A viral video circulating on social media has captured individuals showing a bundle of burnt GH¢200 and GH¢100 notes.
The video, shared on X on November 23, 2024, includes a voiceover stating that the incident occurred on November 21.
The person recording the footage is heard urging the two major political parties in Ghana to assist the victim, a shop owner whose building was destroyed in the fire.
The victim, described as a young man in his thirties, is said to have suffered significant losses due to the blaze.
Amid the ongoing economic challenges in the country, saving money has become increasingly difficult.
However, setting aside funds is not only wise but also essential for achieving financial stability.
In 2022, Ghana experienced a surge in inflation to 54 percent, which significantly affected the incomes, salaries, and livelihoods of many. Although inflationary pressures have somewhat eased in 2024, with the rate at 20.9% as of July, saving remains a struggle for many people.
Maximizing savings requires strategies to reduce expenses, optimize budgeting, and make informed financial choices. This involves steps such as smart investing, maintaining financial discipline, cutting back on non-essential spending, prioritizing debt repayment, and taking advantage of discounts.
When effectively applied, these methods can help individuals build a financial cushion and enhance their financial stability, even in the face of economic uncertainty.
GhanaWeb Business, in this article, provides a step-by-step guide that can help you develop a simple and realistic strategy for saving.
Record your expenses
One of the first steps to saving money is to figure out how much you spend. It is essential to track all expenses incurred, including regular utility bills, household purchases, and more. Keeping a record of your expenses on paper, a notebook, or a tracker app can help track your daily or monthly expenses.
Create a budget and include savings
Once you have enough information about how much expenses you incur within a month, you can begin to create a budget relative to your income. This can help you plan your spending and limit overspending.
It is important to factor in expenses that occur regularly but not every month, such as miscellaneous or unplanned spending like car maintenance etc. Once you have a fair idea of this, you can eventually plan to save an amount that feels comfortable to you.
You can also ramp up on your savings by setting aside about 15 to 20 percent of your income per month.
Deliberately cut down on spending
To maximise your saving goals and consolidate gains made, it is vital to trim down non-essential spending. This could include activities that are not immediately important as you look for ways to save on fixed monthly expenses such as water and electricity bills, car insurance, entertainment, etc.
One major way of trimming down non-essential spending is to ‘Wait Before You Buy’ as you may realise that the item or activity was wanted rather than needed, giving you the space and time to plan towards it.
Set realistic saving goals
One of the surest ways of saving is by setting realistic saving goals in the short to long term (one to three years). Setting these goals could help you estimate how much money, time, and how long you will need to save towards that goal or purchase.
Outline your key financial priorities
Priorities they say differ for every individual as it is important to put things into perspective by order of priority and make the needed push for savings and investments towards that priority.
Finally, you could put money aside for the future, but be sure to remember long-term goals and planning are important to give you a clear idea of how to allocate your savings.
A tragic incident unfolded in Walewale, North East Region, as a mobile money (MoMo) vendor, Rabiu, who was shot on February 12, succumbed to death.
The attack, which occurred at a busy bus station, involved three gunmen on motorbikes who fired indiscriminately before targeting the MoMo operator. Sadly, Rabiu was not the sole victim; eight others sustained injuries during the incident.
Eyewitnesses described a swift and ruthless attack. Dr. Jabir Alhassan, a Specialist General Surgeon at the Tamale Teaching Hospital, provided insights into the victims’ conditions.
The MoMo vendor, critically wounded with multiple stab and gunshot wounds, could not be saved despite resuscitation and surgery.
North East Regional Minister Yidana Zakaria visited the victims at the hospital and conveyed assurances from Inspector General of Police George Akuffo Dampare.
The IGP pledged swift security enhancements in the region to prevent similar incidents, and additional law enforcement personnel will be deployed for increased security in the area.
A Regional Security Council emergency meeting is planned to address the urgent matter.
Banking consultant Dr. Richmond Atuahene has urged the government to provide more affordable funds to private sector players to boost the country’s economy.
Emphasizing that this strategy would contribute to an improved Gross Domestic Product (GDP) and foster economic stability, Dr. Atuahene expressed concern over the risks associated with the government’s continued borrowing, particularly when the private sector lacks competitiveness.
During an Investment Dialogue on Citi TV, he cautioned against relying solely on government borrowing as it might not ensure the country’s economic recovery and could potentially escalate unemployment rates.
Dr. Atuahene urged a shift towards granting the private sector access to more affordable funds to drive economic growth, emphasizing that this approach would enhance GDP, economic stability, and overall prosperity.
“The governor said recently that credit in the private sector has declined in real terms by 10% because the government is just like a snake, this snake, I don’t know its name, it only swallows, swallows. He is taking money. What does he take the money for?”
“Let the private sector have cheaper funds to turn the economy. That is when the GDPs or you are talking about the economy, the stability, and everything will come. But you see if the government is borrowing and the private sector cannot compete then we are crowding out the business. And it is a very dangerous thing. There will be no recovery. And if the economy does not recover, unemployment will be very high. There will be no job creation…The reality is that there is so much unemployment and non-job creation in the country at the moment.”
A 2023 report released by Old Mutual indicates that 43 percent of Ghanaians are ill-prepared to undertake any form of financial risk.
This lack of readiness is attributed to a general reluctance among citizens to engage in financial risk-taking.
The report, titled the Old Mutual Financial Services Monitor, specifically highlights the impact of the government’s Domestic Debt Exchange Programme on the financial sector as a contributing factor.
The survey conducted for the report revealed that only 24 percent of the sampled Ghanaians were open to taking significant financial risks with the expectation of substantial returns.
Additionally, approximately 19 percent were identified as individuals willing to take above-average financial risks for above-average returns.
“Similarly, those who take above-average financial risks expecting to earn above-average returns are about 19%,” the report said.
Another significant finding from the Old Mutual report is that seven out of 10 working Ghanaians do not seek the services of a financial adviser for counsel on their finances. Consequently, around 46 percent expressed uncertainty about whom to turn to for financial guidance.
Ghanaian socialite, Abena Korkor Addo has shared insights into her past relationship, revealing the substantial financial support she received from her ex-boyfriend.
In an interview with ZionFelix, Abena Korkor disclosed that her former partner generously provided her with GHS 20,000 every week.
“I had a boyfriend who gave me 20k a week, he worked at a quarry and owned a steel company,” she added.
She acknowledged utilizing a portion of the funds to establish a business.
Abena Korkor delved into the details of her entrepreneurial venture, disclosing her involvement in the sale of adult-oriented products, including sex toys.
The proceeds from this business, she stated, contributed to her ability to secure an apartment and cover various expenses.
Prior to her relationship with her ex-boyfriend, Korkor mentioned paying her rent on a monthly basis.
However, the financial support she received allowed her to pay a full year’s rent upfront.
Additionally, she used part of the funds to furnish her living space, purchase furniture, and attend to other needs.
“My ex and I dated over a year, the 20k he gave me every week was what I was using for business. I bought hair, sex toy, dresses and others,” she added.
The socialite unveiled that her former boyfriend was the owner of a quarry and steel company.
Unfortunately, their relationship ended when she connected with another woman through an online platform.
Abena Korkor openly acknowledged her bisexuality, revealing that it has been a significant aspect of her identity for an extended period.
Renowned Pastor and CEO of Global Leadership Consulting, Dr Sam Adeyemi, delivered a powerful message on the importance of inclusive leadership at the 2024 Jospong Leadership Conference held on January 15, 2024.
Addressing the audience at the Pentecost Convention Centre in Gomoah Fetteh, Dr Adeyemi emphasized the need for African leaders to prioritize human life over financial considerations.
In his keynote address on “Inclusive Leadership,” Dr. Adeyemi asserted, “Africa’s problem is not finance; Africa is where it is because most leaders do not place enough value on human life.”
He went on to highlight a critical issue, stating, “Most African leaders do not believe that the average African deserves better, and that’s why its development is slow and often discriminatory.”
Advocating for a change in mindset, Dr. Adeyemi urged African leaders to love without discrimination. “Africa’s problem is not money but a lack of love,” he emphasized. Citing inclusive leadership as a solution, he stated, “Love is the essence of inclusive leadership in the relationship of a leader-follower since it remains the foundation and delivers solid business results.”
Acknowledging the challenges that divide the continent, Dr. Adeyemi challenged African leaders to treat every individual with the same dignity. Reflecting on the characteristics of a great leader, he stressed the importance of leaders admitting weakness. “Leaders are not perfect, and admitting mistakes builds trust in the followers,” he noted.
Commending the Jospong Group for organizing the conference, Dr. Adeyemi described it as “phenomenal for an African institution to organize a leadership conference for its staff.”
The conference also featured insights from Mr. Edward Ato Sarpong, a business and leadership consultant, who identified five enablers for effecting change in society using the ‘APPLE’ analogy – Anger, Pressure, Possibilities, Learning and lessons, and Environment.
The 11th edition of the Jospong Leadership Conference brought together leaders and staff of the Jospong Group of Companies, with the theme “Driving Business Excellence through Innovation, Sustainability, and Empowerment.” The conference underscored the importance of innovation in achieving the Group’s vision of becoming a leading business in Africa.
The Jospong Academy’s role in designing innovative learning programs was highlighted as a critical factor contributing to the conglomerate’s growth.
The conference addressed crucial aspects of leadership, fostering a platform for knowledge exchange and promoting inclusive practices that can drive positive change in Africa’s business landscape.
Founder of The New Force, Nana Kwame Bediako, widely recognized as Cheddar, has conveyed the positive and successful relationship he has with wealth, particularly money.
For Cheddar, money is no mere object, but he describes it as if it were a romantic partner. According to him, even when he does not actively seek it, money finds a way to locate him, which implies that his financial success or opportunities are abundant and readily available.
In an interview on Kofi TV with host, Kofi Adoma, he noted that he is currently being served or worshipped by money.
“Money is like a woman; we came to meet it, and we will leave it. Money likes me. Even when I leave it, it finds a way to get to me. It follows me; when I speak, it is close by; and when I sit, it sits. For some people, when they get money, it quickly vanishes.
“I share for everyone to get a portion. I give to the visually impaired, the rich, mothers, paupers and I also know how to spend money very well.
“So money is my girlfriend. Cheddar means money, and now I don’t associate with it and I have moved to Freedom, but money still says it is me; it will serve,” he said.
The footage of the interview that has surfaced on social media comes at a time when Cheddar has recounted the period when he first became a millionaire.
Kofi Adoma was unsatisfied with Cheddar's answer about how he made it in life, so he repeated the question. Here is what Cheddar explained. pic.twitter.com/PADLCno8kb
According to the business mogul, he achieved his first million pounds at the age of 21 due to a combination of ventures in the telecommunications sector and a strategic involvement in the scrap business in the United Kingdom.
Cheddar revealed that he utilized $20,000 from his initial million-pound earnings to establish a club in Ghana.
This entrepreneurial move proved fruitful, resulting in a profit of $75,000 after selling the club in 2002.
“The first money I made in England altogether was a million pounds and I was 21. I was working for myself, my company was GT, Global Telecommunications and Utilities I was selling scrap. I had my own office and I two employees.
“I started investments at a very young age and what happens when you make investments is that the money goes away and it feels like you are broke again so it makes you hungry,” he said.
Founder of The New Force, Nana Kwame Bediako, widely recognized as Cheddar, has conveyed the positive and successful relationship he has with wealth, particularly money.
For Cheddar, money is no mere object, but he describes it as if it were a romantic partner. According to him, even when he does not actively seek it, money finds a way to locate him, implies that his financial success or opportunities are abundant and readily available.
He made this revelation in an interview on Kofi TV with host, Kofi Adoma.
“Money is like a woman; we came to meet it, and we will leave it. Money likes me. Even when I leave it, it finds a way to get to me. It follows me; when I speak, it is close by; and when I sit, it sits. For some people, when they get money, it quickly vanishes.
“I share for everyone to get a portion. I give to the visually impaired, the rich, mothers, paupers and I also know how to spend money very well.
“So money is my girlfriend. Cheddar means money and now I don’t associate with it and I have moved to Freedom, but money still says it is me it will serve,” he said.
The footage of the interview that has surfaced on social media comes at a time when Cheddar has recounted the period when he first became a millionaire.
According to the business mogul, he achieved his first million pounds at the age of 21 due to a combination of ventures in the telecommunications sector and a strategic involvement in the scrap business in the United Kingdom.
Cheddar revealed that he utilized $20,000 from his initial million-pound earnings to establish a club in Ghana.
This entrepreneurial move proved fruitful, resulting in a profit of $75,000 after selling the club in 2002.
“The first money I made in England altogether was a million pounds and I was 21. I was working for myself, my company was GT, Global Telecommunications and Utilities I was selling scrap. I had my own office and I two employees.
“I started investments at a very young age and what happens when you make investments is that the money goes away and it feels like you are broke again so it makes you hungry,” he said.
Kofi Adoma was unsatisfied with Cheddar's answer about how he made it in life, so he repeated the question. Here is what Cheddar explained. pic.twitter.com/PADLCno8kb
The intricate processes involved in the creation of currency often remain shrouded in secrecy, known only to a select few—the skilled printers responsible for the task and the inquisitive minds eager to uncover such knowledge.
This secrecy is maintained, as the details of currency production might attract individuals with nefarious intentions, particularly those seeking to counterfeit money.
Have you ever pondered what unfolds in a room filled with cash papers and coins?
The video provides a captivating journey through the various stages of money production, shedding light on the meticulous design processes involved.
Originally posted a year ago by King Takyi TV, the video not only unveils the step-by-step journey of printing money but also underscores the incorporation of security and uniqueness features.
These features are paramount to ensuring that the final currency meets required standards and remains resilient against counterfeiting.
As the camera guides you through the money printing factory, witness the transformation from a wide stack of purposefully selected papers to the creation of legal tender that plays a vital role in the economic landscape.
Explore this fascinating world where precision, design, and security converge to produce the currency we use in our daily lives.
The Dean of the University of Cape Coast (UCC) Business School, Professor John Gatsi, has expressed skepticism about the current state of Ghana’s economy despite President Akufo-Addo’s claim of a rebound.
The professor specifically points to the exchange rate of the cedi to the dollar, currently standing at GHC12.00 to $1.00, as evidence that economic growth is not as robust as suggested.
According to Prof Gatsi, the stability of the exchange rate at this high level does not serve as an indicator of improved economic conditions.
He challenged the notion that Ghanaians should perceive positive economic changes based on the exchange rate alone, especially given the significant increase from GHC6.00 to GHC12.00 within a year.
During an interview on TV3’s Ghana Tonight Show, Prof Gatsi countered President Akufo-Addo‘s assertion that the country’s economy is rebounding.
“You do not just say that because exchange rate has stabilised at the highest level from about GHC6.00 last year to about GHC12.00, so, if it’s stable around GHC12, you don’t use that to tell Ghanaians that things are better for them and things would be better in 2026,” the Finance lecturer told Martin Asiedu Dartey on TV3’s Ghana Tonight Show on December 25.
He argued that even the current inflation and policy rates fail to reflect genuine signs of economic recovery.
The Finance lecturer emphasized that addressing a troubled economy goes beyond statistical improvements.
He stressed that reducing inflation from 54% to 26% or increasing the policy rate from 14% to 30% does not inherently signify a resolution to the country’s challenges, especially when factors like hardship, unemployment, and poverty have doubled.
“When we say an economy has been messed up, and to correct that economy, it doesn’t take inflation reducing from 54% to 26% to indicate that things are better. When policy rate has increased from 14% to 30%. You don’t just look at headline inflation falling to 26% to think that you have solved the problem of the country when hardship, unemployment and poverty have doubled,” Prof Gatsi explained.
In response to the President’s Christmas message, where Akufo-Addo highlighted a relatively stable exchange rate and declining inflation as positive indicators, Prof Gatsi stated that such statements were aimed at providing reassurance to the citizens during the holiday season.
“Fellow Ghanaians, I am particulary glad that our nation has turned the corner following three difficult years, we and indeed, the world have faced. Inflation is being reigned in, we are experiencing a relatively stable exchange rate, and growth in our economy is rebounding.
“We continue to attract investments, domestic and foreign, reinforcing our position as the gateway to Africa and we remain a beacon of democracy, peace and stability in Africa. The country is not yet completey out of the woods, but there is a growing confidence that with hard work and determination, Ghana will make it and collectively, we will secure our future,” he said in his statement.
President Akufo-Addo continued that, “I remain committed to the mandate you freely gave me. I will use the last year of my stay in office, to do all in my power to continue to help create a free and prosperous nation of opportunities where every Ghanaian child, no matter the circumstances of his or her birth, has a fair chance to strive for a happy and dignified life and realise his or her aspirations.”
“You do not just say that because exchange rate has stabilised at the highest level from about GHC6.00 last year to about GHC12.00, so, if it’s stable around GHC12, you don’t use that to tell Ghanaians that things are better for them and things would be better in 2026,” the Finance lecturer told Martin Asiedu Dartey on TV3’s Ghana Tonight Show on December 25.
“He is giving a Christmas message, so he is only talking to just assure people. So what he is saying is not the reality,” Prof Gatsi stressed.
Trading activities on the Ghana Stock Exchange (GSE) witnessed a bullish performance in November this year, showcasing the sustained and robust growth in the Ghanaian economy throughout the last three quarters.
According to the GSE’s Summary of November 2023 market activities, both the volume and value of shares traded on the Accra bourse experienced significant increases, with a rise of 1,009.7% and 807.7%, respectively.
On the equities market, the volume of shares traded surged to 131,714,300 in November, a notable increase compared to the 11,869,147 recorded previously.
Simultaneously, the value of shares soared to GH¢172,371,708.48, demonstrating a substantial growth from GH¢18,990,316.20 in October.
Key contributors to the market’s performance in November included EGH, which saw an 18.64% increase in its share price, GLD with a price gain of 2.58%, MTNGH experiencing a 2.19% increase in its share price, CAL with a growth of 2%, and FML recording a 0.33% increase in its share price.
The GSE reported a 0.67% increase in total market capitalization, reaching GH¢74,234.96 in November, up from GH¢73,736.96 in October. The GSE–CI, reflecting year-to-date performance from January to November 2023, saw an impressive increase of 29.71%, a stark contrast to the 11.69% loss recorded during the same period last year.
The GSE Composite Index (GSE CI) registered a rise of 44.28 points compared to the previous month, contributing to the year-to-date return of 29.71%. Additionally, the GSE Financial Stock Index (GSE-FSI) gained 17.52 points during the month, reducing the year-to-date loss to 2.71%.
In the Fixed Income Market (GFIM), the GSE noted an increase in trading volumes, reaching 12.78 billion in November, reflecting a notable 32.16% increase compared to the previous month’s volume of GH¢9.67 billion.
Long-term Government securities transactions constituted 50.33% of market activity, marking a significant rise from the 41.43% recorded in the preceding month.
The founder and leader of Anointed Palace Chapel (APC), Rev. Obofour, has emphasized that contemporary love is significantly shaped by an individual’s financial situation.
He cautioned people to exercise mindfulness when choosing life partners, emphasizing the importance of considering their financial well-being.
In illustrating his point, the pastor gave an example, stating that if he were in a relationship with President Akufo-Addo’s daughter, he would avoid controversies because of her affluent family background.
Rev. Obofour advised the public to evaluate the financial status of potential partners before committing to marriage, emphasizing how it can positively impact their lives.
“In today’s world, if someone proposes to you and the person’s family has money, the man will love you by force. Nowadays love is for rent. If I am dating Akufo-Addo’s daughter and she slaps me, I wouldn’t do anything because of the wealth of her family. That kind of love is for rent and there is no way you can compete with such people.
“When you are marrying someone check the person’s background whether he has money or not. If you marry someone whose family doesn’t have enough money like yourself it won’t help you,” he said while preaching to his congregants.
He further advised, “In Africa, If you don’t have money people don’t believe you when you speak the truth. You are disgraced when you build a nice house. Always be mindful of the society you live in and act accordingly.”
The practice of keeping significant amounts of cash on hand at home has an impact on how the money supply aggregate in Ghana is calculated, according to a banking consultant Mr. Richmond Attuahene.
“In Ghana, we have M1 and M2 which is all about the aggregation of money so far in the economy.
“If somebody is holding such a quantum of money, it means all the figures we have been churning out in the M1 supply and M2 supply are not complete, so it makes it very difficult,” he made this statement during a media engagement on Wednesday, July 26, while discussing the situation where some foreign cash was found in the bedroom of former Minister of Sanitation and Water Resources, Cecilia Abena Dapaah.
According to reports, Madam Cecilia Dapaah stored millions of unreported Ghana Cedis, $300,000, and $1 million at home.
Furthermore, according to Mr. Attahene, the practice deprives banks of cash they could use to make loans to the private sector for economic development.
He claimed that this approach has an impact on the monetary policy’s effectiveness.
“It also deprives the banks. when we take deposits, we then churn them into investments and be lending to the private sector so we move the money from the surplus area to the deficit area to support the private sector in the growth of the economy.
“So seriously, somebody hiding this money, it means that the economy is being deprived of money to be used in loanable funds to the private sector,” he said.
The governor of the Bank of Ghana (BoG), Dr. Ernest Addison, previously stated that the central bank was concerned about the tendency of people keeping significant amounts of foreign currency, particularly dollars, in their houses.
At the 113th Monetary Policy Committee (MPC) press conference in Accra on Monday, July 24, when asked if the BoG was concerned about Cecilia Dapaah’s situation, Dr. Addison responded, “It is a worry to all of us but it is matter in court so there is not much to say about it.”
Over the years, we have successfully gone around the country educating individuals and engaging institutions on smart, safe, and wise investing. As part of our seminars, we usually go through the various investment assets and their commensurate level of risk and return.
The commonest among these assets is usually the Fixed Deposit. This investment asset is loved by several investors from our part of the world, but unfortunately many lack the proper understanding of it.
Today, we would like to discuss this investment asset called Fixed Deposit and how it generally works. A fixed deposit (FD), also known as a Certificate of Deposit, Term deposit or Time deposit, is a financial instrument offered by banks and other financial institutions except investment banks and asset/fund management firms. It is a type of investment where you deposit a specific amount of money for a predetermined period at a fixed interest rate.
In order to break it down for the investing public to understand and to know if it actually fits into their investment objectives, here are some of the key features of the Fixed Deposit instrument:
The Deposit Amount: First of all, you deposit a lump sum amount of money with the financial institution which is held for a fixed period. Usually, the bigger the investment amount, the higher the interest rate.
The Tenure: The second feature of a fixed deposit is tenure. The tenure or maturity period of a fixed deposit can vary, typically ranging between a few months, 91- days (3 months), 182 – days (6 months), and 365 – days (1 year). You cannot withdraw the funds before the maturity date without incurring penalties or losing your interest component.
This is one of the reasons you must be convinced this investment product is in line with your investment objectives.
The Interest Rate: The third key aspect of the fixed deposit is the Interest rate. The fixed deposit earns a fixed interest rate over the entire tenure. The interest rate is predetermined and agreed upon at the time of opening the fixed deposit account and depositing the agreed amount. It can be either simple or compound interest, depending on the terms and conditions set by the financial institution.
This is one important aspect of the fixed deposit that the investor must understand. Compound interest is the best option and if you can negotiate for monthly compounding, your investment can achieve rapid growth.
The Interest payment: The fourth one is the interest payment. The interest on fixed deposits can be paid at regular intervals, such as monthly, quarterly, or annually, or it can be paid upon maturity along with the principal amount. The interest payment frequency is determined at the time of opening the fixed deposit account and it must be clearly defined from the onset.
Safety: The fifth feature to discuss is the safety of the fixed deposit. Fixed deposits are considered relatively safe investments because they are offered by reputable financial institutions, and are usually insured up to a certain amount by government-backed deposit insurance schemes.
This protection is one of the reasons the interest offered by these financial institutions is lower than other fixed-income investment products. Of cause, fixed deposit product like every other investment still has some amount of risk. It is very important therefore that you consult your financial advisor before you take any investment decision because these issuing financial institutions have some risk just like any other institutions.
Liquidity: One key limiting feature of fixed deposits is Liquidity. While fixed deposits are considered relatively safe, they are not as liquid as some other forms of investments. Withdrawals before the maturity date may come with penalties, and the interest rate may be adjusted if the tenure is shortened.
This is done to discourage investors from withdrawing prematurely, but instead to leave their funds for the full tenure of the investment.
Form of Returns: The seventh feature is the form of returns from the investment. The returns from fixed deposits are predictable as the interest rate is fixed for the entire tenure. The interest earned is based on the principal amount and the interest rate agreed upon.
Fixed deposits are popular among conservative investors who prioritize capital preservation as their investment objective, and are looking for a relatively secure investment option. They are suitable for individuals who have surplus funds that they do not need immediate access to and are willing to commit their money for a specific period to earn a fixed return.
It is therefore very important to compare interest rates, terms, and conditions offered by different financial institutions before investing in a fixed deposit to ensure you get the best possible return on your investment.
Always remember that every investment asset has its own level of risk and therefore it is important to get compensated for the level of risk you take with your money.
For a deeper understanding of this subject and further assistance kindly contact EcoCapital Investment Management Ltd., at +233(0)50 155 3502.
EcoCapital Investment Management Limited (EIML) is a company incorporated in Ghana and licensed by the Securities and Exchange Commission (SEC) as an Investment Management firm, and by the National Pensions Regulatory Authority (NPRA) as Fund Manager of both second and third tiers of the national pension scheme.
The corporate mandate of the firm is to provide premium financial solutions and investment management services to both retail and institutional investors in Ghana. Services on offer at EcoCapital include Wealth Creation and Management, Investment Portfolio Management, Pension Fund Management, Mutual Funds, Retirement Planning, Investment Research and Advisory.
The firm has three mutual fund products under management, namely; EcoCapital Prime Fund, EcoCapital Nordea Income Growth Fund, and EcoCapital Weston Oil & Gas fund.
DISCLAIMER: Independentghana.com will not be liable for any inaccuracies contained in this article. The views expressed in the article are solely those of the author’s, and do not reflect those of The Independent Ghana
A voter in Assin North expressed his indifference towards any curses pronounced by political parties, stating that he believes both the National Democratic Congress (NDC) and New Patriotic Party (NPP) are distributing ill-gotten funds.
Before the by-election in Assin North, both NDC and the NPP raised allegations and counter allegations of buying votes from the electorates.
Each of them blamed the other for using money and other items to lure the electorates to vote in their favour.
However, recounting his experience, the voter in an interview sighted by GhanaWeb, revealed that he received a total sum of Ghc 300.00, Ghc 200 and Ghc 100 from the NPP and NDC respectively.
And even though some of the givers of the money pronounced curses on individuals who received the money and voted otherwise, he is not moved by that.
“I got GHC300 in all, I got Ghc200 from the NPP and I got GHC100 from the NDC.
“One of them pronounced a curse, that is what I don’t even want to hear. The monies they are sharing are all stolen. We all are stealing from each other in this country. So, why are you cursing after we have come for some of the money you stole? We are all spending stolen money, so why are you cursing,” he asked.
The voter also added that for him, although he has taken the monies from both parties, he knows who he will vote for.
“For the voting, I will go and cast my vote, but I know who I will be voting for. If the curse works on me, that is fine, but I am very sure it will not work because the money they gave is coming from my tax,” he added.
Assin North By-Election: We are all spending stolen money, so your curse wont work on me. I already know who I will vote for – An electorate fumes after collecting money from both NDC and NPP#UTVNewspic.twitter.com/MrhSODAa0c— UTV Ghana (@utvghana) June 27, 2023
Turkish security authorities have recovered $1 billion in counterfeit money and detained six people engaged in the operation.
Among the detainees were one Ghanaian national and three Swedish citizens, as confirmed by the governor’s office of Turkey on Friday, June 9, 2023.
The office declared that the counterfeit money haul stands as the largest ever recorded in the nation’s history.
The efforts of the Gendarmerie forces led them to track down the suspects, eventually discovering their whereabouts in a storage facility situated in Istanbul’s Kagithane district.
During the operation, a significant collection of counterfeit money amounting to $1,00,000,000.00 intended to be transported to African nations, was apprehended.
Following the raid, law enforcement officials proceeded to search the suspects’ residences, resulting in the confiscation of cash and jewelry believed to be connected to the illegal activities.
The report also mentioned that the Swedish and Ghanaian consulates were promptly notified of the arrests and the ongoing investigation.
A political risk analyst, Dr. Theo Acheampong, has argued that Ghana is currently lacking the legitimacy to enter the international capital market.
According to him, Ghana can only enter the market after three years – the end of the IMF programme.
He said “We are not in a position now, as a country to even go to the market.
“None of the people we owe currently will be in a position to give us money even if we go…from where I sit, we cannot go to the market at least for the next three years,” he was quoted by 3news.com.
Talks about re-entering the international capital market became rife this week after the President, Nana Addo Dankwa Akufo-Addo said at the Qatar-Africa Economic Forum in Doha that “We have positioned ourselves to be able to go back to the international market which had been a source of funding for us during the first three or four years of our government. We will try as much as possible to maintain the discipline which is required and the most important requisite for a successful programme.”
Dr. Acheampong noted that the President’s comment was a non-starter.
He stated that it will be more appropriate if the government focused on “restructuring our external debt.”
He said “It is a non-starter for me. For the President to have intimated that,” he said.
“For me, it tells me that they are thinking about going back to borrow if the conditions improve. But at the moment, we only just signed the IMF programme and the biggest challenge ahead of us is to restructure our external debt,” he added.
Dr. Acheampong wants the government “rebuild the finances of this country, raise domestic revenue sources to finance some of the development projects and importantly, cut back on expenditure. If we do these three things, we don’t necessarily have to go to the market.”
Experts have cautioned that despite a price decrease in July, energy bills are likely to remain high.
A typical household will pay £2,074 a year for gas and electricity from July, £426 a year less than currently, after the regulator cut the energy price cap for England, Scotland and Wales.
Government help in recent months has limited bills to £2,500.
However, prices are not expected to fall much further over the rest of the year, and could edge up in winter.
MoneySavingExpert’s Martin Lewis said that later on in 2023 bills would be similar to last winter because, although prices are cheaper, households will not get the same £400 discount from the government they previously received.
“People will still be paying double what they used to pay before the energy crisis hit,” he added.
Kate Mulvany, from energy analysis firm Cornwall Insight, also said further substantial falls in bills would be unlikely particularly if there was a cold winter across Europe with the UK competing to buy energy with other countries.
“Our forecasts suggest until the end of this decade, higher and more volatile prices are going to be seen, and that includes the impact they’re going to have on domestic bills unfortunately,” she told the BBC’s Today programme.
Earlier this week, Qatar’s energy minister warned the “worst is yet to come” for gas shortages in Europe, suggesting prices could rise again.
In an interview with Sky News, Chancellor Jeremy Hunt was asked if he would take action to support households if energy bills started to rise again.
He said the government’s actions over the past few months demonstrated that it was “willing to do what it takes”.
“We are very aware of the pressures that families are facing, and we want to do what we can to support them”, he said.
There are hopes that the fall of the price cap below the government’s guaranteed level could lead to the return of competition in the market, with people able to shop around for the best deal.
But Mr Lewis said that he did not expect to see firms publicising new offers immediately, with energy firms instead offering existing customers bespoke offers, with no new deals across the market.
The boss of energy regulator Ofgem Jonathan Brearley urged people to contact their supplier if they were struggling to pay their bill.
“In the medium term, we’re unlikely to see prices return to the levels we saw before the energy crisis,” he added.
Image caption,Michael Houghton is worried he will struggle again with bills this winter
Michael Houghton says the Emmaus charity in Ipswich helped him apply for grants to pay his soaring energy bill last winter.
He says his gas bill rose to almost £30 per week, forcing him to cut down on food shopping and entertainment.
But Mr Houghton says that prices remaining high is a concern in the long term. Without more support he worries he will not be able to afford to pay his energy bills if they remain at a similar price this coming winter.
I used to think I was cursed. Or, maybe it was some kind of big, cruel, karmic joke. When I found out, over and over again, that my ex married his girlfriend after me. It had happened so many times that it stopped surprising me, and I came to expect it even.
My break-ups were followed by wedding announcements because all of my exes married the girls they dated after me. In a few cases, there was even some disturbing overlap… My exes ended up marrying the girls they dated while they were still with me. Like I said, cursed.
I spent the majority of my twenties engaged (ring and all) to a man who refused to set a date. He said that I pressured him into proposing and that he didn’t even believe in marriage anyway. Marriage was just a piece of paper and you could wipe your butt with a piece of paper.
Weddings were an idiotic waste of money, he said. Eventually, we broke up and I was heartbroken, but not nearly as devastated as I was when a few months later I found out that he’d already married someone else and had a baby on the way! It turned out that he actually did believe in marriage… Just not with me, and that’s a tough blow to the ego.
Remember the scene in When Harry Met Sally when Sally calls Harry crying because her ex got engaged. “She’s supposed to be his transitional person. She’s not supposed to be the one!” Just like that!
In my case, it didn’t just happen once. It continued to happen, over and over again. Apparently, my exes didn’t have “transitional” people, and there was something about me that drove them straight into the arms of their soulmates.
Once, a man told me that he was in love with me (direct quote) and less than a week later, without telling me he was doing this, flew another woman to Paris where he proposed to her with a three-carat diamond that he obviously didn’t get at the last minute.
They are happily married to this day. I see them cavorting all over the world on Facebook on a daily basis and he still can’t understand why I was upset.
I also helped another ex — actually, now that I think of it, I helped two other exes — pick out an engagement ring for women who were definitely not me. One guy even used my finger to size the ring. True story. In that case, luckily, I wasn’t all that tore up about it because our breakup had been mutual and friendly and I really liked the new girl. But still!
I can’t even tell you how many emails and Facebook messages I have received over the years from guys I dated who wanted to share their good news with me. They all went something like this: “I just wanted to let you know that the (day, week, month) after we broke up, I met the most amazing woman, and after a whirlwind romance (completely unlike the one I had with you, obviously), we are getting married!” Then they’d toss in a line about how sweet I was, so they knew I’d be happy for them (Really? I’m not that sweet), and how I was a great catch and would eventually find someone, too. These emails made me want to go on some kind of a crime spree, and because I’m good at exercising self-control, I usually didn’t answer them back.
Eventually, I finally did find a man to marry me.
We’ve been together for fourteen years now, though I’m almost positive that if we divorced he’d remarry within six months, while I’d spend the rest of my life alone in a house full of cats. So I think I’d better stick with him. Still, I can’t help but wonder what was behind this bizarre phenomenon. At the time I didn’t feel very good about myself. I took my exes’ engagements as proof that I just wasn’t good enough for anyone. I thought I was a fat, ugly, uninteresting, a failure at life. I couldn’t not keep a man, or make a man fall in love with me enough to drop to one knee and beg to spend the rest of his life with me. Now I know better.
The fact that I was incompatible with these guys was in no way a statement about my own self-worth. Some people just aren’t right for each other. That doesn’t mean that either one of them is unlovable or defective. It just means we weren’t a match, or at least not the kind of match that should last a lifetime.
Besides that, I’ll admit that I wasn’t always the best at picking boyfriends. Some of these guys were straight-up jerks and would’ve made horrible husbands anyway because they were mean, shallow, and self-centered. I honestly pitied some of their fiancées.
Looking back, the fact that I didn’t end up with them was an enormous blessing. That still doesn’t explain the timing, however. It wasn’t like these guys were eventually getting married after dating me, as most people tend to do. They were literally marrying the first girls they dated after me, and there was a clear pattern going on, so what on earth was it about me that made them marry other women?
A few cases were probably just coincidences. Most of this happened in my late twenties and early thirties, which is the average age for people in my demographic to get married. But after all these years, I may have a better understanding of what was going on here.
I believed that the transitional woman was supposed to come after me, without realizing that, in fact, I was the transitional woman. The guys I dated, for the most part, were coming down from their college years, and the hard partying, playing days of their early and mid-twenties. They were finally getting ready to settle down and become established in careers, but they weren’t quite there yet.
With my gentle spirit (that sweetness they all referenced), I helped these men make the transition from sloppy-drunk, college girl hook-ups to a more sensible, domesticated life.
In other words, I guided my boyfriends through the transition into actual adulthood. Because I exerted a calming influence over their lives, I taught them to have more mature relationships. I got them ready to be halfway decent husbands (I hope, anyway). It wasn’t a job that I had knowingly signed up for, but in retrospect, I’m glad I could be of service, in spite of the occasional bouts of angst and heartache it caused me. I’m no longer sad that all of my exes married their next girlfriends.
I’m actually kind of glad they all managed to find someone, and so did I.
Vibrant Ghanaian actress and astute entrepreneur, Fella Makafui, fearlessly asserts that GHC 50,000 is not a substantial sum for her.
During an animated interview with blogger Zion Felix, the seasoned actress confidently expressed her willingness to generously give away such an amount without breaking a sweat.
The discussion centered around a recent claim made by Fella about a former employee who had allegedly absconded with the exact sum.
Explaining her emotional reaction, she clarified, “The reason why I was venting was not even about the fact that she stole the money. It was about the fact that, na me y3 no papa paa [I was good to her]. Like I was so good to her, so coming from someone like her, I was just hurt. I did not expect an employee that was so good to hurt you like that. I was venting out of pain but at the end of the day, it’s money. That money, I could dash it to anyone,” she said.
Zion Felix, taken aback by her candid admission, probed further into her ability to give away such a substantial sum. To this, she confidently responded, “I have employees I pay—a lot. GHC 50,000 is no money to dash. If you are blessed and have the means, you can give it out,” she said.
Fella’s comment was a response to a question posed by the blogger regarding the recent claim that an employee had swindled the actress out of GHC 50,000. Fella revealed this on her Twitter page.
Providing more insight into the situation, she revealed that the said employee had been arrested. She also mentioned that she could have easily let the lady, known only as ‘Gina,’ get away with the act. However, she chose to vent her frustration on social media because she never expected such behavior from her.
Sharing further updates, she disclosed that the lady is currently under a bond to repay the money in monthly installments.
“She has been arrested, and we have come to an agreement. The law is taking its course, and she is making monthly payments. I didn’t want to prolong the drama because we are all human, so I decided to remove it from social media,” she added.
After an unplanned lunch in Durham, a father of two and a driver was issued a £100 parking ticket.
Earlier this year, Dean Huddleston, his wife Sonia, and their two teenage children went to a shopping centre in Belmont.
The family decided to have something to eat after purchasing the finishing touches for their new kitchen.
But they were unaware that their automobile was remaining too long in the adjoining parking lot as they ate lunch.
It wasn’t until a letter appeared through the family’s front door weeks later that they realised what had happened.
Dean, of High Handenhold in Durham, said: ‘We had been in the car park for three hours and 46 minutes, 16 minutes more than the allowed time. I wrote to Ocean Parking protesting this but all I got back was a letter to say that there is signage.
‘They were not interested in the fact we had spent the whole time shopping and eating in the businesses which the car park services.’
He added: ‘We are not regular users of the retail park and I had no idea there was a limit on how long you could stay there.
‘I suppose I just assumed that as I was spending money in the shops on the site, I would not have to pay for the privilege of doing so.’
Numberplate recognition had noted the family vehicle’s registration and logged it in the Ocean Parking system.
However the company, which managed the site at the time the ticket was issued, said they could not be held responsible.
Ocean Parking pointed out there signs stating that there was a 3½ hour maximum stay at the retail park.
A spokesperson said: ‘Ocean Parking cannot be held responsible for this, nor is this due to the signage not being visible or clear.
‘There were 41 contractual warning signs in place at Durham City Retail Park which stated 3 ½ Hour Maximum Stay, therefore if Mr Huddleston has “assumed” being a customer at this location would exempt him from the parking restrictions in place, Ocean Parking cannot be held responsible for this, nor is this due to the signage not being visible or clear.’
‘Durham City Retail Park is private land, and therefore if the landowner wishes to enforce a time restriction on their land, it is their choice to do so. If Mr Huddleston did not agree with the terms and conditions at this location, he did not have to park there and could have left the site.’
Dean paid the fine but still wants to warn others of what he has deemed a ‘trap’.
He added: ‘I’ve had to pay but feel this is very unfair, it feels like a scam to me. I would never think about checking, I assume the notice is about parking and not using facilities or parking overnight.’
Elsewhere in Durham, another angry driver has vowed to avoid a car park completely after receiving a £100 fine.
Andrew Bradley and wife Amey were shopping at Home Bargains in Stanley as they stocked up on Christmas presents on December 21.
But the pair were caught short by parking wardens after spending around two hours shopping, and were given a £100 fine for out-staying the car park’s 90 minute maximum time limit.
Andrew said: ‘We must have spent about 20 minutes in the queue for the tills.
‘I’m sure we won’t be the only ones this has happened too. It’d be quite easy to go over the hour and a half.
‘I will never go back to Home Bargains after this.’
The list, containing the details of three men, was shared on Twitter.
The three men are Ezekiel Mensah Otoo, Nicholas Gyekye, and Derrick Obeng, a.k.a Chilling.
According to the EOCO, Ezekiel is wanted for the alleged offence of stealing and involvement in SIM swap fraud.
In the case of Nicholas, the EOCO did not state what crime he is alleged to have committed but only urged the public to provide it “with information on the said Nicholas Gyekye” through a phone number.
Derrick is being sought after by the EOCO for the alleged offences of stealing, defrauding by false pretence andmoney laundering.
See the photos and further details about the men below:
The Office of the Special Prosecutor has summoned theNational Democratic Congress (NDC)’s Juliana Kinang Wassan who failed in her quest to be elected MP candidate for Ejura Sekyeredumase,.
According to reports, she is one individuals being investigated for their conduct during the opposition party’s presidential and parliamentary primaries on May 13.
The MP aspirant who lost to the incumbent MP Muhammad Bawah Braimah was seen in a viral video standing in a car showering cash on the people who flung her at the Ahmadiya School Park where voting took place.
According to JoyNews correspondent Nana Boakye Yiadom, there was a mad rush for the money which ranges from GH¢10 notes to GH¢100 notes.
Juliana Wassan told the reporter that she realised she had the money in her car and decided to show love to her fellow NDC members by sharing the cash.
This incident has caught the attention of Special ProsecutorKissi Agyabeng.
In a letter, the OSP said it has commenced an investigation into suspected corruption in respect of her action.
“The OSP considers you as a person necessary for investigation. You are directed to attend the Office of the Special Prosecutor at 6 Haile Selassie Avenue, South Ridge, Accra on Thursday, May 18, 2023, at 10 am for interviewing.
“You may be accompanied by counsel of your choice.”
Joy News sources say other aspirants who gifted delegates various items at the voting grounds have been invited.
In a related development, the Police say their legal department is studying the video to establish if there is a case for Juliana Wassan to answer.
On Friday, May 12, 2023, government will borrow $3.33 billion from the Treasury Market to partially refinance maturities totaling $2.31 billion.
The media understands that part of the ¢3.33 billion will be used to settle coupon payments of the pension bondholders.
The amount which will be the biggest so far this year will be issued via the 91-day, 182-day and 364-day Treasury bills.
Analysts perceive investors bidding higher yields on liquidity squeeze, as inflation data for April 2023 is expected to be release on May 10, 2023.
But the $750 million loans approved by the Parliament of Ghana last week may help slow down the rise in money market yields.
However, the cost of borrowing remains a concern to many analysts and market watchers.
The T-bill auction on Friday, May 5, 2023, was oversubscribed, as the treasury raised ¢2.57 billion, exceeding the gross target by 40.01%.
According to the auction by the Bank of Ghana, the government accepted a significant ¢2.56 billion from the bids submitted by the investors, largely the banks.
Yet again, majority of the bids came from the 91-day T-bills as ¢1.62 billion were tendered. All the bids were consequently accepted.
Also, almost all the ¢380.75 million of bids submitted for the 182-days T-bills were accepted.
Ghanaian musician,Kwabena Kwabena, has stated that he no longer goes to church as part of his efforts to stay away from temptations.
According to him, some female church members dress inappropriately to church.
“Let me tell you something, even if you have dresses that tighten your ass, you don’t wear them to church. You have places you can wear those dresses to, but when you are going to the house of God, there should be a purpose why you are going there, and please, we must all start to behave in a certain manner…
“For me, it’s a shame that, up until now, no pastor has spoken against it. What has the house of God turned into? Honestly, it has justified why I don’t feel like stepping into any church,” he is quoted to have said.
Among the many things he also mentioned that pulled him out of the church was what he said was the “inappropriate behaviour” of gospel musicians who prioritise money by engaging in indecent means to promote their works.
“Money is just a byproduct of creativity. In today’s world, because of material things, it’s important that we kind of focus on money, but I can say confidently that we focus so much on money, that’s why we are losing the craft.
“Recently, I saw something that gospel musicians have started doing, and it saddens me. It’s very sad… Because I write gospel music and I know what gospel music is supposed to do, I became very sad that gospel musicians have actually started touring on worldly things,” he said.
In an interview the Aso hit-maker said it was not right for ladies to wear dresses that tighten their buttocks to church.
“Let me tell you something, even if you have dresses that tighten your ass, you don’t wear them to church. You have places you can wear those dresses to, but when you are going to the house of God, there should be a purpose why you are going there, and please, we must all start to behave in a certain manner…
“For me, it’s a shame that, up until now, no pastor has spoken against it. What has the house of God turned into? Honestly, it has justified why I don’t feel like stepping into any church,” he is quoted to have said.
Among the many things he also mentioned that pulled him out of thechurchwas what he said was the “inappropriate behaviour” of gospel musicians who prioritise money by engaging in indecent means to promote their works.
“Money is just a byproduct of creativity. In today’s world, because of material things, it’s important that we kind of focus on money, but I can say confidently that we focus so much on money, that’s why we are losing the craft.
“Recently, I saw something that gospel musicians have started doing, and it saddens me. It’s very sad… Because I write gospel music and I know what gospel music is supposed to do, I became very sad that gospel musicians have actually started touring on worldly things,” he said.
In the past few years, I have heard many stories about people’s experiences with taxi robberies but I always thought it was just a tale.
They talked about how taxi drivers tricked them by locking the car doors and stealing their money and phones from their bags and purses. Unfortunately, I soon discovered that I was not far from experiencing this uncivilised behaviour of some drivers in town.
One day, a taxi driver offered me a free ride from Dzorwulu Junction to Achimota Overhead. I was heading to Achimota Mile 7. The plan was to continue my journey from the Achimota Overhead to Mile 7.
I hopped into the taxi with my luggage in a white polythene bag and a brown purse containing my phone and some cash.
Our journey to Achimota Overhead began at 11 am, and the driver engaged me in a conversation. He suggested that I should pay him to take me to Achimota Mile 7 but I insisted that he should ‘let me off’ at the Achimota Overhead because it would still be convenient for me to continue my journey from there.
In less than 15 minutes, we arrived at Achimota Overhead and I needed to get out of the taxi. But that was when the drama and the trickery by the taxi driver began.
The taxi had stopped; so, I tried to open the door to alight from the car but the door would not open. For a moment, I focused on trying to get the door opened – which meant that I had abandoned my purse and luggage on my thighs, and my backside was halfway facing the driver, while I struggled to open the door.
I am sure that was when the criminal taxi driver attempted to silently snatch my purse from my thighs to himself so he could steal my phone and money but he did not succeed because I also gave up and insisted that he open the door for me.
Then he asked me for a coin, which he claimed could help with opening the gate. So, I quickly grabbed my purse, which was lying halfway on my seat open, and my phone was almost falling out.
Seeing that his unscrupulous plan would not be successful, he opened the door for me to come out of the taxi. Apparently, the drivers control the doors from where they sit, so when they steal your items, they ‘release’ the door from their end and allow you to go.
Hmmm… Now, as soon as I came out of the taxi, I realized that the taxi driver was trying to steal from me. I thanked God for exempting me from the plan of this wicked taxi driver.
My journey continued in another public transport to Achimota Mile 7, where I met my friends and shared with them what happened to me.
I was shocked to hear that Abigail and Diana had also experienced the same thing before.
Unfortunately, the drivers succeeded in stealing their phones and cash. Eiii….thieves are smart o! Hmm
I felt it was important to share my experience on WhatsApp so my friends and family could learn from it to avoid similar situations. I was grateful to receive some feedback from them as well!
I, therefore, want to share some guidelines to help others avoid this kind of experience.
Avoid the front seat of taxis at all costs if you can. If you must sit in the front seat, make sure your items (bag, phone, purse etc) are placed on your right side close to the door.
Don’t go through the stress of opening a car door if it’s refuses to open. If you try once and it doesn’t open, insist that the driver opens it for you.
Be suspicious about a driver who will ask for coins to help him open a door and stay away from that trap!
In Daura on Saturday, President Muhammadu Buhari advised Nigerians to accept the bribes offered by politicians rather than succumbing to them and cast their ballots in accordance with their moral convictions.
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The President made this known in a chat with journalists after casting his vote at Ward A, Sarkin Yara Polling Unit, 003 in Daura, Katsina State.
He also said the new naira policy has ensured a shortage of naira notes that would have been used by unscrupulous elements to influence the outcome of the elections in their favour.
“I am aware that the money is not there like before for people to sway voters like they used to do.
“And if they bring out money now, the people should pocket it, and still vote their conscience,” he said.
Senior Special Assistant to the President on Media and Publicity, Garba Shehu, disclosed this in a statement he signed on Saturday titled ‘Nigerians know we mean what we say, they will vote for us again, says President Buhari.’
According to Buhari, the electorate should follow their conscience in choosing the right leaders, both state executives and legislatures.
He affirmed that his regime had “diminished” the era of vote buying.
The President also commended the role of the media in empowering people with information on their rights and providing a platform for voters to challenge leaders on promises and records, therefore, deepening democratic culture and awareness among Nigerians.read moreTribune Online5hLagosDecides2023: APC’s Sanwo-Olu votes, kicksagainst voters intimidationRedeem your image by conducting credible governorship- election- —TMG- to- INEC-Share Story FacebookLinkedInTwitterTelegramWhatsAppCopyAboutLogin
“The media is doing very well in creating awareness and enabling the right conversation. You can hear the tough questions for leaders during interviews on TV, radio and other platforms, and the journalists always press for answers,” the President noted.
On the outcomes of the Governorship and State of Assembly elections, he expressed confidence that they will favour the All Progressives Congress (APC) across the country as Nigerians know the party “means what it says, and says what it means.”
The President noted that he was not surprised at the results of the Presidential elections on February 25, 2023, which saw Asiwaju Bola Ahmed Tinubu emerging as President-elect, since the APC campaigns were thorough and detailed.
“I am sure we are going to win, again,” he said.
Buhari urged the electorate to follow their conscience in choosing the right leaders, both state executives and legislatures, admonishing that the era of vote buying had been diminished.
“I am aware that the money is not there like before for people to sway voters like they used to do. And if they bring out money now, the people should pocket it, and still vote their conscience,” he said.
The President noted that the APC followed the constitutional procedure for the entire electoral process, choosing a party Chairman, Sen. Abdullahi Adamu, who had served as a two-term Governor in Nasarawa State, and legislator in the Senate, with experience that will secure the electoral value and relevance of the party.
“Nigerians trust us because we mean what we say and say what we mean. We have maintained that trust. We told Nigerians that we will work for them, and we have done our best in education and health facilities, and Nigerians appreciate our efforts,’’ he said.
Buhari’s family members and aides also voted at the ward.
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Source: Yahoo
DISCLAIMER: Independentghana.com will not be liable for any inaccuracies contained in this article. The views expressed in the article are solely those of the author’s, and do not reflect those of The Independent Ghana
Erik ten Hag insists Manchester United will not be “burning money” on bringing in the wrong striker in January.
After a tough start to life as Red Devils manager, Ten Hag’s team have been much improved of late and currently sit fourth in the Premier League after three straight league victories, despite being short of options up front.
Cristiano Ronaldo was in and out of the team before his bombshell interview with Piers Morgan led to his contract being mutually terminated, while Anthony Martial has struggled with injuries.
But despite the need for a centre-forward to help United’s Champions League qualification bid, Ten Hag feels United must avoid the mistakes of the past by wasting finances on the wrong striker.
“You need one who can have an impact otherwise you are just burning money,” Ten Hag told reporters. “You don’t strengthen the squad and it doesn’t help you.
“We have a good team when all are available. We have [a striker], Anthony Martial, I’m really happy with his performances across many games.
“He has had a really good impact. If you see his minutes and the impact he has had it’s been huge.”
One suggestion for United to boost their attacking ranks has been to recall Amad Diallo, who has scored six goals in 19 matches on loan at Championship side Sunderland.
But Ten Hag is reluctant to bring Diallo back to Old Trafford early, believing it would be wrong to stunt the progress the Ivory Coast international is making with the Black Cats.
“We consider everything. I have a little reservation because I don’t want to stop the process, he is making good progress there,” Ten Hag added. “Young players need experiences.
“When we decide [he needs] to come back he has to be a player who can compete for the starting 11 or at a minimum of coming on for a lot of games to have an impact.”
While more than half of consumers use apps to help them manage their finances, new research suggests that most don’t understand how much of their financial data is being collected and how it’s being used.
Researchers learned that not only are consumers largely unaware of the data privacy implications of using such apps, but some would avoid using financial apps if they had a better understanding of them.
In their quest to handle money-related tasks, a sizable portion of consumers — 54% — have used a financial app in the past year, the study found. Most of them — 70% — said they were confident that their information is safe and private. Yet only 11% of financial app users surveyed said they had read and understood their apps’ terms and conditions.
That leaves a lot of room for misunderstandings, and the survey revealed a lack of awareness in several key areas:
Only 19% of app users knew that some apps use third parties to access their bank information.
Only 21% of app users knew that financial apps can access their data until they revoke their bank account credentials.
21% of app users said they don’t know how non-bank financial apps use their data.
The survey also suggests that, with a greater understanding, some consumers may be less inclined to use financial apps. Consumers were particularly uncomfortable with the idea of sharing their bank account usernames and passwords with an app, with 68% of respondents expressing discomfort with providing that information. Also, 62% said they were uncomfortable about sharing their bank account numbers.
Once survey respondents received more information about how financial apps accessed their information, 53% said they were less likely to use the apps. However, younger consumers were more likely to overlook security and privacy concerns.
Only 47% of consumers between ages 18 and 34 said they would be less likely to use financial apps due to these concerns, compared to 57% of consumers between ages 35 and 44 and 63% of consumers age 45 and over.
While financial apps can add convenience to your money management efforts, it’s important to take precautions to keep your data safe. Not only should you read all the fine print about how apps will use your data, but make sure you understand the implications of linking your bank account to various online services and apps.
Also, take steps to limit your risk, such as tracking bank account activity and regularly changing your passwords.
The Deputy Member on Parliament’s Finance Committee, Isaac Adongo, has stated that the Bank of Ghana is to blame for the Ghana cedi’s depreciation.
According to him, the printing of new notes is the reason the cedi has been falling in recent times.
He noted that when the money supply is high, the cedi keeps falling.
“The key issues have to do with the failure of the Bank of Ghana. The Bank of Ghana is entrusted with the responsibility for price stability. The Bank of Ghana has the responsibility to maintain what we call the Inflationary Targeting Framework, which is built around making sure that the government does not unnecessarily borrow from the Bank of Ghana to finance the budget,” he is quoted by citinewsroom.com.
Adongo stated that the Bank of Ghana has been printing more money in recent times in a bid to finance government expenditures.
“Last year, the Bank of Ghana lent to the government about GH¢35 billion. By May this year, it lent an extra GH¢22 billion. This has put a lot of money into the economy. These monies are monies that are chasing the dollar everywhere. Once there is so much cedi chasing the dollar, the dollar has to run faster to save itself. This is why we are here. The Bank of Ghana has failed in all forms, and I am surprised people are pushing for the sacking of Ken Ofori-Atta and not Mr. Addison. Both of them have teamed up to derail our economy and compromise our future,” he said.
About 400 women-led Small and Medium Enterprises (SMEs) will benefit from the Women SME Innovation Programme – Digitalize for Jobs (D4J) to fully leverage the potential of digitalisation and to better organise their business information.
The programme will also support the women with efficient record-keeping and financial management practices to facilitate their access to finance, expand their customer base and turnover and develop new products and services.
Mrs Kosi Yankey-Ayeh, the Chief Executive Officer of Ghana Enterprises Agency (GEA) at the launch of the programme, said SMEs today were critical to the growth, employment, and poverty reduction in the country.
The programme is supported by the special initiative on training and job creation, which operates under the brand ‘Invest for Jobs,’ an initiative of the German Federal Ministry for Economic Cooperation and Development (BMZ).
Implemented by GEA and supported by “Invest in Jobs”, the project sought to provide capacity-building to women-owned/led SMEs on different aspects of digitalization and how their companies can grow from its use and increase their process efficiency and competitiveness by providing access to knowledge, and digital tools.
It will create a digitalized business environment conducive to the rapid growth of SMEs in Ghana and this will ensure that they are creating jobs after the programme
The SMEs will also be trained to build their online visibility via company-owned websites and social media to reach more clients.
The CEO said the SMEs account for over 50 per cent of private output, nearly 70 per cent of employment, and 90 per cent of businesses in Ghana.
“Consequently, the importance of the SME sector and the role it plays in national development and economic transformation cannot be underestimated,” she added.
She said the Programme was a scale-up measure of the COVID-19 SME Innovation and Digitalisation Support Scheme, which helped 500 SMEs to ensure business continuity during the COVID-19 pandemic, thereby sustaining 6,750 jobs.
Mrs Yankey-Aryeh said SMEs, with a focus on those that were women-owned/led, were faced with challenges that compromised their ability to function effectively and to contribute to the economy.
He said over the years, GEA had encouraged SMEs, especially women-owned to adopt digital methods to augment business growth and competitiveness.
“So far more than 11 million dollars have been utilized to train or support over 10,000 Women Entrepreneurs,” she said.
Mr John Duti, Team Leader of Invest for Jobs at GIZ Ghana, said if SMEs were to remain competitive in the global world, they have no choice but to digitalise.
He said focusing on women-owned and led enterprises represented an opportunity to reduce the digital gender gap, which brings social and economic benefits for the whole country given the significant role of women and their enterprises in Ghana’s socio-economic development.
“Female empowerment is a powerful tool to make everybody’s life richer and successful,” Mr Duti said.
He commended the entire GEA team which ensured the excellent delivery of the first phase and subsequently played a major role in securing the scale-up of our partnership.
He said digitalisation involved a lot of investments in modern software and hardware, as well as capacities in its applications and these costs involved indeed, could not be borne by most of the SMEs.
He expressed optimism that the programme would provide the tools and skills to benefit from digitalisation and harness SMEs’ potential for sustainable growth and job creation in the digital area.
A member of the communications team of the governing New Patriotic Party (NPP), Solomon Owusu, has bemoaned the exorbitant tax policies which he says are slowly killing Ghanaian businesses.
According to him, too much tax and the increasing exchange rate have left business people with sleepless nights as their businesses are struggling to survive.
His comment comes on the back of traders in the Kumasi Central Business District having to close their shops in protest over what they say are exorbitant tax policies affecting their businesses.
The traders have vowed not to rescind their decision until the Government intervenes to address their concerns.
The traders have also been concerned with the strength of the cedi. The Ghana cedi has depreciated by 37.5% to the US dollar as of the end of September 2022 according to the Bank of Ghana.
Commenting on the development on Ghana Kasa show on Kasapa 102.5FM/Agoo TV Wednesday, Solomon Owusu who himself is a businessman urged the governent to step up its efforts at stabilizing the Cedis while reviewing aspects of the tax policy to address concerns of business persons.
“Taxes paid in this country are too much, and the exchange rate keeps increasing by the day and people are losing their capital. Businessmen and women are in great difficulty, where we find ourselves is very scary. No businessman is able to have a good sleep and because the policy rate increases, the loan repayment rate also increases. Business people are dying slowly, it is not funny, it’s very serious.”
“The country will see the effect of the action of the traders between December to February 2023. It takes some time before vessels arrive with imported items, so if we don’t encourage traders to import early, but import later, it will take about a month or two before the items will arrive in Ghana. So between that period when the items will arrive in Ghana, how are people going to survive,” he asked.
Gold-producing member companies of the Ghana Chamber of Mines will, between now and December 2022, sell about 125,000 ounces of gold to the Bank of Ghana (BoG) under the central bank’s Domestic Gold Purchase Programme.
The decision followed a meeting between Vice President Alhaji Dr Mahamudu Bawumia, some other members of the Economic Management Team, the Bank of Ghana, the Ministry of Lands and Natural Resources, Minerals Commission, PMMC as well as the leadership of the Chamber to consider the implementation of the BoG’s Gold Purchase Programme in the light of the country’s economic challenges.
Ahead of that meeting, Newmont Ghana had already sold 3,500 ounces of gold to the Bank of Ghana as part of the programme.
Vice President Dr. Bawumia noted after the meeting that “it was agreed that to help shore up the foreign exchange reserves of the Bank of Ghana, starting September 1st, the Bank of Ghana will purchase a portion of the output of the gold mining companies on a continuous basis at world market prices, but payment will be made in Ghana cedis”.
This will represent a significant and sustainable addition to Ghana’s foreign exchange reserves over time and strengthen the country’s balance of payments position”, H.E. the Vice President added.
President of the Chamber, Joshua Mortoti stated that “as good corporate citizens the Chamber supports the programme”. Noting that the Gold Purchase Programme will be mutually beneficial to all stakeholders.
On his part, the Chief Executive Officer of the Chamber, Dr. Sulemanu Koney, stated that members of the Chamber would further engage the Central Bank to fast-track the implementation of the programme.
Discussions on the Gold Purchase Programme started in 2020 between the BoG and gold-producing member companies of the Chamber to support Ghana’s foreign exchange reserves.
The Ghana Chamber of Mines is the main minerals industry association in Ghana. The Chamber represents the collective interests of companies involved in mineral exploration, production and processing in Ghana.
The owners of cash, captured in a viral video have finally been found. The video which shows stacks of Ghana Cedis belongs to a gold dealership firm called Brenley Quartz.
According to officials of the company, the cash, totalling GHC17 million, was withdrawn from their bankers, Zenith Bank, in order to make payments to clients.
The officials added that the withdrawal was made some three months ago and the video shot by one of its employees.
The video leaked after the employee went for a phone swap some weeks ago.
Contrary to claims that the video belongs to some government officials or politicians, the gold dealership firm has confirmed that it was part of their routine withdrawals for subsequent payments.
Many Ghanaians had called for investigations into the video given the sheer amount of money in the video, arguing that it could be proceeds of crime.
But the clarification seems to have put those fears to rest.
Ghana Police Service special unit of the Ashanti Regional Police Headquarter have arrested some suspected 18 women in dealing with fake currency.
A member of the gang, Joyce Ama Asare, 33, was earlier arrested at the Ejura market on May 24, when she was going round buying items with some fake 100 and 200 Cedi notes to the sum of ¢1,100. Upon interrogation and investigations, she led the police to the hideouts of the other girls.
The Police suspects that the girls could have a backing of some pimped guys whom they are following up to catch up with them soon.
8 persons were arrested at the Embassy Hotel. Namely Diana Asamoah (leader)24, Abena Boatemaa, 33, Afia Pokuah, (leader)40, Abena Gyamfuah, 28 and Charlotte Oforiwaa, 29.
The others are; Joana Yeboah, 29, Sandra Oforiwaa, 30 and Serwaa Rebecca, a teenager.
The scoop digged in the same night and arrested 10 others for investigation and onward prosecution.
A French political power couple lost their appeal Wednesday against a money laundering conviction, capping a fall from grace spurred by accusations they illegally pocketed millions of euros in public funds while in office.
Patrick and Isabelle Balkany, right-wing politicians who for years governed the chic Paris suburb of Levallois-Perret, were sentenced to prison terms of five and four years respectively.
But they were not ordered behind bars immediately pending an appeal to France’s highest court. Patrick Balkany had been released to house arrest in February because of health problems.
The two had already lost in March an appeal against tax fraud convictions after they were found guilty of using offshore accounts to hide at least 13 million euros ($14.4 million) in assets from the tax authorities, including luxury villas in the Moroccan city of Marrakesh and in the West Indies.
On Wednesday, the appeals court confirmed the seizure of assets as well as the payment of one million euros ($1.1 million) in damages, saying the couple had implemented a system of “persistent fraud”.
Patrick Balkany, 71, who appeared in the Paris courtroom without his wife, made no comment after the decision.
His lawyer Romain Dieudonne said he had five days to decide on a further appeal, while his wife’s lawyer Pierre-Olivier Sur told reporters the ruling was “excessive.”
The jail terms handed down last year – extremely rare for French politicians – were widely heralded as proof that the legal system no longer shirks from holding the powerful to account.
Patrick Balkany was first elected mayor of Levallois-Perret in 1983 and also held a seat in parliament for many years.
A larger-than-life figure with a penchant for cigars, he was a close friend of former president Nicolas Sarkozy and the late rocker Johnny Hallyday, and was credited with spurring an economic revival in the city.
But critics said the couple was making themselves rich at the same time, and prosecutors opened an investigation in 2013 after a former political ally told judges he had deposited millions of euros for the couple in Swiss bank accounts.
The couple had argued that their wealth was mainly inherited – Isabelle’s Tunisian Jewish father made a fortune in rubber production while Patrick’s father, an Auschwitz survivor, founded a luxury clothing chain in post-war Paris.
Both had already been handed suspended prison sentences in 1996 for the personal use of municipal employees, including one employed as their private chauffeur.
The owner of a pizza restaurant in the US has discovered the DoorDash delivery app has been selling his food cheaper than he does – while still paying him full price for orders.
A pizza for which he charged $24 (£20) was being advertised for $16 on DoorDash – and when he secretly ordered it himself, the app paid his restaurant the full $24 while charging him $16.
He had not asked to be put on the app.
He later found out it was part of a trial to gauge customer demand.
Content strategist Ranjan Roy blogged about the anonymous restaurateur, who is his friend.
Mr Roy said he first heard about the situation in March 2019, when his friend started receiving complaints about deliveries, even though his outlets did not deliver.
At that point , he discovered he had been added to DoorDash – and noticed it was charging a lower price for one of his premium pizzas.
So he ordered 10 pizzas, paid $160 and had them delivered to a friend’s house.
The restaurant was then paid $240 for the order by DoorDash.
The next time, the restaurant prepared his friend’s order by boxing up the pizza base without any toppings, maximising the “profit” from the mismatched prices.
“I was genuinely curious if DoorDash would catch on – but they didn’t,” wrote Mr Roy.
DoorDash did not respond to BBC News’s request for comment.
But Mr Roy said: “We found out afterward that was all the result of a ‘demand test’ by DoorDash.
“They have a test period where they scrape the restaurant’s website and don’t charge any fees to anyone, so they can ideally go to the restaurant with positive order data to then get the restaurant signed on to the platform.
“Third-party delivery platforms, as they’ve been built, just seem like the wrong model, but instead of testing, failing, and evolving, they’ve been subsidised into market dominance.
“You have insanely large pools of capital creating an incredibly inefficient money-losing business model.”
DoorDash is backed by investment giant Softbank, which this week posted a record-breaking loss of nearly $13bn.
Defending the loss, chief executive Masayoshi Son reportedly compared himself to Jesus.
The billionaire is said to have stated during a call with investors that Jesus was “also misunderstood”.
The Year-on-Year Inflation rate for January fell slightly to 7.8 percent from 7.9 percent recorded in December 2019.
The month-on-month inflation between December 2019 and January 2020 was 1.4 per cent.
Professor Samuel Kobina Annim, the Government Statistician, said the contribution of food to inflation had increased while that of housing fell during the period.
Alcoholic Beverages, Tobacco & Narcotics (11.1 per cent), Transport (10.5 per cent), and Housing (nine per cent) were the Divisions with the highest rates of inflation.
The Food and Non-alcoholic beverages Division recorded a year-on-year inflation rate of 7.8 percent, a 0.5 percentage points higher than 7.3 percent in December 2019.
The non-food year-on-year inflation for January stood at 7.9 percent.
Between December 2019 and January 2020, the price level of Food and Non-alcoholic beverages increased by 2.3 per cent, driven by an increase in price levels of Vegetables and Fish.
At the regional level, the year-on-year inflation ranged from 5.6 percent in the Ashanti Region to 10 percent in the Central Region.
After successfully raising US$3 billion Eurobond last week which was heavily oversubscribed 5-fold, the Government of Ghana through the Bank of Ghana will rollover a 2-year Government of Ghana bond which is expected to mature in 2022.
It is however unclear how much the government is seeking to raise, but that will depend on the amount of bids and the demand yield.
The bond issuance which is cedi-denominated and opened to both resident and non-resident investors is expected to be used largely to retire maturing debts.
Each bond is expected to have a face value of GHC1 with a minimum bid of GHC50,000 and multiples of GHC1,000 thereafter.
Class Business believes the bond will attract a favorable yield based on the fundamentals of the economy and the current investor confidence.
Barclays, Databank, Fidelity, IC Securities and Stanbic are the joint book runners of this deal.
The bond will be listed on the Ghana Stock Exchange thereafter.
The Ghana Pentecostal and Charismatic Council (GPCC) has called on the Finance Ministry, the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC), to, “without delay, take steps as promised earlier by the President, in his New Year message, to pay, in full, monies owed thousands of individual Ghanaians and institutions as a result of the financial sector cleanup“.
“As a Council, we are willing and committed to mobilising and joining the masses on the streets to demand full payments of all locked-up funds of ordinary Ghanaians should government fail to address the issue in the shortest possible timeâ€.
In his Christmas message to Ghanaians last year, the President said customers of all the collapsed financial institutions banks, microfinance firms, savings & loans companies, finance houses and fund managers will have a full refund of their locked-up deposits and investments.
“Thus far, the Ministry of Finance and the Bank of Ghana have worked together to guarantee payments of 100% of deposits of customers of the failed banks which is being doneâ€, the President announced, adding: “I have directed the Ministry of Finance to work with the Bank of Ghana to ensure that same applies to customers of microfinance and savings and loans companies whose licences have been revokedâ€.
The financial sector cleanup exercise saw the collapse of nine local banks, 347 microfinance companies, 23 savings & loans and finance houses, as well as 53 fund management companies.
Justifying the collapse of those firms, Mr Akufo-Addo said: “We have had to take painful but necessary measures to sanitise and save the banking system a process which I know has brought discomfort to many a householdâ€.
“It is worthy to note, however, that the jobs of some 6,500 workers were saved as a result, instead of the 10,000 that could have been lost, in addition to the protection of funds of 4.6 million depositorsâ€, the President added.
The growth of money supply slowed down in the third quarter of the year, signaling some level of illiquidity in the Ghanaian economy.
According to the Bank of Ghana, the provisional data on monetary aggregates at the end of the third quarter of 2019, broadly reflected considerable moderation in the growth of money supply, consistent with the monetary policy stance.
The annual growth in broad money supply (M2+) slowed from 24.09 per cent a year ago to 16.32 per cent in quarter three of 2019.
Broad money is a measure of the amount of money, or money supply, in a national economy including both highly liquid “narrow money†and less liquid forms.
The slowdown in the growth of M2+ during the review quarter, the central bank said, was largely reflected in decreases in the growth of demand deposits, savings and time deposits.
Demand deposits are purely current account and call deposits.
The other components of M2+, comprising currency in circulation and foreign currency deposits, however, showed an increased growth in quarter three of 2019, relative to that of the previous year.
Meanwhile, the currency outside banks or the banking system have hovered around GH¢11 billion throughout the year.
However, the currency in circulation has also hovered around the GH¢12 billion bracket throughout 2019.
It inched up from GH¢12.6 billion in August to GH¢12.9 billion, the highest so far in the year.
On the treasury market, however, interest rates trended upward.
Rates on the 91-day, 182-day T-bills increased by 132 basis points (1.32%) and 110 basis points (1.10%), respectively year-on-year, to settle at 14.69 per cent and 15.14 per cent, respectively.
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