APA – Accra (Ghana)
The report that African Export and Import Bank (Afreximbank) has granted a $280 million loan facility for the development of the Boankra Integrated Logistics Terminal project in the Ashanti Region is one of the leading stories in the Ghanaian press on Wednesday.
The Graphic reports that African Export and Import Bank (Afreximbank) has granted a $280 million loan facility for the development of the Boankra Integrated Logistics Terminal project in the Ashanti Region.
It was made possible through the concessionaire, Ashanti Ports Services Limited, a joint venture of Afum Quality Limited of Ghana and DSS Associates of the Republic of Korea.
The concessionaire under the agreement is expected to invest about $330 million for the realisation of this project.
It is also expected to design, engineer, finance, procure, construct, operate and maintain the project and transfer it to the government after a 30-year period.
The bank approved the loan facility in a crunch meeting as part of the ongoing 30th Afreximbank Annual General Meeting (AGM) in Accra.
The project is meant to ease congestion at the country’s seaports, thus facilitating the transit trade of Ghana through Kumasi to the northern belts and the landlocked neighbouring countries, including Niger, Mali and Burkina Faso.
When contacted, the Chief Executive Officer (CEO) of Afum Quality Limited (AQL), Isaac Afum, expressed excitement at the approval of the loan facility secured from Afreximbank.
He said the first phase of the project, which included the ground for the terminal area and basic structures, was near completion.
The Ghanaian Times says that the Acting Oti and Volta Regional Manager of the Ghana Cocoa Board (COCOBOD), Mr Boaz Ofosu Asiedu, has pleaded with cocoa farmers to stop smuggling the commodity to neighbouring countries to the detriment of the nation.
He said the smuggling of cocoa across the borders of the country, still remained as one of the challenges confronting cocoa production, therefore the rally to educate them against the practice and empower them to produce more.
He was speaking at the end of a regional rally for cocoa farmers in the two regions at Dodi-Papase in the Kadjebi District of the Oti Region over the weekend.
Mr Asiedu therefore, called on assembly members in cocoa growing areas, to form vigilante groups to monitor and prevent cocoa smugglers from their nefarious activities, which had over the years affected the cocoa production of the country, and must be stopped.
The regional rally educated cocoa farmers on effects of smuggling of cocoa on the economy, and the need to stop the negative practice as well as imparted knowledge to farmers on best cocoa farming practices to ensure maximum yield.
According to him, it was important for cocoa farmers to appreciate the fact that the government had invested much in the cocoa farming sector particularly in the provision of farm inputs such as fertilisers, pesticides and construction of cocoa roads to aid transportation of the produce to marketing centres.
The Oti and Volta Regional Extension Officer of the COCOBOD, Mr Noel Ayibor, stressed the need for replanting of old cocoa farms and disclosed that over 1000 hectares of new cocoa farms would be cultivated this year.
Mr Ayibor asked cocoa farmers to form groups to enable them to complete planting of cocoa in all cocoa farms in the two regions within the rainy season, as a way of laying a strong foundation for the cocoa industry in the regions for the benefit of the farmers and the nation as a whole.
The Oti and Volta Region Pollination Coordinator, Mr Elorm Kpornu Mensah, said pollination exercise was an intervention that would increase cocoa production, and urged farmers to recondition themselves to take advantage of the cocoa pollination exercise to ensure high yields.
He also stressed the need for cocoa farmers to strictly adhere to technical advice from cocoa extension officers, including regular pruning, weeding of their farms and application of appropriate fertilisers at the right time to ensure better yield.
The newspaper says that panelists at the Africa-Import-Export-Bank (Afreximbank) have called on African governments to negotiate long-term and cheap funding to support their economies.
They also suggested that governments in Africa must put in place policies to raise money locally to finance development projects.
According to them, long-term funding and mobilising resources locally would help reduce the growing debts of the respective African countries and give them a financial reprieve.
The programme was on the theme “United We Stand: Deploying AfriCaribbean Resources for Sustainable Development – Perspectives from Monetary Authorities”.
The Governor of the Bank of Ghana, Dr Ernest Addison, in his contribution, said poverty in Africa was a result of weak growth.
“Africa must create the environment that promotes growth and generates jobs,” he said.
Dr Addison said the respective African countries must put in place policies to enhance domestic revenue mobilisation to build strong buffers to withstand shocks.
He said increased local savings would help Africa raise funds locally to finance her development.
Dr Addison called for closer collaboration between Africa and the Caribbean, and suggested investment in Air and maritime transport to facilitate trade between the two regions.
The Minister of Finance of Egypt and Chairman of Afreximbank General Meeting in Accra, Mohammed Ahmed Mait, said the developed economies and international financial institutions must increase financial support to Africa to address poverty and climate change.
He said Africa needed long-term funding to address the development challenges facing the continent, particularly climate change, to promote growth and reduce poverty.
He said Africa lacked resources to tackle climate change and it was important for international financial institutions and developed economies to support Africa in that direction.
The Ghanaian Times also reports that Vodafone Ghana has launched a new cashback initiative, the ‘ƐDAMU’ promo in a move to reward customer loyalty and promote digital transactions,
The promo, which roughly translates to ‘jackpot’ in Akan, offers customers up to 20 per cent cashback on their recharge value.
This reward applies to any single top-up of GH¢5.00 or more made through digital platforms, including Vodafone Cash, My Vodafone App (MVA), Electronic Voucher Distribution (EVD), and approved third-party channels.
The Consumer Business Unit Director, Voda¬fone Ghana, David Umoh, expressed enthusiasm about the new initiative.
“At Vodafone Ghana, we are constantly exploring innovative ways to show our customers that their trust in us is deeply valued. The ƐDA¬MU promo allows us to reward our customers and also encourage the use of digital channels for airtime purchases, aligning with Vodafone Ghana’s digital transformation agenda,” he said.
Vodafone Ghana, he said, had a strong track record of driving digital transformation through its innovative products and services.
He said the company’s commitment to creating a digital society that prioritises inclusivity and accessibility has been unwavering.
“The ƐDAMU promo is another step in Vodafone Ghana’s journey towards a more connected and digitally empowered future. By embracing technology and pushing boundaries, the company continues to pave the way for digital innovation in the telecommunications sector,” he said.
The promotion is open to all consumer and business mobile prepaid and hybrid subscribers. Customers will see their cash rewards instantly credited to their Vodafone Cash accounts each time they make an eligible digital recharge of GH¢5 or above.
GIK/APA
Press spotlights Afreximbank’s grant of $280m loan for Boankra Inland Port, others
