KGL Group, a world class brand and one of the leading private sector companies in Africa has acquired the first ever 24- carat Commemorative Gold Coin for 1 million Ghana cedis in support of the establishment of a cultural resource centre which will employ the latest technologies and IT platforms to promote activities related to traditional and customary conflict resolution in Ghana.

At the formal Celebration of Otumfuo’s momentous achievements as ruler of Asanteman, Executive Chairman of KGL Group, Mr. Alex Dadey, who also serves as Chairperson of the Board of GIPC expressed his profound appreciation for the remarkable achievements chalked by Otumfuo Osei Tutu II.

He stated, “It is entirely befitting, that given the history and the context of Ghana, that today, on December 12, 2021, the 16th Asantehene, Otumfuo Osei Tutu II, here in the grounds of the Palace of Manhyia, in the heart of Asanteman, presents a value-added Commemorative Gold Coin to the world. The excellent Concept to create this Commemorative Gold Coin is by royal assent, from Ghana. The gold in the coin was Mined in Ghana. It was Refined in Ghana and produced in Ghana.”

In launching the commemorative Gold Coins freshly minted with the Golden Stool on one side and His Majesty Otumfuo Osei Tutu II on the other, Mr. Alex Dadey pledged to significantly support Asanteman in its development, as “the Ashanti region is the second largest market for our operations as KGL Group and such deserves a great deal of our attention”.

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In declaring the Gold Coin duly launched, he remarked; “Distinguished Guests, Ladies and Gentlemen, hundreds of years from today into the future, let these coins being launched today become a collector’s item and an everlasting touchstone marking the remarkable achievement of peace making that the onetime 16th Asantehene of the Great Asante Kingdom of Ghana provided his people, and indeed, his country.

KGL Group as part of its strategic objectives for Tourism and Cultural Development is set to fully partner Asanteman and other Traditional Authorities in Ghana.

The doors of KGL Group are open to every Traditional Authority that aims at developing its cultural heritage, customs and traditions for the purpose of promoting tourism, ensuring peace, stability and conflict resolution in their respective jurisdictions.

KGL Group since its establishment has significantly contributed to the revenue mobilization efforts of government, supported social intervention programs, charity organizations and sports development in the country. Together with its subsidiaries, KGL Group have been at the forefront in supporting the Government of Ghana to successfully implement the flagship policy of digitalization.

Ghana | Atinkaonline.com

Apple Inc’s market value hovered just shy of the $3 trillion mark on Monday, following a stunning run over the past decade that has turned it into the world’s most valuable company.

The company’s shares fell just over 2% on Monday to close at $175.74, reversing earlier gains that saw them approach the $182.86 price needed to record a $3 trillion market value.

Apple’s stock rose about 11% last week, extending its more than 30% year-to-date gain as investors remain confident that flush consumers will continue to pay top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music.

The iPhone maker’s march from $2 trillion to near $3 trillion in market value took 16 months, as it led a group of megacap tech companies such as Google-parent Alphabet Inc (GOOGL.O) and Amazon.com Inc (AMZN.O) that benefited from people and businesses relying heavily on technology during the pandemic.

By comparison, Apple’s move from $1 trillion to $2 trillion took two years.

“It’s now one of the more richly valued companies in the market, which shows the dominance of U.S. technology in the world and how confident investors are that it will remain in Apple’s hands,” said Brian Frank, a portfolio manager at Frank Capital who sold his long-standing position in Apple in 2019 as the stock’s valuation rose. “It seems like the stock has priced in every possible good outcome.”

Among new revenue lines that investors expect are a possible Apple Car, alongside growth in service categories such as apps and TV that still remain well below the 65% of the company’s revenues generated by sales of iPhones, said Daniel Morgan, senior portfolio manager at Synovus Trust Company.

Eclipsing the $3 trillion milestone would add another feather in the cap for Chief Executive Tim Cook, who took over after Steve Jobs resigned in 2011, and oversaw the company’s expansion into new products and markets.

“Tim Cook has done an amazing job over the past decade, taking Apple’s share price up over 1,400%,” OANDA analyst Edward Moya said.

Apple shares have returned 22% per year since the 1990s, while the S&P 500 (.SPX) has returned less than 9% annually in the same period.

If Apple hits the $3 trillion milestone, Microsoft Corp (MSFT.O) will be the only company in the $2 trillion club, while Alphabet (GOOGL.O), Amazon (AMZN.O) and Tesla Inc (TSLA.O) have crossed $1 trillion.

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Microsoft, which has a market value of roughly $2.6 trillion, was the world’s most valuable company as recently as late October when Apple reported that supply chain constraints could weigh on its growth for the remainder of the year.

Large technology stocks have rallied this year with investors tapping increasing demand for cloud-based products as companies shifted to a hybrid work model and consumers upgraded their devices. The Nasdaq 100 (.NDX), which is top-weighted by large companies such as Apple, is up nearly 26% this year, while the broader S&P 500 index is up roughly 24%.

The emergence of technologies such as 5G, augmented reality/virtual reality, and artificial intelligence may also help Apple and other cash-rich large technology stocks remain in favour with investors as the global economy puts the coronavirus pandemic behind it and supply chain pressures ease.

“I am in the camp that are experiencing another ‘Super Cycle’ with the iPhone12/iPhone 13 franchise,” wrote Daniel Morgan, senior portfolio manager Synovus Trust Company, in a note. “And that AAPL is lifting off to another string of quarters with strong revenue and profit growth.”

reuters

The President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, has welcomed the €82.5 million support offered to Ghana by the European Investment Bank (EIB) to strengthen healthcare, provision of specialist medical equipment and medicines across Ghana under the national COVID-19 Health Response Plan.

The concessional financing package, which comprises a €75 million facility from the EIB, and €7.5 million grant from the European Commission, was signed at the Luxembourg Headquarters of the European Investment Bank, following President Akufo-Addo’s official visit to Luxembourg on Monday, 13th December 2021.

The new agreement with Ghana represents the largest national EIB financing for COVID related health investment in Africa.

The new facility, representing the EIB’s largest support for COVID related health investment in sub-Saharan Africa, was signed by one behalf of Ghana by Hon. Kwaku Ampratwum-Sarpong, the Deputy Minister for Foreign Affairs, and Ambroise Fayolle, European Investment Bank Vice President, in the presence of President Nana Akufo-Addo, EIB President Werner Hoyer and H.E. Sena Siaw-Boateng, Ambassador of Ghana to the European Union.

“Strengthened cooperation between Africa and multilateral development partners is crucial to share global best practice and ensure a rapid response to health, social and health challenges triggered by the COVID-19 pandemic. The European Investment Bank and the European Union are key partners for Ghana and I welcome their support for our national COVID-19 Health Response Plan,” President Akufo- Addo said.

He continued, “Ghanaian and EIB experts have worked tirelessly in recent months to finalise this initiative since President Hoyer and I met earlier this year. Specialist healthcare and medical services will benefit from both the EIB’s largest backing for COVID health resilience in Africa and EU grant support”.

“Ghana has taken visionary steps to ensure that the impact of COVID can be managed and long-term investment unlocked to strengthen both health services and access to finance by business. A few months ago President Akufo-Addo and I confirmed EIB backing for the Development Bank of Ghana. It is an honour to welcome our Ghanaian friends to our Luxembourg headquarters to demonstrate the impact of our joint response to improve COVID-19 healthcare and discuss how to further strengthen Team Europe’s partnership to improve lives and opportunities in Ghana in the years ahead.” said Werner Hoyer, President of the European Investment Bank.

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“Europe and Ghana stand side by side to tackle the health challenges triggered by the COVID-19 pandemic. The new Team Europe support for Ghana’s COVID-19 Health Response Plan will strengthen public health and enhance resilience to the pandemic across Ghana in the months and years ahead through new investment backed by the European Union and European Investment Bank.” said Jutta Urpilainen, European Union Commissioner for International Partnerships.

The meeting provided an opportunity to discuss recent EIB support for the retrofit of the Kpong Dam, Development Bank Ghana and COVAX, explore future cooperation to support local vaccine manufacturing and outline the EIB’s strengthened engagement in Africa through a new dedicated development finance branch to be launched in the new year.

The EIB and EU backed health investment will improve medical treatment for patients with COVID at Treatment and Isolation Centres and Intensive Care Units, as well as measures to detect and contain the virus and slow down transmission. The initiative will both enhance medical treatment during the pandemic and enhance public health in the years ahead.

Ghana was the first country in Africa to receive COVID-19 vaccines under the EIB and EU backed COVAX initiative. EIB experts also briefed President Akufo-Addo on plans to further accelerate delivery of vaccines across sub-Saharan Africa.

EIB strengthening co-operation with Ghana

The EIB is finalising new support for business investment in Ghana with ECOBANK that is expected to be confirmed in the coming weeks.

This follows the formal agreement in May this year between President Akufo Addo and EIB President Werner Hoyer for EUR 170 million EIB backing for the new Development Bank Ghana. This represented the largest ever EIB engagement in Ghana and most significant support for a national development finance institution in Africa.

Once operational Development Bank Ghana will increase access to long-term finance and boost job creation for thousands of businesses in key sectors, including agribusiness, manufacturing, ICT tourism and other services across Ghana.

The European Investment Bank is the world’s largest international public bank and financed transformational investment across Ghana, including renewable energy at the Kpong Dam, business and services, since 1976.

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.