Kofi Ahovi

  A 67-year-old man in Nigeria, Hadi Usman, has invented a cooking stove that uses water and air pressure to generate fire. This comes amid hikes in the price of gas and kerosene in Nigeria and across part of the sub-region, including Ghana. Usman, an electronic technician, based in Jekadafari, Gombe State, said his desire to invent the stove was to subsidize the cost of using kerosene and gas. The gifted Gombe technician, in a documentary on Wonderland TV about his exploits monitored by Techgh24, said he has been inventing products since the 70s and 80s but does not get the necessary help for mass production and commercialization. He said: “On 23rd January 1980, GASKIYA TA FI KWABO, a vernacular tabloid published by the defunct Nigerian Newspaper, reported how I assembled a radio transmitter and operated a community radio station in Gombe metropolis. I still have a copy here,” he said. According to him, since the broadcast of his latest invention by Wonderland TV, he has received ...

Mobile telecommunications company MTN has been recognized as the best network in South Africa on the basis of a report on Network Performance Score by telecommunications specialist Rohde & Schwarz SwissQual AG. Chief Executive of Rohde & Schwarz, Hanspeter Bobst congratulated MTN South Africa for ranking first with a score of 763 out of 1000 points on the Rohde & Schwarz Network Performance Score in line with ETSI TR 103,559. MTN was followed by Vodacom with 722, Telkom at 603 and Cell C with 496. MTN also outperformed its competitors in data services score by achieving 421 out of 600 for data, followed by Vodacom with 373, Telkom at 347 and Cell C with 241. For the voice service score Vodacom came out tops with 349 out of 400 followed by MTN with 342, then Telkom with 256 and Cell C with 255. Rohde & Schwarz SwissQual AG is a telecommunications company specializing in wireless network service quality benchmarking and network optimization. The company is a contributor t...

  Jonathan Ansah has joined Hubtel as the company’s new Chief Financial Officer.  Jonathan has 18 years of experience spanning five industries, with a proven track record of delivering profitable growth for businesses. His previous roles demonstrate his expertise in business restructuring, financial engineering, and operational efficiencies. He is a certified Chartered Accountant with extensive auditing experience. He has worked with the global auditing firm Deloitte––Ghana and served as Audit Director at the National Lottery Authority. Jonathan’s seven-year tenure as Finance Director at Cadbury Ghana is highlighted by his leadership of the financial and business strategic planning process, which resulted in the company turning around in two years with positive cashflows and shareholder investment. Before joining Hubtel, he served as the Chief Commercial Officer of the Ghana Post Company Limited, leading the organization to create its first commercial division since its incept...

 Ghana recorded a trade surplus of $1.107 billion in 2021, according to data from the Bank of Ghana's Summary of Economic and Financial Data report. This is however lower than the $2.043 billion registered in 2020, and equivalent to 1.5% of Gross Domestic Product (GDP). According to the report, exports for the period stood at $14.73 billion, whilst imports was estimated at $13.62 billion. The reduction in the trade balance is largely due to the further easing of the economy from the impact of COVID-19 pandemic. The data further revealed that gold dominated the total value of exports, recording $5.08 billion in 2021, compared to $6.79 billion in 2020 when there was a windfall in the price of gold on the world market. Exports from crude oil yielded $3.94 billion for the country in 2021. This is compared with $2.91 billion in 2020. The increase in revenue from crude oil exports was as result of the higher price of crude oil, particularly during the second part of last year. For import...

The Central Bank has maintained its monetary policy rate of 14.5%. This is the second time the regulator has maintained its lending rate to commercial banks in the country after its hike by 100 basis points in November last year. The Central Bank, in a statement issued on Monday, January 31, 2022, the BoG attributed the maintenance of the policy rate to mainly the 20 percent cut in government expenditure which it expects to help moderate the upside risks to the inflation outlook. The latest forecast shows that inflation would likely remain above target in the near-term, driven by both external and domestic factors, and only return to target in about four-quarters ahead. The key risks to the inflation outlook include: rising crude oil prices and its transmission to ex-pump petroleum prices and transportation costs, rising global inflation, food price uncertainties, and the fiscal outlook. Read also: BoG introduces new guidelines for government securities market The Monetary Policy Commi...

  Energy think tank, the Institute for Energy Security (IES) has projected increment in the prices of Liquefied Petroleum Gas (LPG), diesel and petrol in the first pricing window of February 2022. In its projections for the first pricing window of February 2022, the IES notes that the increase in the petroleum products at the pump is in spite of the suspension of the Price Stabilization and Recovery Levy (PSRL)by government. According to the IES, the pending increase in the aforementioned petroleum products comes on the back of an 8.52% increase in the price of Brent crude, a 5.5% rise in LPG price, a 6.23% increase in price of Gasoline, and 9.86% jump in Gasoil price; all on the international oil and fuel markets. Further depreciation of the Ghana Cedi against the US Dollar on the foreign exchange (Forex) market adds on to the factors that will push up the prices of the commodities on the local market ,” it added. The IES further noted that a reintroduction of...

 The cedi throughout last year appreciated against the Euro recording it’s highest appreciation rate of 4.9% in November. The cedi’s appreciation rate against the Euro however reduced slightly in the last month of 2021 as it posted a 3.5% rate of appreciation to the Euro. Against the American greenbuck, the local currency ended 2021 with a depreciation rate of 4.1%. The recorded 4.1% end-year depreciation rate per data provided in the Bank of Ghana’s January 2022 Summary of Economic and Financial Data report, translates into an exchange rate of GHS 6.01 to the dollar. Data provided in the report indicate that the fall of the cedi against the dollar begun at the start of the second half of 2021 when it depreciated by some 0.7% against the dollar. This was after months of slight appreciation of the cedi against the world’s strongest currency for the first quarter of 2021. According to the report, the cedi as at the end of Q1 2021, had appreciated by 0.5% against the dollar ...

Work on the £5.17 million factory which is expected to produce toilet paper from bamboo in Akwamufie in the Eastern Region is 90 per cent complete, with production expected to commence in the third week of February, a Deputy Minister of Trade and Industry, Herbert Krapa has disclosed. The factory which is owned by Netherlands based Good Roll Africa Limited with some local partners, when completed is expected to employ about 300 people directly and 1500 people indirectly. It is also expected to create jobs for the numerous bamboo farmers in the district. During a working visit to the factory, Krapa said the company would operate under the government’s flagship one district one factory initiative To this end, he said the government was committed to providing the needed support to ensure the success of the company. He noted that the Ministry would ensure total compliance with all the safety and operational requirements for smooth operational take-off. He said it was government’s plan and ...

The aviation wing of the McDan Group of Companies, McDan Aviation, will Friday inaugurate Ghana's first private jet terminal at the Kotoka International Airport (KIA) in Accra. This follows the acquisition of a Fixed-Base Operator (FBO) licence from the Ghana Airports Company Limited (GACL). The terminal is at the Terminal One of the KIA and it is expected to help Ghana position itself and open up to the world as it aims at becoming the preferred destination for business and investment. In a telephone interview with the Daily Graphic Thursday, the Chief Executive Officer (CEO) of the McDan Group of Companies, Daniel McKorley, said McDan Aviation would offer aircraft operators and middle-to-high-end businesses a secure and private alternative to the airport’s main terminal. Opening up According to McKorley, Ghana was opening up to the world, hence the need to set another standard where businessmen and businesswomen would have the opportunity to do business with ease as far as travel...

 The Central Regional Chairman of the Ghana Private Road Transport Union (GPRTU), Alhaji R.S. Artey has been interdicted over allegations of financial malfeasance, dictatorship and autocracy. According to the National Management in a letter to the Central Regional Secretariat in Cape Coast and all national officers, the decision was taken after a preliminary investigation conducted into the allegations established a prima facie evidence. The National Management of the Union upon preliminary investigation conducted into the allegations of financial malfeasance, autocracy and dictatorship on the Central Regional Chairman of the Union by your colleague Regional Officers; have arrived at a decision to interdict you for a thorough investigations to be conducted into the whole issue. Read also: 35 C/R health workers undergo Larval Source Management training This is after the National Officers had interrogated you and had established (prima facie) (Preliminary information to support a cas...

  Fidelity Bank Ghana has held a series of engagement forums for its agents nationwide on the theme: “Mitigating Risks in the Agent Banking Business”. The engagement forums were held in Tamale, Kumasi and Takoradi with the final in Accra for both Accra and Eastern territories at Atinka Village. Among the activities that characterised the forum was the recognition given to agents for their sterling performance in 2021. The forum also served as a platform for representatives of the various departments of the bank to train the agents in best practices in their operations. To climax the annual Fidelity Agent Engagement Forum, S-Duah Enterprise from the Ashanti Region was crowned the 2021 Overall Best Agent and was presented with a motor bicycle and a certificate of recognition. The best agents from each of the five territories were also presented with certificates and smart TVs. The first runners up received double-door fridges, while the most improved agents were awarded with LG sound...

MTN Group CEO and President Ralph Mupita has paid a day’s working visit to Ghana to engage some key stakeholders of the business and reiterate MTN’s commitment to help grow the telecommunications industry in Ghana. The Group CEO and his team of executives paid courtesy calls on the Bank of Ghana, Ghana Revenue Authority and Ministry of Finance to interact and discuss issues of mutual interest. During the visit to the Bank of Ghana Mupita expressed his appreciation to the Central Bank for the support given to the business over the years. In his remarks the Governor of The Bank Dr. Ernest Addison congratulated MTN for the work done in the mobile financial services sector and indicated the BOG will count on the business to champion innovation and Financial Inclusion. Dr. Addison was joined by the 2nd Deputy Governor Elsie Addo Awadzi. Ralph Mupita and his delegation then called on the Commissioner General of the Ghana Revenue Authority Rev. Amishaddai Owusu-Amoah and his deputies where he...

  The Executive Chairman of Jospong Group of Companies (JGC), Dr. Joseph Siaw Agyepong, has stated that the coronavirus (Covid-19) pandemic has allowed the private sector to innovatively use local resources to produce personal protective equipment (PPE) including nose masks, hand sanitisers to help contain the spread of the virus. He explained that this became feasible because of the “boldness” of President Nana Addo Dankwa Akufo-Addo to initiate a public private partnership to embark on a massive disinfection exercise across the country. Dr. Siaw Agyepong made the observation while delivering an address at the opening of the 73rd Annual New Year School and Conference (ANYSC) on Tuesday, January 25, 2022. This year’s New Year’s School, which is being held at the Great Hall of the University of Ghana, is on the theme; “Covid-19 and Socioeconomic Dynamics in Ghana.” Meanwhile Dr Siaw Agyepong has been appointed as a member of the University of Ghana’s (ANYSC) Advisory Team. Despite t...

Nigerian billionaire Aliko Dangote has been named the richest person on the African continent for the 11th year in a row. According to Forbes Magazine, Dangote is worth an estimated $13.9 billion, up from $12.1 billion last year following a 30% increase in the stock price of Dangote Cement, his most valuable asset. The magazine's analysts found that a surge in housing developments in Nigeria and growth in government infrastructure spending drove higher demand for cement in the first nine months of 2021. In second place on Africa's rich list is South African luxury goods magnate Johann Rupert who placed fourth last year. A more than 60% surge in the share price of his Compagnie Financiere Richemont–maker of Cartier watches and Montblanc pens–pushed his fortune to $11 billion, up from $7.2 billion a year ago, making him the biggest dollar gainer on the list. South African Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo Americ...

Can you imagine a world without banking? I can’t. Banking is an indispensable part of our modern society. Even in the situation where cash is the king, banking services invariably form a core fabric of how most economies function. However, Banks are conservative, steeped in tradition and run-on legacy infrastructure, making it somewhat difficult to respond to customers' changing needs and offer radical, innovative banking services. Advancements in new digital technologies has given rise to a type of bank known as a Neo Bank. The rapid growth of these alternatives to traditional banking has led to a key question; do we still need these age-old brick and mortar-based banks and can they survive over time. Neobanks or "challenger banks" are a new generation of Financial Technology (FinTech), mostly start-ups offering digital-first or digital-only banking services with no minimum balance requirement, no in person visits to a branch, faster banking processing time, transparent ...

The Producer Price Inflation rate for December 2021 decreased from 13.6 per cent in November 2021 to 12.8 per cent, the Ghana Statistical Service has announced. This represents a 0.8 percentage point decrease in producer inflation. The Producer Price Index (PPI) measures the average change over time in the prices received by domestic producers for the production of their goods and services. The PPI in the Mining and Quarrying sub-sector decreased by 1.7 percentage points over the November 2021 rate of 1.8 per cent to record 0.1 per cent in December 2021. That of the Manufacturing sub-sector, which constitutes more than two-thirds of the total industry, also decreased by 0.8 percentage points to record 19.2 per cent. The utility sub-sector recorded a 0.2 per cent inflation rate for December 2021. In December 2021, two out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 19.2 per cent. Read also: Inflation surges to 9.7% du...

  A three-month pregnant woman who survived the Apiatse explosion Which killed more than 13 people, has shared chilling details of how she pulled through last Thursday’s tragic incident. Grace Morgan, 32, witnessed the incident at first hand and said the explosion happened "very close to my shop along the main road. I'm surprised I didn't die..." The victim, a mother of three, told the Ghana News Agency that she had returned from Kumasi Thursday morning and was around her shop when the truck collided with a tricycle and caught fire. She said some men at the accident scene initially, "tried to douse the fire with water," but were unsuccessful. Madam Morgan said after about "30 minutes" of unsuccessful attempts to extinguish the fire, she suggested that they used soapy water so, she decided to go back home for a detergent to make the water soapy. The trader said a few minutes after she had moved away from the scene, the truck exploded. All I heard wa...

Peasant Farmers Association of Ghana (PFAG) and General Agricultural Workers Union (GAWU) have expressed disappointed in the Government of Ghana decision to suspend indefinitely the implementation of the benchmark value reversal policy. According to them “This decision has serious consequences on the survival of the local rice industry and we appeal to the government to reconsider the “indefinite suspension” decision and implement the policy ASAP”. On 13th January 2022, the Ghana Revenue Authority issued a communique citing a directive from the Office of the President for the indefinite suspension of implementation of the reversal of the benchmark value discount policy. The directive came as a huge surprise to rice farmers and millers because of the numerous engagements and consultations with all stakeholders for over two years after which the prudent decision to review the policy was reached and announced by the Honorable Minister of Finance in the 2022 budget presentation in Parliame...

Some civil society organizations in the mining and environment sector, Wacam and the Centre for Environmental Impact Analysis (CEIA), have added their voices to the explosion disaster that hit Apiatse in Bogoso in the Western region last week. According to Wacam and CEIA, the mining sector regulatory agencies should effectively regulate the mining companies to avoid Regulatory Capture and Agency problems to ensure strict adherence to all regulations governing safe and responsible mining practices. This was contained in a press release issued and signed by Dr. Samuel Obiri of the Centre for Environmental Impact Analysis and Hannah Owusu-Koranteng, the Associate Executive Director of Wacam respectively. They also call on mining companies to adhere to responsible mining regulations in the country. We want to use this medium to reiterate our call for all mining companies to adhere to responsible mining regulations. In furtherance to this, we call on mining sector regulatory agencies to eff...

  We offer our deepest condolences to the families of the deceased and assure them of our support during this difficult period" The Ghana Chamber of Mines said it has received with “deep sorrow” the accident leading to the chemical explosion at Apiate, near Bogoso road that led to the loss of lives and destruction of properties. A statement from the Chamber on Thursday, January 20 and signed by its president Eric Asubonteng pledged the mining Chamber’s support to the rescue missions that are still ongoing. We offer our deepest condolences to the families of the deceased and assure them of our support during this difficult period. The immediate priority is to provide relief to the families of the deceased as well as cater for the needs of the injured and the people in the community,” statement stated. Read also: Ghana aiming to become a mining services hub It commended the Ghana Police Service, the Ghana National Fire Service, NADMO, Minerals Commission, and mining companies for th...

The Vice President, Dr. Mahamudu Bawumia, has assured residents of Appiatse that the government is collaborating with mining companies and the State Housing Corporation to rebuild the farming community which was levelled by a huge explosion on Thursday, January 20, 2022. Speaking after a tour of the community on Friday, January 21, 2022, Vice President Bawumia expressed the condolences of the government to the families of the 13 persons who had died from the blast so far. Dr Bawumia also stressed that the government would do everything on its part to support the families of the deceased and the injured and cater for the medical bills of the 179 injured persons. He further commended the various security agencies and the community members for their swift response to the tragedy. For the houses that have been destroyed, we are already beginning to think about how to rehabilitate and rebuild for the community here," Dr Bawumia said. Read also: Era of fake motor insurance is over – Baw...

The Forestry Commission has joined the government’s digitalization drive with the launch of two online applications, the Digitalized Property Mark Registration and Renewal (e-property mark registration) and the Electronic Wood Tracking System. The e-property mark registration is a web-based application that automates the process of property mark registration and renewal while the electronic wood tracking system allows the tracking of wood from the time of harvest to the time of final disposal. With the introduction of these applications, the Forestry Commission joins agencies under the Ministry of Lands and Natural Resources such as the Lands Commission and the Minerals Commission that have already moved some key services online. Launching the applications, the sector minister, Samuel A. Jinapor, MP, said President Akufo-Addo’s vision to promote socio-economic development through digitisation cuts across all aspects of national life and, so, the Forestry Commission could not be left ou...