Kofi Ahovi

  OpenAI and its main backer Microsoft are being sued by a news non-profit in the United States for alleged copyright infringement, the latest in a series of legal cases taken by news organisations against the tech giants. The Center for Investigative Reporting (CIR), which publishes Mother Jones and Reveal, said on Thursday that it had filed the lawsuit accusing the tech firms of using its content without permission in a “rebuke to artificial intelligence and its exploitative practices”. “OpenAI and Microsoft started vacuuming up our stories to make their product more powerful, but they never asked for permission or offered compensation, unlike other organisations that license our material,” Monika Bauerlein, CEO of the Center for Investigative Reporting, said in a statement. This free rider behaviour is not only unfair, but also a violation of copyright. The work of journalists, at CIR and everywhere, is valuable, and OpenAI and Microsoft know it.” OpenAI and Microsoft did not im...

The Government of Ghana through the Ministry of Gender, Children and Social Protection (MoGCSP) has announced the increase of cash grants for beneficiary households under the Livelihood Empowerment Against Poverty (LEAP) programme. As a result of this increase, the government has released One Hundred and Three Million, Two Hundred and Fifty-One Thousand, Seventy-Two Ghana Cedis (GHC103,251,072.01) to pay the three hundred and twenty-four thousand and seventy-three (324,073) beneficiary households. The ministry in a statement dated Thursday, June 27, said the 89th cycle (January and February 2024) LEAP cash grant payment is scheduled to start on Monday, July 1, 2024, across the country. The ministry explained that this upward adjustment in the LEAP grant to beneficiary households follows a prior 100% increase in June 2023. According to the ministry, this significant increase in financial support underscores the government’s commitment to poverty alleviation and improving the quality of ...

Ghana emerged as the second-largest recipient of remittances in Sub-Saharan Africa in 2023, receiving an estimated $4.6 billion, according to the latest World Bank 2024 Migration and Development Report. Nigeria topped the list of the largest recipients of remittances in the region with an estimated $19.5 billion, followed by Ghana with $4.6 billion. Despite a slight overall decrease in remittance flows to the region, Ghana’s position underscores the significant role of remittances in the country’s economy. Other countries in the top ten categories for remittance recipients in Sub-Saharan Africa included Kenya in third place with an estimated $4.2 billion, Zimbabwe in fourth with $3.1 billion, and Senegal with $2.9 billion in remittances for 2023. The rest comprised the Democratic Republic of Congo with $1.4 billion, Uganda with $1.3 billion, Mali with $1.2 billion, and both Sudan and South Africa with $1.0 billion each. The World Bank noted that remittance flows to Sub-Saharan Africa w...

  The Azumah Nelson Sports Complex, located in North Kaneshie, Accra, is currently in a sorry state following years of neglect by authorities and governments. The facility was part of 10 Youth Resource Centers earmarked for construction in 2018 with a nine-month completion deadline, but several years down the line, the complex is currently in a state of disrepair. The facility was intended to serve as a multipurpose sports centre, accommodating over 40 different sporting disciplines upon completion. Previously known as the Kaneshie Sports Complex, the facility was built in the 1970s during the era of the Supreme Military Council under General Acheampong. The complex served as a training base for the Black Stars and other teams during the 1978 AFCON, which Ghana hosted and won. It was also frequently used for football matches, particularly by Accra Hearts of Oak and Great Olympics in the Ghana Premier League, while the Accra Sports Stadium (then called the Ohene Djan Stadium) was be...

  The Minister for Works and Housing, Kojo Oppong Nkrumah, has disclosed that the government’s newly launched Flood Early Warning System will be ready ahead of the next rainy season. Speaking at the sod-cutting ceremony as part of the reconstruction of the Nima-Paloma drain as part of the Greater Accra Resilient and Integrated Development (GARID) Project, the minister explained that the flood early warning system will provide advanced notifications of flood-prone areas after each downpour, serving as a significant relief to residents in the capital. “The structural interventions alone cannot completely eradicate the flooding challenges in Accra, the Ministry of Works and Housing in collaboration with the Ghana Hydro Authority, Water Resources Commission, Ghana Meteorological Agency and NADMO through the GARID Project is establishing a flood early warning system for the Greater Accra Region.” “The early warning system will provide advanced notification of impending floods to residen...

  The government and representatives of bondholders have reached an agreement in principle on the restructuring of the country’s Eurobonds. This development is set to ease Ghana’s financial burdens and is a key step towards securing approval from the International Monetary Fund (IMF) for the second review of its economic programme. Following intense negotiations, the Government has agreed in principle with international bondholders to restructure its Eurobond debt. Bondholders now have two options: either to accept discounted bonds with reduced interest and maturity dates between 2026 and 2029, resulting in a 37% reduction in value or accept a second option, limited to $1.6 billion, which offers new bonds at face value, with a primary bond maturing in 2037 and paying a 1.5% interest rate, though past due interest will be adjusted. For Ghana, this agreement means significant financial relief. Bondholders are expected to forgo about $4.7 billion, providing the government with an esti...

 The Bank of Ghana has dismissed media reports claiming that $8 billion has been withheld by newly licensed Money Transfer Operators (MTOs) and 11 Fintech companies in the last two years. Media reports indicated that approximately $12 billion in remittances to Ghana went untracked and unaccounted for by the Bank of Ghana and the Auditor General from 2018 to 2022. According to these reports, data discrepancies exist between the World Bank and the Bank of Ghana regarding remittance inflows. The World Bank tracked a total of $21.1 billion in remittances to Ghana from 2018 to 2022, while the Auditor General’s reports on the Bank of Ghana’s consolidated statements of foreign exchange receipts and payments accounted for only $9.5 billion, leaving a gap of about $11.6 billion. The reports added that the Bank of Ghana’s 2023 annual financial statement reveals that 11 licensed FinTech companies provided inward remittance services, with remittances totaling GH¢57 billion (US$5 billion) in 20...

 BCM Ghana Limited has denied allegations of unfair treatment and victimisation levelled against it by over 80 former employees. The former workers, who claim they were unfairly dismissed, have called for an investigation into their terminations and are seeking intervention from the Ministry of Lands and Natural Resources and other relevant state bodies. At a press conference, former Human Resource Manager of the company, Simon Terbobri alleged that wrongful dismissals are prevalent within the company and urged authorities to protect the rights of employees. However, BCM Ghana Limited has described the allegations as unfounded and designed to tarnish the company’s image. The company, in a statement, has threatened legal action against the instigators of the allegations, stating that they have instructed their lawyers to take appropriate action. The company also highlighted its commitment to its employees and initiatives to promote women in mining and attract young people to the ind...

  Fidelity Bank, the largest privately-owned indigenous bank, recently had the opportunity to host a team of students from Harvard Business School in Accra for one week as part of a required course called the FIELD Global Immersion. The bank was one of 157 FIELD Global Immersion Project Partners spanning 16 cities across 16 countries. Together these Partners combined to host more than 930 Harvard Business School students in all. “We are pleased to be working with Harvard Business School to provide students with a real-world learning experience in Accra.” said Julian Opuni, Managing Director at Fidelity Bank. “This collaboration provides a valuable platform for these students to gain practical insights into the Ghanaian market and the nuances of operating in a dynamic African economy. We believe these firsthand experiences will be far more enriching than anything they could learn from a classroom discussion alone. We’re confident that the knowledge and perspectives they gained d...

  The Ghana Cocoa Board (COCOBOD) has announced the commencement of the Light Crop Cocoa Season on Friday, June 21, 2024. COCOBOD in a statement dated June 17, said a tonne of 16 bags will be sold at GH₵33,120.00. It added that the producer price to be paid at all buying centres will also be GH₵993.60) per load of 30 kilograms for Grade I. “It is hereby notified for general information that purchases of the 2024 Light Crop Cocoa Season will commence on FRIDAY, 21ST JUNE 2024. “The producer price to be paid at all buying centres is Nine Hundred and Ninety-Three Ghana Cedis and Sixty Pesewas (GH₵993.60) per load of 30 kilograms for Grade I and II cocoa beans naked ex-scale or Two Thousand and Seventy Ghana Cedis (GH₵2,070.00) per bag of 64 kilograms gross. A tonne of 16 bags is Thirty-Three Thousand, One Hundred and Twenty Ghana Cedis (GH₵33,120.00),” COCOBOD said in its statement.   Read below the statement by COCOBOD GHANA COCOA BOARD PRESS RELEASE Date: 17TH J...

  Industry players and Stakeholders at the MTN Ghana Business Executive Breakfast series have made significant commitments to address the critical issue of credit gap for Small and Medium Enterprises (SMEs) in the country. They highlighted the major challenge facing SMEs in accessing credits and presenting strategies to overcome these obstacles. The Chief Executive Officer of MTN Ghana, Stephen Blewett, expressed optimism about a potential credit revolution driven by the country’s thriving fintech ecosystem, despite Ghana’s high interest rates compared to other key African economies. “Bridging the credit risk gap for SMEs in Ghana is the role of the ecosystem stakeholders and the part we all play. Despite these barriers, Ghana is on the verge of a potential credit revolution propelled by a promising tech ecosystem.” The panellists at the event expressed their commitment to bridging the credit risk gap for SMEs through various strategies and initiatives. Kosi Yankey-Ayeh, ...

From reduced taxes to lower operational costs, the allure of dawn trading has become a pivotal strategy for many, transforming Accra’s bustling trading arenas into vital economic hubs long before sunrise. An interaction with both traders and buyers who converge for dawn transactions reveals the impact of early trading on local economies. Alexander Obeng, who hails from Prestea in the Western Region and came to Accra seeking a better life, has been trading at dawn for over three years now. He tells Citi Business News that his very livelihood depends on dawn trading. “I arrive early because some of my customers are retailers in various markets who also operate in the mornings. Coming in early ensures we can meet their needs promptly. This is what has been fending for us,” he said. “We don’t arrange any form of payment using this spot. Transactions are conducted informally,” he opined. Further engagements with some of the traders and buyers accentuated the reasons behind its gro...

  Sinapi Aba Trust and Opportunity International Savings and Loans (OISL), both part of the Opportunity International Global Network, are leading the way in social impact and sustainability in Ghana's financial sector, Kofi Ahovi takes a look at how these two companies are making impacts in improving lives in Ghana. With a shared mission to provide financial inclusion and economic empowerment to marginalized communities, the two institutions have made a significant impact on the lives of over 1.5 million clients, with 84 branches and over 2,500 employees. According to CEO of Sinapi Aba, Tony Fosu, the company's focus on social impact and sustainability has been key to its success. We have built trust with our clients, and our commitment to reinvesting profits back into the company has contributed to our sustainability," he said.   Tony Fosu, CEO of Sinapi Aba In a move to prioritize sustainability and customer satisfaction, both Sinapi Aba and Opportunity International hav...