The title of your Investment Times Newspaper 2023 Edition | Issue 61publication

Patricia Obo-Nai, the Chief Executive O cer (CEO) of Vodafone Ghana, has been recognised for her exceptional leadership at the Ghana CEO Summit 2023. The summit is a prestigious event that celebrates the achievements of CEOs and businesses across various sectors.

Patricia was presented with the Leadership Excellence Award in the Telecommunication Sector, a testament to her signi cant contributions to investment, job creation, and the remarkable growth and innovation of Vodafone Ghana. The award also acknowledges her commitment to main-

Ghana returns to gold top spot as output jumps 32%

Ghana recorded a 32% increase in gold production last year, enabling it to win back the top spot from South Africa as the

largest gold producer on the continent, the president of the mines chamber said on Friday. Ghana lost its position to South Africa

in 2021 after a drastic fall in output.

Gold output rose to 3.7 million ounces in 2022 from 2.8 million ounces the

previous year, driven by growth in the output of both large and small-scale sectors.

GT

Bank

gets B- rating with stable outlook from Fitch

SIGA Management pays courtesy call on Asantehene

As part of its plans to engage key stakeholders to gather support for its activities and Entities, the Direc-

tor-General and senior management of the State Inter-

ests and Governance Authority

Newmont to include emission reduction targets in contracts

By Eugene Davis

Patricia Obo -Nai honoured at Ghana CEO Summit

Ghana returns to gold top spot as output jumps 32%

gramme, a scheme launched by the Bank of Ghana to boost

GT Bank gets B- rating with stable outlook from Fitch

tration of their operations in Nigeria. The ‘b-‘ VRs are one notch below the ‘b’ implied VR, re ecting the operating environment/sovereign rating constraint.

end-2022.

charges.

Rating agency, Fitch, has a rmed Nigeria-based Guaranty Trust Holding Company Plc’s (GTCO) and its core banking subsidiary Guaranty Trust Bank Limited’s (GTB) Long-Term Issuer Default Ratings (IDRs) at ‘B-‘ with Stable Outlooks.

It also a rmed the National Long-Term Ratings at ‘AA’ and assigned Stable Outlooks to them. A full

list of rating actions is below.

It stressed that the Long-Term IDRs of GTCO and GTB are driven by their standalone creditworthiness, as expressed by Viability Ratings (VRs) of ‘b-‘.

The VRs, it said, are constrained by Nigeria’s Long-Term IDRs of ‘B-‘ due to their high sovereign exposure relative to capital and the concen-

Sizeable Franchise: Fitch pointed out that GTCO is Nigeria’s fth-largest banking group, representing 7% of domestic banking system assets at end-2022.

Revenue diversi cation is also strong, with non-interest income representing 44% of revenues in 2022.

High Sovereign Exposure

It stated that single-borrower concentration is large, with the 20-largest loans representing 61% of gross loans at

According to Fitch, the oil and gas exposure (end-2022: 37% of loans) and foreign-currency lending (57% of net loans) are materially higher than the banking system average. Sovereign exposure through securities and placements with the CBN, including cash reserves, is high (around 250% of FCC at end-2022).

Strong Pro tability

Again, GTCO delivered stronger pro tability than peers, with an operating return of 6.5% of risk-weighted assets (RWAs) in 2022.

Pro tability was supported by a wide net interest margin, strong non-interest income, sound operating eciency and moderate loan impairment

Challenging operating environment

Fitch pointed out that banks in Nigeria continue to contend with US dollar shortages and the Central Bank of Nigeria’s (CBN) highly burdensome cash reserve requirement. It, therefore, expects reform progress under the new administration, including the elimination of fuel subsidies and gradual liberalisation of the naira.

“However, we see a risk of a sharp naira depreciation due to large disparities between the o cial and parallel exchange rates. The CBN has increased its policy rate by 700bp since April 2022 (currently 18.5%) due to rising in ation (22% in April 2023).

SIGA Management pays courtesy call on Asantehene

them o government support.”

Ambassador Boateng thanked the Asantehene for the warm reception and his pledge to support the work of SIGA and promised to periodically update the Asantehene on the status of progress, request his advice and support when needed.

(SIGA), have paid a courtesy call on the Asantehene, Otumfuo Osei Tutu II, at the Manhyia Palace.

The purpose of the visit was to o cially introduce SIGA to the Asantehene and also update him on it's activities so far. The visit also o ered them an opportunity to have discussions on areas in which SIGA can collaborate with the Palace for mutual bene ts.

Speaking at the meet-

ing, Ambassador Edward Boateng thanked the Asantehene for the advice he gave him when he was initially appointed Director-General of SIGA. He stated that the advice had proved very valuable and has guided him well in the discharge of his duties to date.

Ambassador Boateng also took the opportunity to update the Asantehene on the key achievements of SIGA such as negotiating performance

contacts with the Speci ed Entities to ensure that they operate pro tably and adhere to good governance practices, and collaborating with other government organisations such as the Controller and Accountant General, Public Services Commission, Auditor-General to mention a few to support the Specied Entities.

The Asantehene on his part welcomed the delegation and stated that the work that SIGA is mandated to

do was quite crucial to the development of the country as the State-Owned Enterprises (SOEs) provide a lot of development to Ghanaians. He also stated that for SIGA to be e ective in its mandate, it needed to be fully empowered. He charged Government to resource and empower SIGA to be able to raise funding for SOEs as well as review their annual budgets and operational plans. He said, “SIGA must work hard to make these SOEs pro table and eventually weaned

Members of the delegation included Ambassador Edward Boateng, Director-General, Franklin Asafo Adjei, Board Member, Madam Hollistar Duah-Yentumi, General Manager, Operations, Madam Alexandra Totoe General Manager Finance and Administration, Mr. Kwame Agyemang-Budu. Senior Technical Advisor, Energy Sector, Stephen Asiedu, Head of Division, Corporate A airs, Mr. Alex Agambila. Ag. HOD, Finance, Godfred Sowah Khartey, Manager, Director-General Secretariat, Mr. Musa Frimpong Manager, Governance Risk and Compliance, Araba Pratt. Assistant Manager Corporate A airs.

Patricia Obo-Nai honoured at Ghana

CEO Summit

taining high standards of ethical practice and professionalism.

In response to her award, Patricia said, “It is a great honour. I am motivated to continue dedicating myself to the technological

sector and inspiring others to strive for even greater achievements.”

The CEO Summit, under the theme “Economic Sovereignty, Sustainable Corporate Governance, Digital Industrial Transformation:

New Paths for Growth and Prosperity. A Private-Public Sector CEO Dialogue & Learning,” brought together stakeholders to discuss strategies for restoring Ghana’s economy and achieving sustainable

Request for Expressi ons of Interest – Minerals Process Plant Electrical, Instrumentation and Communications Construction

(For Firms Strictly Incorporated in Ghana with Exclusive Ghanaian Directors and Shareholders )

Newmont Africa , a subsidiary of Newmont Corporation (the world's largest gold mining company ) and operator of the Ahafo South and Akyem mines, is requesting Expressions of Interest (EOI) from eligible, capable, and suitably quali ed companies for the provision of electrical, instrumentation and communications (EI & C ) c onstruction s ervices for a m inerals p rocess p lant for its Ahafo North Project The Project is located in the Ahafo Region of Ghana, near Afrisipakrom, approximately 20km S outh -east of Sunyani.

General

(For Firms Strictly Incorporated in Ghana with Exclusive Ghanaian Directors and Shareholders)

(For Firms Strictly Incorporated in Ghana with Exclusive Ghanaian Directors and Shareholders)

T he scope of the s ervices includes electrical, instrumentation and communications (EI & C) c onstruction and installation services for the minerals process plant and associated infrastructure The process plant includes primary crushing, live stockpile, semi autogenous grinding (SAG), ball milling , pebble crushing), pre -leach thickening, carbon - in -leach (CIL) circuit, elution circuit, gold smelting facility, tailings disposal pumping system , and all associated reagent, water and air services

The non -process infrastructure scope includes EI & C installation for o ces, workshops, warehouses, bulk fuel storage and distribution facility, mine workshop , and other mine maintenance facilities

The Project is to be executed over a 1 5 -month period and will cover the following:

High Voltage (HV), Low Voltage (LV), instrument ation and communications cabling installation (150 km of cable)

Cable terminations including cable glanding and lugging.

Cable supports / ladder installation (4 km of cable ladder)

Instrumentation installation

Electrical equipment installatio n – includes installation of free -issued outdoor motor control cabinets ( MCCs ) for remote pumping stations, eld control panels, remote IO panels, eld instrument junction boxes, brackets, xings, and cable supports 8 o free -issued prefabr icated switch room buildings – work includes t ie -in, testing and pre -commissioning

5 o d istribution transformers – installation, termination and testing of HV and LV power, and earth cabling

Mechanical equipment – EI & C installation, testing and pre -commissioning of all mechanical equipment installed by others

Electrical eld devices installation.

Lighting and small power installation , testing and pre -commissioning of distribution boards, general area lighting , general p ower o utlets (GPO) an d three phase outlets.

Earthing installation including ladder, structural and equipment bonding.

I nstallation of underground buried EI & C services

Testing and pre -commissioning

Minimum Criteria

Interested o rganizations must demonstrate that they can meet the following minimum criteria:

Company is registered with the relevant regulatory and professional bodies. This includes but is not limited to the Ghana Minerals Commission We require all appropriate company documentation to meet this requirement

Capability statement and proven records of successfully providing similar previous minerals process plant EI & C construction services within the mining industry We require an experience statement with veri able references for the last three projects to support this capabilit y

References provided must include customer organization name, customer name/contract number, date contract was awarded, contract reference with brief description, country/location, value of contract , and date contract was completed

Details t hat demonstrate the company has current capacity and capability to perform the EI & C construction services in addition to oth er current projects and any projects tendered but yet to be awarded I nformation to include labour, equipment , and temporary facilities resources available within the company

Financial strength and ability to provide uninterrupted EI & C construction s ervices for a minimum of two years We require supporting document ation to demonstrate this capability including the company’s turnover in the last two years, pre -tax pro t (or los s) for the past two years, net worth / shareholders’ funds (or net liabilities) at the date of the latest accounts , present cash/credit position , and the company’s normal means of funding major contract works

Full compliance with all applicable health , safety, environmental, and any other relevant and/or applicable standards We require health and safety management plan, and environmental management plan to suppor t this capability. Provide safety and environmental performance records for the past ve years, indicating workplace injury, disease, and envir onmental incident statistics Details must include year, period of record, hours worked, fatalities, rst aid i njuries, medically treated injuries, restricted work injuries, days lost , and lost time injury rate per 200,000 man -hours worked.

Robust quality management system (Quality Assurance/Quality Control – QA/QC) to e ectively execute the EI & C construction services. Well de ned company structure and veri able evidence of competency of employees.

Please express your interest by submitting an e -mail to AhafoNorthTenderBox@Newmont com indicating the name of your company, contact person , and telephone details You shou ld also include all the requisite documents demonstrating your ability to comply with the above minimum criteria.

All e xpression s of interest should be accompanied by a formal letter on the interested service provider’s letterhead (submitted to the above e -mail address), with subject “A HN _RFI -1 7 00 -2023 – Electrical, Instrumentation and Communications Constru ction Services ” by close of business (5:00 p m GMT) on Wednesday , 13 th June , 2023

economic sovereignty. Patricia, who joined Vodafone Ghana as Chief Technology Ocer in 2011, has held several leadership roles within the com-

pany. She was appointed CEO in April 2019, becoming the rst Ghanaian to hold this position. Her leadership has been instrumental in driving Vodafone

Ghana's growth and innovation. In addition to the Leadership Excellence Award, Patricia has recently been recognised with two other

prestigious awards: the Outstanding Woman in Telecommunications at the African Women Awards 2023 and the CEO of the Year at the Telecommunications Innovations and Excel-

lence Awards in 2022. These awards further highlight Patricia's signi cant impact on the telecommunications industry in Ghana and beyond.

Newmont to include emission reduction targets in contracts

er Engagement Policy to re ect its stance on climate change and importance to their business.

“We also strengthened our energy and climate strategy & governance by establishing steering committee and working teams around ve pillars of Newmont’s Climate and Energy Strategy - Supply, Cost E ciency, Collaboration, Carbon Reduction and Adaptation with Board and Executive Leadership oversight.”

By Eugene Davis

camp management operations. Currently it has produced 321,033 kwh of electricity.

The company has also collaborated with VRA since 2018 to build and become the sole o -taker of a 13MWp solar plant at Kaleo in the Upper West region. Newmont is the only mining company in the country to have such an arrangement.

Newmont Ghana has started the process to incorporate emission-reduction into its contracts with key suppliers and customers, Paul SowleySenior Director, Environmental A airs at Newmont Ghana has said.

The mining giant is committed to reducing its greenhouse gas emissions by more than 30 percent by 2030 and achieving net-zero carbon emissions by 2050,

According to Mr. Sowley they are currently working with its Supply Chain department to survey and engage key suppliers and customers to develop and incorporate emission-reduction targets into their contracts. “We are also partnering

with the US National Renewable Energy Laboratory on research related to carbon sequestration in mine tailings”

The company is also evaluating how to align biodiversity management practices with the new Global Biodiversity Framework, which was adopted at the 5th meeting of the Conference of the Parties (COP15) to the Convention on Biological Diversity in 2022.

According to him, the company’s goal is to decarbonize our existing and future operations, focusing on electricity, mobile equipment, carbon neutralization, and acid neutralization technologies.

Speaking as a panelist at this year’s Ghana Mining and Energy Summit in Accra, under the auspices of the Chamber of Mines, Mr.Sowley said “In November 2020, Newmont announced its industry-leading Climate Target of 30% reduction in baseline emission, Scope 1 and 2, by 2030 and achievement of Net Zero by 2050. To meet these targets, Newmont’s goal is to decarbonize our existing and future operations, focusing on electricity, mobile equipment, carbon neutralization, and acid neutralization technologies.

Further he stated that since November 2020, the company has updated its Sustainability and Stakehold-

Other initiatives to that e ect includes; in December 2020, Newmont approved a $500 million fund to focus on emissions reduction projects across our operations from 2021 through 2025, it formed a strategic alliance with Caterpillar to achieve zero-emissions delivering battery electric trucks for our open pit and underground.

Earlier this year, Newmont entered into a $3.0 billion sustainability-linked bond which is linked to our performance against the 2030 emissions reduction targets.

Newmont Africa started the renewable journey in 2018 by installing a 110kwp solar plant at our Akyem Site. The electricity produced is integrated into our

In 2021, it partnered with Kal Tire in their Maple Programme. This initiative quanti es our positive environmental impact by using retreaded tires instead of purchasing new tires. We saved a total of 170 tons CO2eq through the retreading of 34 tires in Ahafo and 15 tires in Akyem as an alternative to purchasing the new tires. In simple terms, this (170 tons CO2eq) can give enough power to run 20 households for a year.

Newmont’s business imperative is to create value and support the wellbeing of our people and planet; contribute to an equitable, inclusive and diverse world; and ultimately improving lives and livelihoods.

While ESG has rapidly evolved and is considered essential for businesses, Newmont has a long history of committing to leading sustain-

ability and ESG practices that are fundamental enablers of our corporate strategy. Their approach considers the dynamic business environment it operates in and the critical role they

must play to meet increasing stakeholder expectations to tackling societal issues and global challenges and mitigating negative impacts.

Newmont is the world’s leading gold company and a producer of copper, silver, lead and zinc. Founded in 1921 and publicly traded since 1925, Newmont is the

only gold producer on the S&P 500 Index. Recognized for its commitment to environmental, social and governance (ESG) practices, the Company is an industry

leader in value creation, supported by robust safety standards, superior execution and technical expertise.

Tax regime overburdening mining sector -Chamber of Mines

By Eugene Davis

rather than “squeezing everything” out of them through taxes and levies.

According to the President of the Ghana Chamber of Mines, Mr. Joshua Mortoti, the mining sector is being hit with so much taxes to the point that it could shut down some operations and also put new investments on hold, if the tax regime is not reconsidered.

Presenting his report at the 95TH Annual General Meeting of

economy will impact positively on all businesses.

“Despite being the backbone of our economic recovery programmes, I can say that the mining industry has been the most taxed industry in recent times. Notwithstanding these pressures, our industry provides great opportunities for sustainable national development. We believe that one of the surest ways of achieving this is through industrial linkages. We, there-

this objective of local input manufacturing.”

Mr. Mortoti, indicated that imposition of taxes including the Growth and Sustainability Levy (GSL) Levy endangers the continuous operations of some mines and risks curtailing the expected cash ows associated with the impost.

“Such an outcome would not only hurt the state’s revenue objectives but also threaten the security of employment, businesses of mining sup-

ery Price, Energy Debt Recovery Levy, Price Stabilisation and Recovery Levy, Income Tax, Ring Fencing, Exclusion of Consumables from the Mining List.

They also called for the adoption of a sliding scale royalty regime based on the price of minerals which they reckon enhances predictability in the scal regime and accommodates the volatile mood swings of the minerals market, especially the price of gold, the mineral most mined in Ghana.

posed to government to-

panies have binding retention agreements based on their forex requirements. Apart from disrupting the commercial arrangements between the mines and their suppliers, a variation in the mineral revenue retention regime will also saddle them with additional transaction costs and potential delays.

They also urged government to expedite action on the Western Railway Line since it has the inherent potential to generate revenue to pay back the initial investment cost.

-

CEO of the Chamber, Dr. Sulemanu Koney reiterated his call on the need to step up security in the mining areas, which he says was deteriorating.

He noted that as the chamber continue to pursue its goal of positioning Ghana as the mining support services hub in West Africa as well as promote sustainable and responsible mining in the country, “the quest is threatened by the worsening security situation in the mining industry. Our members are under attack on two fronts: scal as well as physical.”

On the scal front, he explained that the lack of predictability and the constant tweaking of the scal regime, even for companies with Development and Investment Agreements which freeze their scal terms, is a worry for investors. These same investors have their in-country assets under siege by illegal miners who invade concessions and destroy properties with impunity and mostly without consequences.

Lands Minister, Samuel Abu Jinapor in a speech read on his behalf maintained that

they are working “hand in hand” with the chamber regarding the scal and physical fronts to bring some stability to the industry.

He also added that the ministry has been working on developing and implementing e ective collaborative approaches to combating illegal mining together with its related negative impacts. “These are aimed at promoting transformation, growth and development whiles ensuring that all stakeholders derive sustainable bene ts from the country’s mineral wealth.”

Gold Production inches

up

Meanwhile, the country’s gold output increased from 2.8 million ounces in 2021 to 3.7 million ounces in 2022 due to concurrent growth in the output of both large and small-scale sectors, the chamber announced at the AGM. This translates into a 32 percent increase in production in the gold sub-sector. The large-scale gold sub-sector recorded its highest output in the country’s history in 2022.

This according to the address by Mr. Mortoti was necessitated by a combination of fresh output and expansion of

production at existing large-scale mines drove the large-scale sector’s contribution to national gold output from 2.7 million ounces in 2021 to 3.1 million ounces in 2022, representing an increment of 13 percent.

The planned gold production of the Chamber’s producing members would approach 3.2 million ounces at the end of 2023. This projected growth in production would be driven by a broad-based increase in output. Overall, the country’s gold output is projected to range between 3.3 to 3.5 million ounces in 2023.

Deforestation continues to hurt the environment -Speaker

ing informal small-scale gold mining and uncontrolled tree felling without the commensurate reforestation e orts.

By Eugene Davis

ed in order to ensure that the objectives of the exercise are attained.

The Speaker of Parlia ment, Alban Sumana Kingsford Bagbin has bemoaned activities of deforestation which has taken its toll on the country’s forest cover and asked stakeholders, including the rank and le to rethink their attitude towards the environment.

Ghana has witnessed a signi cant decline in forest cover over the years. Once blessed with a vast expanse of thriving rainforests,

the country now ranks among the tropical nations with the highest percentage of deforestation.

According to Mr. Bagbin, alarming statistics speak for themselves: from a staggering 8.2 million hectares in 1900, our forest cover has dwindled to a mere 1.6 million hectares. This distressing trend highlights the environmental degradation caused by various factors, includ-

In an address to mark this year’s Tree Planting Exercise at Parliament House, he said “The goal of halting deforestation and restoring our forests, as outlined in the 2030 Agenda for Sustainable Development, will be unattainable if we persist in our current attitude toward the forest cover, we have. This is precisely why initiatives like Green Ghana Day are of paramount importance in our national agenda.”

He also made an impassioned appeal to Ghanaians who participated in this year’s Green Ghana Day to be custodians of the saplings they plant-

“I encourage all who participated in today's exercise to be the custodians of the saplings they planted. Visit them and nurture them regularly as they grow into majestic symbols of hope, resilience, and sustainable development. Through our collective e orts, we can ensure that Ghana achieves the purpose of the Green Ghana Day exercise, and secure a greener and brighter future for generations to come.”

To him, the theme for this year's Green Ghana Day, "Our Forests, Our Health," underscores how critical it is to preserve the forests and vegetation for the

well-being of humanity. In the previous Green Ghana Day event, parliament planted 400 trees. For this year, it plans to add 300 more trees, bringing the total to 700.

On the existence of the previous trees planted, “I have been informed that about 80 percent of the trees planted survived. I believe we can do better by increasing the survival rate.” he noted.

Green Ghana Day, Mr.Bagbin stated symbolizes an investment in the country’s collective future, for which reason he urged all Ghanaians to actively participate in the exercise, “Planting trees is not merely an ecological gesture; it is a profound act of love and responsibility toward

our nation and health.”

The Acting Regional Manager, Forestry Com-

mission, George Agbenowoshi disclosed that 850,000 di erent species of trees would be

planted in the Greater Accra region.

Mr.Ebenezer Ahuma

Djietror, Deputy Clerk at Parliament commended government for the initia-

tive and pledged the legislature’s commitment to the move, as well as stressing that

Lydia Seyram Alhassan Rolls Out Free Driving Training for UG Students

The Member of Parliament for the Ayawaso West Wuogon Constituency in the Greater Accra region, Lydia Seyram Alhassan will on Monday has organised the second phase of a Free Driving Training Programme dubbed: ``LSA Free Driving School” targeted at students of the University of Ghana.

The tailor-made three weeks theoreti-

cal and practical free driving course will be centred on the university campus with exible time schedules for the students to acquire driving skills at their own convenience without destructing their academic work.

Over 1000 students are expected to acquire free driving training skills during this second phase of the LSA Free Driving

School Initiative.

Five hundred (500) residents of the constituency bene ted from the rst phase of the free driving school exercise held in 2022 held at Abelenkpe, in the Ayawaso West Wuogon constituency.

The LSA Free Driving School gesture is expected to be extended to other tertiary institutions

including the Accra College of Education, University of Media, Arts and Communication, the Ghana Institute of Management and Public Administration (GIMPA) all within the constituency.

The students target free driving lessons opportunity is the Phase two of the Free Driving courses rolled out by the philanthropic lawmaker.

Hon Lydia Seyram

Alhassan who doubles as the First Deputy Majority Whip in Ghana’s Parliament has been engaged in numerous humanitarian interventions in her quest to make life more meaningful for her constituents and Ghanaians from all walks of life.

The MP recently celebrated mother’s day with women in the constituency and presented various gifts to them for their sel essness.

Access Bank secures B- IDR with stable outlook from Fitch

Rating agency, Fitch, has a rmed Access Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B-‘with a Stable Outlook.

It also a rmed the bank’s National Long-Term Rating at ‘A+(nga)’ and assigned a Stable Outlook.

According to Fitch, Access Bank’s National Long-Term Rating balances its leading franchise against weaker core capitalisation and pro tability than higher-rated peers.

Again, Access Bank’s IDRs, it said, are driven by its standalone creditworthiness, as expressed by its ‘b- ‘Viability Rating (VR).

Leading Franchise

Access Bank is Nigeria’s largest bank group, accounting for 16% of banking system assets at end-2022.

According to Fitch, it has acquired several small banks in other Sub-Saharan African countries in recent years, in line with its

African expansion strategy.

It expects acquisitions to continue, strengthening Access Bank’s franchise and geographical diversi cation.

It has a record of integrating domestic acquisitions but the large number of cross-border acquisitions creates execution risks and may pressure capital.

High Sovereign Exposure

Fitch said the single-obligor credit con-

centration is high, with the 20 largest loans representing 193% of Fitch Core Capital (FCC) at end-2022.

Oil and gas exposure (23% of gross loans at end-2022) is material but lower than at other domestic systemically important banks (D-SIB).

Fitch added that Nigeria sovereign exposure through securities and CBN cash reserves is very high relative to FCC (over 600% at end-2022). Challenging operating

environment

It noted that bankscontinue to contend with US dollar shortages and the Central Bank of Nigeria’s (CBN) highly burdensome cash reserve requirement. It therefore expects reform progress under the new administration, including elimination of fuel subsidies and gradual liberalization of the naira. However, there is a risk of a sharp depreciation due to the large disparity between the o cial and parallel exchange rates.

Gambo to hit US market with Drip Remix featuring legendary rapper Jim Jones, Edem

to also showcase and tell the story of Ghana with its rich culture and let the world know that the same way Dubai and America are being promoted on tourism, it's time to do same in Africa, that is to promote positivity on the continent or showcase the beautiful and positive side of Africa and Ghana as he has done consistently for about four years of his so far successful music career.

has been very consistent when it comes to producing world-class quality music video. His Drip music video was shot on the 7th oor of Kempinski Hotel in Accra, by award-winning Ghanaian music video director, Yaw Skyface with a star-studdy cameo appearances from Ghanaian actress and model, Moesha Buduong, actress and video vixen, Shugatiti, as well as Ghana's nest DJ, DJ Mensah.

reached number ve on the US Billboard Hot 100 chart in 2006. 'We Fly High', is a single taken o his third studio album, 'Hustler's P.O.M.E. (Product of My Environment)' which was released the same year.

Highly-talented Ghanaian trap rapper, Bashir Annan, popularly known as Gambo, is expected to be introduced to the United States music market in a grand style with his 'Drip' song remix featuring legendary American rapper, Joseph Guillermo Jones II, known in showbiz as Jim Jones, as well as Ghanaian musician Ayigbe Edem.

Gambo, Jim Jones and Edem have already hit the studio in New York, USA and are

done with recording the Drip remix. They are now working on shooting the video for the remix. The 'Drip' remix will be released later in 2023, and is expected to take the US and Ghanaian music industries by storm.

The 'Drip' remix will be a big project for Gambo, the hip hop and Afrobeats industry.

It will basically be introducing Gambothe 'Settle' singer - to the US music market, and will further give him the opportunity

Gambo has therefore assured his millions of fans that they should expect "a magni cent video" for 'Drip' remix.

It would be recalled that in 2021, Gambo, a Vodafone Ghana Music Awards winner, released his Drip single, along with its amboyant music video which was touted by fans to be the most ashiest and expensive music video of that year. 'Drip' is a single taken o Gambo's New Era Extended Play (EP).

Gambo, who has built for himself, a reputation of being Ghana's foremost fanciest rapper, has over the years, been very keen on raising the bar, and

Jim Jones, after watching the Drip video in New York, was actually shocked to note that a music video of such high quality was actually shot in Ghana, asking "is that Ghana?"

He is therefore very excited to be collaborating with Gambo on the Drip remix.

Jim Jones, has since the release of his debut solo album, 'On My Way to Church', in 2004, been churning out several great songs.

An original member of the hip hop collective the Diplomats, (also known as Dipset), Jim Jones is one of the well-known gures in the American music industry. His biggest single, 'We Fly High',

His major studio album titled 'Pray IV Reign' was released in March 2009 by Columbia Records, with the album containing the hit song 'Pop Champagne' (with Ron Brownz featuring Juelz Santana. Jim Jones went on to release his fth studio album, 'Capo' in April 2011, with the lead single of that album being 'Perfect Day' featuring Chink Santana. He took a musical break after the 2011 album release, but returned in May 2019 with his sixth album titled 'El Capo'.

Ayigbe Edem is one of the leading rappers in Ghana. He has been in the music industry for more than a decade, and has won several awards for his craft over the years.

With the achievements and exceptional musical talents of Jim Jones and Edem, it can be said that their blend with Gambo on the Drip remix yiele a magni cent result.