Investment Times Newspaper | Issue 249 by investmenttimes2

Ghana gets $260 million World Bank funding for energy sector revamp

Ghana inks US$260m World Bank deal to tackle energy sector ine ciencies byKabah Atawoge October 27, 2024 Reading Time: 3 mins read

Ghana has signed a US$260 million deal with the World Bank to help solve the US$1.2 billion energy sector losses and other ine ciencies in the sector.

The deal, under the Energy Sector Recovery Programme, comprises a US250m credit metering procurement package and a US$10m clean cooking grant component in line with the Bank’s Programme for Results (PforR) initiative.

Per the agreement, the World Bank would be facilitating the procurement of the one million metres through competitive bidding, with the clean cooking component seeing an

advance of 20 per cent nancing requirement initially.

All these are tied to targets, including a transmission of energy generation in the most cost-e cient way, transparency in the Cash Waterfall Mechanism, and optimal reduction in losses in ECG revenue collection.

It is also expected that there would be a drastic reduction in the country’s metering gap, and the integration of the new metres into the billing system to improve commercial loss.

Speaking at the signing event, Dr Mohammed Amin Adam, Finance Minister, said the government would leave no stone unturned in ensuring e ciency in the energy sector and increasing nancial viability by doing things di erently.

He charged the Electricity Company of

Ghana (ECG) to end the high electricity distribution losses and low collection rates in the energy sector, which in 2024 alone has made the government to spend approximately, GHS18 billion (US$1.2 bn) in nancing energy sector shortfalls.

“The cash waterfall mechanism must be adhered to… and we won’t compromise,” he said and tasked the ECG to ensure that all collections made went into the system and redistributed to beneciaries to build condence in the investor community.

“Through this project we have an opportunity to build a robust energy infrastructure that will remain the backbone of a thriving economy. Ultimately, our objective is not to only stabilise our energy sector but also enhance the quality of life for our citizens,” Dr Amin Adam said.

Mr Collins Adomako-Mensah, Deputy Energy Minister, pledged to meet all the timeliness and targets in the project implementation, adding that a team had been established to monitor all bene ciary agencies.

Dr Robert Taliercio O’Brien, World Bank Country Director, Ghana, Liberia, and Sierra Leone, said the programme would help improve energy sector e ciency and nancial performance.

He expressed concern about US$1.2bn shortfalls in the sector, which was more than the average disbursement the Bank provided to Ghana on an annual basis, calling for compliance to the objectives of the deal.

Mr Asjish Khanna, Protective Manager, West and Central Africa Energy, World Bank, noted that the nancing arrangement under the agreement would provide better results because it was tied to performance.

Ghana inks US$260m World Bank deal to tackle energy sector ine ciencies byKabah Atawoge October 27, 2024 Reading Time: 3 mins read

Ghana has signed a US$260 million deal with the World Bank to help solve the US$1.2 billion energy sector losses and other ineciencies in the sector.

Per the agreement, the World Bank would be facilitating the procurement of the one million metres through competitive bidding, with the clean cooking component seeing an advance of 20 per cent nancing requirement initially.

It is also expected that there would be a drastic reduction in the country’s metering gap, and the integration of the new metres into the billing system to improve commercial loss.

He charged the Electricity Company of Ghana (ECG) to end the high electricity distribution losses and low collection rates in the energy sector, which in 2024 alone has made the government to spend approximately, GHS18 billion (US$1.2 bn) in nancing energy sector shortfalls.

Dr Amin Adam said.

Mr Collins Adomako-Mensah, Deputy Energy Minister, pledged to meet all the timeliness and targets in the project implementation, adding that a team had been established to monitor all

bene ciary agencies.

Dr Robert Taliercio O’Brien, World Bank Country Director, Ghana, Liberia, and Sierra Leone, said the programme would help improve energy sector e ciency and nancial performance.

Mr Asjish Khanna, Protective Manager, West and Central Africa

Energy, World Bank, noted that the nancing arrangement under the agreement would provide better results because it was tied to performance.

“This is better because rather than releasing money not achieving the results, this format of nancing ensures that money is disbursed only after the achievement of results,” he said.

“We are asking ECG’s nancial accounts audited to be disclosed annually at a particular time every year, once they disclose it in year one, a certain

money would be,” he stated.

“Similarly, everyone believes that ECG collection and losses are not optimal, so they have a target for reducing the losses, depending on how much losses are reduced every year, again, a certain portion of money is released,” he added.

Mr Khanna said those measures were to ensure that Ghanaians felt they have the meters with the right consumption, while ECG reduced its scal drain, saying, “eciency in ECG, better service to people.”

Sunon Asogli's shutdown was in bad faith, says Finance Minister

Finance Minister Dr Mohammed Amin Adam has criticized the management of Sunon Asogli Power Plant Limited for acting in “bad faith” by shutting down its production plant over the Electricity Company of Ghana’s (ECG) unpaid debt.

The plant, a critical 560-megawatt power facility, halted operations due to ECG’s outstanding $259 million debt.

The shutdown raises concerns about a potential return to “dumsor”—intermittent power outages—with serious economic impacts on the country.

Dr. Amin Adam, speaking to the media

at the close of the Annual IMF-World Bank Meetings in Washington, D.C., assured the public that a resolution is underway. He indicated that an agreement to settle the debt is expected to be signed within days, which would prevent further disruptions to Ghana’s power supply.

“Asogli submitted the nal agreement for our review. We reviewed it and are ne with it except for one issue which led to the shutdown. So when the Ministry of Finance made the one-o payment to all the IPPs, we were supposed to pay Asogli $30 million and subsequently, they made a case for another $30 million but we did not

agree to that so we nalise the negotiations with them on the arrears.

“ECG actually led the negotiations and as part of the settlement, ECG wanted us to pay the $30 million. ECG made a case for which we didn’t agree so I had meetings with Asogli and we agreed that we would pay but

we wanted them to sign the settlement agreement because this is one of the terms of the agreement and they said no, we should pay before they sign but if it is part of the settlement agreement why should I implement an agreement that has not been signed.

“So we communicated this to ourselves only for Asogli to come to say they no longer

wanted $30 million but they wanted $60 million dollars and that if we don’t pay them they will shut down.”

“So it will be as if we as a country, we don’t know our rights especially when an election is closer everybody thinks that when I put a gun on the head of government by going ahead to shut down, they acted in bad faith.”

Letshego Ghana Savings and Loans achieves ISO 27001 certiﬁcation

Letshego Ghana Savings and Loans PLC, a subsidiary of Letshego Africa (Letshego Group) is proud to announce its successful attainment of the prestigious ISO 27001 certi cation. This signi cant milestone demonstrates the

company’s unwavering commitment to implementing and continually improving its Information Security Management System (ISMS) to safeguard sensitive information, ensure operational resilience, and maintain trust with customers.

The ISO 27001 certication is an internationally recognized standard that outlines requirements for establishing, implementing, maintaining, and continually improving information security management systems. It also includes provisions for the assessment and treatment of information security risks, ensuring that organizations like Letshego Ghana can manage sensitive data with the highest level of protection. This

certi cation, which also ful ls the regulatory requirement set by the Bank of Ghana for all savings and loans companies, reinforces Letshego Ghana’s commitment to complying with both local and international data protection, con dentiality, and privacy regulations.

By achieving this certi cation, Letshego Ghana has taken a proactive approach to identifying, assessing, and mitigating risks that could impact operational stability. This accomplishment re ects the company's dedication to adopting global best practices in information security, thereby boosting customer con dence in the safety and reliability of the nancial services it provides. Cus-

tomers can trust that their personal and nancial information is being handled with utmost care and security.

Commenting on the achievement, Nii Amankra Tetteh, CEO of Letshego Ghana Savings and Loans, said, "Achieving ISO 27001 certi cation is a testament to Letshego Ghana’s commitment to protecting the integrity of our systems and the privacy of our customers. As we continue to grow and innovate in delivering nancial solutions, we remain dedicated to upholding the highest international standards of information security."

At the certi cation presentation, Eric Odae, ISO Audit Lead for Certi-Trust, the certifying body, added, "At Certi-Trust, we take great pride in certifying organizations that exhibit a true commitment to information security. Letshego Ghana’s achievement of the ISO 27001 certi cation is well-deserved, as their approach to security management has met global standards. This certi cation is not only a re ection of their dedication to protecting sensitive customer information but also a

signi cant step towards ensuring long-term operational resilience and compliance with international security protocols."

Letshego Ghana Savings and Loans remains committed to its mantra of 'Improving Lives' by o ering tailored nancial solutions underpinned by world-class security and customer service excellence. This certication underscores the institution's continuous e orts to provide safe, reliable, and secure nancial services, ensuring that customers' information is protected at all times.

Letshego Ghana Savings and Loans PLC is a licensed nancial services provider, providing innovative solutions to individuals across the public and private sectors, as well as supporting Micro and Small Entrepreneurs. The company is a wholly owned subsidiary of Letshego Africa and operates with 16 physical outlets and a sta complement of over 100 employees. The company’s customer reach is enhanced through strategic partnerships, innovative delivery, and their new and enhanced digital channels.

Africa needs to invest in robust statistics to accelerate sustainable development

Director of the African Union Institute for Statistics (STATAFRIC) highlighted that Africa’s development is hinged on reliable statistics and that African countries needed to improve their data collection systems.

“The status of data collection in Africa is important for improving data quality and crucial for decision-making and development. Actors must work hard to produce credible statistics,” said Mr. Gagoloum, calling for the harnessing of more and sustainable resources to produce reliable data.

Noting that the COVID-19 pandemic exposed the vulnerabilities of Africa’s statistical systems, Babatunde Omotosho, Director of the Statistics Department at the AfDB, said Africa needs to scale up innovation and mobilize resources for statisti-

cal development.

“We need to explore new nancing partnerships and resources to prioritize statistical development projects in Africa,” said Mr. Omotosho, noting that the ECA, the African Union, and the AfDB have partnered to advance the modernization of statisti-

cal systems in Africa. Reiterating the importance of partnerships and coordination in transforming Africa’s statistical systems, Philippe Ga shi, Inter-Regional Advisor at the Partnership in Statistics for Development in the 21st Century (PARIS21), said Africa needs to create

synergies across vast diverse stakeholders to maximize the impact of resources and improve the eciency and responsiveness of African statistical systems.

“Transformation is essential to close the data gaps and in achieving the Africa Agenda 2063 and

SDGs. However, this vision calls for skilled personnel and robust infrastructure, and it is here where stakeholders and donors can make an impact, not only to supply resources but develop technical expertise,”

Mr. Omotosho said.

Legal protection for domestic workers in Ghana

In Ghana, while the spotlight often falls on industries such as agriculture, mining, and services, have you, for a second, considered the signicance of domestic workers and their contributions to our households and econ-

omy at large? We’ve heard and seen stories about these “househelps”, some positive and others not so pleasant but their situation is often overlooked.

In this piece, we will be discussing the laws that regulate the employment of domestic

sta in Ghana.

Body

Did you know that since the year 2020, a law has been put in place to regulate the employment of domestic sta ers in Ghana? If you are such an employer but igno-

rant of this, then this is an opportunity to acquaint yourself with the provisions of the legislation so as not to get into trouble with the law. If you are a domestic sta er then this is your opportunity to know your rights and obligations and apply them when and

where necessary.

The UN de nes a domestic worker as anyone engaged in domestic work within an employment relationship. Domestic workers are regarded as one of the most vulnerable groups worldwide, often exposed to abuse, harassment,

discrimination, and job insecurity among others. According to the 2015 Ghana Labour force report, domestic workers represented 0.5% of the total labour force in Ghana. Very often, negotiating fair working conditions becomes a herculean task for domestic workers because of the rather vast power imbalance between them and their employers. This vulnerability is what necessitated the birthing of L.I. 2408 in Ghana in line with section 174 of the Labour Act, 2003 (Act 651).

The Labour (Domestic Workers) Regulations, 2020 (L.I.) 2408 was enacted on 23rd July 2020, to protect the rights of the domestic worker and rede ne the relationship between domestic workers and their employers. Thus, the oral and rampant nature of the employment of domestic workers is now a thing of the past.

The regulations de ne domestic work to include security services, domestic chores performed in any home or domestic setting, gardening, assistance with petty commercial activity and informal work performed by a domestic worker who also performs household chores in the home of an individual.

Under the Regulations, Employers and Domestic Workers are supposed to know the following;

1. Domestic workers must be given employment contracts, and the employment contracts must be lodged with the District Labour O cer within one month of entering the contract;

Domestic workers are to be paid not less than the National Daily Minimum wage which is currently pegged at GH¢18.15 per day;

Domestic workers are entitled to be paid overtime for hours worked after the agreed hours of work.

4. Domestic workers are not expected to work overtime unless the employment contract has a xed rate for overtime; 5.

Domestic workers are entitled to daily rest periods of at least eight consecutive hours; 6.

Domestic workers are entitled to rest periods of at least twenty-four hours in one week; 7.

Domestic workers are entitled to annual leave of at least 15 working days with full pay in any calendar year of full service;

8. Domestic workers are not supposed to work on statutory public holidays. If they do they must be paid double the amount of the normal wage; 9. Domestic workers are entitled to notice or salary in lieu of notice in the event of termination; and 10.

Employers of domestic workers must deduct the portion of the social security contributions of domestic workers from their wages and pay the amount in addition to the em ployer’s contribution to the appropriate institution or scheme. The above highlights of the Labour(Domes tic Workers) Regula tions shows the large extent to which it o ers ample legal pro tection for Ghanaians in the domestic work setting, protect em ployers as well while ensuring compliance with its provisions. You might want to grab a copy of the leg islation from the Ghana Publishing Company(Assembly Press) opposite Accra City Hotel, Accra or any legal book shop/vendor for your study as an employer or a prospective em ployer of a domestic worker, a domestic worker, student of Human Resource Management, Human

Resource Practitioner, Labour O cer or simply talk to a Lawyer at Corporate and Allied Attorneys for more insight.

About the Authors

Abigail Rama Williams is a Senior Associate at Corporate and Allied Attorneys, a dynamic law rm, providing cutting edge legal services in Ghana. She is very pro cient in handling transactions in corporate and commercial business, undertaking legal due diligence in investment transac-

tions, immovable property acquisition estate and succession, family law and litigation/dispute resolution.

David Adjei is a senior at Ashesi University currently pursuing a degree in business administration. He spends most of his time reading and analyzing lms to understand the intricacies of lmmaking. He loves analyzing for patterns and is a big psychology enthusiast. He is also a fast-learner and hopes to have his own accounting rm one day.

Fresh stand-oﬀ in Parliament over vacant seats suit

…Speaker rejects service of writ , directs oﬃcers to return documents

A lawsuit seeking an interpretation of Article 97(1) of the 1992 Constitution has been o cially rejected by the Ghana’s Parliament and communicated to the Chief Justice.

Speaker Alban Bagbin stressed that the suit was wrongfully served by three baili s on September 16, 2024, in a statement released by the Deputy Clerk of Parliament.

He contended that this move was against Article 117 of the Constitution, which forbids the Speaker, Members of Parliament, or the Clerk of Parliament from being served with court processes while they are traveling to, attending, or returning from parliamentary activities.

Speaker Bagbin further emphasized how the baili s' actions go against a prior circular issued by the Judicial Secretary that strengthens the application of Article 117.

This circular emphasizes how crucial it is to shield members of parliament from legal

proceedings while they are performing their o cial duties.

Concerned by this development, the legislative leadership said it threatens the independence and integrity of Parliament.

They rea rmed their dedication to protecting parliamentary procedures and the authorities who participate in them under the constitution.

On October 18, the Supreme Court granted a stay of execution on Speaker Alban Bagbin’s ruling that declared four parliamentary seats vacant. This ruling e ectively directed Parliament to recognize and allow the a ected MPs to fully represent their constituencies and perform their o cial duties.

The stay will remain in e ect until the Supreme Court issues a nal ruling on the matter, rather than the initially requested 10-day period. The application for the stay was led by Majority Leader, Alexander

Afenyo Markin who sought the Court’s intervention to prevent the enforcement of the Speaker’s decision that would impact three of their colleagues and one from the National Democratic Congress (NDC).

The case was reviewed by a panel of Supreme Court justices led by Chief Justice Gertrude Torkonoo.

On October 22, amidst the controversy surrounding the vacant seats, Speaker Bagbin adjourned the sitting of the House. This decision came during a session where National Democratic Congress (NDC) legislators occupied the Majority side of the Chamber after the NPP Members of Parliament had walked out, citing disputes with the opposition over claims of majority status.

The adjournment fur ther underscores the ongoing tensions within Parliament as the parties navigate the implications of the Supreme Court’s stay and the vacant seat issue.

Below is the letter from Parliament to the Supreme Court.

Wulong: A model of transformation through ecological preservation and tourism

Nestled in the breathtaking Chongqing municipality, about a three-hour drive from the bustling city center, Wulong County stands as a shining example of transformation. This remote region, once one of China’s poorest, has undergone a remarkable change, largely inspired by President Xi Jinping’s 2005 declaration that "clear waters and lush mountains are invaluable assets." This statement has since become a guiding principle for China’s approach to ecological and economic development, with Wulong as one of its most successful case studies.

From poverty to prosperity

Wulong was not always the tourist haven it is today. In 1997, the county's annual per capita income was a meager $200, with most residents relying on traditional farming to make ends meet. Economic growth seemed a distant dream. However, a bold decision to invest in tourism sparked a revolution in the region's fortunes.

Over the next two decades, tourism reshaped Wulong’s economy. Income levels soared more than tenfold, and by 2017, the district—home to 300,000 resi-

By Nii Nettey Nettey

dents—was o cially declared poverty-free. Today, around 100,000 locals are employed in tourism-related industries, building a thriving, sustainable economy that capitalizes on the region’s natural beauty and rich cultural heritage.

Wulong’s Green transformation

At the heart of Wulong’s success is its commitment to environmental conservation, a strategy skillfully led by He Qing, the Communist Party of China (CPC) Secretary for the district. With over 67% forest coverage, Wulong has become a model for balancing economic growth with ecological preservation. This green landscape has not only attracted tourists but also stands as a testament to China’s broader commitment to ecological protection.

In addition to its natural allure, Wulong has earned several prestigious accolades. The region was declared a World Natural Heritage Site, and in 2022, it received the UNWTO’s Best Tourism Village award. The discovery of the Western Han Tomb No. 1 in 2023 further cemented Wulong’s reputation as a site of both historical and natural signicance.

He Qing emphasizes

that ecological and environmental protection is maintained through strict guidelines, known as the “three red lines”—ecological conservation, farmland protection, and urban development boundaries. These rules ensure that the rapid growth of tourism does not come at the expense of Wulong’s natural environment.

Fairy Mountain Resort: A symbol of luxury and accessibility

One of Wulong’s most iconic developments is the Fairy Mountain Resort. Once home to a small village of just 300 residents, the area has been transformed into a premier luxury destination capable of hosting 300,000 visitors annually. The addition of a high-speed rail link, set to reduce travel time to 30 minutes from the nearby Xiannvshan airport, is expected to draw even more tourists, further boosting the region’s economy.

The resort’s stunning alpine scenery and year-round activities o er something for everyone, from adventure seekers to those looking for a peaceful retreat in nature.

The Geological Wonders of Wulong: Three natural bridges Wulong is home to

some of the most spectacular natural formations in the world, particularly the Tiankeng Three Bridges Site, a geological marvel. This site, located about 20 kilometers from Wulong’s center, features three massive natural stone arch bridges: Tianlong (Sky Dragon), Qinglong (Green Dragon), and Heilong (Black Dragon). These bridges, formed by millennia of geological processes, are the largest natural stone bridge group in Asia, towering over 150 meters high and spanning more than 300 meters across the Yangshuihe Valley.

This unique karst topography draws visitors from around the globe, making it a must-see destination for geologists and tourists alike. The dramatic natural scenery combined with the local cultural heritage creates a truly unforgettable experience.

Reviving cultural heritage

Beyond its natural beauty, Wulong is also a repository of rich cultural heritage. Under the Tianlong Bridge lies a reconstructed courtyard replicating the Tianfu O cial Post, originally built during the Tang Dynasty. Although the original structure has long since vanished, the careful reconstruction preserves its historical authenticity

and gives visitors a glimpse into Wulong’s past as a key government hub.

Guiyuan Resort: tradition meets modernity

In Wulong’s Jingzhu Village, the Guiyuan Resort exempli es how tourism can be a force for rural revitalization. The village, located in the heart of Fairy Maiden Mountain, was once on the decline, with younger generations leaving in search of better opportunities. However, its integration into Wulong’s tourism landscape has breathed new life into the community.

Surrounded by stunning landscapes—dolines, pinewoods, and gorges—Jingzhu Village is a haven for nature lovers. Its traditional architecture, terraced elds, and family-based community clusters have been preserved, o ering visitors an authentic glimpse of rural life. The resort has introduced organic farming, cultural activities, and eco-friendly accommodations, creating a unique blend of tradition and modern tourism.

Looking Ahead: balancing prosperity and preservation

Wulong’s success is just one part of China’s broader strategy to achieve moderate prosperity for all its

citizens by 2050. Pilot programs, such as those in the Southeastern Demonstration Zone in Zhejiang province, aim to extend this model to other parts of central and western China. Changzhong, a local academic, underscores China’s commitment to continuous development, stating, “What we need, we will develop. Barriers we will overcome. What the world requires, we will try to learn from other countries.”

A

Tie-Dyeing Tradition: Wulong’s cultural craftsmanship

One of Wulong’s lesser-known cultural treasures is its tie-dyeing craftsmanship, a skill inherited from the Bai ethnic group. With roots dating back over 1,000 years, this ancient art reached its height during the Ming and Qing Dynasties.

Listed as a national intangible cultural heritage in 2006, the tie-dyeing process involves intricate techniques that result in beautifully patterned fabrics, celebrated for their historical and artistic value.

Conclusion: A model for sustainable development

Wulong’s remarkable transformation from a poor, rural county to a ourishing tourism hub is a testament to the power of strategic ecological preservation and economic planning. The region’s success demonstrates that even the most remote areas can become thriving centers of prosperity and cultural signi cance,

provided they are nurtured with care and foresight. Wulong stands as a beacon of

what is possible when nature, culture, and modern development are harmoniously combined.

Oyster Agribusiness secures US$2million in funding to expand operations in Ghana’s agricultural sector

Oyster Agribusiness, an innovative agri-tech company specializing in climate-smart agriculture, has raised US$2 million in funding to expand its operations and deepen its impact on smallholder farmers across Ghana. This milestone was made possible through the support of Root Capital, RDF Ghana, and Sahel Capital

Social Enterprise Fund for Agriculture in Africa (SEFAA FUND), with the fundraising process led by Pangea Africa Limited, a leading Business Development Service provider. Over the last ve years, Oyster Agribusiness has played a pivotal role in transforming the livelihoods of smallholder farmers and promoting sustain-

able agricultural practices. The company has: Paid over GH¢60 million (US$3.8million) to smallholder farmers

Positively impacted the lives of 4,500 smallholder farmers

Cultivated over 20,000 acres of farmland Sup-

plied over 25,000 tons of agricultural produce to markets locally and internationally

This fresh capital injection will allow Oyster Agribusiness to expand its operations, reach more farmers, and scale its climate-smart agricultural initiatives, further strengthening the resilience of Ghana’s agricultural sector in

the face of climate challenges. CEO, Edmond Kombat, shared his enthusiasm about the investment and the future of the company: "We are thrilled to have the support of Root Capital, RDF Ghana, Sahel Capital, and Pangea Africa Limited, whose expertise and backing will help us to accelerate our vision. This

Continues on the last page

Trend in Market Indices - 2024

1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000

STOCK MARKET REVIEW

The Ghana Stock Exchange closed higher this week on the back of price increases by 3 counters

The GSE Composite Index (GSE-CI) gained 0.77 points (+0.02%) for the week to close at 4,347.47 points, reflecting a year-to-date (YTD) gain of 38.89%. The GSE Financial Index (GSE-FI) remained flat for the week to close at 2,203.38 points (0.00%), reflecting a year-to-date (YTD) gain of 15.87%.

Market capitalization inched up by 0.09% to close the week at GH¢99,054.59 million, from GH¢98,964.42 million at the close of the previous week. This reflects a YTD gain of 34.05%.

The week recorded a total of 1,455,234 shares valued at GH¢13,965,256.93, compared with 1,114,611 shares, valued at GH¢14,296,225.56 traded in the preceding week.

MTNGH dominated the volume of trades while New Gold Exchange Traded Fund dominated the value of trades for the week accounting for 89.80 % and 78.87% of the volume and value of shares traded respectively

The market ended the week with 3 advancers, as indicated in the table below.

GSE CI GSE FSI

YTD

Performance of GSE Market Indices

CI GSE FSI1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000

Volume and Value of Trades for Week Ending 18/10/2024

Source: Ghana Stock Exchange

CURRENCY MARKET

The Cedi continued its depreciation run for the second straight week It traded at GH¢15.9900/$, compared with GH¢15.7900/$ at week open, reflecting w/w and YTD depreciations of 0.56% and 25.70% respectively. This compar es with a loss of 24.91% a year ago.

The Cedi also depreciated against the GBP for the week. It traded at GH¢20.8422/£, compared with GH¢20.7885/£ at week open, reflecting w/ w and YTD losses of 0.26% and 27.39% respectively. This compares with a depreciation of 25.63% a year ago.

The Cedi inched up marginally against the Euro for the week. It traded at GH¢17.3700/€, compared with GH¢17.4049/€ at week open, reflecting w/ w gain and YTD depreciation of 0.20% and 24.43% respectively. This compares with a depreciation of 24.35% a year ago

The Cedi lost grounds against the Canadian Dollar for the week. It opened at GH¢11.5530/C$ but closed at GH¢11 5867/C$, reflecting w/w and YTD losses of 0.29% and 22.23% respectively. This compares with a depreciation of 24.15% a year ago.

Exchange Rates: Ghana Cedi vs Selected Currencies

Source: Bank of Ghana

COMMODITY MARKET

GOVERNMENT SECURITIES MARKET

The government raised a sum of GH¢4,195.32 million for the week across the 91 -Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢4,613.93 million raised in the previous week.

The 91-Day Bill settled at 25.94% p.a from 25.62% p.a. last week whilst the 182 -Day Bill settled at 27.03% p.a from 26.90% p.a. last week The 364Day Bill settled at 28.74% p.a from 28.58% p.a. last week

The tables below highlight primary market activity at the close of the week.

Oil prices fell as a recent rebound ran out of steam, with concerns over slowing demand in major oil consumer China remaining squarely in play. Brent futures traded at US$73.06 a barrel, compared to US$79.04 at week open, reflecting w/w and YTD depreciations of 7.57% and 5.17% respectively.

Gold prices rose as traders remained largely biased towards safe havens in anticipation of a tight 2024 presidential election . Gold settled at US$2,730.00, from US$2,676.30 last week, reflecting w/w and YTD gains of 2.01 and 31.77% respectively.

The price of Cocoa declined for the week. Cocoa traded at US$7,432 50 per tonne on Friday, from US$7,751.00 last week, reflecting w/w loss and YTD appreciation of 9.87% and 84.72% respectively

Commodity Prices

YTD Performance of Selected Commodity Prices

swaps, with terms that can be set from three months to more than a year.

Source:

https://www.investopedia.com/terms/o/overnig htindexswap.asp

ABOUT CIDAN

CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA).

RESEARCH TEAM

Name: Ernest Tannor Email: etannor@cidaninvestments.com

Tel: +233 (0) 20 881 8957

Name: Moses Nana Osei-Yeboah

Email: moyeboah@cidaninvestments.com

Tel: +233 (0) 24 499 0069

Name: Julian Sapara-Grant

Email: jsgrant@cidaninvestments.com

Tel: +233 (0) 20 821 2079

CORPORATE INFORMATION

INVESTMENT TERM OF THE WEEK

Overnight Index Swap (OIS) : It is a hedging contract in which one party exchanges a predetermined cash flow with a counterparty on a specified date. A debt, equity, or other price index is used as the agreed exchange for one side of this swap.

An overnight index swap applies an overnight rate index such as the federal funds rate. Index swaps are specialized groups of conventional fixed -rate

CIDAN Investments Limited

CIDAN House House No. 261

Haatso, North Legon – Accra

Tel: +233 (0) 27 690 0011/ 55 989 9935

Fax: +233 (0)30 254 4351

Email: info@cidaninvestments.com

Website: www.cidaninvestments.com

Disclaimer: The contents of this report have been prepared to provide you with general information o nly. Information provided in and available from this report does not constitute any investment recommendation.

The information contained herein has been obtained from sources that we believe to be reliable, but its accuracy and completeness are not guaranteed.

Gold Cocoa Brent Crude

Following the total bid oversubscrip�on, the week-on-week yields also soared further, at least more signiﬁcantly than the previous week’s increase , witnessing a n upward reac�on of 24.57bps, 26.03bps a nd 23.35bps increases across the 91-, 182- and 364-day bills respec�vely.

T-bills: Government to borrow GH¢4,010.00 Million this week across the 91, 182 and 364 day bills to cater for maturi�es totaling circa GH¢3,760.00 Million

Shares: CAL Bank PLC Shares dominates GSE equity market trades despite a 0.02p price drop to close the week at GHS0.26 per share GLD shares on the other hand is the bigge st gainer with a price increase of GH¢4.15 to close at G H¢427.96 per share

Mutual Fund: NTHC Horizon Fund reports a Year-To-Date (Y TD) performance of 28.86% and a Net Asset Value (NAV) growth of 36.92% for the week ending O ctober 18, 2024

Economy

IMF Board scheduled to meet on Dec 2 to discuss Ghana’s Third Programme Review for a possible relea se of $360 million to the BOG to support Ghana’s budget and balance of payment needs

Aggrey Mem Zion SHS launches 85th anniversary

Aggrey Memorial A.M.E. Zion Senior High School in Cape Coast will launch its 85th anniversary on Saturday, November 2, 2024. The theme is: “ Building on 85 Years of Quality Education: The Role of Stakeholders.”

The event , which will take place at Pempamsie Hotel at 2nd Ridge in Cape Coast, will be hosted by the Headmistress, Mrs Dorothy Adentwi- Hayford. It will be chaired by Professor Victor Kweku Bondze Micah. The Keynote Speaker is Ing. Mrs Rita Ohene Sarfo, a former Girls’ Senior Prefect of the school , and currently Director of Policy, Planning and Budgeting at the Ministry of Roads and Highways.

She is also the Country Project Director and Expert for the design and construction of the six- lane Abidjan-Lagos Corridor Highway Development Project, a 1028km road connecting Abidjan , Accra, Lome, Cotonou, and ending in Lagos.

Mrs Ohene Sarfo is credited with spearheading Cabinet and

Parliamentary approvals for major road and interchange projects.

The 85th anniversary launch will be the highlight of the Special Homecoming for all old students of Aggrey Memorial A.M.E. Zion SHS popularly known as AMOSA. The Homecoming begins on Friday, 1st November, 2024 with a variety show to welcome old students .

The anniversary launch will be followed by a lecture series to be delivered by prominent past students , dubbed: AMOSA Inspires , and designed to motivate the students to rise to the pinnacle of their careers.

The resource persons include Professor Sam Ekow Quainoo, Chairman of the Department of Political Science and Economics, East Stroudsburg, University of Pennsylvania, USA, Hiram Laud Anderson, software developer and systems analyst and former President of AMOSA- UK, Justice Otoo, Creative Entrepreneur, and Chief Operations O cer of

RIEPCO, and Lyssiemay Annoh of Corporate and Investment Banking, Societe Generale and former Pres-

ident of AMOSA- UK .

Next will be an Annual General Meeting ( AGM) on Saturday afternoon. The Homecoming will be crowned by hangout on campus in the evening.

More than just a tricycle

Beyond Beans Foundation in partnership with Child Rights International, Ghana, has presented a tricycle with special features to Abeho, a community in the Ayensuano Municipality, to provide a safe, friendly, and convenient mode of transportation for children to commute to school.

The ceremony, held on Thursday, September 26, 2024, was attended by school children, teachers, parents and local dignitaries.

Speaking at the ceremony, the Project Manager for Community Development at Beyond Beans Ghana, Mr. Innocent Yeboah-Num, said his organization was committed to the welfare of children.

“Our partnership with Child Rights International, in implementing the School Mobility Project, is very important to us. We believe that children deserve access to quality education to help them achieve their purpose in life.

“We are very happy this project is being implemented and we believe that it will go a long way to help them improve attendance and school enrolment in the community,” he noted.

The Queen mother of Abeho, Ohemaa A ul Ayebea, thanked the organizations for their gesture and promised

to ensure that the Tricycle Management Committee would maintain the tricycle so that it can bene t the children and the community at large.

The tricycle, with a roof, foldable side covers, upholstery seats and storage compartments, and capacity to carry about 12 children, was unveiled amidst cheers and applause.

More than 100 children from Abeho and its surrounding communities will directly bene t from this initiative. "I'm thrilled to ride in this tricycle to school," exclaimed Comfort, a JHS student of Kwadwo Hum Roman Catholic Basic School. "It will enable us to get to school early and not miss the rst lesson!"

The Mobility Project is funded by Beyond Beans Foundation and is being implemented by Child Rights International, Ghana. "This project demonstrates the power of partnerships in addressing pressing social issues. We, therefore, invite corporate organizations, and individuals to support the initiative”, Mr. Malek Appiah A um, the Mobility Project Lead said.

Child Rights International plans to expand this initiative to other communities. So far, a total of 13 tricycles have been distributed in nine communities

across three regions. "We envision a future where every child has access to safe, reliable, and friendly transportation, empowering

Story by Malek Appiah Aﬀum

them to succeed in education and beyond," added Mr. Malek A um.

For more information

or to support this initiative, please contact Child Rights International at 0302 503744/ 0302 790703 or childrightsghana@gmail.com.

Continued from page 9

investment is a testament to the impact we've made with smallholder farmers and the tremendous potential we see in scaling our operations. Together, we are working toward a more sustainable, inclusive, and resilient agricultural ecosystem in Ghana."

Pangea Africa Limited played a crucial role in structuring and guiding the fundraising process, ensuring that Oyster Agribusiness attracted the right partners to scale its operations while maintaining its focus on environmental sustainability and empowering smallholder farmers.

"Oyster is a prime example of a growing African agribusiness generating triple bottom-line impact.

Under the dynamic leadership of Mr. Edmond Kombat, Oyster is achieving impressive pro ts while delivering measurable social and environmental benets, particularly for Ghanaian farmers. They serve as a shining example of leader-

ship to their West African agribusiness counterparts," Nii LokkoPartner, Pangea Africa Ltd.

About Oyster Agribusiness

Oyster Agribusiness is a climate-smart agricultural company dedicated to supporting smallholder farmers through technology and sustainable farming solutions. By working closely with farmers, the company aims to improve productivity, foster economic growth, and contribute to food security in Ghana.

About Pangea Africa