Investment Times Newspaper 2023 Edition | Issue 38

IMF forecasts oil price fall by 24percent this year

MTN suspensionexplains of data zone bundle

International Monetary Fund has stated in its April 2023 World Economic Outlook Report. This is from $96.4 in 2022. The Fund also said oil prices will continue to fall in the coming years to $65.4 in 2026.

certain rebound in China’s growth, as well as the energy transition”, it stated.

Crude oil prices retreated by 15.7% between August 2022 and February 2023 as the slowing global economy weakened demand.

amid repeated shutdowns in response to COVID-19 outbreaks and a faltering real estate market. Recession fears due to higher-than-expected in ation and tighter monetary policy in many major economies and banking woes

Scancom PLC (MTN Ghana) has announced a suspension of its MTN Data Zone bundle e ective April 05, 2023. The suspension of the innovative Data Zone bundle is due to a review of the bundle o er in line with the Signi cant Market Power (SMP) directives applied to MTN Ghana in June 2020, not to be the lowest priced on any o er in the industry. The telecommunication giant in a press release said, “We are currently engaging and collaborating with the Regulator, as

4

Fire incident at Ahafo South Mine laboratory brought under Control

Engen commits to sustainable operation as it launches 25th anniversary

Oil marketing giant, Engen Ghana Limited (EGL) has launched its 25th anniversary celebration with a resolve to never compromise on service excellence, maintaining a clear focus on safety and sustainability whilst meeting the evolving needs and expectations of our cus-

trip to Namibia

tomers without compromising on quality.

The company said the anniversary is a celebration of dynamism, resilience and sustainable growth over the last 25 years of its operations in Ghana.

2

Old Mutual has long been a leader in the nancial services industry. One of the ways that the business shows appreciation to employees is by recognizing their hard work and dedication through various incentives and awards.

Some groups of Old Mutual sales employees were recently rewarded with a trip of a lifetime for their exceptional performance.

The trip was a ve-day, all-expenses-paid adventure to Namibia, one of the world's most beautiful cities. The winners were a

3

Ghana’s financial sector will bounce back – Kwabena Boamah

The Managing Director of Stanbic Investment Management Services (SIMS), Kwabena Boamah, has encouraged investors not to lose hope in Ghana’s economy.

Speaking at the sidelines of the March 2023 edition of the Graphic Business/Stanbic Breakfast Meeting in Accra, Kwabena Boamah said even though investor concerns are understandable, they should be rest assured that the economy will bounce back.

3

According to him, “If you look at the series of events

Old Mutual awards outstanding sales employees with all-expense paid

IMF forecasts oil price fall by 24percent this year

sparked concerns about agging demand. On the supply side, the report said uncertainty over the e ects of Western sanctions on Russian crude oil exports whipsawed expectations about global market balances.

“As of March, Russian crude oil exports had held steady since implementation of the Group of Seven (G7) price cap and ban on crude oil imports on December 5 [2023]. Russia rerouted its oil, reportedly sold at a major discount to Brent oil prices, to nonsanctioning countries, primarily India and China”. Also, the report stated that downside supply risks did not materialize until Russia’s recent announcement of a modest production reduction.

A sizable release of strategic petroleum reserves by Organisation for Economic Co-operation and Development member countries also helped keep oil markets well supplied, in part o setting underproduction and reduced targets by OPEC+ (Organization of the Petroleum Exporting Countries plus selected nonmember countries).

Fire incident at Ahafo South Mine laboratory brought under Control

Newmont Africa has conrmed that a re incident that occurred at the onsite laboratory at its Ahafo South mine on Sunday, 9th April, has been brought under control, with no fatalities or injuries recorded.

In a press statement issued, it noted “We are relieved that the incident did not result in any injury or fatality to the workforce who remain our most important resource. Everyone is safe and back to work,” Alex Annin, General Manager, Ahafo Mine.

“The regulatory authorities have visited the incident scene and have commenced Investigations. We await the results to understand the cause of the re and determine next steps. Safety remains our topmost priority and we look forward to applying the lessons learnt from the investigations to avoid a

Andrew Takyi-Appiah, Co-Founder and Managing Director of Zeepay

repeat incidence.” Alex Annin concluded.

Newmont Africa is the country’s leading gold producer and operates two gold mines: the Ahafo Mine in the Ahafo region, and the Akyem Mine in the Eastern region. It is in the process of establishing a third mine, which is currently at the Project Stage – the Ahafo North Project. The company is a subsidiary of Newmont Corporation, the world’s leading gold business. Commercial production at Ahafo and Akyem began in 2006 and 2013, respectively, and currently has about 6,700 employees, directly and indirectly across its operations.

Newmont is actively involved in exploration activities across the African continent, and globally. For more information please visit; www.newmont.com.

Engen commits to sustainable operation as it launches 25th anniversary

EGL is a 100% subsidiary of Mocoh Ghana Limited focusing on the downstream re ned petroleum products, markets and related businesses. The Mocoh Group, headquartered in Geneva, Switzerland, has been operating in Africa for 21 years and is actively involved in the trading, logistics and distribution of petroleum products across the continent.

Speaking at the launch, Managing Director of Engen Ghana, Brent Nartey said their Silver Jubilee is a celebration of their collective successes, indomitable, spirit and longevity.

“It is also a testament of their resolve to never compromise on service excellence, maintaining a clear focus on safety and sustainability whilst meeting the evolving needs and expectations of our customers without compromising on quality.”

Mr. Nartey said Engen Ghana which started operation in Ghana with just two service station now has 52 due to the spirit of resiliency that has held them together throughout the years.

“We remain focused on our vision

to be the desired petroleum marketing company in Ghana. We are growing our network steadily and strategically, aiming to meet today’s business and consumer demands, but also ensuring that our investments meet the needs of the future,” he stressed.

Mr. Nartey said challenges facing Ghana’s energy industry are a reminder that to remain competitive, they need to be agile and adaptable.

As a corporate entity, he indicated that, they have supported children with cleft palate through their partnership with Operation Smile and the Osteogenesis Imperfecta Foundation.

Also, the Engen Ghana MD said the company will increase the number of plastic recycling points at our service stations while encouraging our customers to deposit their used plastics in return for an incentive.

Mr. Nartey thanked the management and sta for the feat chalk in the last 25 years.

Chief Executive O cer of Mocoh, Guy Hacking was excited at the achievements of Engen Ghana in the last 25 years.

“Your constant focus on providing the best service and superior quality prod-

ucts to your customers and local communities is being lived through your daily interactions and was acknowledged recently, when you were awarded Emerging Brand of the Year at the Ghana Oil and Gas Awards” he stated. Mr. Hacking charged the Engen Ghana team to focus on the challenges and opportunities in the next 25 years.

“We are strong, ambitious and united team, with a common mission to connect customers with the essential energy and resources they need to thrive,” he added.

Deputy Minister for Energy, Herbert Krapa, said Ghana’s petroleum story is not complete without Engen Ghana Limited.

He urged the Board, management and sta of Engen Ghana to proud of what they have all collectively achieved.

“Your next big milestone will be 50 years, and your achievements when you celebrate that Golden Jubilee would be bigger than what you have achieved in 25 years,” he said.

Old Mutual awards outstanding sales

ing a commitment to delivering excellent service to their clients. The group's itinerary was jam-packed with exciting activi-

ia o ce. The winners had the opportunity to meet with the company's top executives and learn

mance but also a way for Old Mutual to show its commitment to employee development and

ment.

Old Mutual Ghana is a leader in the Life Insurance and Pensions

industries in Ghana.

Old Mutual Ghana is part of the Old Mutual Group which has over 176 years of experience in providing Insurance, Banking, and Investment solutions in Africa. The Group has presence in 13 African countries. At Old Mutual, we exist to provide nancial advice that delivers positive futures for our customers..

Ghana’s financial sector will bounce back –Kwabena Boamah

there are indications that the economy will bounce back. It’s just a matter of time. These trends will boost the recovery process and spur growth.”

Kwabena Boamah also implored investors to be patient with the system and keep investing. He advised that “It’s a time that we all need forbearance. We understand that people have lost money, we understand that people have gone through di cult times. But we believe that markets will always bounce back. It is an issue of time, so we encourage all inves-

tors not to lose faith. They should continue investing because our economy will bounce back.”

The Graphic Business/Stanbic Breakfast Meeting is a quarterly event hosted by Graphic Communications Group and Stanbic Bank Ghana. The event brings together subject experts to discuss topical issues a ecting the country’s socio-economic development. The March 2023 edition discussed “Domestic Debt Exchange Programme (DDEP) – Lessons and implications for how you invest.”

that have happened over the past couple of years, it is understandable that people will have concerns.

Take for example the debt restructuring; we have only completed the rst phase of it, which is the domestic debt restructuring. There is the second phase, which we understand the Finance Minister has gone to China to negotiate. That has not been

resolved yet and we don’t know what the outcome will be. Whether or not the IMF will come on board is still a question that remains to be answered.”

He added that “There are also concerns around liquidity where people have their bonds and have not been able to sell. The issue of mark to market valuation of xed income investments is still lingering. So, the concerns are warrant-

ed given the current environment we nd ourselves in but I believe that there is still hope based on the premise that markets go through a cycle.

What we are going through is a phase and we will de nitely bounce back. Investors should not panic, we have already seen in ation drop over the past two months, interest rates on T-Bills have dropped signi cantly and

MTN explains suspension of data zone bundle

ments.”

we seek alignment on a revised Data Zone bundle to be reinstated as soon as possible. We will notify you in due course of further develop-

“MTN Ghana would like to reassure its customers that it would continue to roll out innovative and a ordable products and services for the bene-

t of its cherished customers,” the release added.

Zenith Bank Group posts strong results

The Zenith Bank Group posted gross earnings of 945.5 billion Naira at the end of the 2022 nancial year.

This represents a double-digit growth of 24 per cent from the 765.6 billion Naira the bank reported the previous year.

The Group in its 2022 audited nancial results, which was presented to the Nigerian Exchange (NGX), explained that the double-digit growth in gross earnings was driven by a corresponding 26 per cent year-on-year (YoY) growth in interest income from 427.6 billion Naira to 540.2 billion Naira and a 23 per cent year-on-year (YoY) growth in non-interest income from 309 billion Naira to 381 billion Naira.

The feat, it said, was in spite of the persistent challenging macroeconomic environment and the headwinds it faced in the period under review. Consequently, it recorded

2022, a development which led to a pro t after tax of 223.9 billion Naira in the same period.

The Group, consequently, proposed nal dividend pay-out of 2.90 Naira per share which brings the total dividend for the year to 3.20 Naira per share.

There was, however, a marginal decrease in its return on assets which dropped from 2.7 per cent to 2.1 per cent due to the signi cant growth in the balance sheet.

On the other hand, the Group impairments grew by 106 per cent from 59.9 billion Naira to 123.4 billion Naira, while interest expense grew by 63 per cent YoY from 106.8 billion Naira to 173.5 billion Naira, respectively, according to the report.

1.9 per cent in 2021 to 3.2 per cent in the current year, included the impact of Ghana’s sovereign debt restructuring programme.

This, however, the Group said, did not heavily impact on the operations of the Ghana subsidiary as “Zenith Bank Ghana still maintains a substantial capital and liquidity bu er to continue to operate at its optimum best.”

The growth in interest expense increased cost of funds which grew from 1.5 per cent in 2021 to 1.9 per cent in 2022 due to hikes in interest rates globally. Customer deposits, on the other hand, the Group said, increased signi cantly by 39 per cent, up from 6.47 trillion Naira in 2021 to 8.98 trillion Naira in 2022.

According to the Group, the

and retail), consolidating the Group’s market leadership “and the con dence customers have in us.”

Regarding the Group’s net-interest-margin (NIM), it mentioned that the continued elevated yield environment positively impacted the NIM, which grew from 6.7 per cent to 7.3 per cent due to an e ective repricing of its interest-bearing assets.

While the Group’s operating expenses grew by 17 per cent YoY, cost growth was controlled and remains below the in ation rate.

Total assets increased by 30 per cent, growing from 9.45 trillion Naira in 2021 to 12.29 trillion Naira mainly as a result of the rapid growth in customer deposits.

The Group said with the steady and continued recov-

ery in economic activities, it prudently grew its gross loans by 18 per cent, from NGN3.5 trillion in 2021 to NGN4.1 trillion in 2022, leading to a marginal increase in the non-performing loan (NPL) ratio from 4.2 per cent to 4.3 per cent YoY.  The capital adequacy ratio decreased from 21 per cent to 19.8 per cent while the liquidity ratio improved from 71.6 per cent to 75 per cent. Both prudential ratios are well above regulatory thresholds according to the Group.

Projections

This year, the Group hinted of its intention to expand its frontiers as it also reorganises into a holding company structure adding new verticals to its businesses and growing in all its markets, both locally and internationally.

Data Zone bundle is an innovation by MTN Ghana that gives customers a 1-day validity

bundle at discounted rates at the point of purchase. Subscription is through the Short Code 135.

Selorm Adadevoh, CEO, MTN Ghana

Accelerate the adoption of IoT to shape Ghana’s digital future-Vodafone Head of Network tells stakeholders

To commemorate the 50th anniversary of mobile telecommunications, Vodafone Ghana is urging all stakeholders in the industry to collaborate in promoting the adoption of the Internet of Things (IoT) to shape the country's digital future.

Ebenezer Siebu, Head of Network at Vodafone Ghana, emphasised the importance of advancing the IoT agenda to connect devices and meet consumers' real-time needs.

Mr Siebu noted that Vodafone Ghana is already spearheading this initiative through products and services such as the V-Tracker solution, which

allows companies to monitor assets, devices, and driver compliance.

In an interview, Mr Siebu discussed Vodafone Ghana's internal use of V-Tracker to ensure the safety of its employees on the road. He explained that the company utilises tracking devices on its vehicles to monitor speed and manage journeys for its sta , receiving alerts when drivers are speeding or have reached the point of exhaustion. The tracking solution also encourages discipline among drivers, prompting them to remain vigilant while on the road.

Mr Siebu added that Vodafone

has collaborated with key stakeholders in various enterprises and public agencies to implement tracking solutions for their vehicles. He expressed optimism that if more organisations embrace IoT, it will have a far-reaching impact on people's lives and contribute to a thriving economy in Ghana. April 3 marked the celebration of the 50th anniversary of the rst-ever mobile phone call, which revolutionized how people communicate. This year, the celebration marks 50 years of progress in the mobile telecommunication industry, enabling people to stay connected regardless of

their location. The anniversary also serves as a reminder of the signi cant transformations in the industry and the potential for future advancements in mobile technology.

In related news, Vodafone Ghana has partnered with Metro Mass Transit Limited (MMT) to launch the Vehicle-Tracker (V-Tracker) Road Safety project. This initiative leverages Vodafone's IoT technology to help MMT reduce the occurrence of road accidents involving its buses. The V-Tracker project is a pioneering initiative under Vodafone's Hero Projects, which focuses on connecting people, places, and things through

technology. As part of the pilot programme, Vodafone Ghana has equipped ten MMT buses with its V-Tracker solution. This technology, which includes a camera, sensors, and software, is integrated into a vehicle tracking and reporting system that allows MMT to monitor driver performance and intervene when necessary. The system measures speed, sudden turns, heavy braking, and other indicators of improper driving, relaying these signals instantly to a monitoring centre at MMT's base of operations.

INCLAB TALK: Inclab, PKA Leadership Foundation and KNUST GRASAG to hold 4th Revolution Leadership Conference in Kumasi

Inclab, PKA Leadership Foundation and KNUST GRASAG are excited to host the 4th Revolution Leadership Conference and invite all organizations and individuals who are passionate about leadership and making a di erence in the world to join us on this amazing journey.

Inclab and PKA Leadership Foundation, in collaboration with KNUST GRASAG, are proud to host the 4th Revolution Leadership Conference which will take place on May 27th, 2023 at KNUST. This is the rst joint project of its kind between these two respected NGOs and KNUST GRASAG.

The conference aims to inspire

and educate emerging and experienced leaders, providing them with the opportunity to network with industry experts and bene t from keynote speakers and panel discussions. Attendees will have the chance to explore topics such as discipline, consistency, team building, communication, and principle-oriented leadership.

The 4th Revolution Leadership Conference will feature a variety of topics designed to help attendees hone their skills and gain a greater understanding of what makes a great leader. Moreover, at-

tendees will become part of a larger community of like-minded individuals and organizations that are dedicated to advancing the eld of leadership.

However, Inclab, PKA Leadership Foundation, and KNUST GRASAG are passionate about the potential of this conference to empower the youth of Africa to be a part of the new leadership revolution. The conference will have esteemed keynote speaker, Captain Prince Ko Amoabeng, Chairman of PKA Leadership Foundation and author for “UT STORY”.

China says 'Taiwan independence' secessionist acts pose 'greatest danger' to peace

Secessionist acts of "Taiwan independence" and the connivance and support of external forces to them pose the "greatest danger" to peace in the Taiwan Straits, the Chinese Foreign Ministry said on Monday.

Acts of "Taiwan independence" are incompatible with peace and stability across the Taiwan Straits "as re and water," said Wang Wenbin, a spokesperson for the ministry, in response to questions about the on-going military exercises around the Taiwan Island at a regular press brie ng in Beijing.

"To maintain peace and stability in the Taiwan Straits, we must rmly oppose all forms of 'Taiwan independence' secessionist acts," said Wang.

The Eastern Theater Command of

the Chinese People's Liberation Army on Saturday announced the launch of combat readiness patrol and military exercises around the Taiwan Island.

The operations from Saturday to Monday serve as a stern warning against the collusion between separatist forces seeking "Taiwan independence" and external forces and against their provocative activities, said Shi Yi, a spokesperson for the command.

At Monday's brie ng, Wang voiced hope that the international community shall recognize the nature of the Taiwan question, adhere to the one-China principle, and oppose all forms of "Taiwan independence" secessionist activities.

Corporate entertainment event 'Simply Irresistible' returns to Soho Marina Mall

The only entertainment event for corporate executives in Ghana, 'Simply Irresistible' has nally returned after taking a short break.

Organizers of the event, A-Town Entertainment announced its return with much excitement, promising to give matured ravers the best of entertainment every Friday evening from 7pm till 4am.

Simply Irresistible returns with performances from Liv North & The Soho Band, an all-girls band. There are also performances from artiste, magicians, dancers and comedians at the opening of the event before the DJs take over to serve great tunes.

Proli c Ghanaian disc jockey, DJ

Mensah, says 'Simply Irresistible' which returned last Friday, has moved from its original venue, the Movempick Ambassador Hotel, to Soho Marina Mall.

Simply Irresistible is a business event designed for metropolitan elites and mature ravers.

It is de ned by eternal blissful moments and a profound self-awakening experience with a variety of music, drinks, foods. Simply Irresistible is always organized in a setting of distinction and elegance.

Simply Irresistible is absolutely an event worth attending every Friday evening after a long week of work.

65 p er l i

er. BOG I nc reas es pol i cy rat e fro m 28 00% t o 29.5 0% Pens i on er bon dh ol d ers to res um e pi ck et i ng i f g ov ernm ent fai ls t o h ono r pay m ent in 2-w eek s

Pa rl ia ment pa ss es t hr ee n ew t ax es cr uci al t o go vernm en t’ s qu es t t o fa ci li tate the B oa rd A pp rov al fo r the I M F dea l

ownload

the

CBG Mobile App and do more.

download the CBG Mobile App

CIDAN INVESTMENTS LIMITED

WEEKLY MARKET REVIEW FOR WEEK ENDING

April 6, 2023

Rotary District training, assembly and conference stated for April 11-15

key committee chairs. There will be a presentation of the state of the district, a review of the new RI President’s theme and goals for the coming Rotary year by the incoming District Governor. Subsequently, District goals and objectives are also presented, and plans are developed for their implementation.

Consistent with programs outlines during the DTAC, are activities and events involving training district team and club o cers; District Training and Assembly for all Rotarians; District Governors Cocktail; The Conference itself; Host/Home Hospitality; Rotary Foundation Lunch; District Governor’s Awards and Gala

It is a tradition for the District Governor to welcome all conference participants to the Assembly. Therefore, the District Governor, Victor Yaw, will host an Akwaaba Cocktail after the District Assembly opening plenary session. There will also be a Foundation Lunch to take place during the lunch break of the conference where the achievement and challenges of the Rotary Foundation are highlighted, and donors recognized and awarded.

One major activity to be hosted by Rotary clubs in Ghana is the Home/Host Hospitality event, where conference participants will be treated to an evening of food, drinks, and good entertainment, usually held on the second day of the conference.

The District Governor’s Award and Gala ends the DTAC. It is always an evening of dinner, music, dance and a ords the District Governor the opportunity to recognize and award deserving Rotarians and partners.

(DTAC) under the current dispensation, rotated among the countries that constitute the district. The district 9102 comprises of Benin, Ghana, Niger, and Togo.

It is important to note however, that Ghana is hosting the last DTAC for District 9102; Since Ghana has been granted a status of a District and is being separated from the other countries that forms part of District 9102.

It will be recalled that Ghana has recently been granted a dispensation to become a District in Rotary Zone 22. This therefore means, Rotary International has given Ghana the permission to create of new dynamic district. Ghana is now under district 9103. This latest development came because of Ghana’s e ort to charter new clubs, increase membership. develop leaders and increase our portfolio of humanitarian service projects. Rotarians in Ghana have also contributed immensely to Rotary initiatives and in the process, chalked many successes worldwide, through the coordination of global programs and these initiatives.

With Ghana in the new district, it is expected that the new District Governor together with his able Assistant Governors, Club Presidents and all rotary leaders work to strengthen clubs, promote membership diversity and to place District 9103 on the map of Rotary International .

Rotary International District 9102 welcomes Rotarians in the district to its annual District Training Assembly and Conference (DTAC) 2023, to be held at the Accra International Conference Centre from April 11 to 15, 2023.

The conference whirling under the Rotary International theme “Imagine Rotary” will include training, workshops, and networking opportunities for participants.

This annual event is set aside by Rotary International for each Rotary District of the world to discuss the health of the various clubs in the district, and to outline major leadership and training events for their members.

Among the many activities that will take place during the conference includes training and breakout sessions to give rotary information and new ideas for club o cers, directors, and

Organization of the District Training, Assembly and Conference event

The District Governor, Victor Yaw Asante has indicated that the 2023 DTAC will be exciting, educating, entertaining and a platform for business networking for all Rotarians; thus, urges all club and their members to register to participate in the conference.

ownload the CBG Mobile App and d

to download the CBG Mobile App