Business24 Newspaper 18 January 23

Vodafone Cash customers to benefit from new mobile money transaction

new

money

directive by the Bank of Ghana (BoG) has introduced new mobile

transaction and wallet limits. Customers with Daily Transaction Limits of GHC 1,000, GHC 5,000, and GHC 10,000 have had their limits increased to GHC 2,000, GHC 10,000, and GHC 15,000, respectively. Additionally, account balance limits of GHC 2,000, GHC 15,000, and GHC 30,000 have been increased to GHC 3,000, GHC 30,000, and GHC 50,000, respectively.

"With these improved transaction limits, our customers will be able to transfer much more money without incurring extra charges and also keep more money in their digital wallets securely," noted

D Ukraine and Africa aim to bolster economic cooperation

Gold for Oil policy to reduce

pressure

By Kestér Kenn Klomegâh

espite the former Soviet republic of Ukraine for almost a year, is experiencing the worst times due to an extensive special military operation from its neighbour Russia, it has simultaneously been stepping up e orts to support Africa. During the past year, it dispatched tonnes of fertilizers,

NCA approves sale of Vodafone Ghana to Telecel T

on forex markets, Dr Addison

By Eugene Davis

The National Communications Authority (NCA) has granted a conditional

approval for the transfer of the 70 per cent majority shares in Vodafone Ghana to Telecel Group. This is subject to concessions made by Vodafone and represen-

he National Communications Authority (NCA) has granted a conditional approval for the trans-

fer of the 70 per cent majority shares in Vodafone Ghana to Telecel Group. This is subject to

Minority Predicts doom for banks over domestic debt

Continued from cover

to achieving the most workable and least punitive steps that protect Ghanaians and households from the disastrous e ects of the Domestic Debt Exchange Programme as currently designed,” he said.

“We wish to take this opportunity to indicate our intention to embark on nationwide road shows to foster deeper understanding of this matter and rally Ghanaians to demand a more favourable resolution to the economic crisis ….”

Mr Iddrisu said he was registering the Minority’s dissatisfaction with the Government Debt Exchange Programme that was threatening the survival of the nation’s nancial sector.

“Today, Ghana is rated alongside Sri Lanka and Lebanon…. It is no secret that Ghana today is in debt Distress. This has been con rmed by both the nance minister and the International Monetary Fund (IMF),” he said. Shortly after the presentation of

the 2023 Budget Statement, the Finance Minister, on 4th and 5th December, 2022 also announced to the whole world that “There will be no haircut on the bonds and the principal at individual holders of bonds will not be a ected,” he said.

Mr Iddrisu talked about the sudden U-turn to include individual bond holders and that it was trite knowledge that substantial number of moneys in nancial institutions came from private individuals.

It was, therefore, not acceptable for the Finance Minister to say that nancial institutions would be a ected by the Debt Exchange Programme but individual bonds holders would not.

He said the Programme would further exacerbate the already perilous nancial sector as banks and other nancial institutions were still reeling under the infamous nancial sector bailout. He said the last thing Ghanaians would want was a total collapse of the nancial sector due to

government’s excessive borrowing.

Mr Iddrisu said the future sustainability of nation’s insurance companies could not be guaranteed under the current crafting of the Debt Exchange Programme.

“Indeed, the Programme, as proposed and implemented now cannot be in the interest of our nancial institutions and insurance companies. It certainly is not in the best interest of Ghanaians,” he said.

He said it was on that score, that the Minority was calling on the Government to immediately suspend the Programme and engage in deeper consultation for transparency on Ghana’s total debt and its management.

“Ghanaians deserve to know how much was involved and how long the debt exchange would take. It is not just about people’s investment, but more about people’s lives and livelihood”.

Ukraine and Africa aim to bolster economic cooperation

By Kestér Kenn Klomegâh

wheat, grains and other agricultural products to a number of African countries, most them located in the Horn and East Africa.

In order to boost its e orts in establishing cordial working relations especially in the area of economic cooperation, Ukrainian Foreign Ministry Dmitry Kuleba last year visited a number of African countries, held useful conversations with high-powered government o cials, and plans to open diplomatic representative o ces this year inside Africa. It also plans to boost exports and participate in taking up opportunities of manufacturing o ered by the single continental market.

The overarching message in all these is to focus on engaging and expanding the expected long-term partnership, and collaboratively establish trade links. For connecting business interests between Ukraine and Africa, Ukrainians are rapidly studying more possibilities for participating in the African Continental Free Trade Area

which was already agreed on, in the process, with a number of African leaders and the African Union.

Early January, Ukrainian Agrarian Policy and Food Minister Nikolai Solsky visited Senegal, where he signed a memorandum of understanding between the Ukrainian ministry and the relevant Senegalese agency on January 9, the Agrarian Policy and Food Ministry website.

The document envisions the development of bilateral trade in agricultural produce and cooperation on scienti c studies, investments, and interrelations between Ukrainian and Senegalese government agencies and private companies. It provides for the possible storage of Ukrainian grain at so-called grain hubs. Ukraine is willing to export not only foodstu s but also other goods to African countries, which requires the development of logistical infrastructure.

The o cial document points out that Ukraine is considering the implementation of new logistical projects in Senegal to step up

exports of its agricultural produce via the Port of Dakar. West African republic of Ghana plans to implement new logistics projects, which will help increase agricultural exports from Ukraine. Ukrainian Agrarian Policy and Food Minister Nikolai Solsky and Ghana's Minister of Food and Agriculture Owusu Afriyie Akot, have thoroughly discussed steps to broaden agricultural cooperation and trade relations.

The parties discussed a potential joint project, a logistics hub that will be able to store food products, including grain, and will help stabilize food prices in the region. Besides Ghana and Senegal, Nigeria has also expressed high interest in setting up such hubs in its territory. The current geopolitical situation should rather have a reliable and diversi ed transit and transport infrastructure to destinations where it is badly needed especially naturally disaster-a ected regions in Africa.

"There have been meetings in Ghana, Senegal, and Nigeria. These countries regularly take a

Continued from cover

lot of food products, especially wheat. These are major markets from the standpoint of their populations compared to the European market or many other countries. It doesn't have such purchasing power, but it is big and is developing, and therefore, it needs to be monitored," Ukrainian media quoted Solsky as saying.

Solsky said each country he had visited was interested in developing cooperation with Ukraine and ready to expand the capacity of their ports to increase the volume of Ukrainian grain unloaded and stored there. But, before launching the construction of hubs in Africa to transship Ukrainian grain, Ukraine needs to receive guarantees from the countries concerned including documenting the guarantees and the principles of operating them either by Ukraine, or whether it will be a state company, and how private traders will be involved in this cooperation.

Solsky said that his ministry would provide more information about infrastructure projects in mid-spring 2023, as in the coming months it would have to hold additional consultations with the authorities of African countries and businesses interested in Ukrainian grain exports to Africa.

Within the framework of the roadmap, it has launched its development projects including constructing facilities for storage agricultural foodstu s and for onward distribution throughout some regional markets, to o set food shortages in Africa. Ukraine, however, insists that food and fertilizer trade should not be subjected to sanctions or any restrictions.

According to several reports carefully monitored by this author, President Volodymyr Zelenskiy has held 18 conversations with African leaders in 2022, nine of which were the rst instances of bilateral communication between Ukraine and these African countries.

Ukrainian Foreign Ministry listed some of them such as Ghana, Guinea-Bissau, Democratic Republic of Congo, Zambia, Ivory Coast, Malawi, Mozambique, Niger, and Botswana.

President of Guinea-Bissau and

Chairperson-in-O ce of the Economic Community of West Africa Umaro Embalo visited Ukraine in October 2022. It was the rst o cial visit by a leader of a sub-Saharan African state since 2004, according to the Ukrainian Foreign Ministry.

Ukrainian Foreign Ministry Dmitry Kuleba, for his part, held 35 phone calls and meetings with his counterparts from African countries in 2022, the ministry said. The rst ever African tour by a Ukrainian foreign minister took place in October 2022. The report indicated that Minister Kuleba visited Senegal, Ivory Coast, Ghana, and Kenya.

Ukraine's Special Representative for the Middle East and Africa Maxim Subkh, appointed in July 2022, also visited ve African countries. Within this emerging multipolar world, Ukraine is broadening its geopolitical in uence, and of course it is important for Ukraine to x its diplomatic presence on the continent to an appreciable level necessary for active interaction, in a continuous and e cient manner, with Africa. It has o cial representation, an observer status, at the African Union.

Arriving back to Kyiv after his visit to Washington in December, President Volodymyr Zelenskiy, in a video address, announced that Ukraine would open 10 new embassies in African countries. "We are rebooting relationships with dozens of countries in Africa. We must strengthen this as we have already determined ten countries where new Ukrainian embassies in Africa will be opened. We have also developed a concept of the Ukraine-Africa Trade House. Its o ces will open in the capitals of the most promising countries of the continent," he said.

President Zelenskiy considers Africa as a unique and dynamically developing continent with whom to have relations. In addition, these countries are steadily gaining political weight and achieving signi cant economic successes, it therefore becomes necessary to look for more new partners eventually targeting African countries.

The Chairman of the African Union and President of Senegal, Macky Sall, together with the

Chairperson of the African Union Commission, Moussa Faki Mahamat, visited Moscow and Kyiv in an attempt to mediate the con ict, but without any result in sight.

"We do not want to be aligned on this con ict, very clearly, we want peace. Even though we condemn the invasion, we’re working for a de-escalation, we're working for a cease re, for dialogue … that is the African position," Senegalese Macky Sall said, back in May 2022.

Meanwhile, Africa is still divided over the crisis between Russia and Ukraine, the crisis that have caused global economic instability since February 24, 2022. The African Union (AU) and African leaders understand aspects of the geopolitical complexities, implications and possible solutions to the existing con ict between Russia and Ukraine.

It said it would help them to generate greater opportunities for trade and nancial services cooperation between Singapore and Ghana.

“Over time, it is envisaged that the integrated nancial ecosystem model can serve the Asia-Africa SME trade corridor more broadly,” the statement said.

The statement explained that GIFE would o er an open digital infrastructure for MSMEs in Ghana and Singapore in four key areas.

It listed the areas to include SME nancial empowerment programme to help MSMEs build foundational digital nancial literacy skills and gain a good understanding of cross-border nancial services.

It said it would also help MSMEs in Ghana and Singapore to expand their international business connections in Asia and Africa, through a network of business-to-business electronic-commerce platforms.

“The DBG and partner nancial institutions will provide digital trade nance and guarantees for eligible MSMEs through a digital platform.

“The MAS, BoG, DBG and nancial institutions will jointly develop nancial trust frameworks to assess creditworthiness for nancing by enabling nancial institutions to use alternative data sets, such as the track record of successful payments to suppliers and tax payments to

relevant authorities,” the statement said.

The statement explained that the GIFE was a collaborative e ort across public and nancial entities, FinTechs and tech solution providers in Ghana and Singapore.

It said the collaborating institutions included Proxtera3, Consolidated Bank of Ghana, ANEXT Bank, Enterprise Singapore, and the Global FinTech Institute.

The Chief FinTech O cer of MAS, Sopnendu Mohanty, said the MAS had worked closely with BoG since the announcement of the Financial Trust Corridor in 2020.

“The GIFE is an important step to foster closer collaboration between the two central banks and important emerging markets. The GIFE is a rethink to potentially leapfrog traditional nancial inclusion approaches with combined support mechanisms powered by smarter data that MSMEs and nancial institutions can tap into based on their needs,” Mr Mohanty said.

The Governor of BoG, Dr Ernest Addison, said the memorandum further demonstrated the bank’s commitment to working with key stakeholders to explore innovative nancing models.

“It also further demonstrates our commitment to the Business Sans Borders initiative, which we partnered with the MAS to enhance MSME contribution to economic growth and in line with the government’s broader economic transformation goals,” Dr Addison said.

The Chief Executive O cer (CEO) of DBG, Mr K. Duker, said the bank believed that the partnership would mark a pivotal moment in DBG’s mission to provide sustainable nance solutions to Ghanaian businesses and facilitate multi-generational, sustainable economic growth.

He said the DBG recognised the crucial role of SMEs in the country’s economy and the GIFE programme would further strengthen the bank’s ability to catalyse SME growth by ensuring that they got the nancial solutions they needed to achieve their full potential.

According to him, SMEs were a key pillar of Ghana's economic resilience, prosperity and international competition; hence, the optimism that the journey to unlock their potential would yield excellent results for the people and the country.

Vodafone Cash customers to benefit from new mobile money transaction limits

David Umoh, the Director of the Central Business Unit at Vodafone Ghana. He encouraged users with dormant or inactive accounts to reactivate their accounts to take advantage of the new wallet limits.

To help lighten the nancial burden on its customers brought on by the COVID-19 pandemic, Vodafone waived all charges on any Vodafone Cash transfers in July 2020. The telco has continued to waive all transfer fees to any network till date, even after

the implementation of Ghana's electronic transfer levy.

Mr. Umoh further explained that a key feature that sets Vodafone Cash apart from other mobile money wallets is its commitment to customer safety. In recent times, Vodafone has improved its safety features by including a simple self-reversal process for customers who accidentally send money to the wrong wallet. "With this feature, customers can easily and quickly undo a transaction without having to call customer

service," David added.

To take advantage of the self-re versal feature, customers can simply select option 7 in their Vodafone Cash USSD menu, choose option 2 (self-service), enter their PIN and transaction ID, and follow the prompts. To sign up for Vodafone Cash, customers can text "register" to 558 or dial *558# for self-registra tion. Customers can also visit any mobile money agent or Vodafone retail shop.

Gold for Oil policy to reduce pressure on forex markets, Dr Addison

tations made by Telecel to the NCA.

It is still pursuant to the evaluation of the revised proposal from the Telecel Group.

A notice posted on the regulator’s website today (January 16), said “it would be recalled that in January 2022, the NCA received an application from Vodafone Ghana for the transfer of 70 per cent of its majority shares held by the Seller to the Buyer.

It said in accordance with due process, the NCA evaluated the application on various criteria and engaged both Vodafone Ghana and Telecel.

“The NCA concluded that the request did not meet the regulatory threshold for approval to be granted.

“Following the NCA’s decision, the Buyer resubmitted a revised nancial and technical proposal in December 2022 which demonstrated the needed capital investment to extend the deployment of 4G and launch innovative Fintech solutions,” the notice said.

It said the NCA found that the revised proposal provided more clarity and certainty in terms of the funding required for the acquisition and the commitments from both the Seller and Buyer.

In addition, the Buyer had strengthened the overall governance and management team and made rm commitments towards meeting the regulatory requirements of the NCA.

“Based on the above, the NCA con rms that the revised proposal from the Buyer now meets the regulatory threshold and hence has granted a conditional approval for the transfer of shares to the Buyer including submission of strategies for employee retention.

“The NCA would like to assure the general public and all stakeholders that it would continue to work with Vodafone Ghana and the

Buyer to complete all outstanding regulatory requirements to ensure a smooth transition as well as continuity of service delivery and improved choice for consumers and competition within the industry,” it added.

FBNBank and the University of Ghana Medical Centre (UGMC) are collaborating to ght diabetes starting with the commemoration of World Diabetes Day under the theme “Education to Protect Tomorrow.”

The agenda for the collaboration is reduce the threat that diabetes poses and this will be undertaken through several ways including the platform which the World Diabetes Day o ers. FBNBank and UGMC are therefore coming together to mark the World Diabetes Day 2022.

The entire celebration is to create awareness of diabetes and the need for people to know one’s diabetic status, early detection, early management and also prevent future complications.

The programme for the celebration includes a public lecture on diabetes which is scheduled for Friday, November 11, 2022 at the Medical Training and Simulation Centre (MTSC) and a screening exercise on Monday, 14 November 2022 at the Banking Square of the University of Ghana.

The focus of this year’s celebration is to bridge the education gap by providing the general public with enough evidence-based information in order to deepen awareness. According to the World Health Organization (WHO), about 422 million people worldwide have diabetes and the majority are living in low-and-middle-income countries with an estimated 1.5

million deaths directly attributed to the medical condition each year.

Commenting, the Managing Director and Chief Executive O cer of FBNBank, Mr. Victor Yaw Asante said, “for us at FBNBank, this is another opportunity to renew our service to our stakeholders. FBNBank has over the years made health and wellness one of our topmost priorities. The Bank this year has already made enormous contributions to the health and wellbeing of people. We have partnered with Rotary in the ght against Polio and through our Women’s Network partnered Pink for Africa in the ght against Breast Cancer. We have also supported the Lifeline for Childhood Cancer Ghana Foundation in order to bring hope and opportunities to persons facing medical challenges. We do these because as a Bank, we have over the years remained committed to putting our stakeholders, clients and customers especially at the heart of what we do. We believe strongly that knowledge can give us the right traction on the path to success in this endeavour and together we will use that to help people overcome the challenge diabetes poses to their health and wellbeing.”

The UGMC has welcomed the support of FBNBank in the ght against diabetes and looks forward to the two parties working together to achieve the expected goals including the deepening of awareness of diabetes among sta in corporate entities.

According to Julius Evame Agbagba, a dietician at the

University of Ghana Medical Centre, “The main focus of this year’s celebration is to bridge the education gap by providing the general public enough evidence-based information about this condition and to call for a national consensus in addressing it.

The University of Ghana Medical Centre is organizing this year’s World Diabetes Day, with the Department of Dietetics and Food Therapeutics leading the way, to promote information among the general public but with a special focus on the corporate world.

This is because like other non-communicable diseases (NCDs), Type 2 Diabetes is lifestyle related considering the work schedule of most sta in the corporate industry, the probability of them developing the condition is high and we believe that as professionals, it is our mandate to ensure that we provide the people with adequate and evidence-based information to help them make good lifestyle choices.”

FBNBank has in its 26 years of operating in Ghana remained focused on putting its customers and communities rst. This, it has sought to do through the rich value and excellence of what the Bank contributes to the relationship with its stakeholders as a whole, particularly the customers. FBNBank Ghana is a member of the First Bank of Nigeria Limited Group which is renowned for its great customer service and general stakeholder engagement garnered over its 128 years of operation. FBNBank Ghana has 25 branches and two agencies across the country with over 500 sta . FBNBank o ers universal banking services to individuals and businesses in Ghana.

NCA approves sale of Vodafone Ghana to Telecel

concessions made by Vodafone and representations made by Telecel to the NCA.

It is still pursuant to the evaluation of the revised proposal from the Telecel Group.

A notice posted on the regulator’s website today (January 16), said “it would be recalled that in January 2022, the NCA received an application from Vodafone Ghana for the transfer of 70 per cent of its majority shares held by the Seller to the Buyer.

It said in accordance with due process, the NCA evaluated the application on various criteria and engaged both Vodafone Ghana and Telecel.

“The NCA concluded that the

tory threshold for approval to be granted.

“Following the NCA’s decision, the Buyer resubmitted a revised nancial and technical proposal in December 2022 which demonstrated the needed capital investment to extend the deployment of 4G and launch innovative Fintech solutions,” the notice said.

It said the NCA found that the revised proposal provided more clarity and certainty in terms of the funding required for the

Buyer.

In addition, the Buyer had strengthened the overall governance and management team and made rm commitments towards meeting the regulatory requirements of the NCA.

“Based on the above, the NCA con rms that the revised proposal from the Buyer now meets the regulatory threshold and hence has granted a conditional approval for the transfer of shares to the Buyer including

employee retention.

“The NCA would like to assure the general public and all stakeholders that it would continue to work with Vodafone Ghana and the Buyer to complete all outstanding regulatory requirements to ensure a smooth transition as well as continuity of service delivery and improved choice for consumers and competition within the industry,” it added.

Africa's energy future targets European

By Kestér Kenn Klomegâh

of the revised proposal from the Telecel Group.

A notice posted on the regulator’s website today (January 16), said “it would be recalled that in January 2022, the NCA received an application from Vodafone Ghana for the

process, the NCA evaluated the application on various criteria and engaged both Vodafone Ghana and Telecel.

“The NCA concluded that the request did not meet the regulatory threshold for approval to be

in December 2022 which demon strated the needed capital investment to extend the deployment of 4G and launch innovative Fintech solutions,” the notice said.

It said the NCA found that the

revised proposal provided more clarity and certainty in terms of the funding required for the acquisition and the commitments from both the Seller and Buyer.

In addition, the Buyer had strengthened the overall governance and management team and made rm commitments towards meeting the regulatory requirements of the NCA.

“Based on the above, the NCA con rms that the revised proposal from the Buyer now meets the regulatory threshold and hence has granted a conditional approval for the transfer of shares to the Buyer including submission of strategies for employee retention.

“The NCA would like to assure the general public and all stakeholders that it would continue to work with Vodafone Ghana and the Buyer to complete all outstanding regulatory requirements to ensure a smooth transition as well as continuity of service delivery and improved choice for consumers and competition within the industry,” it added.

5 banks to go bust if Exchange Programme goes ahead -Ato Forson predicts

Parliament’s Ranking on Finance, Dr. Ato Forson has disclosed that about ve banks are likely to go bust following government’s impending domestic debt exchange programme(DDE) if the latter fails to engage further.

Speaking to journalists during a minority press conference on DDE on Monday at parliament house, he cautioned government to engage extensively or things could get to its head.

“If they fail to engage, they will continue to postpone, the banks have 60bn plus in government bonds, the insurance companies have 10bn plus of their monies in government bonds, the two put together is 70bn, on average they would be earning 20percent coupon for the year 2023, this 20percent coupon of 70bn translate to about GHc14bn they will lose in the year 2023.

If you put their pro tability for

the year 2023 together, they would not even get 50percent of this as pro t, so what will happen, the banks will collapse, in fact I project a minimum of ve banks collapsing if this goes ahead, not only that a number of banks would have to close branches and lay o sta , the monies that the banks have invested, it is not their money – it is depositors money, so there will be liquidity issues, when you go the bank that you are going to take your money, there is a possibility you won’t get your money.”

According to Dr.Forson, 13.1bn of individuals money that is expected to go their pockets government wants to take it, so the reason they need to engage, until they engage the country will crash.

Suspend Domestic Debt Exchange Minority Leader, Haruna Iddrisu addressing the same press conference in Parliament to state the

position of the minority on government’s 16th January deadline for bondholders to sign onto the debt exchange programme or face dire consequences, cautioned the government, particularly President Akufo-Addo to stem any forcible implementation of the proposed debt exchange programme and rather consult exhaustively on the way forward.

He says the same government that borrowed the country into the nancial ditch, cannot arrogantly ignore the concerns of bondholders and proceed to implement its widely opposed debt exchange programme.

“How did we get to this pit? Simple. Reckless borrowing! Sadly, the NPP Government led by Nana Akufo-Addo-Bawumia has not learned any lesson. The NPP was not only reckless in borrowing, but it has been reckless in announcing and imple-

menting the Debt Exchange Programme. It is clear that the NPP Government did not properly think through this whole idea of a debt exchange programme. This has led to manifest confusion in the implementation of the ongoing debt exchange programme.”

Further, the minority called for ““immediately suspend the Domestic Debt Exchange Programme and engage in more comprehensive consultation on the matter with all stakeholders and the Ghanaian people.”

“It is called on all stakeholders for a national dialogue on the state of the economy and debt exchange programme with the view to achieving the most workable and least punitive steps that protect Ghanaians and households from the disastrous e ects of the Domestic Exchange Program as currently received.”

Debt Exchange Programme deadline extended to Jan 31

The deadline for individual bondholders to assent to the governments invitation to the Domestic Debt Exchange Programme(DDEP) has been extended to January 31, 2023.

The extension is to help deepen stakeholder engagement on the proposed policy.

In a tweet by the O ce of Finance Minister on Monday, it was explained that there is the need for government to rally consensus towards a successful implementa-

Minority calls on President to suspend Domestic Debt Exchange Programme

Akufo-Addo to suspend the ongoing Domestic Debt Exchange Programme.

Mr Haruna Iddrisu, the Minority Leader and Member of Parliament for Tamale South, at a press conference in Parliament on Monday, urged the President to engage in more comprehensive consultations on the matter with stakeholders.

“We call on all stakeholders for a national dialogue on the state of our economy and exchange programme with the view to achieving the most workable and

Domestic Debt Exchange Programme as currently designed,” he said.

“We wish to take this opportunity to indicate our intention to embark on nationwide road shows to foster deeper understanding of this matter and rally Ghanaians to demand a more favourable resolution to the economic crisis ….”

Mr Iddrisu said he was registering the Minority’s dissatisfaction with the Government Debt Exchange Programme that was threatening the survival of the nation’s nan-

“Today, Ghana is rated alongside Sri Lanka and Lebanon…. It is no secret that Ghana today is in debt Distress. This has been con rmed by both the nance minister and the International Monetary Fund (IMF),” he said. Shortly after the presentation of the 2023 Budget Statement, the Finance Minister, on 4th and 5th December, 2022 also announced to the whole world that “There will be no haircut on the bonds and the principal at individual holders of bonds will not be a ected,” he said.

Mr Iddrisu talked about the sudden U-turn to include individual bond holders and that it was

tion of the programme, hence the extension of the deadline to the end of the month.

“Building consensus is key to a successful economic recovery for Ghana.

“Pending further stakeholder engagement with institutional and individual investors, recently invited to join the debt exchange programme, government is extending the expiration of the DDE to Jan 31, 2023”, the tweet said.

trite knowledge that substantial number of moneys in nancial institutions came from private individuals.

It was, therefore, not acceptable for the Finance Minister to say that nancial institutions would be a ected by the Debt Exchange Programme but individual bonds holders would not.

He said the Programme would further exacerbate the already perilous nancial sector as banks and other nancial institutions were still reeling under the infamous nancial sector bailout. He said the last thing Ghanaians would want was a total collapse of the nancial sector due to government’s excessive borrowing.

Mr Iddrisu said the future sustainability of nation’s insurance companies could not be guaranteed under the current crafting of the Debt Exchange Programme.

“Indeed, the Programme, as proposed and implemented now cannot be in the interest of our nancial institutions and insurance companies. It certainly is not in the best interest of Ghanaians,” he said.

He said it was on that score, that the Minority was calling on the Government to immediately suspend the Programme and engage in deeper consultation for transparency on Ghana’s total debt and its management.

“Ghanaians deserve to know how much was involved and how long the debt exchange would take. It is not just about people’s investment, but more about people’s lives and livelihood”.

Source: GNA

Fly Emirates to Dubai and get free tickets to three much-loved attractions in the UAE

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In the fourth episode of the Vodafone Healthline Spin-O show, Dr Elliot Tannor, a nephrologist, talked about how chronic kidney diseases can lead to high blood pressure.

Dr Tannor explained to the host of the Vodafone Healthline show that kidneys help in the body's removal of waste and control of blood pressure. As a result, damaged kidneys cannot regulate blood pressure, which might result in elevated blood pressure.

He added that high blood pressure could also result in renal failure or chronic kidney disease. The doctor described how kidney-related blood vessels could be impacted by high blood pressure and become narrowed. As a result, the kidneys do not get enough blood, which deprives them of the oxygen and nutrients they need to operate. This damages the kidneys' tiny blood vessels.

He advised viewers to check their blood pressure often because high blood pressure has no warning signs or symptoms.

The ideal way to reduce one's risk of renal disorders and high blood pressure, according to Dr Tannor, is to make speci c adjustments to one's lifestyle, such as exercising frequently, maintaining a healthy weight, eating healthily, and contacting your doctor for checks on both conditions.

The fourth episode of the Vodafone Healthline Spin-O show also debunked the notion that putting a thread on a baby's head prevents hiccups.

In response to the myth, Dr Aba Folson stated that there has not been any scienti c or medical research to back up the belief.

She clari ed: "The diaphragm contracts uncontrollably to cause hiccups. Whatever is in your hair has nothing to do with it. As everyone is aware, hiccups can occasionally be brought on by overeating, being overly full, or being dehydrated. Making sure that babies burp properly after feeding, keeping them upright for a while after feeding, and making sure they are well-hydrated are all simple steps you can take to try and reduce this problem in babies. However, when it does happen, it is not pathological and even goes away by itself. If it makes you feel better, you can put a thread on the baby's head, but it will not change anything."

Through the Vodafone Healthline show, Vodafone Ghana has provided free medical education and interventions to the Ghanaian public. The show keeps giving out useful information through interesting content on selected media outlets and social media.

The Vodafone Healthline Spin-O edition airs on UTV on Mondays from 9:30 p.m. to 10:00 p.m. and on DGN on Tuesdays from 6:00 p.m. to 6:30 p.m.

Emirates Call center or participating travel agents, for travel from 18 January 2023 and 31 March 2023.*

Burkina Faso suspended from AGOA Programme

Sahel, might be facing its thornest path to unpredictable political situation. With an approximately 22 million population, majority impoverished largely due to misplaced state planning by the previous political leaders, Burkina Faso has been severely a ected by the rise of militant terrorist attacks since the mid-2010s.

Burkina Faso is not alone. Across the Sahel region, neighbours feared the jihadist insurgency might spread further down from Burkina Faso to coastal neighbours including Ivory Coast, Ghana, Togo and Benin. Nigeria is already consistently ghting Boko Haram and other militant groups.

According to several media reports, Burkina Faso point-blank accused France for not done enough to tackle an Islamist insurgency. The

By Kestér Kenn Klomegâh

coups, heavily condemned by the regional bloc (Economic Community of West African States), and the continental organization (African Union). Both the ECOWAS and AU withdrew Burkina Faso's membership and further imposed some restrictions on the country for its military unconstitutional ascension to political power.

The ECOWAS and AU have also expressed collective concerns about any use of private mercenary forces, instead of well-constituted regional forces approved by regional blocs, as a means to address con icts in Africa.

takeovers in January 2022 and September 2022 in the country.

The reports further said Burkina Faso has allegedly made an agreement with Russia's Wagner Group in which the shadowy mercenary out t will help the west African country deal with surging jihadi violence in exchange for a mine.

Russia is broadening its geography of military diplomacy covering poor African countries and especially fragile states that need its military assistance. It has, during its past two decades of raising its economic in uence and ght French neo-colonial tendencies, bartered military equipment to have complete access into mineral resources in Central African Republic, Guinea, Mali and Chad. There are similar cases in Sudan and Libya.

Last year, it su ered two military

During the U.S.-Africa Leaders Summit held December 13-15 in Washington, the White House did not invite Sudan, Guinea, Mali and Burkina Faso because they are currently suspended by the African Union following coups and counter coups in Africa. These countries are simply not in good standing with the Africa Union.

Reports indicated that the United States has dropped Burkina Faso from its African Growth and Opportunity Act (AGOA). The main reason is that United States operates within the framework of protocols of the African Union, and thus Burkina Faso is no longer and logically qualied for the AGOA trade preference program. The United States' Trade O ce said Burkina Faso had failed to meet the requirements of the

We followed dueprocess in serving notice of tax assessment on MTN Ghana – GRA

The Ghana Revenue Authority (GRA) says it followed due process in serving a notice of tax assessment on MTN Ghana.

It said it had also engaged MTN Ghana as required by law to ensure that it communicated the basis of the assessment.

A statement issued in Accra by Mrs Florence Asante, Assistant Commis sioner-Communication and Public A airs, GRA, said the Authority used other several avenues to interact with them about their right to object to any tax decision by the Commissioner-General.

On January 10, 2023, the GRA served Notice of Tax Assessment on MTN, which the Company reacted to.

MTN Ghana “strongly” disputed the accuracy and basis of the assessment, including the methodology used in conducting the audit.

The Company said it believed that the taxes due had been paid during the

period under assessment and had resolved to defend its position on the assessment.

The GRA reminded taxpayers and the public that its mandate in tax administration was derived from the Ghana Revenue Authority Act 2009, (Act 791), the Revenue Administration Act 2016, (Act 915) and several other tax laws.

It said Section 36 of the Revenue Administration Act 2016, (Act 915), mandated the Commissioner-General to audit the tax a airs of a person;

and it was in accordance with that provision that the Authority conducted a Tax audit on MTN Ghana for the tax period 2014 to 2018.

“The audit was conducted as required by law adhering to the principles of fairness and transparency,” it added.

Section 42 of Act 915 also prescribes the ways in which a person can object to a tax assessment that is served by the Commissioner-General.

AGOA statute.

The African Growth and Opportunity Act (AGOA) provides sub-Saharan African nations with duty-free access to the United States if they meet certain eligibility requirements, such as eliminating barriers to U.S. trade and investment and making progress toward political pluralism.

Frustrations over the government's inability to curb an insurgency spurred two military coups in Burkina Faso in 2022. Late December, Burkina Faso's military government ordered Barbara Manzi, who is a senior United Nations o cial, to leave the country, a decision that was contested by the United Nations.

Burkinabe Ministry of Foreign A airs, however, reacted to the decision by repeating a November statement saying the timetable for a return to democracy had not changed. It had committed to returning to constitutional rule in 24 months in a July agreement with the West African regional bloc ECOWAS. Burkina Faso is one of the world's poorest countries. It is agricultural, but said to have been mining copper, iron, manganese, gold and phosphates. Despite its political crisis, Burkina Faso utterly refused to observe the protocols of the ECOWAS and African Union. And the United States shows readiness to cooperate with African partners within the protocol principles and the framework of the African Union's

GRA said admittedly, MTN Ghana had been audited many times in the past and had received numerous awards as a compliant taxpayer; however, those did not in any way prejudice the conduct of audits as required by Law.

“GRA uses this opportunity to remind taxpayers of their obligations under the tax Laws to declare and pay the right amount of tax(es) as well as the mandate of GRA to ensure that all businesses pay the right amount of tax,” it added.

Stanbic Bank makes school fees easypayment and convenient

As part of their e orts to promote digitalization and make banking easy and convenient for their customers, Stanbic Bank Ghana has begun its annual school fees collection drive to ease the payment of school fees for students in various institutions across the country.

Head of Public Sector at Stanbic Bank, Richard Asare, noted that the bank’s School Fees Collection Drive was designed to help ease the pressure on parents and students relative to the payment of fees. He said, “Paying school fees through banks can be stressful. The long queues, the endless lling of forms and the length of time it takes to complete the process is not something anyone looks forward to. Unfortunately this is

that it is our responsibility to ensure that our cherished customers and Ghanaians have the best banking experience whether they are visiting our banking halls or accessing our services remotely.”

He added that, “Through the Stanbic Bank School Fees Collection Drive, we as a bank have come up with a solution to the challenges involved in school fees payment. Students and parents in various institutions can now avoid any hassle and enjoy a convenient, quick and easy way to pay their fees. I entreat you all to step into any of our branches and take

bank is constantly exploring digital solutions to make fee payment easier for parents and students across the country. “Technology has become an integral part of our daily lives and as a business, it is important that we keep up with the changing times and adopt new ways of doing business to make banking easy and reliable for our customers. As a bank that is constantly nding new ways of doing things, we started the Stanbic Bank Fees Collection Drive to reduce fee payers’ waiting time in the banking halls and make their encounter with the brand worthwhile. The bank

through USSD channels.”

The Stanbic Fees Collection Drive started in 2016 with a few private educational institutions. This year, participating schools that are in the project are University of Ghana, KNUST, Central University, God’s New Nation School, Merton International Primary and High School, Alpha Beta Education Centre, KNUST Institute of Distance Learning, Transnational Academic Group (Lancaster University Ghana), Islamic University College, University of Mines and Technology, Takoradi Technical University, Knutsford University

Angola hopes for Russia's support in manufacturing military equipment

By Kestér Kenn Klomegâh

Russia has made military-technical cooperation its key component in relations with Africa, and African leaders with high enthusiasm express readiness to pay for deliveries. Some African leaders have bartered for such deliveries by granting complete access to lucrative natural resources. Reports indicate that Russia has signed military-technical agreements with over 20 African countries.

Angola stands distinctively out the 20 African countries. President João Lourenço went on an o cial working visit in April 2019, held talks with President Vladimir Putin.

"Angola is a reliable and old partner. We need to consider what we need to do, without delay, to stimulate our trade and economic ties. There are interesting elds of activity, such as the diamond industry, sheries and space exploration. There are also cultural spheres, such as education and the training of personnel," Putin told the Angolan President.

On his part, the Angolan leader João Lourenço said: "We have come to Russia on an o cial visit to strengthen our ties and cooperation and, if possible, to promote interaction between our countries. Russia is doing splendidly in the spheres of mineral resources, education, healthcare and defence. But we would like to know about Russia's potential in other elds so we can promote cooperation in these areas of the Angolan economy."

Before their nal departure from the Kremlin, João Lourenço presented Vladimir Putin with a high Angolan award – the Order of Agostinho Neto, the rst President

of Angola – as a sign of gratitude for several years of support for the Republic of Angola.

Agostinho Neto Order is the highest distinction of the Angolan State with a single degree, granted to nationals and foreigners, in particular Heads of State and Government, political leaders and other heavyweight individuals.

President Lourenço spent his four days attended several meetings. There were discussions relating to many aspects of cooperation. But then, President Lourenço expressed, along the line, corporate plans to diversify its state business away from purchasing to full- edged manufacturing of Russian military equipment for the southern African market, and possibly other regions in Africa.

Earlier before meeting with President Putin, President João Lourenço revealed his plan about manufacturing of Russian weapons in an exclusive interview to the Russian news agency Itar-TASS during that visit from April 2-5, 2019. He said that Angola is one of the principal buyers of Russian arms and that his country wants not only to buy but also produce.

"As for our military and technical cooperation with Russia, it will continue and be deepened. We would like to evolve from our current state of purchasers of Russian military equipment and technologies towards becoming the manufacturers and having an assembly plant of Russian military equipment in our country," he told the news agency.

In recent years, Angola's leadership has had plans to turn the country into a base to repair

Soviet equipment for African countries. For its part, South Africa had similar business ideas as well. One cannot rule out that the proposal to both purchase and produce (manufacture) weapons is an attempt to outmanoeuvre South Africa, but the local industry is not yet ready to manufacture its own military equipment.

In a research report titled "Angola: Russia and Angola - the Rebirth of a Strategic Partnership" that was released by the South African Institute of International A airs (SAIIA), the authors Ana Christina Alves, Alexandra Arkhangelskaya and Vladimir Shubin acknowledged that "defence remains the most solid Russia-Angola cooperation dimension.

Angola's decision to manufacture military equipment and ultimately distribute throughout Southern Africa, however, sparked further discussions. Should Angola become a key producer and distributor of Russian arms, there is always the possibility some of them could eventually appear outside Angola in the 16-member Southern African Development Community (SADC) region, warned Professor David Shinn at the Elliott School of International A airs, George Washington University.

"Weapons produced by any country can and do appear in African con ict zones. There is plenty of documentation, for example, that weapons made in China, Russia, and Western countries are being used in ongoing con icts in Darfur, the eastern Congo, and Somalia," said Professor Shinn, a former U.S. Ambassador to Ethiopia (1996-99) and Burkina Faso (1987-90).

In some cases, African governments have transferred the arms to rebel groups and many others have been purchased on the international arms market, he added.

Professor Shinn added that South Africa has the most advanced capacity to produce military equipment followed by Egypt. Sudan, which received assistance from China and Iran in building its arms industry, and Nigeria, among others, also have the ability to produce military equipment. In this sense, what Angola proposes to do (i.e. to establish a manufacturing plant) is not much

di erent except that it would, reportedly, be assisted by the Russian Federation.

Nevertheless, Professor Shinn hopes that possible Angolan arms export initiatives would be subject to approval by the Angolan parliament, and be of great interest for SADC, the African Union and Security Council of the United Nations.

On February 29, 2019, the Security Council adopted a resolution that outlines steps leading towards the goal of ending con ict in Africa through enhanced international cooperation and partnership as well as robust support for peace operations led by the African Union.

Unanimously adopting resolution 2457 (2019) at the outset of a day-long open debate, the Council welcomed the 54-nation African Union's determination to rid the continent of con ict through its “Silencing the Guns in Africa” initiative, expressing its readiness to contribute to that goal.

The importance of this resolution underlined by the fact that there are currently fteen African countries involved in war, or are experiencing post-war con ict and tension. In West Africa, the countries include Cote d'Ivoire, Guinea, Liberia, Nigeria, Sierra Leone, and Togo. In East Africa, the countries include Eritrea, Ethiopia, Somalia, Sudan, Uganda.

Angola has diamonds, oil, gold, copper and a rich wildlife, forest and fossil fuels. Since independence, oil and diamonds have been the most important economic resource. It is a member of the Southern African Development Community (SADC), an inter-governmental organization that has made its goal to further socio-economic cooperation and integration as well as political and security cooperation among 16 Southern African States.

The Republic of Angola is a country in south-central Africa, the seventh largest by territorial size and bordered by Namibia to the south, Democratic Republic of Congo to the north and Zambia to the east, and on the west the South Atlantic Ocean.

MP urges the youth to strive hard

Party, Farouk Mahama, has urged the youth of the country to strive hard to achieve their set goals.

He urged the youth not to be discouraged by the temporary setback of the economy. He assured that government would do everything possible to overcome them/current challenges.

He also asked them to take advantage of the numerous skills and

ment is enrolling in the course of the year to build themselves.

Hon Farouk who also serves on Food, Agriculture and Cocoa A airs and Gender and Children Committees in Parliament, was very condent that the youth of the country would be given the necessary support to achieve their objectives.

He stated that as pillars of the state, they would not be left out in the socioeconomic development of the

Hon Farouk, who is the board chairman of the Ghana Integrated Iron and Steel Development Corporation assured that the Corporation would work very hard to prosecute its vision for the betterment of the economy.

He expressed his gratitude to Allah and all persons, individuals, and organizations who are helping him in his Parliamentary and other governmental duties.

Some youth in the constituency commended him for the numerous projects, programs, and opportunities he has created and continued to create for them.

They assured the Hon MP that they would be agents of peace and development wherever they would nd themselves.