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Consolidated Bank Ghana raises GHS150m loan for Kasapreko’s growth

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The Consolidated Bank Ghana (CBG) has raised some GHS150 million loan from Ghana’s stock market for Kasapreko Company Limited – an indigenous beverage manufacturer.

The amount, the first tranche of GHS600m facility, would be used to support the Company’s working capital, finance capital expenditure, including expansion of operations, and refinance short-term debts.

The debt instrument raised from the stock market comes at a lending rate of 26 per cent, compared to the Ghana Reference Rate of about 34 per cent, and has a fixed rate for the three-year period.

Mr Daniel Addo, Managing Director, CBG, said the venture signalled indigenous companies’ strong partnership to overcome financing challenges through innovative ways for mutual benefit, while boosting national development.

Mr Addo was speaking at a joint press briefing by the two companies in Accra on Monday, February 19.

He said: “The solution to our challenges in funding local corporates and Small and Medium-sized Enterprises (SMEs) lies with us, and it’s really around how banks, other financial institutions and industry players address the risks inherent in SMEs, in particular.”

He encouraged financial institutions and industry to be bold in facing risks, saying: “Our business is not to runaway from risks, but to manage those risks, and advise local business on how best to run their purse to grow.”

“This transaction is a testament to our overriding ambition to make an impact in the communities in which we operate. At the core of our business philosophy is the idea that our lending must be economically impactful,” Mr Addo stated.

Pledging the Bank’s continued support to Kasapreko Limited and other Ghanaian businesses, the Managing Director said: “CBG will be with you through the good and bad times.”

Mr Richard Adjei, MD, Kasapreko, noted that Ghanaian companies had gone through challenging times since the outbreak of the COVID-19 pandemic, and that such innovative financing source would boost their operations.

He described the financing scheme from the Ghana Stock Exchange as a relatively cheaper, patient capital and sustainable source for business growth.

“CBG made us understand that we can fund our business from other sources, and this is to diversify our funding from the traditional banks, raise cheaper and more sustainable funding,” he said in an interview with the Ghana News Agency.

Mr Adjei noted that with the GHS150m, Kasapreko would expand its production capacity, and boost its trade under the African Continental Free Trade Area (AfCFTA), having already exported to Kenya and South Africa.

“With this development, we’ll be able to get more affordable products to the market, and contribute to support communities in Ghana and beyond,” the Kasapreko Limited MD said.

On the Company’s support to the country, he stated that since 2017, it donated more than GHS3m to National Cardiothoracic Centre to support women, children and others with hole-in-heart problems.

Other Corporate Social Responsibility (CSR) activities of the Company, which he said would be intensified going forward, included the construction of hospitals and the provision of scholarships to brilliant but needy students.

Mr Adjei also said they had taken steps to reduce plastics through recycling, using solar for production, and looking forward to using biomass and steam for power to help address the issues of climate change.

 2024 Standing Orders to address Ghana’s dynamic, hybrid Parliamentary democracy

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The Speaker of Parliament, Mr Alban Sumana Kingsford Bagbin, says the January 2024 Standing Orders of Parliament offer an opportunity to address the evolving needs of Ghana’s dynamic and hybrid parliamentary democracy.

He said the processes and procedures in the House were challenged with time and practice, exposing the gaps and deficiencies in the November 2000 Standing Orders.

The present composition of the House had brought those gaps and deficiencies into sharper focus, even though those deficiencies surfaced as far as early 2001, he said.

“We must start aligning the conduct of business in the House with the evolving and changing trends and requirements of our Parliament,” Speaker Babgin said.

“We need to know how to apply and cope with the January 2024 Standing Orders, which have replaced the 2000 Orders. These are some of the reasons we are here today. As we say in Africa, when the drummers alter their beats, the dancers must adjust their steps.”

Speaker Bagbin made the statement in his opening address at the orientation workshop for Members of Parliament (MPs) and Procedural Staff on the new Standing Orders in Ho at the weekend.

He stated that the attendant composition of the House had brought to the fore several challenges with the old Standing Orders.

 “These led to diverse interpretations of some procedures and practices, constant and acerbic verbal one-upmanship on the floor of the House, increased tensions, near fisticuffs, and eventually, including the pronouncement of the Supreme Court regarding the November 2000 Standing Orders.”

The current Standing Orders, which came into effect on January 2, 2024, assures for effective and efficient performance of Parliament and Parliamentarians.

The Standing Orders are deeply rooted in the 1992 Constitution of the Republic of Ghana and drew on the Darwinian Concept of a “living organism,” the Speaker said.

“It is a dynamic document that continues to evolve and therefore, the metaphorical representation of a ‘living Constitution’ is a testament to its capacity to adapt to society’s ever-changing needs, reflecting the evolution of laws, policies and preferences.”

He borrowed the words of Laurent Fabius, the former Prime Minister of France: “The revision of legal documents may not be without imperfections, but at least it won’t be rigid. It will be a necessary step towards building the institution and country we desire.”

Mr Bagbin urged the MPs to approach their work with diligence and innovation, given the fact that Parliament was confronted with an increasing level of public distrust, which needed to be tackled through their approach to work. 

“The 2020 general election presented incontrovertible evidence of this and alerted us to the potential future shifts and turns in our country’s socio-political landscape,” he said.

 Mr Cyril Kwabena Oteng Nsiah, the Clerk to Parliament,  said since the commencement of the previous Orders, Parliaments had been confronted with contemporary challenges such as the Covid-19 pandemic and institutionalisation of mechanisms to promote the Open Parliament Concept.

The hung nature of the Eighth Parliament, which was the first of its kind since the inception of the Fourth Republic, presented several novel situations and challenges that were not provided for under the previous Standing Orders, he said.

Mr Nsiah mentioned some of the practices and procedures that had been introduced in the new Orders, including the recital of the National Pledge on the first day of Sitting for each week, and the conduct of a roll call of MPs at each sitting at the behest of the Speaker.

He added that Parliamentary Committees had increased from 31 to 44 to emphasise the new focus and direction of the House, as part of efforts to expand and improve parliamentary oversight of activities of state actors.

Mr Alexander Kwamina Afenyo-Markin, the Deputy Majority Leader and a New Patriotic Party MP for Effutu, who spoke on behalf of Mr Osei Kyei-Mensah-Bonsu, the Majority Leader, said the only weapon for an MP was the rules book (Standing Orders) and cited himself as an example that when he entered the Chamber in 2013 and found himself fumbling, his only saviour was the rules book.

Advising his colleagues, he said the only way to survive and stand on their feet and make meaningful contributions on the floor of the Chamber amid all intimidation was to stand firm and be within the rules, which they should not take for granted.

“For the outgoing MPs, do not forget about the rules book as you are likely to come back and for those who would be retained, take the rules seriously,” Mr Afrnyo-Markin advised.

Mr Kwame Governs Agbodza, the Minority Chief Whip and a National Democratic Congress MP for Adaklu, congratulated the Speaker for spearheading the revision of the Standing Orders and bringing it into operation.

He expressed the hope that the orientation would address members’ concerns and bring them up to speed on the new provisions and the rationale behind them.

Mahama’s campaign team denies knowledge of group called ‘social democratic forum’

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The Campaign Team of former President John Dramani Mahama, Flagbearer of the National Democratic Congress (NDC), has denied knowledge of a group called the ‘social democratic forum’ saying it had no affiliation to any such group.

A statement issued by Mrs Joyce Bawah Mogtari, Special Aide to former President Mahama, copied to the Ghana News Agency, said the Mahama 2024 Campaign had been made aware of an information allegedly circulated by that group, affiliated to the New Patriotic Party (NPP).

“The statement suggests that the National Democratic Congress (NDC) is over-relying on Alan Kyeremanteng and his Butterfly Movement for political gains in the Ashanti Region,” the campaign team said.

The Mahama 2024 Campaign would like to clarify that it had no affiliation with the said group, which was unknown to the NDC, it said.

It noted that this non-existent group was yet another creation of the NPP, who were in a panic mode due to growing discontent in the Ashanti Region against “the economic mismanagement of the government.”

The statement said the NPP had failed to live up to the expectations of the people of the region, which had led to significant support for the NDC.

The NDC, the largest and most well-structured opposition party in Ghana, was willing to cooperate with all relevant forces interested in protecting the country’s economy, it said.

“However, we have never relied on any organisation or party to carry out our duties and responsibilities as a political party.”

It reiterated that the focus of the NDC and the Mahama 2024 Campaign was to organise and mobilise for the December elections “with our message of ‘Building the Ghana we want together.”

Real Madrid’s Masterstroke: Mbappe’s Mega Deal Unveiled!

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Real Madrid has reportedly offered Kylian Mbappe a contract that includes a surprise signing bonus, term of service, and presentation schedules.

According to a rumor, Real Madrid has successfully obtained Kylian Mbappe’s signature before he leaves Paris Saint-Germain on a free transfer in the summer, turning down an earlier bid from a different team.

Since Mbappe’s contract with PSG is about to expire, it has appeared certain that he will sign with Real Madrid. However, as Los Blancos discovered in 2022, nothing is final until it is confirmed.

Mbappe has given his word to Real Madrid and is now in the final six months of his contract with PSG, which he declined to extend into another season. This allows him to negotiate a pre-contract agreement with clubs outside of France.

Marca claims that when Real Madrid first contacted his advisors in January, he “already signed” his first contract with them earlier this month.

It has been devastating for “one of the most powerful clubs on the football scene,” the identity of which is regrettably unknown, but there have been rumors circulating in Spain that Manchester City, who reportedly contemplated making their own offer to PSG’s all-time top scorer in recent days, has recently gotten in touch.

Not only has Mbappe committed to Real Madrid, but Marca has also disclosed the specifics of the agreement he has reached with them.

The Spanish source claims that Mbappe will tie up terms with Los Merengues for five years. Put otherwise, he will be confined until he is thirty years old.

Although Mbappe will make the most money of any player in the Real Madrid team, they have been able to persuade him to lower some of his demands, so he will only marginally surpass current top earners Luka Modric, Toni Kroos, and David Alaba.

While Mbappe has been paid €32 million (£27.3 million) net per season at PSG, he will instead receive bonuses from Real Madrid and earn between €15 and €20 million (£12.8 and £17.1 million) net yearly.

Over the course of his time in the Spanish capital, his exact salary will fluctuate, but it will never reach the €26 million guaranteed sum that was on offer when Mbappe ultimately turned down Madrid and signed a new contract in Paris two years ago.

Real Madrid has been keen to guarantee Mbappe’s attendance this time around. They have his commitment once more, in contrast to previous claims that he would not be pressured into making a decision.

Actually, Florentino Perez was able to secure a better deal for Real Madrid when it came to image rights, which was the one area of minor contention during the negotiations.

Less than anticipated Mbappe signing bonus disclosed
Moreover, even though there were plans for a bonus of €130 million two years ago and there have been recent rumors that it could potentially cross the nine-figure mark, the signing-on incentive that Mbappe would receive is actually not expected to top €50 million (£42.7 million).

Even if he won’t be suffering to make ends meet, Mbappe’s management has acknowledged his wish to prioritize Real Madrid as a dream destination, placing football reasons ahead of financial ones!

In order to honor Mbappe, Real Madrid is already planning a presentation ceremony befitting their newest Galactico acquisition.

They intend to debut him in their recently renovated Bernabeu stadium, which means it must take place after the beginning of July and not coincide with either the European Championship (June 14–July 14) or the Olympics (July 24–August 10), as Mbappe wishes to represent France in both events.

Shekinah Hotel CEO pledges to keep contributing to tourism growth

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Mr Maxwell Amekpor, the Chief Executive Officer of Shekinah Glory Hotel (SGH) at Sogakope in the South Tongu District of the Volta Region has promised to continue contributing to tourism growth in Volta and beyond.

The entrepreneur and the 2018 Tourism Personality of Volta explained that he would focus on bringing on board tourism players to boost the industry.

Mr Amekpor, who is also the Board Chairman of the Sogakope Senior High School, made this known to the Ghana News Agency after engaging some security officers in a health walk.

The exercise, which commenced from the Sogakope Traffic light roundabout to the Royal Shekinah City at Hlevi highway, saw officers from the military, police, immigration, teachers, and nurses, among others, who took their turn in some aerobic displays.

The aim was to keep a good corporate image with the key institutions in the area, as well as enhance the health status of individuals.

At the Royal Shekinah Highway Rest Stop, Mr Amekpor said the new facility which was commissioned early this year by Dr Ibrahim Mohammed Awal, the then Minister of Tourism, Arts and Culture, would add to the tourism and hospitality industry in the area and Volta at large.

“I must say that the Volta Region is one of the Regions endowed with a lot of attractions. When you travel across the coastal belt, you see a lot of attractions.”

He said his new facility, which has a modern 400-seater conference hall, bar, restaurant, standard washrooms for travelers, unisex salon, swimming pool, cinema theatre, games center, and others, would provide comfort and relaxation to all manner of personalities.

Mr Amekpor, however, said he was worried about the bad nature of roads linking some of the tourist sites in the region.

This, he said, must be given attention to lure more tourists to the region for economic growth.

Togbe Agorvie Gli II, a divisional chief from the Agorvie Clan of Gbenuakope, who took part in the exercise, told the GNA of the urgent need to pay attention to health issues regardless of one’s position.

Some participants, who interacted with the GNA after the event, expressed appreciation to Mr Amekpor for his good vision and initiative.

They pledged to maintain the event monthly for good health.

GNA

Thirty percent of Africa’s sovereign reserves should be invested locally – President Akufo-Addo  

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Ghana’s President Nana Addo Dankwa Akufo-Addo has proposed that 30 per cent of Africa’s sovereign reserves held in foreign banks be invested in the continent’s own financial institutions. 

“We should take a decision that a minimum of 30 per cent of the reserves of each one of us, should, in fact, be invested in the multilateral institutions,” he said, citing the African Development Bank (AfDB) and Afreximbank. 

Strengthening the capital base of those banks was a necessity in order to enhance their balance sheet and boost their capacity to facilitate more and more resources for the continent’s development and growth, he stated. 

President Akufo-Addo was addressing a Presidential Dialogue on the African Union’s (AU) Financial Institutions, on the sidelines of the 37th Ordinary Session of the Assembly of the Heads of State and Government of the AU, in Ethiopia. 

He pointed out that virtually all the countries held their reserves in foreign banks, which attracted largely negative rates of interest. 

“The fundamental fact is that, if we find a way that we can increase the financial power of our own institutions, we are in a better place to finance our development,” he emphasised. 

On the relevance of investing in the continent’s financial institutions, he enumerated the critical role the AfDB and Afreximbank played in alleviating the plight of the people in the wake of the COVID-19 pandemic. 

“These are institutions which are ours, and which we can trust. So, if we can find a way of strengthening them, we strengthen ourselves,” he noted. 

Additionally, President Akufo-Addo appealed to African leaders to give a serious consideration to ratifying the decision that had been taken to make the Afreximbank a specialised agency of the AU. 

The Presidential Dialogue, convened by Ghana’s President, had in attendance the leadership of the AU, African policy institutes and financial institutions, as well as development partners. 

A champion of reforms of the global financial architecture, President  Akufo-Addo said there ought to be a mechanism for monitoring how monies being invested in the continent’s banks were used. 

“This is critical for ensuring that we get proper accountability.” 

The President tasked the leaders to work together to develop a robust global financial architecture that placed African development priorities at the centre of common efforts to deal with common burdens. 

Reform of the global financial architecture should also prioritise stemming illicit financial flows from Africa. 

In recent times, the African Union Heads of State and Government have accelerated moves for the establishment of an African Monetary Union by harmonising monetary zones and creating three AU financial institutions. 

These encompass the African Central Bank (ACB), African Monetary Fund (AMF), African Investment Bank (AIB) and the creation of a Pan-African Stock Exchange (PASE). 

The concept note underpinning the Presidential Dialogue hinges on the fact that the changing global economic landscape has underlined the need to expedite the establishment of the AU financial institutions, and to revise the legal instruments establishing them. 

As Africa seeks to accelerate the transformation journey to enable its countries and people to realise their full economic potential, the authorities say this requires a global financial system that adequately meets the people’s needs and harnesses the opportunities that the continent’s natural and human capital offer. 

The 37th Ordinary Session of the AU will also see the launch of the Alliance of African Multilateral Financial Institutions – the Africa Club. 

The Club aims to bring member institutions together to find solutions to financing challenges and help support Africa’s sustainable economic development and integration objectives. 

GNA 

Experts warn against reading too much into Biden’s and Trump’s rhetorical blunders.

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Ageing experts advise against drawing the conclusion that Republican opponent Donald Trump and US President Joe Biden are experiencing cognitive decline as a result of their verbal gaffes, as mispronouncing names or dates does not always indicate a reduction in mental clarity.

Both former President Trump, 77, who is expected to challenge Biden, 81, a Democrat seeking reelection in November, and Biden have accused one other of suffering from mental illness. 52-year-old Nikki Haley, Trump’s final opponent for the Republican nomination, has declared that both men are too elderly to serve as president and should undergo cognitive testing.

Five aging experts interviewed by Reuters stressed cognitive assessments can only be made by doctors via special in-person examinations and tests, and warned that judging candidates’ mental acuity from news clips and interviews can be dangerously inaccurate and misleading. They said that the U.S. public and media risk becoming a nation of armchair gerontologists.

“We make mistakes. The probability of slip-ups rises as we get older. That has nothing to do with judgment,” said S. Jay Olshansky, a professor in the School of Public Health at the University of Illinois at Chicago.

“Someone commenting on Trump turning right when he should have turned left? Big deal. Tripping? Join the club. A misspoken word? It happens to all of us. None of us would survive a 24/7 camera.”

Age has nonetheless become a major issue in this election, especially for Biden, the oldest person ever to occupy the Oval Office. Some 78% of respondents in a new Reuters/Ipsos poll published Tuesday – including 71% of Democrats – think Biden is too old to work in government. Trump suffers less from voter skepticism over his age; 53% of respondents consider him to be too old for government work.

Some 62% of respondents, and 37% of Democrats, said Biden was not mentally sharp and able to deal with challenges. Some 47% of respondents and 19% of Republicans said Trump was not.

The age issue was thrust front and center again after Special Counsel Robert Hur, a Republican former U.S. attorney in Maryland during Trump’s administration, said in his report on Biden’s handling of classified documents last week that Biden was a “well-meaning, elderly man with a poor memory” who was not able to recall to investigators when his son, Beau Biden, died.

Biden angrily denied Hur’s allegations about his memory, saying in a White House appearance that “my memory’s fine.” However, in the same speech, he confused the president of Mexico for Egypt’s.

Officials including Vice President Kamala Harris and Homeland Security Secretary Alejandro Mayorkas say that Biden appears sharp and on top of things in calls and meetings.

Trump has recently made some verbal slip-ups too. During a speech on Jan. 19 he confused Haley with former Democratic House Speaker Nancy Pelosi. He also suggested former Democratic President Barack Obama was still in office.

Elliott M. Stein, a geriatric psychiatrist based in California, said misstatements can be due to a number of things, including a bad night’s sleep or being distracted.

“This is especially true of someone who is under time pressures or situation pressures, or being interviewed or in the public eye,” Stein said.

Trump regularly gives speeches of one to two hours, during which he frequently veers off his teleprompter.

Dr. Eric Lenze, head of the department of psychiatry at Washington University School of Medicine in St. Louis, said the focus should not be just on mistakes.

“It’s also what someone gets right. Did they say 25 things right and one thing wrong, then that’s pretty darn good. Look at what they’re getting right, especially in spontaneous speeches,” said Lenze.

MEDICAL RECORDS SCRUTINIZED

Biden is, by the numbers, a remarkably healthy American man. He exercises five times a week, has never smoked or drank and his blood pressure and body mass index, at 126/78 and 24.1, respectively, according to his 2023 physical, would be great numbers for a much younger man, medical experts say.

At Monday’s White House briefing, spokesperson Karine Jean-Pierre said Biden would have a physical exam, as previously scheduled, but said she didn’t have a timeline for it.

When asked whether Biden would be taking a cognitive test, Jean-Pierre appeared to say he would not. “The president proves every day how he operates, how he thinks — right? — by dealing with world leaders, by making really difficult decisions on behalf of the American people.”

Trump’s physician wrote in a note released in November that the former president is in “excellent health” and that “he will continue to enjoy a healthy active lifestyle for many years.”

The note, which was signed by Bruce Aronwald, an osteopath from New Jersey, provided very few details. A Trump physician, Harold Bornstein, who produced a similar note released in 2015, said that Trump had dictated its contents.

A 2020 paper published by University of Illinois’ Olshansky and colleagues analyzed Trump and Biden’s medical records and concluded that they were both in broadly good health and had family histories of longevity.

“There is suggestive evidence that both candidates are likely to be ‘super agers,'” the researchers said. However, the paper noted that Biden appeared to have better diet and exercise regimens than Trump.

Olshansky said he hoped to repeat the study over the summer, pending fresh medical records.

Asked for Trump’s most recent medical records and whether he would be taking a cognitive test, the Trump campaign pointed to the physician’s note in November. Spokesperson Steven Cheung added that Trump will “out work” Biden.

January’s inflation spikes to 23.5%

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In January 2024, there was a little increase in Ghana’s inflation rate, rising from 23.2 percent to 23.5 percent.

The subsequent decreases that were seen between July and December of 2023 have reversed themselves.

The rise in non-food inflation drivers, particularly lodging and apparel, is responsible for this modest acceleration in consumer prices.

However, over the reviewed period, food inflation continued to decline.

Barely a month has passed since the Central Bank lowered its monetary policy stance by 100 basis points due to a decline in inflation data, which prompted the unexpected surge.

On a regional basis, the Eastern Region recorded the highest rate of inflation of 37.1% driven by food prices.

The Greater Accra Region on the other hand posted the lowest rate of inflation of 18%.

NSS won’t be disbanded if Bawumia is elected as president — Oppong Nkrumah

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The Minister of Information, Kojo Oppong Nkrumah, has confirmed that Dr. Mahamudu Bawumia, the New Patriotic Party’s (NPP) presidential candidate, will not repeal the National Service Scheme (NSS).

Dr. Bawumia announced his vision for the country in Accra on Wednesday, including proposals to make the service optional if elected president in the next general elections.

Oppong Nkrumah promised Ghanaian teenagers seeking work that they will not be turned down because they had not done national service.

“NSS will stay, he’s not saying he’s going to abolish NSS. He’s saying that if you get a job, and you are being denied that job because you haven’t done the mandatory national service, he’s going to take that clause out. If you get a job and the employer is willing to take that job, the employer is not compelled to say that because you haven’t done national service, he should not give you the job. It does mean that this training and learning and growing of culture is gone, it’s still there. You will not be denied a job because you haven’t done national service,” he said on Face to Face on Citi TV with Umaru Sanda Amadu.

The Ranking Member on the Education Committee of Parliament, Dr. Clement Apaak, says Bawumia’s proposal to make the one-year mandatory National Service optional will only create opportunities for bribery and corruption to flourish.

Bring back import limitations law, Afriyie Akoto asks the government.

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Dr. Owusu Akoto Afriyie, former Minister of Food and Agriculture, believes that the government should seriously explore prohibiting the importation of specific food commodities into Ghana in order to safeguard Ghanaian farmers and increase their worldwide competitiveness.

Dr. Owusu Akoto Afriyie emphasised that the government should reexamine the matter, despite Parliament rejecting an L.I. aimed at barring imports of 22 products in 2023.

Speaking at a seminar in Kumasi, he emphasised Ghana’s overreliance on imports, which he said had harmed many farmers, and asked the government to solve the matter immediately.

“It is unfortunate that in December 2023, the Ministry of Trade and Industry could not lay a legislative instrument to restrict the import of 22 selected food items, 12 of which are agricultural products that are cultivated by our local farmers. Our farmers are heavily disadvantaged under the current import regime and desperately need a level playing field in order to compete with their counterparts abroad.”

The Export and Import Regulations 2023 sought to restrict the importation of 22 selected strategic products such as sugar, rice, poultry, and tripe into the country.

The Minority Caucus in Parliament kicked against the bill.

Six associations, including the Ghana Union of Traders’ Associations (GUTA), Food and Beverages Association of Ghana (FABAG), Importers and Exporters Association of Ghana, Ghana Institute of Freight Forwarders (GIFF), Chamber of Automobile Dealership Ghana (CADEG), and Ghana National Chamber of Commerce and Industry (GNCCI), also wrote a petition kicking against the bill.

It was subsequently suspended after pressure from the public.