Business24 Newspaper 15 May 23

Eugene Davis

Absa Bank to deliver loans at 10% to SMEs

In a landmark move set to transform the landscape of small and medium-sized businesses (SMEs) in Ghana, Absa Bank Ghana and the Mastercard Foundation have partnered to o er an unprecedented support programme that will elevate SMEs and propel their growth to new heights.

This initiative marks a turning point for women-owned businesses, young entrepreneurs, agribusinesses, and ntechs in Ghana, as they will now have access to borrow money from Absa Bank at a remarkably low rate of 10%, without collateral.

The timing could not be better, as the average commercial borrowing rates in Ghana have soared above 25%, making it harder for businesses to thrive and achieve their full potential.

Absa Bank Ghana has always been committed to the growth and success of small and medium-sized businesses, recognizing their power to transform the economy of the country. This support programme is an exciting development that re ects the bank's unwavering commitment to empowering and partnering with SMEs as they navigate the challenges of today's marketplace.

Managing Director of Absa Bank Ghana, Abena Osei-Poku, has described the programme as a groundbreaking moment in the bank's journey to transform the landscape of Ghanaian businesses "We are not just a bank – we are a partner in Ghana’s real sector growth. We are committed to making an impact within our communities, to supporting the dreams and aspirations of SMEs as they contribute to the

total transformation of the Ghanaian economy."

The programme is one of the most compelling stories of hope and possibility in a world that is grappling with uncertainty and volatility. The Mastercard Foundation is o ering capacity support and guidance for the programme while Absa Bank will take care of the lending aspect of the initiative.

This development is a beacon of hope for small and medium businesses in Ghana, as it presents a unique opportunity to access capital at an incredibly low rate, empowering them to create jobs, drive economic growth and unlock their full potential. It is an investment in Ghana's future, and Absa Bank Ghana is leading the charge to transform the economy by supporting and partnering with these businesses, one story at a time.

GIADEC will ensure value-addition to bauxite to prevent raw exports – Akufo-Addo

addition”. He emphasised that “the value of the global Aluminium industry for example from bauxite mining through Alumina sheltering and Alumina production is estimated to be in excess of one hundred and eighty billion United States dollars annually”.

on his assertion about the potential of GIADEC, President Akufo-Addo indicated that “with an estimated bauxite resource base of over 900 million metric tonnes, this sector can serve as an anchor for the country’s industrialization if we continue to pursue value-added policies”.

President of the Republic, Nana Addo Dankwa Akufo-Addo has stated that the Ghana Integrated Aluminium Development Corporation (GIADEC), has strategically been established by government to add value to the country’s raw bauxite resources in order to phase out the raw export of the natural resource in the short to medium term.

He made the assertion when he addressed participants of a two-day natural resource stakeholders dialogue at the Kempinski Gold Coast Hotel on Thursday 11 May 2023 under the theme: "Harnessing our Natural Resources Responsibly for our Sustainable Collective Good,".

The dialogue, which was organised under the auspices of the Ministry of Land and Natural Resources in collaboration with Graphic Communications Group Limited, is aimed at generating stakeholder discussions on policy suggestions that can be implemented to arrest the phenomenon of illegal mining and logging.

Mining negotiation

According to President Akufo-Addo, Ghana over the years has not always done well in “negotiations with the country’s that exploit” her natural resources and that among other things such as “corruption, incompetence and political instability”, the nation has mostly been short sighted in these negotiations, thus, end

up settling for less”.

Worse still, he observed that the country has “until recently, failed to put in place the requisite framework which will enable us to establish highest ends of the value chains of the extractive industry.

“Extensive tax and royalties’ exemptions, intolerable labour practices and lack of value addition in country has resulted in exceptional pro ts to mining companies at the expense of our communities, towns, cities and countries. we cannot repeat these mistakes.

“While it is fully understood that mining companies must make pro t from their businesses, it is important that this is not done at the expense of lands and the peoples that provide these resources” President Akufo-Addo said.

“For several years, the extractive sector has been the largest tax base of our country apart from providing thousands of employments to several young men and women. The truth however, is that over the years, we have not bene ted optimally from these resources’ duty to our over dependence of the export of raw products” he added.

Value addition

To this end, President Akufo-Addo noted that “there is no gain saying the fact that the real value of natural resources lies in their value

“But raw bauxite accounts for only 7.6% of this market, while the remaining 92.3 % is generated from processed bauxite. This case is not di erent from those of Gold, iron ore, manganese, cobalt or lithium. Indeed, currently, African countries involved in the production of lithium are set to be making just about 10% of the entire value chain of the electric battery industry.

“This is why government has prioritised local content and local participation as well as value addition in the natural resources sector to ensure that we derive optimal bene ts from this God given resources” President Akufo-Addo pointed out.

“Through the Ghana Integrated Aluminium Development Corporation (GIADEC), established in 2018, we are working to ensure value-addition in our bauxite resources through re ning, sheltering, Aluminium production, as well as production of other downstream Aluminium products.

“The implementation of the 4-project agenda [of GIADEC] is expected to optimise production in the upstream industry and spare production and job creation in the downstream sector” Akufo-Addo further remarked.

Predicted transition

Making further emphasis

“By section 28 of the GIADEC law, and section 30 of the GISDEC law, the Minister for lands and Natural resources is empowered to make regulations to ensure that no bauxite or iron ore in their raw state is exported out of the country after ve years of the coming into force of these laws.

“With the policies and measures we are putting in place, we intend to invoke these provisions of our law and soon, bauxite and iron ore will no longer be exported be exported in their raw state from the country. We will ensure that the highest level of these minerals is maintained in our country” Akufo-Addo said.

GIADEC

The Ghana Integrated Aluminium Development Corporation (GIADEC), commenced operations in 2019, and the corporation is working to ensure value addition across the full value chain of aluminium production.

GIADEC is driving the development of mining, re ning to produce alumina, and smelting to produce primary aluminium, and ultimately to develop a downstream aluminium industry, in Ghana.

GIADEC has made signi cant progress in the development of the four projects, which together, de ne Ghana’s Integrated Aluminium Development programme. The projects were o cially launched in September, 2021 by President Akufo-Addo.

It regulates upstream, spanning mining re ning and production of primary aluminium, and further drive production and job creation in the downstream sector.

Gov’t launches GH¢90m seed fund to support Women and youth in MSME

By Eugene Davis

knowledge of how to utilize technology to augment their operational capacity.

Business Plan Development

Training [ this area of training will equip the SMEs with the necessary skills to enable them to understand key business functions and the basic approaches to analysing business activities and designing a practical business plan.

With GH¢90m in funding, the Women owned Micro Small Medium Enterprises (MSME) and Youth MSME programmes will scale up businesses of women and the youth as well as enhance their competitiveness through technical training and nancial support.

Launching the event in Accra last Friday, the Minister of Trade and Industry, Kobina Tahir Hammond stated that the launch demonstrates the commitment of the President [Nana Akufo-Addo] to supporting SME development in the country.

According to him, it is in line with the Ministry’s e orts at achieving ‘Development of SMEs’ which is part of the 10 points pillars of the Government Industrial Transformation Agenda – which seeks to give small and medium scale businesses the needed boost to survive to impart government’s objective of job creation.

He also indicated that government would step up e orts with multilateral, regional and bilateral partners to open access to new markets for our products and services.

John Kumah, a Deputy Minister of Finance said the initiatives are designed to provide targeted support for women and young entrepreneurs who are starting or growing their businesses.

“Through this programme we are able to champion a transformative change that we seek to achieve by supporting and empowering aspiring entre-

preneurs -we are investing in the future of our nation.”

CEO of the Ghana Enterprises Agency (GEA), Kosi Yankey-Ayeh on her part said the Grant Programme’s support from the GEA is expected to culminate into job creation and job sustainability.

Further, MSMEs will transition into the next stage of growth, thereby improving their ability to increase sales and exports.

The W-MSME and Youth in MSMEs Programme will entail technical assistance for up to 2,000 MSMEs on business management capabilities, productivity-enhancing improvements, and a replication of the soft skills acquired leading to a generally improved business operating culture among Ghanaian MSMEs thereby enhancing competition and growth.

The Youth in MSME Programme seeks to provide capacity support and nancial assistance in the form of grants to businesses owned by young persons between the ages of 18- 35. The government recognizes the challenges faced by these categories of businesses and seeks to encourage more start-ups by young people.

The Women MSME Programme will inject more resources into women-owned businesses or Micro, Small and Medium Enterprises (MSMEs)owned by women with the aim of improving their capacity for growth and job creation.

Programme Fund Size

GH¢30m has been earmarked for the W-MSME Programme and GH¢60m for the Youth in MSME Programme targeting female owned and youth owned rms respectively for generic training, capacity upgrades/mentoring and grants

The W-MSME and the Youth in MSME Programmes will provide a 4-day generic training to about 2,000 MSMEs shortlisted from a pool of applicants.

The training will mirror those under the High Growth Programme and focus on: Training in Business and Financial Management [ training in budgeting and available tools for budgetary control and monitoring, record keeping, preparing, reading and comprehension of basic nancial statement, working capital management and cycle, receivable and payables management, inventory management and basic business plan development.]

Training in Taxation and Regulatory Compliance [ The goal of this knowledge area is to equip SMEs with practical knowledge of the legal environment in which they operate. It will also equip the SMEs with working knowledge of the Ghanaian system of taxation and the basic principles of taxation for individuals and SMEs.

Training in Digitisation in Business [ It is imperative that SMEs get a working technology of how technology and digital marketing contribute to business performance. This will include modules that will equip the SMEs with the basic

Training in Marketing [The goal of this knowledge area is to ensure the SMEs understand and apply practical knowledge of the process of planning and executing the conception, pricing, promotion and distribution of their goods or services that satisfy individual and organizational needs.

Others are: Group Consulting Sessions, Capacity Upgrade Programme, Capacity Upgrade Programme through individual consulting, Funding(grants)

Who can apply

Small and Medium Enterprises owned by young persons (between the ages of 18 -35), must have majority Ghanaian shareholding (51percent or more) in the business, must be registered under Ghanaian law as a limited liability company, a partnership or sole trader, applicants are encouraged to read the detailed eligibility criteria to determine eligibility before applying, small enterprises should demonstrate an employee size of 6- 30 and/or annual sales between G¢H 180,000 -GH¢7.2m.

Medium enterprises should demonstrate an employee size of 31 – 100 and annual sales between GH¢7.2m – GH¢21.6m. Eligible sectors include agribusiness/agro-processing, construction, education, food and beverage, healthcare or pharmaceutical industries, ICT, manufacturing, textile and garment, tourism and hospitality, trade/commerce of locally produced goods, transport and logistics.

AngloGold to delist from Australian Securities Exchange

ting.

Following the Delisting from the ASX, the company’s ordinary shares (Shares) will continue to be traded in South Africa on the Johannesburg Stock Exchange (JSE), in the US on the New York Stock Exchange (NYSE) and in Ghana on the Ghana Stock Exchange (GSE).

Reasons for delisting

The company in the release said it was seeking removal from the ASX due to the ongoing low trading frequency and low volumes of its securities traded on the ASX compared to that of, in particular, the JSE and NYSE.

AngloGold Ashanti Limited has requested and received formal approval from the Australian Securities Exchange (ASX) to be removed from the o cial list of ASX pursuant to ASX Listing rules. The company expects that the delisting will

occur on June 27 2023.

The company said its CHESS Depositary Interests (CDIs) are expected to be suspended and cease to trade on the ASX at the close of trade on Friday June 23, 2023, two business days before the delis-

It noted that as of Friday May 5, 2023, the Shares represented by the CDIs held on the Australian register had declined to approximately 4.1 per cent of the company's total issued share capital, and represent less than 0.1 per cent of the year-to-date average daily trading value of the Company’s equity secu-

rities across all exchanges.

“The Company believes that the administrative and compliance obligations and costs associated with maintaining the ASX listing are no longer in the best interests of its shareholders as a whole,” the release stated.

Delisting conditions

The release further indicated that ASX had provided its approval for the Company to be removed from the o cial list of ASX subject to the company complying with certain conditions.

It said the company would May 15, 2023 send a letter to each CDI Holder (CDI Communication) which sets out, in a form and substance satisfactory to ASX, an overview of the delisting process, as well as a timetable and options to CDI Holders

The Company is not required to obtain security holder approval for the Delisting.

Hollard rewards UniMac’s Valedictorian Gwendy Tetteh with a Hollard Prize

Insurance Group, Hollard Ghana, has awarded Gwendy Tetteh, the 2023 valedictorian from the University of Media, Arts, and Communication (UniMAC), with the Hollard Prize at the university’s rst congregation held at the Dzorwulu Campus, Accra.

The Hollard Prize under the Hollard x Academia partnership with UniMAC seeks to reward top-performing students for winning in academics and personal development. The honoree Gwendy Tetteh received a cash prize, a citation, and a laptop for graduating with a distinction in Master of Arts, Public Relations.

The Head of Operations for Hollard Life, Dorothy Salifu, presented the award on the company's behalf during the brief ceremony in Accra.

Speaking on the essence of the award, Cynthia Ofori-Dwumfuo, Group Head of Marketing and Corporate A airs, Hollard Ghana, commended Gwendy Tetteh for chalking this fantastic milestone.

"Congratulations to Gwendy Tetteh for emerging the best-graduating student at UniMAC. It is inspiring to see Gwendy, a working student, wife, and mum, e ortlessly juggle work, raising a family,

and her academics to top her cohort. We are proud of her achievements and share in her joy. We cannot wait to celebrate her professional accomplishments in the future. We hope her story motivates more students, especially young women, to be success driven.”

“As a responsible corporate citizen, we are elated to partner with the University of Media, Arts and Communication to use our agship Hollard x Academia platform to impact young Gha-

naians positively. Given the signi cance of tertiary education in nation-building, it is crucial to drive students to pursue academic excellence. At Hollard, our purpose is to enable more people to create and secure a better future by being a catalyst for positive and enduring change. Therefore, we are con dent that students from our partner universities will be well-equipped to succeed in the future ", she added.

The University of Media, Arts,

and Communication (UniMAC) is one of four schools bene ting from the Hollard X Academia scheme. Aside from the Hollard Prize, the other modules under Hollard X Academia are the Hollard Streetwise Finance engagement, thought leadership events, corporate events, and the Hollard scholar programme.

Ghana to get approval for US$3bn IMF bailout this week

The Board of the International Monetary Fund (IMF) is set to approve Ghana's US$3 billion programme by May 19, after the country received nancial assurances from its external creditors.

The Creditor Committee which is co-chaired by China and France in a statement last Friday , said it had examined the macroeconomic and nancial situation of Ghana, including its long-term debt sustainability, and its formal request for a debt treatment under the “Common Framework for Debt Treatments beyond the DSSI” endorsed under the Saudi G20 Presidency in November 2020, which was also endorsed by the Paris Club.

“The creditor committee supports Ghana’s envisaged IMF upper credit tranche (UCT) program and its swift adoption by the IMF Executive Board to address Ghana’s urgent nanc-

ing needs.

“The creditor committee encourages Multilateral Development Banks (MDBs) to maximize their support for Ghana to meet its long-term nancial needs,” the committee said. Consistent with their national laws and internal procedures, creditor committee members are committed to negotiate with the Republic of Ghana terms of a restructuring of their claims to be nalized in a Memorandum of Understanding (MoU), in accordance with the “Common Framework for Debt Treatments beyond the DSSI”.

The creditor committee stresses that the Ghanaian authorities are expected to seek from all private creditors and other o cial bilateral creditors debt treatments on terms at least as favorable as those being considered by the creditor committee, in line with the comparability of treatment principle.

Consequently, the creditor committee urges private creditors and other o cial bilateral creditors to commit without delay to negotiate with Ghana such debt treatments that are crucial to ensure the full e ectiveness of the debt treatment for Ghana under the Common Framework.

The IMF Managing Director, Kristalina Georgieva, in a separate statement has welcomed the announcement from the Creditor Committee for Ghana on the importance of an IMF-supported economic program, together with its commitment to negotiate debt restructuring terms accordingly.  She said the statement from the committee provides the necessary nancing assurances for the IMF Executive Board to consider the proposed Fund-supported program and unlock much needed nancing from Ghana’s development partners.

“I also strongly endorse the call by the O cial Creditor Committee for private creditors and other o cial bilateral creditors to commit to comparable debt treatments.

“The Creditor Committee’s action recognizes the Ghanaian authorities’ strong reform program, which aims to restore macroeconomic stability and debt sustainability while laying the foundation for an inclusive recovery. It also signals that further progress is being made under the G20 Common Framework, demonstrating that international partners are ready to work together to help countries resolve their debt issues. This is vital to enable countries such as Ghana achieve sustainable growth and poverty reduction,” she stated

Mother’s Day: Samsung captures awesome moments with mom

Dependable, accessible, strong, intuitive, extraordinary, fun, beautiful, reliable, friendly and makes life easier - these are just some of the most common characteristics of a mother.

Samsung appreciates the important role that mothers play and for that reason, implores new and old Galaxy fans and users to shower their mothers with love and capture the special moments they spend with them on this Mother’s Day.

With a wide range of smartphones, the Galaxy A series is so much more than mere pieces of technology. These are awesome devices that can help us celebrate our awesome moms. Packed with great features that give you an all-round amazing

mobile experience, these smartphones can help you live your best and happiest life as you create and document those wonderful memories on a special occasion like Mother’s Day.

This Mother’s Day, partner with the Galaxy A54 5G and A34 5G to capture all the timeless and beautiful moments with mommy dearest. The two devices’ awesome cameras, with enhanced optical image stabilisation (OIS) and video digital image stabilisation (VDIS), o er excellent photographs as well as sharp and stable video, and thanks to Nightography, you will be able to capture clear and vivid detail even at night.

The A54 5G and A34 5G form part of the Galaxy A series smartphones that can help

you bring your A-game to any scenario with their handy and practical features. Whether you want to capture the perfect sel e with mom, her glorious smile or are physically apart and want to connect with her through a super-smooth video call, the Galaxy A54 5G and A34 5G o er astonishing detail thanks to their respective 50MP and 48MP main cameras and 32MP and 13MP front cameras.

All the pictures and videos you capture will be safely kept courtesy of the 256GB (A54 5G) and 128GB (A34 5G) internal storage. Furthermore, both devices have an IP67 water and dust resistance rating1, meaning they’re durable and safe in shallow water and dusty conditions.

As we celebrate one of the most important people in our lives on this Mother’s Day, it’s important to take stock of what these ‘super beings’ mean to us and the lengths they go to just to make sure our lives are better. In many ways mothers do what they do for their children for the same reason that Samsung does what it does, to enhance the quality of people’s lives, be it at home, work or playeld.

As a great protector in our lives, if you spoil mom and buy her a Galaxy A54 5G or A34 5G, we will protect her new awesome device with Samsung Care+ for her peace of mind - register within 30 days of purchase and get cover for 1 x screen repair within a 12-month period2.

Jägermeister unveils new Meisters in Ghana to inspire mastery and unconventional living

Jägermeister, the premium liquer brand known for its celebration of lifestyle, craftsmanship, and the art of mastering one's life, is delighted to announce the unveiling of the Meisters Tribe in Ghana.

Handpicked from diverse creative elds, the Meisters Tribe consists of extraordinarily talented individuals who embody the Meisters Expression philosophy of "Do what you do masterfully and you can live by your own rules". These trailblazers have forged their unique paths to mastery and are now poised to lead and inspire others to live their best lives. They include: British-Ghanaian afrobeats band, The Compozers; singer/songwriter, Efya Nokturnal; mobile

disc jockey, iPhone DJ; dancer, choreographer and dance coach, Dancegod Lloyd; walking artist, Glenn Samm, and digital artiste and photographer, Josephine Kuuire.

According to the brand, these individuals were selected because they don't just go with the ow; they stand rm in the face of adversity, break free from conventions, and express themselves unapologetically and will be the champions of its Meister Expression campaign in Ghana.

Speaking on behalf of the newly appointed Meisters, Nana 'Pokes' Ntorinkansah (The Compozers) said, “As artists and individuals, we are always looking for ways to

express ourselves creatively. For us, it is about living our truths, and inspiring a new generation of people to live unapologetically. We could not be more excited to be selected as members of the tribe and we hope that our partnership with the brand will lead us to new historic heights of growth and achievement.”

To launch the Meisters Expression Campaign, Jägermeister hosted the Meisters Expression Festival - a 2-day celebration of art, music, and culture which featured electrifying performances and art expressions from all the Meisters, including guest performances by Stonebwoy, Darkoovibes, Sefa, Young Jonn, Niniola, and DJs Baggio and TTB.

Jägermeister has disclosed that the Meisters, besides serving as brand collaborators, are actively engaged in developing some thrilling projects that will be announced in the upcoming months.

Jägermeister isn’t just a premium liquor brand; they're committed to empowering their consumers to take charge of their lives and become masters of their own destiny. It's time to live above the norm, embrace unconventionality, and master your craft like a true Meister. Join the conversation on @jagermeisterghana.