Press spotlights approval of Justice Gertrude Torkornoo’s nomination as Chief Justice by Parliament

APA – Accra (Ghana)
The Parliament’s approval of the nomination of Justice Gertrude Torkornoo as the Chief Justice of Ghana and the report that Government T-bills auction was oversubscribed by 15 per cent are some of the leading stories in the Ghanaian press on Thursday.
The Graphic reports that the Parliament has approved the nomination of Justice Gertrude Torkornoo as the Chief Justice of Ghana.
This was after the Appointments Committee of Parliament unanimously endorsed her nomination following her vetting on May 26, 2023.
President Akufo-Addo nominated Justice Torkornoo in April 2023 to succeed Justice Kwasi Anin-Yeboah, who retired from the position on May 24.
The newspaper says that Government treasury bill (T-Bills) auction for this week has been oversubscribed by GH¢3.90 billion as investors cash in soaring interest rates on government dated securities.
This accounts for a 15 per cent increase in over subscription, indicating investment appetite for higher yields even though, many experts have cautioned against high interest of government dated securities.
Government targeted to raise GH¢2.08 billion from the sale of both its 91-and 182-day bills but ended up receiving GH¢2.4 billion for this week’s auction.
The week-on-week yields on the government dated securities witnessed an overall approximated increase of 0.73bps and 0.98bps from 20.4 per to 21.1 per cent and 22.9 to 23.9 across the 91 and 182-day bills respectively over the past week.
Interest rates on government securities have begun to tick upwards even after the government has secured 600 million out of the three billion International Monetary Fund (IMF).
The International Monetary Fund (IMF) in its report on Ghana’s three-year Extended Credit Facility (ECF) programme noted that the country’s debt restructuring plans still leave a substantial need for T-bill issuance in the near term.
The fund said that exposed the country to uncertainty in domestic market conditions, though the programme implementation and outreach might help mitigate financing risks.
The DDEP saw the government swap a total of GH¢82 billion of old bonds to 12 new ones at a reduced coupon rate and longer tenors.
The exchange of Cocoa Bills and dollar-denominated bonds is also currently at an advanced stage.
The Creditor Committee co-chaired by China and France has also been formed to begin the restructuring of the country’s US$5.4 billion debt to bilateral partners.
The government has also, since December 2022, been engaging with its commercial creditors to restructure debts totalling US$14 billion.
Government restructuring of its debts through the DDEP saw government bonds being traded in single digits. The debt swap saw the 12 bonds being traded at 9 per cent. This, many experts hoped, signalled the market readjusting as government bonds were too expensive.
In March, government rejected all the bids for the sale of treasury bills from investors insisting that the interest rate of about 35 per cent was too high.
The Ghanaian Times reports that the Absa Group has expressed its commitment to unlock the immense potential that Africa has through innovative people-centred product and services.
“Gone are the days of viewing Africa through a narrow lens of limitations; this bank recognises the rich tapestry of stories, aspira¬tions, and untapped opportunities that lie within its diverse commu¬nities. By shifting the focus from banking transactions to human narratives, Absa is now attempting to rewrite the rules and reshape the perception of what a bank can truly achieve,” the Chief Execu¬tive Officer, Absa Group, Arrie Rautenbach, said at the Group’s recent leaders’ forum in South Africa.
The conference, held in South Africa at the Johannesburg Sandton Convention Centre, was attended by more than 300 leaders from Absa Group’s 12 operating countries.
Dubbed ‘Ijayo,’ a Kiswahili word symbolising the future, the programme was dedicated to forg¬ing Absa’s new brand purpose, a daring declaration crafted to steer the bank’s strategic trajectory in the years to come.
Speaking at the programme, Mr Rautenbach said the new strategy of the Absa Group was to grad¬ually empower Africa to help it overcome its numerous socio-eco¬nomic challenges.
“Empowering Africa’s tomor¬row, together…one story at a time might sound like a lofty ideal, but it serves as a rallying cry for change in an industry often criti¬cised for its rigidity and conserva¬tism,” he stated.
The Chief Executive Officer said the Group’s mantra of ‘em¬powering Africa tomorrow, one at a time’ signified a bold departure from traditional banking norms, and embraced a progressive, exciting, and community-centric approach.
“While some may raise their eyebrows at this departure from the tried and tested, Absa’s coun¬terintuitive approach opens doors to new possibilities. It challenges the notion that banks should solely focus on financial transactions, highlighting the importance of human connection and empow¬erment. By embracing unconven¬tional practices, Absa is signalling to the financial world that it’s time to think outside the box,” Mr Rautenbach stated.
The Managing Director of Absa Bank Ghana, Ms Abena Os¬ei-Poku, in her remarks, said Absa Bank Ghana’s constant culture of reinvention, fortified by a centu¬ry-old heritage, had set it apart in impacting and supporting real sector growth.
She said Absa Ghana recently unveiled an unprecedented initia¬tive to empower SMEs—offering loans of up to GH¢1 million at a remarkably low rate of 10 per cent per annum without collateral, at a period where borrowing rates had soared above 30 per cent.
The newspaper says that Ms Patricia Obo-Nai, the Chief Executive Officer of Vodafone Ghana, has been named among the top 93 women Chief Executive Officer’s (CEOs) in Africa, according to the 2023 Africa.com Definitive African Women CEOs list.
The list, sponsored by Standard Bank Group, is unique in its focus on African businesswomen leading large-scale businesses and is based on data-driven research, with data provided by Bloomberg.
“This year’s list of 93 women represents 17 countries that have qualified based on either large-scale revenue or large-scale market capitalisation.
The list includes 40 women from South Africa, 12 from Nigeria, and 6 from Egypt, Ghana, and Kenya, respectively,” said Teresa Clarke, Chair of Africa.com.
The list was compiled from an analysis of 2,020 companies listed on the 24 African stock exchanges, with companies screened for revenue of $100 million or more, or a market capitalisation of $150 million USD or more
This resulted in a list of 787 companies, from which the top women CEOs were selected. Patricia was recognised for her accomplishments as the leader of Vodafone Ghana.
Patricia’s contribution to the telecommunications industry is significant. She has championed various innovations in the industry and is celebrated for her outstanding leadership during the heights of the pandemic.
Under her leadership, Vodafone Ghana introduced remarkable initiatives as part of a comprehensive relief package for Ghanaians.
Patricia is a strong advocate for technology and continues to emphasise the need for Africa to leverage technological advancement to drive sustainable development and secure its participation in the digital economy.
In her OpEd titled ‘Connecting Africa is the Seminal Challenge of our Time’, she stated: ‘’To expedite Africa’s economic recovery post-pandemic, the continent must accelerate digitalisation and expand regional cooperation.”
GIK/APA