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Moody’s Rates Ghana’s Economic Outlook From Stable To Positive

Credit Ratings Agency, Moody's has revised Ghana’s economic outlook ratings from stable to positive. Moody’s has also affirmed the country’s long-term issuer and senior unsecured bond ratings at B3. Moody’s in a statement explained that its decision to assign a positive outlook stems from its rising confidence that the country’s institutions and policy settings will lead to fiscal stability among others as a result of the reforms implemented under the recent IMF reform programme. “The decision to assign a positive outlook reflects Moody’s rising confidence that the country’s institutions and policy settings will foster improved macroeconomic and fiscal stability over the medium term, in part as a consequence of the reforms implemented under the recent IMF reform program. Those reforms are beginning to bear fruit, as seen for example in the return to primary fiscal surpluses, measures to smooth the debt maturity profile and increasingly sustainable growth prospects. Pressures..

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Akufo-Addo Woo Investors To Access Common Market Through Ghana

Ghana for the past three days has sent a strong signal to potential investors in the United Kingdom and the entire global community as a preferred destination of accessing the African common market coupled with political stability for their business operations. This was disclosed by His Excellency President Nana Addo Dankwa Akufo-Addo during his keynote address at the second Ghana Investment and Opportunity Summit (GHIOS) which was held from 21st to 22nd January 2020 at the prestigious London Hilton Hotel on Park Lane. The theme for the Summit was “Accessing the African Common Market through Ghana: Technology, Digitisation and industrialisation”. The Summit attracted more than 500 delegates drawn from both Ghana and the United Kingdom Government officials, captains of industries from both corporate Ghana and the UK, international investor community, venture capitalist, private equity fund managers, the fintech industry as well as global firms. In his keynote address, the Presiden..

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Moody’s Gives Ghana’s Economic Outlook Clean Bill Of Health

Moody’s Investors Service (“Moody’s”), a rating agency, has affirmed Ghana’s long-term issuer and senior unsecured bond ratings at B3. It has also changed the outlook of Ghana from stable to positive. The decisions were announced in a statement issued by Moody’s in New York on January 24, 2020. According to the statement, Moody’s has concurrently affirmed the rating of the bond enhanced by a partial guarantee from the International Development Association (IDA, Aaa stable) at B1. The decision to assign a positive outlook, the statement noted, reflects Moody’s rising confidence that the country’s institutions and policy settings will foster improved macroeconomic and fiscal stability over the medium term, in part as a consequence of the reforms implemented under the recent IMF reform program. It added that “those reforms are beginning to bear fruit, as seen for example in the return to primary fiscal surpluses, measures to smooth the debt maturity profile and increasingly sustainab..

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The Investment Sector Crisis And The Lessons Going Forward

Listen to articleIntroduction Investing is one of the surest ways of accumulating wealth. Investments are good for personal reasons and on the national level, they are good for sustainable wealth creation and eradication of poverty. Government and investment houses have all done their bits to encourage people to invest. However, investor confidence has dwindled in Ghana for the past two years because investors have investments locked up while they are struggling to meet their basic needs. The regulator and some industry players have done some publications on the possible causes of the crises. It is, therefore, a public knowledge that the crisis came from the negligence of several players – the investors, the regulator, the asset management firms, among others. This article is aimed at throwing more light on the causes of the crisis and how they can be prevented going forward. It touches on how financial inclusion started, what went wrong, what the investors, regulator, players in the i..

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Diaspora Bond Or Ghana Diaspora Growth Fund?

Adolf Kofi Afful – former Chairman – Council of Ghanaian Associations (Washington D.C. metro). Listen to articleAs a keen observer of developments in Ghana, I was struck by the announcement by the Finance Ministry about the future issuance of a $3b Diaspora bond that will be directed towards infrastructure development in Ghana. I write on this subject regarding the Ghanaian diaspora as I have spearheaded the dialogue a few times in the Ghanaian community here in the Washington DC metro area through the Embassy of Ghana during and after my tenure as Chairman of the Council of Ghanaian Association. Through efforts leveraged by people from different constituents, we were able to secure the creation of the Diaspora Director at the Ministry of Foreign Affairs during President Mahama administration. This was followed by the appointment of a senior officer at the diaspora desk at most or all Ghana missions abroad. Through further efforts, President Akufo Addo took the bold step and moved ..

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Angry Workers Of Coca-Cola Ghana Want Sacked MD Back

Workers of the Coca-Cola Bottling Company of Ghana have embarked on a protest against the removal of the company's Managing Director, Seth Adu-Baah. The workers, who have been protesting since Monday, January 20, 2020, in their red arm and headbands, have accused the company of unfair treatment against Ghanaian managers. Seth Adu-Baah, who has worked with the company for 18 years, has served as MD of Coca Cola in Sierra Leone, The Gambia and Ghana before he was allegedly forced out of the company by the Regional Head of the company this week. The roles he has served in, have given him wide-ranging experience in all aspects of financial management and control, and crucially, supply chain management, and involved liaising with banks, external auditors, tax authorities and consultants. According to the workers, Felix Gomez, the Senegalese MD for West African countries instigated Mr. Adu-Baah's removal. They have vowed to resist any new MD who may be appointed. Seth Adu-Ba..

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Bawumia Insists NPP First Term Economic Record Unmatched In The Fourth Republic

No government in its first term under the Fourth Republic can match the economic record of the Nana Akufo-Addo administration, the Vice President, Dr Mahamudu Bawumia, has averred. “For virtually every economic measure, from inflation to interest rates, exchange rate depreciation, rate of increase of utility prices, social interventions, like Free SHS, job creation, infrastructure etc.. the data shows clearly that no government has achieved as much as the government of President Nana Addo Dankwa Akufo-Addo, and I challenge anyone to provide any facts to dispute it” the Vice President declared on Thursday 23rd January 2020. Vice President Bawumia, who was addressing delegates at the ongoing consultative meeting of the National Council of Zongo Chiefs at Kyebi in the Eastern Region, said: “I can tell you, in all humility, and without any fear of contradiction - because when you speak, you should speak with data, or on the basis of data. A lot of people speak, and they speak with propagan..

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Newmont Ghana Rebrands; Marks Centenary Celebrations On May 2

Newmont has announced a refreshed brand, name and logo to reflect its strong and stable foundation following two historic transactions in the company's operations in 2019. The two transactions – Newmont's successful combination with Goldcorp and the Joint Venture with Barrick – have both transformed Newmont into a truly international organization with unmatched portfolio of assets and prospects globally. The Company's refreshed brand was unveiled to mark Newmont's entry into its next centenary of superior performance, value creation and sustainability leadership which begins May 2, 2021. Approaching 100 years as a global leader in mining, the 'Newmont' name is well recognized in Ghana and beyond and has been an iconic brand among the S&P 500 and various indexes. The updated Newmont logo leverages the gold triangle from the previous logo – which represents the apex of the industry and the pinnacle of leadership – to anchor the strength and stability conv..

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After Losing $2.3 Billion At UBS, Kweku Adoboli Now Seeks Redemption In Ghanaian Bonds

Former UBS Group AG trader Kweku Adoboli fought to avoid deportation from the U.K. to the nation of his birth after his conviction for a $2.3 billion loss at the Swiss bank. Now, he is seeking a comeback in Ghana with a plan to kick-start its mortgage-backed bond market. The 39-year-old was extradited to Ghana in November 2018 after being jailed in 2012. He spent the first nine months mostly indoors as he struggled with depression. Support from family and friends helped him shake ambitions of returning to England, his home since the age of 12, and to make peace with a new life in Tema. Nowadays, Adoboli speaks — albeit in a British accent — like he never set foot out of Ghana as he talks about the gaps in the country’s mortgage-financing market. “Our job now is to look for ways to expand banks’ balance sheet, to create a mortgage market that would allow us to increase demand-side funding for housing,” Adoboli said during an interview in the lounge area of a five-star hotel in Accra. “W..

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GCB To Launch Mobile Wallet Service Soon

Ray Anselm Sowah Listen to articleGhana Commercial Bank (GCB) will officially launch “G-Money”, an industry first mobile wallet service on Friday, January 30. The move, which forms part of GCB's commitment to driving financial inclusion in its strategic objectives, comes after the bank's receipt of approval from the Bank of Ghana (BoG) on November 25, 2019 to create electronic value backed by equivalent cash to serve customers. Apart from affording customers the freedom to perform transactions regardless of their mobile network operator, G-Money will also create an enabling environment for the ongoing digitization processes in Ghana's economy. Speaking ahead of the launch, Ray Sowah, MD of GCB explained the relevance of the mobile wallet service to the nation's development saying, “Under goal-nine of the UN Sustainable Development Goals (SDG-9) which focuses on industry, innovation and infrastructure, the bank seeks to bridge the digital divide which is crucial..

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