Investment Times Newspaper 2023 Edition | Issue 32

Ghana’s public debt sto ck still at GH¢575 7bn

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t ra n s a c t i o n s to o n ly ¢ 15,0 0 0, “s o ra i s i n g you r re qu i re m e n t to ¢ 2 0,0 0 0 w i l l b e i n c o n t rave n ti o n to B a n k o f Gh a n a’s d i re c t ive s a n d o bv i ou sly p o s e g re at c hal l e n ge to ve n d o rs l o ad i n g t h e ir wal l e ts ” F u r th e r m o re , t h e Nat i o n a l P r ivate E l e c t r i c i t y Ve n dor s A s s o c i ati o n sai d t h e p o ssibi l i t y o f c o m p ou n di n g u n e m p l oy m e n t i n t h e c ou n t r y w i l l a l s o b e ve r y g re at fo r a s i t i s n ow t h at n o ve n d e r e m p l oys l e s s tha n t wo c a shi e r s fo r t h e i r o p e rat i o n s “ We sh ou l d a l s o ve r y m indful o f

h a pp e n i n g i n t h i s ou r c ou n t r y i s a lways at t r ib u te d to t h e gove r nm e n t I n c o nve n i e n c i n g c u s to m e r s i n t h e i r l o c a lit i e s m ay c au s e/c al l fo r t h e gove r n m e n t i n te r ve n ti o n i n su c h a si t u ati o n , e sp e c ia l ly wh e n t h e c ou n t r y i s d raw i n g n e a r to e l e c t i o n”, it ad d e d May we hu m b ly su g ge s t t h at i n v i ew o f EC G Ma n a ge m e n t i n te nti o n to i n t rodu c e t h e su p e r ve n di n g c o n c e p t , s o m e o f t h e s e i s su e s b e a ss i gn e d to t h e Su p e r Ve n dor s to b e a pp o i n te d to h a n d l e , s o t h at Ve n dors c a n t h ra sh out most o f

u p i n t h e p ro c e s s wit h t h e i r re sp e ct ive ass i g n e d Su p e r Ve n d o rs” , i t c o nc lu d e d T h e Un i te d S t ate s gove r n m e n t ha s p ro m i s e d to i n te r ve n e o n Gha n a’s b e hal f wit h t h e P a r i s Clu b a s t h e c ou n t r y s e e k s d e b t fo r g ive n e s s a s p a r t o f t h e I n te r n at i o n a l Mo n e t a r y F u n d s bal a n c e o f p ay m e nt su pp o r t

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to e n su re t h at i t s c a l e s h its cu r re n t e c o n o m i c c r i s i s l c o m e Gh a n a’s c o m m i t m e n t m it s e c o n o my fo r su s t a i nd i n c l u s ive g row th We su pa n a’s e n g a ge m e n t wit h t h e d we w i l l c o n t i nu e to p u sh a l l c re d i to r s to p rovi d e m e a ne b t re d u c t i o n fo r c ou n t r i e s d i t c r it i c a l to d o s o to buil d m e c o n o m i c g row t h an d i t y a n d to i n c re a s e U S i nve s tOu r p a r t n e r shi p i s a l re ady a n d I b e l i eve t h at to d ay we e n g t h e n e d i t ” ha s al s o a n n ou n c e d t h at it s a l A s s i s t a n c e ( O TA) w i l l ful l - ti m e re si d e n t adv i s o r to e M i n i s t r y o f F i n a n c e to d ean d exe c u te m e d io n g- te r m re fo r m s n e e d e d to d e b t su s t ai n abil i t y a n d su po m p e ti t ive dy n a m i c gove r nbt m a rke t j e c t , a c c o rd i n g to t h e U SA m p l e m e n t an d buil d o n th e m e n t o f Gha n a’s d e b t reT h i s p ro j e c t i s p a r t o f O TA’s o n go i n g e n g a ge m e n t to s t re n g t h e n p ubl i c s e c to r ove rs i g h t a c ro s s su b - Sah a ra n Af r i c a Ghana , wh i c h i s s t r u g g l i n g wit h it s wo rs t e c o n o m i c c r i s i s i n a ge n e rawit h t h e I n te r n at i o na l Mo n e t a r y F u n d ( I MF ) i n D e c e m b e r fo r a $ 3 b i lli o n l o a n , t h ou g h a ski n g l e n d e r s to c o ndit i o n fo r th e I M F ’s bo a rd to s i g n

la r ge s t sub s e a i n s t al l at i o n s ve s s e l s an d i s o p e rate d by Te c hni p F M C I t i s o n e o f t h e i r n ewe s t sub s e a i n s t a ls t ate - o f-t h e - a r t te c h n o l o g y a n d c ap a c i t y to c o n d u c t c o m p l ex sub s e a pi p e - l ayi n g a c t ivit i e s T h e p i p e - l ayi n g s ys te m i s a b ou t 70 m e te r s h i g h a b out 2 ,0 0 0 to n n e s fund s to c o p e an d o p e rate w it h t h e n ew m in i mu m l eve l o f qu o t a p u rc h a s e e sp e c i a l ly wh e n t h ey a re o pe rati n g m o re tha n o n e m e te r s yss t a n d i n EC G d u r in g o d d h our s wh e n th e l e t te r i s n o t o p e rat i n g w i l l h ave ha r sh c o n s e qu e n c e s o n c u s to m er s c ou n t r y wi d e b e c aus e m aj o r i t y m ay n o t h ave th e requ i re d a m oun t bein g re qu e s te d to o p e rate m o re ”, it add e d C o nt i nui n g , i t sai d th e EC G sh ou l d t a ke a c u e f ro m th e B a n k o f Gha n a whi c h h a s d i re c te d th e te l e c o m

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wa n te d to e n su re h at Gha n a’s exte r n a l d e b t t re atm e n t re qu e s t wa s c o nsid e re d exp edit i ou sly a n d wa s t hu s a c c o m p ai e d to t h e m e e ti n g w it h M r fo r i -At t a by a h i g h- l eve l d e l e g ati o n n c lud i n g M r Wu Fu l i Chair m a n o f China Ex i m - B a n k M i n i s te r Ku n sai d we k n ow t h at h e s e a re sh o r t - te r m c hal l e n ge s wh i c h we a s re sp o n si b l e c re d i to rs , e m ai n c o m m i t te d to re s o lvi n g T h e l o n g- s t andi n g an d p ro sp e rou s e l at i o n shi p b e t we e n Ghan a an d Chin a i m p o s e s o n u s a re sp o nsibi l iy to h e l p,” th e Chi n e s e F i n a n c e M i n i s te r ad d e d e sai d t h at jus t l i ke o t h e r Af r i c a n ou n t r i e s , G h a n a wa s f a c i n g e c on c e -in - a - l i fe t i m e p a nd e m i c , ge oo lit i c a l te ns i o n s an d i n te re s t rate s i ke i n adva n c e d c ou n t r i e s wit h ai e s h i s we e k , al l eye s a re o n Gha n a’s a rl i a m e n t wh i c h w i l l c o n si d e r h re e key reve nu e m e a su re s whos e pp rova l i s exp e c te d to ra ke i n ¢ 4 4 billi o n i n d o m e st i c reve nu e s I t i s n e o f t h e m aj o r a c t i o n s o n t h e p a r t f Ghana , c r it i c a l to t r i g ge r I M F Exc u t ive B o a rd a pp rova l o f a $3 bi l -

li o n d o lla r f a c i l i t y fo r th e c ou n t r y tot i e sp re s s e d c o m m i t m e n t to h e l p Gh a n a re s o lve t h e c u r re n t sh o r t - te r m l i quid i t y c hal l e n ge s a n d c o nt i nu e to su pp o r t Gha n a’s m e di u m a n d l o n g- te r m d eve l o p m e nt a sp i rat i o n s T h ey s a i d Chin a b e l i eve d i n p ro m o ti n g d e b t su s t a i n abil i t y an d su s t a i nab l e d eve l o p m e n t a n d wou l d advoc ate fo r m o re c o n c e ssi o n a l a n d g ra n t fund i n g fo r Ghana , e sp e c ia l ly at t h i s t i m e “Ghan a n e e d s m o re c o n c e ss i o n a l an d g ran t fun d f ro m c re d i to r s , ” sai d M r Z ha n g We n c a i , Vi c e P re si d e n t o f Chin a Ex i m ba n k add i n g t h at “th e Multi l ate ra l B a n k s sh oul d t h e re fo re d o m o re fo r Gha n a M r O fo r i -At t a c o n g ratu l ate d L i u Ku n o n h i s re a pp o i n t m e n t a s M i n i ste r fo r Fina n c e fo l l owi n g t h e re c e n tly- e n d e d Nat i o n a l Pe o p l e ’s C o ng re s s an d tha n ke d t h e Ch i n e s e aut h o r it i e s fo r p a r t i c i p ati n g i n t h e G 2 0 C re d i to r C o m m i t te e m e e t i n g o n T u e s d ay Ma rc h 2 1, 2 02 3 He i n d i c ate d t h at t h i s wa s a s i g n o f Chi n a’s sh ow o f l e ad e r shi p i n t h e Ghan a O fo r i -At t a we re D e n g L i , Vi c e Mi n i sM i n i s te r o f C o m m e rc e ; Wa n g We id o n g o f t h e Ch i n a D eve l o p m e n t B an k (C D B ) , Ya n g Ha i t a o, G e n e ra l Man a ge r o f t h e I n te r n at i o na l C o mm e rc i a l B an k o f Chin a ( I C B C ) , a n d L u o Z h a o hui , Chair m a n o f t h e Chin a I n te r n at i o na l D eve l o p m e n t C o o p e rat i o n A ge n c y (C I D C A)

Na n a D we m o h B e n neh , th e Un ive rsa l Me rch a n t B an k ( U M B ) , h a s u r ge d g rad u ate s o f t h e Un ivers i t y o f G h a n a to t a ke d i g i t a l to o l s to e s t a b l i sh th e ms e lve s a s e n t re p re n eur s Na n a D we m o h B e n n e h m ad e t h e s e c o m m e n t s at t h e 75t h c o n g re g atio n c e re m o ny o f th e C o l l e ge o f Ed u c ati o n wh e re h e wa s th e g u e s t sp e a ke r Th e c e re m o ny s aw th e g rad u ati o n o f 1 1 ,7 1 1 student s d raw n f ro m th e c o n stituen t s c h o o l s o f th e c o ll e ge n a m e ly S c h o o l o f C o nt i nui n g a n d D i s t a n c e Ed u c ati o n , S c h o o l o f I n fo r m ati o n an d C o m mu n i c atio n Stud i e s an d t h e S c h o o l o f Ed u c at i o n an d L e ad e r sh i p T h e P rovo st o f th e C o l l e ge o f

A rd ey C o d j o e i n h i s o peni n g re m a rk s n o te d t h at th e g rad uat i n g c l as s h ad stu d e nt s f ro m ove r 5 0 o th e r c ou n t r i e s a m o n g s t th e c o h o r t o n c e m o re c e m e n t i n g th e Un iver s it y o f G h a n a s p l a c e a s th e p rem i e re Un ivers i t y in Gha n a I n he r re m a rk s re ad fo r he r by th e P ro Vi c e – C h a n c e l l o r P ro f Fe l i x A A sa n te , th e Vi c e –C h a n c e l l o r o f t h e Un ive rs i t y n o te d s o m e key su c c e s s e s c h a l ke d by th e Un ivers i t y fo r th e ye a r u n de r rev i ew Key h i g h l i g ht s h e re in c l ude d th e Vi c e – Ch a n c e l l o r ’s Studen t D i git i z ati o n Init i at ive to a l l ow fo r s y n c h ro n ou s a n d a syn c h ron ou s v i r t u a l l e a rni n g Sh e a l s o n o te d t h at th e Un ivers i t y o f G h a n a h ad t a ke n p r i d e o f p l a c e in Ghana as t h e to p

r i c s/ A l pe r D o ge r s c h o o l ra n k i n g s.i n g th e c o n fermen t o f d e g re e s o n th e p re s e n te d c a ndi d ate s , t h e c h a n c e l l o r o f th e Un ivers i t y M rs Ma r y Chi n e r y– He sse , re pre s e n te d by M s D o r i s K i s iwa An s a h a n d M rs Yve t te Ad ou nvo Atekpe , me m b e r s o f th e Un ivers i t y C ou n c i l c on g rat u l ate d m a n a ge me n t fo r c ont i nui n g e ffo r t s to e n su re t h at th e u n ive rs i t y retu r n s to f u l l a n d n o r m a l o p e rati o n s pos t th e C ovi d p a nd e m i c Sh e a l s o c o m m ende d m a n a gere s ou rc e th e u n ivers i t y a n d a l s o to e n su re b e s t m a n a gem e n t p ra c t i c e s i n c l udi n g b e in g instit u te a gender p o l i c y s t ate -

n t Na n a D we m o h B e n n e h , t h e CE O o f t h e Un ive rs a l Me rchan t B a n k i n h i s sp e e c h re i te rate d h i s p r id e i n b e in g a n a l u m nu s o f th e Un ivers i t y, g rad u at i n g s o m e 2 3 ye ar s a go He pai n te d a v ivi d p i ct u re o f a c o n t ras t b e t we e n t h e wo rl d h e g rad u ate d i n to a n d t h e wo rl d o f to d ay He n o te d t h at t h e dig i t a l to o l s h ad t ra n s fo r m e d th e wo rl d , e sp e c i a l ly th e wo rl d o f wo rk He n o te d fo r in s t a n c e t h at un l i ke i n 19 9 6, h i s ye a r o f g rad u ation , n ew musi c a l b u m s c ou l d to p t h e c h a r t w it h ou t a C D o r a c ass e t te bein g p ro du c e d He u s e d t h i s exa m p l e to e s t a b l i sh t h e p o in t t h at th e a ge o f th e dig i t a l e n t re p reneu r an d ad m o n i she d g rad u ati n g students to fo l l ow t h e exa m -

p l e s o f o the r su c c e ssf u l e n t rep re n e ur s i n a n d ou t o f G h a n a an d s e e k to e s t a b l i sh thei r ow n e n te r p r i s e s “O pp o r tunit i e s ex i s t fo r t h e d i l i ge n t wh o a pp ly th e m s e lve s to exp l o itin g th e d i gkind s o f wo rk re l eva n t to t h e e m e rging s o c i e t y T h e C ol l e ge o f Ed u c atio n i s m ad e u p o f th e fol l ow in g sch o o l s : Sc h o o l o f I n fo r m at i o n an d C o m mun i c at i o n Stud i e s , Sch o o l o f Ed u c at i o n an d L e ad e rshi p an d t h e S c h o o l o f C o nt i nuin g an d D i s t an c e Ed u c ati o n an d i s o n e o f th e c ol l e ge s o f th e Un ive rs i t y o f G h a n a T h e u n ive rs i t y o f Gha n a wa s foun d e d i n 1 9 4 8 a s a u n ive rs i t y c o l l e ge o f t h e G o l d C o a s t T h i s ye a r s c o n g re g at i o n m a rk s th e 75t h c o n g re g at i o n o f the u n ive rs i t y

3 National Honours and Awards

202

Kwa b e n a Adjei h ave be e n h o n ou re d by P re sid e n t Nan a Add o D a n k wa A ku fo -Add o at th e 2 02 3 Nati o n a l Ho n our s an d Awa rd s c e re m o ny i n Ac c ra , Ghana , fo r th e i r ro l e s i n t h ed e m i c Th e c o mp a ny – o n e o f t h e l a r ge s t ind i ge n ou s b eve ra ge p ro du c e r s –wa s re c o g n i s e d fo r it s c o n t r ibuti o n to c h a n g in g it s p rod u c t i o n l i n e to m a nu f a c t u re h a n d sani t i s e r s to ai d Th e G rou p Chair m a n wa s h o nou re d fo r h i s ro l e i n h e l p i n g e s t a bl i sh th e C OV I D -1 9 P r ivate S e c to r Fund Th e fun d bui l t th e Gha n a I nfe c t i ou s D i s e as e C e n t re ( GI D C ) , a

1 0 0 - b e d c a p a c i t y f a c il i t y to i mp rove t h e m e d i c a l di a g n ost i c a n d re s e a rc h c a p a c i t y o f Gh a n a w it h re g a rd to i n fe c t i ou s d i s e a s e s T h e h o sp i t a l wa s bu i l t i n a re c o rd ti m e o f 1 0 0 d ays s i n c e t h e c ou n t r y ha s n o su c h f a c i l i t y a n d t h e re wa s a n e e d to c o n t ro l th e i n fe c ti o n rate o f C OV I D -1 9 R i c h a rd Ad j e i Ma n a g i n g D i re c to r fo r Kas a p re ko, wh o re c e ive d t h e h o n our s o n b e ha l f o f t h e c o m p a ny a n d th e G rou p Chai r m a n , exp re s s e d g ratitu d e to t h e P re sid e n t fo r t h e re c o g n it i o n , s ay i n g t h at th e c o m p a ny re sp o n d e d qu i c k ly to t h e c ou n t r y ' s u r ge n t n e e d by s te pp i n g i n a s a l o c a l p ro d u c e r o f s a n i t i s e rs He f u r the r s t ate d t h at t h e c o m p a -

ny c o nve r te d so m e o f it s p rod u c t i o n f a c i l it i e s to p rod u c e ha n d sa n i t i s e r s b re a k eve n to e n su re t h at p e o p l e ge t sa n i t i s e r s at a c h e a p e r c o s t a n d al s o m a ke t h e m m o re availab l e a c ros s th e n ati o n to h e l p p reve n t t h e C ovi d -19 viru s Kasa p re ko o n ou r p a r t a s o n e o f t h e b i g ge s t i m p o r te r s o f a l c oh o l a n d w it h a l c oho l b e i n g 9 9 p e rc e n t o f s an i t i s e r p rod u c t i o n s aw t h e n e e d a n d d e c i d e d to c o nve r t s o m e o f ou r l a n d s to p rod u c e s a n i t i s e r s at a n a ffo rdab l e rate o r m o re o r l e s s b re a k eve n to m a ke su re t h at p e o p l e ge t s a n i t i s e r s at a n d als o m a ke i t m o re avai l a b l e a c ro s s th e n ati o n i n o rd e r to h e l p p reve n t t h e C OV I D -1 9 viru s , ” Kas a p re ko s D i re c to r sai d

Th e ge st u re by Kas a p re ko h e l p e d m a ke han d sani t i s e r s re ad i ly ava i lab l e an d c h e a p e r to m e e t t h e d e m an d fo r t h e p ro d u c t i n t h e c ou n t r y, c urbi n g t h e sp re ad o f t h e virus Kasa p re ko’s Ma n a g i n g D i re c to r ad d e d t h at th e c o m p a ny d o n ate d GH ¢ 2 m i l li o n i n c a sh , a s we l l a s o t h e r i te m s to c o m mu n it i e s an d o t h e r i n stitut i o ns , i n c lud i n g Ko r -

l e - B u Ho sp i t al , Ri d ge Ho sp i t al , t h e P r i s o n s S e r vi c e M i n i s t r i e s S c h o o ls , a n d t h e c o m mu n i t y wh e re t h ey o p e rate o t h e r p ro to c o l s a n d m e a su re s i n s t it u te d by t h e gove r n m e nt and o t h e r s t a ke h o l d e rs , g re at ly as s i s te d i n c o n t ai n i n g t h e c o ro n aviru s an d

e ar n e d G h a n a c o m m e n d at i o n s f ro m t h e i n te r n at i o na l c o m mu n i t y Th e p re si d e n t ’s re c o g nit i o n add s to a l o n g l i s t o f awa rd s Kasa p re ko ha s re c e ive d , p a r t i c ul a rly, i n t h e las t d e c ad e , i n c lud i n g c o n s i s te n t a pp e a ra n c e s o n t h e c ove te d Ghan a Club 1 0 0 l i s t “A g ai n , I mus t s ay we a re t r u ly h o nou re d by M r P re si d e n t s ge st u re We a re al s o ve r y hu m b l e d by t h e i m p a c t we we re a b l e to m a keo g n i z e t h at t h i s re c o g nitio n c o m e s wit h g re at re sp o n sibi l i t y, an d we a re c o m m i t te d to usi n g our c o m p any ' s re s ou rc e s a n d exp e r t i s e to c o nt i nu e p l ayi n g a n a c t ive ro l e i n t h e d eve l o p m e n t o f ou r n at i o n , t h e Man a g i n g D i re c to r ad d e d

B oG inc reases p olic y rate to 2 9.5%

m a r g i n a l ly fo r t wo c o n s e c u t ive m o n ths , bu t c o n t i nu e s to re m a i n re l at ive ly hi g h c o m p a re d to t h e m e di u m - te r m t a r ge t o f 8 ± 2 % To p at h o f s t abil i t y a n d re i n fo rc e t h e t h at th e m o n e t a r y p o l i c y s t a n c e b eti o n exp e c t ati o n s towa rd s t h e m edi u m - te r m t a r ge t G ive n t h e s e c o nsid e rat i o n s , th e M P C d e c i d e d to i n -

v u l n e rabilit i e s i n c ludi n g s t r u c t u ra l a n d exc e s s l i quid i t y fo l l owi n g t h e

Th e B a n k o f Ghan a h a s i n c re as e d it s p o l i c y rate by 15 0 ba s i s p o int s to 2 9 5% to h e l p c h e c k t h e hi g h i nthe e c o n o my T h i s m e a n s t h e c o s t o f c re di t w i l l h ouseh o l d sp e n di n g a n d p r ivate s e c to r g row t h Ave ra ge l e nd i n g rate s sh o t u p m a rg i n a l ly to 3 6 6 4% in Fe b r u a r y

2 02 3, f ro m 35 58 % re c o rd e d i n D e c e m b e r 2 02 2 T h i s i s e qu ival e n t to 3 02 % i n te re s t rate o n l o a n s p e r m o n t h A n n ou n c i n g t h e d eve l o p m e n t few m i nu te s a go, G ove r n o r o f th e B a n k o f Gha n a , D r E r n e s t Ad d is o n , sai d th e e a s e i n p r i c e p re ssu re s a b ro ad w il l l i ke ly i m p a c t p o si t ive ly o n Gh a n a’s do m e sti c i n -

c re a s e t h e Mo n e t a r y Po l i c y R ate by 15 0 ba s i s p o i n t s to 2 9 5% , h e sai d He sai d th e re c e n t Do m e sti c D e b t Exc ha n ge P ro g ra m m e ( DDE P ) ha s i m p a c te d n e g at ive ly o n b a n ks , h enc e t h e ne e d fo r t h e C e n t ra l

B a n k to m a ke n e c e ss a r y ad j u s tm e n t s to it s re g u l ato r y re qu i rem e n ts to su pp o r t t h e ba n k s

“Whi l e s t h e do m e st i c e c o n o my sti l l f a c e s re l at ive ly t i g h t g l oba len e d u n c e r t a i n t y a b ou t t h e g l o b a l

DDE P a n d t h e wi d e n i n g n e g at ive ou tl o ok g a p He , h oweve r, sai d t h e bank s re m ai n s t ro n g , s ou n d an d s t ab l e ba s e d o n it s rec e nt s t re ss te s t He ad d e d t h at t h e Mo n e t a r y Po l i c y C o m m i t te e o f t h e B an k o f Ghan a w i l l c o n t i nu e to m o n i to r d eve l o p m e nt s w ith i n t h e b a n k i n g i n du s t r y to re d u c e t h e d ow nsi d e r i sk s to t h e e c o n o my t h e C o m m i t te e n o te d t h at th e bu d ge t p o l i c y o n a c o n s o li d ati o n p at h wh i c h i s c o n s i s te n t w it h key e l e m e n t s i n D e c e m b e r 2 02 2 “ T h e d o m e st i c d e b t exc h a n ge , n ew reve nu e m e a su re s , an d s t r u c t u ra l re d u c t i o n o f d e b t s e r v i c e a n d h e l pbu d ge t a n d w i l l re qu i re t h e c o n c l u -

s i o n o f t h e d o m e st i c d e b t exc ha n ge p ro g ra m m e a s we l l a s s e c u r i n g t h e bi l ate ra l d o n o r s “ I nd i c at i o n s a re t h at t h e s e d i s c u ss i o n s a re p ro c e e d i n g we l l B a s e d o n t h e a b ove , i t i s i m p e rat ive t h at P a rlia m e n t p r i o r iti z e s t h e pass a ge o f t h e reve nu e bill s c u r re n t ly b e fo re i t wit h t h e I M F, t h e B an k o f Ghan a an di s e d a Me m o ra n du m o f Un d e r s t a n dwh i c h wil l b e s i g n e d sh o r t ly ” , h e sai d He add e d t h at t h e pass a ge o f t h e re levan t reve nu e b i l l s by P a rli a m e n t wil l c o n c lu d e t h e re qu i re d p r i o r a ct i o n s to adva n c e Gh a n a’s p rog ra m m e to t h e I MF Exe c u t ive B o a rd T h i s , h e sai d wil l b e c r it i c a l i n re s e tti n g t h e e c o n o my o n t h e p at h o f reg row t h

SMEs gradu ate from EUfunded GrEEn Acceleration Pro gramme

gre

To su pp o r t m at u re an d g rowi n g g re e n a n d su s t a i n a b l e e nt re p re n eur s wh o h ave in n ovat ive p ro d u c t s a n d s e r v i c e s t h at d o n o t h a r m th e e nv i ro n m en t o r m a ke s us e o f wa s te m ate r ia l s i n t h e A sh a n t i a n d We s ter n Re g i o n s , S N V N e th e rl a nd s D eve l o p m e n t Org a n i s ati o n ha s b e e n ro l l i n g ou t a 6 - m o nt h busi n e s s su pp o r t a n d t rai n i n g p ro g ra m m e c a l l ed , GrEE n Acc e l e rat i o n P ro g ra m m e i n p a r tn e r shi p w it h I n n o hu b, a bu s in e s s a c c e l e rato r a n d adv i s o r y hub i n Gh a n a Th e GrEE n Ac c e l e rat i o n P rog ra mm e fo r m s p a r t o f th e 4 -ye a r B o o sti n g G re e n E m p l oym e n t a n d E n te r p r i s e O pp o r t un it i e s i n Gha n a ( GrEEn ) P ro j e c t

wh i c h i s bein g i m p l e m e n te d by S N V Gh a n a wit h fu n d i n g f ro m th e E u ro p e a n Un i o n E m e r ge n c y Trus t Fu n d (EUTF ) fo r Af r i c a an d th e E m bass y o f th e Ki n gd o m o f th e Neth e rl ands in Gha n a O n F r i d ay, 2 4 Ma rc h 2 02 3, e l eve n (11 ) g ree n busi n e s s e s f ro m c o h o r t 3 a n d c o h o r t 4 o f th e GrE E n Ac c e l e rati o n P rog ra m m e g rad u ate d a f te r rec e ivi n g t rai n i n g o n s e c u r in g n at i o n a l an d d i a sp o ra i nve s tm ents , m eeti n g e nv i ro n m e nt a l a n d s o c i a l s a fe g u a rd s requ i re m ents , go o d m a nu f a c t u ri n g p ra c ti c e s a n d e c o - f r ien d ly p a c k a g i n g , a n d m a ny o th e r su pp o r t s e r v i c e s

O ve ra l l , a to t a l o f 1 2 g re e n e n t rep reneur s re p re sentin g th e 1 1 g reenbusi n e s s e s g rad u ate d a n d

E c o - Me Af r i c a , Ha nn a

B o a k ye -A s i a m a h o f B a a nue n a Fa rms G e o rg i n a F i l so n o f Gi n a -

& E n t re p rene u r i a l D eve l o p m e n t Tra ini n g C e n t re M i c h a e l Ac qu a h o f Su p re m e Po d I nd u st r y Li m i te d a n d Na n a Ya a Ma nu Adj e i o f Wate r fo rc e Vent u re s f ro m t h e c o h o r t 3 b atc h

Unde r C o h o r t 4 : E l i z a b e t h B ayo o f Na s a g- L a c h C o mp a ny Li m i ted , L ou i s a A g a r th a Ma nu o f L O M E L Fo od s a n d C ate r i n g S e rv i c e s Li m i ted , Mav i s P ra h o f Yeb i to m , R i t a A ku-Shik a Dia b a h o f Ye sl i Ic e , a s we l l a s R a shid a

Mo ro an d Z a c h a r ia h Abub a k a r c o - foun d e r s o f Mu shfa m E n te rp r i s e

Ou t o f t h e 1 1 e n t re p re n e ur s wh o

g rad u ate d f ro m th e GrEE n Acc e l e rat i o n P ro g ra m m e 6 o f th e m h ave b e e n awa rd e d g rant s

to t a l l i n g t h re e hun d re d an d nin e t y- s eve n , t h ousand , th i r t y c e d i s (G H S 3 9 7,03 0 ) f ro m t h e E u ro p e a n Unio n an d S N V unde r th e GrEE n I n n ovat i o n C h a l l e n ge i n 2 02 1 an d 2 02 2 a s we l l a s th e GrEE n B usi n e s s P l a n

C o m p e titi o n i n 2 02 1 a n d 2 02 2 to s c a l e u p t h e i r busi n e s s e s an d c re ate j o b s fo r yout h j o b s e e ke r s i n th e A shant i a n d We s te r n Re g i o n s A to t a l o f 2 0 busi n e s se s h ave re c e ive d t ra inin g unde r the GrE E n

Ac c e l e rat i o n P ro g ra m m e A s p a r t o f t h e g rad u at i o n c e rem o ny, e n t re p re n e ur s f ro m t h e 1 1 busi n e s s e s p i tc h e d thei r p ro d u c t s an d s e r vi c e s w it h R i t a A ku-Shik a Di a ba h o f Ye sl i Ic e e m e rgin g a s ove ra l l w inn e r an d re c e ivi n g G H S 1 0,0 0 0 f ro m I nn o hu b an d Wa ng a ra C a p i t a l to p u rc h a s e e quip m e n t to s c a l e u p p ro d u c t i o n o f h e r n at u ra l b eve ra ge s

A sid e t h e GrE E n Ac c e l e ratio n P ro g ra m m e t h at t a r ge t s m at u re d busi n e s s e s i n t h e A shant i an d We s te r n Re gions , S N V i s a l s o rol l in g ou t t h e GrEE n In c ub at i o n P ro g ra m m e i n p a r t n e rshi p w it h busi n e s s hub s i n t h e s e t wo re g i o n s wh i c h t a r ge t s s m a l l busi n e s s e s and s t a r t-up s

I n 2 02 1 , Au d rey wo n addit i o g ra n t fundin g f ro m t h e S t and C h a r te re d Wo me n i n Te c hn o l I n c u b ato r p ro g ra mm e t h ro A sh e si ' s Ghan a Cli m ate I n n o t i o n C e n t re At th e N ovem 2 02 2 Un i te d Nati o n s Cl i m C h a n ge C o n fe re n c e (COP 2 7 ) E g y p t , Sa b o n S a ke wa s n ou n c e d w i n n e r o f th e U S p a r t m e n t o f S t ate Cli m ate E n p re n e ur s C o m pe tit i o n ; wh wit h t h re e o th e r s t a r tup s f r th e U S, I s ra e l and E g y p t

a n d m e r a m m r C l i t e m 0 C l k o in at C l i at neur mpetit h w it h the

E-Commerce & the law in Ghana: The Rise of Online Marketplaces and Their Impact on the Economy and Consumer Behavior.

I ntr o du c tio n E -co mm e rc e h a s e m e rg e d as a si gin Ghan a With the gro w i n g us e o f th e int e rnet a nd mobil e t e chn o l og y , e - c o mmer ce has transf o rm e d th e wa y business is c onducted, a ll ow in g c onsu m ers t o buy and se l l g oo ds and s e rvi c es o n lin e from an y wh e re in the wor l d. O n lin e ma rk e tp l aces such as Jumia, T o n at on a nd Jiji h a ve becom e po p ular a mo ng c onsumers, providing easy a cc ess to a range o f pr o ducts and servi c es H o wev e r, th e g rowth of e - c o mm er ce in Ghana also pres e nts n e w cha ll en g es, in c luding the risk of fr a ud and s c ams. In this bl o g p o st, we w ill e xplore the gr o wth o f e - co mm e r c e in Ghana, th e impa c t of o nline mark e tpla c es o n the e c o nom y and co nsumer behavior, th e l e ga l frameworks safe g uardin g th e e - c o mm e rce spac e , and th e cha ll en g es a nd opportu n iti e s f a ced by e -com mer c e businesses

• Gro w th o f e- c omm e r c e i n Gh a n a E -co mm e rc e in Ghana has w i tn ess e d tr e mendous gro w th in re c e n t ye ars, with the number of on l ine shoppers i n creasin g ye a r - on - year.

A cc ording to a 2 0 2 0 re p ort by th e Gh a na Statisti c al Servic e , e - c o mm er ce a c count e d for 3.1% o f t o ta l ret a i l sal e s in th e country, a nd this c om ing y ears

A c c o rdin g t o a r ep ort by Statista, the e- c o mm e r ce m ark e t in Ghana w as va l u e d at US$30 0 mi l lion i n 2 0 2 0 a n d is e xp e c t e d t o g ro w at a c o m po u n d a n n ual g ro w th rate o f 21.6% b e twe en 20 2 1 a n d 2 0 25

• Im p a c t o f On l in e Mark e t p la ce s o n the Ec o n o m y Th e g ro w th o f e -c om me r ce has e c on om y of Gha n a. Firstl y , o n l in e mark e tp l ac e s hav e cr e at e d jobs f o r y o u n g p eo pl e i n the c o u n try, as e - co mm e r c e busin e ss e s r e quire

Additio n al l y, e - c o m m e r ce has f aci l itat e d the g ro w th of s m all and m e dium - si ze d en t e r p ris e s ( SMEs ) in Gh a na, as busi ne ss e s c a n l e v e ra ge th e o n lin e p l atform to r e a c h a w id e r audi e nc e , e xpa n d their c u st o m e r base, a nd i nc r e as e rev en ue • Im p a c t o f On l in e Mark e t p la ce s o n Co n su m er Be havi o r Th e ris e o f o n l i ne m ark e tpla ce s o n c o n sum e r behavi o r i n Ghana Firstl y , e -c o mm e r c e has m ad e it e asier f o r c o n su me rs to a cce sse nt p arts o f the co u n try a n d th e w or l d. S e c o nd l y, it has fa c ilitat e d the gr ow th o f th e c ash l ess ec o n om y , w ith m o re c o nsum e rs o pti ng f o r di g ital pa y m en ts Fi n ally, e - co mm e r ce has c r e at e d a m or e c o m pe titiv e m arket, w ith bus i -

to me rs

• Chal l e nge s and O pp ortunities

F a c e d b y e- c o m me rc e Busin e ss e s i n Gha n a Lik e in a n y o th e r c ou n try, o n li ne busin e ss e s a n d o nl i ne m ark e t p lac e s i n Gha n a ar e also vuln e rab l e to s c ams a n d fraud Whil e e -c o m m e r ce has ma n y adva n ta g es, it also p re sen ts new o p p ortu n iti e s for frau dst e rs a nd s c am m ers to e x pl oit u nsus pec tin g c o n su me rs On e of the m ost c o m m o n t y p e s o f fraud i n o n li ne mark e tpla ce s i n Gha n a is "fak e produ c t" s c a m s, w h e r e s e ll e rs l ist p rodu c ts for sal e d e scripti o n mad e to th e c o n su me r. An o th e r c om m o n ty pe of fraud is "adva nc e f e e" s c ams, wh e r e frau dst e rs r eq u e st pay me nt u p fro n t f o r g o o ds o r s e rvic e s that th e y n e v e r d eliv e r

To miti g at e th e s e risks, o n li n e m a rk e t p la ce s i n Gha n a hav e put i n pl ac e buy e r prot ec ti o n p oli c i e s, and di sp ut e r e soluti o n mec ha n is m s. For "Jumia Guara n t ee " pro g ra m , w hi c h p r o vid e s buy e rs with a refu n d or r ep la ce m en t if th e y r ece ive co unt e rf e it or fau l ty produ c ts. T o nato n a l so has a " B uy e r Pr o te c tio n " p o li c y that al l o w s buy e rs t o r e qu e st a refu n d or r e tur n for p rodu c ts that ar e n ot as d e scrib e d Fraud d ai h ll ge

g ro w th and d e v e l o p me nt i n the co untr y

• L aws a n d R eg ulati o n s

I n Ghana, th e El ec tr o ni c Transa cti o ns A c t, 2 00 8 (A c t 77 2 ) is th e p r im ary la w that r eg ulat e s e-c o mme r ce a c tiviti e s, in c ludin g o nlin e m ark e t p la ce s. The A c t p rovid e s for th e l eg al r ecog niti o n o f e l e ctr o ni c tra n sacti o ns and e l ec tr o ni c si gn atur e s a n d s e ts o ut the l e ga l fra mew ork f o r e l ec tr o ni c c o mme r ce in Ghana I n additi o n, th e Sal e o f Go o ds A c t, 1963 ( A c t 137) is r e l e vant t o e - co mme r ce in Ghana as it g ov e rns th e sal e o f go ods b e t we e n p arti e s in co m me r c ial tra n sa c tions Th e A c t ap p li e s to co ntra c ts f o r th e sal e o f go ods It s e ts o ut th e ri g hts and o bli g atio n s o f th e s e ll e r a n d th e buy e r, in c ludin g th e transf e r o f o wn e rshi p and risk, d e liv e ry o f go ods, warranti e s, a n d co nd iti o ns, and th e r e m e di e s availab le for br e a c h of c o n tra c t M o r eo v e r, th e Data Pr o t ec tio n

A c t, 2 0 1 2 (A c t 84 3) is als o a p pli c abl e t o o n l in e m ark e t p la c es and e - com m e r ce busi n ess e s in Ghana.

The A c t r eg ulat e s th e c ol l e c ti o n, us e , dis c losur e , a n d p rot ec ti o n of p e rs o nal data i n Gha n a and s ee ks to en sure that data subj ec ts have co ntr o l o v e r th e ir p e rso n al i n f o rm atio n

O n li ne m ark e tpla ce s a n d e- c o m -

busin e ss e s in Ghana ar e als o t t o g e ne ra l laws that r e g ubusi ne ss e s, su c h as th e C o m p ac t o f Ghana, th e Valu e Add e d A c t, th e El e ctro n i c Tra n sf e r (A me nd me nt ) Act, 202 2 (A c t a n d th e I n c o me Tax A c t, The Ghana R e v en u e Auth o rity r e quir e s ne sses to r e gist e r and pa y l l, whil e th e r e ar e la w s that ulat e o nlin e mark e tpla ce s and m e r ce busin e ss e s in Ghana, eg ulati o n o f th e s e ct o r is still lvin g , and th e r e ar e o n go in g ussio n s o n th e n ee d f o r mo r e r e h e nsiv e la w s to addr e ss in g c hall e n ge s a n d p rot ec t me rs in th e di g ital eco no my C o n c lusio n T o su m up, th e ris e o f e - com m e r ce i n Ghana has r e v o luti o niz e d th e wa y c o mme r ce is c o n du c t e d, pr ovidi n g a p l e th o ra of c h o ic e s and co nv en i e n ce to co nsu me rs. The i nc r e asin g p o pularity of o n lin e ma rk e tpla ce s has play e d a vita l rol e in e x p andi ng th e r ea ch of busin e ss e s and i m pr o vin g co nsu me r e xp e r ie n ce s H o w e v e r, th e e x p on e ntial g ro w th o f e - com m e r ce i n Gha n a has als o c reat e d n e w risks, su c h as o nlin e fraud and s c a m s T o m ai ntain c o n su me r trust a n d p r om ot e fair c o m p e titi o n i n th e se c t o r, e - com m e r ce busi ne sses, and o nlin e m arketp l ac e s m ust tak e me asur e s t o saf eg uard th e ir c u sto me rs. Furth e r m or e , th e g o ver nme nt m ust c o n tinu e t o e na c t a n d e nf o r ce laws that provid e co nsu me r p rot ec tion a n d a l e v e l p l ayin g c h a ll e n ge s, th e g r ow in g e - co mme nd o us o p p ortuniti e s f o r bus in e ss e s and e ntr e pr e n e urs t o co ntribut e t o th e c ou n try s e co n om i c g ro w th

THE WR I TE R IS A B ARR I STER AND SO L IC I TOR OF T H E SUPREME COU R T OF GHANA AND A MEM B ER OF THIS P R ESTIGIOUS L AW F I RM H I S L EGA L I NTERESTS INCLUDE B UT A R E NOT L I MITED TO R EA L /PROPE R TY L AW, CORPORATE AND COMMERCIA L P R ACTICE, CONST R UCTION L AW, AND DI SPUTE R ESO L UT I O N

This is a sp eec h d e liv e r e d by

A n dr ew Takyi-A p piah, F o u n der Ze e p ay at th e 93rd - an n iv e rsary c e le brati o n a n d Sp eec h a n d Priz e

Givi ng Day o f St Au g ustin e ’s Co ll ege i n Cap e Coast

As w e hav e g ath e r e d h e r e t o day u n der th e th eme ‘Sup p ortin g the foundati o n that shap e s futur e ge n e rati o ns’ I n e e d n o t r em i n d y o u that our g r e at s c h o o l has shap e d o ur fathers b e for e us a n d will d o sa me f o r o ur as p irin g

y o u ng o ne s s e at e d a m idst us t o day

I t is a tr eme ndous h o n o ur t o b e f o r e you all today, at this y e g ath e ri ng that has c om e to m e a n so m u c h t o me My tim e at St Au g u sti ne ’s is o ne I r eme mb e r w ith w ar m th a nd p rid e , and c o m in g ba c k

h e r e r em inds me o f w hy this pla ce l oo ms s o lar ge i n m y mind, as I l oo k out at m y f e ll o w alum n i i n this audi e n ce distin g uish e d me n and w ome n who hav e brou g ht

prid e a n d h o n o ur t o this instit u -

ti o n O n m y d e sk I k ee p a f e w m eme ntos, pe rs o n a l it e ms that i n spir e me i n m y w ork A mo n g p h o t o s of m y family and artifa c ts fr o m my

f a th e r th e r e is a St Au g ustin e ’s

p l a q u e , i n p rid e o f pla ce , as a r e -

m i n d e r o f wh e r e I hail fro m and what p roud l eg a c y I hav e t o liv e u p t o As ha p py an occ asi o n this is, we o ur nati o n’s hist o ry W e ar e in the m idst o f an e c o n om i c c risis, s oc ial u n r e st a n d a funda m e n ta l la c k o f

h e re r em i n ds m e of w h y this p l ac e l o o m s so l ar in my m ind, as I l o ok o ut at m f e l l o w a l um n i in this audi e ce , distin g uished m e a n d o me e br o ught p rid hon to instittio n On m y e I ee p a fe w me m e npe rso n al e ms inspir e m e n m y wo rk. Am o ng phot o s m y fa m ily a n d artifacts from m y fath r r la u e i n ride of pla ce as a r em i n d e r of where I hai l fr o m and w hat roud l a c I h a v e to liv e u t o As hap p y a n o c casio this is, w e our n a ti n’s histor y We i n m o f an e c o n o m c c so c ia l u n r e a n a fu n dam e ntal l ack o faith i n the e fr o m the v e r y n e ratio n we epen o n o bui l d it. m a y ee m a n to

b e li e v e it is n ot ust th e right but a

c rucia l tim e to do so

It is ofte n said that our l eaders ust s e e as e x am pl e f o our b en g an tru l y ha nge u n til e y eg

w a n t o s ee i n o ur c o u n tr y and

e a c o ne us m assu m e the e e rshi p we se e be c aus e w e do n ’t, su cce ss sustai n abl e ev e lo pmen t w ill re m ain just out f our r e ach -

f a ith in th e futur e fro m th e v e ry ge n e rati o n w e d ep e n d on t o build it It m ay s eem lik e an o dd tim e to b e li e ve it is n ot j ust th e ri g ht but a c ru c ial ti me to d o so It is o ft en said that o ur l e ad e rs m ust s e rv e as e xa mp l e f o r o ur b ehaviour, that n o thi ng c a n truly c h a n ge until th ey do, but I b eg to wa n t to s ee in o ur co untry a n d e a c h o ne of us m ust assum e th e l e ad e rship we s ee k b e cause if w e d o n’t, su cce ss and sustainabl e d ev el o p m en t wil l r e main j ust out o f o ur r e a c h -

e nu e m o bilizatio n , despit e its abunda n c e o f God’s b o u n ty, and both p o litica l sid e s, w e ’v e found o urs e lv e s r epe at e dly s ee kin g r e li e f for th e sa me probl em s. Our n ation n ee ds a n ew d e al, a n e w path f o rward, a n d as a n e ntre p re ne ur i n path to pros pe rity is s pe ll e d e ntr epr e n e urshi p , as it is what has shap e d o ur w orld a n d c o n tinu e s to d o so Entr ep re ne urship is so me thin g w e o ft e n p ay li p s e rvi ce t o , c lai m in g t o wa n t o ur youth t o e n g a ge i n , but w e d o n’t ne c e ssaril y r e aliz e its va l u e u n ti l disast e r hits Th e p a nd em i c n o t o nly sh o w e d us th e tru e i mp ortan ce of nati o nal in ge nuity and s e lf r e lian ce but it also de mo cratiz e d th e us e of t ec h n ol og y f o r th e v e ry basi c thin g s o f lif e , su c h as bill pay me nts, f o od d e liv e ry and o nlin e e du c atio n Sudde n ly, th e re was n o tim e f o r l o n g- wi n ded co mm itt ee mee tin g s and p o l itica l d e bat e – we n ee d e d n e w s o lutio n s, brav e id e as and o ut- o f - th e -b o x thinkin g F e l l o w a p sunians, it is hi g h tim e for us t o i n v e st i n shapi n g th e s e y o un g m i n ds that ar e o n th e c us p o f adu l tho o d. W e nee d t o e m brac e d e si g n thinkin g i n our k n o w l e d ge dis pe n si ng p roto co ls, w e n ee d t o e n c ou ra ge o p inio n thinkin g and individ ualism, w e d e s p erat e ly n ee d t o d ev el o p t om orro w s Z ee pay ' s, Gli c o,

e nu e mobi l i z ation, e abu n da n ce f bounty, a n d b o th po litica l sides, we’v e fou n d o urse l v e s r e p e atedly s e eking re l i e f for th e sa m e p roblems. Our ati o n e e pathw ard, and entrepren e i p ath t o p r o sp e rit y spell e e n tr ep r en eurshi p as e o ur w a nd continu e s t o o s o E n tr e pr e n e som e thing we ft en l i rvi c e to, laimin to w ant our y outh to engag e in, but w e d on ’t n ec e ssaril reali z e its va l ue until disaster hits. Th e pa n d e mic ot o n ly showed us th e tru e imp o rt a nc e n ational ing e nuit y a n d lianc e it dem orati ze the use te c hnology o r e ver y basic things o life, such as bi l l p ay me fo o d e livery o n l in e e c ati o n. Suddenl y , e r e w as n o e o r long-winded c o m mitt ee me e tings and po l itica l w e e e ded new solutio n a nd ut - of-the - b thi n ki n lo p sunia n s, high time inv shaping thes y g minds on the usp of a dul to d We ne ed o embrac e e n thi n ki n o ur knowledge p e in g pr o t o c ol s, need to enc o u pini o thinkinga l ism, we sperately need tv e l op to m orro w s Ze e pa y 's, G l ic o ,

Supporting the foundation that shapes future generations

By P r ince Koj o T a bir i E S Q

By A ndre w Taky i - A p pi a h

Van g uard, Star Assura nc e a n d the m any lo c al c o m pa n i e s that e mp l oy y o un g p eo pl e and co ntribute to GDP Su c h c han ge r eq uir e s c omm itm e nt fr om a ll sid e s, b e they p o litica l , c ivil s oc i e ty o r th e ge n e ral p ub l ic, all bo n din g t oge th e r to provide the y o uth of t o da y with the t o o l s to b e c ome the l e ad e rs o f t om orrow Th e r e ar e m any thi n gs that n e ed to go i n t o that to o lbo x - fro m startup hubs to me nt o rship pr o gra m s, t a x i nce ntiv e s f o r aspirin g busin e sses and e asy and saf e ac ce ss to n ec e ssary g o ver n m en t s e rvi ce s – but I w o u l d lik e us today t o f oc us o n th e l e ss o bvi o us n ece ssiti e s I stand b e f o r e y o u all t o day as the found e r and CEO o f Z ee Pa y , but Iti o n My r o ad t o su cce ss w as p aved with trial-a n d- e rr o r, disa p poi n tme nt a nd d o w n ri g ht failur e , a n d that is th e story of any e ntr e pr en e ur w orth his o r h e r salt F o st e rin g a nati o n of e ntr e pr en eurs d o es n o t me r e ly re q uir e us to build

V a n u a rd, Assuran c and an y om p anies m p o y ung p l n tribute t o GDP. hange e quires o mmitme n t o m sides, the y ol itica o ciety or the g e era l pub i c , a l l bonding tog e t o pr o vide th e toda w ith oo ls t o o m e th e le of tom o rro w. There many thin g s ee d t oo lb o from mentorship p r grams, ta in c e n tives for as p irin busi n ess e s a nd a s y a nd safe c ess t o ne c s a r y gover me n rvices wo like fo c on ess bvious nec e ssities st a nd befor o a l l da y th e f o und e ePay, n. road to c cess w av e d w ith tri a l-and - error, p o in m ent w th a t the o f a n y e neur worth her ring natio o f n tr e n e urs mer l y r e quire t o bui l d

the afor e m e ntion e d infrastru cbut it also r e quires us to chan g e the way we m easure suc c ess in ours e lves a n d h o w we m o de l it to others

In this cou n try, w e put a high va l ue o n s o cia l validati o n, whi c h is a fan c y way o f saying that we c l othes, th e parti e s, the l ifesty l e, it is al l broadcast thr o ughout our c o m m uniti e s and th e m e ssag e is that th e destinatio n – n ot the j o u rn e y - is what matters and that things e qu a l acc o mp l ish m ent. That kind o f societal cu l ture is p o is o n t o the e n trepren e uria l mind, as it t e l l s him o r h e r that it I better to have US $ 5 0 0 today tha n

US$50 0 0 to m orrow and that su cc e ss is im m ediat e and l a vish, whi c h I can te ll you from p e rsona l e x p e ri e nc e is simp l y n o t tru e Su cc e ss grows, it d o esn’t e x p l ode, it is birth e d thr o ugh pain and p atie n c e , as anything e lse whi c h is

th e af o r mentio ne a l so requir e s t o cha ng th e w a y w e e asur e ce ss i n o urse l v e s ow it o th e rs I n c o u tr y , we hi g h on so c ial fa n w ay sayi ng w e lo thes, th e lif e st y e , a l br o adcast through o ut mmu n ities a n d d e sti n atio n th e w hat matt e rs a n d thi ng s eq ua ac c lishm en t s o ci e tal c ultur e ois ntr ep re ne urial lls or that b e tter t o US$500 than US $ 5 00 t o morro w me diat a n d lavish, w hich c an t el l fro m e rso n al xp sim p ly ot g ro w s, do e s n ’t pl od e , u g h pai n a n d ti e e, a s anythin g l se w hi

tru l y w orthwhi l e S o how do w e c hang e the mindset o f our youth, and th e reby the fate of our nati o n? W e do so by n ot just t e l lin g our suc c ess st o ri e s, but a l s o a ctiv e ly sharin g th e ta l es of our fai lur e s, to normaliz e the journey of growth and e ncourag e youn g e n tr epren e urs t o sti c k it o ut, t o k e e p g o in g , to try and fail so the y may l ear n and su c c e ed M y fe l l o w students, I used to s e l l pi n eapp l e jui c e o ut of a cart on thetur e and I sp e nt al l my waking hours in the sun and dust, many dayschandis e I start e d a diaper busin e ss that we n t bust, a l o c al fabri c l in e g o t up a g ain and a gain until I f o und my f o otin g I’m not su c cessful n o w despit e th e s e e x p e ri e nc e s, I am su cc e ssfu l n o w be c aus e of thes e e xp e r ie n c e s, and th e stories o f th e j o urn e y is just as im p ortant for th e future graduates of this r o om t o hear as the

trul o rth w hil ho w ha n g th e m i n ds e t of a n d r e b y th e fat e o f n atio n ? o t i n su c e ss stori also shari ng tal e s o f o ur t o n or m aliz jour ne y o f g r ow th a n d en c o ura g you ng ntr p r ene to out, to ee oi ng a n d th e e arn a nd ee d My lo stud en ts, us e d ll p in e a pp j uic out o n th e a nd s pe m y w aki ng hours i n th e su n a n d m a n y da y s c ha n dis dia pe r busi ne nt cal li ne ot u p a n d g ai n u n til u n d m y fo o ti n g. I’ m n ot suc ce ssfu l o d e spit pe n ce ce b e caus o f th e s xpe en a nd stori e s of our ne j ust i mp orta n t g raduat e s o f ro o m to h e ar th e

st o ri e s of my destination

As I l o o k acr o ss this roo m today, I s e e many suc c essful m en a nd w o me n , f e l l o w a l umni who haveishing busin e ss e s I wi l l ask of you today t o j o in me in m e ntorship o f thos e around us w h o ar e just starting out, those sti l l roami n g these ha l ls and map p ing their f utur e s betw e en c lass e s. I ask of you, m y p e ers, t o t e l l the m about your j o urn e y, about the n on st a r ters, th e bumps i n th e r o ad and the failures o n the way to su c cess L et us t e ach th e youn g er g en e rati o n what su c cess r e a l ly is, how it is achi e v e d and th e ro l e o f pers e ve ran c e in g r e at n ess. B y m e n t o rin g our youn g th e ri g ht way we wi l l bui l d this country, right o ur wr o ngs a n d i n stil l a Gh anaia n dr e am in our young that is n o l on g er to l e ave this country but to l ead this c ountry, each i n divi dua l taking r e sp o nsibi l ity for th e future of moth e r Ghana.

stori s o f d e stinati o n ok a c r ro om t o da y , I ee m an y su cce ssfu l e n and ome n, ll alu mn i hav e ishi ng s. w ill o f y o u to join i n me nt o rshi p of th o s a r o und who j ust starti ng o ut, th o s e still roa m i ng th e s e halls a n d m appin g th e ir tures b e t wee n s I o f y o u, pe to ll th em ab o ut y o ur ur n ey, ab o ut th e o n star e rs, bum p s in the road th e failur e s th e t o cce ss. Le t a c h y o u nge r ge n e ration cce ss ally ho w a c hi a n d the r o of p e rsev e ce reatn e ss me ntori ng y o u n the right wa y w e will build co untry, ri g ht our wro ng s and instill naian a m o ur y o un g o n ge r t o av e c ountry e ad ou n try, e a c h indivi ual takin g res p n sibility f o r the futur e o f m o th Gha n a.

In that v e in of r e sp o nsibility, I w o uld lik e t o use this platf o rm to c o m m it to th e estab l ishm e nt o f an in n ovati o n c ent e r on ca m pus and a c o ntributio n of GH¢1mi l lion t o an e n dow m ent fu n d p urp o se l y tar g e ted at inn o vation as part of c urric ul a to d e ve l op the b e autifu l minds that wi l l shape t o morrow A l on g with that co m mitm e nt a l s o c o m es a promise o f an op e n door t o a n y o f you who s e ek c oun c il and m ento rthe l e ssons I have l e arn e d a l o n g th e way I tha n k you al l f o r th e sinc e re hon o r b e sto w ed upon m e toda y , and I e x tend a sp e cia l tha n k y o u to the 9 8- year gr o up - c on g ratulati o ns f o r y o ur t e nacity a n d drive to m ake this day a su c c e ss, y ou ar e a c r e dit to our gr e at a l ma m at e r. L et’s al l c o ntinu e to e n joy this w eek e nd and t o tak e the pr e ci o us o p portu n ities give n h e r e t o l e arn fro m and with ea c h other Unti l we m e e t ag a in - Aye e k o !

I n vein o f respo n sibility, u l d lik us e p latf r m t o co t o e stablish me of a n i n o vati o en t e o n c am p us a n d co ntributi o o f GH¢1milli o n to nd o w me nt fund pur p os e ly targ e d vati o n o f curri c u la t o v e th e b autiful m i n ds w ill sha pe omo rr o w. Al o n m it m n t also co e s pr om is e of a n o p d oo r o any of y o u wh o se e k o u n cil en t o r th e sso n s hav e e al the wa y thank y o u all si nc er e ho n or st o e d u po n me today, ex t e nd ec ial thank you t o th e 98 - y e ar g r co n ratu l ations for your en a c ity and driv e t o ak e o u cr o ur g r al m a r e t’s a l co ntinue t o nj o y w ee k to e th e p r ec i po rtun ti e s g iv e to ar n fr o a nd e a o th e r. U n til ee a g ai n - A ye eko

3 top executives of fund management companies facing prosecution - A. G tells parliament

-

The Att o rn e y-Genera l and Minister f o r Justi ce , G o dfred Dam e , has di sc l o sed that three pers o ns ar e facin g pr o s ec uti o n for th e ir c omp l i c it y in the c o l la p se o f fund mana ge me n t com pani e s.

App e arin g bef o re par l ia m e n t o n Tuesda y t o answer q u e stio n s o n the st e ps his ministry has tak e n to pr o s ec ute the dire c tors a n d ma n a gers of th e c o llaps e d fund m a n ag em e nt co mpanies that c o m mitt e d the pr o se c uti o n of o ne of the four

b a nki ng c as e s Th e c a ses inv o lvin g th e c ol l a p s e d fu n d ma n ag e m en t c om p a n ies ar e c a t e g o riz e d i n t o t w o. B ankin g Cas e st o rn ey -G en eral has c om p l e t e d th e p r o s e cuti o n of o ne of th e f o ur b a nki ng c as e s that we r e p ut b e for e th e H igh Court, Ac c ra. Th e r e maini n g thr ee are sti l l o ng oi ng a n d pr og ressin g st e adily. D e tails o f th e c ases are b e lo w: Th e R ep ubli c v Wi ll i a m Ato Essi en and Others (Capital ba n k c as e): Th e

a cc us e d pe rs o ns w er e c har g ed b e f o r e th e H i g h Court w ith the o ff ence s of st e ali n g a n d mo ne y l au nd e ri n g

Th e third ac c us e d p ers o n w as a cq uitt e d a t th e c los e of th e p r o s e cutio n ’s c ase At th e en d of thep li e d u n d e r s ec ti o n 35 of the C o urts Act, 1993 ( A c t 4 59 ) f o r a p l e a o f g ui l ty to b e en t e r e d for hi m I n a cc orda nce w ith r el eva n t p rov isio n s und e r s e ctio n 35 of Act 4 59, th e c o urt a cc e p t e d a p le a a g r ee m en t

c us e d w a s s e nt enc ed to r e fu n d

GH¢9 0 milli o n i n thr e e insta lme nts t oge th e r with other disabi liti e s pla ce d on hi m by th e B anks and S pec ialis e d D e p o sit A c t, 20 16 (Act 93 0 ) and o th e r p r o visi o ns o f Ghana law Th e s ec o n d a cc us e d p e rs o n w as a cq uitt e d and di sc har ge d Jud g m en t w as de l i ve r e d o n 13thD ecem b e r 2 0 2 3 ”

Furth e r h e e xp l ain e d that; The

and 8 Oth e rs (Unibank c as e ): Th e a cc us e d pe rs o ns hav e be en c har ge d b e f o re th e Hi g h Courtco unts, mo n e y laund e rin g , fraudul e nt br e a c h of trust, co ntrav e nti o n of th e Ba n k of Gha n a l o ss t o th e stat e Th e trial is on g oi ng , with c ou n s e l f o r th e si x th a cc us e d c urr en tly c r o ss- ex a mi n i ng a p r o s ec uti o n witn e ss Th e Re publi c v Johns o n Pandit Asia m a a n d 5 Oth e rs (UT c as e ):

Th e a c cus e d p e rso n s hav e be en c har ge d b e f o re th e Hi g h Courtd e n ce , mo n e y laund e rin g , fraudul e nt brea c h of trust and th e stat e .Third p ros ec uti o n is b e in g c r o ss- ex amin e d by co u ns e l for third a cc us e d. 4. Th e R e -

The safekeeping and custodian advantage

publi c v Mi c ha e l Nyinaku ( Be i ge c as e ) : Th e a cc us e d p e rso n has r ece ntly b ee n c harg e d b e for e th e ste a lin g , fraudul e nt br e ach of trust and mo n e y lau n d e rin g Th e b e in g cr o ss- e xa m i ne d by c ou n s e l for th e a cc us e d p e rso n L oa n s C o m p anies : On 31st May 20 19, th e B ank o f Ghana r e v o k e d th e li ce ns e s of 3 4 7 ins o lve n t m i c r oco m p ani e s Th e E c o n o m i c and O rti g at e d s ome o f th e s e c o m pa n i e s and submitt e d do c k e ts o n 13 ofn e y - G e n e ral f o r study and advi ce furth e r inv e sti g ati o ns t o b e c o ndu c ted Th e Pr o s e cuti on s Divisio n is w o rki ng c l o se l y w ith EOCO and Pri ce wat e rh o us e Co o p e rs (PwC ) , th e R ec eiv e r f o r all 13 co mpa n i e s t o ge t th e do c kets r e adi e d for pr o s ec utio n Additi o na l ly, th e Att o r ne y-G e n e ral i n stitutio n s b e f o re th e e nd o f this l eg al y e ar, [i .e b e for e July, a n d th e r e m a inin g 7 at the c om m en c e m en t o f th e ne xt l eg a l y e ar, in O c t o ber ] tor, su c h as a n inv e stm en t ma n a gr. I n sh o rt, a c ust o dian p r o vid e s ustody a n d r e lat e d s e rvic e s to i ne st o rs br o ad l y c haract e riz e d as th e saf e k ee pin g and s e rvicin g of an i n v e st o r’s ass e ts. Th e y p lay a riti c al rol e i n h e lpin g i n v e st o rs to build and m aintai n w e alth “Us ually, if th e inv e st o r wish e s to s e ll th e se c urity or p urchas e a n other ec urity, th e c ustodi a n pro ce ss e s th e transa c ti o n o n th e i n v e stor’s

Althou g h c ustodians m ay hav e e parat e co m me r c ial or c on su m er e ndin g r e lati o nships with c ertai n ustody c li e nts, su c h l e ndin g re l ati o nshi p s do n o t ge n e rally ex t e nddi e d inv e st me nt p o siti o ns thr o u g h l o ans o r lo n g - dat e d r e dit fa c iliti e s “G e n e rally, th e o nly l en din g c ustodians e n g a ge in as p rin c ipal as part of th e ir c ust ody s e rvi ce s busin e ss inv o lv e s th e pr o visi o n of sh o rt - t e rm c r e dit gen eral l y intraday or o v e rni g ht) -

tl e m en t syst em s a n d tim e z o n e s, co v e r o v e rdrafts, fa c ilit a t e c lie n t e d e m p tio n s, e nabl e th e pay me nt

o f m ana gem e n t f ee s a n d o th e r e xp en s e s, and a l lo w th e ir c li e nts t o O n w h e th e r th e c ustodian fa ce s c r e dit, m ark e t, l i q uidity, and o p e rth e natur e of risk with c ustody and r e lat e d a c tiviti e s i n w hi c h c ust o d ians eng ag e ar e pr e s e nt e d o ft e n di ff e r en tly in s c al e fr o m th o s e pr es e nt e d b y o th e r bankin g activiti e s. “At First Nati o nal B a n k, w e have w o rld- c lass a n d r o bust sy ste m s/platfor m s i n p l ac e t o p rovid e q uality s e rvi ce s t o our c li e nts These i nc lud e o ur fast trad e s e ttl eme nt, s ec ur e c ash int e rfa ce , a n d e asy - t o -us e se l f - s e rvi ce p l atfor m for c l i e nts t o i n stru c t e l ec tr o ni c a lly, whi c h f e eds into our pro ce ssi ng syst e m”. First Nati o nal B ank a l s oc i en t m ark e t inf o r m ati o n g ath e ri ng “W e l e vera ge o ur e x pe rtis e f o r cu stody a n d c l e arin g s o luti o ns a c r o ss o ur pro p ri e tary ne tw o rk to h e lp g ro w our c li e nt busi ne ss a n d i na cce ss” he en ded

How governments c an reach those

g rap p li n g w ith th e o ng oin g issu e o f cabl e th e ft a nd its im p act o n s e rvi c es Joh n A n imah, C o r p orate S e curity Man a g e r at Vodafo ne Gha n a, s po k e about the arrest a n d subs eq u e nt co n victi o n, stati ng , “W e ar e g rat e ful t o the Akos o mbo District Po l i c e for th e ir s w ift a c tio n i n a p pr e h e ndi n g the su sp e c t. Cab le theft has be en a p e rsist e nt issu e f o r o ur c o m pa n y, a n d this a rr e st s e nds a stro n g m e ssag e t o wo uld-be thi e v e s that su c h crimina l activiti e s w ill n o t b e t o le rat e d V o d a f o n e Ghan a has b een w or kin g c lo se l y w ith la w en for ceme nt a ge n c i e s t o tackl e th e probl em of c a b l e th e ft and miti g at e its i m pa c t o n th e c o m p an y ’s s e rvic e s a n d

on e Ghana, whi c h had be en

c ust o m e rs. Th e arr e st a n d c o n vi cst ep s forward i n addressin g th e issu e a n d d e t e rrin g p o t e ntia l crim in als. Pr e ba Gr e e n str ee t, Le g al a n d E x t e rGh a na, a l s o c o m m en t e d o n th e c as e “Th e co nvi c ti o n o f Willia m Nto w s e rv e s as a w arni n g t o o th e rs who m ay c o n sid e r e n g a g in g i n cabl e th e ft. It’s im p orta n t t o u n d e rsta n d that this isn’t a vi c timl e ss c ri me It disrupts vital co mm unicatio n s e rdividuals alike W e w ill c o n ti n u e t o c ol l aborat e with l a w en f o rc eme nt a n d oth e r r e l e v a nt stakeh o ld e rs to c o m bat this p rob l e m a n d prot ec t

o ur infrastru c ture ”

Vodafone cable thief sentenced to 7 years in prison to

The c ab l e th e ft issu e hasi ng n ot o nl y Vodaf o n e Ghana but als o its c usto me rs and th e lar ge r co m m u n ity. S e rvi c e disrupti o ns c aus e d by c abl e theft ca n c aus e busi ne sses a n d c r e at e in co nv eni e n ce s f o r i n dividuals w h o r e ly o n stabl e t e l ec o mm unic a ti on s s e rvi ce s f o r w o rk, e du c atio n , a n d dai l y lif e. As V o daf o n e Ghana c o ntinu e s t o inv e st i n and e x p and its i n frastructur e a c r o ss th e c ou n try, e nsurin g th e s ec urity and int e gr ity of its n e tw o rks is a t o p p ri o rity The co m p any has im p l e m en t e d various me asur e s, in c ludin g e nhan ce d surv e illa nc e and s ec urity

build resilience against shocks, experts say

p ov e rty reductio n and hi n d e rin g th e ir r ec ov e ry from shocks

“D e s p it e n atio n al and i n t e r n ati o na l c ountri e s o n th e c o nti nen t c o n tinue to stru gg l e w ith substantial debt burd en s a n d s e rvi c i ng th e ir d e bt, w ith som e alr e ad y in d e bt distr e ss or at hi g h risk of d e bt distr e ss,” Mr. Elhiraika said, e m p hasizi n g that this w as i m p e di n g r e sili e n ce- buildi ng t o futur e sh oc ks, w hich is k e y f o r su stai n abl e d e v e lo p m en t

The g uid e als o e xp l or e s ho w th e I MF assistan ce und e r th e R ST co uld supp o rt th e d e si g n and i mp l e men tati o n o f n ati on al ma c r oec o no mi c po li c i e s t o i n t eg rat e c l im at e a n d pand em i c risks as w e l l as th e co st o f adaptatio n int o th e ir

riC a ta l yst a n d th e Ec o n o mi c Co mmissi on for Africa ( ECA )

ECA Dire c tor, Macro ec o n o m i c s a n d G o v e r n a n c e Divisi o n, Adam E l hiraik a said that i n th e past six d ec ad e s, every g lobal re ce ssi o n has le d t o a ris e in g l oba l g ov e r nm e nt d e bt a n d that m a n y Afri c a n c o u n tries had i nc r e as e d th e ir p ubli c debt. A bulk o f th e p ub l i c d e bt w as in c urr e d b e t wee n 2 02 0 a n d 2 0 21 w h en c ou n tri e s sou g ht t o co mbat th e i mp acts of th e C o vid - 19 pa n de m ic

As a r e sult, m any cou n tries w e re stru g g l in g with hi g h d e bt and i n s e rvi c i n g it w hi c h w as i mp edi ng

I n a bid to h e l p d e ve l o p in g and l ow er m iddl e- i nc o me c o u n tri e s build r e si l i en c e t o e xter n al sho c ks a n d a c hi e v e sustai n abl e g ro w th, th e I n t e r n atio n al M o n e tary Fu n d ( IMF ) e stab l ished th e Re sili enc e and Su stai n ability Trust ( RST). Und e r th e R ST, is th e R e sili e n ce a n d Sustai nabilit y Fa c ility ( RSF ) , a n in n ovativ etri e s address l o n g - t e rm structural c hal le n ge s, in c ludi n g c li m at e c ha nge adaptatio n a n d miti g atio n a n d pa n d e mi c s AfriCata l yst, a n- Africa based g l o balv e lo pe d a p ra c tica l guide to i n form p oli c y m akers a n d do m esti c stak eh o ld e rs about th e RSF’s k ey f e atur e s, el i g ibility c rit e ria, a n d o b je ctiv e s

AfriCatalyst F o und e r and CEO, Da o uda S em b e n e , said the RST co untri e s, r e e l in g und e r hi g h i nd e bt e dn e ss. With th e su p p o rt of th e B ill & M e linda Gat e s Found ati o n, AfriCatalyst was b o lst e ri n g e vid e n ce ge n e ration a n d t ec h n ic al advis o ry su p port for Afri c an p o li c ymak e rs to pr om ot e ac ce ss o f Sub-Sahara n Afri c a n co untri e s

Mr. S em b e n e n ot e d th e r e w asi ng , but availabl e r e s o urc e s w er e limit e d Th e IMF w as c urr e ntl y s ee kin g $ 40 bi l li o n f o r th e RST billio n

“Afri c a n c ou n tri e s nee d additi o nal r e s o urc e s,” Mr. S e mb e n e said, r e markin g that th e c u m ulat e d c l i-

syst e ms, to prot ec t its ass e ts and e nsur e re l iabl e s e rvic e s f o r its c u sto me rs. This r ec e n t co nvi c tio n hi g hli g hts th e n ee d f o r c o n ti n u e d vi g ila nce and co o pe rati o n a mo n g all stak e ho l d e rs t o prot ec t c riti c al i n frastructur e and en sure a stabl e , s ec ur e , and co n n e c t e d futur e f o r all Ghanaians sh oc ks threat e nin g t o r e verse tw o de c ad e s of dev e l o pm e nt pro g ress in Afri c a, e xp e rts have cal l ed f o r he l p th e c ontin e nt bui l d resili e n c e a nd b o ost e con o mic g r ow th A m ix o f sh o cks i n c l udi n g f o od and fue l i m pa c t of th e Russia - Ukrai n e w ar, c limat e cha n g e im p acts, c o nco nditi o ns hav e in c reas e d Afri c a's debt vulnerability, e xp e rts c o nc urr e d during a o n e -day virtua l wo rksho p o n Cata l ysi n g Acc e ss to the IM F Re si l i e n c e a n d Sustainabil ity Trust ( R ST), o r g ani z ed by A f -

tri e s u n d e r th e Nati o nally D e t e rm i ne d Co n tributi o ns w as e sti m a te d at $ 2 3 trilli o n

Ms F e n o hasina R ak o t o ndrazaka Mar e t, S en i o r Advisor, AfriCat awill b e g ra n t e d bas e d o n th e n ati o ns ' r e for m str e n g th a n d d e bt su stainabi l ity. Th e co n ce ssio n al l o ans hav e a 20 -y e ar m aturity and a te n -a n d-a-half-y e ar g rac e p eriod. Bo rr o w e rs w ill p ay a n int e rest rate that is a mo d e st m ar g in o ver th e thr ee - mo nth SD R rat e , with th e p oo r e st c ou n tri e s ge ttin g th e m o st R w anda is curr e ntly th e o nly Afr ic an c ou n try w ith an RSF-su p port e d pr og r a m me ap p r o v e d by th e I M F. R w anda r ece iv e d US$ 319 m il l i o n to b e us e d f o r cli m at e c ha n g e pr og ram m in g S e ni o r Advis e r A l i Ma n so o r, a for me r IMF Assistant Dir ec t o r a n d Missi o n Chi e f n ot e d that R w anda has em b e dd e d c li m at e issu e s int o nati o n a l strat eg i e s f o r transf o r m ati o n Durin g COP 2 7, Rwa n d a lau nc h e d its “Ir em e I nv e st” pr og ram, to pr o vid e fundin g for g r ee n pr o j ec ts f o r small and m e diu m e nter p ris e s Mans oo r said R wa n da wil l us e the and or g aniz e b e tt e r pla n ni ng withi n th e ir bud ge t pro ce ss f o r risks r e lat e d t o c li m at e c han ge a n d

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