Author: lwadmin

The Public Interest and Accountability Committee (PIAC) has launched the ‘citizens version’ of the statutory annual report on the management and use of petroleum revenue.

The initiative is part of efforts to simplify and disseminate information to equip citizens with the needed knowledge for advocacy and decision-making.

The first edition of the document which was launched on Tuesday provides summarised and comprehensive information, which otherwise was regarded voluminous and technical in the original 2022 annual report.

It entails petroleum production and sales statistics, petroleum utilization, collection and allocation of petroleum revenues, distribution, and utilization of the Annual Budgetted Funds Amount (ABFA) among other areas.

Professor Nana Susubribi Krobea Boaten (S. K. B.) Asante, the paramount chief of Asante Asokore and the former President of the Ghana Academy of Arts and Sciences launched the 60-page document at a brief ceremony.

Emerita Professor Elizabeth Ardayfio-Schandorf, the Chairp
erson of PIAC, said the ‘Citizens Version’ reflected the committee’s commitment to promoting transparency and accountability which was crucial for prudent financial management.

She said the document was a vital resource aimed at empowering citizens to contribute to the governance of petroleum resources.

‘We believe that getting the public informed is the foundation of a transparent and accountable governance structure for our petroleum revenues,’ she said.

Ms Kathleen Addy, the Chairperson of the National Commission for Civic Education (NCCE), observed that participation in governance had become tedious for citizens due to lack of information to make informed comments and decisions on national issues.

The introduction of simplified version of the PIAC annual report would go a long way to help NCCE in civic education.

‘It is hoped that this model will be adopted by other institutions to ensure that they have reports that citizens can learn from and engage with,’ she said.

Dr Steve Manteaw, former Chairpe
rson of PIAC, encouraged the government to be savvy of trends and changes within the sector to ensure the country was not left behind in the energy transition phase.

Source: Ghana News Agency

Mrs Miriam Maku Amissah, Head of Client Experience at Stanbic Investment Management Services (SIMS), has encouraged young Ghanaians to set financial goals early in life.

She said this at the ‘Smart Start Finance Series – Start the Year Right Conference 2024’ held at the Stanbic Incubator.

Mrs Amissah told the participants that the best time to begin setting their financial goals was immediately.

She said: ‘A new year provides an excellent opportunity for you to assess the past year and begin to set achievable goals for the new year. Just like most religious bodies have themes for the year, we must also have themes regarding our finances.

‘It is important to set financial goals because they affect whatever plans are set for the year. Whether it is weight loss goals, personal growth, or academic goals, they all involve money. Therefore, to have a fruitful year, you must set financial goals to help you achieve your personal goals.’

Mrs Amissah noted that setting financial goals could be difficult as many se
tbacks hindered people from achieving set goals.

She said, however, there were hacks for overcoming the setbacks.

‘One of the things that I advise is to seek professional advice for your financial goals. Getting a professional who understands how the market works is necessary to explain things to you and guide you in setting practical goals that will bring about the best results,’ she said.

Mrs Amissah said people could also implement systems for accountability, adding that: ‘If you do not have someone you are accountable to, it is easy to get tired along the way. You must have a support system that helps you get things done.’

She emphasised that goals could change within the year and so it was necessary to update them.

She said people must also learn from their mistakes and develop better ways to achieve their goals.

‘As the year goes on, your goals may change rapidly, and you may have to make some swift decisions to update your goals. Do not give up when you face a stumbling block; strategise and modi
fy your goals to fit you better,’ she said.

The ‘Smart Start Finance Series – Start The Year Right Conference 2024’ is a financial literacy event hosted by D. Bredu Financial Academy.

Geared towards young individuals, the conference aims to equip participants with essential skills and knowledge for effective financial management and growth.

The primary goal is to enhance financial literacy among the youth, contributing to a more financially informed and empowered generation.

Source: Ghana News Agency

Dr Edwin Alfred Nii Obodai Provencal, the Managing Director of Bulk Oil Storage and Transportation Company has been outdoored as the Chairman of the GITFiC-AfCFTA Tertiary Students Club.

The Ghana International Trade and Finance Conference works with the private sector and the Government sector in the sub-region and the continent at large to drive the African Continental Free Trade Agreement (AfCFTA).

It is to broaden development agenda of the continent as defined in the A.U. (Agenda 2063) and global trade issues at large.

It has three thematic basic areas of services which are Trade, Trade Finance, and Logistics to enhance intra Africa trade, regional integration, trade liberalization, trade policies, and practices of the African continent.

The GITFiC-AfCFTA Tertiary Students Club was officially established in March 2023 at the University of Ghana and has since been replicated at three other institutions in Ghana, namely the University of Development Studies (UDS), All Nations University (ANU), and Kwame
Nkrumah University of Science and Technology (KNUST).

Dr. Prince Brako, Lead Patron of GITFiC-AfCFTA Club, All Nations University Chapter in introducing the Chairman said Dr. Provencal was appointed by the 8th Steering Committee of GITFiC after successful deliberations during the months of November and December, 2023.

Prof Rosina Kyerematen, Dean of Students Affairs, University of Ghana in an opening remark expressed the hope that the Club was not going to be a talking shop but ‘we are going to put things to action.’

‘I always say that the difference between us and industrialised or developed countries is that they take research very seriously. They vote millions of dollars to fund research and they take serious action with data and innovation they come with.

‘It is about time we got serious as Africans. We are lagging because we do not see the seriousness in merging industry, academic, government, policymakers, and young people – all of us sitting at one table producing ideas and not just government, but
private industries putting in money to fund research,’ she stated.

Prof Kyerematen said: ‘I am happy that the Club has been put together, which will hopefully work with industry, policymakers, academia so that when we do our research at the universities, please do not let it just be on the shelves to gather dust. When we come to the trade industry, Bulk, please help us.’

Dr Provencal in a speech said as patrons and club members, they acknowledged the pivotal role young minds played in shaping Ghana and the continent at large and that they would provide a platform to channel energy, creativity, and passion towards advancing AfCFTA objectives to effect meaningful change in communities.

‘This can be done through entrepreneurship, startups and dreaming to become some of Africa’s giant production and manufacturing success stories. These, I am informed, are the ideals behind this initiative for which I am today honoured to be chairing,’ he stated.

The Chairman said empowering the next generation of leaders with
the knowledge and skills to navigate regional trade complexities, fresh avenues would be unlocked for growth and development across Africa, yet the journey toward realizing AfCFTA’s full potential would be fraught with challenges.

‘We must confront and address infrastructure deficits, regulatory barriers, and skills shortages that threaten to impede our progress. However, it is precisely in the face of these challenges that our resolve must remain unshakable, and our determination resolute,’ he stated.

Dr Provencal said: ‘As members of the GITFiC-AfCFTA Tertiary Students Club, we bear a responsibility not only to ourselves but to future generations. We must seize the opportunities AfCFTA presents and chart a course toward a more prosperous and inclusive future.

‘We must dare to dream big, think boldly, and act decisively in pursuit of our shared aspirations. As members of the GITFiC-AfCFTA Tertiary Students Club, we carry the torch of hope. We can reshape Africa’s narrative, rewriting the story of our cont
inent for generations to come,’ he said.

Source: Ghana News Agency

Comviva, a leader in customer experience and data monetization solutions has partnered Oman Investments, a technology advisory firm in Ghana.

The partnership will foster the development and implementation of innovative digital banking, wallet, and payment solutions across Ghana.

A Statement issued in Accra by the Companies said with this partnership, Oman Investments would utilize Comviva’s innovative digital banking technology to bridge the gap between individuals and the digital world.

It said similarly, that Comviva would leverage the comprehensive consulting and operational infrastructure of Oman Investments in Ghana.

The partnership shall empower banks with an integrated digital banking and payments solution, powered by Mobiquity Banking suite.

The statement said Comviva mobiquity Banking suite would enable Banks to launch seamless digital banking that offers financial inclusion for the unbanked or underbanked customers while offering a superior experience to existing banking customers across all Ge
n 2 (Mobile App, Web) and Gen 3 (Wearables and Voice) channels.

Mr Vivek Agrawal, Senior Vice President and Head Enterprise Business at Comviva said, ‘we are excited to partner with Oman Investments, and look forward to deepen this collaboration, as we work together to deliver unparalleled consumer experiences through our digital banking solutions.’

He said their ongoing efforts to expand product offerings and improve commercial accessibility underscore our mission.

‘We firmly believe that our digital banking platform stands as one of the most modern, secure, and user-friendly solutions worldwide,’ he added.

Mr Kwabena Boamah, Director at Oman Investments, said ‘Oman Investments is thrilled to partner Comviva, as we strive to address the unique challenges faced by financial institutions in Ghana.’

He said the partnership signified a commitment to revolutionize the digital banking landscape in Ghana.

‘By combining Comviva’s innovative digital banking technology with our client reach and accessibility i
n the market, we aim to empower financial institutions to provide personalized, secure, and culturally resonant digital offerings,’ he added.

Source: Ghana News Agency

The International Monetary Fund (IMF) has asked Ghana to follow through with the implementation of the US$3 billion loan support programme.

‘It is important that Ghana sticks the course and see the programme being implemented over the next three years,’ said Mr Abebe Aemro Selassie, African Department Director, IMF.

‘What I can say is that going forward, it will be important that Ghana continues to implement the programme that they have developed as envisaged. That is critical,’ Mr Selassie said.

He said this during a media briefing on Sub-Saharan Africa’s economic outlook, and the Fund’s engagement with various countries.

The Fund encouraged Ghanaian authorities, at the end of the first review Extended Credit Facility (ECF) arrangement last month to among others, improve tax administration.

The government has since announced the implementation of a 15 per cent Value Added Tax (VAT) on electricity consumption and a GHS100 annual emission levy for petrol and diesel car owners, with agitations from labour
and trade unions.

Assessing the state of the implementation of the country’s Post COVID-19 Programme for Economic Growth (PC-PEG), he said, ‘Ghana’s programme is being implemented effectively.’

‘We just went to the Board with the first programme review following, of course, the policies that the government has been putting in place to address the huge imbalances Ghana was facing through last year,’ he stated.

The IMF African Department Director stated that such steps had led to official creditors signalling that they would provide debt relief, consistent with what Ghana needed.

‘These programmes are designed to be implemented over three, four years. So, we look forward to continuing to support Ghana, consistent with programme implementation,’ he said.

So far, Ghana has received US$1.2bn of the US$3bn from the IMF, having completed its first review of the programme, leading to the disbursement of a second tranche of US$600m to the country in January 2024.

The government has pledged that it would implemen
t strong, and ambitious structural reforms in the areas of tax policy, public financial management, financial, energy and cocoa sectors to support fiscal consolidation and growth agenda.

Source: Ghana News Agency

An Accra High Court has adjourned to March 8, 2024, the case of seven persons being held over loss of various sums of money belonging to Madam Cecilia Abena Dapaah, a former Sanitation and Water Resources Minister, at her residence in Accra.

The court was to commence the Case Management Conference (CMC) today.

However, when the case was called, both defense counsel and the prosecution were absent hence the adjournment.

‘In the absence of both defense and prosecution, the matter is adjourned to March 8, 2024,’ the court, presided over Mrs. Justice Marie-Louise Simmons, said.

The defense counsel and the prosecution arrived in court soon after the adjournment.

Lawyer Abdul Basit Adams, counsel for the fifth accused person, informed the court about challenges with some of the sureties presented.

‘…We have fulfilled our part of the bail and same has been cleared by the registrars but the investigator said one of the sureties is a professional bailer and so he was not going to inspect it…’

The court said it
would tackle the challenge at the next adjourned date.

The accused persons are Patience Botwe, 18-year-old hairdresser and a former house help, Christiana Achab, a trader, Job Pomary and Malik Dauda, unemployed, Sarah Agyei, a former housekeeper, now unemployed, Benjamin Sowa, a plumber and Yahaya Sumaila.

They are being held for allegedly stealing one million dollars, 300,000 Euros, jewelry, among others.

All the accused persons are facing 31 counts of conspiracy to steal, stealing, dishonestly receiving and money laundering.

They have denied the charges, and the court has admitted them to bail in a total sum of GHC5,250,000.

Source: Ghana News Agency