Founder of Bills, Richard Nii-Armah Quaye

Founder of Bills, Richard Nii-Armah Quaye, in May 2024, recounted how he sold various items, including a television and freezer that belonged to his family, to establish Bills Micro-Credit.

In a documentary, he said; “To be honest, when I came from the UK, I didn’t come with much money… If I recall, I had to sell family properties like plasma TV, home theater, freezers to be able to generate a little money that will enable me to disburse or lend money to [customers].”

Read the full story originally published on May 14, 2024.

Founder and Board Chairman of Bills, formerly Quick Credit, Richard Nii-Armah Quaye, has disclosed the humble beginnings of his now vibrant microfinance company.

Unlike many lending institutions that were birthed from partnerships and huge investments, Bills Micro-credit had its initial capital from the sale of the founder’s family properties.

The astute businessman from a poor home, says he had to sell off the family’s television set, home theater system and freezer to raise funds to kickstart his business upon his return from school abroad.

“To be honest, when I came from the UK, I didn’t come with much money… If I recall, I had to sell family properties like plasma TV, home theater, freezers to be able to generate a little money that will enable me to disburse or lend money to [customers],” he said in the newly released Quick Impact documentary.

Narrating events leading to the decision to start the business, Richard Nii-Armah Quaye revealed he discovered a niche as a result of prevailing circumstances in his community, Korle Gonno.

According to him, people in the community assumed he had returned from the UK with so much money though he only went abroad to further his studies.

The assumption led to constant requests from folks in the neighbourhood for varying degrees of financial assistance.

“There is this culture in Korle Gonno where I come from, where people perceive anyone who had come from the UK, Europe, or US that you have made money. So when I came back home people in the community would normally be looking for me, bringing their problems, and asking me to assist financially,” he stated.

“I learnt in the business school that…where there are problems, comes opportunities. And so that gave me the idea to set up Quick Credit so that I could then officially position myself to lend monies to those who want money,” the founder disclosed.

Quick Credit rebranded to Bills in 2024 after 15 years of remarkable service in the micro-finance sector with an annual customer base of over 350,000.

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Romeo Bugyei, the Chief Executive Officer of IT Consortium, one of Africa’s leading tech companies, has urged the media, private sector, and the government to collaborate to fight Artificial Intelligence (AI)-driven misinformation, which he said, can pose a national security threat.

Speaking during a workshop organised by the UK-Ghana Chamber of Commerce (UKGCC) and the Institute of Financial and Economic Journalists (IFEJ) to commemorate World Press Freedom Day on the theme, “Reporting in the Brave New World: The Impact of Artificial Intelligence on Press Freedom and the Media,” Mr. Bugyei remarked, “We all know that journalists are not remunerated enough in this country, and since it is not possible to rely on free versions of AI tools all the time to combat AI-driven misinformation, it becomes more expensive to write and maintain the news”.

“This implies that someone who has the money can cause grave harm to this country and its economy without us knowing, posing a threat to the nation’s security. I think, therefore, that there can be a lot of collaboration between the private sector and the media, that can help us create the kind of truth that we want to maintain. We can also get the government alongside, as we advocate”.

He also urged journalists to raise their journalistic standards by taking the initiative to understand AI and its impact on truth and its reportage.

“You hold a very critical position in safeguarding financial data and analysis that can help the country move forward. Therefore, if you are going to wait to be taught before doing what is necessary, then you are behind,” he said.

The Media and AI: Opportunities, Risks, and Challenges

AI was officially birthed in the 1950s as a field of academia. The rise of machine learning in the 90s allowed computers to learn from data without explicit programming and in late 2022, the release of ChatGPT by OpenAI brought generative AI into the mainstream.

AI has, arguably, enhanced the journalist’s productivity. Journalists are now able to use AI-powered tools to instantly generate insights, freeing them up to produce more nuanced stories, remove language barriers, and analyse audiences.

However, AI poses more risks and challenges to freedom and expression and the right to information. These include algorithmic bias in news delivery that can skew public opinion and limit exposure to balanced reporting, censorship through AI in authoritarian regimes to silence both local and foreign journalists, biased technology platforms, and deepfakes and misinformation campaigns.

Furthermore, AI has been used to monitor journalists and access their smartphones, their location, and expose sources, making it impossible for journalists to protect whistleblowers.

AI has also impacted advertising revenue, shifting it to tech giants and away from traditional news organisations that rely on advertising income to survive and maintain press independence.

Furthermore, AI’s ability to summarise news without attribution, leads to a loss of traffic and compensation for publishers, and the consumption of derivative content by readers.

Speaking on the risks and challenges of AI, Jerry Agudogo, Senior Research Engineer at IT Consortium, remarked, “What is true and what isn’t is not just under threat, but almost destroyed now.

We don’t know what the future will hold, and we don’t have all the solutions. But we do know that journalists and the free press are essential to solving this”.

According to Mr. Agudogo, “one of the most impactful things is to do everything we can to ensure that journalists are equipped with all the AI tools to uncover information. We also need legislation, especially when it comes to the areas of surveillance and algorithmic control of content.

“The journalist as an information verifier and digital guardian will be more relevant than ever, especially now that the world is about to be flooded with more disinformation than ever”, he concluded.

Worlase Afatsiawo, Head of External Relations at UKGCC, concurred with Mr. Agudogo that while a lot of concern remains at the intersection of AI and media practice, “we can see that there is a lot of hope for the future as well.”

Mrs. Afatsiawo assured Mr. Bugyei of the UKGCC’s continued support of IT Consortium as a member company of the UKGCC, and was expectant that UKGCC and IFEJ’s relationship, in force since 2021, would continue, especially in facilitating relationships between IFEJ and the business community.

For his part, Rayborn Bulley, the President of IFEJ, shared his hope that members of the media in attendance would utilise the information acquired from the workshop to their benefit.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

In a grand celebration of Ghanaian music and cultural heritage, the Ghana Celebrity Impact Awards (GCIA) has announced that the King of Palm Wine music, Agya Koo Nimo, will be honoured with the prestigious Lifetime Achievement Award.

This year’s ceremony promises to be an unforgettable night, as it pays tribute to the legendary musician’s remarkable contributions to the development and spread of palm wine music and highlife across Ghana and Africa.

Agya Koo Nimo’s illustrious career, spanning decades, has been a testament to his dedication, passion, and innovative spirit. His music has not only entertained but also inspired generations, leaving an indelible mark on Ghana’s rich cultural landscape.

With his unique blend of traditional and modern styles, Agya Koo Nimo has become an iconic figure, synonymous with the soulful rhythms of palm wine music.

The Lifetime Achievement Award is a fitting recognition of Agya Koo Nimo’s outstanding achievements and his enduring impact on Ghanaian music. This honour is a celebration of his legacy, his influence on future generations of musicians, and his role in promoting Ghana’s cultural heritage globally.

“We are thrilled to pay tribute to Agya Koo Nimo, a true legend in Ghanaian music,” said Dr. Kwami E Ametorvie, Director of Programs and Business Development, GCIA Organization.

“His contributions to palm wine music and highlife are immeasurable, and we are proud to recognize his lifetime achievements with this prestigious award,” he added.

The Ghana Celebrity Impact Awards ceremony will take place on Saturday, June 7, 2025, at the Conference Centre Arena. The event promises to be a spectacular celebration of Ghanaian talent, with Agya Koo Nimo’s Lifetime Achievement Award being a highlight of the evening.

Though the country has gone through a series of economic disruptions in the last few years, key among them being the Domestic Debt Exchange Programme (DDEP) costing a whooping GH¢61.7bn, central government must regardless innovate measures to rebuild confidence for investment, Banking Consultant Dr. Richmond Atuahene has said.

Dr. Atuahene was speaking at the 2025 Money Summit hosted by B&FT in Accra and said the country moved from the financial crisis in 2018 – when it spent some GH¢25billion equivalent to 7.1 percent of GDP – to the COVID-19 pandemic cost which was GH¢21.8 billion at the time, coupled with the economic downturn of 2022.

He disclosed that the last straw which broke the heart of pensioners and investors and derailed investments and savings was the DDEP, which cost government a whopping GH¢61.7billion.

“That was how much was lost to the pensioners, BoG, banks, individuals and all stakeholders including retail and institutional investors.”

He said what’s been so astonishing was that just as the dust is settling from the melee, President Donald Trump decided to slap a 10 percent tax on Ghanaian imports.

This decision, Dr. Atuahene said, will surely make the country’s imports expensive and exports uncompetitive – thereby creating some level of uncertainty for businesses.

Dr. Atuahene was providing a background and answering the question: “Considering all the macroeconomic pressures the country has faced in the past, what must central government do to improve the desire and appetite for investments?”

He maintained the nation must go on regardless, adding: “We however need pragmatic and bold leadership, as most of the country’s economic problems are self-inflicted.”

Equally, the CEO of Dalex Finance, Joe Jackson, explained that though investor confidence was badly damaged in the immediate past, the country cannot afford to come to standstill and remain paralysed on investment.

“The DDEP was once in a generation shock and just as the country has adjusted to post-COVID measures, there must be a way to reorganise and move ahead as a nation,” he said, emphasizing that debt servicing ratios and inflation must be holistically monitored and controlled.

Despite shocks of the DDEP, Mr. Jackson said investment is still the key solution and strategy to successful pensions.

The Summit’s theme, ‘Optimising investment and pensions management: Strategies for sustainable retirement income and economic growth’, reflects how long-term financial planning can become the means to having a successful retirement.

By Godfred A. Polkuu

Bolgatanga, May 5, GNA – Mr Williams Sebil , Principal of the Nursing Training College (NTC) in Bolgatanga in the Upper East Region, has called for national recognition for the contributions of nurse tutors in the country.

He noted that even though tutors across Nursing and Midwifery Training Colleges contributed significantly to shaping the future of healthcare delivery in Ghana, their efforts were not recognized as was done for teachers in basic and Senior High Schools.

“It is time we advocate that nurse tutors be considered for national awards, just as teachers in basic and Senior High Schools are recognized. Our tutors play a vital role in shaping the future of healthcare delivery in Ghana,” he said.

Mr Sebil said this when he addressed staff, stakeholders, and students at a matriculation ceremony for first- and second-year students of the College.

The Principal emphasized that tutors “deserve national acknowledgment,” and further disclosed that several deserving staff members experienced delays in promotions which demotivated them.

He bemoaned the slow-paced promotion process for staff of the College, saying “This affects morale and may lead to brain drain in the long term.”

He indicated that the College’s clinical training was threatened by increasing attrition of preceptors in hospitals and acknowledged their crucial role in mentoring students during practical sessions.

“Without them, the quality of our training is compromised,” the Principal noted.

Touching on some challenges of the College, the Principal said the College faced unresolved issues regarding compensation for land acquired for development and indicated that the unresolved issues delayed the College’s expansion efforts and affected its relationship with the local community.

“Our student population continues to grow, but the infrastructure has not kept pace with it. We urgently need more lecture halls, hostels, laboratories, and office spaces to enhance teaching and learning,” Mr Sebil said.

He added that the lack of staff bungalows for tutors on campus was a major setback as it affected staff commitment, punctuality, and supervision of students, especially during clinical placement and emergencies.

The principal said despite the numerous challenges of the College, management continued to strive to provide conducive environment for teaching and learning, “We have made significant investments in infrastructure despite our limited resources.

“Recently, we put up a new storey building, two classrooms completed and in use, with two classrooms to be handed over by the end of September 2025, and hopefully, these four large classrooms will ease congestion and improve academic performance.

“These improvements are geared towards ensuring that you receive quality education that meets both national and international standards,” Mr Sebil told the students.

He emphasized that students deserved to learn in an environment that reflected the quality of care they were expected to deliver in the future, and expressed gratitude to the hardworking tutors, staff and all stakeholders who continued to work tirelessly to maintain the high standards of the College.

GNA

FAA/AD

GEXIM team meeting the International Trade Administration team at the US Department of Commerce

In line with President John Dramani Mahama’s agenda to position Ghanaian businesses as key drivers of economic growth, the Ghana Export–Import Bank (GEXIM) is pursuing strategic partnerships with development partners, development finance institutions, export credit agencies, and global investors to support local enterprises.

The Acting Chief Executive Officer of GEXIM, Sylvester Adinam Mensah, led a management delegation to engage with various financial institutions and funding agencies on the sidelines of the 2025 Spring Meetings of the International Monetary Fund (IMF) and World Bank Group (WBG), held in Washington, D.C. from April 21st to 26th, 2025.

The GEXIM team held meetings with the leadership of the Export–Import Bank of the United States (US EXIM Bank), African Export–Import Bank (Afreximbank), Saudi Fund for Development (SFD), Kuwait Fund for Arab Economic Development (KFAED), International Trade Administration of the U.S. Department of Commerce, US Africa Trade Desk, and Cygnum Capital.

Hon. Sylvester Mensah stated that the engagements aimed to explore strategic collaborations to secure funding solutions that would empower Ghanaian businesses to enter new markets.

“We had the opportunity to share our strategic direction and immediate priorities in line with President Mahama’s resetting agenda, along with some of our bankable pipeline projects. I’m particularly excited about the prospects of our meetings, given the positive and encouraging feedback we received. I am confident we will secure funding to support Ghanaian businesses, enabling them to contribute meaningfully to national economic development,” he said.

He further emphasised the challenges faced by local businesses: “Currently, the high cost of local financing, coupled with short-term interest rates, is a major disincentive to local traders and hinders the expansion of many Ghanaian enterprises.”

Financing has long been a critical barrier to the growth of businesses in Ghana. A 2020 survey by the Ghana Enterprises Agency (GEA) found that 60% of Small and Medium-sized Enterprise (SME) owners identified limited access to funding, as well as inadequate skills in financial management and business planning, as key challenges to their success.

Featured

Mohammed Ali

May – 05 – 2025 , 10:54

1 minute read

Evelyn Adjei, SSNIT’s Actuarial Manager

The Social Security and National Insurance Trust (SSNIT) says it is working to ensure that contributors to the national pension scheme can look forward to improved retirement benefits, with periodic increases to reflect changes in the cost of living.

Key to these efforts is a reassessment of the Trust’s investment approach, according to SSNIT’s Actuarial Manager, Evelyn Adjei who added that they are focused on strengthening their portfolio to boost long-term returns for retirees.

“The current management is looking at what we have, how we can improve those investments, so that we can give people better pensions,” she said.

Ms. Adjei, who was contributing to a plenary discussion on ‘Optimising Effective Pension Management to Promote Sustainable Retirement Income’ at the 2025 Money Summit (TMS) in Accra, pointed out that while SSNIT continues to raise pensions annually, one’s salary during their working years still plays a significant role in determining their retirement income.

“A better pension also depends on one’s salary,” she said. “But SSNIT increases pensions on an annual basis, for retirees to gain back the purchasing power that they had at the time of their first pension.”

That annual adjustment, she explained, aims to cushion retirees against inflation and erosion of value over time.

“Over the years, the studies we’ve done have shown that most pensions increased by more than 100 percent within 5 years or 6 years when you go on pension,” she added.

“People start with a GH₡1,000 and within a short time they get to about GH₡2,000 or GH₡3,000, depending on how fast we can increase it.”

She averred that most workers in the country seem somewhat more concerned about their allowances and other things. Owing to this, she said, they pay their contributions on the basic salary.

“When they go home, they lose all their allowances. But, SSNIT has been doing its best. At the time of retirement, we calculate your pension and tell you how much you will receive. But every year, we increase your pension.”

The SSNIT official disclosed that: “One way of making sure that we increase your pension is by investing,” while noting that “some of our investments have been under attack”. This has led to re-prioritisation of SSNIT’s investments by the current management.

“In the early days, our strong reserves allowed us to raise pensions by up to 85 percent,” she said. “But with more people now drawing pensions, such increases are no longer feasible.”

Ms. Adjei insisted that people are getting better pensions now because they are also on better salaries. “People are retiring on better salaries. So, when they get better salaries they receive better pensions.”

“Your pension is directly tied to your declared salary,” she explained. “Whether it’s GH₡300 or GH₡25,000, that’s the amount we use to calculate your benefits.”

Also contributing to the discussions, Managing Director-Glico Pensions Dr. Francis Sapara-Grant highlighted the critical need for early investment and retirement planning.

He encouraged Ghanaians, especially young professionals, to begin securing their financial future by contributing to pension schemes at the earliest opportunity.

This year’s TMS, an annual event organised by the Business and Financial Times (B&FT), was themed ‘Optimising Investment and Pensions Management: Strategies for Sustainable Retirement Income and Economic Growth’.

TMS 25’s theme underscored the importance of long-term financial planning amid what some people perceive as an unstable retirement system.

Owing to this, Dr. Sapara-Grant noted that being foresighted toward pension planning is key to long-term financial independence and national economic stability.

“Retirement planning management as a whole concept is based on time, because it takes a long time to be able to plan a successful retirement. Retirement has to have several components, including one that can beat inflation and contribute to a stable income.”

Dr. Sapara-Grant further advocated for more investments in other income-generating ventures as a means to boost retirement benefits, indicating that relying solely on traditional pension schemes may not provide enough financial security in the long-term, especially given the rising cost of living and uncertainties in the pensions system.

“Retirement income planning is a combo-solution; you have to have different types of investment instruments around you to make it comprehensive. You do not bank your hopes on a defined pension scheme that tells you what you will be receiving.”

He suggested sustainable strategic investments such as real estate investments, mutual funds, agriculture, annuities, among others, to be able to rely on multiple income streams during retirement.

By Benjamin A. Commey

Accra, May 5, GNA – Professor Angela Kwartemaa Acheampong, Dean, School of Nursing and Midwifery, Wisconsin International University College (WIUC), has urged the government to modernise health training institutions to enhance teaching and learning.

She said this would ensure such institutions produce qualified health practitioners to improve healthcare delivery.

Prof. Acheampong made the call at the commissioning of a High Definition (HD) Anatomy Table Lab, also known as a virtual lab, at WIUC’s School of Nursing and Midwifery in Accra.

The lab, jointly commissioned by Health Minister Kwabena Mintah Akandoh and WIUC Vice-Chancellor Dr. Paul Kofi Fynn, will provide students with an interactive and immersive learning experience to explore human anatomy in detail.

Prof. Acheampong said the initiative marked a significant step in leveraging technology for a better understanding of human anatomy.

She explained that anatomy was the foundation of healthcare education,” saying, “A thorough understanding enables healthcare professionals to provide high-quality care.”

Prof. Acheampong emphasised that the lab would provide personalised learning and enable students to study at their own pace.

“The videos are there, the images are there, and students can always go back to it,” she said.

She also noted its impact on clinical practice, adding that knowing the structure and function of the human body improved care delivery. Prof. Acheampong stressed that the lab would support professional development and help healthcare professionals stay updated on advancements in anatomy.

While acknowledging the high cost of such technology, she urged the government to invest in equipping public health training institutions.

“It will make the teaching easier for the teacher and aid in the understanding of the students too,” she said.

Mr. Akandoh said there was the need for innovation in medical training.

“At a time when technology is reshaping every aspect of our lives, it is essential that our health training institutions keep pace,” he stressed.

He called the anatomy table a “bold leap into the future of health education,” noting its use of real human body data and interactive 3D simulations to enhance learning.

“It enhances understanding, improves retention, and provides an unparalleled practical learning experience for nursing and midwifery students,” he said.

“It affirms a shared understanding that to meet the evolving health challenges of today and tomorrow, our training must be innovative, adaptable, and forward-thinking.”

Mr. Akandoh said the ministry was committed to supporting innovations aligned with universal health coverage and resilient healthcare systems.

Dr. Fynn, Vice Chancellor WIUC, said the College would continue investing in modern technology to enhance teaching and learning.

GNA

KAS

President John Dramani Mahama has nominated Dr Paa Kwesi Baidoo as the Chief Executive Officer (CEO) of the Komfo Anokye Teaching Hospital (KATH) in Kumasi, following the dismissal of Prof. Otchere Addai-Mensah.

The decision was confirmed in an official statement dated April 30, 2025, and signed by Callistus Mahama, Secretary to the President.

The letter directed the regularisation of Dr. Baidoo’s nomination by the Ghana Health Service and Teaching Hospitals Act, 1996 (Act 525), as amended.

The dismissal of Prof. Addai-Mensah and the subsequent nomination of Dr. Baidoo have stirred mixed reactions, particularly from the Asante youth who have urged President Mahama to reinstate Prof Addai-Mensah.

The World Bank’s latest April 2025 report warns that Ghana is facing mounting economic pressures that threaten to reverse years of progress in poverty reduction.

The report paints a stark picture of growing vulnerability among Ghanaian households, driven by surging inflation, a depreciating cedi, and intensifying climate risks.

According to the report, more than one in four Ghanaians now live in extreme poverty, surviving on less than $2.15 a day, the equivalent of GH¢30.28 in today’s terms.

It further states that the cost-of-living crisis has been exacerbated by steep increases in the prices of food, fuel, and basic services, significantly eroding household purchasing power.

The report emphasizes that these economic shocks are disproportionately affecting Ghana’s most vulnerable populations, including low-income families and rural communities.

“Poverty in Ghana fell considerably up until the COVID-19 pandemic. However, moderate growth due to substantial fiscal adjustments, global economic and trade uncertainties, and persistent inflation is likely to impact households and may increase poverty in the coming years. If the impacts on the poorest are not properly mitigated, the necessary economic stabilisation reforms could undermine further progress in poverty reduction,” it stated.

The World Bank warns that without immediate environmental action and comprehensive structural reforms, over one million more Ghanaians could be pushed into poverty in the near future.

Meanwhile, experts from the Bank have stressed the urgent need for investment in human capital, targeted social protection programs, and climate resilience initiatives.

Structural reforms aimed at restoring macroeconomic stability, improving governance, and enhancing job creation are also seen as critical to reversing the rising poverty trend.

Despite these challenges, the report highlights Ghana’s strong potential for recovery if bold, inclusive, and sustainable policy actions are implemented.

The World Bank continues to work closely with the government and development partners to address these overlapping crises and support a pathway toward long-term stability and equity.

SP/MA

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GCB Bank PLC has announced a GH¢1 per share dividend for the 2024 financial year pending final approval from the Bank of Ghana.

The announcement, made at the bank’s 31st Annual General Meeting (AGM) in Accra, marks a return to shareholder payouts after a two-year suspension and highlights the bank’s remarkable financial turnaround.

The proposed dividend totaling GH¢265 million would represent a yield of 15.7%, underlining GCB’s restored financial strength following the economic disruptions of Ghana’s domestic debt exchange.

This comes on the back of a record-breaking year for the indigenous lender, which reported a profit before tax of GH¢1.9 billion, a 23.3% increase compared to 2023.

The bank also moved up to second place among peers in key indicators including deposits, loans, and total assets.

The Managing Director of GCB Bank, Farihan Alhassan, described 2024 as the strongest financial year in the bank’s history in nominal terms, crediting solid fundamentals and strong execution.

However, he noted the need for further gains in cost efficiency, and reiterated the management’s focus on investing in talent, digital systems, and service delivery.

Board Chairman, Professor Joshua Alabi, newly appointed alongside Alhassan as part of a reconstituted 10-member board, outlined the bank’s next strategic phase from 2025 to 2028.

He added that the roadmap would prioritise customer experience, digitisation, and enhanced sales.

Under its recently concluded four-year strategic plan, GCB achieved impressive growth: its loan book expanded by 52.8% to GH¢10.2 billion, deposits rose 58.5% to GH¢34.5 billion, and total assets surged to GH¢42.8 billion a 57.6% increase that exceeded industry averages.

Shareholders’ equity also grew 41% to GH¢4.3 billion, lifting the capital adequacy ratio to 15.23%, above the 13% regulatory requirement.

The bank posted a return on equity of 32.4% and a return on assets of 3.4%, while improving asset quality the Non-Performing Loan (NPL) ratio dropped to 15.1%.

In line with its social responsibility agenda, GCB invested GH¢12 million in community initiatives during 2024.

These spanned education, health, sports, and youth entrepreneurship, with notable programs, including textbook donations, medical assistance, and the “The Entrepreneurship in You” initiative.

SP/AE

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