkornoo replaces Chief Justice Kwasi Anin Yeboah who is due for retirement on May 24, this year.
Sixty-year-old Justice Torkornoo, has been on the Supreme Court for the past four years and a member of the Judiciary for the past 19 years.
In recent years, there has been an increasing awareness and acknowledgment of the importance of promoting gender diversity and inclusion within Ghana’s tech industry.
The prevailing dominance of men in the space has resulted in signicant barriers for women and other underrepresented groups. This gender disparity not only limits opportunities for talented individuals but also hinders the industry’s overall growth and innovation potential.
Addressing this issue requires concerted e orts from various stakeholders, including industry leaders, organizations, and policymakers. Recognizing the value of diverse perspectives and talents, initiatives are being developed to create a more inclusive environment that empowers females and provides equal opportunities for their participation and advancement in the tech space.
As part of promoting gender diversity and inclusion in Ghana’s tech space, the Institute of ICT Professionals, Ghana (IIPGH) with its partners have implemented several female oriented initiatives, including its recent collaboration with Vodafone Ghana, to introduce computer programming to one thousand girls (1000) across Ghana, dubbed the Code Like a Girl Program (#CodeLikeAGirl).
The Code Like a Girl program is an initiative launched by Vodafone and aims to provide young females with digital skills training, mentorship, and networking opportunities. The program is designed to help bridge the gender gap in the tech space and to create a more inclusive and diverse industry that bene ts everyone.
Since its launch, the Code Like a Girl program has trained several females in digital skills. The program’s success is due in part to its focus on hands-on training and mentorship, which helps participants build practical skills and gain con dence in their abilities.
In April 2023, the Institute of ICT
EDITOR: BENSON AFFUL editor@business24
Professionals, Ghana (IIPGH) in partnership with Vodafone Ghana trained 1000 girls aged between 7 to 18 years in digital skills. The partnership was a signi cant step forward in promoting gender diversity and inclusion, as it provided young girls with access to digital skills training that might otherwise have been out of reach. The training was an online (via Zoom) interactive program, instructor led, in ve sessions for 5 Saturdays – April 1st to April 29th, 2023. The online program o ered a unique opportunity to reach participants from di erent parts of Ghana, including urban and rural areas, and beyond. As interactive as it was, the younger female students had their parents/guardians participating and helping their wards through the practical and engaging sessions.
Over two thousand six hundred (2600) females applied for this training. The successful applicants were grouped according to age and each group was introduced to a di erent module. To facilitate this program, and bearing in mind the need for connectivity, participants were provided Vodafone internet data to
connect every Saturday to join their morning/afternoon sessions.
The coding workshop provided participants with the opportunity to learn basic coding concepts in Scratch, Code it!, 3D design, and website development. The scratch module introduced students to the scratch coding platform. They were taught how to use various code blocks to create animations, games, and other interactive projects. Another module introduced was the Code it! platform, which is designed to teach students important coding concepts such as event handling, loops, procedures, and functions. The course, being project-based, included several relatable projects. The other modules that were taught are the website development module and 3D design module which provided participants with the foundations of web development, including HTML, CSS, JavaScript, and an introduction to the world of three-dimensional modeling and design.
Throughout the coding workshop, a total of 40 classes were conducted. The virtual setting allowed for interactive sessions, screen sharing, and real-time
feedback from participants/parents/guardians, volunteers from Vodafone, and instructors. Participants had the opportunity to engage with their peers, ask questions, and receive guidance from experienced coding educators.
The Code Like a Girl program is promoting females to take learning and opportunities in digital skills and emerging technologies –the very essence of IIPGH focusing on younger ages (early start). Providing training and mentorship opportunities through virtual platforms allows for larger participation, overcoming the challenges of distance and accessibility that had previously limited its reach. The program has also helped to challenge the stereotypes and biases that have historically kept females and other underrepresented groups such as the rural communities out of the tech space. Showcasing the talents and abilities of these young females in technology, helps to break down barriers and create a more inclusive and equitable space.
Conclusion
This program and other initiatives have demonstrated the importance of promoting diversity and inclusion, not just for ethical reasons but also for economic and social reasons. A more diverse and inclusive tech space can lead to more innovative and creative solutions, better products and services, and a more prosperous society.
Thus, it is encouraged that policymakers, organizations, and other stakeholders get involved to play critical roles in promoting diversity and inclusivity in the tech space. As digital skills become more relevant than ever, it is just right that females are not left out in this male dominated space.
The Institute continues to collaborate with organizations to deliver tailored training programs for females of all ages, to encourage and guide them through careers and opportunities in emerging technologies.
Barbara is a, Digital Skills Training Supervisor, IIPGH.
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