Category: Business

Mr Edward Effah, Founder of Fidelity Bank, has urged young entrepreneurs to build businesses that seek to address problems in society.

He advised them to have a sharp vision that transcended mere organisational success and embodied a broader calling of addressing socio-economic challenges within the nation.

The Founder gave the advice during an Orange Summit, held by Fidelity Bank, in Accra.

The summit, tailored for young entrepreneurs, provided a platform for insightful discussions and guidance on building world-class companies with a broader societal impact.

Mr Effah, also the Chairman of Unilever Ghana, said: ‘Your vision should have a calling. It should not be just about being the biggest organisation or having the best products in the world.

It should have a calling beyond the organisation.?It?should make the world a better place.?For instance, if?you are in a poultry farm, your calling should be to solve Ghana’s malnutrition problem.’

Drawing from Fidelity Bank’s own ethos, he exemplified how the
ir vision of becoming a world-class bank intertwined with their commitment to Ghana’s socio-economic progress.

‘At Fidelity Bank,?when we said we wanted to be a world-class bank that gives returns to all its stakeholders, we went further to say that we wanted to contribute to Ghana’s socio-economic development.?That was the bigger calling, and that bigger calling created more followership.’

He said by actively participating in initiatives, such as?financing?at least half of the?power projects?in Ghana?in recent years?and promoting inclusive banking,?Fidelity Bank established itself as an institution dedicated to societal betterment.

Mr Effah said a robust vision should cater to the interests of all stakeholders, whether?customers,?employees, shareholders, or regulators, a holistic approach to vision ensured sustainable growth and stability.

He?highlighted the power of a purpose-driven vision in attracting stakeholders and fostering a sense of shared responsibility.? ?

‘When people come, they will know th
at they want to work with an organisation that seeks to solve Ghana’s socioeconomic problems deliberately,’?he?said.

This focus on social impact,?Mr. Effah?said, not only attracted passionate individuals but also fostered a sense of purpose within the organisation.

In addition to visionary leadership, the?founder of Fidelity bank?emphasised the value of becoming a thought leader within one’s industry.

‘I think whatever business you’re in, it’s important that you really are a thought-leader, and you know the industry inside out. And when you do, individuals look up to you?and you are called to speak on relevant topics globally.’

He urged entrepreneurs to delve into thorough research and continuous learning, drawing from his own experience at Fidelity Bank.

The Founder emphasised the importance of research and learning undertaken by the Bank?in the beginning?to?understand?and?emulate?the success of world-class financial institutions.

‘By studying successful counterparts worldwide, entrepreneurs can naviga
te their industries more effectively and steer clear of common pitfalls,’?he said.

The Orange Summit is just one of the non-financial services offered to beneficiaries of Fidelity’s Young Entrepreneurs Fund, which provides access to concessionary funds at?a significantly?reduced rate.

The initiative also?pioneers ESG training and capacity building, paving the way for businesses to develop robust environmental and social management systems and pursue certifications and licenses.?

The?event featured?speakers from relevant organisations such as the Ghana Revenue Authority, the Food and Drugs Authority,?Ghana Export and Promotion Authority and the African Continental Free Trade Area.

‘In essence, the summit served as a testament to Fidelity Bank’s commitment to nurturing the next generation of visionary leaders and fostering socio-economic development within Ghana,’ an official statement issued to the Ghana News Agency, in Accra, said.

‘Through a combination of financial support and knowledge-sharing platfor
ms like the Orange Summit, Fidelity Bank continues to empower young entrepreneurs to realize their aspirations and contribute meaningfully to society.’

Source: Ghana News Agency

Delta Air Lines, in collaboration with JA Africa, has hosted 30 high-school-aged girls from Ghana, Nigeria, and South Africa at a highly impactful four-day bootcamp.

This was aimed at empowering them to become high-achieving women, a press release issued by the Kingdom Concepts Consult to the Ghana News Agency, said in Accra.

Themed: ‘Inspire Inclusion for African Girls’, the programme was to deepen their knowledge and skills to unlock their boundless potential.

The bootcamp, which took place in Accra, forms part of events to mark International Women’s Day.

The girls represent the best-performing students selected from a pool of more than 300 girls who took part in innovation camps and entrepreneurial skills training in their home countries.

The programme also aims to break down societal barriers hindering the potential of African girls, advocating, their active participation in leadership, decision-making, and entrepreneurial endeavours.

The bootcamp sessions were designed to provide comprehensive ins
ights and skills essential for personal and professional growth.

The lessons included personal branding, leadership, the power of conviction and self-confidence, emotional intelligence, careers in STEM, and etiquette.

Throughout the camp, the girls had the opportunity to be coached by female Delta volunteers and other accomplished women from various industries, the release said.

Simi Nwogugu, President and CEO of JA Africa, one of the Africa’s largest and most-impactful youth-serving NGOs said: ‘We are committed to empowering young girls, impacting their lives, and setting their feet on the path to becoming successful women as we believe this is a step in the right direction to having a just and equitable society.

‘We appreciate Delta Air Lines for the continuous partnership with us to empower young Africans, especially our young girls.’

Eloina Baddoo, Delta’s Country Manager for Ghana said she was delighted to have the opportunity to work with talented young women from across Africa and help them learn
the skills they would need on their journey to success.

She recounted how she commenced her career as an intern at Delta to how she was now overseeing Delta’s sales in the Ghana market.

She said the her journey examples the commitment of Delta Airlines in helping women progress in their career and achieve their potential.

‘I know first-hand just how committed Delta is as an organisation to helping women progress their careers and achieve their potential,’ she stated.

‘Empowering young girls at an early stage through leadership, entrepreneurship, and career development training can help tackle inequality issues in Africa.

‘It is against this background that this collaboration was born. Through this initiative, Delta Air Lines and JA Africa affirm an unwavering commitment to nurturing and empowering young girls, equipping them with the essential skills required to transform into exceptional female leaders of tomorrow.’

JA Africa is one of the continent’s largest and most-impactful youth-serving NGOs.

It
delivers hands on, immersive learning in work readiness, financial health, entrepreneurship, sustainability, STEM, economics, citizenship, ethics, and more.

It has a presence in 16 countries in Sub-Saharan Africa and collectively reaches more than 900,000 youth in more than 3,000 schools each year.

Delta Air Lines (NYSE: DAL) operates more than 4,000 daily flights to more than 280 destinations on six continents, connecting people to places and to each other.

‘Delta expects to serve nearly 200 million customers this year safely, reliably and with industry-leading customer service innovation – recognised as North America’s most on-time airline,’ the KCC release said.

Source: Ghana News Agency

The General Manager of the Cameroon Development Corporation (CDC), Franklin Ngoni Ikome Njie has debunked rumors circulating he is selling CDC land. Mr Ngoni said it is impossible to sell CDC land.

‘I don’t think it is possible for anyone to sell CDC land legally. Selling CDC land being it by the General Manager or whosoever, means that person must navigate on illegality. CDC land is a private state land on long-term lease to CDC be it in Fako Division or Moungo Division. No one can claim ownership of a parcel legally. Any individual activity on any of the lands is encroachment or illegality.’ Franklin Ngoni Ikome Njie, CDC General Manager explained.

The GM responded to this question following a new encroachment of close to four (4) hectares of land at the CDC palm plantation in Ombe by yet-to-be-identified individuals. As a result, about 500 palm trees ready to boost production were bulldozed.

‘Going by our findings, 3.9 is close to 4 hectares of land that has been encroached. According to a CDC estimate,
about 500 palm trees planted in 2015 have been destroyed. This means a lot to us because the trees are our capital. Our objective is to boost production and revive the CDC. This destruction is a big blow’. The CDC boss said.

The CDC General Manager said that he has filed a report to the Gendarmerie officials who are currently investigating the perpetrators and have them punished accordingly based on the roles each of them played whether they are from outside or inside the CDC.

Any CDC worker’s involvement he promised will not go unpunished.

Source: Cameroon News Agency

The Parliamentary Committee investigating the petition by some customers of Blackshield Capital Limited, formerly Gold Coast Management, concerning government’s alleged failure to pay the customers, has begun its public hearing.

Parliament established the committee on December 6, 2023, upon the submission of a Petition to Parliament, dated 17th November, 2023, by Mr Mahama Ayariga, Counsel for some of the aggrieved customers.

Mr Joe Ghartey, the Member of Parliament (MP) for Essikado-Ketan, is the Chairman of the Committee.

Other members are Mr Edwin Nii Lantey Vanderpuye, MP for Odododiodio; Dr Benjamin Yeboah Sekyere, MP for Tano South, Mrs Gizella Tetteh-Agbotui, Awutu Senya West; and Mr Kwasi Ameyaw-Cheremeh, Sunyani East.

Two experts: Dr Theophilus Acheampong and Mr Antonio Kesse are the technical persons assisting the Committee.

Mr Ghartey, in his opening remarks, noted that the Committee held its maiden meeting on 21st December, 2023, to formulate the modalities for investigating the Petition.

He
said in the spirit of openness and transparency, the Committee unanimously agreed that its evidence-taking proceedings would be generally held in public.

Members of the public and the media would be permitted to be present throughout the proceedings unless the Committee otherwise orders.

He said the Committee had written to the Petitioners and relevant institutions such as Securities and Exchange Commission (SEC) – Regulator, the Ministry of Finance, Price Waterhouse Coopers (PWC), and the Registrar of Companies – the Official Liquidator.

Mr Ghartey said the Committee continued to engage with all those institutions and if necessary, would invite some or all of them to give evidence.

‘This Committee shall do its best to complete hearing on the matter before the end of the First Meeting of the Fourth Session of the Eighth Parliament, which ends on March 22, 2024,’ he said.

‘We shall endeavour to use the recess to prepare the report and subject to the Speaker and the approval of the Business Committee.’

‘T
his Committee shall endeavour to submit the report by the end of the Second Week of the Second Meeting, which starts after the Easter Recess.’

The Gold Coast Fund Management was a duly registered and accredited fund management company regulated by the Securities and Exchange Commission of Ghana.

According to the Petition, the funds of the petitioners was locked up in the defunct Gold Coast Fund Management following the decision of the Government to carry out a financial sector cleanup exercise initiated in 2018.

Following the cleanup, the petitioners successfully submitted and validated their claims through the Price Waterhouse and Coopers.

The Regulator (SEC) budgeted an amount of Ghc8 billion for total payment of the customers of all the 47 defunct fund management companies.

Parliament approved the funds for the Financial Sector Cleanup Exercise and the Finance Minister publicly reported that he had completed the exercise and had expended GHS25 billion in that regard.

Government’s accounting showed th
at the sum included the GHS8.6 billion meant to pay claims of investors in the 47 defunct fund management companies including Gold Coast Fund Management.

Unfortunately, individual members of the petitioners’ association, whose investment exceeded GHS50,000.00 had not been paid their monies since 2018.

Source: Ghana News Agency

Some 170,000 jobs have been created by companies under the government’s ‘One District, One Factory’ (1D1F) Programme, President Akufo-Addo has said.

Delivering his seventh State of the Nation Address in Accra on Tuesday, he said the policy had led to the development of 321 1D1F projects.

The number, he said, comprised projects by 211 new medium to large-scale factories and support for 110 existing companies to expand production.

He said the government, between 2019 and 2020, had approved a number of incentives and duty exemptions to selected companies to support the implementation of the 1D1F Programme.

‘In 2019 and 2020, thirty-seven (37) 1D1F companies were granted 25 exemptions approval by this August House (Parliament). However, from 2021 to date, no exemptions have been granted.’

The President, therefore, urged Parliament to ‘consider and approve all outstanding exemption applications as a matter of urgency to send positive signals to the business community.’

He said the 1D1F programme was the ‘cor
nerstone’ towards the country’s industrial transformation and ‘demonstrates how government can stimulate and incentivise the private sector to expand and diversify manufacturing across the country.’

‘It is significant to note that, within the relatively short span of six years, the Government has directly intervened to stimulate interest in and support many private sector business promoters to make significant investments in manufacturing under the One-District-One-Factory Programme.

‘…These business promoters have so far invested in one hundred and forty-two (142) districts across the country, across all sixteen (16) regions, and achieving 54% district coverage. The aspiration is to bring a 1D1F project to every district,’ he stated.

Source: Ghana News Agency

To facilitate the importation of 190,000 tons of rice from India this coming March and April 2024, the Cameroon Government has offered a special incentive to importers with approved quotas.

The information relayed by the communication unit of the Ministry of trade, indicates that 5% import duty will be exempted from the Indian rice. This follows a consultation meeting held on February 21, 2024, in Yaounde, between the Minister of Trade, Luc Magloire Mbarga Atangana, and the concerned economic operators.

This reduction on import duty by the government which was initially set at 20%, will not only ensure the availability of this staple but will also control its price on the local market amid escalating inflation.

According to the General Directorate of Taxation at the Ministry of Finance, through fiscal measures such as tax reductions, the government forgoes around FCFA 52 billion annually to ensure a steady supply of rice at affordable prices.

However, in recent years, there has been governmental discourse
on reducing or even eliminating fiscal expenditures on mass consumption products like rice, fish and wheat. These products have led to significant revenue losses, becoming unbearable for the public treasury.

Regardless of how, the government’s decision to exempt 190,000 tons of Indian rice from import duty raises worry as It exacerbates state revenue losses on a product already under-taxed in a context where the government is striving to increase its non-oil revenues; and the exemption is applied to a specific cargo rather than all rice imports, potentially creating unfair market competition.

Rice is a preponderant item on the menu of most Cameroonians. In 2022 for instance, Cameroon spent above FCFA 147 billion to purchase 496,700 tons of rice from India. That is a total of 55% of rice imported by the country according to official figures reported by the National Institute of Statistics (INS).

Source: Cameroon News Agency