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Soccer News of Thursday, 11 December 2014

Source: footy-ghana.com

Opoku Nti Kotoko New

Footy-ghana.com can confirm that the Board of Directors of Premier League Champions Asante Kotoko will confirm club legend Samuel Opoku Nti as the club’s substantial General Manager on Friday December 12 2014.

According to our sources, a Board meeting will be held to determine the scope and duration of the job on Friday morning, before officially confirming Opoku Nti in the role.

Footy-ghana.com understands that club owner and the Ashanti Kingdom overlord, Otumfuo Osei Tutu II declared himself satisfied with the statement of accounts presented on Opoku Nti’s behalf to him by the Board and recommended that the former Ghana captain be allowed to continue in his role.

This, according to our sources, informed the Board’s decision to confirm him in a substantive capacity.

Opoku Nti was made the head of a three-man management team by Otumfuo Osei Tutu II and following the reconstitution of the Board after the resignation of former Executive Chairman, Dr. Kofi Kodua Sarpong, he was asked to act in a temporary capacity last year.

Under his stewardship, Asante Kotoko won a league and cup double for the first time in the club’s history last term.

Soccer News of Thursday, 11 December 2014

Source: supersport.com

Kwesi Nyantakyi

Ghana’s sports ministry and football association have began discussing the national team’s budget for the 2015 Afcon.

Sources tell supersport.com that the two bodies met over the Ghana FA’s draft budget for the Black Stars’ campaign at the 30th edition of the African football elite competition on Tuesday.

At the meeting, the ministry asked the FA to review certain provisions in the budget and present a revised one the following day which will be forwarded to the cabinet.

Supersport.com contacted Michael Frimpong, the sports ministry’s spokesperson and he confirms the information.

“The Ghana FA brought their budget and after discussions with the ministry on Tuesday, they were asked to make some amendments before it is presented to cabinet for approval. We are expecting the amended budget by close of day,” he said.

Both bodies have been tight-lipped on the sum of the draft budget proposed by the Ghana FA for the Black Stars to Equatorial Guinea.

Last year, the Ghana FA presented a US$7.8 million budget for the South Africa 2013 tournament but got only US$4 million approved by government.

Per a document in the possession of supersport.com, the Black Stars’ preparation and participation in the 2015 Afcon qualifying phase alone was estimated by the sports ministry at GHS 6 652 000 (US$2 072 294).

Ghana will be competing against Senegal, Algeria and South Africa in Group C of the 2015 Afcon.

Business News of Thursday, 11 December 2014

Source: Graphic Online

Spio 05.11

Ghanaians’ excessive appetite for imported products is a major contributor to the pressure on the local currency and the ailing economy, the Minister of Trade and Industry, Dr Ekwow Spio-Garbrah, has observed.

He has, accordingly, called on the industrial sector to come out with policies and strategies that would help boost the economy and make it more self-sustaining rather than relying mostly on imported products.

At the 54th Annual General Meeting of the Association of Ghana Industries (AGI) in Accra, Dr Spio-Garbrah said the manufacturing sector was crucial in achieving massive economic growth.

The occasion, which brought captains of industry under one roof to discuss the performance of the AGI in 2013 and the challenges confronting businesses, was also used to launch the 14th National Industrial Week.

Promote local products

Dr Spio-Garbrah, who delivered the keynote address on the theme: “Promoting Made-in-Ghana Products to accelerate Industrial and Economic Development”, said in order to transform the country’s economic outlook, the consumption of locally made products ought to be given the highest priority.

“According to a recent study by the World Bank, Ghana will need to create 67 million jobs by the end of the year 2030, if it is to have a stable socio-economy. An obvious national agenda is for Ghana to promote and enhance the level of its manufacturing activities,” he stressed.

Dr Spio-Garbrah observed that it was imperative for manufacturers and service providers to aim at making products that offered a high value for money and render quality services that could compete on the global market.

“Ghana has great potential for exponential growth and prosperity, and the manufacturing sector must be supported to play a lead role in that effort,” he added.

AGI reports

In his welcome address, the Chief Executive Officer of AGI, Mr Seth Twum-Akwaboah, said although the association faced numerous challenges, it stayed in the forefront of the fight to advocate the most appropriate policy framework for the private sector.

“In the year ahead, AGI promises to work even more closely with its members to advocate crucial policy issues that impact the private sector,” he pledged.

According to Mr Twum-Akwaboah, the AGI was nurturing a policy advocacy group known as the ‘AGI Corporate Forum’, to augment and strengthen the advocacy position and efforts of the association.

For his part, the President of the AGI, Mr James Asare-Adjei, attributed the numerous problems faced by the manufacturing sector to the depreciation of the cedi and the instability of the energy sector.

Business News of Thursday, 11 December 2014

Source: Graphic Online

Zenith Bank

The Managing Director/Chief Executive Office of Zenith Bank (Ghana) Limited, Mr Daniel Asiedu, has commended the Bank of Ghana (BoG) for revising the cash reserve ratio (CRR) of banks from 11 per cent to 10 per cent last month.

The reduction, he said, was timely because it would make additional funds available to the banks which could be channeled into loans and advances to businesses, particularly Small and Medium Enterprises (SME) which hitherto had been grappling with a tightened credit stance.

“If the businesses get more money, it means they can invest and expand, which will increase the production of goods and services; help grow the economy and ultimately benefit the entire country,” Mr Asiedu said in an interview.

He was commenting on policy initiatives from the BoG, the regulator of the financial services sector, vis-a-vis their impact on banks and the financial services industry as a whole.

BoG Policy

The BoG in November, this year, announced a 100 per cent basis points reduction in the cash reserve requirement, which is the minimum portion of depositors’ funds banks must keep with the Central Bank as back-up for rainy days.

The reduction meant that banks, which had recorded dwindling credit outflow to businesses, would have an additional one per cent of their respective total deposits available as loanable resources to interested businesses and individuals.

The extra funds are expected to help spur real credit growth to the private sector, which the BoG quoted at 26.6 per cent in September 2014, compared to 13.1 per cent the same period last year.

“As you may be aware, the amount banks can lend to businesses depends to an extent on the limit the Central Bank places on them through the CRR. Therefore, the reduction in the CRR to 10 per cent means more money at the disposal of banks, lower interest rates on loans and advances, and hence more liquidity in the market, which means well for the country’s economy,” Mr Asiedu explained.

On whether or not the ratio should be reviewed again, he said a further review should be done after proper monitoring and assessment of the real impact of the recent downward revision on businesses in particular and the economy as a whole.

Sports News of Thursday, 11 December 2014

Source: GNA

Appiah@training

The Stephen Appiah Foundation (SAF), in partnership with Alive & Kicking Ghana (A&K Ghana), has developed a new ball named after the former Black Stars Captain, Stephen Appiah.

The ‘Tornado’ ball will be officially launched on Monday December 15, by the Minister of Youth and Sports, Mahama Ayariga at the British High Commissioner’s Residence.

The Tornado ball is locally manufactured by Alive & Kicking Ghana, a charity organisation that produces and sell over 1,300 sports balls monthly.

A percentage of the revenue is expected to go directly to support the work of the Stephen Appiah Foundation in the areas of health and education through sports.

SAF was set up to provide care, quality education, health facilities and opportunities through sports to improve the overall wellness for underprivileged children in Ghana, helping them attain their full potentials.

Alive & Kicking (A&K) is an African charity that manufactures sports balls (footballs, netballs, volleyballs and rugby balls) in Kenya, Zambia and Ghana.

Politics of Thursday, 11 December 2014

Source: GNA

Voting Ballot

Mr Yakubu Alhassan, Ashanti Regional Director of the National Commission for Civic Education (NCCE), has rallied women to contest the upcoming district level polls, to give them a stronger voice in local governance.

They should be bold, refuse to be intimidated, and fight hard to break the tradition of unacceptably low representation of women in the Assemblies and the Unit committees.

He said there could not be any excuses and that it was in their own interest to let their numbers count – to influence political decisions in their favour and that of children.

Mr. Alhassan was speaking at a stakeholder meeting held at Mamponteng in the Kwabre East District, to encourage more women to put themselves up for election in the March 3, polls.

The programme was jointly organized by the Commission, the local Council of Churches, Muslim community, Electoral Commission (EC) and the traditional authorities, with support from the European Union (EU).

“Stakeholders engagement to engender peace and women participation in the district level elections” was the theme.

It provided the platform to educate the people and reinforce the need for all to show enthusiasm in the elections, and get more women and people with disabilities (PWDs) out to take part.

Mr. Alhassan said the contest was opened to every registered voter of sound mind, with no criminal record.

Formal education is no barrier, since deliberations at assembly and unit committee meetings is done in the local language, he added.

Politics of Thursday, 11 December 2014

Source: GNA

Ppp Logo

Nana Ofori Owusu, the Director of Operations of the Progressive People Party (PPP), has said there was no doubt that the party had a bright future and meant to win the 2016 elections .

Speaking to the GNA after the Regional Executive Elections of the party, Nana Owusu said taking into account the number of the youth who were being attracted to the party, it would surely win power in the near future.

All 700 delegates drawn from the 15 constituencies in the Upper East Region who voted in Bolgatanga were young adults.

Asked why it was so, he said the PPP had the best ideology as compared to the other parties and based on that the youth were being attracted to the party.

“Another reason that keeps on attracting the youth to the party is that they have realized that it is the only PPP which creates jobs. The former flag bearer, Dr Paa Kwesi Ndoum has created a lot of jobs for the youth of this country and the youth have seen it for themselves,” he said.

He expressed optimism that the youth who formed the majority of the voter population, would decide one day for the party to win power.

Nana Owusu said it was unfortunate that the country’s tertiary institutions churned out 35, 000 graduates every year who did not get employment and that the PPP would reverse the trend when in power and appealed to Ghanaians to vote for the party .

He said though not in power, plans were underway to institute community based activities in all the constituencies that would engage the youth and also empower them with skills and help find jobs for some of them.

Some of the positions were contested for while others were declared unopposed. Mr Abanga Williams won the Regional Chairmanship position with 211 votes to beat his contestant, Mr Jonathan Samari who polled 183 votes.

For the Regional Secretary, Mr Determina Emmanuel polled 288 votes to beat his opponent, Mr Maxwell Akaluwe who got 115 votes. Ms Juliana Atubiga emerged as the Regional Women’s Organizer when she secured 275 votes to beat her contender, Ms Linda Akapame who got 132 votes.

Those who were elected unopposed were the Regional first Vice Chairman, Mr Laar Sampson , the Regional Youth Organizer , Mr Abubakar Mobarak, the Treasurer , Mr Emmanuel Nsobila , the Regional Organizer, Mr Kpinn Raphael, the Education Director, Mr Awudu Tanimum Dabre.

Business News of Thursday, 11 December 2014

Source: Graphic Online

HFC Boss Muriel Susan Edusei

The Board of Directors of HFC Bank has elected Mrs Muriel Susan Edusei as its new Chairperson from December 4, 2014.

This follows the retirement of Nana Agyei Duku on November 27, this year.

Mrs Edusei has over 20 years working experience in the banking industry, most of which was at the National Investment Bank.

She held various positions such as Head of Credit Control, Head of External Loan Department and Head of Foreign Operations.

She, however, retired as Deputy Chief Manager at NIB in 1995 and joined Oikocredit International, a development finance institution with its headquarters in The Netherlands, as the Regional Manager for Anglophone West Africa.

She further established the Regional Office of the institution to serve Ghana, The Gambia and Sierra Leone. She retired from Oikocredit in December 2010.

She has been an independent member of the HFC Board in accordance with the rules and regulations of the Securities and Exchange Commission for Companies Listed on the Ghana Stock Exchange and was first appointed to the Board in April 2012.

A product of Wesley Girls High School, she obtained a BSc. Administration (Accounting Option) degree in 1975 and an MBA (Finance) degree in 1989 from the School of Administration, University of Ghana, now University of Ghana Business School.

Mrs Edusei is a Hubert H. Humphrey fellow. During her Humphrey year, she undertook an MBA Finance and Banking non-degree awarding course at Boston University.

She did her attachment in banking supervision at the Federal Reserve Bank of Boston and also at the Chemical Bank in New York.

Meanwhile, Nana Duku’s retirement from the board had been held back three times, since April 2013, as the bank was undergoing a new phase.

Business News of Thursday, 11 December 2014

Source: Daily Guide

Jubilee Oil Rig

Discussants at a day’s multi-stakeholder forum on the proposed changes to the petroleum revenue management in Tamale have urged Parliament to effectively scrutinize all contracts in Ghana’s oil and gas sector.

That, according to them, would help Parliamentarians to promote the interest of the citizenry who elected them.

Participants noted that the Public Interest and Accountability Committee (PIAC) was under resourced, making it difficult to execute its mandate.

They therefore appealed to government, to as a matter of urgency, resource and empower it.

Dr. Ismael Ackah, Advisor to the Africa Centre for Energy Policy (ACEP), in a remark, also called on government and Parliament to review some portions of the petroleum revenue management law to promote efficiency and transparency in the utilization of the country’s oil resources.

According to him, the Petroleum Revenue Management Law Act 815, 2011), which was passed in March 2011 was to clarify some areas and provide a means of promoting transparency and good governance in the oil and gas industry.

He said the amendments had not achieved their desired objectives four years after implementation.

He therefore proposed a comprehensive funding for the Public Interest and Accountability Committee (PIAC) under the “exceptional transfer clause” to address its funding challenge since the current law only restricted funding to the payment of allowances to members of the committee.

Dr. Ackah stated that his outfit was not in support of the prioritization of the distribution of revenues to GNPC at the expense of the national budget as captured in Section 16 of the law.

He said GNPC should be able raise its own capital subject to the approval of Parliament.

Dr. Ackah further said the proposed amendment 16(14) will empower GNPC to undertake critical projects, as well as maintain their core mandate of protecting GNPC’s share of revenues to meet their obligations.

On the stabilization fund, he proposed a moving cap on the Ghana Stabilization Fund to simultaneously achieve the objective of the Fund and make transfers to the Contingency Fund and Debt Service Accounts.

He called on government to prioritize the development of infrastructure as required by law to avoid duplication of the Ghana Infrastructure Investment Fund (GIIF) and the ABFA, which required a minimum of 70 percent of the ABFA to be applied to capital infrastructure projects.

The Director of Programmes and Resource Mobilisation of ACEP, Benjamin Boakye, earlier in his welcome address, said the lack of knowledge and information in the oil and gas sector had negatively affected the development of the country.

Business News of Thursday, 11 December 2014

Source: myjoyonline.com

Kwadwo Safo Kantanka SUV

Management Board of the Ghana International Trade fair Center has outdoored Chief Executive Officer for the Kantanka Group, Kwadwo Safo Junior, as the Anchor Exhibitor and Ambassador for the 2014 Grand Sales Fair.

This year’s Grand Sales has been re-branded and would co-locate with the Made-In-Ghana Fair, in line with President John Mahama’s initiative and commitment to promoting made in Ghana products. It is themed “Bringing buyers and sellers together.”

The two events have been scheduled for 15th-24th December, 2014 at the Ghana International Trade Fair Center.

Speaking at a meeting with the exhibitors, Board Chairperson of the GITFC, Hannah Amoateng said the collaboration with the Kantanka Group, manufacturers of the Kantanka range of vehicles, brings on board innovation and patronage that is most needed for a successful event.

“As part of the effort made by Kantanka Group and its partnership, there is the need to embrace him [Kwadwo Safo] as Ambassador towards its development in the country,” she said.

Kwadwo Safo Junior currently runs the many businesses of his father, multi-talented and creative man of God, Apostle Kwadwo Safo, also known as the ‘African Star’.

“As Anchor Exhibitors they will display a wide array of exhibits including four of their branded made in Ghana cars and will draw a large audience to the fair, they will be located in the pavilion “A” with some of you and will use the platform to launch some of your goods,” Hannah Amoateng said.

The Event is projected to host over 400 exhibitors and 60,000 visitors.