Business

The Social Security and National Insurance Trust (SSNIT) says it will from February 2020 cease payment of monthly benefits to all pensioners who fail to biometrically register with the scheme.

All names pensioners on SSNIT who have not done the biometric registration the scheme will automatically have their names deleted on January 31, 2020, a statement from the Trust announced.

In 2014, all members of the SSNIT Scheme, including pensioners, were requested to re-register biometrically.

Reminders were subsequently issued various channels for members/pensioners, but SSNIT said, “there are some pensioners who are yet to go through the biometric registration process”.

“The Trust would like to once again remind all its cherished pensioners who are yet to re-enrol biometrically to visit the nearest SSNIT Branch to do so, not later than January 31, 2020”.

Those who fail to comply with this last directive will have their monthly benefits stopped and will have their benefits restored only after the biometric re-registration.

A Deputy Minister of Energy, Joseph Cudjoe, says the Ministry of Finance working to ensure that the energy sector debt, particularly that of the Ghana Grid Company, GRIDCo, is settled.

Workers of GRIDCO on Tuesday petitioned the Ministry of Finance and the Electricity Company of Ghana, ECG, after demonstrating in Accra over the Ghc1.2 billion debt and its impact on the company’s operations.

The workers have threatened a strike that could affect power supply if government fails to act.

The Deputy Minister in charge of Energy Finance and Infrastructure is however unsure when the debt will be settled.

“To the President it is a very key issue, that’s why he has ordered the Ministry of Finance to give GRIDCo that respite. As to when it will happen, I think it’s the reason why the workers are in that red band; if I had the answer I would have told you.But the Ministry of Finance is dealing with it because you know it has a programme to issue ESLA bonds and use the proceeds to settle the legacy debts and then fix GRIDCo’s problem”.

GRIDCo Senior staff Union on November 21, 2019, announced that ECG’s outstanding debt stood at GH¢607 million and another GH¢94,204,903.17 while VALCO owed it GH¢32,567,974.05 and NEDCo’s debt stood at GH¢177 million as at September 30, 2019.

According to the Chairman of the Senior Staff Association of Tema, Dominic Annang, if the debts are not paid, they will continue with their industrial action.

The staff in their petition to the Finance Ministry said the Ministry must act on a directive by President Akufo-Addo to make available to them some GH¢250 million to help them pay the debts.

They also said that the Ministry must order VALCO to settle their US$33 million debt to GRIDCo.

“[We demand that the Finance Ministry] order VALCO to settle the US$33 million it owes GRIDCo, which it claims is part of the legacy debt in the energy sector”.

“[We demand that the Finance Ministry] immediately orders the ECG to pay GRIDCo the GH¢94 million PDS collected on behalf of ECG during the PDS suspension.”

“[The Ministry must] immediately ensure that the cash waterfall which has been on the drawing board since 2014 becomes operational,” he said.

He added that; “It has been 7 months since that meeting [with President Akufo-Addo] and not a dime has been paid to GRIDCo. You will recall that the first ESLA bond which was raised by this government in 2017/2018, our colleagues, the VRA had about US$550 million to settle their debts to banks, but not a dime was given to GRIDCo to offset ECG and VALCo’s indebtedness to GRIDCo.”

Dominic Annang further warned that “staff of GRIDCo will continue to embark on series of industrial actions” if the Finance Ministry does not act immediately to settle the debts.

Meanwhile, the National Chairman of the Senior Staff Association of GRIDCO, Raphael Kornor, says the failure by the ECG, VALCO and NEDCo to defray their debts could plunge the country into darkness following the possible withdrawal of service by staff of GRIDCo.

“From 10th December if nothing is heard from this petition as to the payment, we are going to embark on a sit down action at our GRIDCo premises to impress on management to start disconnecting all those who owe us.”

Source: citinewsroom

A special committee has been inaugurated to promote trade and investment and enhance the business relationship between Ghana and Japan.

The committee is made up of high-level Ghanaian government representatives drawn from the ministries of Finance, Foreign Affairs and Regional Integration, Trade and Industry and Business Development as well as the Ghana Investment Promotion Centre (GIPC).

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Japan is also being represented by officials of the Japanese Embassy in Ghana, the Japan External Trade Organisation (JATRO), Japan International Cooperation Agency (JICA) and Japanese private sector participants.

The committee is co-chaired by the Chief Executive Officer of the GIPC, Mr Yofi Grant, and the Japanese Ambassador to Ghana, Mr Himeno Tsutomu.

It is scheduled to hold bi-annual meetings in Accra.

Ghana-Japan partnership

The committee, known as the Ghana-Japan Business Promotion Committee (GJBPC), will serve as a high-level partnership mechanism to facilitate mutual investment, trade and business interest between the two countries.

Additionally, it will serve as a vehicle to drive strategic economic partnership by promoting and supporting Japanese businesses in Ghana and Ghanaian businesses in Japan, promoting Ghana as an entry point into Africa and also as an investment hub to Japanese companies.

Furthermore, the committee will set up information sharing mechanisms on trade updates, laws and regulation policies, industrial standards and market trends to the benefit of both countries, organise trade and investment-related delegation to other countries, as well as assist visiting business delegations from Japan to identify and deliver solutions to challenges faced by Japanese companies or businesses in Ghana and Ghanaian companies or businesses in Japan.

Ghana’s vision

Speaking on the sidelines of the inauguration, Mr Grant said Ghana was repositioning itself to be the most attractive business destination in Africa and a hub for investment, trade and industrial activities on the African continent.

To achieve these objectives, he said, measures had been put in place to ensure micro economic stability through physical consolidation and better prudent debt management and significant reforms in some major sectors.

Mr Grant said Ghana was a preferred destination because of its economic and political environment, such as its significant economic progress in the last two years, reduction in interest rates and two years of positive trade balance.

A Deputy Minister of Foreign Affairs and Regional Integration, Mr Charles Owiredu, expressed the hope that the close relationship between Ghana and Japan would grow stronger with more Japanese businesses coming to Ghana and more Ghanaian businesses taking up business opportunities in Japan.

“The Ghana mission in Tokyo is ready to facilitate and assist Japanese businesses to thrive in Ghana and use Ghana as an entry point to West Africa and eventually into Africa,” he stated.

Japanese request

Mr Tsutomu, for his part, urged the government to put in place measures that would create the necessary environment for “Japanese businesses and investors to feel welcomed and comfortable when they come to Ghana.”

He said the embassy had identified a number of challenges being confronted by Japanese businesses and investors who wanted to do business in Ghana and had shared that information with the appropriate authorities.

Challenges

Representatives of the Japanese private sector enumerated some of the challenges confronting their businesses in Ghana and requested the Ghanaian side to improve the business climate.

The two sides also took turns to explain the policies that were in place to encourage private business investment.

A document made available to the media listed some of the challenges encountered by Japanese businesses as tax issues, import and other levies, policy changes, high rent fees, violation of intellectual property rights and counterfeit of products, shortage of skilled workers and bad reception at government agencies, corruption and uncertainty in the legal system, among others.

To overcome these challenges, the Japanese side urged the government to strengthen the disclosure of information and improve communications, strengthen the microeconomic fundamentals, improve the investment climate, respect contracts, simplify tax payment procedures, simplify the application of visa processes and introduce measures that would ensure policy continuity in the event of a change of government.

Source: Graphic

The  National Communications Authority (NCA) has sanctioned MTN Ghana for failing to comply with directives which were sent to them following some challenges with their network recently.

In the directive, the Authority directed MTN to submit a report on the challenges within 24 hours of receipt of the directive.

Citing the gazetted Schedule of Penalties gazetted in May 2015, the NCA said it has imposed the following sanctions on MTN:

1. A fine of GHC10,000.00 daily in accordance with Section N (7) of the Authority’s gazetted Schedule of Penalties for failure to submit the report by 4th December, 2019. It should be noted that this Pecuniary Penalty is a fine of GH¢10,000 for each day the infraction persists from 4th December to such time that MTN submits the report.

2. A fine of GHC50,000.00 in accordance with Section N (23) of the Authority’s gazetted Schedule of Penalties for failure to give notice as soon as possible to the Authority, all affected persons including subscribers for challenges with billing inaccuracies regarding the purchase of their telecommunications service bundles.

3. A fine of GHC50,000.00 in accordance with Section N (23) of the Authority’s gazette Schedule of Penalties for failure to give notice as soon as possible to the Authority, all affected persons including subscribers for inaccessibility of MTN’s Customer Care lines.

The NCA statement released on Thursday said MTN has also been instructed to ensure that the fines are paid by close of business on Monday, 11th December, 2019.

The NCA further entreat consumers to report all challenges to the Authority to its Complaints Unit after duly reporting to the MNO concerned.

Read the full statement below:

Source: Joybusiness

Meridian Port Services (MPS), the leading terminal operator at the Tema Port, has been directed to cease upfront charges on containers in the “Red Channel Category” at the Port of Tema.

Containers in the “Red Channel Category” containers are those flagged as containing goods other what the importer has declared. These containers are typically flagged as red by MPS’ scanning equipment.

“Consignees of such containers should make payment to MPS or any other Terminal Operator only after physical examination is conducted. This will ensure that the charges are based on services actually rendered at the Intrusive Inspection Platform,” a press release by the Ghana Ports and Harbours Authority (GPHA) said.

GPHA explains that the transport charges have no legitimate basis in the current Ghana Port Tariffs.

The directives follow a protest by some angry freight forwarders on Tuesday against alleged tariff hikes at the port.

Demonstrators in red attire said they have been shortchanged by the GPHA and MPS, who are majority shareholders of the expanded port.

They also accused GPHA of acting in bad faith by charging them more than an agreed 10.9 per cent increase.

Source: Myjoyonline

A report by policy think tank, IMANI Africa, has suggested that a high percentage of farmers in the country’s cocoa industry believe that government-controlled Ghana Cocoa Board (COCOBOD) does not serve their interest, ABC News can report.

According to the report conducted on the theme: “Exploring the revenue management and producer pricing mechanism within Ghana’s Cocoa sector”, majority of cocoa farmers are not satisfied with the current cocoa producer price which is part of the responsibilities of the cocoa agency.

COCOBOD has over the years been the agency responsible for fixing the cocoa buying price in Ghana which is intended to protect farmers from the volatile prices on the world market.

But the report from the Policy group asserts that “Results from the farmers’ survey revealed that 94 percent of farmers are dissatisfied with the current producer price, 70 percent indicate they do not know COCOSHE and 70 percent believe that COCOBOD does not serve their interest.”

The report, which aimed among others, to examine the connection between cocoa prices and production in Ghana as well as to understand the current cocoa pricing mechanism, however, noted that farmers place much importance on the role COCOBOD plays as a regulator in the industry.

“It is equally important to note that, regardless of the sentiments expressed by the farmers regarding the protection of their interest by COCOBOD, they are equally of the view that, COCOBOD plays a significant role in the industry, and will want the regulator to continue in this capacity” the report stated.

In order to change the perception of farmers about the industry regulator, IMANI Africa suggested that “there is a need for more farmer engagement on policy decision making and implementation.”

Contrary to some conventional thoughts that the world cocoa price drives production, the study also revealed that the cocoa producer price rather causes an increase in production.

They, therefore advised that Government should direct policies at “increasing the compensation that farmers receive.”

Source: abcnews

Global commodities trader Cargill says it is investing more than $113 million to expand its cocoa processing facilities in the Ivory Coast and Ghana, creating 85 direct and hundreds of indirect jobs.

Cargill, one of the world’s largest agricultural traders, said it is also investing $12.3 million to expand sustainability and supply chain tracing programmes in the West African nations.

Ivory Coast and Ghana produce some two-thirds of the world’s cocoa, but their industry is blighted by poverty, child labour and deforestation. Decades of industry efforts to source sustainably have done little to change this reality.

“We aim to shift a greater share of our global grinding activities to the countries of origin, so we can support the establishment of a broader, local agri-food industry,” Lionel Soulard, managing director Cargill West-Africa, said in a statement.

Going up the value chain by expanding cocoa processing is a major objective for the Ivory Coast and Ghana governments, as selling processed or semi-processed cocoa products is more lucrative than exporting the raw material.

Source: adomonline

Despite calls by President Nana Akufo-Addo to the Ghana Union of Traders Association (GUTA) to stop attacking foreign traders in the country, the Association remains resolute in their quest to stop foreign retailers from doing business.

GUTA on Monday locked up about 600 shops belonging to foreign traders around Tip-Toe lane near the Kwame Nkrumah Circle.

The action led to the arrest of six people and resulted in the injury of three others.

President Akufo-Addo subsequently pleaded with the Association to caution its members and allow the law to take its course.

According to the President, while the law favours GUTA, a committee comprising of the Association, the Trade Ministry and the Ghana Immigration Service have been set up to find a lasting solution to the problem.

But speaking to Joy News, Deputy General Secretary for GUTA, Richard Amamoo, said “even though the Association respects the President’s intervention, members are frustrated.”

“The President has admitted that the law favours us and we understood what he said but the right thing must be done. Our fear is that if the Presidents says we should leave it for the Trade Ministry and Immigration, how long is that going to take. This committee is still in the room talking and we are out here facing the problem. The solution must be now. Our people are very frustrated and unhappy and we don’t know what to tell them. How can we open the shops without telling them anything?” he quizzed.

He, however, added that executives of GUTA will be meeting later in the day to decide on the way forward.

“As at now, we have locked up about 600 shops and that’s not even all. If Nigerians can own more than 600 shops just in Circle can you imagine what is happening to our Ghanaian brothers? We have spoken to members in Tamale and Kumasi and they are ready to lock up shops too so we need an urgent solution now, not in-door meetings. Even today we are meeting around 10 am to conclude on the way forward. Our members are very unhappy.”

The GIPC Act 856 and section 27 (1) exclusively reserves the sale of goods or provision of services in a market or stall, petty trading or hawking for citizens and even prescribes punishments for foreigners engaged in retail business.

While this law continues to be evidently disregarded, many have blamed the government and the security services for their lackadaisical attitude towards enforcement.

Constant reports of clashes have been recorded at the Opera Square Market in Accra, where foreign traders’ shops have been locked up on multiple occasions.

In June this year, Nigerian spare part traders in Suame Magazine market were packed out of their shops following a similar clash between the two groups.

Source: Myjoyonline

Government will not be able to continue with its development projects in cocoa-growing communities, particularly the construction of the good roads and also give attractive educational packages including scholarships if cocoa farmers choose to give out their farms to illegal miners, COCOBOD CEO Joseph Boahen Aidoo has warned.

Apart from its core mandate of regulating the country’s cocoa industry and marketing cocoa beans, the Ghana Cocoa Board (COCOBOD) also undertakes development projects especially in cocoa growing areas to better the living standards of residents.

At a cocoa farmers’ rally at Asankragua in the Wassa Amenfi West District of the Western Region COCOBOD CEO Joseph Boahen Aidoo expressed worry that some cocoa farmers are being enticed to give their farms to illegal miners for galamsey.

“We know how these illegal miners are chasing you with money for your lands. But be careful. The chemicals they use for their activities especially mercury is very harmful. It will stay on your land even after mining is over and will destroy your land forever. You can also die if you come into contact with it.”

Mr. Boahen Aidoo continued: “If you look at the benefits of cocoa farming and galamsey, that of cocoa farming far outweighs galamsey. Even when you plant your cocoa you can still decide to plant other crops on the same land. There will be no harmful chemical like mercury that will destroy your land. You will also get so many incentives and technical advice which will guarantee a bumper harvest.”

He also reminded them that government’s programmes designed exclusively for cocoa farmers will cease if revenue from the cocoa sector dwindles.

“Everywhere we go, one appeal that keeps recurring is that government should construct our roads. As a listening government we have taken it in good faith. Now COCOBOD has signed a pact with government called ‘concession agreement’. And we are going to vigorously construct cocoa roads and for ten years COCOBOD will manage those roads.”

He said: “It is the proceeds that government get from selling your cocoa beans that will enable us to pursue this laudable agenda to get cocoa roads rehabilitated. So, in the event you give your cocoa farms out for galamsey the revenue targets will not be met and in the end, government will also not be able to get the needed revenue to construct your road.

“So, you should know as a matter of fact that the sustenance of the entire cocoa sector as well as the ability to construct your roads, provide social amenities, give scholarships is entirely in your hands. I will therefore plead with you not to give your farms out for galamsey.”

He therefore encouraged cocoa farmers to, instead, endeavour to follow judiciously COCOBOD’s Productivity Enhancement Programmes (PEPs) that guarantees maximize yields.

“To ensure a bumper harvest, farmers are to prune their trees before they begin to flower, fertilize the trees when flowering begins and then practice hand pollination of the cocoa flowers. These practices are expected to yield more than 20 bags of cocoa per acre when done effectively.”

Source: 3news.com

Opportunity International Savings and Loans (Opportunity) has financed the agricultural sector of the economy by disbursing over GHS 110 million to 112,757 farmers from 2012 to date with impressive recovery rate. So far, it has reserved 15% of its Loan portfolio to support Agriculture and Agro-related businesses in Ghana.

Opportunity’s Agric finance model seeks to support economically active farmers in agriculture and its related businesses including farming, irrigation, agro-marketing and processing, agro equipment etc.

The main crops being supported include Cocoa, Cashew,Root & Tuber, Rice, Vegetables, Maize, Oil Palm, Plantain, Pineapple, Poultry, Piggery, Livestock and Soy Bean in ten out of the sixteen regions in Ghana.

In addition to financing, Opportunity continues to provide training to the farmers in Good Agricultural Practices, Digital Financial Services and other Financial Literacy programmes.

Recently, it entered into a partnership with Esoko Ghana, to enable farmers receive weather information and pricing for their farm produce in a timely manner.

Opportunity’s contribution to the agricultural sector of Ghana has been recognized by receiving the ‘Best Company for promoting Agriculture and Agribusiness’ at the Sustainability and Social Investment Awards for both 2018 and 2019.

When the Head of Agribusiness Mr. Isaac Kojo Gyesi was interviewed, he said, most financial institutions perceive Agric finance as a high risk, but in his view, he believes that with a good financial model and commitment by the institution, the risk can be mitigated to the barest minimum.

He is advocating for other financial institutions to come on board to support farmers as they celebrate the 35th edition of the National Farmers’ Day.

Opportunity International Savings and Loans (OISL) is a leading savings and loans institution in Ghana and is at the forefront of delivering financial services to help transform the lives of poor people.

OISL was licensed by the Bank of Ghana in 2004 and has built a national branch network of 43 outlets with two thirds of the branches in rural locations. It currently serves almost 46,882 borrow.

Source: Ghanaweb