Business News of Wednesday, 24 October 2018

Source: thebftonline.com

2018-10-24

Africa’s leading private sector institutions and corporates have established a Pan-African Private Sector Trade and Investment Committee (PAFTRAC) to serve as an advocacy platform to support the implementation of the African Continental Free Trade Area (AfCFTA)This will enhance African private sector participation in trade and investment policy formulation, including trade negotiations.

A communique issued in Addis Ababa on 19th October 2018, at the end of a meeting co-hosted by the African Export-Import Bank (Afreximbank) and the African Union Commission said, that PAFTRAC would enhance African private sector participation and galvanize the views of the African private sector, mainstreaming them into trade and investment policy making.

By providing a framework for effective public-private partnership in the promotion of African trade, PAFTRAC will enhance the integration of Africa into the global economy and contribute to the transformation of African economies in line with the African Union’s Agenda 2063: The Africa We Want, the communique stated.

Speaking during the meeting, this was co-chaired by Amb. Albert Muchanga, African Union Commissioner for Trade and Industry, and Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, Amb. Muchanga, said that PAFTRAC was an important stepping-stone towards the establishment of the African Business Council provided for under the AfCFTA Framework. Prof. Oramah said that it was imperative for the African private sector to play a more active role in shaping the parameters of trade and investment policy at the national, regional and continental levels for its own benefit and to achieve the transformation of African economies.

PAFTRAC will be driven by a group of leaders comprising chief executives of leading African businesses and financial institutions, representatives of regional African business councils and chambers of commerce. It will also include representatives of African policy and research institutions.

The meeting elected Prof. Patrick Utomi, founder of the Centre for Value in Leadership, Nigeria, as the first Chairperson of PAFTRAC for a two-year term. In addition to being a successful entrepreneur, Prof. Utomi is a professor of political economy and a management expert. He will be supported by vice-chairpersons drawn from different regions of the continent.

PAFTRAC members committed to mobilising wider private sector support for the PAFTRAC initiative and adopted a work programme for the period 2019 to 2021, which will, among others, focus on Trade Finance; Trade Facilitation; Non-Tariff Measures; and Africa’s external trade and investment relations.

The PAFTRAC Secretariat will be hosted by Afreximbank. Participating in the meeting were the COMESA Business Council; the Federation of West African Chambers of Commerce and Industry; the African Business Roundtable; Afro Champions; the Pan-African Chamber of Commerce and Industry; Ethiopian Airlines; and EBOMAF. Others were the African Development Bank; Ecobank; ITC; the African Economic Research Consortium; the United Nations Economic Commission for Africa; Pan-African University; CERPAC and the World Diamond Council.

Development Bank; Ecobank; ITC; the African Economic Research Consortium; the United Nations Economic Commission for Africa; Pan-African University; CERPAC and the World Diamond Council.

File photo: Kwadwo Asamoah hugging a team member

Sports News of Wednesday, 24 October 2018

Source: ghananewsagency.org

2018-10-24

Accra Hearts of Oak has finally transferred winger Patrick Razak, after agreeing to a deal with Guinean giants Horoya AC.

A statement signed by Mr. Kwame Opare Addo, Communications Director of the club, said, they have successfully negotiated a deal for the 23-year-old speedster with the Guinea side, pending an exchange of International Transfer Certificate (ITC) between football federations of the two countries.

“The management of Accra Hearts of Oak SC Limited has successfully negotiated a transfer agreement for the winger, Patrick Razak to join Horoya AC of Guinea.

“The transfer to Horoya is however subject to the respective federations exchanging the International Transfer Certificate.

“Hearts of Oak would like to thank Patrick for his dedicated service to our club and wish him nothing but the best at his new club and country,” the statement stated.

Horoya AC is reported to have paid Hearts $150,000 for the services of the former Tamale Utrecht player who spent three years with the Phobians.

Sports News of Wednesday, 24 October 2018

Source: ghananewsagency.org

2018-10-24

Jessie Manyo Plange, one of the world title hopefuls for Ghana, has said, he is the next boxer to win a world title for the nation.

Plange, who boasts of an undefeated record of 17 wins and a draw told the GNA Sports in an interview that, he would stop at nothing at being the next world champion for Ghana, adding that he was eyeing the International Boxing Organisation (IBO) and World Boxing Organisation (WBO) titles.

“With God all things are possible. I would win the world title soon. I know I am a champion and I would soon prove it,” he said.

Plange, 30, was in the ring early October with the IBO Bantamweight world titleholder Michael Dasmariñas, which ended in a split draw at the Marina Bay Sands in Singapore.

The 2007 All Africa Games silver medalist disclosed that, he was training for his next fight with a yet to be determined opponent on December 24.

“After my last fight, I have been training and am hoping to fight on December 24. So I’m hoping things would be well for me to progress.

“My last fight was interesting, I went all out for the whole world to see that Ghana, has big talent. I know I won the fight but they made it draw but I’m not disappointed.”

Business News of Wednesday, 24 October 2018

Source: ghananewsagency.org

2018-10-24

The Bank of Ghana has launched a Cyber Security Directive for Financial Institutions to ensure an uninterrupted financial intermediation process and boost the trust and confidence of consumers in the banking industry.

Generally, the Directive seeks to establish the conduct and operational guidelines for the cyber and information security environment.

Specifically, it sets out procedures for governance, risk management, internal audit, asset management, cyber defence, and cyber response.

Speaking at the launch on the theme: “A Safer Digital Financial Industry,” Dr Maxwell Opoku-Afari, the First Deputy Governor of the Bank of Ghana, said the risk associated with cybercrime on financial systems globally was on the rise.

In Ghana, he said, a 2016 report indicates that millions of cyber-attacks were recorded that year in the financial sector.

“Indeed, cyber-attacks have the potential to pose systemic risk by disrupting business operations within the financial sector. For Ghana, the threat is growing. A recent study in 2016 disclosed that there were more than 400,000 Malware incidents, 44 million Spam incidents, and 280,000 Bot incidents within Ghana’s financial industry,” he said.

He said the Bank, through its monitoring systems, had observed on daily basis attempts by cybercriminals to bypass security controls and exploit vulnerabilities within the cyber and information security defences of financial systems.

He said the BoG was putting measures in place to ensure that the financial space was protected against those attacks.

“As the Bank of Ghana pursues this objective, alongside strengthening the regulatory and supervisory environment to restore confidence and promote stability and integrity of the banking sector, it is important that we also take concrete steps towards implementing cybersecurity measures to combat financial crime,” he said.

Dr Opoku-Afari said in the face of technology, financial services remained critical and the Bank of Ghana had established sound financial system with strong individual component institutions, as a major priority.

He noted that the Bank has developed the Cyber Security Directive for Financial Institutions because it deemed it necessary to take steps to counter the threats to ensure the integrity and operational security of the financial system.

“The idea is to position the sector as a major growth driver, to support an inclusive broad-based economy with the full implementation of new higher minimum capital requirements by the end of this year,” he said.

Dr Opoku-Afari said one unique characteristic of the Directive was the required active involvement of senior management executives and boards of financial institutions.

He said all banks would be required to appoint a Cyber and Information Security Officer (CISO), who would advise senior management and the board on cyber security issues, and also formulate adequate measures to manage cyber and information security risks.

In addition, banks would be required to follow an implementation schedule to ensure that effective cyber security controls are in place to counter any threats of cybercrime.

Dr Opoku-Afari said a key component of the measures to be deployed by the CISO is the training and education of all stakeholders.

General News of Wednesday, 24 October 2018

Source: ghananewsagency.org

2018-10-24

Mr Thaddeus Sory, the Counsel for Mr Eugene Baffoe-Bonnie, former Board Chairman of the National Communications Authority (NCA), on Tuesday pleaded with the High Court to give him time to get justice for his client.

This was when he requested the Court, presided over by Mr Eric Kyei-Baffour, to allow him to get the minutes derived from the 42nd Financial Committee (FINCOMM), which had become useful in his cross-examination.

The Court then adjourned the case to Thursday, October 25, to enable the NCA to furnish it with the document.

Justice Kyei-Baffour, in granting the plea, stated that it would afford Counsel the opportunity to finish cross-examining Dr Isaac Yaw Ani, the Director General in charge of Managerial Operations, who is a prosecution witness.

He emphasised that in order not to delay trial, the Court would exercise discretion by inviting relevant witnesses if only the said documents were available on the next adjournment.

The Judge advised Counsel to also request for any other document needed from prosecution apart from FINCOMM minutes on time in order not to get avoidable adjournments.

Mr Baffoe-Bonnie and six others including Mr William Tevie, the former Director General of NCA, are being held for allegedly conspiring and causing financial loss to the State.

The accused persons are said to have, in different ways engaged and caused the loss of eight million dollars in procuring cyber-security devices from Infralocks Development Limited for the state in aid of NCA’s work.

The Counsel brought in five documents to be used as evidence through Dr Ani, including a letter dated May 29, 2015, from the National Security Council Secretariat, copy of letter inviting members of FINCOMM to the 42nd meeting, Industry Support and Development as well as Management Accounts for the Second and Third Quarters.

Madam Yvonne Attakora Buobisa of the Attorney General’s Department initially objected to the tendering in of the letter through Dr Ani with reasons that it was not addressed to him and that he was only in court as a witness, providing information on the matters of finance and budget of the Authority.

She said the letter was not authenticated and had no particular reference and that she did not receive that letter, however, she was overruled.

The Judge explained that since the Counsel had knowledge of the letter, it did not matter whether he authored or received it, it was supporting a claim of allegation that the letter was discussed in a meeting Dr Ani took part.

The Counsel, therefore, asked Dr Ani whether he was invited for the FINCOMM as well as having copies of the agenda and other relevant documents and he answered in the affirmative.

When he further asked whether Dr Ani knew that the expenditure in support of the Ministry’s activities increased by 172.43 per cent above the budget, Dr Ani again answered in the affirmative.

Dr Ani noted that if the expense was over GH¢100,000.00, it must also go to the Board for approval.

Mr Godwin Edudzi Kudzo Tameklo, Counsel for Mr Tevie, prayed the Court for the same minutes to be released to them as “no disclosure is a source of injustice,” adding that it might open a new line of defence for his client.

“For substantial justice and the penalty, my client will suffer. I pray the court permits us for a short adjournment, so that we would have the document from NCA and the opportunity to cross-examine based on that document,” he said.

Politics of Wednesday, 24 October 2018

Source: ghananewsagency.org

2018-10-24

Second Deputy Speaker of Parliament, Alban Sumana Kingsford Bagbin, has been given yet another open indication that he is desired as the 2020 flagbearer of the opposition National Democratic Congress (NDC) above others.

Some Executives of the NDC in the Eastern Region have said that they are envisaging the Nadowli-Kaleo MP beyond the 2020 flagbearership of the party and seeing him as the President of the country.

“So far in the campaign for the Presidential ticket, no one has sounded as brilliant as Mr Bagbin. His understanding of the difficulties of the party coupled with his national outlook that sees Ghanaians as one people is just what you will expect of any Presidential material. Simply put, he is a brilliant man who will become a President of this country in future,” Mrs. Gladys Kudor, Deputy Regional Women’s Organizer said in an interview on Saturday.

Mrs. Kudor, who is also a delegate, said this after Mr Bagbin interacted with party executives at various locations in the Eastern region.

She said she was gratified about the successful meeting they had with the aspirant especially a well-attended meeting at Mpraeso.

According to Mr Bagbin, the 2020 election was not about politics and political parties but about the salvation of the country itself, and therefore Ghanaians had a duty call on them to save the country.

As a longstanding politician with a known track record as an incorruptible man, he said, he was in the race because of the marginalized in society.

The Nadowli Kaleo MP added that the state of the country now required that, more than ever before, governance was brought to the doorstep of the ordinary Ghanaian people.

Mr Bagbin also used the programme to caution his supporters and the NDC of politics of personality attacks and disrespect saying that no matter who wins the 2020 flagbearership, the NDC would win the election in 2020, and it would be tragic that the party would allow an internal family contest to split the party because of the flagbearership.

Later, Mr Bagbin who had earlier met Eastern regional executives of the party in Koforidua, told Constituency executives in Mpraeso that the 2020 election was a done deal for the NDC and so the party’s strategy must have 2024 in the picture.

“One beautiful thing about Mr Bagbin is that his campaign is devoid of attacks, especially the trade of the ‘incompetent’ and ‘super incompetent’ insults between the Mahama campaign team and the Akufo-Addo government. This is very healthy and presidential for our country,” Mrs. Gladys Kudor, the Eastern regional Deputy Women’s Organizer said.

On his part, Albert Afari Anaafi, the Deputy Communication Officer of the Akropong Constituency branch of the NDC said Mr Bagbin touched hearts with his Eastern regional tour so far, which last week, had seen him win applause at the Akwapim Odwira festival where he advised the youth to stay away from drugs.

“Many people attended Bagbin’s meeting with Constituency executives at Mpraeso because of his brilliant deliveries. Many of the executives who were undecided on which flagbearer aspirant to vote for in November have now shifted allegiance to him because of his brilliance.

Mr. Anaafi urged Mr Bagbin to continue in the way he enlightens people whenever he speaks.

Meanwhile, the meeting with the Constituency Executives at Mpraeso, was turned into a pledges galore, with the executives, most of whom were delegates promising to vote for Mr Bagbin.

General News of Wednesday, 24 October 2018

Source: ghananewsagency.org

2018-10-24

Mr Kwesi Amoako Atta, Minister for Roads and Highways has stated the resolve of government to treat shoddy works by contractors and engineers as crime and cautioned against such jobs.

“Government won’t tolerate shoddy work in the road sector. If tolerated yesterday, not today. Contractors and engineers in the Ministry must watch out. We are doing every road with speed but we won’t sacrifice quality and value for money,” he said.

The Minister said this when he inspected some road networks in Ho, including a10.5-kilometre Sokode-Ho dual carriage project, which resumed on Monday after work stalled in May 2017 due to funding challenges.

At the Ho Post Office square, Mr Atta was unhappy about poor finishing of the walkway and directed officials of Ho Urban Road to get China Railway No.5 Engineering Ghana Limited, the construction Firm that worked on the project, back to site to fix the rough edges.

He gave one month period to the firm to workout edges of the walkway or face sanctions.

“I am very unhappy with this. We pay so much for road projects so it is sad that with some of the projects, after one rain, everything is gone. Let’s respect our people. Nobody will be allowed to short change Ghanaians,” Mr Atta said and instructed all directors in the Ministry to sit up.

He said it was a shame to see road construction like “a child’s play” and said he would not preside over a rotten sector and asked directors to wake up to the responsibility or answer questions.

Mr Atta said it was President Nana Addo Dankwa Akufo-Addo’s passion to fix all roads in the country because rapid socio-economic development revolved around good road network and by the end of the first term of President Akufo-Addo, major road networks including; the Eastern and Central corridors would be fixed for greater works in his second term.

The Minister said the Sokode-Ho dual carriage would be done in 18 months and that once work resumed, it would not stop until it was completed.

He said arrangements were also being made to fix the road network at the University of Health and Allied Sciences and called for support of all.

The Military personnel were at post to help curb any unforeseen aggressive behaviours