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Agreement for construction Of Tema LNG Terminal project signed

By
Daniel Opare
-

Tema LNG Terminal Company Ltd., an entity controlled by Helios Investments, the world’s largest Africa-focused private equity fund, on Sunday, 2nd September, 2018, signed an agreement with China Harbour Engineering Company, for the construction of a Liquefied Natural Gas (LNG) Terminal to be sited in Tema.  

The LNG Terminal is being constructed on the back of a 12-year gas supply agreement that was executed between the Ghana National Petroleum Corporation (GNPC) and Rosneft, a global LNG trader and the world’s largest listed oil producer. Rosneft subsequently engaged Tema LNG Terminal Company for the provision of the regasification services.

The LNG Terminal, which will be completed in 18 months, will be Sub-Saharan Africa’s first regasification terminal, strengthening Ghana’s position as a regional trade and energy hub.

The project, which will generate some 1,600 jobs, is estimated to provide about two million tonnes of liquefied natural gas every year. This would mean that the facility would supply about 30% of Ghana’s total electricity generating capacity, displacing crude oil and crude derivatives as fuel sources for the generation of power.

In addition, a concession agreement signed between the Ghana Ports and Harbours Authority (GPHA) and Tema LNG Terminal Company Ltd, to allow for the siting and operation of the facility within the Tema port, will deliver an annual revenue in excess of $6 million to GPHA throughout the total concession period.

Witnessing the signing of the agreement, in Beijing, China, as part of his official visit to that country, President Akufo-Addo indicated that the Tema LNG Terminal Project is testament to the efforts his government has put in place over the last 19 months to encourage private sector participation in the growth of the economy.

The President noted that the construction of the terminal is in line with the commitment of his government to providing Ghana with constant, reliable and affordable power supply.

He stressed that “if we are going to succeed in pushing the industrial development of our country rapidly, the supply of gas, which will mean even more affordable rates of power, to our country is now a matter of very great importance for us.”

The Tema LNG Terminal Project is a private sector funded and driven project, led by established international sponsors, such as Rosneft, the world’s largest listed producer of crude oil, and Helios Investments, the world’s largest Africa-focused private equity fund. As such, there was no requirement for capital from Government.

The cost of the project is estimated in excess of some $350 million, of which $200m would be spent directly in Ghana over the next 18 months.

China Harbour Engineering Company, which is already involved in the current Tema port expansion project, is constructing the marine facilities, whilst Jiangnan Shipyard of China will be constructing the floating regasification facility.

The Terminal will be transferred to government (GNPC and GPHA) after 12 years.

Present at the signing ceremony were the Minister for Roads and Highways, Hon. Kwasi Amoako-Atta; Minister for Railways Development, Hon. Joe Ghartey; Minister for Agriculture, Hon. Owusu Afriyie Akoto; Minister for Information-designate, Hon. Kojo Oppong Nkrumah; and the Chief Executive Officer of the Ghana Investment Promotion Centre, Mr. Yofi Grant, amongst others.

Ghana | Atinkaonline.com 

Bawumia Challenges Stakeholders In Tourism Sector

By
Daniel Opare
-

The Vice President of the Republic, Dr Mahamudu Bawumia, has challenged stakeholders in the tourism industry to do more to increase the contribution of the sector to national development.

Tourism is the main income earner for a number of countries, who are leveraging on natural resources such as beaches, wildlife and naturally occurring landforms, as well as man-made attractions such as festivals and handicrafts. It is also a source of jobs, providing employment for a relatively large section of the population, particularly the youth.

However, despite an abundance of resources, the tourism sector’s contribution to Ghana’s Gross National Product has been relatively minimal, with direct and indirect contributions accounting for between three and seven percent in 2016. In terms of employment, travel and tourism supported about 288,000 direct jobs and 405,000 indirect jobs in 2016.

Vice President Bawumia challenged players in the tourism industry to do more when he addressed the chiefs and people of Cape Coast at this year’s Fetu Afahye on Saturday 1st September, 2018.

Citing figures from other countries to support his call for greater action, Vice President Bawumia said although growth in the sector has been remarkable so far, there is a lot of room for major improvement.

“Tourism is the fourth highest income earner in this country. However, in terms of contribution to national output Ghana ranks 101 in 2016 among a group of 185 countries. In terms of contribution to employment Ghana ranked 49th. But Ghana ranked 113th (out of 185) in terms of our ability to attract tourism investment, compared to Kenya which ranked 73rd”, the Vice President disclosed.  

“That means”, Dr Bawumia explained, “travel and tourism are not contributing to growth as much as we could. We are operating below our potential. In terms of contribution to GDP growth in 2017, Ghana ranked 67th compared to Kenya’s 46th and Senegal’s 14th on a global scale.

“The message is clear, there is more headroom to add to our travel and tourism industry, but we have to work harder if we are to create jobs, drive cultural exports, and generate local prosperity through our heritage values and environmental tourism.”

Zeroing in on Cape Coast and its environs, which is arguably one of Ghana’s main tourism hubs, with its beaches, slave castles and other monuments, Vice President Bawumia reiterated that residents of these towns would only reap the full benefits of the tourist attractions when conscious are made to improve sanitation, security, and the quality and standard of service offered in hotels and restaurants.

“The Hospitality Industry must live above reproach to deliver satisfactory services to our tourists. Hotel services must be improved to meet international standards. Our bars and restaurant attendants must be given the needed soft skills training to make them competitive in the delivery of their services.”

Reflecting on the theme for this year’s Fetu Afahye, “Restoration of Our Heritage, a Key to Tourism and Development”, Vice President Bawumia urged organisers of the festival, as well as leaders of all traditional areas in the country, to take advantage of such occasions to plan for the future development of their communities.

“Let us remind ourselves that festivals themselves are like any resource which can be used to develop our communities, as tools of job creation and export promotion, as means to promote tourism, and to attract investments into our cultural industry. In many parts of the world festivals are at the forefront of wealth and employment creation, as well as the promotion of the artistic talents of the culture.

“Let us commit to do even better next year everything we are doing well in this year’s festival. Let us challenge the creativity and artistic talents of the youth to enhance the heritage value of the festival.”

Ghana | Atinkaonline.com 

Ghana, China Sign Eight Co-Operation Agreements, MoUs

By
Daniel Opare
-

 

Ghana and China have signed eight (8) Co-operation Agreements and Memoranda of Understanding, in different sectors of their respective economies, aimed at deepening the ties of co-operation and the bonds of friendship that exist between the two countries.

The agreements were signed on Saturday, 1st September, 2018, after the President of the Republic, Nana Addo Dankwa Akufo-Addo, and the President of the People’s Republic of China, His Excellency Mr. Xi Jinping, held bilateral talks, as part of President Akufo-Addo’s State Visit to China.

The agreements are the “One belt one road Memorandum of Understanding”, “Memorandum on Regional Aviation Co-operation”, “Agreement for Co-operation in the peaceful use of nuclear energy”, and “Co-operation to carry out Maternal and Child Health Project”.

The rest are “Framework Agreement on Financing Insurance Co-operation” ($2 billion Sino-Hydro deal), “Economic co-operation on Phase 2 project of the University of Health and Allied Sciences, Ho”, “Co-operation on the expansion of the Cape Coast Stadium”, and “Co-operation on the supply of police vehicles to the Ghana Police Service.”

Speaking with President Xi Jinping, prior to the signing of the eight (8) Agreements, President Akufo-Addo noted that the relationship between Ghana and China, over the years, have been excellent, noting that “Ghana has been a firm friend of China.”

With China, for the last three years, being Ghana’s largest trading partner, the President stated that “Chinese co-operation and investment in our economy are extremely essential” to the delivery of progress and prosperity to the Ghanaian people.

Highlighting some matters of critical concern to the country, President Akufo-Addo noted that his Government has been engaged in the fight against the menace of illegal mining, popularly referred to as galamsey, and told the Chinese President about the involvement of some Chinese nationals in the illegal activity.

He emphasised that his administration will not relent in the fight to restore the purity of Ghana’s water bodies and the health of its environment.

President Akufo-Addo urged his President Xi Jinping to intervene in the matter, stating that “we want your help fully, so that we can remove this impediment to the strong co-operation between Ghana and China.”

On the development of Ghana’s infrastructure, he also told his Chinese counterpart that Ghana is interested in receiving investments from China towards specific sectors of the economy, such as the railway and road network.

“We are thinking about a railway network that is intended to be a part of the Belt and Road Initiative, which will link our country to the Maghreb Region, and, thereby, recreate the old trade route that linked the Southern part of West Africa to North Africa,” he added.

With Ghana exiting the IMF arrangement by the end of 2018, an arrangement entered into by the predecessor administration, President Akufo-Addo stressed that “we are determined never to return into the focus of an IMF Programme.

“In order to do so, we are looking seriously at how we can secure sources of long-term finance that will allow us to deal with our infrastructural development, and also realise the vision of a Ghana Beyond Aid.”

He told President Xi Jinping that, “The Ministry of Finance and the economists in Ghana are looking at floating a $50 billion Century Bond. This will provide us with the resources to finance our infrastructural and industrial development. We are hoping that, at some stage, China will interest itself, and take a part of it as China’s contribution to Ghana’s development.”   

Meeting with Chinese Premier

Later that day, President Akufo-Addo held bilateral talks with Mr. Li Keqiang, Premier of the State Council of the People's Republic of China, where matters involving infrastructural development, communications, and oil and gas were discussed.

The President told the Chinese Premier that a significant focus of his visit to China has to do with the $2 billion Sino-Hydro transaction.

He explained that, “We are looking at this transaction to afford us the opportunity to expand and improve our road infrastructure, as well as the railway development of our country.”

President Akufo-Addo was hopeful that his visit to China will “reinvigorate our relationship, provide us with the opportunity to contribute to the success of the FOCAC summit, and also enhance the nature of the co-operation between our two countries.”

TRIBUTE TO MR KOFI ANNAN, FORMER SECRETARY-GENERAL OF UNITED NATIONS.

By
Daniel Opare
-

The death of Mr. Kofi Annan, former Secretary-General of United Nations, is a difficult moment to bear in a world that needs more of his statesmanship to inspire hope and peace. 

The kernel of his life, however, remains a meaningful chapter of lessons not only for the present generation but also for posterity. 

In the end, he carved an enviable foothold in history as an avid patriot of humanity, a balm of inspiration and an enduring monument of global legacy. 

He was a true glittering jewel of Africa and the seal of United Nations trademark of leadership that lit the world in one of her darkest moments in history.

May His Soul Rest in Perfect Peace.

By
Daasebre Prof. (Emeritus) Oti Boateng
(Omanhene of New Juaben Traditional Area, United Nations Commissioner on the International Civil Service  Commission and   former Chairman, United Nations Statistical Commission)
 

Zoomlion’s new 500 skip trucks to create “300 direct jobs and 1000 indirect jobs”

By
Daniel Opare
-

 

Executive Chairman of Zoomlion Ghana Limited, the leading waste management company in the country, Dr. Joseph Siaw Agyepong, has urged citizens and stakeholders to support and collaborate with waste management companies to combat waste and filth in the country to make it the cleanest in Africa.

Mr. Agyepong noted that combating filth and waste in the country was a responsibility of every citizen which needs to be observed but not to be ignored.
“Lets us all come on board and help in the campaigning against the improper ways of disposing refuse in the country,” he said.

He made the assertions during the handing over of sanitation equipment to the newly created Metropolitan, Municipal and District Assemblies (MMDA’s) to eradicate filth and waste at the district level.

Zoomlion handed over 500 new skip struck and 2000 tri-cycle with requisite number of containers for efficient and effective operations to the MMDAs.
Mr. Agyepong noted that handing over the sanitation equipment to MMDAs was in line with the President’s vision in making not only Accra the cleanest city but also create jobs and promote the private sector.

He stated that the distribution of the newly procured vehicles will also help in creating 300 direct and about 1,000 indirect jobs in the MMDAs.
 “This is part of our expanding strategy to meet the needs of our growing population and rapid urbanization,” Siaw Agyapong explained. 

Mr. Agyapong further revealed plans by the waste management company to dispense one million bins to households for effective waste collection.

“We think that giving dustbins to each household would go a long way to solving the waste problem. Alongside this, we are digitizing bins by placing RFID (Radio Frequency Identification) stickers on the dustbins to be able to ensure that bins are lifted every day. This will allow us to know where they are located so that those collecting the rubbish can easily identify or locate the bins. This innovation is in line with the government’s digitization efforts," he said 

“Our teams are working in partnership with the School of Nuclear and Allied Sciences to find culturally acceptable solutions for waste to energy systems,” he added.

Commending Zoomlion Company Limited, the Greater Accra Regional Minister, Ishmael Ashitey, said the distribution of the trucks to the assemblies “comes as a great relief to us charged with the responsibility of managing equipment in the various regions".

Ghana | Atinkaonline | Kennedy Obeng
 

Maame  Afia Akoto donates to Korle-Bu  maternity ward

By
Porcia Oforiwaa
-

 

Ahead of the 40th Birthday of Madam Alberta Afia Akoto, the Deputy Chief Executive of Microfinance and Small Loans Centre – Masloc, on Friday donated Items worth over GHs 40,000.00  to the Korle-Bu Maternity Ward.

She paid the bills for Forty (40) nursing mothers who were detained at the Korle-Bu maternity ward for their inability to pay their medical bills after they had given birth and also paid the bill for a 6-year-old who had a hole in his spine and needed surgery done.

Items included 40 hampers, each was made up of tins of lactogen milk, 40 sets of diapers and wipes for babies, cartons of lactogen milk and 48 sets of Pampers for abandoned babies.


Maame Afia Akoto is known for her philanthropic works as she always gives out to the needy.

On her 39th birthday, she celebrated it by showing love to the Borstal Institute inmates with items worth thousands of Ghana cedis.

Personalities who graced the event included NPP General Secretary, John Boadu, Father, Mr.Akoto, Deputy CEO MASLOC, Abibata Shanni Mahama Zakariah, writer Author Rev.Dr.Ralph Antwi and The General Manager for Angel TV, Sally Akua Amoakowaa Mensah.

 The rest are Prophet Selassie Adea of Apostolic Empowerment, Abidiva, her children and host of friends.

Ghana | Atinkaonline.com 
 

"I was introduced into homosexuality at age 9" – Gay Chorister confesses

By
Daniel Opare
-

A 21-year-old homosexual (name withheld) has alleged that he was introduced into homosexuality at the age of nine by a  person of the same sex whom he stayed in the same house with and has since indulged  in it.

Speaking to Pastor Martin Semordzie on Atinka FM’s “Obi Adi M’awu” programme on Thursday, he explained that although the  act is despicable, the urge to continue to  is always stronger.

He also revealed that not only does he practice homosexuality, he was also advised by some of his friends to masturbate whenever he feels like having an intercourse with a fellow male and the act has become a habit .

He further revealed that he has  only for once had an intercourse with a female but has had countless intercourse with fellow males.

“When I was in the boarding school in primary I met some guys who were also gays and I had quite a number of intercourse with them…the school authorities at a point found out and they expelled the guys and I was also taken out  from the school by my brother who was taking care of me” he confessed.

Touching on some of his homosexual acts, he said that there have been times that he had anal sex with his colleagues while they slept without their knowledge and notice, but he was on one occasion caught and beaten up by some of his colleagues.

“sometimes the urge to have “sex” with other guys become so strong that I pretend  sleeping beside my male friends and I end up having anal sex with them without their knowledge or being caught”.

Asked whether he is being manipulated by a demonic entity, he said he is completely unware of  that.

 He said he was an ardent Christian who is  part of his church’s choir and  even sometimes accompanies his pastor to preach on radio. However, he hasn’t mustered the courage to tell his pastor or any member of the Kumasi branch of the  Assemblies of God branch where he worships.

In view of how messy his life had become, he recounted that how he on countless occassion attempted  suicide but failed.

In that regard, he said he seeking  the assistance of Pastor Martin and his team of Pastors to help him completely abstain from homosexuality. In view of that  Pastor Martin and his team are taking him through some counselling session and teachings. 

  “Obi Adi M’awu” airs on Atinka 104.7  fm  every  Monday to Friday from 10:00 AM to 12:00 PM .

Ghana | Atinkaonline.com | Odel Boaheng

An admission of impunity: Ponkoh brays

By
Daniel Opare
-

By Prince Moses 

It is sad reading Yamoah Ponkoh’s statement about closing down Databank should the NDC come to power.  His statement only confirms the impunity that has become a hallmark of his party.

First of all, it is necessary to point out that Ghanaians have yet to exhibit any desire for a return of dumsor. Ghanaians are also not in a hurry to relive the various financial misappropriation scandals that Ponkoh’s party has been desperately trying to shake off. 

While the NPP has had no need to rebrand its image, Ponkoh should be reminded of Spio Garbrah’s recent appeal to shake off the NDC's image as THE corrupt party. Spio Garbrah is right, and Yamoah Ponkoh’s arguments only serve to prove Garbrah’s point. 

Not much ink should be wasted on this open admission about the impunity and disrespect for the law that have come to define the once ideologically ethical movement created by Jerry John Rawlings. 

Let’s clarify what Ponkoh is saying. Databank was highly successful decades before Ken Ofori-Atta became finance minister. Kwabena Duffuor’s UniBank, on the other hand, only became a real bank in 2009 after he became governor and finance minister. Find the error.

Ghanaians see through Ponkoh’s braying noise in his effort to drown out the results of the audits that finger Duffuor and UniBank's management of allegedly syphoning taxpayers’ and depositors’ money for personal gain. The banking mess, which Ken Ofori-Atta is burning the midnight oil to clean, was created by Ponkoh’s people. All the braying won’t remove that mess from the record. 

So, to openly admit that he and his party will act without recourse to the law proves a point. They have never cared about the law. That impunity runs deep, and Ponkoh’s braying only confirms what people already knew.

It is now time to clean up the system and make it work for Ghanaian taxpayers and bank depositors. 

Ghana | Atinkaonline.com

Schools want to pay research subjects to eat avocados

By
Daniel Opare
-

A team composed of researchers from four U.S. colleges is seeking subjects interested in being paid to eat avocados for six months.

Loma Linda University announced researchers from its School of Health are partnering with teams from Penn State University, Tufts University and the University of California, Los Angeles, to conduct a six-month study that will examine whether avocados promote weight loss.

Each school will gather 250 subjects and the participants will be split into two groups, one that consumes an avocado a day and another that eats two avocados per month.

Loma Linda University said interested applicants must be at least 25 years old, with male participants measuring at least 40 inches around the waist and female subjects measuring at least 35 inches across the waist.

Participants in both groups will each receive $300 at the end of the study.

upi

UBA grows gross earnings by 16%, delivers 17% return on average equity

By
Daniel Opare
-

Africa’s leading financial institution, United Bank for Africa Plc has announced its audited 2018 half year financial results, showing strong growth across key performance metrics as well as a significant contribution from its African subsidiaries.

Despite declining yield environment in two core markets, Nigeria and Ghana, the pan Africa financial institution delivered double digit growth in gross earnings, as it recorded a 16 percent year-on-year rise in top-line to N258 billion, compared to N223 billion recorded in the corresponding period of 2017. This performance, according to analysts, underscores the capacity of the Group to deliver strong performance through economic cycles, even in a challenging business environment.

According to the report filed to the Nigerian Stock Exchange on Wednesday, UBA, reported strong growth in operating income at N168.5 billion, compared to N161.8 billion in the first half of 2017, an increase of 4.1 percent. Notwithstanding the inflation-induced cost pressure in the period, UBA finished the first half of the year strongly, with a Profit Before Tax of N58.1 billion. The Profit After Tax also improved to N43.8 billion, a 3.4 percent growth compared to N42.3 billion achieved in the corresponding period of 2017. The first half of the year profit, translated to pre-tax and post-tax return on average equity of 23% and 17% respectively.

UBA’s foreign operations continue to grow in importance, contributing 40% of the Group’s profit, which according to analysts attests to the benefit of UBA’s Pan-African strategy and reinforces the Bank’s objective of achieving 50 percent earnings contribution from offshore subsidiaries.

In the first six months of the year, the Bank’s Total Assets grew 4.9% to N4.27 trillion and Customer Deposits rose by 6.1 percent to N2.90 trillion, compared to N2.73 trillion as at December 2017. This growth trajectory underlines UBA’s market share gain, as it increasingly wins customers through its re-engineered customer service and innovative digital offerings.  The Group’s Shareholders’ Funds remained strong at N496.3 billion, even as implementation of IFRS 9 impacted the total equity of the bank and its peers.

In line with its culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc declared an interim dividend of N0.20 per share for every ordinary share of N0.50 each held on the qualification date – Wednesday, September 05, 2018.  

Commenting on the results, the Group Managing Director/CEO, United Bank for Africa Plc (UBA), Mr. Kennedy Uzoka said:  "Our performance in the first half the year reflects the resilience of our business model and strategies. Despite declining yields in two core markets, Nigeria and Ghana, we delivered double digit growth in gross earnings. Our performance demonstrates the success of our digital banking initiatives and broader Customer-First strategies”

“We are integrating banking to our customers’ lifestyle, simplifying processes for routine transactions and driving financial inclusion by making banking services accessible and affordable. We are creating opportunities for wealth creation and economic progress, as we empower our customers through innovative platforms and solutions that support their personal and business growth. Our commitment to delivering excellent service is paying-off, as we increasingly win a bigger share of customers’ wallet across our chosen markets. We won the highly coveted “Africa’s Best Digital Bank” Award by Euro money, demonstrating our pioneering initiatives are being recognised with Leo, our digital banker having been name checked by Mark Zuckerberg” Uzoka said.

“Our enhanced asset-liability management strategies improved asset yield and grew interest income by 21% despite prevailing yield environment. Our re-engineered sales structure provided the impetus for renewed retail deposit growth. I am particularly pleased by the 24% year-to-date growth in retail savings and current account deposits, underpinning the increasing penetration of our digital offerings and the Group’s overarching goal of democratizing banking across Africa. We improved net interest margin to 7.4%in line with our 2018 target, notwithstanding strong competition for wholesale deposits and the impact of rising global interest rates on our foreign currency funding,” he concluded

Also speaking on UBA’s financial performance and position, the Group CFO, Ugo Nwaghodoh said; “We finished the first half of the year in a stronger position and we are optimistic on the future of our business. Amidst economic recovery and uncertainties in Nigeria, our largest market, we grew net interest income and operating income by 9.6% and 4.1% respectively. We doubled revenue from trade services and grew e-banking income by 24%, a testament to our market share gain, which is driven by innovative offerings. Our foreign operations contributed 40% of Group’s profit, underlining the benefit of our Pan-African strategy.

“We sustained our asset quality, with cost of risk at 0.8%. Whilst the loan book declined by 6.5% due to prepayments from some customers in Nigeria and Ghana, we grew the overall balance sheet by 5% in the first half of the year. The Group’s capital adequacy ratio of 23%, Bank’s liquidity ratio of 48% and loan-to-deposit ratio of 57% all reinforce our capacity to grow, with ample headroom for risk asset creation,” Nwaghodoh said.

In recognition of UBA’s dominance in Africa’s digital banking space, UBA emerged the Best Institution in Digital Banking across Africa, courtesy of Euromoney. Earlier in the year, UBA launched Leo, an e-chat service using artificial intelligence to help customers execute transactions on Facebook, the first of its kind in Africa. The Bank is set to replicate the success of Leo on WhatsApp on September 1st, bringing convenience to its growing youthful customer base across Africa.

UBA is one of Africa’s leading banks with operations in 20 African countries. It also has presence in the global financial centres; London, New York and Paris.  UBA provides banking services to more than 15 million customers globally, through diverse channels.  

Ghana | Atinkaonline.com

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