There could be contraction in lending by nancial insti tutions, as a result of nan cial turbulence the world experienced last month, the International Monetary Fund (IMF) has cautioned.
Speaking at a press brie ng on Tuesday at the 2023 Spring Meetings in Washing ton DC, USA under the auspices of the IMF and the World Bank Group, Pierre-Olivier Gourinchas, the Chief Economist and director research said broader markets have remained calm and volatility has been contained including for emerging and developing economies, increasing funding costs and the need to act more prudently however “may push banks to cut down lending further, in a world economic outlook we explore such a scenario and nd that it will lead to an additional zero point three percent (0.3%) reduction in output this year.
Yet the nancial sector may well be tested even more, nervous investors often look for the next weakest link as they did with Credit Suisse [a global systemic but ailing European bank]”
The Chief Economist further indicated that nancial institutions with excess leverage, credit risks or interest rate exposure, too much dependence on short term funding
By Eugene Davis“It will precipitate large capital out ows, a sudden increase in risk premium, dollar appreciation in a rush towards safety and major decline in global activity that may lower con dence, in such a severe downsize scenario, global growth this year could fall to about one percent (1%). We are entering a tricky phase during which economy growth remains low by historical standards, nancial risks have increased, yet in ation has not decidedly turned the corner. Policy makers will need a steady hand and clear communication.”
For Mr. Gourinchas, to be able to contain nancial instability, monetary policy should remain focused on bringing in ation down but stand ready to adjust promptly as nancial developments might demand, adding that the silverlining is that the contraction in bank lending could partially mitigate the need for further monetary policy tightening.
tation the central bank will prematurely surrender the in ation ght and would have opposite e ect lower in yields, supporting activities beyond what is warranted ultimately tral banks. Fiscal policy can also play any active role by cooling o economic activity and tighter scal policy would support monetary objectives.
“Appropriate designed scal consolidations can help rebuild much needed scal bu ers and help strengthen nancial stability,” he noted.
According to Mr. Gourinchas, the short policy tightening in the last 12 month is starting to have on the nancial sector and “we have repeatedly worn that this will not be an easy ride, following a prolonged period of muted in ation and low interest rate, the nancial sector had become complacent towards maturity and liquidity mismatches.”
Further, he noted that last year’s rapid policy tightening triggered sizeable losses on term xed income assets and increased banks funding costs; “the brief in stability last fall in the UK and the recent banking turbulence in the USA illustrate instead that signi cance vulnerabilities do exist both among banks and non-bank nancial institutions and both cases we have recommended
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quick and strong action and so far, have prevented further instability.
As regards the Sub-Saharan African region, the Fund maintained that it is su ering from a slowing growth to about 3.6percent in 2023 from 3.9percent last year, there is
also situation with in ation which is elevated to 16percent but is expected to reduce to about 12.3percent. Another challenge facing the region as a result of elevated food price is that there are large number of people facing food insecurity close to 130m
The Fund in its World Econom-
ic Outlook baseline forecast is for growth to fall from 3.4 percent in 2022 to 2.8 percent in 2023, before settling at 3.0 percent in 2024. Advanced economies are expected to see an especially pronounced growth slowdown, from 2.7 percent in 2022 to 1.3 percent in 2023. In a plausible alternative scenario with further nancial sector stress, global growth declines to about 2.5
percent in 2023 with advanced economy growth falling below 1 percent.
Global headline in ation in the baseline is set to fall from 8.7 percent in 2022 to 7.0 percent in 2023 on the back of lower commodity prices but underlying (core) in ation is likely to decline more slowly. In ation’s return to target is unlikely before 2025 in most cases.
What we are going through is a phase and we will de nitely bounce back. Investors should not panic, we have already seen in ation drop over the past two months, interest rates on T-Bills have dropped signi cantly and there are indications that the economy will bounce back. It’s just a matter of time. These trends will boost the recovery process and spur growth.”
The Managing Director of Stanbic Investment Management Services (SIMS), Kwabena Boamah, has encouraged investors not to lose hope in Ghana’s economy.
Speaking at the sidelines of the March 2023 edition of the Graphic Business/Stanbic Breakfast Meeting in Accra, Kwabena Boamah said even though investor concerns are understandable, they should be rest assured that the economy will bounce back.
According to him, “If you look
at the series of events that have happened over the past couple of years, it is understandable that people will have concerns.
Take for example the debt restructuring; we have only completed the rst phase of it, which is the domestic debt restructuring. There is the second phase, which we understand the Finance Minister has gone to China to negotiate. That has not been resolved yet and we don’t know what the outcome will be. Whether or not the IMF will come on board is still a
question that remains to be answered.”
He added that “There are also concerns around liquidity where people have their bonds and have not been able to sell. The issue of mark to market valuation of xed income investments is still lingering. So, the concerns are warranted given the current environment we nd ourselves in but I believe that there is still hope based on the premise that markets go through a cycle.
Kwabena Boamah also implored investors to be patient with the system and keep investing. He advised that “It’s a time that we all need forbearance. We understand that people have lost money, we understand that people have gone through di cult times. But we believe that markets will always bounce back. It is an issue of time, so we encourage all investors not to lose faith. They should continue investing because our economy will bounce back.”
The Graphic Business/Stanbic Breakfast Meeting is a quarterly event hosted by Graphic Communications Group and Stanbic Bank Ghana. The event brings together subject experts to discuss topical issues a ecting the country’s socio-economic development. The March 2023 edition discussed “Domestic Debt Exchange Programme (DDEP) – Lessons and implications for how you invest.”
steadily and strategically, aiming to meet today’s business and consumer demands, but also ensuring that our investments meet the needs of the future,” he stressed.
Mr. Nartey said challenges facing Ghana’s energy industry are a reminder that to remain competitive, they need to be agile and adaptable.
As a corporate entity, he indicated that, they have supported children with cleft palate through their partnership with Operation Smile and the Osteogenesis Imperfecta Foundation.
Also, the Engen Ghana MD said the company will increase the number of plastic recycling points at our service stations while encouraging our customers to deposit their used plastics in return for an incentive.
Mr. Nartey thanked the management and sta for the feat chalk in the last 25 years.
Chief Executive O cer of Mocoh, Guy Hacking was excited at the achievements of Engen Ghana in the last 25 years.
Engen Oil marketing giant, Engen Ghana Limited (EGL) has launched its 25 anniversary celebration with a resolve to never compromise on service excellence, maintaining a clear focus on safety and sustainability whilst meeting the evolving needs and expectations of our customers without compromising on quality.
The company said the anniversary is a celebration of dynamism, resilience and sustainable growth over the last 25 years of its operations in Ghana.
EGL is a 100% subsidiary of Mocoh Ghana Limited focusing on the downstream re ned petroleum products, markets and related businesses. The Mocoh Group, headquartered in Geneva, Switzerland, has been operating in Africa for 21 years and is actively involved in the trading, logistics and distribution of petroleum products across the continent.
Speaking at the launch, Managing Director of Engen Ghana, Brent Nartey said their Silver Jubilee is a celebration of their collective successes, indomitable, spirit and longevity.
“It is also a testament of their resolve to never compromise on service excellence, maintaining a clear focus on safety and sustainability whilst meeting the evolving needs and expectations of our customers without compromising on quality.”
Mr. Nartey said Engen Ghana which started operation in Ghana with just two service station now has 52 due to the spirit of resiliency that has held them together throughout the years.
“We remain focused on our vision to be the desired petroleum marketing company in Ghana. We are growing our network
“Your constant focus on providing the best service and superior quality products to your customers and local communities is being lived through your daily interactions and was acknowledged recently, when you were awarded Emerging Brand of the Year at the Ghana Oil and Gas Awards” he stated. Mr. Hacking charged the Engen Ghana team to focus on the challenges and opportunities in the next 25 years.
“We are strong, ambitious and united team, with a common mission to connect customers with the essential energy and resources they need to thrive,” he added.
Deputy Minister for Energy, Herbert Krapa, said Ghana’s petroleum story is not complete without Engen Ghana Limited.
He urged the Board, management and sta of Engen Ghana to proud of what they have all collectively achieved.
“Your next big milestone will be 50 years, and your achievements when you celebrate that Golden Jubilee would be bigger than what you have achieved in 25 years,” he said.
panies.
A sole proprietorship is a type of business owned and run by one individual. This business structure is the simplest and most common form of business entity in Ghana. In a sole proprietorship, the owner has complete control over the business and is responsible for all its debts and liabilities. The owner also enjoys all the pro ts generated by the business.
All humans are entrepreneurs not because they should start companies but because the will to create is encoded in human DNA.
- Reid Ho man, LinkedIn co-founderDo you have a great business idea that you are ready to turn into a reality? One of the rst steps you'll need to take is registering your business as a legal entity in Ghana. But with several options available, how do you choose the right type of registration for your business?
Fortunately, Ghana has a well-de ned legal framework for incorporating di erent types of business entities, including partnerships, sole proprietorships, and companies. By following the right steps, you can register your business and obtain the necessary licenses and permits to operate legally and grow your venture.
Starting a business can be a daunting task, but it is also an exciting opportunity to turn your ideas into a reality. In Ghana, entrepreneurs have several options to choose from when it comes to registering their businesses. Whether you are interested in incorporating a partnership, sole proprietorship, or company, the process can seem overwhelming. However, with the right guidance and knowledge, you can successfully navigate the legal requirements and leap to turn your business idea into a registered entity in Ghana.
In this article, I'll take you through the process of incorporating a partnership, sole proprietorship, or private company in Ghana. I'll discuss the key di erences between each type of registration, the requirements for each, and the steps you need to take to ensure a successful registration process.
So if you're ready to take the leap and turn your business idea into a registered entity in
Ghana, read on to learn more!
In Ghana, there are three main types of legal structures for businesses and each structure has its advantages and disadvantages. Choosing the right one for your business depends on several factors such as the nature of your business, your growth plans, and your personal goals.
Whether you are a rst-time entrepreneur or an experienced business owner looking to expand your operations, this guide will provide you with the essential information you need to take the leap and turn your business idea into a registered entity in Ghana.
Before diving into the process of incorporating a business in Ghana, it is essential to understand the di erent types of businesses available. The most common types of businesses are sole proprietorships, partnerships, and com-
To incorporate a sole proprietorship in Ghana, an individual must rst choose a business name that is not already registered with the O ce of the Registrar of Companies. Once a unique name has been selected, the individual must then le an application for registration with the O ce of the Registrar of Companies. The application must include the proposed business name, the nature of the business, the owner’s name and address, and any other relevant information that may be required by the O ce of Registrar of Companies.
Upon successful registration, the sole proprietorship is issued with a business registration certi cate, which is proof that the business is legally registered in Ghana. It is important to note that under the Registration of Business Name Act, 1962 (ACT 151), a sole proprietorship is not a separate legal entity from the owner. This means that the owner is personally liable for any debts or obligations incurred by the business.
In terms of taxation, a sole proprietorship is required to register for tax with the Ghana Revenue Authority (GRA) and obtain a Taxpayer Identi cation Number (TIN). The business is then required to le
Story continued from page 5 annual tax returns with the GRA and pay any taxes owed.
It is also important to note that as a sole proprietorship, there may be limitations on the growth and expansion of the business, as well as the ability to access funding and credit facilities.
the Partners.
Upon submission of these documents, the O ce of the Registrar of Companies shall issue a Certi cate of Registration that con rms the legal existence of the partnership.
It is important to note that Partnerships in Ghana are regulated by the Incorporated Private Partnership Act, 1962 (Act 152).
others.
A partnership is a business structure where two or more people share ownership of the business jointly to make profits.
Partnerships can either be general or limited. In a general partnership, all partners are jointly responsible for the debts and liabilities of the business. In a limited partnership, some general partners have unlimited liability and limited partners have limited liability.
To incorporate a partnership in Ghana, the rst step is to select a business name. The business name must not be identical or too similar to any existing registered business name in Ghana. Once a business name has been selected, a search can be conducted on the Registrar General's Department website to ensure that the name is available for registration.
The next step is to draft a Partnership Agreement which should include; the name of the partnership, the nature of the business to be conducted, the term of the partnership, the amount of capital to be contributed by each partner, the pro t-sharing ratio among the partners, the roles and responsibilities of each partner[ Section 5 of ACT 152].
The partnership agreement must be signed by all partners and witnessed by a Commissioner for Oath and registered in accordance with the law. The Partnership Agreement shall act as a Constitution that regulates and governs the partnership and also serves as a binding contract between
No partnership consisting of more than twenty persons or of which any body corporate is a member shall be registered under this Act[ Section 4(2) of ACT 152].
A company is a separate legal entity from its owners. Subject to the Companies Act, a person of the age of eighteen years and above may apply for the incorporation of a company.
A company can either be private or public. A private company is restricted to a total number of members or shareholders as well as prohibited from making public invitations to the public to acquire its shares or debentures and also prohibit the company from making invitations to the public to deposit money for a xed period or payable on call. There are other distinguishing features by way of a minimum number of directors and tenure of directorship, especially in public companies.
A Private or Public Company may either be limited or unlimited in terms of rights and liabilities. A private or a public company may be limited either by Shares or Guarantee or may be unlimited. External Companies may also be registered in Ghana. An external Company is a body corporate formed or incorporated outside the Republic but has a registered place of business in the Country. An established place of business is de ned under Section 329 of the Act to mean a branch, management, registered o ce, or factory amongst
In essence, there are Seven types of companies in Ghana. By the Companies Act, 2019 (Act 992), all companies in Ghana are required to have a company secretary. The company secretary is responsible for ensuring that the company complies with all legal and regulatory requirements, maintaining the company's records, and providing administrative support to the board of directors. The company secretary must be a resident of Ghana and cannot be a director or shareholder of the company. It is also recommended that the company secretary be a quali ed lawyer, accountant, or other professional with relevant experience in corporate governance[ Section 211(3) of Companies Act, 2019 (ACT 992)].
To register a company in Ghana, the following steps must be taken:
1.Choose a business name: The business name must not be identical or too similar to any existing registered business name in Ghana.
2.Prepare the necessary documents: This includes the company's Constitution, the details of the company's directors and shareholders, the company's registered o ce address, GPS Address, Ghana Card Numbers, and TIN numbers of Directors and Shareholders as well as the details of a Secretary and an Auditor.
3.Pay the necessary fees: The fees vary depending on the registered company type.
4.Obtain a Certi cate of Incorporation: Once the documents have been approved and the fees paid, the O ce of the Registrar of Companies issues a Certi cate of Incorporation, which con rms the legal existence of the company.
A company upon registration shall have full capacity to carry on or undertake any business or activity, do any act, or enter into any transaction; and full rights, powers, and privileges of giving and entering into and be bound by and claiming all rights under a
deed or mortgage or other instruments[ Section 18 of Companies Act, 2019 (ACT 992)].
Are there other necessary requirements?
Additionally, if the company is engaged in certain activities such as banking, tourism, mining, or petroleum exploration, it may require additional permits and licenses from relevant government agencies.
Examples are the Bank of Ghana and Securities and Exchanges Commission for the banking and other nancial sector businesses, The Ghana Tourism Authority for tourism and travel & tour Operators, The Gaming Commission for gaming and sport betting ventures, The Mining Commission for the mining of natural resources and so on.
A Ghanaian company with foreign membership
The Ghana Investment Promotion Center Act, 2013, ACT 865, (GIPC Act) mandates that any company with foreign investment or participation must get a GIPC registration certi cate[ Section 24(1) of GIPC ACT]. All domestic businesses with foreign ownership must register with the Ghana Investment Promotion Centre (GIPC) to obtain an investment certicate.
The GIPC Act also stipulates that there must be a minimum amount of capital for foreign participation or investment in Ghanaian businesses. Companies exempt from the minimum equity requirement include Manufacturing, Export Trade, Portfolio Investments, companies owned by Ghanaians (living in Ghana or the Diaspora) and spouses of Ghanaians in marriage for 5 years, and also residents in Ghana.[ Section 28 of GIPC ACT]
Under Section 26 of the GIPC Act 865, companies are granted exemptions from payment of Import Duty, VAT, and NHIL on
plant and machinery for their operations including those under the laws mentioned in the Act.
Wholly Ghanaian-owned enterprises are also encouraged to register with GIPC to bene t from the incentives provided for in the GIPC Act, 2013 (Act 865)[ Section 23 of the GIPC ACT
THE WRITER IS A BARRISTER AND SOLICITOR OF THE SUPREME COURT OF GHANA AND A MEMBER
OF ZOE, AKYEA & CO LAW FIRM IN LABONE, ACCRA. HIS LEGAL INTERESTS INCLUDE BUT ARE NOT LIMITED TO REAL/PROPERTY LAW, CORPORATE AND COMMERCIAL PRACTICE, CONSTRUCTION LAW, AND DISPUTE RESOLUTION. ]. Congratulation, you are in business!
Whether you choose to register
a sole proprietorship, partnership, or company, it is important to understand the legal requirements and follow the necessary steps to ensure compliance with Ghanaian laws and regulations.
Remember to carefully consider your business objectives, the structure that best suits your needs, and the minimum capital requirements and foreign participation restrictions that may apply. Seeking the services
of legal and business professionals can help you navigate the incorporation process and set you up for success in your new venture.
Taking the leap to turn your business idea into a registered entity in Ghana is a signi cant step towards achieving your entrepreneurial dreams. With a solid plan, a commitment to compliance, and a willingness to learn and adapt, you can establish a thriving business in Ghana.
Lynk Global, Inc. (Lynk), the world’s leading satellite-direct-to-standard-phone telecoms company, has announced that it has signed its second commercial contract with Telecel Group in Africa to provide services to Vodafone Ghana’s subscribers.
This new contract will provide mobile coverage to 100% of Ghana’s population of 31 million inhabitants using Lynk’s “cell-towers-in-space.”
Charles Miller, CEO of Lynk, said, “This agreement extends Lynk’s leadership in the satellite-direct-to-standard-phone category in Africa and is an important milestone as
interest in the category continues to heat up. Lynk remains the only patented, proven and commercially-licensed company for satellite-direct-to-standard-phone technology anywhere in the world,” Miller continues.
Lynk’s “cell towers in space” will enable Telecel Group to o er ubiquitous geographic coverage to over 6 million Vodafone Ghana subscribers and will be utilized for extending rural coverage, including Maritime Economic Zone, as a backup to ensure service resilience, continuity of IoT devices, and as a terrestrial tower replacement for underperforming (economical or technical) towers.
“We are excited at the possibilities this partnership brings to the country. It provides the unique opportunity to connect everyone everywhere and accelerates the bene ts that connectivity o ers in health, education, and job creation, especially for our women and youth,’’ stated Patricia Obo-Nai, CEO of Vodafone Ghana.
Following the takeover of its majority shares by Telecel Group, Vodafone Ghana has leveraged the partnership between Lynk and Telecel Group to provide innovative services and widespread mobile coverage across Ghana's rural areas.
Vodafone Ghana is a leading provider of telecommunications services to consumers, corporates, and multinationals in Ghana. As the all-in-one communications solutions provider – o ering mobile, xed lines, internet, voice, and data services – Vodafone e ectively serves a signi cant portion of the Ghanaian population. With a strong focus on innovation and customer satisfaction, the company continually strives to enhance the quality and reach of its services, solidifying its position in the competitive telecommunications landscape.
essence of the digital hub was underscored with the presence of key stakeholders namely; Vice Chancellor, Professor Johnson Nyarko Boampong and other directors & o cers passing honoring the house.
Acknowledging its partners; SIC, Hollard Insurance, Prudential Bank, Kosmos Innovation Centre, the director advocated for more organisation to reach out in funding, sponsorship and mentorship for the hub.
By Samuel Agyeman-PrempehTo mark its 1-year anniversary, the University of Cape Coast's Design Thinking & Innovation Hub organised an open house for sta , faculty, students and members of the community on Wednesday 5th April, 2023.
The one-day event which took place at the Emmanuel Adow Obeng central administration building, featured impressive activities including showcasing of businesses in its incubation programme, indoor entrepreneurship
games, a clinic o ering one on one advisory service on issues of entrepreneurship, nancial management, career guidance and psychosocial support. The over 200 participants present were enchanted and inspired as they interacted with bene ciaries of the digital hub who in themselves are members of UCC teams winning $30000 and $40000 respectively at the just ended Kosmos Innovation Centre Agritech Challenge Pro. Perhaps, the all-important
Addressing participants on the purpose of gathering, director of the Design Thinking and Innovation Hub, Dr Mrs. Keren Naa Abeka Arthur indicated that the event had been created to share successes and key achievements of the hub in the past year and very importantly to unveil the many opportunities available at the hub to many who are yet to interface with it. With a BSc from Ashesi University, MBA and PhD from University of Exeter, UK Dr. Keren is convicted that through its programmes, the hub has already started transforming individuals, businesses and very importantly students of the University who in themselves form a critical mass of society.
As a senior lecturer of the University of Cape Coast, she commended management and all sta for the mandate of the hub to provide professional skills development, business development support, business incubation and acceleration services, career support and community service through solving societal problems using entrepreneurship, design thinking and continuous improvement.
Moving forward, the hub is looking forward to working with more young entrepreneurs and focusing on the commercialisation of inventions and creative outputs in the University community. Interested person may contact the hub via d-hub@ucc.edu.gh & 0312299862.
The Eastern Theater Command of the Chinese People's Liberation Army on Saturday announced the launch of combat readiness patrol and military exercises around the Taiwan Island.
The operations from Saturday to Monday serve as a stern warning against the collusion between separatist forces seeking "Taiwan independence" and external forces and against their provocative activities, said Shi Yi, a spokesperson for the command.
At Monday's brie ng, Wang voiced hope that the international community shall recognize the nature of the Taiwan question, adhere to the one-China principle, and oppose all forms of "Taiwan independence" secessionist activities.
Secessionist acts of "Taiwan independence" and the connivance and support of external forces to them pose the "greatest danger" to peace in the Taiwan Straits, the Chinese Foreign Ministry said on Monday.
Acts of "Taiwan independence" are incompatible with peace and stability across the Taiwan Straits "as re and water," said Wang Wenbin, a spokesperson for the ministry, in response to questions about the on-going military exercises around the Taiwan Island at a regular press brie ng in Beijing.
"To maintain peace and stability in the Taiwan Straits, we must rmly oppose all forms of 'Taiwan independence' secessionist acts," said Wang.
Italian oil rm Eni, with its partner PetroCi, has celebrated the sail away of the FPSO Firenze to the giant Baleine oil and gas eld o shore Ivory Coast.
The FPSO Firenze, which sailed away from Dubai, will allow the production start-up of the Baleine eld, Ivory Coast’s largest hydrocarbon discovery.
According to Eni, the Baleine eld, “Whale” in French, has an estimated oil in place of 2.5
billion barrels and 3.3 trillion cubic feet of associated gas.
“The development of Baleine will also be Africa’s rst net-zero emission project (Scope 1 and 2),” Eni said.
The FPSO Firenze, to be renamed Baleine after arrival in Ivory Coast, has been refurbished and upgraded in order to allow it to treat up to 15,000 bbl/d of oil and around 25 Mcfd/d of associated gas. The entire gas production will be delivered onshore via a
newly built export pipeline. Eni said Thursday, April 6, 2023 that the installation of the subsea production system and well completion campaign were underway and to ensure production start-up by June 2023.
“Eni’s phased development model and fast track have proven to be e ective, as the project is set to start production less than 2 years from the Baleine 1X discovery well and one and a half years after the
FID. Eni is already progressing swiftly on the second phase of the project forecasting a start-up of production by December 2024 after having taken the FID in December 2022,” Eni said.
The Baleine eld extends over blocks CI-101 and CI-802. Eni also owns interests in four other blocks in the Ivorian deep water: CI-205, CI-501, CI-401, and CI-801, all with the same partner, PetroCi Holding.
Trea sury Bills un
ed by 23% Cedi depreciates by 22.1 0% a s of March 2023. GSE sign s MoU with MIIF to increase lis�ng o f min erals companies
debt remains unchanged at GH¢575.70 billion – BOG Trading of government bon ds fall by 21.09%
OUR SOURCES: GSE/GFIM/B OG/CS D
By Melvin Tarlue
The entertainment industry in Africa, especially music and movie, present enormous investment opportunities.
However, it's still di cult to make investors understand why they need to focus attention also on the entertainment industry on the continent. Mostly, foreign investors looking to invest in Africa are mainly looking at sectors like agriculture and agro-processing, mining, energy, technology, construction, etc.
“Many investors and nancial institutions don't understand the business of music and as a result, are unable to properly fund musicians," award-winning Nigerian musician, Mr. Eazi, says in 2020 as he launched a $20 million fund to invest in Africa's stars of the future.
Of course, there are few foreign investors now tapping into the entertainment industry in Africa and investing in this sector.
Between March 2020 and December 2022, I worked with an entertainment news website, which has Instagram, Facebook and Twitter handles on which my Whatsapp contact was placed. And on a daily basis, I was receiving loads of messages from young artists from all over Africa who wanted help to either promote their music, record new songs or shoot music videos for their new songs.
I received loads of demos from underground artists from Sierra Leone, Uganda, Tanzania, DR Congo, Nigeria, Rwanda, etc., with all of them asking for one thing, investment support to advance their careers. Not only music, but I was also being contacted by young men and women who were looking for opportunities to become actors and actresses, asking whether we could invest in their talents or manage them.
My working experience in the entertainment space over the period, made me realize that there are hundreds if not thousands of young people roaming the streets across the continent;
whom when given the opportunity and necessary investment support, could become the future stars of Africa in particular, and the world in general.
Historically, Africa as a continent has experienced less interest as a market-pool for the global music and movie industries. But in recent years, the narrative has changed. The rise of Nigeria's Burna Boy, Wizkid, Tems, Davido, Rema, Ghana's Sarkodie, Stonebwoy, Black Sherrif, King Promise, and Tanzania's Diamond Platnumz, among others, on the global music scene, has contributed immensely to changing the narrative and rewriting the African music story at the world stage.
Afrobeats, a new music genre originating from Ghana and Nigeria in 2010, described as the 'new oil of Africa' because of its potential to generate wealth for the continent and its young music talents, has sold the continent’s music industry to the rest of the world. Music today, is rewriting the destinies of several African youth. Young people from poor backgrounds like Ghana's music
trio Fameye, Quamina MP and Ko Mole, are today hitting the limelight and becoming breadwinners for their families, and contributing their quota to the continent’s development.
And it is not only music that is rewriting the story of African youth, moving them from grass to grace, but the entire entertainment industry, is a ording many more young people the opportunity to excel in life, thanks to advancement in technology, especially the introduction of streaming services like YouTube, Net ix, Amazon Prime Video, ShowMax etc., which are providing opportunities for entertainers in Africa to sell their crafts to a global market.
Touching on the huge impact the advancement in technology is having on marketing African music and movie to the rest of the world, Jonathan Jules, Senior Director of international marketing with EMPIRE, says “In the age of TikTok and Triller, we’re seeing 12, 13-year-old white girls in Yorkshire dancing to Afrobeats. There was always a love for it."
Story continued from page 15
EMPIRE, an American music company known for their work with artists such as T-Pain, Cardi B, and Kendrick Lamar, are already spending massively on African musicians.
But there is still room for Africans in the diaspora and people from around the world to consider exploiting investment opportunities in the entertainment industry in Africa.There are opportunities to invest in underground artists to expand their music careers. There are opportunities to invest in setting up modern recording studios, to set up management rms to manage artists. There are opportunities to set up movie production houses, to nance the production of authentic afro-centric movies for the global market.
Across Africa today, music streaming platforms are on the increase. According to the GSMA which represents the interests of mobile operators worldwide, the number of smartphone connections in Africa reached 302 million in 2018; this will rise to nearly 700 million by 2025, an adoption rate of 66%. Widespread smartphone usage across Africa will increase revenue per stream, platform subscriptions and music video views.
It has to be noted that investing in growing the music and movie industries in underdeveloped African countries can give people hope and an opportunity to pull them out of poverty. It has been stated in the past that a signi cant number of musicians, actors and actresses do not reach their goals because they
lack the proper team or funding to continue careers. It is therefore imperative to state that proving funding to improve the development of the entertainment industry will give communities a chance to prosper.
Music and lm are key driving factors to economic growth and development. A well-developed entertainment sector can create a multitude of jobs from, directors, dancers, managers, set designers, publicists, among others.
Investing in managing musicians, actors and actresses can result in other business activities, including brand deals. Musicians, actors and actresses could stand the chance of partnering with product companies, clothing companies, social media, among others, to promote themselves and other businesses.
In conclusion, I must state that investing in the creative arts
industry in Africa is not risk-free. There are young talents with no clear business plan, no clear vision as to where they want to take their craft, and lack the right strategies to properly position and market themselves. But aside that, the industry is still worth investing in because examples abound that investing in the industry has the potential to pay o . The likes of Wizkid, Davido, Burna Boy, Tems, Ayra Starr, Sarkodie, Stonebwoy, Gambo, Diamond Platnumz, and Rayvanny, are all testaments to the fact that investment in the entertainment industry in Africa is a worthwhile nancial decision.
Writer's email: tarluemelvin12@gmail.com
Patricia Obo-Nai, Chief Executive O cer (CEO) of Vodafone Ghana, has been recognised as the Outstanding Woman in Telecommunications at the African Women Awards 2023. The awards ceremony, held in Ethiopia under the theme “The Role of Women in Business Propelling Africa’s Socio-Economic Renaissance,” celebrates the achievements of exceptional African women leaders in various industries.
Patricia’s award is a testament to her exceptional leadership and dedication to the telecommunications industry, where she has made signi cant strides throughout her career.
As the CEO of Vodafone Ghana, she has successfully navigated the competitive landscape and guided the company towards remarkable growth and innovation.
Under her leadership, Vodafone Ghana has introduced ground-breaking products and services, transforming the telecommunications sector in the
country. Patricia has also overseen the expansion of Vodafone Ghana’s network coverage, solidifying its position as one of the most extensive and reliable networks in Ghana.
Commenting on the award, Patricia said, “This award is not only a humbling recognition of my personal journey, but also a testament to the incredible dedication and resilience of all women in the industry. As a leader, I am committed to inspiring the next generation of women in telecommunications. I believe that together, we can break down barriers and rede ne the future of our industry.”
Patricia is a champion of diversity and inclusion in the workplace. She has led initiatives aimed at promoting gender equality, diversity, and inclusion within Vodafone Ghana and the broader telecommunications industry.
granted a status of a District and is being separated from the other countries that forms part of District 9102.
Rotary International District 9102 welcomes Rotarians in the district to its annual District Training Assembly and Conference (DTAC) 2023, to be held at the Accra International Conference Centre from April 11 to 15, 2023.
The conference whirling under the Rotary International theme “Imagine Rotary” will include training, workshops, and networking opportunities for participants.
This annual event is set aside by Rotary International for each Rotary District of the world to discuss the health of the various clubs in the district, and to outline major leadership and training events for their members.
Among the many activities that will take place during the conference includes training and breakout sessions to give rotary information and new ideas for
key committee chairs. There will be a presentation of the state of the district, a review of the new RI President’s theme and goals for the coming Rotary year by the incoming District Governor. Subsequently, District goals and objectives are also presented, and plans are developed for their implementation.
Consistent with programs outlines during the DTAC, are activities and events involving training district team and club
Assembly for all Rotarians; District Governors Cocktail; The Conference itself; Host/Home Hospitality; Rotary Foundation Lunch; District Governor’s Awards and Gala
It is a tradition for the District Governor to welcome all conference participants to the Assembly. Therefore, the District Governor, Victor Yaw, will host an Akwaaba Cocktail after the District Assembly opening plenary session. There will also be a Foundation Lunch to take place during the lunch break of the conference where the achievement and
dation are highlighted, and donors recognized and awarded.
One major activity to be hosted by Rotary clubs in Ghana is the Home/Host Hospitality event, where conference participants will be treated to an evening of food, drinks, and good entertainment, usually held on the second day of the conference.
The District Governor’s Award and Gala ends the DTAC. It is always an evening of dinner, music, dance and
the opportunity to recognize and award deserving Rotarians and partners.
Organization of the District Training, Assembly and Conference event (DTAC) under the current dispensation, rotated among the countries that constitute the district. The district 9102 comprises of Benin, Ghana, Niger, and Togo.
It is important to note however, that Ghana is hosting the last DTAC for District 9102; Since Ghana has been
It will be recalled that Ghana has recently been granted a dispensation to become a District in Rotary Zone 22. This therefore means, Rotary International has given Ghana the permission to create of new dynamic district. Ghana is now under district 9103. This latest development came because new clubs, increase membership. develop leaders and increase our portfolio of humanitarian service projects. Rotarians in Ghana have also contributed immensely to Rotary initiatives and in the process, chalked many successes worldwide, through the coordination of global programs and these initiatives.
With Ghana in the new district, it is expected that the new District Governor together with his able Assistant Governors, Club Presidents and all rotary leaders work to strengthen clubs, promote membership diversity and to place District 9103 on the map of Rotary International .
The District Governor, Victor Yaw Asante has indicated that the 2023 DTAC will be exciting, educating, entertaining and a platform for business networking for all Rotarians; thus, urges all club and their members to register to participate in the conference.
