Connect with us

Business

Zylofon Cash Threatens To Terminate Ghana Premier League Sponsorship Deal

Published

on

The top-flight’s headline sponsors say they may pull out of the contract if Ghana FA officials are found guilty in an ongoing investigation

Zylofon Cash Public relations officer Halifax Owusu-Ansah has warned Ghana Football Association to clear themselves or risk their lucrative ten-year deal for the Ghana Premier League being scrapped.

This comes following recent allegations of corruption levelled against the FA’s president Kwesi Nyantakyi and some executive committee members who are currently under investigation by the Criminal and Investigation Department (CID).

Nyantakyi was caught on camera in an undercover investigation by ace Ghanaian journalist Anas Aremeyaw Anas and his Tiger Eye PI crew.

Nyantakyi has been charged with defrauding by false pretence for using the name of the country’s president Nana Akufo-Addo to negotiate for a business deal in Dubai.

Greater Accra regional football association chairman Eddie Doku and Kofi Manu were also captured accepting bribes to influence selection into the national teams and issues regarding player’s eligibility.

“If it so happens that the investigations affect the whole organisation [GFA] or the leaders so much so that the league cannot continue, then we may review the contract and opt out,” Halifax told Citi FM.

“Who enters a contract without an exit clause? I’ve not seen it anywhere before so there are other options. However, the matter hasn’t reached there yet, it is just an option we are considering so we are hoping that the situation will not get to that level in the end. They have to clear themselves,” he added.

By: Ghana Web

Business

Cocoa Rebounds As Climate Conditions Dwindle

Published

on

Cocoa recovered some of its previous week’s losses, as favourable climatic conditions in top grower Cote d’Ivoire appear to have faded.

With less rains recorded in recent times in Cote d’Ivoire, the availability of the soft crop on the international commodities market was suppressed.

Cocoa thus advanced by US$79.50 to close the trading week at US$2,119 per metric tonne.

Coffee, however, declined, as signs of a bumper harvest in top growers Brazil and Vietnam forced market participants to roll out of the September contract into the December contract.

Brent crude also trimmed as investors worried that ongoing global trade disputes are likely to halt economic activities, thereby reducing the demand for energy commodities.

According to analysts, the US dollar, which appears to be the sole gainer from the ongoing uncertainties, was likely to make the commodity relatively expensive for non-dollar holders, as a result reducing its demand.

Brent crude oil thus dropped by 35 cents to settle at US$72.86 per barrel.

Gold dipped after the week’s trading, despite a strong rebound on the last trading session of the week.

Last-minute gains of the yellow metal, on the back of investors’ risk aversion towards the unceasing attempt by the US President in imposing tariffs on advanced and emerging countries, failed to fully cancel losses.

Gold thus lost US$4.80 to trade at US$1,219.50 per ounce.

Treasury securities

The week’s auction ended with the yield on the 91-Day T-Bill trimming by a basis point to 13.30 per cent.

The yield on the 182-Day T-Bill, on the other hand, rose by four basis points to settle at 13.86 per cent.

However, interest rates on other treasury securities remained the same.

The government accepted all the GH¢456.75 million bids tendered at the week’s auction. That fell below the intended target of GH¢528 million, with the 91-Day T-Bill dominating the government’s purchase with 83.95 per cent share.

Scheduled for August 17, the government anticipates raising GH¢621 million from the sale of the 91-Day and the 182-Day T-Bills and GH¢23 million from the issuance of the 1-year note.

The yield curve sustained its normality, despite the rate adjustment on the short-dated treasury securities and the relative higher yield of the three-year bond over the five-year bond.

Ghana Stock Exchange

The Ghana Stock Exchange (GSE) logged another positive weekly closure, amid elements of uncertainties steaming from the banking sector.

The collapse of five domestic banks being consolidated as one, as well as the revocation of the licences of the UT and the Capital banks by the central bank in the space of one year, raised red flags among investors.

The market indices, however, closed positive on the back of strong earnings report posted by most listed companies on the local bourse.

At the end of the trading week, the GSE Composite Index thus rose by 0.29 per cent to settle at an index point of 2,944.38, representing a year-to-date return of 14.14 per cent.

The GSE Financial Stocks Index also increased by 1.08 per cent to an index level of 2,694.69 points, corresponding to a year-to-date return of 16.62 per cent.

The week’s trading realised a total volume of 1.79 million shares, valued at GH¢7.06 million.

This represents a 31.11 per cent decline over the previous week’s total traded volume.

CAL Bank was the most actively traded stock, as it accounted for 23.18 per cent of the total traded volume.

The market capitalisation also increased by 1.18 per cent to settle at GH¢56,402.30 million.

Source: Ghana Web

Continue Reading

Business

Vodafone Expands Fibre Optic Network In West Africa

Published

on

Vodafone Wholesale, a subsidiary of Vodafone Ghana, has constructed a second fibre optic network link that connects Ghana to landlocked countries within the West African sub-region, including Burkina-Faso, Niger, Mali, Cote d’Ivoire and Togo. The move entrenches the company’s leadership in the fibre optic space across the West African sub-region.

The link, which is located at Dakola, a border town between Ghana and Burkina Faso, will provide reliable internet services to operators and corporate customers seeking to expand their services to the landlocked countries within West Africa.

Commenting, Angela Mensah-Poku, Managing Director of Vodafone Wholesale said:

“The latest project affirms our commitment to driving Ghana’s digital agenda. We are providing our customers an alternative route into the landlocked countries in West Africa. Customers now have the option to choose between the interconnection at Dakola and Cinkase to transport internet services beyond Ghana. Additionally, customers currently on the Cinkase link can now fall on the Dakola link as backup in the event of any downtime.’’

“We have also invested over GHS14m to complete a third ring across the country to support additional capacity requirements into the landlocked countries.” she added.

The Dakola link is currently facilitating the World Bank funded West Africa Regional Communications Infrastructural Project for the government and people of Burkina Faso.

Vodafone Wholesale has contributed significantly to the increased access to data services in Ghana and across the sub-region by providing innovative bandwidth products to Internet Service Providers (ISPs) and mobile network operators.

Continue Reading

Business

President Funds 1350 Entrepreneurs Under NEIP Business Support Programme

Published

on

President Nana Addo Dankwa Akufo-Addo is set to award 1,350 entrepreneurs with cash to start and expand their businesses under the National Entrepreneurship and Innovation plan (NEIP) Business Support Programme.

The grant, ranging between GHC10,000 to GHC100,000 will be given to young business men and women on August 7, 2018.

The NEIP Business Support Program is an initiative by the government under the Ministry of Business Development to support unemployed Ghanaian youth through training and funding.

Additionally, the aid is to assist them set up their businesses and boost existing ones.

The Presidential disbursement is the first of its kind in which a deliberate, systematic, as well as an integrated national policy has been instituted to support start-ups and small businesses.

The support, which is on loan basis, comes with an interest of 10 percent.

Payment is expected to be made within three years to enable beneficiaries to expand and create more businesses.

The NEIP Journey

The president launched the National Entrepreneurship and Innovation Plan-NEIP, a year ago to support and develop young businesses across the country.

NEIP after the launch, called for an online application where about 7,000 entrepreneurs applied to receive funding for their businesses.

The 7,000 applicants went through vigorous training at private incubation hubs across the country who also recommended applicants for funding.

1,350 out of the 7,000 were selected to receive funding ranging from GHS10,000 to GHS100,000 across the ten regions of Ghana.

The President will tomorrow 5:00pm at the banquet hall award the 1,350 entrepreneurs who where selected after their training.

The disbursement is expected to be in three phases; the Southern, Middle and Northern. The southern disbursement would be done by President Akufo-Addo, while the middle one would be done by the Asantehene Otumfuo Osei Tutu with the Northern disbursement to be done by the Vice President, Dr Mahamudu Bawumia.

Source: Ghana Web

Continue Reading

Business

Outrageous Tax Incentives Harming Local Businesses – ECG Chairman

Published

on

The current tax incentives arrangement for foreign investors looking to invest in key sectors of the economy ends up financing multinationals to the detriment of local businesses who continue to wobble under severe taxation, Marwan Ansah, Western Regional Chairman, Senior Staff Union of the Electricity Company of Ghana (ECG), has said.

He said if the government really wants to create jobs through the private sector, it should reconsider its “outrageous” tax incentives to retain some revenue for development.

“We think that the current arrangement for tax incentives are outrageous; even though the intention is to woo investors, the current arrangement is not prudent as it is inimical to Ghanaians. Tax incentives are not wrong, but it appears we are giving too much away and not getting anything in return,” he told the B&FT in an interview at a forum on “Illicit financial flows and the needed revenue for public services development” organized by the Friedrich Ebert Stiftung (FES), in Dodowa, Accra.

To him, the country—and Africa as a whole—has virtually become a source of capital for multinational firms, which he said, is not in the interest of the economy.

He added: “We need to put efforts together to ensure that when they [multinationals] come here to make the money, they give back to us and not take it all away. As it stands, Ghanaians are helping the foreign investor to make money and walk away.”

Also, he queried: In areas where we have succeeded, like the extractives sector, for instance, we have gold which attracts investors, so why give incentives?

According to the Marwan Ansah, it is a good thing for the government to woo investors by creating an enabling environment that makes the investor feel comfortable and less burdened, but not when the outcomes do not reflect on the economy.

Per the current arrangement, he said, it is as if the government is financing foreign investors with such outrageous tax incentives for them to make money and ship them out instead of us [country] benefiting from them.

“There is erroneous impression that government is creating jobs when we are actually financing multinationals and taxing people who are making little.

Even though VAT was not increased in the budget, naturally some form of increase has shown up, which will be inimical to Ghanaians but multinationals will make the money and walk away,” Mr. Ansah noted.

According to the World Bank, tax incentives cost the country about 5percent of GDP which amounts to US$2billion annually.

Participants at the workshop comprising various trade unions and civil society organisations implored on government to review its current tax treaties to ensure that they do not become a source of tax losses.

“Government should consider renegotiating tax treaties that are no longer fit for purpose,” the forum recommended.

The two-day conference provided the avenue sharing and discussing the various constraints and opportunities to domestic revenue mobilization in the country.

Participants also discussed the threats of privatization to quality public services delivery and how much the country losses to tax incentives and other waivers to multinational companies.

Source: Ghana Web

Continue Reading

Trending

Copyright © 2018 George Britton