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Analysts see room for further policy rate cut

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Given the relative stability in the key drivers of the policy rate – particularly inflation and the exchange rate – the central bank has room to further clip its policy rate today, or at worst stay it at 20 percent some analysts have said.

“If we look at the period since the last MPC meeting, the inflation rate has been stable – and the exchange rate, too,” Prof. John Gatsi, Economist at the University of Cape Coast, told the B&FT.

Inflation for December was 11.8 percent higher than the 11.2 percent end-year target, but far lower than the 15.4 percent recorded end-2016.

The cedi’s performance against major currencies has been mixed. Since the year began, it has depreciated barely 0.2 percent against the dollar, and about 1 percent against the pound sterling and euro.

But Prof. Gatsi said despite the exchange rate performance and increase in the prices of petroleum products, as well as government’s inability to meet revenue targets last year, the central bank does not have enough reasons to tighten the monetary policy stance.

Prof. Gatsi however cautioned businesses that even if the policy rate goes down, lending rates may not follow suit immediately, as conditions that hold them high remain very much in place.

“As we speak, non-performing loans (NPLs) are still high – and apart from government yet to clear all of the energy sector debt, the clampdown on illegal miners also meant that those who took credit facilities from their banks will be unable to pay, leading to a worsening of the bad loans on banks’ books,” he said.

Another economist and lecturer at the Ghana Institute of Management and Public Administration (GIMPA), Dr. Raziel Oben-Okong, also said the central bank is likely to continue on the path of loosening its monetary policy stance on account of fairly stable macroeconomic conditions.

Dr. Oben-Okong stated that there has not been enough volatility on the macroeconomic front to warrant a rate hike. At worst, it will maintain the rate, he said.

Policy rate history

The policy rate has since January 2017 seen a gradual reduction from 25.5 percent to 20 percent as at end of last year. A reduction would see the rate become the lowest since September 2014, when it stood at 19 percent.

Delay to WASSCE …won’t tertiary admissions delay too?

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Will the decision by government, through the West Africa Examination Council (WEAC), to push the West Africa Secondary School Certificate Examination (WASSCE) to May/June not affect tertiary institution admissions for the 2018/19 academic year?

Since 2011, when WEAC began conducting the examinations in February/March, WASSCE candidates have had the opportunity to apply for tertiary education the same year they complete Senior High School (SHS).

The decision to bring the exams to February/March was to give WEAC enough time to work on the results and release them before August, when the next academic year would begin at tertiary institutions in the country.

However, the Minister of Education, Dr. Mathew Opoku Prempeh, said in December that WASSCE candidates, beginning from 2019, would write the examination in May/June – starting with oral and practical examinations, while the theories would commence in June so that teachers could cover the syllabus within nine terms.

He noted that the SHS syllabus is for nine terms, but because of delays in placement of students into SHS only six terms are covered; therefore, making it difficult for both teachers and students to complete the entire syllabus.

But it can also be said that when the syllabus was for nine terms, students were not allowed to apply to tertiary institutions the same year they completed Senior High School. This means students who write WASSCE/SSCE would have to wait an additional year before they can apply for any tertiary institution.

When the SSCE/WASSCE was written in May/June, WAEC had enough time to work on the results, since students were not allowed to apply to any tertiary institution the same year they finished SHS.

However, concerns are that if WASSCE will be pushed to May/June, then in order not to delay tertiary admissions – which always begin in August – reverting to the one-year waiting period before students apply to tertiary schools would also be prudent, so that WEAC can have enough time to mark the examination answers.

Although the idea of moving WASSCE to May/ June is very commendable – as it will make sure the nine terms are covered and improve learning outcomes, and result in good overall performance – it can also affect tertiary admissions, thereby affecting the academic calendar for years to come.

The original calendar for beginning the academic year of tertiary institutions is August/September, which is meant to ensure that the schools are able to cover one semester comprising four months.

So, if WASSCE begins in May/June it obviously going to affect the academic calendar, since WEAC cannot release the results in one month by August.

Gov’t to revive collapsed cashew factories

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Government has, as part of its industrialisation drive, outlined measures aimed reviving all collapsed cashew processing factories in the country.

Key among the steps is a joint effort by the Ghana Export Promotion Authority (GEPA) and the Exim Bank to offer financial support for the retooling of troubled factories to use state-of-the-art technologies to ensure efficient processing for optimum output.

There are 13 cashew processing factories in the country, with a total production capacity of about 65,000 metric tonnes. The majority of cashew factories are small-scale and situated in the Brong Ahafo Region, which is the cashew hub of Ghana.

Challenges such as lack of capital to compete for the raw nuts and use of obsolete machines have caused most of the plants to fold-up, leaving only two in operation.

In an interview with B&FT, the Deputy CEO of GEPA, Eric Twum, said government is committed to retooling all cashew companies to revive and sustain processing rather than exporting raw nuts.

“GEPA has got in touch with those factories that need support; an audit will be conducted to ascertain the exact support that each firm will require.”

The authority, he noted, has also initiated moves to support private investors to venture into processing cashew fruit.

Statistics show that last year about 250,000 metric tonnes of cashew fruit got rotten on the farms. Cashew fruit can be processed into jam, ethanol and juice, among others.

“Henceforth the cashew industry will be catered for properly by strategic interventions, not by default,” he added.

The revival of cashew processing will be the carry-through of an international protocol Ghana has signed. He explained that the protocol requires about 50% processing of cashew produced in the ECOWAS sub-Region by 2030. The Deputy GEPA boss urged exporters to show interest in the cause of processing raw nuts locally.

Other interventions targetted at development of the cashew industry include the proposed cashew export levy. Government is in the process of slapping an export levy on raw cashew nuts (RCN).

The levy is expected to discourage excessive exportation of RCN and promote local processing of the commodity. It will generate revenue into the coffers of the yet to be established Cashew Development Fund, planned to give a financial backbone to cashew development initiatives.

A mass spraying and distribution of grafted seedlings programme has also commenced. The programme covers improvement of existing cashew farms through farm clearing, spraying and pruning to set a roadmap for farms’ expansion, and establishment of new ones to boost production level.

The exercise targets about 70,000 acres every year; it is expected to increase cashew production by 30%.

Current production is pegged at 70,000mt. The commodity is one of the fast-growing cash crops in the country.

It is presently Ghana’s leading agricultural non-traditional export (NTE), fetching about US$197million in 2016, representing 53% of the total US$371million earnings from the agricultural NTE sub-sector.

All 216 districts to participate in 22nd Int. Trade Fair

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Dr. Agnes Adu – CEO, Ghana Trade Fair Company Limited

The 22nd edition of the International Trade Fair, slated for February 28 to 7th March 2018, is expected to host all 216 districts across the country to showcase indigenous products and services as well as network with foreign partners.

For the first time in the history of the fair, the districts’ stands will be the platform to engage prospective investors and aid government’s 1 District, 1 Factory [1D,1F] industralisation agenda.

According to the CEO of Ghana Trade Fair Company Limited, Dr. Agnes Adu, the fair is to create a network-atmosphere that companies can communicate in, with 600 local and foreign exhibitors earmarked to attend.

“This year, because we are partnering with the 1D1F, which is a new initiative, we will highlight the initiative; we going to attempt including all 216 districts that the initiative has mapped out, and bring out the potentials in those districts and what government is planning to do within the programme in each district,” she told B&FT in a press interaction in Accra.

“We have partnered with the 1D1F secretariat, but under the Ministry of Trade; and what we are going to do is link that initiative to come in and network with different companies that are under the flagship programmes – from financing, to equipment, to logistics, to the planning of it.

“All those companies have been invited through the embassies, private corporations and startups. So, we have invited all of them to come and then we will link the two entities [1D1F] and the foreign partners according to how we can create opportunities, and then help that initiative to get to the next level,” she added.

With registration ongoing, Dr. Adu says this year’s event promises to be fun-filled, interlaced with seminars and historical slices.

Among activities lined up is includes breakfast with CEOs, a street jam, food bazaar, and music all in a bid to engender confidence in the new trade fair and make it a memorable time for patrons.

Dr. Adu explained that the fair, during its ‘boom days’ could host about 250 to about 400 exhibitors. “We have two pavilions and a combination of the pavilions hosts about 130 exhibitors. So, both pavilions when filled during the fair could host about 260 exhibitors; then the outside is also staged and can host an additional 150, even at its lowest, and if it is well-patronised can host about 300 exhibitors”.

She indicated that monies are being raised through sponsorships, selling the stands, and exhibitors’ contributions. A stand for a foreign exhibitor is going for GH₵4,000 while a local exhibitor is expected to pay GH₵2,000.

The International Trade Fair comes off once a year, and is not intended to generate revenue but industrialse Ghana and create jobs. The Ghana Trade Fair Company Limited is the vehicle through which government promotes trade and industry.

Minister cautions BA over passenger complaints

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Aviation Minister, Madam Cecilia Abena Dapaah, has sent strong words of caution to British Airways (BA) as passenger complaints over treatments they receive from the airline continue to be on the increase.

She said the airliner risks facing some sanction if those complaints were not addressed with utmost urgency.

“If I must be emphatic, you have pushed us to the wall and very soon you will hear from us because we cannot sit down for this to happen continuously.

…it is not cheap to fly on BA because passengers have to pay for premium, besides enjoying monopoly, and for that matter, Ghanaians do not deserve this kind treatment at all,” she told officials of the airline at a meeting in Accra.

The minister’s angry toned comments were in response to reports of bedbugs in some British Airways flights which has become an issue of concern for travelling Ghanaians.

A British Airways flight bound for Kotoka International Airport on Saturday was delayed after the cabin crew reportedly found bedbugs on the aircraft during their checks.

Officials of the airliner have come out to confirm that there were bedbugs on the scheduled aircraft but the one that brought in the passengers was not infested with the insects as they had to change planes, resulting in a delay of flight.

The airline has released a statement explaining that the presence of bed bugs is an issue faced occasionally by hotels and airlines all over the world.

“British Airways operates more than 280,000 flights on 280 routes every year, and reports of bed bugs on board are extremely rare. Nevertheless, we are vigilant and continually monitor our aircraft.

The comfort of our customers is a top priority and a specialist team took immediate steps to resolve this issue,” the statement noted.

But according to the aviation minister, the airline will have to do more beyond the explanation and work to repair “their dented image” in the country.

She admonished BA to change its attitude towards Ghanaian passengers for both its inbound and outbound flights.

“We all want the country to be conducive for business; but we will not sit down to be cheated out of our convenience,” she emphasised.

BoG urges consolidation

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After revoking two banking licences, the central bank appears not satisfied with the numbers, still, as it has come open and is “urging” mergers among the particularly undercapitalised local banks.

To meet the new GH¢400million minimum capital required of them, the banking sector regulator is “urging small and undercapitalised banks with corporate governance challenges, among others, to merge and consolidate their operations”.

In a speech read on his behalf at the 5th anniversary launch of The Royal Bank (TRB), Governor of the Bank of Ghana, Ernest Yedu Addison, said the new minimum capital requirement offers valuable opportunities for consolidation within the banking industry.

“As the central bank, we believe that there are more benefits to be gained from consolidation – hence our bias to encouraging mergers in the industry,” the speech said.

“The consolidation process will expectedly lead to the emergence of big banks to help finance high-valued projects that will be transformative for the Ghanaian economy. In addition, bank consolidation will pave way for bigger operations with relatively lower costs associated with the provision of banking services.

“These will ensure stability and sustainability of the banking sector, and contribute to enhancement of the financial system’s resilience and contribution to the needs of our growing economy,” it said.

The Bank of Ghana, on September 11, 2017, announced that it had increased the minimum capital requirement of banks from GH¢120million to GH¢400million, representing a 233 percent jump.

The commercial banks have until December 2018 to meet the new requirement.

Since the announcement analysts and industry players have expressed mixed opinions; while some worry about wiping out of local players – who are already in the minority when it comes to total assets, others believe that the economy needs bigger banks; and if locals cannot match up, they have to exit.

But the central bank says the new Banks and Special Deposit Institutions (SDI) Act makes provision for the establishment of criteria for mergers and acquisitions, which addresses in more detail what the Bank of Ghana must consider in determining whether or not to approve a merger or amalgamation under the Act.

“These include consideration of competitive effects, financial and managerial resources of the institutions involved, the convenience and needs of the community to be served, the risk to financial stability, and the effectiveness of institutions involved in combatting money laundering and terrorist financing.

Banks should therefore take advantage of these considerations and their associated benefits in detailing plans toward meeting the minimum capital requirement by December, 2018,” the Governor’s statement added.

 

Need for sound risk management

While they require enough capital to execute operational strategies, banks must be mindful of the fact that adequate capital is not a replacement for sound risk management, the Governor said.

“It is for this reason that the Bank of Ghana will continue imploring banks to improve on the quality of risk management systems, corporate governance and internal control practices. By adopting sound risk management practices, banks will be able to assess and set aside the appropriate capital needed for inherent operational risks as required under the Capital Requirement Directives (CRD) and under the Basel II/III framework.”

The BoG noted that it is currently waiting for feedback from the industry on the exposure draft that has been shared with the industry.

The Governor stressed that the BoG will ensure banks comply with the International Financial Reporting Standards (IFRS) to guarantee uniformity in presentation of financial accounts and accompanying notes to financial accounts.

“The bank will take the necessary steps implementing the newly-issued accounting standard for financial instruments (IFRS 9) in 2018. By so doing, banks will take advantage of the expected credit loss model, which better reflects the fact that credit risk builds in a bank’s portfolio and credit quality deterioration occurs far earlier than when loss events are evidenced,” he added.

Speaker of Parliament takes office as ag. President

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The Speaker of Parliament, Prof. Michael Aaron Oquaye has been sworn into office as acting President of the Republic of Ghana following the unexpected absence of President Nana Akufo-Addo and the current Vice-President Dr. Mahamudu Bawumia.

This is in fulfilment of Article 60 (11) and (12) of the 1992 constitution.

Clause 11 stated that “Where the President and the Vice President are both unable to perform the functions of the President, the Speaker shall perform those functions until the President or the Vice President is able to perform those functions or a new Vice President assumes office, as the case may be”.

Article 60 (12) states that ” The Speaker shall, before commencing to perform the functions of the President under clause 11 of this article, take and subscribe the oath set out in relation to the office of President “.

Chief Justice, Justice Sophia Akuffo administered the Oath of Allegiance and the Presidential oath to the Speaker in front of Members of Parliament in Accra on Sunday.

Prof Oquaye’s temporal assumption to the highest office of the land follows President Akufo-Addo departure to Monrovia, Liberia to attend the Presidential inauguration of President elect of Liberia, Senator George Oppon Weah.

Vice President, Dr Mahamadu Bawumia is also currently receiving medical attention outside the country.

A communication from the President in accordance with article 59 of the 1992 constitution by the Speaker indicates that the President who left the shores of the country on Sunday, January, 21 for the inaugural event will return on Tuesday, January, 23, 2018.

Majority leader, Osei-Kyei-Mensah-Bonsu, emphasized to interpret Article 60 (8) and 60 11) in tandem.

He proposed the need for a constitutional amendment to resolve the ambiguities.

Minority leader, Haruna Iddrisu called for a need to adequately resolve the interpretational bottleneck with the provision once and for all emphasising that the President’s absence from Ghana is not same as unable to perform functions.

He commended the Speaker for assuming that role but said Nana Addo is still the President of Ghana.

He wished the Vice President well and expressed the hope that he recovers quickly and return to work.

Second Deputy Speaker, Joseph Osei-Owusu per Order 13(2) of the Standing Orders of Parliament recalled the house for the swearing in ceremony to fill the political vacuum created as a result.

Provisions of Order 13(2) requires that in the unavoidable absence of the Speaker, the First Deputy Speaker shall perform the duties and exercise the authority of Mr Speaker in relation to all proceedings if the House until Mr Speaker resumes the Chair, without any further communication to the House.

The house has accordingly adjourn sine die but is expected to resume on Tuesday, 23rd January,2018.

Speaker of Parliament to be sworn in as ag. President

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The Speaker of Parliament, Rt. Hon Prof. Mike Ocquaye is expected to be sworn in as President following an expected absence of President Nana Akufo-Addo and the current abhe Vice-President Dr. Mahamudu Bawumia.

The practice of swearing in acting Presidents has been challenged in court as insignificant.

President Nana Akufo-Addo is expected to leave the country for Liberia Sunday while the Vice-President is already in the UK undergoing further medical treatment.

Parliament has been recalled to fill the political vacuum with the Speaker of Parliament who is the third in the line of four most powerful political leaders constitutionally mandated to act in the absence of the first two.

A statement signed by the Deputy Speaker of Parliament Joseph Osei-Owusu set  the date of the expected swearing-in at Sunday 2:30pm.

Parliament recall

 

 

 

Oscar Yao Doe: the man whose love for the creative arts and philanthropy lands him a MUSIGA Pillar award

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Oscar Yao Doe walked majestically to the podium and the President of the Republic, Nana Addo Dankwa Akufo-Addo was looking at him with smiles and ready to reward the man for his unflinching and selfless support for the creative arts industry from musicians, movie stars, and artists.

Many are the storied tales about Oscar Yao Doe when it comes to his support for the arts. He offers his luxury vehicles –which he rents for state visits, weddings, and other high profile events– to musicians for their music videos and to movie stars for their red carpet ceremonies for free.

He buys a lot of paintings and art works by the artists to make sure they have a regular stream of income and while at it all, his financial support for art exhibitions in Ghana for years is uncountable. Apart from that he, three years ago, instituted the red carpet award to reward the best dressed celebrities at major awards shows with €5,000 shopping voucher grand prize with plane tickets.

He, in 2014, bought the 1960 Oscar Tella Guitar belonging to Agya Koo Nimo for GH¢15,000, a musical legend, during the auction at the MUSIGA Grand Ball event. Mr. Nimo was so much impressed his gesture that he travelled from Kumasi, in his old age, and paid Oscar a visit to say thank you in a grand style.

Mr. Nimo was accompanied by his student master guitarist popularly called Sporatz and a team from MUSIGA headed by the President, Bice Osei Kuffour. He and his disciple serenaded the guests with sweet authentic live music from their acoustic guitars. Tune after tune with accompanying history and all present couldn’t help but join with claps and dances as they partied deep into the night.

These are but a few of the many works of Oscar Yao Doe, who is the President and Executive Chairman of Doscar Group Holdings, Eurotour GH, Eurotour Logistics and Eurostar Global Limousines, which led the Musicians Union of Ghana (MUSIGA), to insist on acknowledging his contributions to not just musicians in the country but the entire creative arts industry.

In a letter to Mr. Doe, MUSIGA noted that The Music Pillar Honour Award is for individuals and organisations who have been of great support and have played pivotal roles in the development of the music sector and MUSIGA.

“Your contributions to the evolution of music, fashion, event red carpet and support for MUSIGA over the past years makes you a pillar in the industry and we feel you are much deserved of this honour. Past Winners of the Music Industry Pillar Award (MIPA) include Dr. Kwabena Duffour, Osei Kwame Despite, Nana Konadu Agyeman Rawlings, Apostle Kwadwo Safo and Edward Boateng.”

At the glittering ceremony, Mr. Doe was presented with a citation, a trophy and an iconic music instrument.

The ceremony was compered by seasoned broadcaster and reigning GJA Journalist of the year, Kwame Sefa Kayi. The glamorous event was graced by Nana Addo Dankwa Akufo-Addo, the president; former First Lady Nana Konadu Agyeman Rawlings; Ken Agyapong, and a host of other government officials and stakeholders in Ghana’s music industry.

The gala was put together to raise funds for the Aging Musician’s Welfare Fund, as well as the MUSIGA Academy.

In his speech, president of the union, Bice Osei Kuffour (Obour) reiterated the motive of the Aging Musicians’ Welfare Fund as an essential initiative to secure the wellbeing and dignity of musicians in the welfare of their careers. He also touched on new projects his administration is rolling g out, such as the Play More Campaign, as well as the Future Project.

Musical performances on the night came from singer Becca, who rendered a touching tribute to Awurama Badu, before submitting her own songs, “Bronya” boys Wutah (who also did a tribute to late highlife great Paapa Yankson), Nana Ampadu, AB Crentsil, Daddy Lumba, and Ivorian megastar Freddy Meiway.

National Petroleum Authority (NPA) boss Hassan Tampuli served as board chairman for the MUSIGA Grand Ball 2017.

Lifetime Achievement Honours were presented to five deserving recipients: Nana Ampadu (creditec with over 100 albums), Jewel Aka (author of 27 albums), Obuoba J.A Adofo, Fante vocal legend CK Mann, and “Moses” songer A.B Crentsil. They all took home ₵10,000, as well as a promise by Hon. Ken Agyapong to give them a monthly donation of ₵5000 each for the rest of their lives.

Key items were also auctioned to support the Aging Musicians Welfare Fund, such as Paapa Yankson’s trumpet and flute as well as a painting of.f his, Awurama Badu’s acoustic guitar, and Agya Koo Nimo’s pentatonic xylofon.

President Akufo Addo, in his submission, hailed the efforts of musicians both old and new, reassuring of his support for that arm of the creative arts industry, and also purchased special souvenirs at an undisclosed amount.

 

Rebecca Akufo-Addo commissions new KATH MBU

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First Lady of Ghana, Mrs. Rebecca Akufo-Addo

The First Lady, Mrs. Rebecca Akufo-Addo has officially commissioned and handed over the newly constructed Mother and Baby Unit at the Komfo Anokye Teaching Hospital (KATH), in Kumasi, to the management of the hospital.

The construction of the new Mother and Baby Unit, facilitated by the Rebecca Foundation, is expected to ease the lifelong congestion and the plight women who go to the KATH for delivery, due to the delay in the completion of the old maternity block, begun about 45 years ago.

Mrs. Akufo-Adddo whose Foundation built the new Center said the condition of nursing mothers and the harrowing maternal and infant mortality statistics revealed through a documentary on the state of the Kath maternity inspired the efforts to galvanize support for a change.

She said she finds fulfillment in what has been achieved through the efforts both the media and the Ghanaian people who contributed in diverse ways towards the construction of the facility.

She noted that the process of the completion, whilst it reveals among lessons that Ghanaians are capable of solving their own challenges will go a long way to reduce the unfortunate deaths that were occurring at the old and congested block of the Hospital.

The Health Minister, Mr. Kwaku Agyeman-Manu, praised the efforts put in by the First Lady and her Foundation, together with the other partners, to secure funds for the construction of the project.

He charged the KATH Board and Management to ensure the new facility, which he christened ‘the Nana Afia Kobi Serwaah Ampem II Center’ to be maintained to the benefit of the future generation as well.

To do this, he said the Ministry of Health will conduct periodic checks on the facility – every three months, so as to track the maintenance and care regime of the project.

Whilst pledging the management’s commitment to ensuring the facility is properly taken care of the Ag. Chief Executive Officer of KATH, Dr. Oheneba Owusu-Danso, noted that the completion of the new facility, the CEO said maternity, neonatal and pediatric care shall improve remarkably.

The new facility, being the first of its kind in Africa and certified as energy efficient facility per its architectural design and materials used will lead to reduction of over 50 per cent electricity usage, over 30 per cent water usage

It was also constructed in a record time of just within six months after the sod was cut for its construction. It has 20 new incubators, and about 130 delivery beds and 12 mothers can go through delivery at the same time.

The new facility also boasts of an ultra-modern feeding room. Mothers have been provided with recliner seats to make breastfeeding comfortable, healthy and in a clean and serene atmosphere.

 

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