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First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku Afari

First Deputy Governor of the Bank of Ghana (BoG) has said the recent bond issued by the government to settle the debt in the energy sector under the Energy Sector Levy Act (ESLA) has been fully subscribed by domestic market players.

This development according to Dr Maxwell Opoku Afari is an indication that the local private sector players are getting attracted to the bond market as a result of prudent measures introduced by the Bank of Ghana.

Dr Afari said the BoG is working hard to ensure that the growing interest and attraction by domestic investors is improved for the government to use the market to raise funds for development purposes.

He was speaking at the sidelines of the Ghana-EU Business forum in Accra on the topic: ‘The challenges of the monetary policy and markets development in Ghana.’

Dr Afari said, “We need to broaden the scope of government financing without crowding out the private sector through the development of a liquid bond market. The government is doing that by working to extend the yield curve of the domestic bond market, working to bring all other pension funds and the private sector to participate in the government bond market.”

He added “By re-profiling the government debt, what you see is that the yield trend is beginning to align properly with a lower interest rate at the bottom end as we move into a higher tenor bond we see a higher interest rate. This is beginning to shape the domestic market and attracting a lot of private investors domestically to participate.”

Dr Afari said, “For example, the government issued a GH¢6 billion ESLA bond and almost 98 per cent of those bonds were taken out by domestic participants, in fact, there was no foreign participation in the ESLA bonds. That shows the depth and a level of appetite that we have in the domestic market and we’re working hard to ensure that this market develops to support the financing of government activities in Ghana.”

 

SOURCE: JOYONLINE

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Gov’t commits to funding environment-friendly house

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Works and Housing minister, Samuel Atta Akyea, has called on architects to embrace green building architecture so as to ease the cost in house construction.

Speaking at the second Ghana Green Building Summit organized by Yecham Property Consult in conjunction with the IFC-Edge Program, Mr Atta Akyea explained that government is ready to provide the needed funding and support to roll out greenhouses on a massive scale.

“We have no excuse not to prioritize green building as a country. We as the government are very interested in ensuring that the private sector thrives in this light. The needed funding and budgetary allocation will be made once you (architects), engage us with interests,” he stated.

The conference saw stakeholders in the housing sector advocate policies and legislation to prioritize green building architecture in Ghana.

The President of the Ghana Institute of Architects, Architect Richard Nii Dadey made a case for “some legal push to ensure there are compliance and culture to greenhouse architecture.”

Executive president of the Ghana Real Estate Association (GREDA), Samuel Amegayibor told JoyBusiness more needs to be done on the part of the government to enforce green building architecture.

He believes some government intervention will ensure that architects and contractors attach new sustainable construction mechanisms regarding building environmentally, friendly houses.

Meanwhile, Executive Director of the Ghana Institute of Engineers, Kwabena Agyapong explained to JoyBusiness the need to adopt the culture of green building architecture in Ghana.

According to him, the culture of green building is a necessary element evident in the infrastructure of engineers. With the coming on board of the Builders’ Code, Kwabena Agyapong was hopeful the trend will soon and must catch up fast in Ghana’s construction industry.

Meanwhile, Executive Director of Yecham Property Consult, Cyril Nii Ayitey Tetteh who is the founder of the summit believes a policy direction would help enforce the concept of green architecture. Having hitherto organized the maiden Green Building Conference, Cyril Nii Ayitey Tetteh opined that earlier notions of green buildings being expensive have so far been dispelled.

Despite calls for Green Building Technology, some challenges exist. These include higher costs of GBTs, lack of government incentives, lack of financing schemes, unavailability of GBTs suppliers, and lack of local institutes and facilities for the technology.

Factor analysis shows that the underlying barriers are government-related. Amidst these challenges, some strategies to make headway have been proposed.

This includes education and training programs for key stakeholders, availability of institutional framework for effective GBTs implementation, a strengthened technology among others.

 

 

SOURCE: JOYONLINE

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Vodafone partners Homechow to launch food delivery App

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Vodafone Ghana has announced a partnership with food delivery service, Homechow through the launch of the Homechow Food App to enable customers order and pay for meals via a mobile app using the Vodafone cash mobile money service.

According to both parties, the move is towards a cash-lite society which is of utmost importance as the country strives to achieve a higher middle income status before 2025.

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In an interview with AdomOnline, the Chief Executive Officer (CEO) of Homechow App, Gabriel Ankamafio said the Homechow App will enable patrons to pay and have their orders delivered from over 400 restaurants in Accra.

The Homechow App will enable patrons to pay and have their orders delivered from over 400 restaurants in Accra

“This partnership is a win-win strategy for all of us; Vodafone, Homechow, the restaurants and the users and whilst payments are not exclusive to Vodafone Cash, customers who pay with Vodafone Cash will be offered incentives, such as GH¢5.00 off all deliveries every Friday (TGIF package) and three per cent discount on the cost of meals purchased,” he stated.

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Mr Martison Obeng-Agyei, Head of Vodafone Cash said “I am confident that the move is another step, to make Vodafone cash a ubiquitous platform and the company is happy to partner with Homechow, as we aim towards becoming a market leader in Ghana.”

 

SOURCE: ADOMONLINE.COM

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Receiver of insolvent and dormant micro-finance companies starts payment to depositors

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Eric Nana Nipah - Receiver for the insolvent and dormant microfinance companies

Eric Nana Nipah – Receiver for the insolvent and dormant microfinance companies

The Bank of Ghana’s appointed Receiver for the insolvent and dormant microfinance companies, Mr. Eric Nana Nipah, will today [Friday] start paying depositors of the 347 insolvent microfinance companies whose claims have been validated and agreed.

This follows the release of funds by Government of Ghana (GoG) to the Receiver.

The Receiver has deployed over 420 personnel across the country to validate and agree claims and to start making payments to depositors whose claims have been validated and agreed, without delay.

A press release by the Receiver copied to Graphic Online stated that payments to depositors will be made at designated branches of CBG, following notifications to these Depositors from the office of the Receiver.

Depositors whose claims have been validated and agreed will receive phone calls from the Receiver’s representatives confirming the amounts due to them, and directing them to the designated CBG branches for the processing and payment of their claims to the extent possible.

Depositors will be required to provide valid ID documentation. These can either be passports, NHIS cards, Voters ID and Drivers Licenses.

In accordance with the order of ranking provided in the relevant sections of the Banks and Specialised Deposit-Taking Institutions Act, 2016, Act 930, all other Creditors will be paid their claims depending on the quantum and timing of asset realisations in the receivership of the affected microfinance companies.

Mr. Nipah has therefore called on all depositors of the Microfinance companies to exercise patience as the Government has made available funds to pay each and every depositor whose claim(s) have been validated and agreed, to the extent possible.

The Bank of Ghana (BoG), on May 31, 2019 revoked the license of 347 Microfinance Institutions and in accordance with Section 123(2) of Act 930 appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers (Ghana) Limited (“PwC”) as Receiver for the purposes of winding down the affairs of the affected microfinance companies

The main duties of the Receiver are:

(i) to recover and maximise asset realisations for the benefit of Creditors including mainly Depositors and

(ii) distribute realisations in accordance with the relevant provisions of Act 930, to satisfy the indebtedness of these institutions to their body of Creditors, to the extent possible.

 

 

SOURCE: https://www.graphic.com.gh/business/business-news/receiver-of-insolvent-and-dormant-microfinance-companies-starts-payment-to-depositors.html

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