Category: Production

In a significant engagement underscoring international collaboration for sustainable development, Development Bank Ghana (DBG) hosted a distinguished delegation from Germany’s Bundestag (Federal Parliament).

The visit took place at DBG’s headquarters recently.

The German delegation was led by Mr. Volkmar Klein, MP, representing the State of North Rhine-Westphalia, and Mr. Lutz Lienenkämper, the State’s former Finance Minister.

They were joined by Mrs Ramona Simon, Deputy Head of Cooperation at the German Embassy in Ghana, alongside KfW Development Bank’s officials, namely, Ms. Sarah Christin Petrenz, Senior Portfolio Manager, and Mr. Isaac Hagan, Portfolio Coordinator – Financial Sector, representing the German state-owned development bank’s Accra office.

Discussions during the meeting spanned DBG’s forward-looking initiatives, including the Green Finance and Investment Facility and the DBG Guarantee product, highlighting DBG’s commitment to fostering economic resilience and sustainability.

The Green C
redit Line (financed by the German Federal Ministry for Economic Cooperation and Development (BMZ), implemented by KfW) is envisaged to start implementation in the second quarter of 2024 in Ghana and is expected to complement DBG’s efforts in green financing. 

A focal point of the visit was the introduction of the upcoming 3i Africa Summit, slated for May 13th-15th, 2024, in Accra. This summit promises to be a ground-breaking event, focusing on technology opportunities within Africa’s financial sector.

It aims to explore market dynamics, the leapfrogging of legacy technologies, and the crucial dialogues needed at the intersection of policy, finance, and technology.

With a core emphasis on inclusion and sustainability, the 3i Africa Summit aspires to drive meaningful discourse and actionable insights for the continent’s financial ecosystem.

The DBG team, led by Deputy Chief Executive Officer, Michael Mensah-Baah and including key officials such as Chief Risk Officer, Dr. Prince Adjei, and heads of various
strategic departments, shared insights into DBG’s operational strategies and its vision for a transformative impact in collaboration with its partners.

Reflecting on the discussions, Michael Mensah-Baah remarked, ‘The German Government, through KfW, has been very supportive of DBG and its efforts to foster economic growth by empowering local businesses. We have had fruitful discussions on our

operations, our agenda for 2024 and how we are positioned for greater impact through our lending activities and technical assistance to local businesses in collaboration with our partner banks and agencies respectively. We look forward to our ongoing collaboration and believe that together with our German partners, we will be able to deliver significant transformation. We are primed for this.’

Mr. Volkmar Klein, MP from the German State of North Rhine-Westphalia, on the other hand, commended DBG on the work it is doing and how far DBG has come.

Development Bank Ghana is a wholesale financial institution established b
y the Government of Ghana.

DBG acts as a provider of long-term capital to the market with a mission to foster strong partnerships to finance economic growth, create jobs, and build capacity for SMEs.

The organisation is committed, aligned and strengthened to achieve UN Sustainable Development Goals (SDGs) ambitions and targets while implementing an Environmental, Social, and Governance (ESG) strategy aimed at creating shared value and impact with purpose.

The bank has received funding from the World Bank, the European Investment Bank, the KfW Development Bank and the African Development Bank. 

Source: Ghana News Agency

Green Butterfly, an eco-friendly Ghanaian company, Saturday held the ‘1st Saturday Market’ at the Department of Parks and Gardens in Accra.

Participating companies showcased their products which ranged from locally manufactured textiles, footwears, and clothing, crockeries and cook wares, jewelries, foods and drinks skin and hair products, decorative artifacts among a host of other Ghana-made wares and services.

Madam Yasmeen Helwani, Director of Green Butterfly, in an interview with the Ghana News Agency (GNA), said the reason for bringing together such a huge pool of businesses was to promote an eco-friendly culture via the patronage of naturally Ghanaian made products.

The exhibition, she also said, was a platform to help grow the country’s economy by showing what indigenous Ghanaian companies had to offer to the consuming market.

‘It is important that we preserve our local environment and economy hence the need to support our artisans both in Ghana and across Africa. That is, small scale businesses es
pecially those owned by women. we started this green butterfly market every third Saturday of each month to help the marginalised but talented artisans who don’t have shops to also get the needed patronage, ‘she said.

She said the event, held for 14 years, would help mitigate capital flight from the country and continent in general because it promoted the patronage of locally manufactured products and services only.

‘…We are encouraging our monies to stay local instead of sending them outside to purchase goods in that case we are strengthening our local economy,’ she said.

Harriet Akosua Yeboah, the CEO of Ahwremia Gallery – an art and craft company, said the Green Butterfly’s exhibition programme offered an opportunity for her to showcase her creative abilities.

‘These are not stuff we have gone to buy, and we are selling. They are things that we have created with our hands so when we come to Green Butterfly, we get the kind of clients interested in our eco-friendly aspects of our business such as recycl
ing,’ she said.

For Wood Artists such as Isaac Agyei, the event was not only about money, but the exposure.

‘…If you are in your workshop doing stuff and you don’t have a showroom, this platform is another way to exhibit your things to get new clients. That is why I came here to participate’, he said.

Since 2010 when it was founded, Green Butterfly has empowered several indigenous Ghanaian small-scale businesses and their owners in several sectors of the economy to come to the limelight with the aim of helping them grow and spread their tentacles across the country and to other parts of the continent.

The aim is to help create indigenous wealth and much needed employment in the country and beyond.

Source: Ghana News Agency

QNET, a global wellness and lifestyle selling company, has denied involving individuals in fraudulent and illegal activities, including job scams and illegal migration.

This was in response to a recent report from the Western Regional Command of the Ghana Immigration Service (GIS) that about 66 Ivorians who were arrested and repatriated to their home country were living illegally in Ghana.

In the said report, the GIS claimed that the unsuspecting Ivorians, 45 men and 21 women, were recruited under the guise of operating an illegal online business (QNET) at their hide out at Anaji Hills in the Sekondi-Takoradi Metropolis.

However, Biram Fall, Regional Manager for QNET in Sub-Saharan Africa, had firmly denied any involvement in such an incident.

In a statement, he said: ‘We are appalled by the misuse of our brand name in connection with these illegal activities, including job scams and illegal migration.

‘QNET is a law-abiding entity, and those who engage in our direct selling business to promote our produ
cts to others, do not need to travel from one country to another.’

According to the Sub-Saharan Regional Manager for QNET, the company took allegations of illegal and irregular migration or fraudulent activities very seriously and would take strong action against anyone found to be misrepresenting QNET.

He reaffirmed the company’s commitment to upholding ethical business practices, and strongly condemned such deplorable actions.

‘It is important for the public to understand that QNET is not an employment agency and does not make offers of guaranteed income or travel opportunities in exchange for money,’ he added.

Mr Fall, however, said as a legitimate global direct selling company, QNET provided a safe and legitimate business model where Independent Representatives earned an income only by selling its products.

Meanwhile, QNET had taken some significant steps in a bid to clear the misinformation about the company, its business model, and the direct-selling industry in general in the Sub-Saharan Africa re
gion, he said.

‘This includes launching the ‘Say No’ campaign in West Africa, both online and offline, to educate and warn the public about the rise in fraudulent activities conducted under the guise of QNET.’

He said the campaign was part of the company’s ongoing efforts to safeguard the integrity of its brand and protect potential victims from being misled.

The Sub-Saharan Regional Manager for QNET, therefore urged the public to remain vigilant and report any suspicious activities that misrepresented QNET. Individuals could visit www.saynocampaign.org to verify the legitimacy of QNET-related activities or send enquiries to the company’s Compliance Hotline via WhatsApp line +233256630005.

Source:Ghana News Agency

Mr Kobina Tahir Hammond, Minister of Trade and Industry, has called for flexibility in trade policies to facilitate Africa’s industrialisation agenda and make the continent benefit fully from the multilateral trading system.

He made this call during a meeting with Ms Rebecca Grynspan, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD), in Geneva as part of a working visit.

He noted that the African Continental Free Trade Area (AfCFTA) would provide the continent with a good starting point for removing trade-related bottlenecks and ensuring that export volumes and values are increased on the continent.

Mr Hammond called for close collaboration and consensus among African governments to build trust on key issues such as agriculture, which he said could facilitate value-addition and increase the continent’s exports.

The Minister also called for enhanced efforts to position the continent to attract a significant amount of trade-related investment that would enable it to take
advantage of global value chains.

In Ghana, President Nana Addo Dankwa Akufo-Addo was ensuring the transition of the country from a ‘Guggisberg- raw material based’ economy to one of value addition, he said.

To achieve this, the government, through initiatives like the One District-One Factory (1D1F) initiative and the establishment of strategic anchor industries was spearheading Ghana’s advancement of industrialisation agenda, Mr Hammond said.

In her remarks, Ms Grysnpan, Secretary-General, UNCTAD, called for support for the global-south to be fully integrated into the multilateral trading system through capacity-building initiatives.

She also emphasised the need to work together to achieve multilateral agreements that support the development, with special and differential treatment being accorded to the most vulnerable.

Ms Grysnpan called for equitable financial regulations and investment regimes to support global trade rules to deliver development for all.

Source: Ghana News Agency

African countries are predicted to dominate the world’s top 10 highest-growing economies in 2024, a report on Recent Economic and Social Developments in Africa by the Economic Commission for Africa (ECA) has said.

The report said the most notable growth drivers in Africa in 2024 would be Niger, Senegal, Ivory Coast, DRC and Rwanda.

Adam Elhiraika, the Director of the Macroeconomics and Governance Division at ECA, said Africa was the fastest-growing region after East and South Asia in the developing world in 2023, and it would continue this trend in 2024 and 2025.

The report shared with the Ghana News Agency showed that Niger and Senegal were expected to experience significant economic growth due to the increase in hydrocarbon production and exports.

It said growth in Niger would also be fueled by the revival of agriculture and a rise in crude oil production, which would have a beneficial impact on the transportation sector.

However, recent military coups together with sanctions from regional blocs, had d
isrupted economic activities leading to significant social costs.

The report said the growth in Senegal would be driven by rising private and infrastructure projects.

However, in the electioneering year where residents in up to 15 African nations would be participating in elections, including the recently concluded presidential elections in Senegal, the country’s short-term growth and development could be adversely impacted.

‘In Ivory Coast, DRC and Rwanda, the robust expansion in these nations is attributed to an increase in infrastructure investment, continuous development in tourism, good performance of the mining industry, and advantages of economic diversification,’ Mr Elhiraika said.

Growth in the DRC, it said, would be fueled by the extractive sector due to the opening of new oilfields, agriculture, services, and mining, in accordance with the national strategy to boost social and investment expenditures.

Rwanda’s growth would be fueled by private consumption and investment, while Ivory Coast’s gr
owth was driven by increased investment stemming from pro-competitive market reforms and business environment improvements in the National Development Plan, alongside private consumption influenced by decreasing inflation, it said.

The report further showed that the continent was expected to grow from 2.8 per cent in 2023 to 3.5 per cent in 2024 and reach a percentage of 4.1 in 2025, which was mainly underpinned by net exports, private consumption and gross fixed investment.

It said presently, Africa’s economic growth remains unstable and lower than potential, and the rate required for achieving the Sustainable Development Goals (SDGs) and Agenda 2063 target, necessitating that major fiscal and monetary policy shifts as well as increased efforts must introduced to address internal and external balances, inflation and debt issues.

In 2023, the report said, the global economy showed resilience with declining energy and food prices, increased consumption in China, and improved US economic growth.

Still, the
outlook remained uncertain, with high debt, rising borrowing costs, weak global trade, and mounting geopolitical risks, constraining progress towards the SDGs and Agenda 2063 targets.

Mr Elhiraika said the region faced threats of tighter monetary and fiscal conditions and notable debt sustainability risks, adding that the ongoing climate catastrophes and extreme weather occurrences would continue to negatively impact agriculture and tourism, while geopolitical instability would likewise affect certain sub-regions in Africa.

Again, trade in Africa continued to face headwinds reflected in net capital outflows and subdued export revenues, with intra-African trade remaining relatively low.

Africa’s total exports were largely concentrated on extractive commodities, which had kept the region trapped at low points along critical value chains, the report showed.

Social development trends in Africa were concerning, with rising poverty, inequality and unemployment exacerbating the continent’s challenges to achieve
the SDGs.

The ECA report noted that the capacity of African countries to effectively tackle poverty and inequality was severely constrained by the low poverty-reducing effect of economic growth.

Some key recommendations in the report included a call to revitalise trade in Africa to reduce trade costs in Africa.

The implementation of the African Continental Free Trade Area (AfCFTA) was vital to boost trade, eliminate barriers, and promote other trade liberating strategies.

It said to achieve the Sustainable Development Goals (SDGs), it is necessary to mobilise more domestic resources and introduce innovative finance mechanisms through capacity building, institutional strengthening, and promotion of (tax) reforms; use digital technology; introduce environmental taxation; implement innovative finance mechanisms, such as debt swaps.

Again, with the increasing number of countries in or at risk of debt distress, sustainable debt relief and restructuring measures are required.

Countries should implement struct
ural reforms to help revive growth, bolster resilience and enhance the effectiveness of fiscal and monetary policies to contain inflation.

It further recommended that African countries capitalise on the current global shifts, including the transition towards renewable energy and the revitalised significance of critical minerals.

Source: Ghana News Agency

Mrs Gloria Cabutey-Adodoadji, the Sector Head, of SME and Retail Banking at Zenith Bank, has urged businesswomen to leverage the golden opportunities of the African Continental Free Trade Area (AfCFTA) agreement to expand their reach and grow their businesses and ensure their products meet export standards.

‘With the arrangement, a free trade zone encompassing 54 nations with a combined GDP of US$3.4 trillion and a market of 1.3 billion people, offers a superhighway for Ghanaian businesswomen to expand their reach,’ she said.

Mrs Cabutey-Adodoadji was speaking at the maiden edition of the Women in Business Dialogue series organised by the Business and Financial Times and held in Accra.

To leverage the AfCFTA, however, she urged businesswomen to ensure their products meet export standards, form partnerships to reduce costs, and seek guidance, all of which Zenith Bank ranks high in the industry for facilitating.

She explained that while women take advantage of the AfCFTA and the many opportunities availab
le to them, it is also important for women to be technologically inclined to enable them to reach a wider audience through online sales and marketing channels.

‘As you leverage on the benefits of AfCFTA, it is imperative for businesswomen to also leverage on technology. Technology empowers women entrepreneurs by providing them with the tools needed to sell online, manage finances, and keep track of business activities,’ she added.

Financial literacy

Mrs Cabutey-Adodoadji said it was also essential for women entrepreneurs to have proper

bookkeeping practices and maintain separate business and personal transactions which she said was key to securing funding from banks.

‘Businesses with viable products and strong revenue streams are more likely to get loans from Banks. With proper bookkeeping practices, Banks are more willing to offer various solutions to help women entrepreneurs grow their businesses,’ she said.

She highlighted Zenith Bank’s business solutions, including discounted onboarding packages, tr
aining programmes, and financial products tailored to the needs of SMEs, adding that the bank also encourages entrepreneurs to focus on product viability and have a clear expansion plan.

Support

Zenith Bank’s SME account, she said, was a prime example of a product which offers support for women’s businesses.

She said the account offered women entrepreneurs training, mentorship, and resources to help them navigate the challenges of formalization and growth.

Also, the Zenith SME Business Card, which is a must-have for all women entrepreneurs, along with the SME account, equips women with tools that would enable them to manage finances, access working capital, and earn rewards.

Additionally, she elaborated on the Bank’s Z-Woman service which is a unique lifestyle service dedicated to increasing financial inclusion, improving entrepreneurial skills, and enhancing the lifestyle of every woman.

She said as a Z-Woman, women who own or lead businesses are provided with loans, overdrafts, working capital online
and mobile banking applications, budgeting tools and workshops to build financial literacy.

Only recently, Zenith Bank entered a strategic risk-sharing partnership with the African Guarantee Fund to provide access to funding for Micro, Small and Medium Enterprises here in Ghana with a particular focus on women-owned/led businesses as well as green businesses.

With these initiatives, Zenith Bank continues to reaffirm its commitment to empowering women-owned and women-led businesses in Ghana for business growth success.

Source: Ghana News Agency

Access Bank Ghana Plc, a leading retail bank in Ghana, has recorded a profit before tax of more than GHS1 billion in 2023 – a historic feat for the Bank.

The Bank’s profit before tax for 2023 was GHS 1.037bn, compared with the GHS 440.6 million in 2022.

After paying some GHS419.3m in taxes, the Bank recorded a profit after tax of GHS618.4m, compared to the profit after tax of GHS 338.1m in 2022, where the bank paid GHS102.4m in taxes.

‘The Bank recorded an outstanding increase in profit before tax compared to the previous year, surpassing GHS1 billion for the first time in its history,’ it said in a press release copied to the Ghana News Agency.

‘This remarkable achievement reflects Access Bank Ghana’s unwavering commitment to excellence and its ability to navigate through challenging economic landscapes,’ it further stated.

For the year ending 2023, Access Bank’s total operating revenue reached GHS1.613 billion from GHS1.150 for the same period in 2022, which represents a 40 per cent growth.

The Bank’s
Total Assets grew from GHS10.057 billion in the previous year to GHS12.304 billion in 2023, reinforcing the Bank’s financial stability and capacity to support various sectors of the Ghanaian economy.

Meanwhile, total equity and liabilities also increased from GHS9,043,018 in 2022 to 10,901,525 in 2023.

Reflecting on the performance, Mr Olumide Olatunji, Managing Director, Access Bank Ghana, credited the success to the enduring trust and confidence bestowed upon the bank by its valued customers and stakeholders.

He underscored the Bank’s strategic focus on diversification, innovation, and dedicated customer service to meet evolving customer needs while maintaining a disciplined approach to expansion and business operations.

Mr Olatunji reiterated Access Bank’s dedication to excellence in both retail and wholesale banking sectors.

He highlighted strategic initiatives, including credit card offerings, Small and Medium-sized Enterprise (SME) financing, and the establishment of strategic desks for priority se
gments, such as French and Lebanese desks, all poised to be instrumental in advancing Access Bank’s strategic growth agenda.

Those endeavours, he said, were strategically aligned to reinforce Access Bank’s position as the Most Respected Bank in Ghana.

Ms Akosua Biama Aboagye, Chief Finance Officer, Access Bank Ghana, noted that the results align closely with the bank’s long-term strategic growth objectives.

She stated that the Bank’s remarkable financial performance in 2023 underscored its resilience, agility, and unwavering commitment to driving economic growth and fostering financial inclusion in Ghana.

She emphasised the Bank’s ongoing investments in key operational areas to enhance efficiency, service quality, and sustainable value creation for shareholders and stakeholders alike.

Operating through an extensive network of 55 branches nationwide, Access Bank Ghana serves diverse customer segments across more than 10 regions with innovative and flexible banking solutions.

The Bank has earned many reco
gnitions, including accolades of the Best Bank from the Euromoney Awards and Global Finance Awards – reaffirming its position as a leading advocate for SMEs and a trailblazer in sustainable finance.

Source: Ghana News Agency

Founder and Chief Executive Officer, QuantizedFT, Kwabena Boateng, is to launch Tech Hub and Youth Training programme in Tema.

The launch set for today, April 3, is a pioneering initiative to propel Ghana’s tech landscape forward.

A release issued to the Ghana News Agency said the Tech Innovation Hub would provide invaluable resources, mentorship, and global connectivity essential for success in the digital age.

‘Serving as a catalyst for innovation and economic growth, the hub offers Ghanaians opportunities to excel in the ever-evolving tech industry.’

Mr Boateng said, ‘innovation and the tech ecosystem is moving quickly, and it is our duty to ensure that every Ghanaian, regardless of background, has the opportunity to contribute to and benefit from the technological advancements shaping our future.’

He said in line with its mission to empower Ghana’s youth, the hub will host a special training program.

It also aims to equip Ghanaian youth with essential tech skills, preparing them for future challenge
s and opportunities.

Source: Ghana News Agency