Kofi Ahovi

The Chamber of Petroleum Consumers (COPEC) is projecting a further drop in fuel prices at the pumps from Sunday, January 1, 2023. According to COPEC petrol is expected to be sold at a minimum price of GH¢9.30 per litre while diesel is expected to be sold between GH¢12.80 and GH¢15 per litre at various pumps. The expected drop in prices of petroleum products on the international market and the stabilisation of the cedi is what is pushing for the drop, COPEC said. In a radio interview with Accra based  Citi FM , the head of research at COPEC, Benjamin Nsiah said “Petroleum users, basically, motorists and other industrial users should expect a price decline of petrol of about 15 percent and that of diesel of about 18 percent. In the first pricing window of January which begins on January 1, diesel is expected to be sold at a maximum price of GH¢14.60 per litre. However, other oil marketing companies are likely to sell diesel for GH¢12.80 or below and these are the smaller Oi...

 The Minister of Trade and Industry, Alan Kyerematen has inaugurated a rice processing factory in the Savelugu Municipality of the Northern Region. The factory which has the capacity to produce 1.5 and 2.8 tonnes of processed rice per hour is under the government's One District, One Factory (1D1F) initiative. The event was held under the theme "Boosting Local Enterprise For Job Creation and Economic Prosperity Towards a Ghana Beyond Aid." The Savelugu rice processing factory, the latest to be inaugurated adds to several local enterprises boosted by the 1D1F. To ensure efficiency and to serve its intended purposes, Mr Kyerematen also swore into office a nine-member board of directors to oversee the management and operations of the factory.   Technology Solution Centre Kyerematen also inaugurated the Savelugu Technology Solution Centre to facilitate the production of spare parts and repair services and the manufacturing of agro-processing equipment. The centre under the Rur...

  Ghana’s ports recorded between 15 and 17 percent drop in cargo between January and September 2022, Michael Luguje, the Director General of the Ghana Ports and Harbours Authority (GPHA) has said. Luguje said, “GPHA is hoping and believing for a better traffic flow to Ghana’s ports in 2023.” He disclosed this during interaction with a section of journalists from Tema during a Press Soiree organized by GPHA to express its appreciation to the media for the year. Sandra Opoku, Director of Tema Port, said while the numbers for transit cargo were still hitting the upper ceiling during the period, all the others experienced a dip. Opoku said GPHA expects 2023 to come along with good fortune now that the cedi was stabilizing as many of the importers were adopting the wait and see attitude, leading to the drop in the volumes. She stated that one of the things GPHA found in their operations was that Ghana had a very low export drive, even though the Ghana Export Promotion Authority was doin...

 The Ghana Center for Democratic Development (CDD-Ghana) has lauded Parliament for its scrutiny of the 2023 Budget of the Government of Ghana. It has also commended the house for disapproving a number of allocations. The Center commends the House’s decision to disapprove allocations to the National Cathedral and reallocation to the Roads and Communications ministries, demolition and redevelopment of a new Accra International Conference Center (AICC), and establishment of three new diplomatic missions in Jamaica, Mexico and Trinidad, and Tobago”. In a statement issued Friday, December 23, 2022, the CDD-Ghana said ‘the decision to also defund the Special Development Initiatives and Monitoring and Evaluation secretariats at the Office of the President as well as slashing the Contingency Vote by half, among other cost-cutting measures is a great demonstration that the Members of Parliament are in touch with the economic reality of the country and will assist the government to spend the...

 The Honorary Consul of Ghana in Thailand, Dr. Sicha Singsomboon, has given a firm assurance that her country was ready to support Ghana in its quest to commercialise rice production. She said Thailand’s support for Ghana in rice production will come in the form of transfer of technology, seed development, packaging to increasing yields. She gave the assurance on Thursday, December 29, 2022, at a reception dinner organised by the Jospong Group of Companies, for a delegation of investors from Thailand. The dinner was aimed at welcoming the Thailand delegation for the commencement of the Ghana-Thailand rice collaboration project. According to Dr. Sicha Singsomboom, it will be her joy to see Ghana upscale her rice production, intimating that Ghana has the potential in that regard. She said not only will the collaboration between the two countries lead to increase in rice production, but also will provide Ghanaians involved in agriculture some technical know-how. The Advisor to the Hon...

  The ‘’International Defense Exhibition and Conference (IDEX) 2023 – Abu Dhabi’’ will be held in Abu Dhabi from 20th February 2023 to 24th February 2023 under the patronage of His Highness Sheikh Mohamed Bin Zayed Al Nahyan, President of the United Arab Emirates. IDEX 2023 – Abu Dhabi Exhibition will be showcasing the world’s defense and security industry in the MENA region (Middle East and North Africa) as well as demonstrating the latest technology across land, sea and air sectors of defense. IDEX 2023 is considered a unique platform and opportunity and platform for security and defense organizations to establish and strengthen relationships with government departments, businesses, and armed forces throughout the region. Mersad Technology (Abu Dhabi) an Abu Dhabi based security, technology, surveillance and risk organization will be participating at the upcoming IDEX 2023 – Abu Dhabi exhibition as an exhibitor. Mersad Technology (Abu Dhabi) specializes in the provision of securi...

 Two policewomen from the Motor Traffic and Transport Department (MTTD) in Kumasi have been interdicted for an unprofessional conduct. In a video shared on social media, the two policewomen are seen collecting GH¢10 from a driver. It is suspected the driver was involved in a traffic offence. One of them is heard in the video saying the GH¢5 the driver had earlier offered was not enough and that if he does not top-up, they may decide to impound the vehicle and take it to the Asokwa Police station. She said they were only taking that into consideration, else they would have impounded the vehicle. WATCH ATTACHED VIDEO BELOW They ended up allowing the driver to go after collecting the money.     A statement dated December 28, 2022, signed and issued by the Ashanti Regional Police Public Relations Officer, ASP Godwin Ahianyo named the two affected policewomen as PW/Inspr Martha Ackah and No.6233 PW/Sergeant Felicia Ocran of the Asokwa Divisional MTTD in Kum...

  Ghanaian banks could face significant pressure on their capitalisation due to the restructuring of local-currency (LC) sovereign debt, Fitch Ratings says. Fitch believes banks will suffer large economic losses when they exchange their existing debt for new bonds with lower coupons and longer tenors. This could lead to material capital shortfalls at some banks but we expect regulatory forbearance to mitigate the impact, enabling banks to remain compliant with minimum capital requirements. The two Ghanaian banks rated by Fitch have sizeable capital buffers that should help their ratings withstand the LC debt exchange, even disregarding regulatory forbearance. The LC debt exchange, launched on December 5, comes alongside Ghana’s efforts to secure IMF support. Fitch views it as a distressed debt exchange and  downgraded Ghana’s Long-Term Local-Currency Issuer Default Rating (IDR) to ‘C’ from ‘CC’  as a result. Ghana’s Ministry of Finance has stated that the debt exchan...

  The Ghana Revenue Authority has reminded all sector commanders of the Customs Division, that the complete reversal of the discount on Free on Board (FOB) value on general goods and home delivery value (HDV) of vehicles is effective January 1, 2023, and therefore they should ensure full compliance. The move is in reference to the 2023 Budget Statement and Economic Policy of the Government, which is aimed at raising revenue and also to boost the local productive capacity, introduce policies for the protection and incubation of newly formed domestic industries to allow them to make the goods produced in Ghana competitive for local consumption and also for export. Per the new policy, discounts on import values have been revised from the prevailing 30 percent for vehicles to 10 percent. All other goods will have discounts on import values of 30 percent instead of the prevailing 50 percent. A memo from the Commissioner General of the GRA, Rev Dr Ammishadai Owusu Amoah gave a reminder o...

 Helen Kalayi is the proud recipient of the 2022 maiden edition of 'The Taking The Homeless Home Awards, which ceremony was climaxed at Homebase TV in Accra. Kalayi was presented with a key to a brand new house in Accra. The awards scheme, which was organised by Joberg Foundation, a non-profit organisation, is aimed at improving the lot of the poor and vulnerable across the country. Out of five shortlisted candidates, Mrs. Kalayi emerged as the winner with over 1,355 votes via WhatsApp, Instagram, texting, Facebook and YouTube, which was okayed by the Board of Directors of Joberg Foundation. Kalayi was followed by Madam Hajia Adiza, who polled 898 votes; then Mrs. Elizabeth Asmoah with 506; Alhaji Mammud who garnered 305, and; finally Alhaji Fuseini who managed 227 votes. Joberg Ghana Foundation brings together philanthropists, committed individuals and caring citizens to help and empower Ghanaians in rural areas. The Foundation, in collaboration with mypagegh.com , launched an awa...

 President of the ECOWAS Federation of Chambers of Mines (EFEDCOM), Adama Soro has raised concerns about the security situation of mining companies in West Africa which has led to many human casualties and deaths. The ECOWAS Federation of Chambers of Mines is a private sector voluntary mining organization in West Africa established in November 2016 as a company limited by guarantee, with a Secretariat located in Accra, Ghana. Its mission is to advocate for effective policies to promote sustainable & responsible mining, and to use the resources and capabilities of members to serve the needs of its stakeholders within the ECOWAS Community. Soro noted that “bandits continue to harass and operate with boldness in many regions. This is ultimately frightening for us private sector mining business Association.” Speaking at the third virtual Annual General Meeting of the Federation, the President of EFEDCOM assured members that discussions were underway with “ECOWAS Commission which wi...

 The Public Utilities Regulatory Commission (PURC) has announced that fervent preparations have been put in place to roll out net metering system by next year. According to the Commission, the NMS will create a space for consumers in the utility value chain to adequately invest in solar and wind energy and other related power facilities. PURC said excess renewable power generated in this regard will be fed into the national grid by contracted consumers. This came to light during an encounter with stakeholders and other players in the power sector in Accra. The event was organised by PURC in collaboration with West Africa Energy Program and supported by the United States Agency for International Development (USAID). Other participants include representatives from the Ministry of Energy, Consumer Protection Agency (CPA), Media Practitioners among others. The Executive Secretary of PURC, Dr. Ackah pointed out that in line with the said net metering system, customer power generators wi...

  MTN Ghana joined the rest of the world to celebrate International Fraud and Ethics Awareness Week and Global Ethics Day. The International Fraud and Ethics Awareness Week which was on the theme, “Whistleblowing a means to combating fraud”, sought to create awareness on whistleblowing hotlines and precautionary measures taken to ensure the safety and protection of users of the hotline to report fraud and misconduct. Global Ethics Day was celebrated on the theme “Empowering ethics as a force to prevent fraud”.  The themes express the importance of ethical conduct in combatting fraud. Speaking on the Fraud and Ethics Awareness week celebration, the General Manager of Internal Audit and Forensics at MTN Ghana, Michael Gbewonyo said, “Over the years, MTN has positioned itself as a good corporate citizen. We have always believed in the value and importance of maintaining the highest standards of ethical conduct. All of us have an important role to play in combating fraud and creat...

  The government is at the final stages of securing a permit to make the proposed national carrier operational, the Director-General of the Ghana Civil Aviation Authority (GCAA), Charles Kraikue, has said. To be known as GhanaAirlines, he explained that the GCAA was working closely with the government to grant a licence for the new home-based carrier. He said the GCAA was at the last stage of granting an air operator certificate, which was the last stage of the entire licence processes of the regulator. We have assisted the government in the process. What we have done is that the home-based carrier has been given the air-carrier licence by the GCAA.   Charles Kraikue, Director-General, GCAA “We are at the last stage of granting the air operator certificate, which is the last stage of our processes; and we hope that very soon, the home-based carrier will be launched,” Ing. Kraikue said on the sidelines of a stakeholders’ breakfast meeting held on December 15 in Accra. Announcem...

Databank Financial Services Ltd, has closed its offices and asked all staff to work from the comfort of their homes or other remote places. The measure which took effect from yesterday is the extension of its policy of some of its staff working from home in shifts, implemented during the peak of the COVID-19 pandemic. The move also followed physical and verbal attacks on some of its staff by some of its clients. The company, in an email to its clients, said it had been affected by the liquidity challenges that had rocked the fund management industry owing to the "macroeconomic crisis" facing the country. It said the crisis had resulted in the company's inability to pay withdrawal requests and impacted its original two-week estimate for withdrawals. We are currently engaging with the Ministry of Finance, our regulator the Securities and Exchange Commission (SEC) and the Ghana Securities Industry Association regarding the impact of the debt exchange on Databank’s mutual fun...

 The exemption of pension funds from the domestic debt restructuring programme will come at a cost to the government, the Minister of Finance, Ken Ofori-Atta has said. He was speaking at the signing of a memorandum of understanding between government and organised labour. Organised labour on Thursday reached a deal with the government to exempt pension funds from the government’s domestic debt restructuring programme. The Secretary General of the Trade Union Congress (TUC), Dr Yaw Baah who announced this at a press conference in Accra Thursday said the organisation has therefore called off it’s intended strike that was scheduled for December 27, 2022. “We are pleased to inform you that this afternoon the government has agreed to exempt all pension funds from the domestic debt restructuring”   The Finance Minister, however, said government will work with organised labour as a social partner to get the economy back on track.

  Stakeholders in the aquaculture industry have underscored the need for a residue monitoring plan that will help the country derive maximum benefit from aquaculture farming. The introduction of this plan, they said, would also reduce the risks of pests and diseases that affected fish farms and the environment. Presenting a position paper on behalf of the group to the Fisheries Commission, an Agribusiness Consultant, Joseph Seyram Klu, said the initiative would strengthen the farm biosecurity management to curtail unnecessary cost and production losses, as well as enable fish processors to access the European Union (EU) market. He said Ghana did not have a standalone aquaculture policy and added that the aquaculture sector was currently a privately run enterprise. We expect the government to institute farmer and consumer-oriented policies and programmes to promote aquaculture, safeguard sustainable water resources management and food security,” he said Klu, therefore, advised the F...

  Parliament on Thursday, approved the nominations of Lariba Zuweira Abudu and Francisca Oteng Mensah as Minister and Deputy Minister respectively of the Gender Ministry of Children and Social Protection Ministry. The approval of the two legislators came after they had been vetted by the Appointments Committee on December 15, 2022. The committee, by consensus, recommended to the House to approve the nominations of Ms Abudu, who until her appointment was the Deputy Minister of the same Ministry and the New Patriotic Party (NPP) Member of Parliament (MP) for Walewale in the North East Region since January 2012. Oteng Mensah is the current NPP MP for Kwabre East in the Ashanti Region. In accordance with article 144 (2) of the Constitution, President Nana Addo Dankwa Akufo-Addo on October 25, 2022, communicated to Parliament the nomination of the two MPs and the Speaker referred the nominations to the Appointments Committee for consideration and report. The two appeared before the comm...

  The government of Ghana has waived the pre-arrival visa acquisition requirement for travellers visiting Ghana effective Thursday, December 22, 2022 to Sunday, January 15, 2023. Passengers can now opt for visa-on-arrival, waiving the requirement for prior approval during the period. This was contained in a directive issued Thursday by the Ministry of Transport in Ghana to all airlines. "Following consultation between the Ministry of Foreign Affairs, the Ministry of Interior, the Ministry of Tourism, Arts and Culture, Ghana Immigration Service and the Ghana Tourism Authority, approval has been given for passengers travelling to Ghana to opt for visa-on-arrival waiving the requirement for prior approval. This arrangement is effective from 22nd December, 2022 to 15th January 2023," the directive issued by the Minister of Transport, Kwaku Ofori Asiamah said. "Consequently, it would be appreciated if systems are updated to reflect this new arrangement and those responsible f...

  The Ghana National Egg Campaign Secretariat (GNECS) with support from its stakeholders have trained nutrition officers in the Western Region on the benefits of egg consumption. The nutrition officers are expected to also train other nutrition officers in the region to ensure that they are well informed to better advise their clients. The National Coordinator for GNECS, Comfort Kyerewa Acheampong, at the training emphasized that eating eggs, particularly among the aged, has the potential to control cardiovascular diseases and diabetes. She explained that the choline in eggs, among other essential vitamins and minerals, also prevents the risk of strokes as well as controls the rise in blood sugar significantly, since it fights against crave crazy. She noted that taking one egg a day was ideal for all ages to improve upon brain function and smoothen skin whilst fighting malnutrition in children and promoting total wellness. Children after six months of exclusive breastfeeding could ...

  MTN Ghana has introduced eSIM also known as embedded or Electronic SIM. The eSIM is a virtual SIM that is inbuilt in mobile and smart devices at the point of manufacture. Customers get the convenience of seamlessly switching between multiple mobile numbers on a single SIM device. MTN eSIM allow customers to connect smart devices like their smartphone, tablets, and smart watches. The eSIM is available to both Pay- As -You -Go (Prepaid) and Post -paid individual and corporate subscribers. It can be accessed digitally via MyMTN App. Customers with already registered numbers with MTN will have their numbers upgraded to eSIM. New subscribers will go through the normal registration process using the Ghana Card and have their biometric data captured. All new eSIM activations comes with free 10GB one-off non-expiry data bundle upon successful activation. Commenting on the introduction of the eSIM service, the Chief Commercial Officer of MTN Ghana, Noel Kojo-Ganson noted that the introduc...

  The Chamber of Corporate Trustees (Pensions Chamber) has urged all Board of Trustees and Employer Sponsored Schemes not to engage government in the debt exchange programme in its current format until it has renegotiated a favourable term for the pensions industry. According to a letter dated December 15, 2022, it said, since the announcement of the domestic exchange programme, the Chamber of Corporate Trustees on behalf of the pensions industry has been advocating for the pensions industry to be ring-fenced or the terms renegotiated. As at today, 15 th  December 2022, the Pensions Chamber has written to the Minister of Finance to extend the deadline of the Domestic Exchange programme by one month to allow for the renegotiation of the debt by the domestic bondholder committee”. “We would therefore advise your schemes not to engage in the debt exchange in the current format until we have renegotiated a favourable term for the pensions industry”, it explained. As you are aware,...

  The Ghana Enterprises Agency (GEA) has disbursed about  GH¢10 million to 103 small businesses that applied for a portion of the Ghana Economic Transformation Project (GETP) grant. The beneficiaries were selected after meeting the rigorous criteria designed by the GEA, the World Bank and other development partners of the government. The beneficiaries are mainly owners of small businesses in agro-processing, food and beverage, healthcare and manufacturing and cut across the country.They are receiving between GH¢20,000 and GH¢300,000 grant to support their operational costs, including the purchase of raw materials and equipment. Build resilient businesses At an orientation and signing agreement ceremony for the beneficiaries in Accra on December 19, the Chief Executive Officer (CEO) of the GEA, Kosi Yankey-Ayeh, said the grant was designed purposefully to ensure that businesses were resilient and ready to help transform the economy. She said the main objective of the grant was ...

  The approval of a programme for Ghana by the Board of the International Monetary Fund is expected to come off at the earliest in January 2023, Singapore-based Redd Intelligence has stated. However, it says, in the worst case scenario, the IMF Board approval will happen latest in March 2023. In its latest analysis on Ghana’s debt restructuring, the market and research firm said “the SLA  [Staff-Level Agreement] is in good shape and the end-December target looks realistic. IMF board approval of the program is not expected until January [2023] at the earliest, after which the DSA [Debt Sustainability Analysis] parameters will become public”. The Government of Ghana is aiming to reduce its interest payments on external debt to not more than 18% of annual revenue by 2028. Redd Intelligence said the local debt restructuring should be viewed positively by Eurobond holders for two main reasons. It addresses one of the key constraints in Ghana’s Debt Sustainability Analysis...

  The government has announced a suspension of all payments of external debts pending an orderly restructuring of the affected obligations. A statement dated Monday, December 19, 2022 issued by the Ministry of Finance stated that the suspension will include the payments on Eurobonds; commercial term loans; and most of Ghana’s bilateral debt. The suspension, according to the statement will, however, not affect the payments of Ghana’s multilateral debt, new debts (whether multilateral or otherwise) contracted after December 19, 2022 or debts related to certain short-term trade facilities. We are also evaluating certain specific debts related to projects with the highest socio-economic impact for Ghana which may have to be excluded. This suspension is an interim emergency measure pending future agreements with all relevant creditors,” parts of the statement read. Below is a copy of the statement Accra, Monday, 19th December 2022… Ghana is today faced with major economic and financial...

  The strike will be in force until the government exempt pension funds from the planned debt exchange programme. The Secretary General of TUC, Dr Yaw Baah, announced the industrial action at a press conference in Accra today. Labour unions present at the press conference included the Ghana National Association of Teachers (GNAT), the Ghana Medical Association, the University Teachers Association of Ghana (UTAG), the Ghana Registered Nurses and Midwives Association of Ghana and the Teachers and Educational Workers Union (TEWU). More to follow…

  President Nana Addo Dankwa Akufo-Addo will be the Special Guest of Honour at the Ghana Journalists Association (GJA) Dinner Night scheduled to take place at the Forecourt of the Ghana International Press Centre on Wednesday, December 21, 2022. Ministers of state, Members of Parliament, members of the Diplomatic Corps and media partners will also attend the event which will feature the Ghana Police Band. The Dinner Night, which is the first of its kind in recent memory, is open to all members of the GJA throughout the country. The aim is to promote solidarity and camaraderie among members of the inky fraternity after a hard year’s work. Upon assumption of office in June 2022, the National Executive of the GJA decided to decouple the Annual GJA Media Awards / Dinner Night, with the Media Awards organized separately from the Dinner Night. On November 12, 2022 , the 26 th GJA Media Awards was held at the Kempinski Hotel Gold Coast City in Accra. The National Executive invites all m...

... As Mends Academy holds 3rd graduation ceremony A Senior Lecture and Head of Department of Early Childhood Education at the University of Education Winneba, Dr. Michael Subbey has called on parents to collaborate more with teachers to ensure that their wards get quality education to prepare them for the future. According to Dr. Subbey, parents have a sacrificial role to play in ensuring quality education of the child adding that quality education starts from home; the upbringing of the child, while the teacher modifies and builds upon the already formed character of the child from home. Children can only have quality education, when parents, the foremost, and the entire society collaborate with the school in educating the child”, he stressed. Dr. Subbey, who made the call at the third graduation ceremony of Mends Academy in Accra over the weekend, was speaking on the theme Quality Education: the best legacy parents can leave their wards’.  A Senior Lecture and Head of Department...