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COCOBOD Receives $600m Syndicated Loan From AfDB

COCOBOD has received a $600 million syndicated loan facility from the African Development Bank (AfDB) and Credit Suisse Group AG. This is to enable it finance key components of the organisation’s productivity enhancement programmes. The signing ceremony took place on the sidelines of the 2nd Edition of the Africa Investment Forum, on Tuesday in Johannesburg, South Africa, a ceremony witnessed by the President of the Republic, Nana Addo Dankwa Akufo-Addo It would be recalled that, in 2017, discussions first took place between President Akufo-Addo, and Dr. Akinwumi Adesina, President of the African Development Bank, regarding the urgent need for the transformation of Ghana’s cocoa sector. These discussions, and subsequent follow up meetings, culminated in Tuesday’s signing ceremony, which will ensure that COCOBOD implements production, warehousing and processing interventions, with the ultimate aim of boosting farmers’ incomes, and adding value to Ghana’s cocoa beans. In deliverin..

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BoG Guidelines For Repurchasing Agreements Effective April 2, 2020

The Bank of Ghana (BoG) has launched new guidelines for repo trading on the Ghanaian market. The move is to have a well-functioning repo market and contribute to the efficient allocation of capital in the real economy by supporting liquidity in other markets. It is a new guideline that would help better regulate the purchase of government securities like treasury bills, bonds, notes and Eurobonds. Speaking at the launch in Accra, Governor of the Bank of Ghana Dr Ernest Addison said, “This is once again another milestone as we continuously work to deepen Ghana’s capital market. I will briefly share a few remarks on this initiative and the expected impact on the financial markets.” Dr Addison said the guidelines is based on the standard 2011 Global Master Repurchase Agreement. All the directives in the guidelines are binding on eligible counterparties and will serve as the regulatory guidance for repo trading going forward. He added, “The key features of the GMRA-based repo guidelin..

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Weak Regulations Cause Of 53 Fund Management Firms Collapse

The President of the Ghana Securities Industry Association, Emmanuel Alex Asiedu, has blamed recent revocation of the licenses of 53 Fund Management Companies in the country on poor standards in that sector. The Securities and Exchange Commission (SEC) announced the revocations last Friday citing non-payment of client funds among other infractions. Speaking toCiti News, Mr. Asiedu attributed the crisis on poor governance structures, an under-resourced regulator and not enough enforcement which “created this vicious cycle where people were copying what others had done.” “If you added all that, it created a toxic mix of poor assets and that is what we have,” he added. According to him, the sector, with GHc 40 billion worth of assets under management, GHc115 billion in banking sector assets and some 148 fund management firms was too much for the under-resourced SEC to regulate. “This industry has been doing about 69 percent growth over the past 10 years per anum. So it was like teena..

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2019 African Investment Forum Attracts Growing Int’l Interest

The Africa Investment Forum is making phenomenal progress in attracting interest from all over the world since launching at the Sandton Convention Centre in 2018. The value of boardroom transactions which will be negotiated this year will be considerably higher compared to $43bn in 2018. A hundred and nine countries are represented at this year’s conference, 61 of which are not African, indicating growing international interest in the annual gathering. International financiers spoke at Monday morning’s press conference about the need for African countries to work together in order to speed up the continent’s international appeal as a lucrative investment destination. Afreximbank President Prof. Benedict Oramah expressed concern over the fragmentation of 55 markets on the continent. “Until Africa forms a common platform for an economic and integrated continent, some countries will not survive. All around the world continents are working together. Multilateralism is becoming a challe..

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SSNIT Educate Workers On 2019 Pension Indexation

The recent novelties in the service delivery of the Social Security and National Insurance Trust (SSNIT) are being appreciated by many workers and pensioners. The periodic and consistent updates about contributions and lately the 2019 pension indexation are new features of the SSNIT since it came under a new management after the exit of the previous government. Recently, the Tema branch of the National Pensioners Association (NPA) expressed appreciation. The pensioners are excited about the public education programme of the trust which recently saw the General Manager, Benefits, Robert Owusu-Sekyere, explaining some recent novelties by the trust to them. At the Tema Community One branch of the NPA, the general manager educated the pensioners about the rationale behind the 2019 pension indexation which until the programme was not understood by many. The pensioners learnt about indexation and what informed the 11 per cent increment of pensions for 2019. He told his hosts that “inde..

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Union Threatens Shutdown Of South African Airline Over Proposed Lay Off

Trade union, the National Transport Movement has threatened to completely shut down South African Airways after the embattled state airline announced that it would undergo restructuring. On Monday, the airline said it has started a restructuring process that could see its workforce cut by almost a fifth. As required by South African law, the carrier has started talks with labour unions about its plans, which could affect 944 of its 5,149 employees, SAA said in an emailed statement. President of the National Transport Movement Mashudu Raphetha said that the retrenchments were anticipated and that his union’s membership was taking a ballot on whether to embark on strike action. He added that his union has reached out to sister organisations such as Numsa to also engage in the industrial action. “It is time now to unite and we are going to shutdown. We have been trying to engage with the company but it is not (being reasonable) and is not listening to us. “Our doors are open and we ..

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2020 Budget: Expectations Of Ghanaians And ‘Reckless Spending’ On Elections

Hbtvghana.com has gathered that as the Finance Minister, Ken Ofori-Atta, readies to present the budget statement for the 2020 electioneering year tomorrow Wednesday 13th November 2019, there are growing concerns from majority of Ghanaians that it is most likely the government will overspend. There is a strong feeling of panic out there that the 2020 Budget may turnout be another ‘Sikadie’ (reckless spending) budget statement since politicians will do anything in an election year. This is because there is usually an attempt to mainly abuse incumbency by influencing the electoral populace to advance political fortunes as part of all efforts to outwit the main opposition. This is against the backdrop of what has often happened in the past particularly in electioneering years, where politicians, particularly the ruling government flex financial muscles across the country. The 2020 Budget to be presented by the finance minister is likely to be a bit different from the ordinary years bec..

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Securities Association Wants Clear Processes For Retrieval Of Customers Cash

The Ghana Securities Industry Association (GSIA) wants the Securities and Exchanges Commission (SEC) to provide clarity on the processes put in place for customers who invested their monies in the 53 fund management companies whose licenses had been revoked to retrieve their investments. This, the Associations says, will help minimise the adverse impacts of low investor confidence usually associated with revocation of licenses. In a release, the group indicated that although it welcomes mechanisms that will shore up the industry and ultimately boost investor confidence, it is was also imperative that validated claims by fund managers are settled. “The SEC must provide clarity on the path forward for investors whose monies were with collapsed firms. This will reduce investor panic and help to forestall a run on the industry. There must also be a clearly spelt out process for firms whose licences have been revoked and who feel they may have a genuine case for review.” Portions of the..

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Young Ghanaian Entrepreneur who won 4 awards in the US launches Ghana’s first online cosmetics shop

A photo of David MarfoAfter sweeping 4 awards at the Avon Presidential recognition program in the United States early this year, David Marfo launched what many described as "Ghana's first online cosmetics and perfumery shop." He believes the Ghanaian market is ready for such Innovations and that we can leverage on Digital Innovations to reach the perfume market more easily. "If you study the growth of convenient mobile payment methods and the need for convenience, it's clear that Ghanaians expect more from cosmetics companies", David Marfo said. A visibly confident David Marfo believes his online shop, www.shopavongh.com will meet some anticipated needs his clients have always had. According to him, the days of driving and shop hopping just to get your favorite and quality perfume brand is over. With just a tap or click, one can browse through his entire catalog of Avon cosmetics and pay using Mobile Money (MTN), Vodafone Cash, Airtel/TIGO Money or Visa/Mastercard. He further..

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Access Bank Partners Emirates For ‘Fly Now, Pay Later Service’

Access Bank Ghana, one of the leading retail banks in Ghana and a subsidiary of the Access Bank Group - which ranks amongst the top 20 Banks in Africa by assets and Emirates Airline - the fourth-largest airline in the world, have today announced the launch of a “Fly now, Pay Later” service for their customers. With this partnership, both Access Bank and Emirates Airlines are expanding and strengthening their loyalty offering in order to increase customer acquisition and provide a superior experience to their customers across the country. Under this new service, salaried customers, as well as other professionals, business owners and traders who are customers of Access Bank, will now enjoy a flexible financing arrangement from the Bank to pre-finance their Emirates travel packages and payback within 12 months repayment terms. The “Fly Now, Pay Later” service, which is in line with the Bank’s new brand promise of providing ‘more than banking’,will also provide discounted airfares to bo..

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