Category: Business

The Ghana Airports Company Limited (GACL) has received the Business Leader of the Year (Customer Service) award at the Ghana Business League Awards 2024 held in Accra.

The award, per the organizers, is a testament of the relentless efforts and remarkable contributions made by the customer service team and led by management showcasing committment to maintaining a consistent brand identity, goodwill and elevating standards within the avistion industry.

A statement issued in Accra by the Company said it would be recalled that Kotoka International Airport emerged ‘Winner’ of the Airport Service Quality (ASQ) for Best Airport by Size and Region in Africa on three consecutive ocassions; 2019, 2020 and 2021.

It said the awards were in recognition of GACL’s commitment to prioritising customer experience to make the passenger journey a pleasant one.

The ASQ awards represent the highest possible recognition for Airport Operators around the world and recognizes excellence in customer service.

The statement said GAC
L remained committed to maintaining its high standards in customer care towards its passengers as they accept the award.

The Ghana Airports Company Limited (GACL) has received the Business Leader of the Year (Customer Service) award at the Ghana Business League Awards 2024 held in Accra.

The award, per the organizers, is a testament of the relentless efforts and remarkable contributions made by the customer service team and led by management showcasing committment to maintaining a consistent brand identity, goodwill and elevating standards within the avistion industry.

A statement issued in Accra by the Company said it would be recalled that Kotoka International Airport emerged ‘Winner’ of the Airport Service Quality (ASQ) for Best Airport by Size and Region in Africa on three consecutive ocassions; 2019, 2020 and 2021.

It said the awards were in recognition of GACL’s commitment to prioritising customer experience to make the passenger journey a pleasant one.

The ASQ awards represent the highest possible
recognition for Airport Operators around the world and recognizes excellence in customer service.

The statement said GACL remained committed to maintaining its high standards in customer care towards its passengers as they accept the award.

Source: Ghana News Agency

Opportunity International Savings and Loans Ltd. (OISL), a leading provider of financial services in the country, has held financial literacy forums for its SME and microloan clients.

The forums formed part of activities to mark the 20th anniversary celebrations of the financial company.

Mr. Kwame Owusu-Boateng, the Chief Executive Officer (CEO) of the Institution, said the forums were to facilitate an open dialogue to share insights and gather feedback from the clients to improve services and products for customers.

The CEO said the forums were also to shed more light on OISL’s digital platforms and how clients could use them to access services in a more efficient way.

He expressed gratitude to the clients for their valuable feedback and assured them of OISL’s continual commitment to the provision of excellent services.

Dr. Francis Takyi, the Chief Risk Officer of the Company, spoke about OISL’s SME Collateral Requirements, detailing the various types of collaterals needed for the various categories of
loans.

He elaborated on the ‘Five Cs’ of credit (character, capital, capability, condition, and collateral) considered during loan assessments.

Mr. Francis Owusu Ansah, the Chief Business Officer of OISL, guided the SME and microloan clients through the basic loan requirements, application processes, turnaround time, and post-disbursement protocols.

Some clients shared their success stories and congratulated OISL on its 20th anniversary.

They also commended OISL for its support during the COVID-19 pandemic.

The engagements took place on the 2nd and 5th of April in Accra and Kumasi, respectively.

Source: Ghana News Agency

Kayoyi Limited, a leading e-commerce company, has begun operations in the country with the goal to fulfill the long awaited desire of the ordinary Ghanaian consumers looking for quality products at their doorsteps.

All products listed on Kayoyi Ghana’s page are of top-notch quality with trusted brands and supplies to maximise customer satisfaction and build brand loyalty.

It is the only platform that has all Muslim products such as quality Abaya, Jalabs, Tasbaha, Islamic books amongst others.

Mr Senna Bortsi, Chief Executive Officer, Kayoyi Ghana, who briefed the Ghana News Agency about the operations of the company in the country, said, ‘The company, as an effective standards unit, ensures that all products listed on its page for sale are verified from trusted sources and manufacturers.’

Mr Bortsi said the company had the best rapid delivery system deployed across the country adding, ‘The delivery unit ensures customers get their products within a 24-hour mark period. It is revealing that this is one of
the hallmarks of Kayoyi everywhere it operates, and the company is making efforts to improve this even further.’

He said the company had several promotional campaigns all-year-round adding, ‘The current Eid Promo, which seeks to give customers the opportunity to buy any product on our webpage at a reduced price, is nothing but the brightest campaign so far in the e-commerce sector in Ghana.’

He said: ‘With its added advantage of comfort and convenience, bespoke orders, flexible payment plan, on time delivery and many more is nothing less than mouth-watering packages for the Ghanaian consumer. These and many more campaigns will follow in the coming years.’

He touched on the company’s infrastructure, saying it had deployed an advanced state-of-the-art infrastructure to ensure access, convenience, responsive, user-friendly interface, and safe e-commerce transactions in the country.

Mr Bortsi spoke about corporate social responsibility and indicated, ‘The company empowers its customers, suppliers, staff, and
the public in ways that have an overall impact on the operational environment. Regular educational programmes will be organised for customers on best customer service, fashion trends and wardrobe malfunction remedies.’

Kayoyi Ghana has an exceptional customer relations culture with its well-trained customer centric staff, after sales inquiry and above all continuous communication pattern to assist the customers satisfy their desires in products purchase and enquiry,’ he said.

Source: Ghana News Agency

Zenith Bank Ghana capped off a stellar year in 2023, with total assets surging by nearly 44 per cent to reach GHS13.86 billion as profit before tax moved to GHS1.02 billion.

This represented a 284.35 per cent reversal from the GHS554.6 million loss recorded in 2022 as a result of the Domestic Debt Exchange Programme (DDEP).

A driving force behind the performance was high customer confidence in the Bank as deposits grew by GHS3.32 billion, to reach GHS11.7 billion for the period.

Similarly, the Bank expanded its loan book to GHS2.25 billion, GHS390.7 million higher than in the previous year.

Mr Henry C. Onwuzurigbo, Managing Director/Chief Executive Officer of Zenith Bank Ghana, said, ‘We are glad to see the trust our customers have placed in the bank’s stability and financial strength. This deposit mobilisation strengthened our liquidity position, allowing us to continue providing essential financial services to our clientele.’

‘Again, the upswing in lending activity is a positive indicator for Ghana’s e
conomy. It indicates growing confidence in businesses and a potential increase in economic productivity,’ he added.

Consequently, interest income – a vital indicator of a bank’s lending and investment activities – surged by GHS317 million to GHS1.38 billion, highlighting the success of its strategies in loan origination and managing investment portfolios.

Additionally, fee and commission income grew by GHS49 million.

But the real highlight of the year was the exceptional performance in trading. Net trading income more than doubled from GHS156.7 million to GHS332.6 million, potentially fueled by favourable market conditions or strategic trading decisions by the Bank.

The Bank had to steer through some challenges which impacted its net profit in 2023 such as the GHS109 million impairment loss on financial assets, which impacted the bottom line.

This, however, was a tenth of the GHS1.19 billion recognised in 2022.

Operating income appreciated by GHS546 million to GHS1.6 billion, highlighting the underlying
strength of the bank’s core business activities in generating healthy and consistent revenue.

The bank’s shareholders’ funds also improved significantly by 68 per cent from GHS982million post-DDEP to GHS1.66 billion due to its exceptional performance in 2023.

Market watchers believe that by tackling the impairment losses and implementing cost optimisation strategies, growing its risk assets as well as investment portfolio, Zenith Bank Ghana is well-positioned to translate its impressive revenue growth into long-term financial success, especially as the bank’s focus on customer satisfaction and strategic revenue generation sets a strong foundation for a prosperous future.

The Bank’s 2023 performance positions it for continued success in the years to come.

Source: Ghana News Agency

The International Monetary Fund (IMF) says economic growth in Sub-Saharan Africa (SSA) is projected to rise from 3.4 per cent in 2023 to 3.8 per cent in 2024.

Abebe Selassie, Director, African Department, IMF, said this at a news briefing on the IMF’s Regional Economic Outlook for SSA titled ‘A Tepid and Pricey Recovery’ on Friday in Washington DC.

Selassie said economic recovery was expected to continue beyond 2024, with growth projections reaching 4.0 per cent in 2025.

‘After four challenging years and multiple shocks, SSA’s economy appears to be on the mend.

‘We expect growth to accelerate to 3.8 per cent from 3.4 per cent last year, after peaking at almost 10 per cent in late 2022.

‘We are also seeing inflation having been halved in the early months of this year, thanks to decisive actions by central banks.

‘This includes slower food price increases, a positive development in a region where the cost-of-living crisis has been acute in recent years.’

He further said fiscal consolidation efforts were
starting to pay off, with the median public debt stabilising at around 60 per cent of Gross Domestic Product(GDP), halting a 10-year upward trend.

‘ With global financial conditions easing, a few countries have been able to return to international markets, ending a two-year hiatus.’

The director said though the signs were encouraging, the region was not out of the woods.

Selassie said far too many countries still faced a funding squeeze, adding that their borrowing costs were high and funding sources curtailed.

‘Government interest payments now account for about 12 per cent of revenues, more than double the level a decade ago, and official development assistance concessional financing has become much more scarce.

‘What does this mean for countries? It means much-needed funds are being diverted from spending on investment development to interest payments, with consequences for the region’s growth potential and its ability to withstand future shocks.’

He said sustaining reforms would be important for macr
oeconomic conditions to continue to improve.

Selassie said this would ensure that countries in the region could build their resilience to shocks, generate jobs, diversify their economies, and improve living standards.

The director said three policy priorities could help countries in the region adapt to the challenges

‘First, to continue to improve public finances, with an emphasis on domestic revenue mobilisation.

‘This will help meet the region’s vast development spending needs in the context of scarce concessional financing and high borrowing costs.’

He said the second policy priority was to sustain the focus on reducing inflation wherever inflation remained well above target.

Selassie said the third policy was to implement reforms that enhance skills development, spur innovation, improve the business environment, and promote trade integration to secure more affordable and stable financing.

‘But the burden should not just be on countries alone. Support from the international community will remain ess
ential.

‘The IMF stands ready to support, having already provided 58 billion dollars in financing to the region since the start of the pandemic.

‘Let me conclude by stressing that the region is at a turning point. With the right policy choices, I am very confident that the region will ensure that this will be the African century.’

Source: News Agency of Nigeria

ADAMA West Africa Limited, a leading manufacturer of pesticides, has engaged stakeholders in the cocoa industry as part of measures to provide a robust cost-effective supply network to enhance productivity of cocoa farms.

The engagement afforded the company’s management an opportunity to obtain feedback from Chief Farmers, Cocoa Input Dealers and Distributors in the value chain on its products’ efficacy.

Mr Joshua Banana Awutey, the Marketing and Development Manager of ADAMA West Africa Limited, told participants that the company’s products were well-researched, tried, tested and safe for use.

He said with extensive global presence and direct reach to farmers, ADAMA West Africa continued to identify problems facing cocoa farmers and address them through innovative solutions.

Mr Awutey said ADAMA products such as Banjo Forte 400, Vamos 500 SC, Ema Star 112 EC, Acetar Star 46 EC, and Trivor 310 DC among others, were effective and efficient in controlling major insect pests and diseases on cocoa.

He, howeve
r, cautioned farmers not to mix two products or chemicals together to avoid complications, and appealed to farmers to read instructions on labels and seek advice from extension officers before spraying the chemicals on their crops.

He reminded farmers that with regular farm sanitation, the insect population in the farm would reduce without spraying.

The Western-South Regional Manager of Cocoa Health and Extension Division (CHED) of the Ghana Cocoa Board (COCOBOD), Mr Samuel Osei, said the news from the Chief Executive Officer of COCOBOD that Ghana had lost over 500,000 hectares of cocoa swollen shoot virus disease was a serious concern to the sector, especially to the Division.

He added that cocoa production had declined in the last three years thereby affecting the local economy.

He said COCOBOD, therefore, welcomed the collaboration with ADAMA West Africa Limited to sensitize cocoa technical officers, farmers, and Agro Input Dealers on the right and appropriate use of their products for maximum yields.

M
r Osei asked ADAMA West Africa to continue to produce more potent and quality products to mitigate the challenges farmers faced on their farms.

He said as part of the Productivity Enhancement Programme, COCOBOD had earmarked 900,000 hectares of cocoa farms for pruning throughout the year.

Out of this figure, 222,798 hectares would be pruned in the Western-South Region, he noted.

He said as part of the Agenda Restoration, cocoa farmers in the Western-South Region were being supported technically to increase their production through the adoption of good agronomic practices such as pruning, poultry manure application, foliar fertilizer application, hand pollination and effective crop protection to produce at least 300,000 metric tonnes of cocoa between 2023/2024 and 2024/2025.

The Western-South Manager said COCOBOD would assist all cooperatives, associations, and groups with standard and motorized pruners as well as fuel and lubricants for massive cooperative-led pruning exercise of all cocoa farms in the Re
gion.

He called on cocoa farmers to support the Agenda Restoration (Ah-Res-300K!) to restore and revamp cocoa production in the Region for enhanced economic activities in the cocoa growing communities.

Source: Ghana News Agency

In a significant engagement underscoring international collaboration for sustainable development, Development Bank Ghana (DBG) hosted a distinguished delegation from Germany’s Bundestag (Federal Parliament).

The visit took place at DBG’s headquarters recently.

The German delegation was led by Mr. Volkmar Klein, MP, representing the State of North Rhine-Westphalia, and Mr. Lutz Lienenkämper, the State’s former Finance Minister.

They were joined by Mrs Ramona Simon, Deputy Head of Cooperation at the German Embassy in Ghana, alongside KfW Development Bank’s officials, namely, Ms. Sarah Christin Petrenz, Senior Portfolio Manager, and Mr. Isaac Hagan, Portfolio Coordinator – Financial Sector, representing the German state-owned development bank’s Accra office.

Discussions during the meeting spanned DBG’s forward-looking initiatives, including the Green Finance and Investment Facility and the DBG Guarantee product, highlighting DBG’s commitment to fostering economic resilience and sustainability.

The Green C
redit Line (financed by the German Federal Ministry for Economic Cooperation and Development (BMZ), implemented by KfW) is envisaged to start implementation in the second quarter of 2024 in Ghana and is expected to complement DBG’s efforts in green financing. 

A focal point of the visit was the introduction of the upcoming 3i Africa Summit, slated for May 13th-15th, 2024, in Accra. This summit promises to be a ground-breaking event, focusing on technology opportunities within Africa’s financial sector.

It aims to explore market dynamics, the leapfrogging of legacy technologies, and the crucial dialogues needed at the intersection of policy, finance, and technology.

With a core emphasis on inclusion and sustainability, the 3i Africa Summit aspires to drive meaningful discourse and actionable insights for the continent’s financial ecosystem.

The DBG team, led by Deputy Chief Executive Officer, Michael Mensah-Baah and including key officials such as Chief Risk Officer, Dr. Prince Adjei, and heads of various
strategic departments, shared insights into DBG’s operational strategies and its vision for a transformative impact in collaboration with its partners.

Reflecting on the discussions, Michael Mensah-Baah remarked, ‘The German Government, through KfW, has been very supportive of DBG and its efforts to foster economic growth by empowering local businesses. We have had fruitful discussions on our

operations, our agenda for 2024 and how we are positioned for greater impact through our lending activities and technical assistance to local businesses in collaboration with our partner banks and agencies respectively. We look forward to our ongoing collaboration and believe that together with our German partners, we will be able to deliver significant transformation. We are primed for this.’

Mr. Volkmar Klein, MP from the German State of North Rhine-Westphalia, on the other hand, commended DBG on the work it is doing and how far DBG has come.

Development Bank Ghana is a wholesale financial institution established b
y the Government of Ghana.

DBG acts as a provider of long-term capital to the market with a mission to foster strong partnerships to finance economic growth, create jobs, and build capacity for SMEs.

The organisation is committed, aligned and strengthened to achieve UN Sustainable Development Goals (SDGs) ambitions and targets while implementing an Environmental, Social, and Governance (ESG) strategy aimed at creating shared value and impact with purpose.

The bank has received funding from the World Bank, the European Investment Bank, the KfW Development Bank and the African Development Bank. 

Source: Ghana News Agency

Users of the GhanaPay mobile money service can now enjoy the benefits of a savings wallet, which offers attractive monthly interest rates.

This development follows the successful implementation of the GhanaPay savings wallet, as disclosed by the officials of the Ghana Interbank Payment and Settlement Systems (GhIPSS).

Dubbed ‘MyGhanaPay Savings,’ this value-added feature on GhanaPay mobile money allows customers to transfer funds from their main wallet into a dedicated savings account within the GhanaPay mobile money platform.

The primary aim of MyGhanaPay Savings is to empower users to save for emergencies and other future financial needs.

The savings wallet is designed to prevent direct spending, requiring users to transfer funds back to their main GhanaPay account to access them, thereby reducing the temptation to deplete savings.

Customers can transfer funds to their savings wallet using either the GhanaPay mobile app or USSD service.

The savings wallet offers monthly interest rates of up to 2.5 per
cent or more, depending on the user’s bank. This interest is separate from the quarterly interest paid to the main wallet, making it a superior option compared to other mobile money services in Ghana.

Samuel Darko, Head of the GhanaPay Mobile Money Unit at GhIPSS, stated in an interview that all GhanaPay mobile money bank partners offered the savings wallet functionality, ensuring that customers can benefit regardless of their bank affiliation.

He explained that ‘while the main wallet earns only 1.5 per cent interest quarterly, the savings wallet accrues interest monthly at rates of up to 2.5 per cent or more, depending on the bank.’

Mr. Darko emphasized that introducing the savings wallet is aimed at simplifying the saving process for customers by segregating funds into a dedicated account, making it effective for them to achieve their financial goals.

GhanaPay mobile money service, offered by universal banks, rural banks, and savings and loans companies, combines mobile money features with banking servi
ces.

Accessible via USSD (*707#) or the GhanaPay App, available on the Google Play Store and iOS App Store, the service brings banking convenience to mobile devices.

The addition of the savings wallet enhances GhanaPay’s contribution to deepening financial inclusion and boosting domestic savings in Ghana.

Source: Ghana News Agency

Mr Kweku Ocran has been appointed as the new Group Chief Executive Officer (CEO) for Star Assurance Group, the parent company of Star Assurance, StarLife Assurance, StarMicroinsurance, StarHealth Insurance, and Pensol Capital Trust.

In a media release copied to the Ghana News Agency, the company said Mr Ocran takes over the leadership role from Mr. Kofi Duffuor, the former Chief Executive Officer, who has served the Star Assurance Group and its subsidiaries for more than 30 years.

Prior to this recent appointment, Mr Ocran served as the Chief Operating Officer (COO) at Star Assurance Group.

‘With an illustrious career spanning over three decades in the insurance sector, Mr. Ocran is a hands-on executive and ascends his new role with a wealth of experience and expertise to guide the group through its next phase of unprecedented growth,’ it said.

‘Mr Ocran’s impactful journey in the insurance industry is highlighted by significant achievements, notably his role as Deputy Managing Director/Chief Operations O
fficer at Star Assurance.

‘Under his leadership, the company achieved remarkable success, securing its position among the top three non-life insurers in terms of premium income and assets.’

Beyond his professional roles, the release said, Mr Ocran’s dedication to excellence extended to his entrepreneurial ventures and a strong commitment to knowledge-sharing.

‘His contributions as a lecturer and resource person have played a pivotal role in fostering the growth and development of the insurance industry,’ it said.

‘His leadership style is distinguished by his ability to foster collaboration, encourage innovation, and uphold high standards of corporate governance.

‘This sets the stage for an era of progressive leadership and growth for Star Assurance Group.’

Mr. Samuel Kweku Ocran, in expressing his gratitude for this new role, stated:’ I deem it a great privilege to be appointed as the Chief Executive Officer of the Star Assurance Group. I am humbled by the confidence reposed in me by the management and
board, and I remain grateful to them for their unfailing support over the years.’

He said: ‘With the support of the board, management, and our hard-working colleagues, I am confident that, together, we will continue to bring quality insurance solutions to our clients and continue to raise the standard of insurance in Ghana.’

Mr Ocran joined Star Assurance in 2006 and has since held many senior roles.

Prior to that, he commenced his insurance career with Vanguard Assurance and Enterprise Insurance as Deputy Manager and Assistant General Manager, respectively.

He also worked with the prestigious African Reinsurance Corporation in Lagos, Nigeria, and he has been in the insurance industry as a key player and resource person for over 30 years now.

Mr Ocran is currently a board member of the Ghana Oil and Gas Insurance Pool (GOGIP).

The new Chief Executive Officer is a Chartered Insurer and a Fellow, and he is also a member of the Chartered Insurance Institute (UK).

He is a member of the Chartered Institute
of Marketing (UK). He also holds a Master of Business Administration (Marketing Option) degree and a BSc. Admin. (Insurance Option), both from the University of Ghana.

Mr. Emmanuel Baiden, who now steps into the role of Group Chief Operating Officer, originally served as the Group Chief Finance Officer.

With a career spanning over two decades, Emmanuel has left an indelible mark across various sectors.

In 2001, Mr. Baiden embarked on his remarkable tenure with Star Assurance Company Limited, where he amassed extensive experience in the insurance industry, gaining over fifteen years of invaluable insights and accomplishments.

‘Mr. Kofi Duffuor, the former Chief Executive Officer, having served over 30 years with the group and its subsidiaries, continues to play a vital role on the Star Assurance Group Board and other boards,’ the release said.

‘His focus remains on spearheading pivotal strategic initiatives within the insurance realm for the group.’

Source: Ghana News Agency