The Electricity Company of Ghana (ECG) has provided assurance to the public, stating that the national grid remains stable.
The power distributor made this known in a new release issued on Easter Friday.
Attributing the recent power outages in certain areas to localised faults, the power distributor urged its customers to report such localised faults for the necessary action.
“The Electricity Company of Ghana wishes to inform our cherished customers and the general public that we have a stable national power supply (stable national grid).”
“Any customer who is currently experiencing power outage is due to a localised fault.”
The ECG had earlier revealed that it had issued more than 100 power outage notifications within the initial two and a half months of this year, primarily due to maintenance activities.
This disclosure came in response to an inquiry from the Public Utilities Regulatory Commission (PURC) regarding the ECG’s power outage records for the current year.
Among the PURC’s inquiries to the ECG, this response was the only one expected by March 27th. Notably, the PURC had requested the ECG to furnish it with a load shedding schedule
Scancom PLC (MTN Ghana) has held its 6th Annual General Meeting (AGM) on March 22, 2024. Over 2,000 shareholders participated in the event, which was held in person at the Grand Arena of the Accra International Conference Center and streamed live.
Updating shareholders on the company’s performance for the year 2023, the Board Chairman for Scancom PLC, Dr. Ishmael E. Yamson, indicated that MTN Ghana’s performance for 2023 was strong with total revenue growth of 34.6% Year-on-Year underpinned by good execution of the commercial strategy by management, resulting in growth in voice, data, and Mobile Money (MoMo) revenues.
“MTN has remained unwavering in its commitment to better the lives of people in Ghana by supporting various environmental, social and economic initiatives. In addition to investing heavily in our network and technology in an environmentally sustainable way, MTN dedicated GHS39.8 million towards projects related to healthcare, education, and economic empowerment in 2023 through the MTN Chana Foundation.” Dr. Yamson indicated.
A dividend of 17.5 pesewas per share was approved and will be paid on 12 April 2024 to all shareholders registered in the books as at the close of business on Thursday, 28th March. This brings the total dividend for the 2023 financial year to 22.5 pesewas per share following the interim dividend of 5.0 pesewas per share paid on 8 September 2023. It represents 74.8% of profit after tax (GHS4.0 billion) for the year and a 37.2% increase in dividend payout per share.
In his remarks, the outgoing Chief Executive Officer of MTN Ghana, Selorm Adadevoh, emphasized MTN’s commitment to driving growth and providing value for all stakeholders despite a challenging operating environment.
He said, “As we ploughed through a challenging operating environment, Management remained focused on pursuing its Ambition 2025 goals, which aimed for growth, cost efficiencies and creating shared value for our stakeholders. As a result, MTN Ghana recorded revenue growth and managed its costs prudently to ensure a growth of 39.4% in profit after tax for the year 2023.”
Discussing MTN’s Ambition 2025 goals, Mr. Adadevoh said “Despite the challenging economic outlook, Management remains fully committed to executing its Ambition 2025 strategy. We are committed to strengthening customer trust and loyalty in all we do by striving for excellence in how we deliver service to our valued customers. Our unwavering focus is to create value for all stakeholders and drive growth by investing efficiently in infrastructure, improving connectivity and launching innovations and product enhancements for our customers.”
“Empowered by the strong demand for data and its rapid adoption in both urban and rural areas, we aspire to drive the acceleration of smartphone usage and address the immense need for high-speed internet in the home broadband market. With our unwavering commitment to attracting the best talent and forging strategic partnerships, supported by our strong brand presence and positive reputation, we are poised to sustain our business growth and drive profitability while making a positive impact on the Ghana economy”, Mr. Adadevoh added.
Since its listing on the Ghana Stock Exchange (GSE) in 2018, the company has maintained its position as the organisation with the largest number of Ghanaian shareholders.
Media Contact:
Adwoa Afriyie Wiafe
Chief Corporate Services and Sustainability Officer
Afua Serwaa Asafo-Adjei
Media Relations Advisor
Acting on behalf of Georgina Asare Fiagbenu
Corporate Communications Senior Manager
Email: mtnghana.mediaoffice@mtn.com
The $300 million World Bank facility to support some projects in 2024 has finally been credited to the Bank of Ghana’s (BoG) account.
This was after Ghana met all the necessary conditions, including Cabinet and Parliament’s approval to facilitate the transfer of the funds to the country.
Joy Business understands that the transfer was done this morning March 27, 2024. The Bank of Ghana is expected to take “the dollars”, and transfer the cedi equivalent to the various government agencies and ministries.
The “Foreign Exchange” component of this facility could go a long way to support the international reserves of the Bank of Ghana. Data released by the Bank of Ghana showed that its Gross International Reserves have hit more than $6 billion ending February 2024.
The Finance Minister, Dr. Mohammed Amin Adam, at a recent engagement with the media this week noted that the government is expecting about $1.2 billion from the country’s development partners before the end of this year.
Dr. Mohammed Amin Adam
Impact on Economy
The disbursement will help fast-track some infrastructure projects outlined in the 2023 Budget that were stalled due to the late disbursement of this support from Ghana’s donors.
The World Bank should have disbursed this facility late last year. However, delays on the part of Ghana to reach a deal with its bilateral creditors affected the approval of this $300 million loan.
The inflows is expected to slow down the rate of the cedi’s depreciation. This is because it could give some signal to the international market that the Central Bank is now in a better position to support the local currency.
Focus of this facility
The disbursement of this $300 million Development Policy Financing, the first in a series of three is for crisis response and resilience in Ghana. Its objectives are to:
1) Restore fiscal sustainability;
2) Support financial sector stability and private sector development;
3) Improve energy sector financial discipline; and
4) Strengthen social and climate resilience.
It is expected to strengthen domestic revenue mobilisation, control expenditures, safeguarding financial sector stability, removing barriers to private investment, setting the energy sector on a sounder financial and operational footing, strengthening the country’s social protection system, and mainstreaming climate adaptation and mitigation across policies.
Background
This disbursement is part of the total financial support from Ghana’s donor as part of the IMF programme that the country secured in May 2023. The IMF has so far advanced some $1.2 billion to Ghana under the FUND programme.
According to the World Bank, the First Resilient Recovery Development Policy Financing is a critical contribution by the Bank’s International Development Association, which will help Ghana’s economic recovery and support the country’s resilient and inclusive growth.
The World Bank in January 2024, approved this facility, after an agreement in principle by the Official Creditors’ Committee under the G20 Common Framework on the key parameters of the proposed debt restructuring for Ghana.
The agreement, which is consistent with the Joint World Bank-International Monetary Fund Debt Sustainability Framework, represents a critical milestone toward restoring debt sustainability.
The Vice President and flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has told members of the Council of Indigenous Business Association of Ghana (CIBA) that his new tax reforms are carefully thought through to help the growth of businesses, especially indigenous businesses.
Following his major policy address as the new flagbearer of NPP last month, Dr. Bawumia has been interacting with various stakeholders, to further explain his policies to them, and also seek their views and suggestions.
On Monday, March 25 in Accra, the Vice President had an extensive interactive session with CIBA, which is the largest informal group in the country.
While answering a series of questions from members of the association, Dr. Bawumia explained a number of his policies, including his proposed new tax reforms, which he said, are aimed at boosting the business community, including indigenous businesses, to make them competitive.
Dr. Bawumia explained that the tax amnesty he has announced for businesses and individuals, which his government will introduce from 2025 should he win the election, as well as the flat tax rate, are aimed at simplifying tax payment for businesses to help their growth.
“The new tax reforms I have outlined, including the flat tax rate will make the tax system transparent and easy to calculate. For instance, if your tax is based on a simple percentage of your profit, you can easily calculate what you have to pay yourself and file your own tax. You don’t have to wait for any tax official to come to you and find the process difficult to understand,” Dr. Bawumia said.
“If the tax rate is flat, it will be more transparent, simple and easy to understand. This is what many businesses need to help them and also to make it very competitive for them. Many businesses and individuals continue to complain about the tax system, including the harassment they face. It is because the process is not transparent and you feel overburdened. We want to correct this and help your businesses grow,” Dr. Bawumia added.
Among the tax reforms, Dr. Bawumia also explained that import duties on containers will be flat, and also, exchange rates for import duties will be left stable over a period, to ensure predictability in import duties.
The NPP flagbearer also explained to CIBA that, his government will benchmark Ghana’s import duties with Togo, or even make it lower, to ensure that Ghana does not lose out to Togo, because of lower import duties.
Dr. Bawumia also reiterated his commitment to cancelling the e-levy tax to further boost businesses and enhance his quest for a cashless society.
Members of CIBA include the Ghana National Association of Garages, National Drinking Bar-operators Association, Ghana Bar Operators Association, National Association of Beauticians and Hairdressers, National Refrigerators and Air Condition Workshop Owners Association, Federation of Ghana Goldsmith and Jewelers Association, Ghana Traditional Caterers Association, Ghana Electronics Serving Technicians Association, Ghana Association of Barbers and Barbering Salon Owners, Ghana National Tailors and Dressmakers Association and National Cooperative Butchers Association.
MTN Ghana is set to hold the second edition of the MTN Business CTIO Roundtable Africa in Accra on 27th March 2024.
The CTIO Roundtable provides a knowledge-sharing platform for technology leaders and academia across Africa to deliberate on key issues in technology and digital innovation. Participants at the Roundtable will share industry insights, discuss challenges, and find solutions to drive digital transformation in a globally connected world while supporting local innovation.
It will underscore the crucial role digital transformation and technology can play in building a more resilient economy.
This year’s forum, which is on the theme “Driving Business Value Through Data and AI,” will feature conversations on the importance of leveraging Data and AI to drive business growth and value. Discussions will also focus on the challenges as well as the opportunities they present.
Speakers at this year’s event are Bernard Acquah, Chief Information Officer, MTN Ghana, Dario Bianchi, Chief Digital Officer, MTN Ghana, Miishe Addy, Co-Founder & CEO Of Jetstream Africa, Richard Nunekpenu (ESQ), Vice President Ghana Fintech & Payments Association, Rashida Musa, Founder & CEO RaIma and Richard Osei-Anim, Managing Partner,Hatchery & Coral Reef Innovation Hub.
Chief Enterprise Business Officer -MTN Ghana, Angela Mensah-Poku
Chief Enterprise Business Officer at MTN Ghana, Angela Mensah-Poku, speaking ahead of the event stressed the crucial role data and AI play in today’s world and the need for businesses to be more intentional about leveraging data and AI to harness business growth and create value for their customers. She said,
“The emergence of data and AI presents immense opportunities for business growth. Businesses need to take a critical look at leveraging insights from these innovations to accelerate their growth and ultimately enhance customer experience and create value.”
The forum will also feature panel discussions, success stories about leadership, management, navigating corporate politics, Q&A sessions, and recommendations for policy reform. The discussions will culminate in the Launch of CTIO Network Africa.
The CTIO Roundtable Africa Forum will provide a unique opportunity for fostering strategic partnerships among industry leaders and stakeholders, deepen engagements among technology leaders, government, and key policy makers, encourage innovation and create an opportunity for leaders to contribute to the digital transformation agenda.
End.
Media Contacts:
Adwoa Wiafe
Chief Corporate services and sustainability Officer
Georgina Asare Fiagbenu
Corporate Communications Senior Manager
Email: MTNGhana.MediaOffice@mtn.com
Flagbearer and leader of the Movement for Change, Alan Kyerematen, has made a solemn pledge to make the Eastern Region Ghana’s premier research and innovation hub if elected president in the upcoming December polls.
Mr. Kyerematen made the pledge during his market tour of the Eastern Region on Thursday, March 21.
Aimed at engaging with market women to have a better understanding of the challenges they face, the Movement for Change leader was in seven communities, including Nwasam, Kade, Adeiso, Akwatia, Suhum, Asamankesse, and Koforidua.
Highlighting the region’s vast potential, Mr. Kyerematen emphasized its suitability for transformation into a research and innovation hub within the West African sub-region, citing its existing concentration of research centres affiliated with the University of Ghana.
He underscored the region’s unique attributes, including abundant land and diverse ethnic demographics.
Mr. Kyerematen articulated his vision to replicate the success of the Research Triangle and Silicon Valley in the United States of America, leveraging technology to drive national development.
He stressed that realizing this vision hinges on the people of the Eastern Region turning out in large numbers to vote for him in the upcoming elections.
Mr. Kyerematen underscored the importance of electing him, symbolically referred to as the “Butterfly,” to bring about the desired transformation.
Explaining his decision to run as an independent candidate, Mr. Kyerematen criticized both the National Democratic Congress and the governing New Patriotic Party for failing to meet the electorate’s expectations over the years.
He lamented their shared track record of resorting to International Monetary Fund interventions after successive terms in power.
Mr. Kyerematen urged Ghanaians to reconsider their voting patterns, advocating for a shift towards his candidacy to usher in the transformation needed for the country’s progress.Source:Citi Newsroom
The value of the economy in 2023 stood at GHS841.6bn relative to GH¢ 614.3bn representing a GH¢227bn increase from the previous year.
This was driven by the dominance of the services sector which contributed GH¢357.34 billion or 45.6% of Gross Domestic Product (GDP), followed by industry with GH¢247.941 billion (31.7% of GDP), and agriculture at GH¢177.606 billion (22.7% of GDP).
Sub-sectors by share of GDP included crops (19.4%), trade and repair of vehicles, household goods (18.3%), mining and quarrying (12.9%), manufacturing (12.1%), and transport and storage (6.0%).
Already, the government anticipates that Ghana’s economy will surpass one GHS 1tn in 2024.
Per the latest data from the Ghana Statistical Service, the cumulative growth of the economy stood at 2.9 percent in 2023.
This is a 0.9 percentage points drop from the 3.8 percent recorded in 2022 but higher than the government’s revised target of 1.5 percent for the period under review.
The fourth quarter also expanded by 3.8 percent. This was the highest for the four quarters of the year 2023.
The annual growth was largely dominated by the service sector which recorded an annual rate of 5.5 percent. The growth rate for the industry sector, however, contracted.
In more than a decade four out of the 22 sub-sectors including crops, trade, repair of vehicles and
household goods; mining, quarrying and manufacturing accounted for more than 50 percent of Ghana’s GDP which is increasing over time as the last two have recorded a share of more than 60 percent.
Gross National Income per capita from a local currency perspective has more than doubled since 2018 from GH¢ 9,813 to GH¢ 25,349, however from a dollar viewpoint the income per head has remained about the same in the last six years, ranging from a highest US$ 2,453 to a lowest of US$ 2,126.Source:Nii Larte Lartey
