Cynthia Esi Daanaah
Insurance penetration stuck at 1% despite equity base jump to GH₵5.52 billion
The insurance penetration remained steady at approximately 1.0% for the past ve years, the 2024 Financial Stability Review has mentioned.
However, the traditional way of computing insurance penetration has been questioned by some industry experts.
Therefore, in the years ahead, the National Insurance Commission (NIC) expects growth to be driven by the combined impact of the full implementation of the digitalisation initiatives, innovation, continuous expansive public education e orts by the NIC, and full protection of policy holders as required by the Insurance Act, 2021, Act 1061.
According to the report, Ghana’s insurance industry seem to have somewhat weathered the storm and seeks to emerge as a resilient industry in the face of a rapidly evolving global landscape marked by profound challenges including COVID-19 pandemic, geopolitical tensions, and the Domestic Debt Exchange Programme.
It explained that the resilience of the industry has been supported by improved regu-
lation, supervision and increased digitalisation.
“The burgeoning participation of InsurTech rms in the insurance sector, alongside the ongoing digital transformation initiatives, and the commitment of industry stakeholders to establish and maintain e ective corporate governance frameworks, highlight the insurance industry’s progressive growth. This evolution is further supported by the NIC’s dedication to enhancing, re ning, and e ectively enforcing supervisory and regulatory frameworks. A notable
ment system to streamline the complaints process and empower policyholders and prospective clients to actively participate in shaping and upholding the insurance industry’s reputation through feedback in the form of complaints and suggestions”, it added.
Equity Base hits GH 5.52 billion in 2023
Meanwhile, the equity base of the Ghanaian insurance industry recorded a signi cant expansion in 2023, growing from GH 4.45 billion in 2022 to
According to the 2024 Financial Stability Review, this remarkable 24.0% ascent re ects the sector’s strong nancial resilience and its capacity for sustained growth and adaptation given the rather volatile and dynamic economic environment witnessed these past couple of years.
Such an upswing in equity, it said, not only signals the industry’s robust health but also its potential to leverage opportunities and navigate challenges e ectively, ensuring potential long-lasting prosperity and stability for the stakeholders
thrive, maintaining a Capital Adequacy Ratio (CAR) well above the regulatory benchmark of 150%.
This achievement underscores the industry’s robust nancial health and resilience. However, the report said it is noteworthy that the life insurance segment saw a marginal decline in its CAR, primarily due to the incorporation of necessary risk adjustments and the e ect of the domestic debt exchange programme. These measures, while a ecting the CAR, are essential for ensuring the sector’s stability and responsiveness to
ADB posts GH¢3.4 bln deposit growth, profit continues to rise
The Agricultural Development Bank (ADB) PLC has recorded a signi cant growth in its customer deposits by over GHS3.4 billion, from GH¢7.747 billion in September 2023 to GH¢11.147 billion in September 2024.
According to the Bank’s published unaudited nancial statements as of the end of Q3 2024, the bank also recorded an impressive pro t after tax of GH¢111.827 million compared with GH¢2.040 million recorded during the same period in 2023. The liquidity ratio of the Bank also grew from 91.94% to 125.55%.
The Bank’s total assets also grew by over GH¢4.5 billion and its capital adequacy ratio has also moved from 1.35% to 8.26%, and it is well positioned to meet or exceed the minimum capital adequacy of 10% by the end of the year.
The Managing Director of the Bank, Alhassan Yakubu-Tali, noted that the remarkable record is due to the continuous support of all stakeholders
ADB records GH¢3.4bn deposit growth; pro t continues to soar byWilliam Narh October 29, 2024 Reading Time: 2 mins read
The Agricultural Development Bank
(ADB) PLC has recorded a signi cant growth in its customer deposits by over GHS3.4 billion, from GH¢7.747 billion in September 2023 to GH¢11.147 billion in September 2024.
According to the Bank’s published unaudited nancial statements as of the end of Q3 2024, the bank also recorded an impressive pro t after tax of GH¢111.827 million compared with GH¢2.040 million recorded during the same period in 2023. The liquidity ratio of the Bank also grew from 91.94% to 125.55%.
The Bank’s total assets also grew by over GH¢4.5 billion and its capital adequacy ratio has also moved from 1.35% to 8.26%, and it is well positioned to meet or exceed the
minimum capital adequacy of 10% by the end of the year.
The Managing Director of the Bank, Alhassan Yakubu-Tali, noted that the remarkable record is due to the continuous support of all stakeholders.
“These historical successes and achievements are attributable to the continuous support and loyalty of our valued customers. It is also as a result of the hard work of our Board of Directors, Management, and Sta to make the bank more robust and also to maintain its position as one of the market leaders in the banking industry,” the Managing Director said.
“These remarkable gures also re ect our resilience and the e ectiveness of our strategies in a chal-
lenging economic environment. It demonstrates that we can perform well, even in adversity,” he added.
The Agriculture Development Bank, which operates with a universal banking license that allows it to undertake all banking and related services, embarked on aggressive recoveries of the non-performing loans to clean its books.
ADB PLC recently received several 5-star ratings at the Chartered Institute of Marketing Ghana (CIMG) Customer Satisfaction Survey Index Report Launch and Awards Night.
The recognition is a direct consequence of a strong commitment to the implementation of a customer care and service quality strategic pillar as part of a
two-year corporate strategy introduced by the Bank in 2023.
The Bank garnered 5-star Ratings in Customer Satisfaction –Consumer Banking; Customer Satisfaction – Business Banking; Service Quality – Consumer Banking; and Service Quality -Business Banking. The Bank was also adjudged by the First Runner-Up position in Business Banking Service Quality.
With an increasing investment in digital banking and service e ciency, ADB continues to be among the leading banks, setting benchmarks for innovation and excellence in Ghana’s banking industry. As customer expectations rise, ADB’s ability to adapt and improve makes it a trusted and reliable choice for both individual and business clients alike.
Labadi Pleasure Beach is receiving bad reviews from tourists ... action must be taken
By Philip Gebu
Some tourists of Ghanaian origin living in the UK just arrived in Ghana on a short holiday. They decided to visit Labadi Pleasure Beach. Following my interaction with them, they described the beach as the worst beach they’ve ever visited. I was abbergasted whilst I listened to their story. The experience from the gate into the inner part of the beach was problematic. The extorsion and the price di erence for perceived foreigners is challenging and not to mention the sanitation condition and the quality of the ocean. I was sad hearing such appalling reviews considering the e ort we are all putting in making Ghana the preferred destination in West Africa. Something ought to be done. Action must be taken now. In a bid to validate their story, I decided to read the reviews of other tourists online. I was shock reading similar reviews and decided to publish them below; Used to be lovely now it's lthy. Avoid! Emma A London UK
“Sadly, Labadi beach has deteriorated over the years. We've been coming to Ghana since the 90s and the beach used to be clean and pleasant with a relaxed vibe. Over the past 8 or so years, it has steadily been going downhill. On
our trip in December 2023, we decided to go for old times sakes and hoping since lockdown things would have improved. Sadly, no. I didn't dare go into the water as there was plastic, empty toothpaste tubes, bottles and even condoms strewn over the beach.
I don't know what the entrance fee of 20GHC is for. It's such a shame that it's being mismanaged. Accra has a lovely coast line but there's no thought of preserving its beauty or creating aspace that is enjoyable, Shame”
Worst experience ever! Amanda S “Labadi was the worst beach I have ever visited. The shores of beach is massively polluted, even the sea water looked and smelled di erent. Once you enter the landing beach zone, you are often stopped by vendors and the whole experience is very annoying because they simply dont leave you alone. I was quite schocked because government doesnt seem to take care of this beach at all.”
Kalamazoo, MI406 contributions Antityco
‘We went on a Friday morning. It wasn't overly crowed. You have to swim in a relatively small area between some ags,
but there was plenty of room on this weekday morning. There are people trying to sell crafts to you, but they took a polite no for an answer. I was here 33 years ago, and the beach certainly doesn't appear to be any worse than it was there. There are lots of places you can go to get a drink or something to eat. Foreigners pay 20 cedis each for admittance.”
Lisa M A lot of people with horses “We went to the beach to relax and have some time for ourself, so that's a illusion. When you are white you need to pay more entrance fee, then when u are at the beach they follow you everywhere, with horses most of the time. But also to get you in to there restaurant, we walked a lot and found a place where it was not so overloaded with people, but even there people are gonna sit next to you and talk.”
Grim, dirty and smelly
Jules T
“I had high hopes but the beach is dirty, there is a terrible smell and the place is crammed with chairs and tables. Take some pride Ghana and tidy the place up. It’s a de nite no from me. “ Berlin, Germany michaelsontheimer
Not to be recommended “Dirty. Plastic bags all ofer. A lot of hustling. Horrible tourist prices
in the restaurants. The music is good, but too loud.”
Mr AnderssonPune, India Just ok hang around “Costed 15C per person to get in and park the car. (Saturday afternoon) Worst is the start when the sellers hunt you but once you found a spot to sit in between the tables it is better. Unfortunately, the beach is rather dirty with plastics etc and there are way to many stalls and and whole beach is covered by tables and chairs. Try sitting a row in and you will get a little less of the harassment from vendors etc. A large beer and 2 cola costed 29Cedi which is ok i guess. A bit of extra attention on us as we were white of course but what to expect. Ok spot to hang and relax if you are not intimidated by these things.”
Don't go if you are white Joe Morgan “You cannot relax. Beggars everywhere. Leave me alone please. Not relaxing. A drink cost me 45 Cedi and you are bothered by 100s of people. Don't go here if you are white”.
PA VILE
“If I could give zero stars I would. Vile, disgusting and gross! The worst beach I've ever been to! Not only is the beach lled with literal trash (incl. sewage streaming directly into the ocean making the water
unusually warm, condom ((wrappers)), and land ll en masse), the sta at the gate is incredibly rude and disrespectful. After being yelled at to pay 15 Cedis per person, we were literally hounded down by vendors trying to sell all types of stu without allowing exploring and acclimatizing rst. After literally yelling at sta in Twi to please leave us alone, we were still being followed around until we walked down to the other end of the beach to escape their vicinity. As mentioned, the beach itself is dirty, the water quality is subpar, and the landll makes the whole beach smell atrocious. Additionally, you receive unsolicited sexual advances, that make the whole experience even more uncomfortable (seemingly certain tourists frequent the area for exactly that reason...)After deciding to leave, I asked sta at the gate (that was lazily playing cards and drinking) how the 15 Cedis entrance fee are justi ed, as no amount goes towards making sure the beach is clean (honestly, I'm happy to pay more if some of the entry fees go into preserving the beach and maintaining its cleanliness). Seems like I triggered sta with my questions, as I was rudely told o by the incompetent sta . Disappointing experience
throughout.”
Disgusting beach with aggressive pedlars
Mike I
“Went to this beach with a friend for a walk , 20 GHS each , not to pricey but I would at least expect a clean beach , plastic and glass as well as clothes on the beach and shore line , the further you walk it just looks like Accra pours it waste onto this beach , such a shame as it could be so lovely To top all this our was was totally spoilt by very aggressive guys trying to sell what they could to us , almost threatening behaviour , very unlike the very friendly locals I have got to know , on top of everything”
Dirty Katie P
“The beach and water here are quite nice, but there is a lot of trash, and the hawkers are very pushy, so it’s di cult to enjoy yourself”.
Philadelphia, Camperfeliz Filled with trash and aggressive sales people
“This beach is unfortunately covered in trash and I think most people would not want to swim in the water here (a bummer because the water is a lovely temperature). There are many places to sit and have a drink, but many people will approach and try to sell trinkets/art/massages/etc.
t has the potential to be a very nice beach but it's really pretty gnarly.”
Horrible Beach Monor
“If you want to feel yourself on a dirty
beach lled with sellers who are disturbing you in every 10 seconds and you also want to pay an entrance fee for this amazing experience, then this is a place for you!
Me, never again!”
Je rey M Depends on where you go. Not recommended.
“Not the safest of places to go to. Lots of tourists and people get hustled for money and a lot of people get robbed during parties and events. It's not the cleanest of beaches either.”
Nice place, but overpriced Gumarova G
“Labadi beach - nice place, but very dirty beach. It’s good to have there relaxing time with family, and eat nice food. But price little bit overpriced, even entrance fee. I like the pool for young kids.”
Beaches are supposed to be cleaned if they are to attract tourists seeking the 3S i.e., Sea, Sand and Sun. Many tourists who live in the temperate and the artic zone seek destinations that o er good sunshine whist planning their holidays. Countries lying in the tropical zone become the preferred destinations to meet their needs. One place where they can enjoy the sunshine, they seek is at the beach especially the very quiet one’s. A destination like Ghana is a preferred choice. It is therefore very important as a country that we take advantage of the many economic
bene ts and make Ghana the preferred destination for beach tourism or bathing tourism in West Africa. We face competition from neighboring countries nevertheless if things are done rightly, we shall achieve this objective. It is also important to note that countries such as The United Arab Emirates which was once a small shing village has over the last 50 years developed rapidly and it beaches and sunshine have been one of the main drives of their economy led by Dubai, the preferred destination for many tourists. At the beginning of the new year, some English football teams move to Dubai to enjoy the sunshine and refresh. If we put in the right measures in place, we shall one day also be a preferred destination for European team? Again, it is worth emphasizing that the success of a tourism destination is highly reliant on the quality of its tourism product. The tourism product is based on available resources in the destination. When it comes to the bathing tourism, as a selective form of tourism, beaches represent the basic resource. The quality of the beach tourism product depends on the way the beaches are managed and it is obvious the way Labadi beach is being managed is not the best. From the above reviews, tourists experiences have been bad. It’s worth
noting that there were some few positive reviews. I realized many of the positive reviews were after the La beach was closed and reopened. It will be recalled that, some years back, La Beach Resort was closed down by the Ghana Tourism Authority (GTA) in collaboration with the Environmental Protection Agency, (EPA). According to reports, the closure was due to the poor and unsanitary conditions being witnessed by visiting tourists. There was a public outcry for a longtime yet nothing was being done until a video went viral on social media thereby instigating the move. Following the reopening, it’s unfortunate that the current state of the beach remains bad. GTA must step in and ensure the right things are done. I will be glad to receive your reviews by email or what’app.
Philip Gebu is the Founder of Maximum Impact Tourism Club a tourism club with focus on community engagement and development. He is the C.E.O of FoReal Destinations Ltd, a Tourism Destinations Management and Marketing Company. Please contact Philip with your comments and suggestions. Write to forealdestinations@gmail.com / info@forealdestinations.com. Visit our website at www.forealdestinations.com or call or WhatsApp +233(0)244295901/026 4295901.Visist our social media sites Facebook, Twitter and Instagram: FoReal Destinations/maximum impact
Dr. Bawumia champions local economic empowerment with launch of GO Ride
Vice President Dr. Mahamudu Bawumia has outdoored GO Ride, a locally developed ride-hailing app, as part of a bold initiative to transform Ghana’s transportation sector through digital innovation.
GO Ride, developed via a strategic public-private partnership led by the government of Ghana, is designed to address challenges faced by local drivers, especially those a liated with the Ghana Private Road Transport Union (GPRTU).
Supporting Local Drivers with Lower Commissions
One of the app's standout features is its 10% commission rate, which is signi cantly lower than the rates charged by foreign ride-hailing companies such as Uber, Bolt, and Yango. This lower rate enables drivers to retain more of their earnings, improving their liveli hoods and fostering a competitive environ ment within the ride-hailing industry in Ghana.
A Strategic Govern ment Initiative
The government’s involvement in GO Ride underscores its commitment to sup porting local busi nesses and enhancing the livelihoods of Gha-
naian drivers. “GO Ride is more than just a ride-hailing app; it’s a testament to our vision for a digitally driven economy,” Vice President Bawumia stated. “We are creating job opportunities, ensuring that pro ts stay in Ghana, and empowering our local drivers.”
Promoting Digital Transformation in Transport
GO Ride o ers a comprehensive digital experience, equipped with features such as digital payments, GPS navigation, and real-time data, making it convenient for both drivers and passengers. This launch is aligned with the Vice President’s vision of a modernized, technology-based Ghana, re ecting his dedication to digital transformation and local economic empowerment.
Bene
ts
Beyond personal bene ts for drivers, GO Ride brings wider socio-economic advantages to Ghana’s transport industry. Through digitalization, the app supports revenue generation and retention, ensuring that earnings from the transport sector contribute to local wealth creation. GO Ride also introduces a 1% income savings plan for driver welfare and credit scoring, providing local drivers with improved access to credit and nancing.
A
Path to Sustainability and Community Growth
GO Ride is more than an economic tool; it promotes sustainable practices in transportation by reducing the carbon footprint through e cient digital solutions. The app is expected to contrib-
ute to Ghana’s green economy while encouraging community cohesion, as drivers and passengers engage with this shared national platform.
A Vision for the Future
Vice President Bawumia expressed optimism that GO Ride would spark job creation, elevate the digital landscape in Ghana, and strengthen local economies. "We are taking a significant step forward in Ghana’s digital transformation journey, with GO Ride as a beacon for our modern, technology-driven future," he a rmed.
Key Points
Job Creation: The app is anticipated to open numerous employment opportunities within Ghana's transport sector.
Empowering Local Drivers: By lowering commission rates and o ering welfare plans, GO Ride enhances drivers’ earning potential.
Digital Innovation: GO Ride aligns with Dr. Bawumia’s vision of a digitally transformed Ghana, promoting increased technology use in transportation. Sustainability Focus: The app supports Ghana’s green agenda with digital- rst, sustainable practices.
Economic Retention: GO Ride is expected to keep wealth within the local economy, supporting community growth.
GO Ride, launched under Dr. Bawumia's leadership, re ects a new era of digital progress, bringing positive transformation to Ghana’s transportation landscape.
Support young businesses to reach global standards – Absa’s Kobla Nyaletey
Absa Bank’s Executive Director for Retail and Business Banking, Kobla Nyaletey, has urged Ghanaian companies to support young businesses, even if their quality initially falls short of top standards. Speaking at the E-Jobs4All Development Summit, held from 22 to 27 October at the Accra International Conference Centre, Kobla advocated for the consistent support of local entrepreneurs, arguing that, with time, this support would enable young businesses to build sustainable quality standards and compete at a global level.
“This may require paying a bit more for local products, but the bene t to the country’s economy will be signi cant,” he said. The summit, themed “Igniting Futures: Entrepreneurship, Innovation, and Peace for Sustainable Development,” provided a platform for business and nance leaders, policymakers, and emerging entrepreneurs to connect.
Mr Nyaletey also stressed that young businesses need structure, but it must be the kind that supports growth without limiting creativity. He explained that while investors typically look for organised, dependable business models, overly rigid frameworks can constrain
fresh ideas. Instead, he urged mentors, coaches, and investors to provide guidance that allows young entrepreneurs to grow in ways that are both sustainable and adaptable.
Touching on nancing, Kobla noted that young entrepreneurs need tailored nancial support at various stages of their business
development, from grants and patient capital to interest-free loans and loans with a ordable interest rates. He highlighted Absa’s own commitment to these needs, mentioning the bank’s collateral-free SME loan o ered at a rate of 10% per annum. Through this subsidised loan pro-
gramme, Absa Bank has reached nearly 7,000 MSMEs, helping create over 49,000 jobs.
The six-day E-Jobs4All Development Summit featured an array of sessions, including development dialogues, training, and pitch competitions, all aimed at promoting youth-led economic growth in Ghana.
Ghana Grows Programme to support 90,000 tailors and dressmakers with skills training
Springboard Road Show Foundation has signed a Memorandum of Understanding with the Ghana National Tailors and Dressmakers Association (GNTDA) to equip over 90,000 young women, men, and persons with disabilities with the needed skills and personal and career development resources to thrive within the technical and vocational skills industry. The initiative is part of the Ghana Grows Programme, a collaboration between the Mastercard Foundation and Springboard Road Show Foundation aimed at supporting young people between 15 to 35 years especially, women and persons with disabilities to nd decent and viable jobs within the agriculture, agribusiness and Agriculture Technical Vocational Education and Training (ATVET) sectors.
This partnership aims to equip current and prospective members of the GNTDA, empowering them to become more productive and resourceful individuals. The e orts focus on inspiring young GNTDA apprentices and Mastercraft persons to recognize the potential for growth and innovation within Ghana's TVET industry.
In an interview, Comfort Ocran, Executive Director of the Springboard Road Show Foundation noted, "We
want to see every young tailor and dressmaker reach their full potential, not just for themselves but for their families and Ghana as a whole. Our joy is full when we are able to help young people thrive and become meaningful individuals with viable jobs contributing to the development of our nation.”
By joining forces with GNTDA, Springboard, through the Ghana Grows Programme, will deepen awareness about the vast opportunities within the technical and vocational skills sector and provide all members with learning, mentoring, and training opportunities as well as psychosocial sup-
port from professional counsellors.
Mrs. Joana Eshun Mensah, the National President of GNTDA, encouraged members of the association to take advantage of the support from the foundation, “These kinds of opportunities only come once in a while. I entreat all members of GNTDA to utilize this opportunity from Springboard Road Show Foundation to the fullest. I believe it will be bene cial to us all.”
For over 16 years, the Springboard Road Show Foundation has focused on investing in the skills and well-being of youth. In collaboration with its partners, including Lyme Haus, Axis Human
Capital, Meraki Arts Africa, the Ghana Psychological Association, Ghana TVET Service, the Ghana Federation of Disability Organisations, the Federation of Associations of Ghanaian Exporters, Young and Vibe and over a hundred others, the foundation aims to provide comprehensive support.
Comfort Ocran concluded by encouraging all Mastercraft persons and apprentices under GNTDA to be onboarded to participate in the programme and fully participate in all the interventions being rolled out nationwide.
About Ghana Grows
The Ghana Grows Programme is an initiative of the Mastercard Foundation and is
being implemented by a consortium led by Springboard Road Show Foundation.
Lyme Haus is a sub-implementing partner. Other technical partners are Axis Human Capital, Meraki Arts Africa, Ghana Federation of the Disabled (GFD), Ghana Psychological Association (GPA), Young & Vibe, and the Federation of Associations of Ghanaian Exporters (FAGE).
For media inquiries: Matthew Peprah Boateng Head of Operations Springboard Road Show Foundation
Contact: 054 431 5165
Email: matthew@springboard.com.gh
NADeF Scholarship Programme: Turning aspirations into achievements
In the Ahafo Region of Ghana, a transformative initiative is reshaping the trajectory of countless young lives.
The Newmont Ahafo Development Foundation (NADeF) scholarship scheme, launched in 2009, serves as a vital tool for empowering youth through education and vocational training. With its focus on formal education and employable skills development, this initiative has become a beacon of hope and opportunity for the host communities of Newmont Ghana Gold Limited’s Ahafo South Mine and Ahafo North Project.
Newmont operationalized its Ahafo Mine in 2005, thereby, signicantly diversifying the economy of Ahafo. Along this transition came opportunities for sustainable development. In response to these evolving dynamics, Newmont, in consultation with its ten host communities and other key stakeholders, established the Newmont Ahafo Development Foundation (NADeF) in May 2008 as its primary driver of corporate social responsibility.
The ten bene ciary communities are Kenyasi No.1, Kenyasi No.2, Ntotroso, Gyedu, Wamahinso, Yamfo, Susuanso, Afrisipakrom, Terchire, and Adrobaa in the Asuti North District and Tano North Municipal-
ity. NADeF has seven thematic operational areas-Human Resource Development, Economic Empowerment, Social Amenities and Infrastructural Development, Cultural Heritage, Natural Resources Management, Sports, and Youth Development. NADeF is funded by a unique model that includes US$1 per ounce of gold produced and 1% of the mine’s annual pro t after tax from the Newmont Ahafo Mine.
Prioritizing future development, NADeF allocates an impressive 28% of its total budget to human resource development initiatives- academic and apprenticeship scholarship scheme. By o ering scholarships tailored to the unique needs of students under human resources development, the Foundation is cultivating a new generation of educated and skilled individuals who can contribute to the Ahafo region's long-term growth.
In a signi cant milestone, 13,507 individuals have bene ted from the academic scholarship of which 5,042 bene ciaries received support for senior high school prior to the free SHS introduction, while 7,062 were granted nancial aid for tertiary education. The scholarship scheme is open to students across public and pri-
vate tertiary institutions including universities, colleges of education, and health training institutions among others.
NADeF has, since 2017, suspended its scholarship support for senior high school (SHS) students. This decision was in uenced by the introduction of the Free Senior High School (FSHS) policy by the government of Ghana, which aims to ease the nancial burdens of secondary education. The policy presented the opportunity for NADeF to re-de ne its focus in scholarship o erings by expanding the scheme to cover more tertiary students. Applicants who fail to meet the required cut-o grade of an aggregate score of 24 or better in their SSCE or WASSCE equivalents will be re-evaluated based on their improved academic performance in tertiary institutions. To qualify for reconsideration, students must achieve at least a second-class lower grade point average (GPA). Under the apprenticeship component, 1,403 others have received support for vocational skills and apprenticeship trades. The vocational training includes welding and fabrication, hairdressing, dressmaking, auto mechanics, heavy-duty equipment training, videography, and baking, among others. These apprenticeship programmes, among
others, serve as a catalyst for job creation and entrepreneurial opportunities within the local economy. Validated local residents-youth and master craftsmen (certi ed by professional body or association) in the communities qualify as apprentice, and master craftsman/woman under the programme.
Testimonies of Tertiary Education Bene ciaries
Felix Ba our Agyebinti, now a medical practitioner from Wamahinso in the Asuti North District, embodies the positive impact of educational support. With the help of NADeF’s scholarship, he completed senior high school enroute to Kwame Nkrumah University of Science and Technology (KNUST) in Kumasi to study medicine. This scholarship played a crucial role in alleviating the nancial strain on his family, enabling him to acquire essential study materials and medical tools without overwhelming stress.
“There was a time when my younger siblings were admitted to senior high school, and their admission fees, along with my tuition fees for the year, were overwhelming. The support from NADeF was a relief for my parents. I can still remember the joy on their faces to this day,” he said. “As a scholarship recipient, it reminds me to strive
for excellence in everything I do and to be a role model for the younger generation.”
The experience of receiving a scholarship has instilled in Agyebinti a profound sense of responsibility. He views his education as an opportunity to excel and serve as a role model for the next generation. Since graduating, he has dedicated over four years to serving at major Catholic health facilities in the Ahafo Region, including St. Elizabeth Hospital at Hwidiem and St. John of God Hospital at Duayaw-Nkwanta. His role extends beyond clinical duties as he actively engages in various health outreach programmes aimed at enhancing healthcare access and delivery.
From Adrobaa, a community in Tano North Municipality, Aisha Bukari's story shines as a beacon of hope for single mothers navigating the complexities of life and education. At 30, Ms. Bukari juggles the responsibilities of raising three children while pursuing her dreams, a journey made possible through the NADeF scholarship.
Being the eldest of six siblings, she faced signi cant challenges after her secondary education at Acherensua Senior High School in 2009. With nancial constraints preventing her from attending university for over a decade, her aspira-
21st Edition of Ghana Club 100
73 Ankobra West Rural Bank
74 Moonlight Fresco Limited
75 Crocodile Matchets (Ghana) Ltd
76 Kwahu Praso Rural Bank Limited
77 Atwima Kwanwoma Rural Bank PLC
78 Engen Ghana Ltd
79 Alpha Industries Limited
80 Odotobri Rural Bank PLC
81 Imperial General Assurance Company Ltd.
82 Maphlix Trust Ghana Limited
83 Papaye Fast Foods Ltd
84 Reiss & Co Ghana Ltd
85 Activa International Insurance Company (Ghana) Limited
86 Bayport Savings and Loans
87 Sefwiman Rural Bank Plc
88 Firstcode Management Services
89 Anum Rural Bank PLC
90 Kintampo Rural Bank Plc
91 Agroecom Ghana Limited
92 Adansi Rural Bank PLC
93 Advans Ghana Savings and Loans
94 Beaver Health Group
95 Kaaseman Rural Bank PLC
96 Gilsan Manufacturing Company Limited
97 Federated Commodities LTD (FEDCO)
98 New Crystal Health Services Limited
99 Otuasekan Rural Bank Plc
100 Ahantaman Rural Bank PLC
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
CWG Ghana and PFS partner to transform financial reconciliation across Africa with AI-powered CLIREC solution
CWG Ghana Limited, the local arm of CWG Plc, a leading Pan-African technology solutions provider, and Precise Financial Systems (PFS), Nigeria's foremost nancial software solutions company, have announced a strategic partnership to revolutionise account reconciliation processes across Africa with their advanced solution, CLIREC.
This partnership brings together CWG's more than 30-year legacy in technology distribution and PFS's three decades of specialised expertise in nancial reconciliation systems. The collaboration marks a signi cant milestone in promoting intra-African technology solutions and keeping intellectual resources within the continent. "This partnership exempli es the Pan-African spirit and demonstrates that there's a lot Africa can do within Africa," Philip Ayeni, Deputy Managing Director of PFS.
"We are not just combining our strengths; we are creating multiplicative value for African nancial institutions."
CLIREC, this partnership's agship product, leverages arti cial intelligence to automate complex reconciliation processes that traditionally require extensive manual intervention.
The solution addresses critical challenges faced by nancial institutions, including reconciling Nostro, Vostro, suspense, e-business, and ATM accounts while handling millions of daily transactions with unprecedented eciency.
Harriet Yartey, Managing Director of CWG Ghana Limited, in remarks made on her behalf by Oluwaseun Layade, Head of Project Management and Corporate Development at CWG Ghana, emphasised the eciency the solution brings. "What typically takes four to ve hours of manual processing can now be accomplished within minutes. This e ciency isn't just about speed – it's about accuracy, reliability, and fraud prevention,” she said.
CLIREC boasts a variety of advanced features that cater specifically to the complex needs of modern nancial institutions.
One of the most significant advantages is the full automation of reconciliation processes, which eliminates the need for manual intervention. This automation allows institutions to handle large transaction volumes with ease, improving both speed and accuracy.
The solution's AI-powered matching algorithms enhance eciency by automatically matching and rec-
onciling transactions, ensuring that processing is not only faster but also more accurate.
Additionally, CLIREC provides comprehensive audit trails and archiving, which support compliance with regulatory requirements and ensure that all transactions are properly documented and accessible for review. This is particularly important for nancial institutions that need to meet stringent audit standards.
The solution also o ers multi-currency support, making it versatile enough to be used across di erent markets and regions, which is crucial for multinational institutions operating in Africa and beyond.
To further streamline operations, CLIREC includes advanced investigation tools that help users quickly identify and resolve discrepancies, signicantly reducing the time and e ort required to address issues that arise during reconciliation. The system's robust Management Information System (MIS) reporting provides nancial executives with critical insights, enabling them to make data-driven decisions based on accurate and up-to-date information.
One of CLIREC's key security features is the
enforced segregation of duties, which enhances internal controls and minimizes the risk of errors or fraud. This ensures that no single individual has too much control over the reconciliation process, protecting institutions from potential operational risks. Furthermore, CLIREC’s real-time monitoring capabilities empower organizations to track their reconciliation processes and transactions as they happen, o ering a level of transparency and oversight that is essential in today's fast-paced nancial environment.
Of particular focus are nancial services providers – banks, and ntechs, among others – which have to grapple with signicant challenges in their reconciliation processes, including dealing with manual data entry errors, delayed nancial reporting, and the sheer volume of transactions that need timely and accurate matching, added Oladapo Awokoya, Director of Projects/Business Analysis at PFS.
“These pain points are particularly pronounced in institutions reliant on Excel spreadsheets, which, while familiar, are increasingly ill-equipped to handle the complex and high-volume demands
of modern nance. This often results in ine cient work ows, increased risk of non-compliance, and time-consuming audits,” Mr. Awokoya said, adding that CLIREC not only enhances the accuracy and e ciency of nancial reporting but also positions nance teams as essential contributors to business strategy and decision-making.
“This intelligent, AI-driven, process-centric application streamlines workows by rapidly matching transactions and intelligently routes exceptions for prompt review and correction. CLIREC's powerful visualisation tools enhance the ability to investigate discrepancies, ensuring transparency and control while reducing errors by up to 98 percent and making it 100 times faster and signi cantly more accurate, thus, empowering nancial institutions to stay ahead of the curve, achieving a signi cant return on investment within 6 to 12 months,” he further stated. The solution has already been implemented in over 40 countries, serving both nancial and non- nancial institutions. Its scalability makes it particularly valuable for organizations handling large
transaction volumes, while its standardized processes ensure consistent quality across operations.
"CLIREC not only automates these processes but also provides the security, accuracy, and reliability that modern nancial institutions demand. The partnership addresses a critical need in the African nancial sector, where many institutions still rely on manual or semi-automated reconciliation processes. By providing a fully
automated, AI-powered solution, CWG and PFS are helping organizations reduce operational risks, improve e ciency, and make data-driven decisions based on accurate, timely information,” Mrs. Yattey added.
Financial institutions and organizations interested in learning more about CLIREC can visit www.cwg-plc.com or contact their local CWG o ce for detailed information about implementation and support services.
Rock City Hotel holds successful breast cancer screening and blood donation exercise at Mpraeso Kwahu
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 implement-
ing 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 com-
partments, 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 partner ships in addressing pressing social issues. We, therefore, invite corporate organiza tions, and individuals to support the initia-
tive”, 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 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.
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tions seemed out of reach. However, receiving the NADeF scholarship allowed her to enroll in a Diploma in Education programme at the University of Education, Winneba, through the Sunyani Distance Learning Centre. The scholarship re-ignited Ms. Bukari’s ambition. While studying, she took up the role as an unprofessional teacher in a local private school, contributing to her family's income and gaining vital experience in the classroom. “Thanks to the NADeF scholarship, I proudly stand as a trained teacher ful lling my national service. I will soon pursue my bachelor’s degree—a dream I once thought was a mirage,” she stated.
Breaking Barriers Through Apprenticeship
In Kenyasi, 32-year-old Sandra Yiettey after completing her senior high school education in 2016, aspired to join either the military or Immigration Service, fueled by her desire to serve her community. However, three unsuccessful enlistment attempts left her dreams in a limbo.
As a mother of three, she faced pressing nancial challenges. She established a food business, selling tuo zaa , a nutritious Ghanaian dish, which provided crucial support for her family. Yet, her
ambitions extended beyond cooking; she was eager to venture into welding and metal fabrication. Unfortunately, nancial limitations hindered her access to necessary training.
A breakthrough came in 2023 when she received NADeF apprenticeship scholarship to learn welding and metal fabrication. This opportunity has catalyzed her journey towards becoming a skilled tradeswoman.
Ms. Yiettey is enthusiastic about addressing the gender disparities in male-dominated industries. "When a woman engages in a traditionally male dominated trade, she often becomes the preferred choice in society," she noted. Her ambition is not solely for personal advancement; she aims to empower young women, especially school dropouts, by providing them with valuable employable skills.
“Upon completing my three-year apprenticeship, I plan to mentor the next generation of women in welding and metal fabrication to demonstrate that with determination and support, barriers can be dismantled,” she stated.
The story of 21-year-old Comfort Fordjour in Kenyasi exempli es the transformative power of vocational training.
After completing her Junior High School education in 2020, young Comfort initially
Managing Editor: BENSON AFFUL
pursued vehicle air conditioner repairs. However, her aspirations faced setback when her mentor and master craftsman abandoned her and other apprentices after 18 months, leaving them without guidance.
Fortunately, the NADeF apprenticeship scholarship intervened, providing her with a sewing machine and essential tools for dressmaking. This support not only relieved her family’s nancial burden but also rekindled her passion for learning a trade. “The NADeF apprenticeship support is a dream come true for me,” she shared, highlighting how this opportunity has paved the way for a sustainable career.
Impact Assessment
Prof. Yaw Ofosu-Kusi, Chairperson of the Board of Trustees, NADeF said the scholarship scheme is revolutionizing educational opportunities for children in the ten beneciary communities, enabling families to overcome nancial obstacles that previously hindered their access to quality education.
“The transformative nature of the scholarship scheme instills hope for future leadership within the communities. By removing nancial barriers, the Foundation is paving the way for a generation poised to partici-
pate in decision-making processes,” he emphasized.
“The Apprenticeship Programme on the other hand equips young people with essential vocational skills. This initiative caters to those who may not thrive in traditional academic settings, providing them with hands-on training that translates directly into employment opportunities. The programme plays a crucial role in youth empowerment, enabling many to achieve nancial independence and contribute positively to their families and communities,” Prof. Ofosu-Kusi added.
Sustainability of the scholarship scheme
As Newmont Ahafo Mines maintain their operations, NADeF is committed to enhancing academic and apprenticeship opportunities within the local community through its robust scholarship scheme. This initiative is part of a broader sustainability strategy aimed at ensuring that the benets of Newmont’s operations at Ahafo extend well beyond economic metrics. NADeF's scholarship pro gramme is not merely short-term aid; it is a long-term investment in the communities’ future. The Founda tion allocates a per centage of its annual receipts to an Endow ment Fund, guarantee ing the programme's viability even after
mining operations cease in the area. As of December, 2023 NADeF’s Endowment Fund investments stood at GH¢97.8 million. This forward-thinking approach secures educational support for generations to come.
The Ahafo North Project, expected to commence commercial operations in 2025, is set to signi cantly boost NADeF’s nancial standing. The mine is projected to produce between 275,000 and 325,000 ounces of gold annually over its 14-year lifespan, translating into substantial contributions to the Foundation and its scholarship initiatives.
Conclusion
As NADeF evolves and broadens its impact, the potential for meaningful change in individual lives and the national development narrative is signi cant. Achieving sustainable rural community development is a collective e ort, underscoring the importance of support systems like those o ered by the Newmont Foundation (NADeF).
