Mr Ndlovu told the BBC on Monday that Prudence Dick, who was at the race to support him, said yes to his proposal.
He said they have been dating since the beginning of this year and plan to get married sometime next year.
He added that this was the seventh time he was taking part in the marathon and that she was the main motivation for his participation this time, especially after a two-year break.
A veteran Ghanaian musician has praised dancehall artiste, MzVee, for the quality of songs she produces.
According to Lady Talata, the dancehall artiste’s work sets her apart from the many musicians in the industry.
In an interview with Doreen Avio on Prime Morning Monday, the ‘Eye Odo Nkua’hitmaker said that she sees her youthful days in MzVee, adding that the young artiste is hardworking and talented.
According to her, MzVee’s style of music is outstanding, making her the true definition of music, which will make her thrive in the music industry.
“MzVee always reminds me of my youthful days. She’s like the underdog, but she’s good. All the musicians will go, and she will be left standing. I started with other musicians, but they’ve all quit. You can hear music in MzVee,” she said.
The National Petroleum Authority (NPA) has shut down the operations of the Shell Filling station at Adomi Bridge (Atimpoku) in the Eastern Region for selling water–laced petroleum product to unsuspecting customers.
Following a widely circulated video on social media and subsequent complaint made to the Authority on 29th August, 2022 about a suspected contaminated fuel purchased at the aforementioned retail outlet, a team from the Eastern Regional office of NPA was immediately dispatched to ascertain the veracity of the report.
The team immediately undertook a water content presence test and a dip into the well of the outlet indicated the presence of water.
Management of Vivo Energy in a letter addressed to the Authority posited there was water ingress into the underground Super tank after a heavy downpour in the area which was corroborated by the investigative team sent by the Authority.
However, a sample has been sent to the head office laboratory for further investigations with other segments going for forensic audit at the Ghana Standards Authority. The station will only be allowed to resume operations after all remedial actions have been taken and confirmed by the NPA.
We wish to assure all impacted customers whilst investigations are still ongoing that, the NPA’s remedial action would be for the station to fix the affected vehicles and compensate the customers.
While we applaud the gesture of the customer who filmed the incident and shared on social media, we will encourage consumers of petroleum products to immediately call the NPA hotlines 0545006111/0545006112 or file the complaint on the NPA website; http://www.npa.gov.gh immediately a suspected adulterated product has been purchased.
The customer should report within 48hours: any delay after 48 hours risks the loss of evidence. The petroleum product in question could have been sold out or co-mingled with fresh like product.
Shell explains situation
Meanwhile, Management of Shell have explained that a heavy downpour in the Atimpoku area caused water to seep into one of its tanks leading to the situation.
The company said it has commenced investigations as it engages costumers impacted by the situation.
Senegal 🇸🇳 Striker Sadio Mane and Morocco 🇲🇦 Defender Noussair Mazraoui uphold their Muslim values by refusing to hold a glass of beer in Bayern Munich’s sponsored team photo.
The Vice President, Dr. Mahamudu Bawumia, says despite the ongoing global economic crisis, which has had a devastating effect on the Ghanaian economy in the past two and half years, the NPP government has chalked many remarkable successes in many sectors.
Speaking at the Centenary Anniversary launch of Accra Senior High School, Dr. Bawumia admitted that the economic challenges the country is currently facing is a combined effects of the covid-19 pandemic, the war in Ukraine among other factors.
Inspite of all these challenges, the NPP government, Dr. Bawumia noted, has made remarkable strides in many sectors, which are making significant impacts.
“Inspite of the economic challenges, which is as a result of factors including covid-19 and the Russia-Ukraine war, many people turn to forget the many good things our government has done, which are making significant impact,” Dr. Bawumia said.
“We have achieve many significant things, which are first in the history of our country,” he added.
The Vice President, then listed a number of policies and intervention the government has successfully achieved in different sectors since assuming office in 2017.
On education, Dr. Bawumia said the governemnt recognises the significance of an educated population, and its continuous investment in the sector, especially Free SHS, inspite of the challenges, is making significant impact in many homes.
“So far so good, the Free SHS and the Free TVET are benefitting tens and thousands of many Ghanaian young children and alleviating the burdens of families,” Dr. Bawumia said.
“As a result of Free SHS, more girls have enrolled and there is now significant gender parity in the enrollment of Free SHS.”
Dr. Bawumia also listed a number of infrastructure projects by the government, including expansion of infrastructure in the education and road sectors.
On policies and interventions, Dr. Bawumia stressed that inspite of the challenges, government has rolled out a number of them, which he said, are “first in the history of our country.”
They included: government’s free water and electricity to Ghanaians during the peak of the covid-19 pandemic, establishment of over 100 factories under 1D1F, delivery of essential medical supplies to remote areas through drones, NHIS covering cost of children with cancer, investment and focus on digitization, which have ensured the issuance of the Ghanacard to over 16 million Ghanaians, mobile money interoperability, e-pharmacy, expansion of Ghanaians with tax identification numbers from 4% to over 80%, as well as digitization of government services such as the DVLA, passports, paperless system at the ports, among many others.
While assuring of government’s resolve to turn things around and make life easier for Ghanaians, Dr. Bawumia also urged all to rally behind the government, as it delivers on its core mandate of preparing the country’s future leaders for a prosperous Ghana.
ACCRA HIGH @100
Accra High School is the first senior secondary school to be established in the Eastern Province of the Gold Coast (now Greater Accra and Eastern Regions), and on the occasion of its centenary anniversary, Dr. Bawumia paid glowing tribute to the founders of the school for their vision, as well as to the school itself, for the significant contributions it has made to education in the country.
“Permit me to pay a glowing tribute to the founder of this school, Late Rev. James Thomas Roberts, his able assistants namely: Barrister J.A Glover Addo, Dr. E.V Nanka Bruce and John Buckman, and all, who worked tirelessly to assist him to establish this school,” Dr. Bawumia said.
Dr. Bawumia also extended appreciation to past heads of the school, as well as tutors and staff, who “in one way or the other, have contributed meaningfully to the success of Accra High School.”
“I know you have produced many distinguished and outstanding students and also contributed immensely to education in the country.”
“Hundred years in the life of anyone is a great milestone. For Accra High School this centenary celebration should be the time to open a new chapter as far as the school is concerned. Government will forever remain a great partner of AHISCO in any pursuits that seek to take the school to another level.”
The value of the cedi has begun strengthening against the US dollar, following its consecutive sharp depreciation against the American currency for almost six weeks.
Joy Business checks at some forex bureaus indicate that the cedi sold at ¢10 or below on Saturday, August 27, 2022 and the price is expected to go down in the coming days.
This is as a result of the $750 million Africa Export-Import (Afrexim) bank loans that came in last week and the actions by the Bank of Ghana (BoG) to close down licensed forex bureaus flouting foreign exchange laws.
Officials of the Central Bank had embarked on some field exercises to check the state of compliance with some bureaus in the metropolis, believing that actions by some operators have been contributing to speculation in the foreign exchange market, hence affecting the stability of the cedi.
A popular forex bureau operator at American House at East Legon in Accra told Joy Business on condition of anonymity that the demand for the American dollar has gone down sharply, hence reducing the selling price.
According to the operator of the bureau, people are not buying the dollar as it used to be before because of the observation that supply has been boosted by the $750m Afreximbank loan and the actions by the BoG to stop some forex bureaus from quoting unnecessary pricing.
“The rate of the cedi to the dollar has been falling since Saturday [August 27th, 2022]. It could be due to the injection of the $750m Afrexim bank loan. Secondly, the Bank of Ghana action which a popular forex bureau at the Airport commercial area, dictating to the market, was closed down has also impacted on the pricing”.
“I think that the rate will further drop in the coming days”, he added.
Meanwhile, some analysts and market watchers believe that the rate of the cedi depreciation will slow down going forward into the future if the government remains fiscally disciplined.
They want to see improved revenue mobilisation, reduction in borrowing and prudent spending on behalf of government.
The huge interest payments by government which is estimated at ¢42 billion in 2022, many described as the major trigger of the rapid depreciation of the cedi, coupled with other factors.
BoG bent on clamping down on forex bureaus contributing to cedi deprecation
The Bank of Ghana few weeks ago indicated it will close down licensed forex bureaus that are not complying with the foreign exchange law.
Head of Financial Stability at the Central Bank, Dr. Joseph France, said his outfit won’t hesitate to clamp down activities of forex bureaus found culpable and operating illegally.
He added that the Central Bank has begun an investigation into various complaints received regarding some forex bureaus that are not abiding by the laws governing foreign exchange.
With blockchain technology taking over the technology space, firms have been entreated to take advantage of it to provide secure transactions and reduce compliance costs.
According to the President of VX Technologies Inc., Justin Pauly, this is necessary to speed up data transfer processing and efficiency of their operations.
Speaking to Joy Business at a forum to discuss Ghana’s future on blockchain technology, Mr. Pauly called for more investments into the sector
He explained that blockchain enables an unprecedented amount of individual control over one’s own digital data.
“I think Ghana has a bright future with respect to blockchain technology. It’s very important for businesses to work with blockchain to effect changes in their operations.”
“Other countries have started working with blockchain. So I guess it’s time the public and private sectors make good use of it”, he mentioned.
Managing Director of VX Technologies Ghana, Prince Akoto Adipa, noted that Ghanaian businesses can greatly improve supply chains by enabling faster and more cost-efficient delivery of products, enhancing products’ traceability, improving coordination between partners, and aiding access to financing with blockchain technology.
“There are a lot of advantages we get from blockchain. Businesses in the country should be swift in taking advantage of the technology because of its immense advantage”, he pointed out.
Manager for Special Project at the US Chamber of Commerce Ghana, Jane Okyere explained the need for Ghanaians businesses to partner with VX Technologies, indicating that this is a way to support the operation of the company and create awareness with respect to the enormous advantage one get from using the technology.
“They are a member of the chamber and we know how important it is using the blockchain technology. That is why we opted to support them with the awareness creation”, she explained.
In a blockchain system, the ledger is replicated in a large number of identical databases, each hosted and maintained by an interested party
A middle aged man, described as an intruder, has reportedly been attacked, injured and killed by lions in the Accra Zoo, a press statement from the Forestry Commission reads.n
Speaker of @parliament_gh, Mr Alban Sumana Bagbin, has been unanimously elected as President of the Commonwealth Parliamentary Association International (CPA).
Kasapreko Company Limited signs Digital Marketer Gorbachev Awuah, popular known as @iamremsover as a Brand Influencer.
The company put pen to paper with the Digital Marketer Gorbachev Awuah also known as RemsOver, who is an Entertainment Pundit and also a Marketing Strategist.
Kasapreko Company Limited signs Digital Marketer Gorbachev Awuah, popular known as @iamremsover as a Brand Influencer.
The company put pen to paper with the Digital Marketer Gorbachev Awuah also known as RemsOver, who is an Entertainment Pundit and also a Marketing Strategist.
Rating agency, GCR, has affirmed Standard Bank of South Africa’s unsolicited national and international scale issuer ratings of AA+(ZA)/A1+(ZA) and BB/B respectively, whilst revising the outlooks to Stable.
The unsolicited international and national scale ratings on Standard Bank of South Africa (“Standard Bank”) reflect the strengths and weaknesses of the Standard Bank Group Limited (“the group”), a large and geographically diverse financial institution domiciled in South Africa.
Standard Bank, parent bank of Stanbic Bank, is regarded as the core operating entity within the group and accounts for around 75.7% of group assets. Accordingly, the ratings of Standard Bank are equalised to the group Anchor Credit Evaluator.
The group’s credit profile is supported by its strong competitive position, being one of the largest financial services companies across the continent and holding a market-leading position in the core South African banking arena.
The capital position improved, in line with peers based on strong earnings and moderate loan growth, while asset quality also remained strong, adding, “we have also made a positive adjustment to the funding and liquidity assessment given our view of an above peer funding structure, while maintaining strong liquidity”.
The group’s credit strength is derived from its strong competitive profile, including its leading position in the South African market and good levels of regional dispersion, supporting risk diversification.
The group also provides a broad range of products which is further refined into different business segments and sub segments, including partnerships with large non-bank financial institutions that adds another layer of income diversification. These are important building blocks for long term revenue stability (particularly in stressed market conditions), and positively impacts the rating, with a competitive positioning score above the major peer grouping. The group further benefits from its sizeable presence in the insurance and wealth/asset manager segments through Liberty Holding Limited.
The group is adequately capitalised, with a Common Equity Tier 1 (“CET 1”) ratio of 12.8% at Q1 F22 (12.8% at FY21), marginally better than the industry and peer average. Earnings are expected to sustain its improvement the rising interest rate environment, whilst transaction volumes and new originations are expected to show robust growth from the year-on-year net loans and advances growth of 12.0%. The GCR capital ratio is expected to align with peers, ranging from 13.0% – 13.5% for the group over the next 18 months.
Asset quality is in line with peers albeit reporting a 7.6% growth of group assets which is largely on account of the South African banking activities.
The reported credit loss ratio for banking activities in December 2021 was 0.71% (1.51% in December 2019), with Consumer and High Net Worth at 1.37% (2.31% in December 2020), Business & Commercial at 1.24% (2.16% in December 2020) and Corporate and Investment Banking at -0.04% (0.59% at December 2020).
GCR said it expects credit losses to range between 85 and 100 bps for the next 12 to 18 months which is largely supported by the macroeconomic headwinds pressurising retail consumers.
The funding and liquidity assessment was improved slightly the based on above peer Net Stable Funding Ratio (“NSFR”) while maintaining sound liquidity across the group. The group is exposed to the same structural funding risks of the other top tier South African banks, i.e., medium-term wholesale funding concentrations with financial corporates. The group reported NSFR of 121.1% at quarter one, 2022. Complimenting this, is the good liquidity position, with a group reported Liquidity Coverage Ratio (“LCR”) of 141.4% at quarter one, 2022.
Outlook Statement
The stable outlook reflects GCR’s expectations that earnings will follow a similar trend to that of FY21, which should support elevated capital metrics. Asset quality is expected to withstand macro-economic headwinds, whilst credit losses are projected below 100bps for the next 18 months. The funding and liquidity profile (NSFR and LCR ratios) are expected to remain at elevated levels.
Rating Triggers
GCR said its unlikely to revise the ratings upward in the next 12 to 18 months, however, should the GCR capital ratio be more than 14.0% with below peer non-performing loans and credit losses whilst maintaining above average funding structure and liquidity.
Should asset quality deteriorate beyond expectations and the GCR capital ratio falls to below 10% on a consistent basis, then negative ratings action may arise. Downward ratings movement could also stem from a weakening in the operating environment of the group’s core exposures.
MTN Nigeria became the first telecommunication provider in Nigeria to roll out the 5G mobile network on August 24. MTN, who won the auction for the 3.5GHz 5G spectrum alongside Mafab Communications last December, commenced the roll-out by switching on the network in 190 sites across the country.
MTN Nigeria, which intends to launch 5G services in Lagos, Abuja, Port Harcourt, Ibadan, Kano, Owerri, and Maiduguri, is currently testing the next-generation network infrastructure. Customers with certain enabled devices will be allowed to connect with and try out the new service where coverage is available.
Nigeria’s telecommunications industry regulator, the National Communications Commission (NCC), after receiving a $273.6 million licence fee from both companies in February, set August 24 as the deadline to begin the roll-out of the network across the country.
With this move, Nigeria joins South Africa and Kenya in the 5G race.
While Mafab didn’t meet NCC’s deadline and has been granted a 5-month extension to begin its own roll-out, MTN is expected to increase the number of 5G sites it operates to 600 by October.
“In line with the conditions of the 5G licence, the licences were expected to commence the roll-out of 5G services effective from August 24, 2022. However, Mafab has been issued a five-month extension following delays in receiving its UASL and Numbering plan, which did not happen until the end of July,” said Mafab’s chairman, Mushabu Bashir.
Mafab, who was until winning the licensing bid an unknown player in the telecommunication space, had beaten another Nigerian telco giant Airtel to the licence last December.
Before obtaining the licence, MTN had been performing 5G network trials as far back as 2019. With support from Huawei, ZTE, and Ericsson, the telecoms operator successfully ran spectrum tests in its offices across the country.
MTN’s roll-out doesn’t mean all MTN users will be able to access the 5G network immediately. Mobile phone users will only be able to access the network if their phone makers deliver the update required to allow them access. For example, it is estimated that Samsung users will be able to access the service in a month while iPhone users might have to wait until October before the update is delivered to their phones.
“We are fully committed to bringing the benefits of 5G services to Nigerians and deploying a network that will drive economic development with increased broadband capabilities nationwide. I have no doubt that the service will help deliver improvements in the fields of education, business, smart cities and entertainment,” said Bashir.
The Governing Council of the Kwame Nkrumah University of Science and Technology (KNUST) has stated that any student who participates in the organisation of what is termed as ‘morale’ and/or ‘procession’ shall be summarily dismissed.
The Council has also suspended indefinitely, Hall Week and SRC Week Celebrations on campus.
These are among six other measures taken by the Council after investigating the recent clash between between students resident in University Hall (Katanga) and Unity Hall (Continental).
The riot, which was said to have resulted from attempts by students of Unity Hall to restrain colleagues from University Hall from using their frontage in a procession, took place on August 18, 2022.
A number of cars parked in front of Conti were damaged by the feuding students. The clash left three vehicles damaged.
Three persons are currently in police custody, while 61 others are being sought after.
A statement dated August 26, signed by the Registrar/Secretary to Council of KNUST, Mr. A.K. Boateng said, “COUNCIL of the University at an EMERGENCY MEETING held on Friday, 26th August, 2022, among others, discussed the Report of a Fact-Finding Committee, constituted by the Executive Committee of the University, following the recent disturbances arising from the Hall Week Celebrations of the University Hall.”
According to the statement took the following decisions to avert a recurrence of the unfortunate incident:
With effect from the 2023/2024 Academic Year, the Junior Common Room (JCR) System of Hall Management by students, is ABOLISHED. This means, there would be no Students’ elections for hall executives. The existing governance structure comprising Hall Councils, Hall Masters and Senior Tutors, would continue to operate in the management of the affairs of the Halls. In addition, Hall Fellows will be appointed and assigned to floors/blocks of the Halls to exercise direct supervision over matters affecting students. In the meantime, Hall Week and SRC Week Celebrations have been SUSPENDED INDEFINITELY.
Any student who participates in the organisation of ‘morale’ and/or ‘procession’ shall be SUMMARILY DISMISSED.
Any student/students who is/are caught to be harbouring dismissed, rusticated, withdrawn student(s) and/alumnus/alumna in his/her room in any of the Halls of Residence on Campus, shall be sanctioned, appropriately.
Students who indulge in any act which will warrant dismissal, will have their names and pictures widely published in the National Dailies and on the University Website;
Students who are rusticated for various offences will have their names and pictures published internally for the attention of the University Community.
Council vehemently condemned the recent disturbances and supported the ongoing investigations by the Ghana Police Service and the University Authorities. It was the decision of Council that any person/student found culpable should be dealt with according to the rules of the University and those requiring further prosecution by the State should be handed over to the Police.”
The KNUST Council expressed its gratitude to members of the Ashanti Regional Security Council for the support in addressing the situation.
On 24 September, The Global Citizen Festival arrives in Ghana At Accra’s Black Star Square! It is free to enter But pay attention to this: Visit globalfestivalaccra.com and take action on the world’s most pressing issues. Earn points & win ticket Free! Take action NOW!
For 14 years, Roverman Productions led by Uncle Ebo Whyte has served Ghanaians with thought-provoking and hilarious stage plays.
It is that time of the season and Ghana’s biggest theatre production house in partnership with the National Theatre and Joy FM proudly present a masterpiece dubbed ‘He said; she said.’
Just like the previous 49 plays, the yet to be outdoored work of art promises to be thrilling.
It tells the story of two married couples; each drowning in their own issues, while discovering that the survival of their marriages depend on their reaching out to each other.
But unlike the Titanic which totally drowned, will their action suffice to support their love?
Come find out at the National Theatre on Saturday, 3rd September, 2022, during the debut at 4pm and 8pm respectively.
The show also runs on Sunday, September 4, same time and location.
Since Oliver Twist asked for more, on September 10th and 11th, “He Said; She Said” will show at the National Theatre again.
Grab a ticket, which goes for GH100, at any of the outlets: Joy FM front desk, Shell shops at Airport, East Legon, Tema Community 11, Dansoman; Total shops at Baatsonaa and Haatso; and Frankies at Osu.
At the comfort of your home, get a ticket via shortcode *365*535# and follow the instructions.
“He Said; She Said” is sponsored by GINO Tomato Mix, Total Family Health Organization, GH QR by GHIPPS and A&E Laboratories.
A man who tested positive for COVID-19 broke out in a rash later that day. Tests revealed he also had monkeypox and HIV, according to a case study in the Journal of Infection.
The 36-year-old patient, who was not identified by name in the report, is the first in the world to test positive for all three infections in a single day, the researchers said.
The Italian man reported that he developed a fever, sore throat and headaches nine days after returning from a trip to Spain. He tested positive for COVID-19 on July 2 — and his symptoms escalated past the typical presentation of the virus within hours.
First, the man noticed a rash starting to form on his left arm. Small, painful blisters appeared on his face, torso, legs, and backside the following day. As the blisters continued to spread and turned into telltale pustules, the man decided to seek emergency care at a hospital in Catania, Italy.
On July 6 — just a few days after his first symptoms — the man was diagnosed with a coinfection of COVID-19, monkeypox, and human immunodeficiency virus (HIV). His case demonstrates how early symptoms of monkeypox and COVID can overlap, and underscores the importance of testing for other sexually transmitted infections after a diagnosis of monkeypox, doctors wrote in the report.
The man’s body was dotted with lesions that looked like monkeypox in various stages of progression when he arrived at the hospital. Pustules on the palm of his hand and the side of his foot were bulging with pus and haloed in red. Other sores had turned into scabs with depressed centers — one of the telltale signs of the virus.
The lesions also affected the patient’s perianal region, which has been typical in the recent outbreak. Experts suspect a likelihood of sexual transmission of monkeypox because the outbreak has mainly affected men who have sex with men in their intimate regions.
Since the patient disclosed that he had unprotected sex with other men on his vacation to Spain, doctors tested him for monkeypox and ordered a full STI panel upon his intake at the hospital. According to his medical history, the man also had syphilis in 2019 and was negative for HIV as of his last test in September 2021.
It’s likely that his HIV infection was fairly recent, based on his sexual history and immune markers that looked normal.
This particular case “emphasizes that sexual intercourse could be the predominant way of transmission” of monkeypox, doctors wrote in the report.
As this is the first known coinfection of COVID-19, monkeypox, and HIV, doctors don’t yet know how the trio of viruses could affect a patient’s condition.
The Italian patient recovered well, with almost all of his monkeypox lesions crusting over after a few days in the hospital. He received an infusion of Sotrovimab, a monoclonal antibody therapy, to treat his COVID infection and improved the next day.
By day six in the hospital, most of the man’s symptoms had resolved. Swabs for COVID and monkeypox were still positive, but he had no new skin lesions and was discharged to home isolation.
When he returned for a follow-up visit, the patient’s sores had healed “almost completely, leaving a small scar.” He did not require treatment for monkeypox, although some physicians may recommend antivirals (namely tecovirimat, or TPOXX) for people with compromised immune systems.
The patient was put on a combination antiretroviral therapy to maintain his immune system function and lower the amount of HIV in his bloodstream. Like many others who live with HIV, he’ll need to continue taking the medication to keep the disease at bay.
Inflation in Ghana has been rising for the past 11 months, hitting 31.7% in July, up from 29.8% the previous month. This is the highest figure the West African country has recorded since November 2003, as the continued slump of its currency, the cedi, increased the prices of imported goods like gasoline and cooking oil.
Since January, the cedi has weakened 30% and is, according to Bloomberg, the second worst performing currency in the world, behind the Sri Lankan rupee.
The Ghanaian government runs the country on loans, which has pushed the country’s debt-to-GDP ratio to 78%. In July, despite a pledge by President Nana Akufo-Addo to not receive loans from the International Monetary Fund (IMF), Ghana’s deteriorating economic health forced it to return to the IMF for a bailout. The loan, the seventeenth it has received from the IMF since it gained independence in 1957, is worth $3 billion and will be paid to the Ghanaian government over three years.
Global credit rating agencies such as Fitch Ratings and S&P Global Ratings have downgraded its economy and have made it difficult to borrow more money, but the country hopes the IMF loan will boost investor confidence.
The country’s macroeconomic crisis is trickling down and dealing blows on Ghanaian businesses which have had to adopt measures to cope with the rapid changes in the economy.
The Chief Executive Officer of the Ghana Association of Bankers (GAB), John Awuah, says high interest rates do not translate into high returns for banks.
According to him, when interest rates sky rocket as they are now, it affects lending rates which subsequently lead to an increase in the risk of loan impairment leaving banks at high risk.
Ghana’s interest rate currently stands at 27.34% (91-day Treasury bill), consequently pushing lending rates high at over 30% on the average.
Yields have been on the rise across the Treasury bill curve, with the 91- day going for 27.34% and the 364-day selling at 28.83%.
But this comes at a cost as lending rates continue to surge.
According to John Awuah, banks do not profit from high lending rates, rather from the banking sector’s net margin which currently is narrowing.
Explaining this further on PM Express Business Edition, he said, “If the interest rate or lending rate go up that level, loans become almost unaffordable. It becomes difficult to take money at 30%. What business are you going to run to make so much money that you can set financing cost 30% aside, pay salaries, pay for your everything and still make profit?
“So when rates are at that level banks are concerned because then the interest burden on borrowers becomes heightened. And when interest burden is heightened, even good borrowers begin showing signs of distress and all of a sudden you’ll find that your impairment expectation is also going up and then bottom line is risk.
“So it’s a very difficult period for banks, and it is not like we’re sitting here and lending rates are high and because of that the banks are making money, I’m telling you the reverse is the case.”
Livingston Etse Satekla, popularly known as Stonebwoy, says that his wife, Dr. Louisa Ansong, directs his style of music.
The ‘Putuu’ hitmaker said he plays his songs for her to listen to and give her feedback because “she knows her stuff.”
He shared an experience when he made her listen to one of the new records he is about to put out.
“She is very musically inclined, she will tell me that this sounds too high. Just yesterday I was playing a new record and she was saying it sounds too high for me,” he said on Daybreak Hitz with Andy Dosty on Hitz FM.
The five-time Reggae/Dancehall Artiste of the Year further explained that he sometimes has to convince her that the sound is okay before she accepts it.
I told her: “No, it’s not too high for me, I can sing it right now, it’s not that high, it’s just because it sounds like that and you know the song is made up of low and high tones.”
Stonebwoy, who got married to his wife, Dr. Louisa Ansong on 16th June 2017 explained that he sometimes has to succumb to her criticisms.
“Sometimes it won’t be convincing to her, so I tell her that when it’s been mixed and mastered it will be made to feel a bit airy so it doesn’t sound too high.”
Stonebwoy is currently on a media tour for the promotion of his ‘Ashaiman to da World’ Festival.
The event is slated for 3rd September, 2022. It will take place at Sakasaka Park in Ashaiman.
Principal Statistician at the Ghana Statistical Service, John Foster Agyaho, says a quick way to fix the current food inflation situation is for the government to absorb the transportation cost of food products from farms to markets.
According to him, food prices and lorry fares are currently major contributors to the food inflation situation in the country, and thus by addressing transport, it would mitigate the effects of the inflation on consumers.
He noted that currently, the government has started rolling out a programme where cargo trucks are being provided to transport food from the farms to the market, however, more needs to be done for results to be felt within the shortest possible time.
“The short term fixes are like what we can do immediately to absorb the transportation cost for food products, and I know that the government has started that by trying to provide cargo trucks for people to cart goods from the farm gate to market centers,” he said.
He also said the Bank of Ghana needs to be encouraged to provide enough foreign exchange to halt the free fall of the cedi while simultaneously also mitigating imported inflation.
“Then again we could also encourage the Central Bank to do the magic by providing enough forex in the system. This way those who do the import items will have enough, it will help stabilize the cedi and therefore we will have lesser imported inflation.”
Finally, the Statistician called for broader sensitization with traders and people within the food value chain so they do not take undue advantage of the current situation to inflate the price of goods.
According to him, much of the current problem with food inflation in the country is also as a result of human behavioral tendencies.
“And I think another short term fix that we could do and as we have started is also to begin some education. Once we begin to educate the people around the challenges that we face so that people don’t take undue advantage, I’m pretty sure the next one or two months we should see a turnaround.”
“Luckily nature has taken advantage for us, now we are entering the harvest season. So if we do this and try to control transport and then we lower the expectation of consumers and sellers I’m sure we will be out of the woods,” he said.
The US has agreed to return another instalment of $23m (£19m) to Nigeria – part of money allegedly looted and stashed abroad by former Nigerian military ruler Sani Abacha.
This is part of a deal sealed on Tuesday in the Nigerian capital, Abuja, between the two countries.
Justice Minister Abubakar Malami signed on behalf of Nigeria while the US ambassador to Nigeria Mary Leonard signed the agreement on behalf of the US government.
Mr Malami said the funds to be repatriated ”soon” will be spent on infrastructural development in the country.
The US had in 2020 returned more than $300m to the West African country.
General Sani Abacha died while in office in 1998. He was accused of stealing billions of dollars of public funds and stashing them in Europe and the US.
In recent years, the Nigerian government has secured the release of part of the loot from several countries including Switzerland, Britain and the US.
MEST Africa has officially announced the opening of applications for the 2022 MEST Africa Challenge.
Pre-seed to seed stage technology startups in Ghana, Nigeria, Senegal, Kenya, and South Africa are invited to apply to participate in the regional competitions to be held in these countries in October this year.
Two finalists will be selected from each country to participate in the final Demo Day Pitch event to be held in Accra, Ghana for the ultimate prize of $50,000 in equity.
Entries will be accepted till 30th August, 2022 through the competition’s online portal.
Speaking on the 2022 edition of the competition, MEST Africa’s Director of Portfolio, Melissa Nsiah said, “We are excited to bring back this competition to give more African Startups a platform to showcase and build on their unique value in an era where African startups and innovations are taking center stage and gaining global recognition and investments. We look forward to an invigorating season that will increase the drive towards building better business in Africa.”
Run by pan-African training program, seed fund, incubator and hub, MEST Africa, the MEST Africa Challenge (MAC) is Africa’s go-to pitch competition for technology startups looking to get to the next level of their growth journey.
The challenge provides a stage for technology start-ups to raise funding, build industry networks and gain international visibility that would serve them well in growing and expanding their businesses.
The competition has received thousands of applications from around the continent since its inception. It has impacted the growth of winning startups such as Tanzania’s Kilimo Fresh, Ghana’s OZE, South Africa’s Snode Technologies, Kenya’s Waya Waya, and Nigeria’s Accounteer.
Former President John Dramani Mahama on Saturday, August 20, 2022, visited the Kumasi Sofoline Mosque and made a cash donation of GH¢110,000.00 to the Mosque project.
The donation follows an appeal from the leadership of the Mosque to enable them secure the land on which the Mosque is situated.
The former president also pledged to support the planned renovation of the mosque, which was built by Ghana’s first president, Dr. Kwame Nkrumah, for Muslim soldiers who had returned from peacekeeping at the time.
Ghanaian TV personality Cynthia Tima Yeboah, popularly known in showbiz circles as “Tima Kumkum” has revealed that she was denied the position of dining hall prefect during her secondary school days due to her height.
Narrating her story at the school’s just ended SRC week celebration dubbed “Nostalgia”, she disclosed that one of her main aspirations during her time in senior high school was to become a dining hall prefect and she had high hopes of winning the election for that position.
She continued by saying that despite being passed over for the post, her colleagues still regarded her as such because of her immense contribution to the role while still an aspirant.
The television personality graduated from Ghana National College in 2005, a senior high school in Cape Coast that she affirms to be one of the most prominent institutions in the country.
“Apparently, ‘National’ was my second choice but when I entered the school, I regretted choosing it as a second choice,” she stated.
Tima also commented that the school has fulfilled its role in molding her into the person she is today. “’National’ formed 80% of who I am today, with the kind of values they instilled in me. I am proud of ‘National’…Pro Patria you know, Nananom for life”, she complimented.
She finally advised students to focus on their dreams and never allow any obstacle to be a hindrance to achieving their dreams.
She also emphasized the importance of giving God first place in life.
Ghanaian TV personality Cynthia Tima Yeboah, popularly known in showbiz circles as “Tima Kumkum” has revealed that she was denied the position of dining hall prefect during her secondary school days due to her height.
Narrating her story at the school’s just ended SRC week celebration dubbed “Nostalgia”, she disclosed that one of her main aspirations during her time in senior high school was to become a dining hall prefect and she had high hopes of winning the election for that position.
She continued by saying that despite being passed over for the post, her colleagues still regarded her as such because of her immense contribution to the role while still an aspirant.
The television personality graduated from Ghana National College in 2005, a senior high school in Cape Coast that she affirms to be one of the most prominent institutions in the country.
“Apparently, ‘National’ was my second choice but when I entered the school, I regretted choosing it as a second choice,” she stated.
Tima also commented that the school has fulfilled its role in molding her into the person she is today. “’National’ formed 80% of who I am today, with the kind of values they instilled in me. I am proud of ‘National’…Pro Patria you know, Nananom for life”, she complimented.
She finally advised students to focus on their dreams and never allow any obstacle to be a hindrance to achieving their dreams.
She also emphasized the importance of giving God first place in life.
Congo.dev 