The report that the Bank of Ghana’s efforts at sanitising the trading of foreign exchange (forex) are yielding the needed results and the announcement by MTN Ghana of a 15-month partnership with the Ghana Football Association (GFA) to become a sponsor of the Black Stars are some of the leading stories in the Ghanaian press on Friday.
The Graphic reports that the Bank of Ghana (BoG) says efforts to sanitise the trading of foreign exchange (forex) are yielding the needed results.
It said while data showed that more people were now resorting to the licensed forex bureaus for their forex needs, the level of speculation on the cedi had reduced, leading to some respite for the local currency.
Data showed that the cedi improved from a peak of more than GH¢15 to a dollar in the week beginning October 19 to about GH¢13.5 to a dollar in the first week of November.
Consequently, the Head of the Other Financial Institutions Supervision Department (OFISD) of BoG, Yaw Sarpong, told the Graphic Business yesterday that the central bank would continue with the measures aimed at weeding out the illegal traders to help restore discipline in the buying and selling of the US dollar, the British pound, the euro and the CFA franc, among others in the country.
Mr Sarpong was speaking to the paper on the recent revocation of the licences of the Trade House and the Airport City Forex Bureaux Limited in Accra.
Last Thursday, the central bank revoked the licences of the two bureaus over their non-compliance to sections of the Foreign Exchange Act 2006 (723) of BoG.
The bank said the companies had contravened Sections 11 (1) and 12 (f) of the Act by failing to identify their customers, issue electronic receipts and setting prices in a way that is detrimental to customers.
Prior to the revocation of the licences, BoG and the Police, in September, swooped on illegal FX traders at Rawlings Park, Tudu, Cowlane, the Kwame Nkrumah Circle, Kinbu, Timber Market and Lava.
The exercise led to the arrest of 76 perpetrators who were alleged to be engaged in illegal trading for prosecution.
The newspaper says that the Minister of Trade and Industry, Kyerematen, has advised insurance companies to properly position themselves to be able to leverage the opportunities available under the African Continental Free Trade Area (AfCFTA).
This is to help grow their businesses.
Mr Kyerematen said while the free trade area provided enormous opportunities to businesses, including insurers, companies that failed to build the relevant capacity, expertise and capital risked missing out.
He mentioned track record, customer service and capital outlay as some of the critical areas for insurance companies when it came to benefit from the continental pact.
The Trade and Industry Minister advised in Accra when he opened the new head office building of indigenous insurer, Imperial General Assurance.
The office complex building is located at Asylum Down in Accra.
Mr Kyerematen commended the shareholders of Imperial General Assurance for the investment into the building, noting that it would help strengthen the company’s brand.
He was optimistic that the facility would be put to good use by helping to improve customer service and the delivery of Imperial General’s products and services.
The newspaper says that the Telecommunications giant, MTN Ghana has announced a 15-month partnership with the Ghana Football Association (GFA) to become a sponsor of the Black Stars.
The deal, which runs out in January 2024, will see MTN commit the cedi equivalent of $ 2 million to the team ahead of their participation in the FIFA World Cup “Qatar 2022”.
The sponsorship package is to support the well-being of the Black stars at the World Cup and their preparations towards the next African Cup of Nations.
Addressing a press briefing to announce the deal yesterday in Accra, the Chief Executive Officer (CEO) of MTN Ghana, Selorm Adadevoh disclosed that the agreement was hatched at a meeting between President Nana Addo Dankwa Akufo-Addo; the Group CEO of MTN, Ralph Mupita and the Senior Vice President for Markets – MTN Group, Mr Ebenezer Asante.
He said MTN’s sponsorship of the Black Stars was a reinforcement of the faith MTN has in the nation, including the national football assets.
“Today, Qatar 2022 is before us. We believe that our Black Stars deserve all the support they need to excel as they take on the rest of the world,” Mr Adadevoh said.
“As a network of choice and based on our track record with football sponsorships, we deem it a great responsibility to contribute our quota towards building and investing in a formidable team who will go all out to excel and bring back the joy, excitement, and Unity that football brings to our society”.
“I take this opportunity to encourage all Ghanaians to cheer the Black stars to victory as we wish them the very best. I am certain that with our support, the Black Stars will shine brightest and make history this year by bringing the cup home”.
Similarly, the Minister of Youth and Sports, Mustapha Ussif praised President Akufo-Addo for the vital role he played in securing the sponsorship.
The Ghanaian Times reports that Ghana needs between US$9.3 billion and US$15 billion to implement its revised climate action plan under the Paris Climate Agreement.
The plan, technically known as Nationally Determined Contributions (NDC), and aimed at reducing emissions and adapt to climate impacts, is being implemented from now to 2030.
Each party to the Paris Agreement including Ghana is required to establish an NDC and update it every five years.
Speaking at a pre-COP27 briefing in Accra yesterday, Peter Dery, Director of Environment, Ministry of Environment, Science, Technology and Innovation, said Ghana’s NDCs outline two main goals related to the energy transition by scaling-up renewable energy penetration by 10 per cent by 2030 and replacing light crude oil for electricity generation in thermal plants with natural gas.
He noted that the country’s NDCs were focused on leveraging natural resources to fund sustainable transition to a low carbon economy growth.
Mr Dery stated that, additionally, it aimed at enhancing Ghana’s climate change mitigation goal of reducing 64 million tonnes of greenhouse gas emissions by 2030 by implementing 34 mitigation programmes of action while ensuring the creation of green jobs, and improving wellbeing of the citizenry.
The ministry, he said, was engaging and working with stakeholders and partners to put in place critical policies and regulatory arrangements that would enable the mobilisation of resources from the carbon market to achieve the set targets.
Dr Kwaku Afriyie, Minister of Environment, Science, Technology and Innovation, stated that, Ghana and Africa as a whole, which makes the smallest contribution to the climate crises was the most vulnerable and facing the brunt of the consequences.
To this end, he said the country was working through the Africa Group of Negotiators (AGN) to put forward its thinking and demands for climate action.
Among the demands, was the mobilisation and scaling-up of adaptation finance flows to meet adaptation needs and reduce vulnerability as well as innovative financing including debt for adaptation, he stated.
He reminded Ghana’s developed partners of the pledges to mobilise and make available US$100 billion for developing countries to pay for the cost of tackling climate change which was yet to be realised.
With regards to Loss and Damage of climate change, he said, Ghana recognises the impacts of loss and damage on women, youth, children, and other vulnerable groups and called for the integration of the groups and meeting of funding needs.
Dr Afriyie called for increased and sustained finance from developed countries towards mitigation programmes to generate greenhouse gas (GHG) emission reductions of 64 MtCO2e from 2021 to 2030.
GIK/APA