Category: Production

The government has been urged to review the tax law that has roped credit unions into the payment of corporate income tax to ensure financial inclusion and poverty reduction.

Aside from deepening financial inclusion and fighting poverty, which was a core objective of every government, credit unions could also contribute to the realisation of the United Nations Sustainable Development Goals (SDGs) on ending poverty by 2030.

Mr John Kofi Seidu, the Board Chairman of the Wa Community Cooperative Credit Union (WACCU), said this in Wa during the Union’s Annual General Meeting (AGM).

He said there was an urgent need to revert the credit union movement to its status quo regarding the payment of corporate income tax, to enable them to deepen financial literacy, capital formation and financial inclusion, among others.

He appealed to the President, Finance Ministry and the Ghana Revenue Authority (GRA) to consider an immediate review of the tax law that had wrongfully brought credit unions under the tax radar of th
e state.

Mr Seidu said this in relation to an estimated amount of GHS900,000.00 corporate income tax obligation of WACCU for 2023, which he said was the first time WACCU was paying such tax in its 59 years of existence.

He said it was sad that the GRA had been harassing credit unions over the corporate income tax and appealed to the appropriate authorities to take the necessary action including reviewing the law to help save Credit Unions from such harassments.

Mr Seidu reported that WACCU made a profit of GHS2,354,094.23 in 2023 against a profit of GHS1,715,728.26 in 2022 but said the corporate income tax was affecting the Union.

He said within the year under review the Union made a gross revenue of GHS8,495,579.59 against a gross revenue of GHS6,170,701.76 accrued in 2022.

Mr Dramani Natomah Adams, the Upper West Regional Chapter Chairman of the Ghana Co-operative Credit Unions Association (CUA), said credit unions were there to protect the interest of its members.

He urged members to take ownership o
f the Unions and to support their growth, saying, ‘We are not into profit-making.’

He also encouraged the members to verify the information they received about the Union and not to act on rumours as that was detrimental to the growth of the Union.

Source: Ghana News Agency

The Complementary Education Agency (CEA), with support from the Kpone-Katamanso Municipal Assembly, has trained 15 women in the municipality on how to make fabric softener.

A fabric softener reduces the harsh feel of items dried in the open air, adds fragrance to laundry and/or imparts anti-static properties to textiles.

The programme, which formed part of the CEA’s quarterly skills training, was to enhance the vocational skills and promote economic opportunities for individuals in the various communities.

The Kpone-Katamanso Municipal Assembly provided financial support to ensure its success.

Participants were introduced to after-wash making, ingredient selection, formulation techniques, packaging, and marketing strategies by a former agency trainee.

Mr Zac Abrahams, the Director of CEA, Kpone-Katamanso, in an interview the Ghana News Agency, said the primary objective of the training was to equip participants with the knowledge and skills necessary to produce high-quality household products.

He mentio
ned the empowerment the training would bring to individuals to create additional sources of income and improve their overall standard of living.

It included sessions on entrepreneurship, marketing fundamentals, pricing strategies, and customer engagement.

‘The supplementary topics were aimed at equipping participants with the business acumen necessary to succeed in the competitive market,’ Mr Abrahams stated.

The learners were advised to wear protective gear, ensure good ventilation, handle ingredients safely, have a first aid kit and emergency procedures in place, and maintain quality control when making the products.

Madam Sandra Boison, the Director for Culture, Creative Arts, and Tourism of the Assembly, urged learners to approach the training with dedication.

She reminded them that monthly monitoring was conducted to track how effectively they were applying the newly acquired skills to their businesses.

Source: Ghana News Agency

The Nigeria Customs Service (NCS) says it generated more than N1.3 trillion revenue in the first quarter of 2024.

The Comptroller General (C-G) of NCS, Adewale Adeniyi, said this while briefing newsmen on its activities in the first quarter of 2024, on Wednesday in Abuja.

‘The total revenue collected during this period amounted to N1,347,675,608,972.75.

‘The collection for the first quarter represents a substantial increase of 122.35 per cent compared to the same period last year, where N606,119,935,146.67 was collected,’ he said.

Adeniyi explained that the month-by-month analysis illustrated the service’s impressive growth trajectory in Jan. 2024, where it recorded revenue of N390,824 billion, an increase of 95.6 per cent compared to that of Jan. 2023 of N199.81 billion.

He added that in February, the service recorded 138.68 per cent growth and in March, 132.76 per cent compared to 2023.

The C-G said that the service, within the quarter under review, recorded 572 seizures of various items valued at N10
.59 billion in Duty Paid Value (DPV) and 22 suspects were arrested.

According to him, rice constituted 39 per cent of the seizures, followed by petroleum products at 26 per cent, with motor vehicles and textiles accounting for nine and six per cent respectively.

He said that the service was determined to address smuggling and harassment of its personnel during operations in border communities through strengthened anti-smuggling strategies with innovations such as Geographic Information System.

‘One notable initiative is the integration of geospatial technology alongside the utilisation of satellite imagery and Artificial Intelligence tools and techniques.

‘These efforts were initiated upon my assumption of office to combat the longstanding issue of smuggling and enhance the NCS’s enforcement capabilities for effective monitoring of our extensive 4,000 km borders.

‘Additionally, this initiative will establish a Command and Control center to monitor activities along our borders comprehensively,’ he said.

Adeniyi noted that even though customs recorded a decrease in the volume of import transactions in the first quarter, it was working toward streamlining its trade processes to address bottlenecks and optimise its efficiency across ports for seamless trade transactions.

He said that the service also recorded several systemic challenges related to non-compliance with regulations, infrastructure limitations, and significant fluctuations in exchange rates applied in the clearance of consignments.

The NCS boss explained that in the first quarter 2024, Central Bank of Nigeria (CBN) directed 28 rates, and such fluctuations resulted in an average applied exchange rate of NGN 1,314.03 per one dollar in the clearance of customs goods during the quarter.

He explained that the fluctuations affected and disrupted the activities of its stakeholders and the potential of its revenue.

Consequently, Adeniyi said that the NCS, with the support of the Minister of Finance, has initiated periodic consultations with the CBN to
mitigate the potential impact of exchange rate fluctuations on import activities.

Source: News Agency of Nigeria

The Nigerian Electricity Regulatory Commission (NERC) has approved increase in electricity tariff paid by Band A customers from N68/KWh to N225/KWh.

The News Agency of Nigeria (NAN) reports that Band A are those customers who enjoy electricity supply for 20 hours per day.

Mr Musliu Oseni, NERC Vice Chairman, said this at a news conference on Wednesday in Abuja.

Oseni said these customers represent 15 per cent of the 12 million electricity customers across the country.

He said the commission had also downgraded some customers on Band A to Band C, due to non-fulfillment of the required hours of electricity provided by the Electricity Distribution Companies (DisCos).

Source: News Agency of Nigeria

The volatile and unpredictable nature of the cryptocurrency market demands robust analytical tools for traders and investors seeking to make informed decisions. Technical indicators, which analyze past and current price data to forecast future price movements, are essential in navigating the crypto trading landscape.

Here’s a quick look at the five best indicators for crypto market analysis, offering insights into their functionalities and how they can be leveraged for effective trading strategies.

1. Fibonacci Retracement

Fibonacci Retracement is a tool based on the idea that markets will retrace a predictable portion of a move, after which they will continue to move in the original direction. The main retracement levels are 23.6%, 38.2%, 50%, 61.8%, and 100%, derived from the Fibonacci sequence. These levels are seen as potential support and resistance levels.

Application in Crypto Trading:

Identifying Support and Resistance Levels: Traders use Fibonacci levels to predict where prices might pause or re
verse.

Setting Target Prices: The levels can also be used to set target prices or stop-loss orders.

2. Moving Averages (MA)

Moving Averages are fundamental yet powerful tools in the arsenal of a crypto trader. By smoothing out price data over a specified period, MAs provide a clearer view of the overall trend direction, free from the noise of short-term price fluctuations. Two primary types of MAs are widely used: the Simple Moving Average (SMA) and the Exponential Moving Average (EMA). SMA calculates the average price over a specific period, while EMA gives more weight to recent prices, making it more responsive to new information.

Application in Crypto Trading:

Trend Identification: A rising MA indicates an uptrend, while a falling MA suggests a downtrend.

Crossover Strategies: The crossing of a short-term MA above a long-term MA (Golden Cross) signals bullish momentum, whereas the opposite (Death Cross) indicates bearish momentum.

3. Relative Strength Index (RSI)

The Relative Strength Index is a mo
mentum oscillator that measures the speed and change of price movements. RSI oscillates between 0 and 100 and is typically used to identify overbought or oversold conditions in the market. An asset is generally considered overbought when the RSI is above 70 and oversold when it’s below 30, potentially signaling a market reversal.

Application in Crypto Trading:

Identifying Reversal Points: Traders use RSI to spot potential reversal points by looking for divergences between the indicator and price movement.

Overbought/Oversold Conditions: Entering or exiting trades based on the RSI reaching overbought or oversold levels can help traders capitalize on potential reversals.

4. Bollinger Bands

Bollinger Bands consist of three lines: the middle band being an N-period SMA (typically 20 days), and the upper and lower bands are the SMA plus or minus twice the standard deviation of price over the same period. This indicator is particularly useful for identifying the volatility and price levels relative to previous
movements.

Application in Crypto Trading:

Volatility Analysis: Narrow bands indicate low volatility, while wide bands suggest high volatility.

Price Targets: Prices tend to bounce within the bands, so touching the upper or lower band could indicate a reversal point or a continuation of the trend.

5. MACD (Moving Average Convergence Divergence)

The Moving Average Convergence Divergence is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. The MACD is calculated by subtracting the 26-period EMA from the 12-period EMA. The result of this subtraction is the MACD line. A nine-day EMA of the MACD called the ‘signal line,’ is then plotted on top of the MACD line, which can function as a trigger for buy and sell signals.

Application in Crypto Trading:

Trend Confirmation: A MACD above zero indicates a bullish trend, while a MACD below zero suggests a bearish trend.

Signal Line Crossovers: A bullish signal is given when the MACD crosses above the
signal line, and a bearish signal is given when the MACD crosses below the signal line.

Effective Use of Indicators in Crypto Trading

While the above indicators are powerful tools for market analysis, their effectiveness increases when used in conjunction with one another. For instance, a trader might use RSI to gauge the market’s momentum and then use Fibonacci retracement levels to determine potential entry or exit points. Similarly, combining Moving Averages with MACD can provide insights into both the market’s direction and its momentum.

It’s also crucial for traders to remember that no indicator is foolproof. Cryptocurrency markets are influenced by a wide range of factors, including regulatory news, market sentiment, and technological developments, which might not always be accurately reflected through technical analysis alone. Therefore, a holistic approach that includes both technical and fundamental analysis, along with a solid risk management strategy, is essential for successful trading.

Wrap-u
p

The cryptocurrency market, with its high volatility and unpredictable nature, requires traders to be equipped with the best tools for market analysis. The five indicators discussed-Moving Averages, RSI, Bollinger Bands, Fibonacci Retracement, and MACD-offer valuable insights into market trends, momentum, and potential reversal points. By understanding and applying these indicators effectively, traders can enhance their trading strategies, making informed decisions that align with their investment goals and risk tolerance. However, the key to maximizing the benefits of these indicators lies in their combined use and the incorporation of broader market analysis and risk management strategies.

Source: Ghana News Agency

The Consolidated Bank Ghana Limited (CBG) has developed several products to support small and midsize businesses (SMEs) at Nkawkaw in the Eastern Region to open opportunities for them through its newly introduced products.

Key among the products is the collateral-free loan, which enables SMEs to access loans up to GHS500,000.00 without collateral.

Disclosing this at the bank’s official launch at Nkawkaw in the Kwahu West Municipality, Mr Daniel Wilson Addo, the Managing Director, said the CBG had a responsibility to provide safe, convenient, and competitive banking products and services to the Nkawkaw residents and surrounding communities.

He said with the town being an SME hub, the bank had a special interest in the sector, hence the introduction of the products.

CBG has flexible products for individuals, businesses, children, and students ranging from investments, loans, savings, advisory services, and insurance. Currently it has 114 branches across 13 regions of Ghana.

Mr Addo said the bank was establ
ished to support the economic growth of Ghana by providing convenient and competitive banking products and services to all clients, including micro and small enterprises as well as retail traders.

Plans were also underway to introduce unique digital solutions such as mobile banking and Artificial Intelligence (AI) to customers for an easy banking experience.

Mr Yaw Owusu Addo, the Kwahu West Municipal Chief Executive, entreated the bank to strengthen its ties with reputable businessmen in the area since natives of Kwahu were known for their business acumen.

That, he said, would foster the economic growth and development of the bank.

Nana Asante Kwame Betieni, the Chief of Kwahu Atibie, assured the bank of the traditional area’s commitment to avail land for the construction of accommodation facilities for the workers.

He, therefore, advised the workers to portray professionalism, hard work, dedication, and excellent customer service to clients to establish a good working relationship and image.

Source:
Ghana News Agency

AMAATI, with support from the Mastercard Foundation and IDH, has created over 22,000 jobs for the youth on the Fonio value chain valued at 200,000 dollars in two years.

Fonio is a neglected indigenous crop, that has the unique ability to regenerate depleted soils after three years of continuous cultivation.

Madam Salma Abdulai, the Co-Founder and CEO of AMAATI, in an interview, said they also empowered women, making the now decisions makers in their communities and families, where they were respected because they were making dignified income that was very important to the Company.

She said access to land for woman in Northern Ghana was a challenge because women did not own lands.

The CEO said this had made them to work on people’s farms as labourers to make ends meet.

Madam Abdulai said it was then that she heard of Fonio and how it could grow on marginal land, meanwhile, there was a lot of lands in the North that was degraded.

She said the Company decided to get these unfertile lands for these women to
cultivate Fonio to enable them to make not just income but dignified income.

‘Fonio has the ability to regenerate the land after three years of continuous cultivation,’ she added.

She said the Company had also supported 4000 smallholder women farmers to increase their yields by at least 10 per cent making more income for them.

She said the Company had been able to link to market and they were working to let other markets on board to generate revenue for the Company and make them a sustainable business.

She said the Company had expanded from 10 landowners to over 5000 smallholder women farmers.

‘Generally, we have increased our supplies by 20 per cent because of this initiative,’ she said.

The CEO said the partnership had expanded the scope of AMAATI in terms of the smallholder farmers and their supplies for the past two years.

She said the partnership with the Foundation and IDH, the Company had been able to carry out ploughing services for smallholder farmers, provide seeds and support them with post-
harvest management tools to enable them to have quality products.

She said as a pioneering company reviving Fonio in Ghana, we facilitate women to have access to marginal lands to cultivate Fonio.

She said their mission was to create sustainable communities in West Africa using Fonio which nourishes the land, people, and society.

‘Our objective is to stimulate production and consumption of Fonio and its associated products by improving post-harvest processing and we seek to reduce the cost of processing, minimize production difficulties, improve the quality of the finished products, and increase the supply of processed products to urban and export markets,’ he added.

It has also diversified the livelihood of 4,888 smallholder women farmers by addressing their limited rights to land and natural resources and providing them with a unique opportunity to advance development for themselves and their communities at large.

Madam Fuesina Lamboo, a Fonio farmer and a beneficiary, said, ‘we do not need to suffer a
gain, and we are happy AMAATI is here.’

Madam Mobo Adasuo, another beneficiary, said, ‘we do not need the Company to leave our area.’

Source: Ghana News Agency

The European Union (EU) is taking steps to enhance its trade and investment engagement with West African (WA) countries, a high placed source at the Union told the Ghana News Agency (GNA).

The source said the move was of a high priority for the EU explaining that the region had some of the heaviest economies with Nigeria being the biggest on the continent, followed by Ghana and Ivory Coast. 

Speaking to the GNA in Brussels, the source, who has in-depth knowledge about the work of the EU, said countries in West Africa had witnessed sustainable economic growth over the last few years.

‘The West Africa is the closest region in Sub Saharan Africa to Europe, strategically, economically, demographically, migratory, and socially will affect the EU, that is why the region is our priority,’ the source said.

One of the key vehicles through which the EU wants to strengthen its trade and investments is through operationalisation of the Economic Partnership Agreement (EPA) – a trade and development agreements negotiat
ed between the EU and West African countries to open up their markets for trade.

The Union wants to continue the EPA, which was concluded, and signed by all EU member states and all West African countries except Nigeria.  

The source said trade volumes between EU and Ghana as well as Ivory Coast – two countries with interim EPAs had improved significantly compared to other partners in West Africa.

Since 2014, the total trade between the EU27 and Ghana and Cote d’Ivoire increased by 18 per cent.

EU imports from Ghana and Cote d’Ivoire have increased by six per cent, while imports have decreased by 25 per cent from the rest of the region.

Full duty-free quota-free market access to EU market has enabled Ghana and Côte d’Ivoire to increase their exports of transformed cocoa products to the EU market by 50 per cent and 30 per cent, respectively.

Both countries are gradually moving beyond the export of raw cocoa beans to cocoa products processed locally, thereby responding to the growing local demand, and con
sumption of ‘made in Africa’ goods.

In 2023, the total trade between EU 27 and Ghana was EUR six billion, with a three per cent decrease compared to 2022. 

Whilst EU’s exports to Ghana have decreased by 11 per cent in the same period, passing from EUR 3.7 billion to EUR 3.3 bn, EU’s imports from Ghana have increased by eight percent, passing from EUR2.4 bn to EUR 2.6 bn. 

Although the trade balance has a surplus in favour of the EU (worth EUR 700 million), it has been cut almost by half compared to 2022, where it stood at EUR 1.3 billion.

The source confirmed that the EU was open to consider all the options, including engaging in discussions with Nigeria on concerns including the apprehension that EU products would flood Nigerian markets, to reach a consensus to pave the way for the signing of the EPA deal. 

The EU, as a second key vehicle, would launch a new initiative called ‘Sustainable Investment FacilitationAgreement’ (SIFA) to improve the attraction, expansion and retention of foreign direct invest
ments and create an environment for West Africa to  become a hub for investment.

‘We have already concluded a deal with Angola last year. Exploratory discussions have commenced with three countries in West Africa- Ghana, Ivory Coast, Nigeria,’ the source said.

SIFA’s main aim and benefits cover all economic sectors to encourage diversification to new areas, such as food exports, manufacturing or services, making investments easier  through transparent and predictable investment-related measures, simplifying investment authorisation procedures and fostering e-government, facilitating interactions between investors and the administrations.

It will make investments more sustainable, guarantee a bigger say for civil society, introduces reciprocal commitments towards investors from both sides, ensures respect to environmental and labour standards, which shall not be weakened for the sake of attracting investment and promotes corporate social responsibility and responsible business practices. 

Source: Ghana Ne
ws Agency