The voting process, overseen by the Electoral Commission, concluded with the election of new executives who will guide the Institute in the coming term.

The newly elected National Executives are:

• National President-Elect: Michael Abbiw
• National Vice-President Elect: Ama Gifty Amoah
• National Secretary-Elect: Edwin Letsa K. Kpedor
• National Treasurer-Elect: Dr. Francis Mensah Sasraku

Additionally, the following individuals have been elected as Council Members:

• Hilda Peasah
• Norrender Wordie Debrah
• Kwasi Kyere

“We are excited to welcome our new leaders and are confident that their expertise and vision will propel the Institute to greater heights,” said a communique accompanying the Electoral Commission’s results.

The announcement, which comes after a smooth and transparent voting process, was met with enthusiasm from members of the marketing community with many congratulating the newly elected officers.

The election results reflect a strong commitment to leadership and progress within the organization.

The marketing body has extended its appreciation to all candidates who participated in the election and to the voters for their active engagement and dedication to shaping the future of marketing in Ghana.

The new executives are expected to assume their roles in the coming weeks.

As the Institute moves forward, all eyes will be on the fresh leadership as they work to advance the goals of CIMG and strengthen its influence in the marketing sector both locally and internationally.

Instead, she is a director of BCM Ghana Ltd, where she is alleged to have embezzled approximately USD 10 million.

Legal action, both commercial and criminal, is currently underway, with BCM expressing confidence in the Ghanaian legal system to bring about a just outcome.

Additionally, Angela List has falsely claimed that Alex Obu Simpson is the HR Manager of BCM Group.

In reality, Simpson is affiliated with Adamus Resources, a company that BCM Investments alleges was fraudulently taken over by Angela List.

A recent article published on GhanaWeb on January 29, 2025, has been described by BCM International as a “litany of lies and false claims.” The company has reiterated that it has no connection or association with Angela List.

Under new leadership, BCM International affirms that it remains focused on its operations and future growth, maintaining that it is “business as usual.”

A confidential source within BCM International dismissed Angela List’s statements as an attempt to disrupt the company’s operations.

“Her claims are ridiculous and a futile attempt to create confusion,” the source stated.

“A thorough review of the company and a comprehensive investigation into her conduct at

BCM Ghana Ltd has raised serious concerns, including allegations of embezzlement.”

BCM International has pledged to vigorously defend itself against any further attempts to undermine its business.

“Angela List has no involvement in BCM’s day-to-day operations, and until she faces legal consequences, we will continue to protect the integrity of our company,” the source concluded.

He expressed concern that the current practice of funneling lottery proceeds into the Consolidated Fund has made the impact of these funds less noticeable.

Awuku highlighted examples from other countries that have effectively channeled lottery proceeds into major projects.

He pointed out how the Great Wall of China was partially funded by lottery revenue.

Similarly, the City of Miami and the United Kingdom’s Olympics were supported by lottery funds.

Speaking at the World Lottery Association (WLA) Marketing Seminar in Barcelona, Spain, Awuku joined an esteemed panel that included two former WLA presidents, Rebecca Paul and Jean-Luc Moner-Banet, as well as Romana Girandon the current European Lotteries President.

Awuku was the only African on the panel and took the opportunity to emphasize the need for lottery proceeds to benefit remote, underserved communities globally.

Additionally, he advocated for stronger regulations to prevent lottery addiction, particularly to protect minors, while still maximizing revenue.

He shared insights from Ghana’s experience, where the NLA created the Good Causes Foundation to support vulnerable populations, including the poor, destitute, and those with physical and mental challenges.

It was revealed that in 2024, lottery proceeds amounting to $90 billion, were allocated to various good causes.

Over 500 guests attended the seminar, and Awuku used the occasion to express his gratitude to the WLA for their support during his tenure as NLA Director General.

He explained that “seeing and hearing are two critical principles that enter the heart,” and help transform people.

“Transformation happens within and not without and also starts with self-leadership,” he indicated.

Speaking as the Guest Speaker at the Jospong Leadership Conference (JLC) 2025, Dr. Adeyemi presented on “Bridging the Gap: Leadership Journey of Connection and Change” on Wednesday, January 15, 2025.

As CEO of Sam Adeyemi GLC Inc., he encouraged the JGC staff and management to reflect on their surroundings, take practical steps, and strive for results.

The JLC-2025, 12th edition, themed “Transformation through Leadership,” aims to promote business sustainability, positive work ethics, and impactful change within the group.

Over 2,000 managers and senior staff members of the JGC participated both in-person and via Zoom.

Dr. Adeyemi stressed the importance of intentional transformation, highlighting the transformative power of movies and other media.

He also emphasised changing the narrative around oneself, saying, “Be intentional about how you want your life to be transformed.”

Additionally, he noted that communication, mentoring, and international travel contribute to sustainable transformation.

On that score, the man of God commended the Executive Chairman of Jospong Group, Dr. Joseph Siaw Agyepong, for investing in staff development through international training opportunities.

Dr. Siaw Agyepong also expressed gratitude to Dr. Adeyemi for consistently supporting Jospong Group’s JLCs despite his busy schedule.

Speaking at the opening ceremony of the Jospong Leadership Conference (JLC 2025) on Monday, January 13, 2025, at the Pentecost Conference Centre in Gomoa, Central Region, Dr Agyepong highlighted JGC’s alignment with the government’s vision of a 24-hour economy. He explained that the branding of the group’s waste management trucks reflects their readiness to support this initiative.

Additionally, Dr. Agyepong expressed JGC’s dedication to collaborating with the government on green economy projects, emphasizing the importance of sustainability in Ghana’s economic transformation.

The conference, which runs until January 17, 2025, is themed “Transformation through Leadership” and aims to promote business sustainability, positive work ethics, and the role of leadership in driving impactful and sustainable change within the organization. This year marks the 12th edition of the annual JLC.

Driving Transformation through Leadership

In his remarks on the conference theme, Dr. Agyepong urged JGC staff to embrace leadership with purpose, stating that transformational leadership requires courage, resilience, and innovative actions.

“I challenge each of you to fully immerse yourselves in this year’s leadership conference. Seize this opportunity to learn, reflect, and grow with purpose. Be active participants—ask thought-provoking questions, share innovative ideas, and engage in meaningful discussions,” he encouraged.

He emphasized the need for innovation and green initiatives as crucial pillars for growth and sustainability. Dr. Agyepong also announced JGC’s plans to expand its global footprint, with a new office in Kenya set to commence operations soon.

Ethical Leadership and Corporate Responsibility

A key highlight of the event was a presentation by renowned Marketing Professor, Professor Robert Ebo Hinson, on the topic “Ethical Leadership and Corporate Responsibility.” He stressed the importance of ethical leadership in building trust, driving sustainability, and giving companies a competitive edge.

“Ethical leadership guides behavior and helps navigate complex situations,” he noted, while cautioning against the detrimental effects of favoritism in organizations.

Professor Hinson outlined key attributes of ethical leaders, including honesty, fairness, and proactive role modeling. He also urged JGC to embed ethics into its strategic planning, prioritize transparency and accountability, and align its corporate purpose with ethical practices.

To strengthen its corporate social responsibility (CSR) efforts, he recommended initiatives such as corporate philanthropy, community volunteering, and socially responsible business practices.

Empowering the Next Generation

A major milestone at the conference was the launch of the Joseph Siaw Agyepong Foundation, aimed at nurturing young entrepreneurs by equipping them with the necessary tools and mentorship to become future leaders. The foundation received a seed funding of 500,000 Ghanaian Cedis to support its activities.

In a symbolic and heartwarming gesture, a painting of Dr. Agyepong and his family was presented to him and his wife, honoring his visionary leadership and philanthropic contributions to society.

With the 2025 JLC underway, the Jospong Group continues to demonstrate its commitment to leadership development, innovation, and sustainable growth, aligning with its mission to transform Ghana’s economy and empower its people.

“I would suggest that, if possible, the government should not abolish the E-Levy,” he said.

He explained that the proceeds from the tax should be used to support Ghanaian traders, particularly small and medium-sized enterprises (SMEs) including the President’s proposed Women’s Development Bank.

“We can use the proceeds from the E-Levy to provide access to finance for SMEs and for the women that the President is so concerned about.”

Before winning the 2024 election, President Mahama promised to abolish the E-Levy, which was introduced by the Akufo-Addo government. In his campaign to empower SMEs, he also promised to establish a Women’s Development Bank—a financial institution that would offer loans to women at low interest rates.

Dr Obeng argued that the President would need money to establish the bank and suggested that the E-Levy could serve as a potential source of revenue to support this initiative and help various SMEs.

“This is my view, and I am expressing it because if we want to raise funds to support the informal sector, SMEs, and women, we must also think about how to generate this money.”

He added, “I have already said that we should rationalise taxes, and if there is one tax I would recommend maintaining, it should be the E-Levy. It is not only businesses that pay this tax—it is paid by all of us. Moreover, it is an existing tax that is already in place and is ongoing.”

Dr Obeng was speaking on JoyNews’ Newsdesk on Wednesday, January 8.

The E-Levy, introduced by the previous New Patriotic Party (NPP) government, was designed to broaden the country’s tax base and generate revenue for national development.

However, the tax has faced significant criticism from many Ghanaians. In response to the backlash, the government reduced the initial 1.5% charge to 1%.

Meanwhile, the Special Aide to the new President, Joyce Bawah, reassured the public earlier on JoyNews’ AM Show that the new government would abolish the E-Levy, as well as the COVID-19 levy.

The authorization is in accordance with Section 3.13.1 of the Ghana Interbank Forex Market Conduct rules, which mandates prior approval for local and international FX brokers.

In a notice signed by Ms. Sandra Thompson, Secretary of the Bank of Ghana, 15 FX brokers have been granted authorization effective January 1, 2025, to December 31, 2025.

These brokers include:

1. IC Securities
2. SIC Brokerage
3. Black Star Brokerage
4. Serengeti Limited
5. Obsidian Acherner
6. Regulus
7. Sarpong Capital
8. Terika Financial Services Ltd
9. Laurus Africa
10. Shadeya International Investments Ltd
11. Savvy Securities
12. GFX Brokers
13. Crown Agents (Cross-Border Payments and Financial Services Providers)
14. CSL Capital (Cross-Border Payments and Financial Services Providers)
15. StoneX Financial Limited (Cross-Border Payments and Financial Services Providers

READ THE FULL RELEASE BELOW: 

BANK OF GHANA
NOTICE NO: BOG/FMD/2025/01

AUTHORISED FX BROKERS BY BANK OF GHANA

Section 3.13.1 of the Ghana Interbank Forex Market Conduct rules stipulates:
“Local and International FX Brokers who want to operate in Ghana’s forex market are required to obtain prior approval from the Bank of Ghana at the beginning of every calendar year.”

In line with the above, the Bank of Ghana has given authorisation for the underlisted FX Brokers to operate on the Ghana Interbank FX market effective January 01, 2025, to December 31, 2025.

1. IC Securities
2. SIC Brokerage
3. Black Star Brokerage
4. Serengeti Limited
5. Obsidian Acherner
6. Regulus
7. Sarpong Capital
8. Terika Financial Services Ltd
9. Laurus Africa
10. Shadeya International Investments Ltd
11. Savvy Securities
12. GFX Brokers
13. Crown Agents (Cross-Border Payments and Financial Services Providers)
14. CSL Capital (Cross-Border Payments and Financial Services Providers)
15. StoneX Financial Limited (Cross-Border Payments and Financial Services Providers)

The Bank of Ghana reserves the right to delist any authorised FX Broker for non-performance or non-compliance with the Foreign Exchange Act 2006 (Act 723), the Interbank FX Market Conduct rules and the Post Authorisation Guidelines for Forex Brokers.

(SGD.) Sandra Thompson (Ms.)
The Secretary
2nd January 2025

POST AUTHORISATION CONDITIONS AS AN FX BROKER

i. On each trading day, authorised FX brokers shall be required to send to the BoG an interim report mid-day and end of day report when the market closes and should cover pricing and volumes. This report shall be sent to fxbrokers@bog.gov.gh.

ii. FX brokers shall adhere to all applicable requirements under the Ghana Interbank FX Market Conduct rules. Bank of Ghana (BoG) shall impose penalties and/or revoke authorisation if any FX broker is deemed to have deviated from any of the Ghana Interbank FX Market Conduct rules.

iii. An FX broker shall apply for a renewal of authorisation as an FX broker in Ghana by the end of the first working week of December of every calendar year.

iv. Restructuring of the FX broker, e.g., mergers, takeovers and any other significant changes (e.g. change of company name, etc.), must be reported to the BoG without delay. In the event of restructuring and/or changes to the FX brokers’ regulatory status, proof must be provided that the regulatory authority has either approved or has not objected to such changes.

v. An FX broker shall not take the other side of customer trades, nor should the trade be outsourced to any single third party who can skew the price according to their own trading book. If the counterparty makes its own price, then the FX broker should seek a best price from a reasonable array of wholesale market makers.

vi. An FX broker shall not buy or sell foreign exchange for its own account, nor hold, borrow or lend foreign exchange to an authorised market participant.

vii. An FX broker shall not deal directly with any corporate entity and is required to be an intermediary between banks on the Interbank Forex Market.

viii. FX brokers are to operate on a commission basis and should not include their commissions as spreads in pricing trades.

ix. An FX broker must have a robust system in place with the required safeguards against cybercrime and other forms of internet or other technology threats in line with the Bank of Ghana’s Cyber Security Directives.

x. An FX broker shall quote exchange rates that are based on actual transactions within the domestic economy in Ghana and may be required to provide evidence of that as deemed necessary.

POST AUTHORISATION CONDITIONS FOR FX BROKERS IN RESPECT OF CROSS-BORDER PAYMENTS AND FINANCIAL SERVICES PROVIDERS

i. On each trading day, authorised Cross-Border Payments and Financial Services Providers shall be required to send to the BoG an end-of-day report when the market closes. This should cover pricing, volumes, and the source of inflow. This report shall be sent to fxreturns@bog.gov.gh.

ii. Cross-Border Payments and Financial Services Providers shall desist from aggressively pricing forex. They are to ensure that their pricing reflects market dynamics and falls within the revealed rates by their banks.

iii. Cross-Border Payments and Financial Services Providers shall have up to a maximum of five (5) partner banks for the purposes of termination of forex flows.

iv. Cross-Border Payments and Financial Services Providers shall apply for a renewal of authorisation to operate in Ghana by the end of the first working week of December of every calendar year.

v. Restructuring in the form of mergers, takeovers, and any other significant changes (e.g., change of company name, etc.), must be reported to the BoG without delay. In the event of restructuring and/or changes, proof must be provided that the regulatory authority has approved or not objected to such changes.

vi. A Cross-Border Payment and Financial Services Provider must have a robust system in place with the required safeguards against cybercrime and other forms of internet or other technology threats in line with the Bank of Ghana’s Cybersecurity Directives.

vii. A Cross-Border Payment and Financial Services Provider must desist from engaging or interfacing with Money Transfer Operators (MTOs).

viii. Bank of Ghana (BoG) shall revoke the authorisation if any Cross-Border Payments and Financial Services Provider is deemed to have breached any of the conditions.

Speaking at the 30th-anniversary celebration of Coconut Grove Beach Resort in Elmina, one of the flagship businesses of the conglomerate, Dr Nduom shared his optimism about the future of the bank and its potential revival.

“GN Bank has always been a people-centered institution, serving communities that many financial institutions overlooked,” Dr Nduom said. “I am hopeful that this new administration will recognize the value we brought to the sector and work with us to restore what was unfairly taken away.”

GN Bank, which was once one of Ghana’s leading Indigenous banks, was downgraded to a savings and loans company before it finally collapsed following a banking sector clean-up that accused its managers of committing several breaches.

Dr Nduom believes that a partnership with the incoming administration could pave the way for a turnaround.

“We built GN Bank with a mission to empower small businesses and rural communities. Its restoration would not only benefit our customers but also contribute significantly to Ghana’s economic growth,” Dr Nduom emphasized.

Reflecting on the broader vision of Group Nduom, he added: “Our businesses have faced challenges, but we remain resilient. I am optimistic that with the right leadership and support, we can rise again stronger than before” he noted.

The 30th-anniversary celebration of Coconut Grove Beach Resort was marked by heartfelt speeches, community engagement, and a carols night. Dr Nduom’s call for the restoration of GN bank resonated with many attendees.

Bitcoin has surged to a new record high, extending a rally that has seen the cryptocurrency’s price rise by more than 50% since Donald Trump’s victory in the 5 November election.

The world’s largest cryptocurrency briefly passed $106,000 (£83,890), before falling back to around $105,000 in Asia trade on Monday.

The incoming Trump administration is seen as being far more friendly towards cryptocurrencies than the Biden White House.

On Thursday, the US president-elect reiterated that he is considering creating a national stockpile of the digital currency, similar to the country’s strategic oil reserve.

His net worth surged to $447 billion on Wednesday, per the Bloomberg Billionaires Index, after Tesla stock jumped 6% and SpaceX’s valuation leaped to $350 billion based on employee share sales.

Musk’s fortune has ballooned by $218 billion this year — a sum that exceeds the net worth of every other person on the rich list except Amazon’s Bezos ($249 billion) and Meta’s Mark Zuckerberg ($224 billion).

Musk is now more than twice as wealthy as Oracle’s Larry Ellison ($198 billion), and more than three times as rich as Warren Buffett ($144 billion).

His one-day gain — the largest in the index’s history — rivals the total wealth of Binance cofounder Changpeng Zhao, ranked 23rd with a $63.2 billion fortune. It also helped to lift the combined wealth of the 500 richest people on the planet to above $10 trillion for the first time, Bloomberg said.

Musk is now worth more on paper than the vast majority of US public companies, including Costco ($442 billion), Home Depot ($419 billion), and Netflix ($400 billion).

His wealth is largely made up of his roughly 13% stake and some contested stock options in Tesla, and his 42% slice of SpaceX. Musk’s other businesses include xAI, Neuralink, The Boring Company, and X Corp, formerly Twitter.

Tesla shares have surged more than 70% this year to $425 at Wednesday’s close, valuing the company at nearly $1.4 trillion. That figure comfortably exceeds the roughly $1 trillion market value of Buffett’s Berkshire Hathaway and approaches the $1.6 trillion value of Zuckerberg’s Meta.

The electric vehicle maker’s shares have soared as investors bet it will harness artificial intelligence in revolutionary products such as self-driving cars and humanoid robots.

Musk’s prominent role in Donald Trump’s campaign, and his emergence as a close advisor to the president-elect who’s tasked him with streamlining the US government, have also fueled optimism around his companies.

SpaceX is now valued at $350 billion based on the latest price paid by the company and its backers to buy shares from employees, Bloomberg reported Wednesday. The Starlink owner’s valuation was previously $210 billion after a secondary share sale in June.

Verdict: False

Explanation: According to a 2023 report by FactCheck Ghana and Bank of Ghana’s Summary of Economic Financial Data(2024), Ghana’s borrowing figures over the years are as follows:

From the data above, Ghana has borrowed over GHS1 trillion between 2017 and 2024, which is more than the GHS622 billion as claimed. The Ghana Fact-Checking Coalition did not find any evidence to support the claim that the Bank of Ghana printed GHS 60 billion illegally.

Source: Ghana Fact-Checking Coalition

Verdict: False!

Explanation

Data from the International Monetary Fund (IMF) and the Ministry of Finance showed that Ghana’s debt-to-GDP ratio was above 72% in 2016 when Mahama exited office, not 57%, as claimed.

Claim 2:  A Facebook user claims John Mahama, the NDC 2024 flagbearer, left office on January 6, 2017, when Ghana’s inflation was 15%.

Verdict: True!

Explanation

The Ghana Statistical Service (GSS)’s 2016 year-on-year inflation rate confirmed that the inflation rate, as of December 31, 2024, was 15%.

Claim 3:  A Facebook user claims John Mahama, the NDC 2024 flagbearer, left office on January 6, 2017, when Ghana’s unemployment rate was 8%.

Verdict: True!

Explanation

The GLSS 7 survey conducted between October 2016 and October 2017, confirmed Ghana’s labour force comprised 12,244,318 people, with 11,216,724 employed and 1,027,596 unemployed. Using the unemployment rate formula, dividing 1,027,596 by 12,244,318 and multiplying the result (0.0839) by 100%, the unemployment rate for 2016/2017 was 8.39%, rounded to 8.4%. Therefore, the social media user’s claim is true.

Source: Ghana Fact-Checking Coalition

Verdict: False!

Verification: The Global Food Security Index, which evaluates 113 countries based on the affordability, availability, quality, and safety of food, ranked Ghana 7th in Africa in its last report in 2022. Meanwhile, the country ranks 83rd globally with an overall score of 52.6.

Therefore, the claim is false.

Source: Ghana Fact-Checking Coalition

This represented an undersubscription of 37.09%.

According to auction results by the Bank of Ghana, the government got GH¢3.83 billion from the sale of the short-term instruments.

This is against a target of GH¢6.098 billion.

All the bids tendered for the instruments were accepted. Once again, a chunk of the bids came from the 91-day bill.

A little over GH¢2.9 billion, representing 76.9% of the bids were accepted.

About GH¢ 669.37 were tendered for the 182-day bill.

For the 364-day bill, GH¢216.58 million were gotten.

Meanwhile, interest rates rose on the yield curve.

The yield on the 91-day bill went up by 0.40% to 27.36%.

That of the 182-day bill also increased to 28.09% from 27.78% the previous week.

For the 364-day bill, the interest rate also went up to 29.87% from 29.21% the earlier week.

The MOU is on Cooperation in the field of Science, Technology, Engineering and Mathematics (STEM), Research, Training and Skills Development.

The signing of the two formed part of the official visit to Ghana by Mr Wavel Ramkalawan, President of Seychelles.

A statement issued by the Ministry of Foreign Affairs and Regional Integration, copied to the Ghana News Agency said Mrs Mabel Sagoe, Chief Director of the Ministry of Transport, signed the BASA and Mrs. Mamle D. Andrews, Chief Director of the Ministry of Education, signed the MoU on Education.

It said Mr Conrad Mederic, High Commissioner of Seychelles to Ethiopia signed on behalf of Seychelles.

The statement noted that this brought the total MoUs signed during Mr Ramkalawan’s visit to Ghana to four.

It said earlier on during the visit, the MoUs in the areas of Culture and Tourism Development were signed on Thursday, 21st November.

Speaking on Joy News’ PM Express Business Edition, he stressed the need for dialogue among industry stakeholders to address inefficiencies.

“A high flyer, a well-doing oil marketing company, needs to buy into the idea that they can have 5% shares in another by giving their company and outlets to that company,” he suggested.

Dr. Oppong believes such collaborations could streamline operations and improve profitability for struggling OMCs.

He criticized the reluctance of some companies to consider mergers.

“Everybody wants to become an MD. Everybody wants to drive a Land Cruiser,” he said, lamenting the culture of individualism in the industry.

Dr Oppong shared an example from the global oil market: “If Exxon and Mobil had to merge to form ExxonMobil, becoming the world’s superpower, what stops us as Ghanaians?” he asked.

He announced plans to organise a downstream dialogue in the first quarter of next year, where CEOs and MDs of OMCs can discuss potential collaborations.

“This dialogue is going to be a meeting where we run the numbers and face facts,” he said, highlighting the importance of data-driven decisions.

Dr. Oppong concluded by urging non-performing companies to seek partnerships rather than struggle independently.

“Let’s come together and move forward. That should be the way to go,” he stated.

The AOMC boss has also expressed deep concern over the rampant corruption in Ghana’s oil marketing industry.

The oil marketing sector in Ghana is under a siege of its own making, according to Dr Riverson Oppong.

“There are so many regulations in the system, but still, the system is corrupt because the number is too much,” he said.

Dr Oppong believes the influx of OMCs has created a chaotic environment that makes it nearly impossible for regulators to maintain control.

He pointed out the unsettling trend of non-compliance, with some companies undercutting prices and selling lower quantities of fuel than advertised.

After pension reforms in 2010, workers’ retirement contributions in the world’s number two cocoa producer enjoyed strong growth, buoyed by a tiered scheme that allows private firms to manage some contributions.

Assets under management by the pension fund industry were GH¢78.2 billion ($4.93 billion) in June, of which over 73% were managed by 39 private fund management firms.

Ghana’s state-run pension fund handles tier one contributions towards employees’ monthly retirement benefits, which are mandatory, while private firms manage tiers two and three – mandatory and voluntary contributions respectively – for lump-sum payment at or before retirement.

The majority of contributions are invested in Ghanaian assets, including Ghana government Eurobonds.

However, private fund managers have been eager to explore offshore investment opportunities following the restructuring of 31 billion cedis of their holdings under a local debt rework.

Ghanaian laws permit private fund managers to invest up to 5% of total assets abroad, approximately 2.8 billion of current assets under management, though firms and authorities differ on the necessity of prior approval.

Some fund managers invested in offshore assets earlier this year, the sources, two in the private pension firms and one at the finance ministry said, but were stopped by the regulator, the National Pensions Regulatory Authority (NPRA).

“They (NPRA) threatened to sanction us but we didn’t find any basis in law,” one of the sources at a fund management company told Reuters.

“We have not exited but we can’t invest more (offshore). It’s a very strange development,” said the source who asked not to be named, adding that they had $5 million in offshore assets.

John Kwaning Mbroh, head of NPRA, told Reuters that “there’s no resistance” to investing pension assets offshore but the regulator needed approval from the government before signing off.

Mbroh said discussions were taking place to streamline the rules and clarify how to value offshore investments for contributors and fund managers, although he did not know when they would conclude.

‘PROTECTING LIQUIDITY’

Ghana is concluding a challenging debt-restructuring process under the G20’s Common Framework initiative, having defaulted on most of its $30 billion international debt in 2022.

Despite Ghana’s economic recovery, the cedi currency has depreciated 25% against the U.S. dollar year-to-date, having already fallen around 17% in 2023.

The source at the finance ministry, who also requested anonymity, said the ministry was concerned about the need to “balance the effects” of investing pension funds abroad on domestic liquidity and value appreciation to fund managers.

“The ministry won’t say ‘no’ but it’s about how do we protect the economy, the liquidity,” the source said.

Private pension management firms in Ghana argue that authorities are overly cautious, pointing out that local mutual funds and African pension funds invest offshore without similar concerns.

They contend the current policy, given high inflation and cedi depreciation, limits value creation and mutes gains.

They also say it is contradictory to allow foreign pension funds to invest in Ghana’s market while preventing local funds from investing abroad.

“The world over, pension funds chase value but they want us to chase inflation,” an executive of one of the top five fund managers said, adding that investing 5% of their assets abroad doesn’t even move the needle.

ALSO READ:

• Pension funds grew by 33% in 2023 to GH¢61.8bn; Industry remains healthy – report

• Govt targets pension funds in renewed debt exchange

Apple is facing a legal claim accusing it of effectively locking 40 million British customers into its iCloud service and charging them “rip off prices.”

Consumer group Which? says the legal action – which it has launched – could result in a £3bn payout if it is successful, equivalent to £70 per customer.

Apple has rejected the suggestion its practices are anti-competitive, saying users are not required to use iCloud, many rely on third-party alternatives and insisting it “works hard to make data transfer as easy as possible.”

It is another example of the “growing tide of large class actions against Big Tech” which has “operated without sufficient constraint”, Toby Starr from legal firm Humphries Kerstetter told the BBC.

Facebook, Google, gaming giant Steam and the UK’s leading mobile providers are among the others facing legal claims at the same court, the the Competition Appeal Tribunal.

“Although most of these claims are in their infancy and take a long time to resolve, there will be more decisions coming out over the next couple of years and there will be settlements – these will start to affect the tech giants’ businesses,” said Mr Starr.

In a statement, the company said the deal forms part of a broader $169.6 million purchase covering operations in both Ghana and Tanzania and marks an expansion of Varun Beverages’ footprint in Africa.

The acquisition of SBC Beverages Ghana Limited (SBCG), which was finalised subject to regulatory approvals, will see Varun Beverages take full control of Pepsi’s bottling and distribution network in Ghana.

SBCG manufactures and sells the PepsiCo franchised brands: Pepsi, Pepsi Max, 7UP, 7UP FREE, Mirinda, Mountain Dew and Evervess. SBCG also manufactures and sells energy drink under its own brand Cheetah.

The company has one manufacturing facility located in Accra with two manufacturing lines.

The company, which already operates in several African countries, including Morocco and Zambia, aims to bolster its position in the region by integrating SBCG’s operations into its existing network.

Varun Beverages is known for manufacturing and distributing Pepsi, 7Up, Mirinda, and Mountain Dew in India and several other countries.

In Ghana, SBCG has a manufacturing facility in Accra and boasts a strong presence with key beverage products under PepsiCo’s global brand umbrella.

Alongside the Ghana deal, Varun Beverages has also secured the purchase of SBC Tanzania for $154.5 million, which will further cement its dominance in the East African beverage market. The company’s expansion strategy includes establishing a solid base in Africa, where it has already made significant strides since the 1990s.

Ravi Jaipuria, a tycoon with an estimated net worth of $16 billion, leads Varun Beverages, one of PepsiCo’s largest global franchisees.

The company has extended its influence into Nepal and Sri Lanka, with Jaipuria’s conglomerate, RJ Corp, involved in sectors like fast food and healthcare, in addition to beverages.

Mr. Jaipuria expressed enthusiasm about the deal, noting the vast potential for Varun Beverages to increase its operations across both Ghana and Tanzania, producing millions of cases of beverages annually.

This acquisition aligns with the company’s long-term plans to scale operations and continue its legacy of distributing iconic beverages globally.

Developed by CPL Developers, a reputable name in Ghana’s real estate sector, this premier project promises to redefine upscale living while offering exceptional investment opportunities for discerning buyers.

Some of their notable projects include Belmonte, a luxury apartment complex in East Legon that offers modern amenities and exquisite design, and Oasis Park Residences, which has garnered attention for its hotel-styled apartments that provide enviable rental income.

Each development reflects CPL’s dedication to quality, innovation, and customer satisfaction.

The Tower Residence: A New Standard in Luxury Living

Located in the prestigious Airport Residential area, The Tower Residence features twin towers that harmoniously blend elegance with modern convenience.

This development offers a variety of fully automated spacious units, including executive studios, one-bedroom apartments, two-bedroom apartments, and maisonette, designed with the utmost comfort in mind.

Key Features of The Tower Residence:

Fully Automated Units—One of the most compelling features of this luxurious twin tower project is that all units are fully automated, integrating advanced technology to enhance residents’ living experience.

Stunning Skyline Views: Residents can enjoy picturesque sunsets, vibrant city lights at night, and a constant reminder of the city’s energy and vibrancy.

Extensive Amenities: With over 15 life-enhancing amenities such as a rooftop pool, fitness center, and landscaped gardens, The Tower Residence is designed to elevate everyday living.

Strategic Location: This development’s proximity to Kotoka International Airport, key business districts, schools, and recreational facilities makes it ideal for families and professionals.

Flexible Payment Plans: The best part of owning a part of The Tower Residence is that you don’t have to pay it all at once. There are tailored payment plans to suit your budget.

A Rare Investment Opportunity

As the demand for luxury properties in Accra continues to rise, investing in The Tower Residence presents an excellent opportunity for capital appreciation and rental income.

The luxury real estate market is projected to grow steadily, making now the perfect time to secure your place in this thriving community.

You Can Start Now

With its innovative design, prime location, and exceptional amenities, The Tower Residence is poised to become one of Accra’s most sought-after addresses.

Whether you are looking for a new home or a lucrative investment opportunity, this development offers everything you need to live comfortably and stylishly.

For more information on The Tower Residence, visit here.

Don’t miss your chance to be part of Accra’s newest luxury living experience!

The price of bitcoin has risen above $80,000 (£62,000) for the first time ever, after Donald Trump’s decisive victory in the US election last week.

It comes as the Republicans are edging closer to overall control of Congress, after having already secured the presidency and a majority in the Senate.

On the campaign trail, the president-elect pledged to make the US “the crypto capital of the planet”.

The value of world’s biggest cryptocurrency has now risen by more than 80% this year.

In a recent press release, ADB confirmed that the branch would remain closed until the security situation improves, stating that this step was taken with the safety of staff and customers in mind.

ADB has maintained a presence in Bawku as the sole operational bank in the region for over a year. Other commercial banks previously withdrew their operations from Bawku, also due to the volatile security conditions.

By closing temporarily, ADB joins the ranks of other financial institutions prioritizing staff safety amidst the ongoing tension in the area.

The bank assured customers that its commitment to serving the people of Bawku and surrounding communities remains strong, promising a return to regular branch operations as soon as stability is restored.

In the meantime, ADB encourages customers to use its electronic banking platforms, which will remain fully accessible to facilitate transactions and maintain essential banking services.

“We remain dedicated to providing universal banking services across the country,” the statement reads, underscoring ADB’s broader mission to deliver essential financial services even in challenging conditions.

In its World Economic Outlook, it also predicted an end-year inflation of 15% for the country.

In 2025, the nation will record an average lower inflation of 11.5%.

According to the IMF, the country would register a sharp decline in inflation in 2025, easing the cost of goods and housing,

This will consequently boost consumer spending and aggregate demand.

However, the end-of the year inflation in 2025 is estimated at 8.1%. That would be the lowest since 2019.

The Fund pointed out in its October 2024 Regional Economic Outlook that with further policy adjustment expected inflation is expected to continue on a downward trajectory.

“The regional GDP-weighted headline inflation is projected to decline substantially, from 18.1% in 2024 to 12.3% in 2025, with significant decreases in Angola, Ghana, and Nigeria”.

“Median inflation will decline slightly, from 4.7% to 4.5%. However, inflation will remain substantially higher in oil exporters than in the rest of the region”, it added.

Inflation surged to 21.5% in September 2024, from 20.4% in August, according to data from the Ghana Statistical Services (GSS).

It came a few days after the Bank of Ghana announced a 2.0 percent cut to its benchmark Monetary Policy Rate (MPR) – the highest in six years.

The world economy could contract by the size of the combined French and German economies, if there is a broad-based trade war between the world’s major economies, the International Monetary Fund (IMF) has told the BBC.

It comes as concerns are heightened ahead of the possible re-election of Donald Trump.

Trump says he plans to introduce a universal tax or tariff of up to 20% on all imports into the US, while the European Union is already planning retaliation if Washington goes ahead with the new levy.

Last week, Trump said “tariff is the most beautiful word in the dictionary”, and global markets and finance ministers are now beginning to take seriously the prospect of him enacting the ideas.

Tigran Gambaryan, a US citizen, was arrested on a business trip to Nigeria in February and later charged alongside his company Binance with laundering $35.4m (£28m) – which they denied.

The 40-year-old was in charge of financial crime compliance at Binance, the world’s largest crypto exchange that Nigeria blames for much of its recent economic turmoil.

It accused the digital platform – where investors can buy, sell and trade cryptocurrencies – of fixing exchange rates and currency speculation, leading to the free-fall of the local currency.

The charges against Binance, including tax evasion offences that it denies, were part of a clampdown by the Nigerian authorities on cryptocurrency firms in general over fears they were being used for money laundering and financing terrorism.

Mr Gambaryan’s family has been calling for his release over concerns about his health, saying conditions at the Kuje Correctional Centre – a prison in the capital, Abuja, where he had been held since April – were exacerbating a back problem.

“The herniated disc in his back has worsened to the point where it might leave permanent damage and affect his ability to walk,” his wife Yuki said in August.

The High Court judge has twice denied him bail, saying he was a potential flight risk.

This followed the escape from custody of his colleague Nadeem Anjarwalla, a British-Kenyan dual national who was Binance’s Africa regional manager.

He was arrested alongside Mr Gambaryan in February but fled the country within weeks of the pair being put under house arrest – and is still wanted by the Nigerian authorities.

According to the Reuters news agency, Gambaryan’s trial was adjourned last Friday as he was not able to appear because of illness.

The Economic and Financial Crimes Commission (EFCC) then announced in court in Abuja on Wednesday that it was dropping the case against him.

“We have withdrawn the money laundering charges against Tigran Gambaryan to allow him to get medical treatment outside the country,” Reuters quotes EFCC lawyer Ekele Ihenacho as saying.

The tax evasion charges filed against Binance by the Federal Inland Revenue Service will still be pursued in court.

Binance has also fallen foul of US laws. Last November its founder Changpeng Zhao resigned and in April was sentenced to four months in prison for allowing criminals to launder money on his platform.

Well, according to the Bank of Ghana (BoG), the next of kin is only a nominee of the account holder who serves as a primary contact in the event where the bank is unable to reach the account holder.

What this means is that the next-of-kin concept in banking operations is for the purpose of tracing the whereabouts of an account holder and not who inherits the account.

“This person should be close and know a lot about the account holder and that is why in practice, many people would use some of their close relatives, Mr. Augustine Amoako Donkor, Assistant Director, Financial Stability Department of BoG, has said.

He was speaking on the topic, “The Next-of-Kin Concept”, as part of a two-day media capacity building workshop for selected journalists in the Ashanti Region.

The workshop, which sought to deepen the understanding of participants in the operations of BoG and also build their capacity in financial reporting, was attended by 25 journalists.

Resource persons from the Central Bank took them through microeconomic analysis and significance of microeconomic indicators, monetary policy practice in Ghana, inflation dynamics in Ghana, developments in foreign exchange market, as well as interpretation of the Monetary Policy Committee Pack.

Mr. Donkor said a customer of a bank reserves the right to choose even a friend who knows much about him/her as the next of kin because the main purpose is to have someone who can provide information on why the account holder is not reachable.

Processes to retrieve funds in the account of a deceased customer, according to him, is entirely a different issue when it is established that the owner of the account has indeed died.

“To inherit or have access to the bank account of deceased person, one will have to be named in the deceased person’s will as a beneficiary of the account,” Mr. Donkor clarified.

He said the named beneficiary would have to go through a legal process for a court of competent jurisdiction to grant a probate which empowers the named beneficiary to obtain access to the deceased person’s account

Where the account holder dies intestate, interested persons would have to apply to be appointed as administrators of the estate of the deceased through the issuance of Letters of Administration by a court of competent jurisdiction to have access to the account of the deceased person, the BoG official said.

“In Ghana this concept of next-of-kin is not defined in our laws, so our discussion is based on what traditionally has been the practice and that is what is likely to continue until such time that as a country we include this in a particular law,” he said.

From its first Draw, held on 29th September 1962, with a first prize sum of 5,000 pounds, to current draws where lucky players win sums of 200,000 cedis, the NLA has not stopped giving to its patrons.

At the core of this excitement is the room where these fortunes are made, and lives are transformed: the NLA’s Draw Studio, Brennan Hall.

Constructed about thirty years ago under the leadership of Colonel Martin Gbikpi, who served as Director-General of the then Department of National Lotteries (DNL) from 1993-2,001, the Brennan Hall is the nerve centre of the Authority’s business, where the numbers are drawn daily.

Following a desire to leave the NLA in a better state than he found it and give the NLA a state-of-the-art Draw Studio by the standards of the World Lottery Association (WLA), the Director General, Mr. Samuel Awuku, with the support of the NLA Governing Board, began the refurbishment of Brennan Hall.

The project was undertaken in two phases. The first phase, which covered remodelling the Draw Studio stage, was completed in June 2023 and commissioned in August 2023 with newly procured state-of-the-art draw machines.

The project’s second phase covered a complete overhaul of the Draw Studio, including furnishing, newly installed state-of-the-art equipment and fixtures, new washrooms, and total branding, transforming it into an ultra-modern Draw Studio.

The Brennan Hall was commissioned on Friday, October 18th, 2024, by the NLA Board Chairman, Mr. Gary Nimako Marfo, Esq.  He was assisted by some Board Members, the Director-General of NLA, Mr. Samuel Awuku, the Deputy Director General, Ms. Anna Horma Miezah and the Group Chairman of KGL, Mr. Alex Dadey.

The NLA Board Chairman, Mr. Gary Nimako Marfo, Esq. commended the Group Chairman of KGL, Mr. Alex Dadey, for partnering with the NLA to execute this project, which is a testament to what Public-Private Partnerships can do.  He also thanked Eloctroland Ghana for their support.

Applauding the NLA for a beautiful edifice, the Group Chairman of KGL, Mr. Alex Dadey commended the leadership of the Board Chairman, Mr. Marfo, and the Director General, Mr. Samuel Awuku, which he believes has provided the blueprint for this partnership. This allows KGL to give a huge chunk of its profit to the government for national development.

This is the first time the Brennan Hall has undergone a significant facelift since its establishment about three decades ago.

The Brennan Hall is named after the NLA’s first Director-General, Mr. William Francis Brennan, a Maltese National who was seconded to the DNL by the Maltese Government to help Ghana establish its lottery upon the request of Ghana’s first Prime Minister, Osagyefo Dr. Kwame Nkrumah.

In a statement on Thursday, the ministry said that Yango began operating in June without authorization and in violation of the country’s procedures.

The ministry said the decision was taken over concerns for the safety of passengers, order and legal procedures.

“The activities of the operator YANGO are therefore suspended across the entire national territory,” the statement said.

Yango said the ride-hailing company operated independently from Yandex and was headquartered in Dubai. It said talks were underway with the government in Togo and that it was confident a solution would be reached to continue operations there.

He highlighted several key initiatives, including the President’s role in increasing the service allowance and expanding the scheme’s reach to all regions of Ghana.

Mr Osei Assibey Antwi also praised the President’s involvement in innovative projects, such as the 20,000-acre Kumawu farmland which offers service personnel practical agricultural experience and promotes food security.

The Director-General emphasized the NSA’s expanded mandate, focusing on employability, professional development, and industry partnerships to create a skilled and adaptable workforce.

He sought additional support from the President, including procuring construction equipment and farm machinery, securing farmlands in each region, and increasing financial backing for the Authority’s transition and key programs.

Speaking at the official launch of the National Service Authority, he thanked stakeholders and called for continued collaboration to ensure the NSA’s success in serving Ghana’s youth and national development.

“You have been a champion of the National Service Scheme, now the National Service Authority. Your steadfast support has transformed the lives of countless young Ghanaians and strengthened the institution that we proudly celebrate today. Your Excellency has shown, time and again, that the welfare of the youth is dear to your heart. You increased the National Service Allowance from GHS 350 to GHS 559, and later to GHS 715, ensuring that the service personnel are adequately supported as they dedicate themselves to the service of our country. This increment has been a significant step toward empowering our youth and fostering a sense of dignity in their service. ii. Your vision to extend the operations of the Scheme across the entire nation, including the six newly created regions, speaks volumes of your commitment to institutional strengthening and ensuring the equitable distribution of resources. This expansion allows us to effectively harness the talents of our young people across the country, and fostering development in every corner of our beloved Ghana”, he stated.

He continued “A key example of your personal involvement and commitment to innovative projects within the Authority is the acquisition of a 20,000-acre farmland in Kumawu, which will provide Service Personnel with hands-on agricultural experience and promote food security. This project reflects your foresight in expanding the scope of national service, creating pathways for economic development, and supporting self-sufficiency. Your provision of sufficient logistics for the Authority, ensuring that we operate efficiently across the country is commendable”.

This initiative, in partnership with Ghanaian business development firm Fort Group, aims to promote sustainable cocoa farming and ethical chocolate production in the country, offering a new global standard that could elevate Ghana’s cocoa and chocolate industry.

Founded in 2016 by conservationist Paolo Bray, Friend of the Earth is a project under the World Sustainability Organization (WSO).

The organization has already certified over 5,000 farms and 50,000 farmers, representing more than 1.5 billion euros in sustainable agricultural production. WSO collaborates with 1,500 companies across 80 countries, certifying more than 5,000 products worldwide.

The Sustainable Chocolate Certification guarantees environmental protection, conservation of natural resources, and social responsibility throughout the cocoa production chain.

This certification comes at a time when Ghana, a critical player in the global cocoa market, has seen a surge in production, with a record output of 1,047,000 metric tons during the 2020/2021 crop year.

The initiative will allow Ghanaian chocolate producers to leverage the foremost international certification scheme for sustainable agriculture, developed in line with the Sustainability Assessment of Food and Agriculture Systems.

Certified companies are required to prioritize sustainable practices, minimize their environmental impact, ensure fair labor conditions, and promote the well-being of local communities.

By obtaining the Sustainable Chocolate Certification, Ghanaian chocolate brands can boost their competitiveness in the global market, appealing to consumers who value ethical and sustainable products.

Currently, Ghana is home to over 10 world-class chocolate brands, and this certification will enable producers to align with international sustainability standards, demonstrating a commitment to responsible cocoa farming and chocolate production.

The certification is expected to benefit not only certified brands but also the environment, local communities, and farmers’ livelihoods, fostering a more sustainable future for Ghana’s chocolate industry.

The transaction, which includes $900 million in cash upon closure and an additional $100 million subject to certain conditions, is expected to be finalized in the fourth quarter of 2024.

Through its subsidiary, Gold Source International, Zijin will take control of a Newmont subsidiary that owns the Akyem open-pit mine. As of December, Akyem held reserves of 34.6 tons of gold. Zijin has revealed plans to begin underground mining operations at the site by 2028, extending the mine’s lifespan to 2042 and boosting its annual output to 5.8 tons of gold.

Zijin also noted that several Ghanaian entities have shown interest in acquiring a minority stake in the mine, and the company remains open to exploring such transactions. In a statement, Zijin said the project has “significant potential” under current and projected future gold prices.

This acquisition aligns with Zijin’s aggressive expansion strategy, as it aims to increase its gold output from 68 tons in 2023 to 85 tons by 2025 and 110 tons by 2028.

Newmont’s commitment to Ghana  

Despite divesting the Akyem project, Newmont emphasized its ongoing commitment to Ghana. Tom Palmer, President and CEO of Newmont, said the sale aligns with the company’s strategy of returning capital to shareholders while ensuring long-term benefits for the local community. He also highlighted Newmont’s continued investment in the country, including the Ahafo North project, where the company is set to invest up to $1.05bn.

“The successful completion of this transaction will strengthen our confidence in Ghana as a favourable mining jurisdiction,” Palmer added, underscoring Newmont’s plans to support the region’s growth.

The new office, located in Johannesburg, aims to cater to the growing demand for travel between South Africa and the United Arab Emirates.

Founded by an ambitious entrepreneur, Kojo Aikins with a vision to simplify and enhance travel experiences to Dubai, Eyes In Dubai has swiftly risen to prominence, becoming synonymous with excellence in travel planning and customer service.

The move to South Africa comes at a time when the demand for travel to Dubai is at an all-time high, driven by increased tourism, business travel, and the allure of the city’s vibrant lifestyle.

Speaking about this milestone, the founder of Eyes In Dubai expressed excitement about the new venture. “South Africa is a key market for us. With this new office, we aim to make Dubai even more accessible to African travellers. Our goal is to offer seamless travel experiences, combining luxury and convenience, whether for business or leisure.”

The Johannesburg office will serve as a hub for customers seeking tailored travel packages, visa assistance, and exclusive Dubai experiences, ranging from desert safaris to yacht cruises, business events, and more. The South African team has been trained to provide personalized services that reflect the high standards of the Eyes In Dubai brand.

With the African tourism market growing, this strategic expansion is expected to foster stronger connections between South Africa and Dubai, further cementing Eyes In Dubai’s reputation as a global travel brand. The agency plans to roll out promotional packages for early bookings, offering special deals to South African travellers for the Dubai Shopping Festival and Expo 2025.

About Eyes In Dubai

Eyes In Dubai is a premier travel agency offering bespoke travel experiences to Dubai and beyond. With a strong emphasis on customer satisfaction, the agency provides a range of services, including customized travel itineraries, visa processing, accommodation booking, and event planning for tourists and business travellers alike.

This is coming after the International Monetary Fund approved the third review of Ghana’s Economic Facility (ECF) Programme following the completion of the restructuring of Eurobonds.

The government recorded 1.08% more than the targeted amount of GH¢4.565 billion cedis.

All the bids tendered were also accepted.

About GH¢3.88 billion, representing 84% of the total bids came from the 91-day bill.

Approximately GH¢500.68 million cedis were tendered for the 182-day bill. For the 364-day bill, GH¢225.96 million cedis were received from the investors.

Meanwhile, interest rates shot up marginally on the yield curve.

The yield on the 91-day bill was up by 16 basis points to 25.61%. That of the 182-day bill also increased to 26.90%, from the previous week’s 26.80%.

The rate on the 364-day bill declined by 7.0 basis points to 28.58%.

Source: Joy Business

READ ALSO:

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• Kwahumanhene resigns as ADB Board Chair following extortion allegations
• Akyem Mine – Past, Present, and Future… A Journey of Growth and Development, and Future of Prosperity

The agreement currently between Ghana, Benin and Togo, would allow citizens in those countries to make and receive calls, send SMS, and access the internet, at an affordable rate by Mobile Network Operators.

Mr Charles Acheampong, Deputy Minister of Communication, speaking at the launch in Accra, said the initiative would deepen the existing relationship among Ghana, Benin, and Togo.

He noted that the “Free Roaming” initiative would enable “affordable and seamless” communication across the three West African borders and allow citizens to stay connected “without the burden of high roaming charges or the inconvenience of [owning] multiple SIM cards.”

“By enabling affordable and seamless communication across our borders, we are not only enhancing the convenience of travel and business but also strengthening the social and economic fabric of our nations.

“…This initiative symbolises our dedication to advancing and strengthening regional integration within the ECOWAS community. It also reinforces the ECOWAS treaty’s ideals and demonstrates the effectiveness of collaboration,” he stated.

Beyond communication, he said the arrangement would have a rippling effect on cross-border trade, economic activities, and encourage more travels within the ECOWAS sub-region.

Mr Acheampong called for “stability and security” of telecommunication networks while the ECOWAS “Free Roaming Initiative” was being implemented.

“Cybersecurity threats are a reality in the digital age and it is incumbent upon us to implement robust measures to protect the privacy and data of our citizens.

“By working together, sharing best practices, and investing in technological advancements, we can create a secure and resilient regional communication ecosystem,” he said.

He commended implementing partners in Ghana, Benin and Togo, and urged other West African countries yet to implement the initiative to come on board.

The Deputy Minister tasked stakeholders to adopt measures, including conducting customer surveys and establishing “Billing Feedback Systems” to monitor the success of the initiative.

Dr Joe Anokye, Director General, NCA, said the Authority would monitor usage of the ECOWAS Free Roaming Initiative and gather feedback to inform future regulatory actions and decisions.

Praising collaboration between the three countries, he said NCA and Mobile Telecommunication Companies would take steps to inform the public about the initiative.

Mr Yaw Boamah Baafi, Vice Chair, ECOWAS Roaming Implementation Committee, Ghana, explained that that “Free Roaming Initiative” would last for 30 days or 300 minutes, as indicated in specific guidelines.

He said aspects of the arrangement would allow citizens outside their home countries to receive calls without charges, and that discussions were ongoing in other African countries towards implementation of the initiative.

Present at the launch were Mr Herve Guedegbe, Executive Secretary, ARCEP-Benin, Mr Michel Yaovi Galley, Director General of ARCEP-Togo, and representatives from telecommunication companies in Ghana, Benin and Togo, who shared their excitement about the initiative.

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• ECOWAS won’t abandon breakaway member states – Akufo-Addo

• French countries exiting ECOWAS has ‘worsened’ security – Akufo-Addo

Speaking at a media interaction with Senior Editors in Accra, Shaibu Ali, president of IBAG, emphasized the crucial role brokers play in the insurance ecosystem.

Mr Ali said despite the professional guidance clients of insurance brokers receive, their services are at zero cost to those who use brokers’ services.

Mr Ali has attributed the negative experiences of clients of insurance companies to the public’s penchant for sidestepping insurance brokers in their dealings.

“Many of the negative experiences clients face, stem from dealing with non-insurance institutions. It’s easy to sell a product, but when it’s time for claims, the problems arise,” the IBAG President explained.

“This is why we need your support in educating the public to ensure they buy insurance from the right sources.”

IBAG, which was established in 1988 with a membership of up to 102, represents professional intermediaries such as brokers, reinsurance brokers, loss adjusters, and technical service providers.

These brokers act independently, representing the interests of clients rather than insurance companies, unlike agents.

They play a vital role in simplifying insurance for individuals and businesses, particularly in light of the current economic challenges.

IBAG called on the media to help educate the public to seek insurance only from licensed and authorized brokers.

IBAG has designated October as a month for raising awareness about the role and relevance of insurance brokers.

The association believes that a well-informed public, guided by professional brokers, is key to ensuring financial security and adequate protection against potential risks.

The event, attended by senior editors and media executives, was aimed at fostering stronger ties between IBAG and the media, ensuring accurate dissemination of information regarding insurance policies, claims processes, and the importance of using licensed brokers.

“We see the media as a strategic partner in educating the public about the relevance of insurance brokers. Your role as influencers and decision-makers is critical in helping us promote insurance penetration and ensure consumers are well-informed,” said Mr Ali.

The association stressed the need for public awareness of the value brokers add by guiding clients through purchasing the right insurance, ensuring smooth claims processes, and negotiating on behalf of clients—at no extra cost to the insured.

Swift’s ascent was confirmed on Saturday, October 5th, with Forbes updating her net worth to reflect her growing fortune in the wake of the historic “Eras Tour” and the continued popularity of her catalogue.

Now, she’s not only topping the list of richest female musicians — surpassing Rihanna’s $1.4 billion net worth — but is ranked No. 2 on the list of richest musicians, period.

Only Jay-Z is valued more, with a $2.5 billion net worth.

But as was pointed out when Swift first became a billionaire in October 2023, she is the only musician in history to earn a 10-digit net worth primarily from her recordings and live performances (as opposed to other business ventures).

A year after she reached that milestone, Forbes now estimates that her assets include $600 million from royalties and touring, another $600 million from the value of her catalogue, and $125 million from real estate.

Swift’s name has been a fixture of “wealthiest musician” lists for some time, but her growth in recent years has been impressive.

In 2020, she was valued at $365 million, meaning she’s brought in somewhere north of $1.2 billion in the past four years alone.

Despite all this, Rihanna does get to keep the title of “Richest Female Musician of All Time,” since her net worth once had a peak evaluation of $1.77 billion.

However, Swift might claim that title too after she closes her “Eras Tour” later this year with its final dates in the US and Canada (get tickets).

Swift recently endorsed Kamala Harris for president, much to the chagrin of Donald Trump, who predicted the singer would “pay a price” as a result.

The accolades, established by Swedish industrialist Alfred Nobel more than a century ago, celebrate groundbreaking work that can take decades to complete.

It’s notoriously tricky to predict who will win science’s top honours. The short list and nominators remain a secret, and documents revealing the details of the selection process are sealed from public view for 50 years.

However, there is no shortage of Nobel-worthy discoveries: Here are five breakthroughs that haven’t resulted in a life-changing call from Stockholm — at least not yet.

The first human genome

One often discussed candidate for the Nobel Prize is the mapping of the human genome, an audacious project that launched in 1990 and was completed in 2003.

Cracking the genetic code of human life involved an international consortium of thousands of researchers in the United States, United Kingdom, France, Germany, Japan and China.

The endeavor has had a far-reaching impact on biology, medicine and many other fields. But one reason the project may not have earned a Nobel Prize is the sheer number of people involved in the feat.

According to the rules laid down by Nobel in his 1895 will, the prizes can only honor up to three people per award — a growing challenge given the collaborative nature of much scientific research.

A revolution in obesity treatment

The development of blockbuster weight-loss drugs that mimic a hormone called glucagon-like peptide 1, or GLP-1, has shaken up the world of health care in the past few years.

One in eight people in the world live with obesity — a figure that has more than doubled since 1990 — and the medication, which lowers blood sugar and curbs appetite, has the potential to usher in a new era for obesity treatment and related conditions such as type 2 diabetes.

Three scientists — Svetlana Mojsov, Dr. Joel Habener and Lotte Bjerre Knudsen — involved in the development of the drug, known as semaglutide, won the 2024 Lasker-DeBakey Clinical Medical Research Award, often considered an indicator of whether a specific breakthrough or scientist will win a Nobel Prize.

Mojsov, a biochemist and associate research professor at the Rockefeller University, and Habener, an endocrinologist and professor of medicine at Harvard Medical School, helped identify and synthesize GLP-1. Knudsen, chief scientific adviser in research and early development at Novo Nordisk, played a pivotal role in turning it into an effective drug promoting weight loss that millions of people take today.

Transformative AI

Artificial intelligence, or AI, is transforming people’s lives at an unprecedented pace.

It’s a crowded field, but two names stand out, according to David Pendlebury, head of research analysis at Clarivate’s Institute for Scientific Information. Pendlebury identifies “Nobel-worthy” individuals by analyzing how often fellow scientists cite their key scientific papers throughout the years.

The two key figures are Demis Hassabis and John Jumper, the Google DeepMind inventors of the AlphaFold Protein Structure Database — an AI program that decodes the 3D structures of proteins from amino acid sequences that at least 2 million researchers around the world have used.

AlphaFold acts as a “Google search” for protein structures, providing instant access to predicted models of proteins, accelerating progress in fundamental biology and other related fields.

Since the pair’s key paper was published in 2021, it has been cited more than 13,000 times, which Pendlebury described as an “exceptional number.” Out of a total of 61 million scientific papers, only around 500 have been cited more than 10,000 times, he said.

Jumper and Hassabis have already won the 2023 Lasker and the Breakthrough prizes. A Nobel Prize for chemistry may be in their future, Pendlebury said, along with a third researcher, David Baker, director of the Institute for Protein Design at the University of Washington School of Medicine, who laid the groundwork for AlphaFold.

But it might be premature for the typically conservative Nobel committee to honor the field, Pendlebury said.

“Some people have suggested it may be too early for such a prize, that the work is of too recent vintage, and that this is an entirely new area, the application of AI to scientific research,” he said.

Understanding the gut microbiome

We’re not alone in our bodies. Trillions of microbes — bacteria, viruses and fungi — live on and in the human body, collectively known as the human microbiome.

With advances in genetic sequencing in the past two decades, scientists have been better able to understand what these microbes do, how they talk to one another and interact with human cells, particularly in the gut.

The field is long overdue for Nobel recognition, Pendlebury said.

Biologist Dr. Jeffrey Gordon, the Dr. Robert J. Glaser Distinguished University Professor at Washington University in St. Louis, is a pioneer in the field.

Gordon strove to understand the human gut microbiome and how it shapes human health, starting with lab research in mice. He led work that found that the gut microbiome plays a role in the health effects of undernutrition, which affects almost 200 million children globally, and he is developing food interventions that target improved gut health.

Cancer-causing genes

In the 1970s, it was understood that cancer sometimes ran in families, but mainstream thinking about breast cancer did not factor in any inherited susceptibility to the disease.

With a background in researching the genetic differences between humans and chimpanzees, Mary-Claire King, now a professor of medicine and genome sciences at the University of Washington School of Medicine, took a fresh approach.

Working long before scientists had any kind of map of the human genome, King spent 17 years detecting and identifying the role a mutation of the BRCA1 gene played in breast and ovarian cancer.

The discovery has enabled genetic testing that can identify women who are at increased risk of breast cancer as well as what steps to take to reduce their risk, such as additional screening and preventive surgeries.

OpenAI, the maker of ChatGPT, has raised $6.6bn in its latest funding round, as investors including its early backer Microsoft continue to bet big on artificial intelligence (AI).

The deal gave the tech company a value of $157bn (£118bn) – similar to investment bank Goldman Sachs and more than most of America’s biggest companies – making it one of the most valuable start-ups in the world.

OpenAI said the money would allow it to stay at the cutting edge of AI research.

The influx comes as the company has been in the spotlight, in part for internal leadership drama and debate over its future status.

According to him, used materials and products out of use, especially plastic materials from television sets, radio, computers and car batteries were resources that could fetch incomes to households, if treated well -through collection and recycling.

Nana Konadu who is also the Co-Founder of Electro Ghana, a recycling company that collects products for recycling said this when he conducted the Swiss Ambassador to Ghana, Simone Giger, the German Ambassador to Ghana, Mr Daniel Krull, and a team from the Ministry of Environment, Science, Technology and Innovation (MESTI) round his company premises in Accra.

Nana Konadu urged Ghanaians to treat used products from metals, plastics and other materials as resources and not waste. To him, what people referred to as waste were resourceful materials, which, if handled well, could contribute to the growth of the circular economy.

Currently, Nana Konadu’s company receives huge materials from different sources for recycling. These recycled materials are then used for the manufacturing of television; copper wire and many others.

For his part, Dr Vincent Nartey Kyere of MESTI said the work of Electro Ghana Limited fits into the policy of government in tackling e-waste. He said the Hazardous and Electronic Waste Act, Act197, aimed to address the hydra-headed electronic waste challenge in Ghana.

He said MESTI has set up collection points in various parts of Ghana, including Ashaiman, Agbogloshie, Koforidua and Tamale.

Mr Krull, the German Ambassador, said, “I’m amazed. It’s a wonderful company that is working in a very, very important field in recycling and upcycling, refurbishing.”

He said there is a growing demand for “these resources.”

For instance, the German Ambassador said there was a directive from the European Union which imposes the automotive industry, to have a certain amount of recycled materials used as parts in new cars by the year 2030.

The GGC is a coin manufactured from dore gold that has been refined to 99.99% purity, which gives the coin the original gold colour.

Each coin has the Ghana Coat of Arms in front and the Independence Arch at the back.

The packing includes the gold coin, a wooden storage box, a transparent coin holder and a certificate of ownership

Dr Ernest Addison, the Governor of the Central Bank,

who launched the initiative at the Monetary Policy Committee (MPC) press briefing, said the Coin issuance would enable the BOG to mop up extra cedi liquidity in the banking sector and will supplement the use of the Bank of Ghana Bills and overnight depo for open market operations.

It gives savers resident in Ghana an additional avenue to invest and reap the benefits from the Bank of Ghana’s domestic gold purchase programme.

He said gold had shown remarkable resilience as a financial asset and could serve as a natural hedge during periods of economic turbulence.

The issuance of the GGC democratizes access to this enduring financial asset, enabling residents to diversify their financial portfolios.

He said for now, the Coin could only be purchased in Ghana through a commercial bank using the Ghana Cedi, and the basis for pricing will be the previous day London Bullion Marketing Association (LBMA) Auction PM Price.

He said the applicable transaction exchange rate for pricing of the Coin would be the United States Dollar against Ghana Cedi rate quoted using the previous day close Bloomberg REGN Mid-Rate.

“The price of the GGC will be published on the Bank of Ghana website daily by 9:00 am GMT and applicable charges will apply,” he added

He said a holder of a GGC could sell the coin to a commercial bank, adding the Bank of Ghana was ready to buy and resell in situations where a commercial bank was unable to purchase a coin due.

The Governor said gold used for the manufacture of the GGC were from traceable, responsibly mined sources in Ghana in line with the BoG’s Responsible Gold Sourcing Framework.

“Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) safeguards are in place to ensure that the buying and selling of the GGCs is devoid of criminal financial activities,” he added.

Dr Addison said the BoG would publish a questions and answers document to provide more insight into the GGC issuance.

He said the issuance of the GGC was a testament to the Central Bank’s commitment to innovation, deepening of the financial markets and providing more avenues for residents to invest in Ghana.

Researchers analysed Premier League coverage in the UK across TV – including pitchside hoardings and shirt logos – as well as radio and social media.

They counted more than 29,000 gambling messages, a 165% increase on the opening weekend a year ago.

West Ham’s match against Aston Villa contained close to 6,500 gambling messages – about 30 every minute.

The authors of the report – the University of Bristol business school, funded by a grant from the charity Gamble Aware – has called the industry’s attempt to self-regulate “wholly inadequate and tokenistic”.

They say their report shows fans and children are being put at risk because they are being exposed to gambling advertising.

The Betting and Gaming Council, which represents the gambling industry, criticized the research, saying it “fundamentally misunderstands both advertising, and the way in which it is strictly regulated”.

But Peter Shilton, England’s most capped male footballer and a former gambling addict, told the BBC the gambling industry is “out of control and can’t regulate itself”, and called for government action.

“Just a few months ago, a new code of conduct was published by the industry, external to curb marketing during football events, but the policy has had no impact on the volume whatsoever,” said co-lead author Dr Raffaello Rossi.

“It’s clear that the industry’s attempt to self-regulate is wholly inadequate and tokenistic. Despite having had years to put in place effective measures to protect consumers, the gambling industry continues to prioritize profit over safety.”

The Premier League is working with its clubs on the implementation of the Code of Conduct for Gambling Related Agreements in Football, which was introduced at the start of this season.

Its clubs are required to adhere to all legal and regulatory requirements, via the Gambling Commission and the Advertising Standards Authority.

Former England goalkeeper Shilton, 75, had a gambling addiction for 45 years until seeking help about 10 years ago.

He says the new research “just shows [the gambling industry is] out of control”. He added: “They can’t regulate themselves, and it doesn’t look as though anybody else is bothering to regulate them. It’s another year gone by when you know it’s got worse.

“We managed to get a start with the Premier League banning [sponsorship] on the front of shirts, but that was only just a small part of it.

“It’s time now that the government step in and do something about it because it’s been going on for so long now.”

A government spokesperson said: “We recognize the impact harmful gambling can have on individuals and their families and are absolutely committed to strengthening protections for those at risk.

“Ministers are currently considering the full range of gambling policy, including on advertising and sponsorship, and will update in due course.”

Last year, the Premier League clubs collectively agreed to withdraw gambling sponsorship from the front of clubs’ matchday shirts, starting from the end of the 2025-26 season.

How has the gambling industry responded?

The Betting and Gaming Council responded by saying that its members “take a zero tolerance approach to betting by children” and have introduced new age gating rules.

It adds that they commit 20% of TV, radio and digital advertising to safer gambling messaging, and provide funding to the UK’s most popular sports, including £40m each year to the English Football League.

A BGC spokesperson said: “This research fundamentally misunderstands both advertising and the way in which it is strictly regulated while making a series of statements which are either misleading or incorrect.

“Betting advertising and sponsorship must comply with strict guidelines and safer gambling tools and signposts to help for those concerned about their betting, are regularly and prominently displayed.”

The International Monetary Fund (IMF) has approved a $7bn (£5.25bn) loan to cash-strapped Pakistan.

The country is due to receive the first $1bn of the loan immediately, with the balance to be paid out over the next three years.

Prime Minister Shehbaz Sharif welcomed the decision and thanked the head of the IMF, Kristalina Georgieva, and her team.

Pakistan has taken more than 20 loans from the IMF since 1958 and is currently its fifth-largest debtor.

Speaking in an interview on Asempa FM’s Ekosii Sen show, he addressed concerns about the exercise, insisting that employees were compensated accordingly.

“The beautiful thing is that jobs were not lost… where were the jobs lost? As a matter of fact, when CBG became Consolidated Bank with the other banks, they brought a proposal to Parliament, and that’s why the government had CBG everywhere,” Dr. Assibey-Yeboah said.

He further noted that the clean-up was essential to address the financial instability of some banks, which were mismanaging depositors’ funds.

“Their books were not good, and if you know some of the mess they were in, they had acquired properties all over with depositors’ funds. There were people who had their monies matured, and they couldn’t access it… some could not cash their own monies, and that brings panic in the system. If people get to know that a bank can’t pay their cheque, it is not a good thing,” he explained.

The banking sector reform, which began in 2017 under the supervision of Finance Minister Ken Ofori-Atta, led to a reduction in the number of banks from 34 to 23.

Additionally, 347 microfinance institutions, 15 savings and loans companies, and eight finance houses had their licences revoked due to various degrees of corporate governance lapses.

Dr. Assibey-Yeboah defended the Bank of Ghana’s actions, stating, “These are the facts… the Bank of Ghana will not revoke your licence until you have reached a point of no return.”

The Ministry of Finance has assured it is on course to pay the $134 million judgment debt owed to Oil conglomerate Trafigura.

In a statement, the Ministry confirmed that the necessary steps had been taken to address the payment issues.

“We have made the necessary arrangements to pay off the outstanding claims agreed with Trafigura after several rounds of negotiations,” the statement read, reassuring the public that the government remains committed to honouring its obligations.

This follows a petition by Trafigura, expressing concerns and threatening to seize Ghana’s assets in South Africa if the $111 million arrears are not settled.

In the letter addressed to the Minister of Finance, Dr Adam Amin, Trafigura urged the government to finalise the settlement this week to avoid further legal action, emphasising their preference for an amicable resolution.

The company has already taken control of one of Ghana’s key commercial properties, Regina House in London, after the government failed to pay a $134 million judgment debt.

This debt arose from the termination of a power purchase agreement, which led to a legal dispute between Trafigura and the Government of Ghana.

 Read the Finance Ministry’s statement below:

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Speaking on Burning Issues on Adom FM with host Akua Boakyewaa Yiadom, Frimpong lamented the sharp increase in port charges, which he believes is making business at the port less attractive.

“Between 2021 and now, I cannot count the number of meetings we’ve held,” he said.

“Shipping line charges were GHC 5,000 in 2020, but now they’ve skyrocketed to GHC 13,000. I have two containers, and we’re paying GHC 29,000 just for verification to prove I am the rightful owner of the goods after already paying duty.”

Frimpong warned that if the situation continues unchecked, the high costs will make it difficult for businesses to thrive.

“The cost of doing business is becoming unbearable, and it is not making business appealing,” he added.

In a recent tweet, Blackson criticized the government’s debt restructuring program, which significantly reduced the returns on his investment, and called on Ghanaians to elect a God-fearing leader in the upcoming December 7 elections.

Blackson, who had invested $1 million in Ghana’s Eurobonds to fund his free school project for underprivileged children, stated that he had only received one interest payment before the government restructured its debts.

“I got one payment and it stopped. It’s been two years, mind you they had my $1 million, and I had to find $10,000 each month [to run the school],” he lamented.

As part of the debt restructuring program, bondholders were given two difficult options: take a 37% cut with a 5% interest rate and an 11-year maturity date, or retain the principal amount with a lower 1.9% interest rate but wait 15 years for maturity.

Meanwhile, Blackson described the situation as unfair, accusing the government of using investors’ funds to settle foreign debts.

“They used our money to pay their debt to China or whoever and left us hanging,” he said.

He voiced his disappointment, noting that the government’s actions have set him back financially.

“Ghana has set me back financially, and I’ll never forgive them for this. Ghana robbed me and a lot of other people that trusted them enough to invest in that country,” he tweeted.

Despite his frustration, Blackson expressed his love for the youth of Ghana, particularly those who depend on his free school.

He promised to continue supporting the school despite the financial strain but indicated that the government’s actions have made it harder for others to invest in the country.

“If it wasn’t for the love and passion I have for the unprivileged youth of Ghana, I would just hand my school to the people and walk away, but I can’t,” he added.

Blackson also hinted at taking legal action against the Ghanaian government at the International Court of Justice.

“Bonds only go bad if there’s some kind of civil war. You don’t take your customers’ money and pay your debt with it” he stated,

In his message to Ghanaians on X, Blackson urged the citizens to make wise choices in the upcoming elections.

“If we want to be respected like other great countries of the world, we have to do better,” he tweeted, adding, “Hopefully, we select a God-fearing person that will do the right thing.”

Check out the tweet below:

According to the Securities and Exchange Commission (SEC), the bailout had begun, with the first tranche of GHS 700 million released in August 2024, and would be followed by the second and third tranches of GHS400 million in October and December, respectively.

“Under this current release, investors will receive the higher of GHS 50,000 or 15 per cent of their outstanding examined claims on the defunct firms. This top-up is estimated to result in close to 91% of affected investors being fully settled,” SEC said in a statement.

SEC indicated that about GHS 4.46 billion had been previously released to affected investors with examined claims.

“The bailout money released so far has been used to pay a total number of 84,202 investor claims of the failed fund management companies out of which 69,445, representing approximately 82 per cent of investor claims, have been fully settled,” it explained.

The bailout would be rolled out through the Special Purpose Vehicle, Amalgamated Mutual Fund (AM Fund) managed by GCB Capital Ltd.

The statement said the managers of AM Fund would hold a meeting soon to provide guidance for those who would want to access the released funds. as well as the prospects of leaving the claims in the AM Fund to be managed.

Mr. Mohammed Amin Adam, the Minister of Finance, recently announced the approval of GHS 1.5 billion to continue the bailout programme to affected investors of the failed fund management companies that had their licences revoked in November 2019.

The SEC is the statutory body set up by the Securities Industry Act, 2016 (Act 929), as amended by the Securities Industry (Amendment) 2021 (Act 1062), with the objective of regulating, innovating, and promoting the growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.