APA – Accra (Ghana)
The report that first quarter results of banks have shown signs of recovery after a large majority of them suffered heavy losses on account of the crippling effect of the Domestic Debt Exchange Programme, indicating financial sector resilience in an otherwise troubled economy is one of the leading stories in the Ghanaian press on Wednesday.
The Graphic reports that the first quarter (Q1) results of banks have shown signs of recovery after a large majority of them suffered heavy losses on account of the crippling effect of the Domestic Debt Exchange Programme (DDEP), indicating financial sector resilience in an otherwise troubled economy.
Partially on the account of the DDEP and the difficult economic conditions which slowed business activities, Ghana’s banking sector went into deep distress after posting heavy losses at the close of the 2022 financial year that threatened the financial sector stability.
About 16 out of the 23 commercial banks in the country recorded heavy losses at the close of 2022 year with only five banks posting profits.
The five profit-making banks are United Bank for Africa (UBA), Guaranty Trust Bank (GTB), First National Bank (FBN), Societe General Bank, and Bank of Africa (BOA).
In spite of the heavy losses which totalled over GH¢6 billion, the recovery has been swift, with most banks bouncing back from their losses and declaring profits as first quarter analysis of the banking sector has revealed.
This situation has brought some respite to investors and shareholders while restoring hope to a sector which many feared was going to face another turbulent time after the financial sector clean-up some years ago.
Analysis of the first quarter financial statements posted by the banks showed a reversal of losses suffered last year to increased profits.
For instance some of the country’s prominent banks such as GCB Bank posted a profit after tax of GH¢190 million in quarter one of this year from a loss of GH¢555.8 million at the end of the 2022 financial year.
The newspaper says that the National Petroleum Authority (NPA) has initiated moves to promote fuel trade and investment between Ghana and Mali.
The NPA’s strategy is to continuously engage the Malian authorities and importers to achieve the objective of increasing fuel supply to the Sahelian region.
Consequently, a delegation from the NPA led by a Deputy Chief Executive, Linda Asante, paid a four-day working visit to Mali.
The team held meetings with key stakeholders including the regulators, Office Malien des Produits Petoliers (OMAP), the Malian Customs, and the directorate in charge of trade – Direction Generale Commerce de la Consommation et de la Concurrence (DGCCC) and Malian petroleum importers operators.
Mrs Asante said the visit was part of NPA’s strategy to deepen economic relations between Ghana and and Mali, and other countries in the sub-region particularly in the area of fuel trade.
“It was also to discuss matters on trade facilitation and the signing of a trade cooperation agreement between Ghana and Mali,” she added
The Deputy Chief Executive stated that the idea was to collaborate with key Malian institutions to develop export protocols and sign trade cooperation agreement to promote fuel trade and investments between the countries.
She also revealed that another key area of focus for the delegation was to strengthen the collaboration between NPA and its counterparts in curbing illicit fuel activities associated with the fuel trade to ensure the tax revenues of both countries are protected, and also ensure that the Ghana-Mali corridor is safeguarded to protect the economic interests of both countries.
The Ghanaian Times reports that the Accra East Region of the Ghana Water Company Limited (GWCL) has disconnected the Guinness Ghana Breweries PLC (Achimota site) over GH¢6.7 million in unpaid bills.
This was in line with a revenue mobilisation exercise started by the GWCL in April to rake in over GH¢800 million in unpaid bills by customers.
Speaking with the media after the exercise yesterday, the Regional Chief Manager of the Accra East Region, Mr Emmanuel Johnson, stated that a disconnection notice would be sent to the Guinness Ghana Breweries PLC (Achimota site) and would be given a payment plan.
He hinted that part payment would only be accepted from Guinness Ghana Breweries PLC (Achimota site) if the GWCL was satisfied with the amount.
Mr Jonhson revealed that the GWCL gave the Guinness Ghana Breweries PLC (Achimota site) a three months payment plan and called for a meeting yesterday but they gave no indication of partaking in the meeting hence the need to disconnect them from water supply to force them to pay what they owe the GWCL.
He added that the GWCL had extensive discussions with indus¬tries and the Association of Ghana Industries (AGI) on honouring their obligations to the GWCL however Guinness Ghana Breweries PLC (Achimota site) had been reluctant to pay their bills.
He urged all customers to pay all their bills to avoid disconnection saying that “if disconnected customers fail to pay their bill, they would be served with a notice for payment and subsequently taken to court.”
The newspaper says that Jospong Group of Companies (JGC) has entered into a historic international partnership with ZeroNox Inc., a leading provider of sustainable, off-highway vehicle electrification Company with the formal signing of the Joint Venture (JV) agreement to provide electric vehicles in Ghana.
The JV agreement which was signed at ZeroNox headquarters in the USA aims at advancing clean technology solutions in Africa.
Representatives from the Ghanaian government and other leaders from the U.S. Legislature joined ZeroNox Co-Founder and CEO Vonn Christenson, Co-Founder and President Robert Cruess, COO Jason Eggett, and CTO Jacob Gotberg in commemorating this step toward a cleaner future for all.
Their Ghanaian counterpact in¬cluded Dr Joseph Siaw Agyepong, Executive Chairman of the Jospong Group, Messrs Hassan Tampuli, Deputy Minister of Transport, Kennedy Nyarko Osei, MP for Swedru and Chairman of the Roads and Transport Committee, George Walker, CEO of TechWorld, Mrs Florence Larbi, COO of the Environment and Sanitation Cluster.
Others are Mr Alex Attako¬ra, COO of the Technical and Logistics Cluster, Noah Gyimah, Chief Investment Officer, Sophia Kudjordji, Chief Corporate Communication Officer, Patricia Ofori Atta, Assistant Communications Manager, Loworki Ahulu, Legal Manager and Strive Kakraba, Senior Communications Officer.
The unveiling of the world’s largest fleet retrofit electrification project and the signing of the JV agreement between Jospong Group and ZeroNox marked significant milestones for both companies and leverage Ghana as the gateway to electric vehicle and related technology distribution throughout Africa.
GIK/APA