Goldridge and GNASSM sign agreement to boost value addition for gold locally – Citi Business News
Goldridge Ghana Limited, one of Ghana's leading exporters of precious minerals, has officially signed an agreement to do business with the Ghana National Association of Small Scale Miners. Speaking to Citi Business News, the Chairman of GGL, Dr. Sledge Nana Yaw Duodu, said small scale miners contribute approximately one-third of Ghana's total output of gold, gaining them a significant position in the business which needs to be harnessed to achieve its full potential for the benefit of the people involved and the nation at large. Registered in 2015, Goldridge Ghana Limited in 2019 exported 1.2 tonnes of gold worth over 50 million, placing it Number 1 on the list of top Ghanaian indigenous gold exporting companies.
HUAWEI nova 7i: The mobile gamers' secret weapon! – Citi Business News
Except for lag, have you lost a game because you were interrupted by pesky app notifications and pop-up messages? Or by receiving an important call? The HUAWEI nova 7i offers an acceptable solution for serious gamers: Game Dock. What is blistering gaming without a dependable battery? The nova 7i's 4,200 mAh battery gives you peace of mind over the long haul, and features 40W SuperCharge technology that fills it up from zero to 70% within 30 minutes in the rare case that the phone is running out of juice. If you're excited to try some advanced tech that could make mobile gaming tremendously better, we suggest checking out the HUAWEI nova 7i..
Revamp how you stay connected & get things done with Huawei's ecosystem of products & services – Citi Business News
This strategy includes product lineups like smartphones, such as the flagship HUAWEI Mate 40 Pro, along with wearables like the HUAWEI WATCH GT 2 Pro Moon Phase Collection, audio devices like the HUAWEI FreeBuds Pro or HUAWEI Sound X and laptops and tablets, like the HUAWEI MateBook X and MatePad Pro, all of which can be connected together for an immersive experience. All of these devices and services from Huawei are connected under one Huawei ID, which allows access to all of the cloud services for secure personal data, preferences being shared across devices and even enables customization through Huawei Themes. Huawei is accelerating towards this future with its connected ecosystem and 1+8+n strategy, bringing together all of its products and services under one umbrella, aiming to provide users with smart solutions.
Ghanaian informal sector businesses undergo training to boost capacity – Citi Business News
In its bid to sustain competitive and responsible enterprises within the informal sector, the International Labour Organisation, ILO, has commenced a training programme for some trade associations in the country like the Federation of Professional Trade Associations. The programme is part of the ILO's contribution to enhancing the capacity of the informal sector due to its effect on the country's economy. "We are so grateful that ILO has come to our aid and developed this training content for us. We are expecting that after the whole programme, we will leave here being very well vested in whatever training that they are giving to us so that at the end of the day we will also have the strength in leadership to develop our people and to make them dependent,".
Exporters to begin enjoying benefits of Ghana-UK trade deal from today – Prof. Kuruk – Citi Business News
Ghanaian exporters to the United Kingdom can from today March 5, 2021, begin enjoying the benefits inherent in the newly signed trade agreement between the two countries, even as Ghana's Parliament works to ratify the agreement. Speaking to Citi Business News on the new agreement, the Deputy Chairman of the Ghana International Trade Commission and a negotiator for the Ghana - UK trade agreement, Professor Paul Kuruk, said he expects Parliament to ratify the agreement without delay. "Ghana and the UK are pleased to announce that they have finalized negotiations on a new Interim Ghana-UK Trade Partnership Agreement. This Agreement will provide for duty-free and quota-free access for Ghana to the UK market and preferential tariff reductions for UK exporters to the Ghanaian market," a joint statement from the two countries said.
Institute policies to deal with unutilized gas – IES to government – Citi Business News
Industry report shows that the raw gas exported to Ghana National Gas Company from the three producing fields represent less than 38 percent of produced gas compared to reinjected and flared gas which is in excess of 68,000 million standard cubic feet, constituting 59 percent-plus of produced gas. In an interview with Citi Business News, a research analyst with IES, Fritz Moses said government must rather stimulate demand by putting in place relevant gas infrastructure and regulatory policies to resolve the issue of unutilized gas. "We already have excess gas being produced in the Western Region and when you are importing more gas at an extra cost that means you are putting extra burden on the country's finances. What we are suggesting is that there should rather be a liquefaction unit at Tema because that is the easiest point where we can reach other countries and where we can have the gas that we are producing in excesses at the Western Region being processed into a liquid form and transported to other countries who need gas".
UMB signs new Controller Loan Products with National Assoc. of Registered Midwives, Ghana – Citi Business News
Universal Merchant Bank, has signed an agreement with the National Association of Registered Midwives, Ghana, to offer its members on the controller payroll, a special UMB Controller Loan product of up to GHS150, 000, which will be spread over 48 months at a competitively low interest rate, with a turnaround time of 48 hours. The newly introduced UMB Controller Loan for the National Association of Registered Midwives Ghana, forms part of the many financial interventions UMB has rolled out to government workers and customers to offer them the needed financial cushion to finance their personal needs especially during these turbulent times. UMB currently has thirty-six branches, three UMB Centres for Businesses, 1 UMB PPP Incubator Centre and a vast network of ATMs. UMB is also ISO 27001 and PCI DSS certified.
Bolt receives €20m investment from IFC to boost access to mobility services in emerging markets – Citi Business News
IFC's €20 million investment and advisory services will help Bolt expand mobility solutions that create earning opportunities, stimulate small-scale entrepreneurship, and improve access to transportation in Eastern European and African markets. Markus Villig, CEO and Founder, Bolt, said: "We are looking forward to partnering with IFC to further support entrepreneurship, empower women and increase access to affordable mobility services in Africa and Eastern Europe. Together with the investment from the European Investment Bank last year, we are proud to have sizeable and strategically important institutions backing us and recognizing the strategic value Bolt is providing to emerging economies". Stephanie von Friedeburg, IFC Senior Vice President of Operations, said: "Technology can and should unlock new pathways for sustainable development and women's empowerment. Our investment in Bolt aims to help tap into technology to disrupt the transport sector in a way that is good for the environment, creates more flexible work opportunities for women, and provides safer and more affordable transportation access in emerging markets".
British Airways reconsiders route change from Gatwick to Heathrow – Citi Business News
British Airways has reconsidered its decision to operate its Ghana Services from the Heathrow Airport to Gatwick Airport for passengers travelling on the Accra - London route. It will be recalled that Ministry of Aviation on Tuesday, 19th January 2021, received a letter from the management of British Airways announcing that from June this year, that is the forthcoming summer, it will be moving its operation of British Airways Ghana Services from the London Heathrow Airport to London Gatwick Airport. Earlier, the UK-Ghana Chamber of Commerce urged management of British Airways to take into consideration the concerns of its clientele and reconsider the decision to operate British Airways Ghana Services from the London Gatwick Airport.
TAGG calls for engagement with stakeholders over port charge increment – Citi Business News
With the commencement of the increment of charges by the Ghana Ports and Harbours Authority, the Traders Advocacy Group Ghana, TAGG, is calling on government to relook at the high cost of freight charges and cost doing business in the country. According to the group, the effect the COVID-19 on businesses has been ravaging, thus the need for stakeholders within the industry, "To make trade facilitations in Ghana comfortable and all- inclusive from the trader's point of view to help move trade activities in the country." "According to the Ghana Shippers Authority Act 2012(L12190), Regulation 5 explains the negotiation of charges. But from all angles of the traders' front, it can be emphatically said that the Ghana Shippers Authority is not doing much as it claims to help make trade facilitations in Ghana comfortable," he said.
GRIDCo allays fears of ‘dumsor' following recent blackouts – Citi Business News
GRIDCo in attempts to take away the fears of citizens has explained that the power outages are only a result of some temporary challenges in the power supply chain. "First of all, let me just allay the fears of Ghanaians about the possible resumption of the dumsor period we experienced some years back. Dumsor is not back and I want to emphasize that," he stressed in an interview with Citi Business News. For some weeks now, different parts of the country have been experiencing power cuts, with the most recent one happening on Wednesday morning.
Interim Trade Partnership Agreement signed between Ghana and UK – Citi Business News
After years of negotiations, a new Interim Trade Partnership Agreement between the Republic of Ghana and the United Kingdom of Great Britain and Northern Ireland has been signed. The new Agreement replaces the Interim Ghana - European Union Economic Partnership Agreement which governed trade relations between Ghana and the UK until the Interim EPA Agreement ceased to apply to the UK on December 31, 2020. In his remarks on the new interim trade agreement, Trade Minister-designate, Alan Kyerematen stated that, negotiations between the technical teams of Ghana and the UK for this new trade framework started in March 2018 and as is often the case with trade agreements, it has taken a bit of time for consensus to be reached on the fundamental elements of the new Agreement.
Okonjo-Iweala's WTO appointment a win for AfCFTA – GUTA – Citi Business News
The Ghana Union of Traders Associations, GUTA, says the appointment of Ngozi Okonjo-Iweala as the new chief of the World Trade Organisation is a big win for the African Continental Free Trade Area Agreement. President of the Ghana Union of Traders Association, Dr Joseph Obeng believes madam Iweala's appointment and the commencement of the AfCFTA are timely. Madam Ngozi Okonjo-Iweala, the World Trade Organisation's first female and first African Director-General started work on March 1, 2021, after her appointment on February 15.She joins the World Trade Organization at a time when global trade has been greatly impacted BY the outbreak of the COVID-19 pandemic.
JICA, MoFA, GIDA support rice cultivation through Kpong Irrigation Scheme – Citi Business News
Through the Project for Enhancing Market-Based Agriculture by Smallholders and Private Sector Linkages in Kpong Irrigation Scheme in the Eastern Region, the Japan International Cooperation Agency is ensuring that rice cultivation increases and stable water distribution is enhanced. The Project was aimed at enhancing the capacity of GIDA for scheme management in KIS. This included increasing productivity and profitability of rice cultivation among smallholder farmers through strengthening Water User Association's capacity development, dissemination of optimum input for rice cultivation techniques and entrenching Market-Oriented Agriculture at KIS and in Ghana as a whole in future. In her remark, the Senior Representative of JICA in Ghana, Ms. Maki OZAWA noted: "For more than 30 years, JICA's cooperation and support for irrigated agriculture in Ghana has enhanced the capacities of both farmers and managers of irrigation schemes across the country, especially at the Kpong Irrigation Scheme, KIS. JICA dedicated the last five years focusing on Market-Based Agriculture for Smallholders and establishing private sector linkages for them and other stakeholders in the value-chain."
Closure of WAPCo's emergency valve to blame for Wednesday's power cut – GRIDCo – Citi Business News
The Ghana Grid Company Limited says the closure of an emergency valve at the West Africa Gas Pipeline Company is to blame for power cuts in parts of Ghana on Wednesday, March 3, 2021. "To avert a total system shutdown, power supply to some Bulk Supply Points was disrupted, causing outages in parts of the country," GRIDCo announced in a statement. POWER OUTAGES IN PARTS OF THE COUNTRY. Tema, Wednesday, March 03, 2021 - Ghana Grid Company Limited wishes to inform the general public that, at approximately 06:30 AM on Wednesday, March 03, 2021, the closure of an emergency valve at the West Africa Gas Pipeline Company, cut off gas supply to some generating plants in the country.
NIMED Capital Limited launches IPO for NIMED Lifetime Unit Trust – Citi Business News
NIMED Capital Limited, a fund management company licensed by the Securities and Exchange Commission and the National Pensions Regulatory Authority, NPRA, with specialty in investment banking and fund management, has announced the launch of its new unit trust - The NIMED Lifetime Unit Trust. The NIMED Lifetime Unit Trust is an open-ended fund with the aim of investing in investment grade fixed income securities that will provide investors with capital preservation, income and growth in the medium to long-term. "The offer proposes to raise an initial subscription between March 3rd, 2021 and March 23rd, 2021. It also has a minimum subscription of GHS 300 and thereafter in multiples of GHS 50 for investors. As we expect to roll out our first unit trust over the next few weeks, we are targeting an AUM of GHS 10million to GHS 20million in the first 2 years as we advise clients to take hold of their future by investing in the fund. Our focus will be on the fixed income market to generate good returns for the fund," said Abena Brigidi, the CEO of NIMED Capital Limited.
Dr. Okonjo-Iweala's WTO appointment good for Africa's trade
The Managing Director and Chief Executive Officer of FBNBank Ghana Limited, Victor Yaw Asante has stated that the appointment of Dr. Ngozi Okonjo-Iweala as Director-General of the World Trade Organisation coming at a time when AfCFTA is being rolled out across the continent is a good sign for Africa's trade. Speaking to participants at the recently held " Business Forum," Mr. Asante mentioned that "The excitement about Dr. Okonjo-Iweala's appointment should not be limited to her being an African and a woman but most importantly to the fact that her appointment, coming at a time when the African Continental Free Trade Area is being rolled-out, bodes well for Africa's trade within the continent and with the rest of the world. It is fantastic news for Africa." The African Continental Free Trade Area came into effect on Friday, January 1, 2021 and is the largest trade area in the world in terms of participating countries since the formation of the World Trade Organization.
BoG issues directive on dormant and unclaimed accounts – Citi Business News
The Bank of Ghana has issued a directive on unclaimed balances & dormant accounts for banks and specialized deposit-taking institutions. The directive requires a regulated financial institution to take adequate steps to contact an account holder at least three months prior to an account falling into dormancy and also take all necessary steps to identify a dormant account holder prior to initiating dormant account reactivation. The directive said a regulated financial institution shall display a poster in all banking halls on the process of reclaim of funds of dormant accounts transferred to the Bank of Ghana.
Registrar General awaits court order to continue paying clients of defunct FMCs – Citi Business News
The Registrar General, Jemima Oware, has disclosed that she is awaiting more winding down orders from the court assigned to handling the liquidation cases for fund management, before making more payment to customers whose funds have been locked-up in the various defunct fund management companies. Giving updates on the payment process, Mrs. Oware, in an interaction with Citi Business News, said she was waiting on the court to decide the next line of action, which will include holding more creditor meetings. These payments are still ongoing, according to the Registrar General, Jemima Oware, who is also the official liquidator for the collapsed Fund Management Companies.
CBOD launches 2019 petroleum industry report; demands action on illegal fuel trade – Citi Business News
The Ghana Chamber of Bulk Oil Distributors has launched in 2019 Petroleum Industry report with a call on government to take steps to quickly end the illegal trade in petroleum products in the downstream sector. Mrs. Appiah Owusu added: "As we delve into the report when we get our hands on our own copies, I will urge each and every one of us to focus on finding practical, bold, innovative and lasting solutions to the most pressing issues facing this industry. And that is what precisely what this report seeks to do." The 2019 Petroleum industry report marks an evolution from the CBOD Downstream Petroleum Reports published each year since 2016.