People & Lifestyle
Ghana climbs up the Absa Africa Financial Markets Index (AFMI) despite Covid-19 stalling progress across much of Africa
Ghana has moved into the top five ranking in the Absa Africa Financial Market Index report, placing fourth with an overall score of 62 out of the maximum 100 score – a recognition of the positive strides in the development of the Ghanaian market.This is an improvement on last years’ sixth position with a score of 59.
Remarkably, Ghana scored 50 and above in 5 out of the 6 pillars measured. The policies and initiatives that contributed to Ghana’s improved performance include – adoption of and enforceability of standard master agreements, improved access to foreign exchange through forward FX auctions by the Bank of Ghana and market transparency works through daily publication of financial asset prices. Ghana’s weakest link however, is the Capacity of Local Investors where it recorded a score of 21.
The Absa Africa Financial Markets Index is produced annually by the Official Monetary and Financial Institutions Forum (OMFIF) – an independent think tank for central banking, economic policy and public investment through extensive quantitative research and data analysis in association with Absa Group Limited. The index, now in its fifth year, throws light on Financial Markets across Africa and benefits from continued engagement with policymakers, regulators, market participants and industry experts; providing the latest information about developments in the region.
The Absa Africa Financial Market Index (AFMI) evaluates and ranks Financial Market development in 23 countries, highlighting the opportunities and challenges within the economies. The aim is to show present positions, as well as how economies can improve market frameworks to bolster investor access and drive sustainable growth. The index assesses countries according to six pillars: Market Depth; Access to Foreign Exchange; Market Transparency, Tax and Regulatory Environment; Capacity of Local Investors; Macroeconomic Opportunity; and Enforceability of Financial Contracts.
South Africa, Mauritius and Nigeria maintained their lead on the index despite recording lower overall scores compared to the previous year mainly due to the impact of Covid-19. Ghana and Uganda entered the top five for the first time, both earning points especially for the progress in the enforceability of standard master agreements.
the budget. Ghana recorded 65 points under this pillar.
Commenting on the report, Absa Ghana’s Managing Director, Abena Osei-Poku said “Expanding and deepening Ghana’s financial markets is vital to our economic development, and it’s great to note that Ghana is moving in the right direction with recognizable progress. Ghana’s strong performance across pillars with scores above 50 in 5 out of the 6 pillars, shows that stakeholders, led by the Ministry of Finance and the Bank of Ghana have sustained development initiatives through the Covid period”.
Kobla Nyaletey – Director and Head of Global Markets, Absa Ghana and Nigeria
The Director and Head of Global Markets of Absa Ghana and Nigeria, Kobla Nyaletey noted that “to score full marks of 100 on the pillar of Enforceability of Financial Contracts signifies the quantum and speed of work by stakeholders in the last few years in adopting ISDA, GMRA to underpin financial market transactions and the formal recognition of netting in the new Corporate Restructuring and Insolvency Act 2020 (Act 1015). Market participants now need to appropriately reflect this in pricing via a risk adjusted pricing framework. I look forward to similar speedy reforms in other areas, especially in enhancing the capacity of local investors to sustain Ghana’s upward climb on the index in the coming years”.
The Macroeconomic opportunity (Pillar 5) assesses countries’ economic prospects using metrics on growth, debt, export competitiveness, banking sector risk and availability of macro data. Countries collectively performed best in this pillar, scoring an average of 62. Despite constrained growth and deteriorating credit quality in a number of countries in 2020, improvements in financial and fiscal transparency kept scores steady. The International Monetary Fund (IMF) identified Ghana as one of the index countries at risk of debt distress as of end-June 2021. Ghana among other African countries issued Eurobonds in the first half of 2021, funding from the Eurobond helped the country to finance maturing debt obligations, infrastructure projects and support the budget. Ghana recorded 65 points under this pillar.
Pillar 6 evaluates countries based on the enforceability of close-out netting rules and use of standard financial markets master agreements. Ghana alongside Nigeria and South Africa earned full 100 points for their commitment to Financial Master agreement and enforcement of netting and collateral positions which is a primary means of credit risk mitigation especially for Over the Counter (OTC) derivatives. Earlier this year, the Bank of Ghana issued notice recognizing netting arrangements for transactions using global standard documentation.
Ghana’s Performance
Ghana’s Market Depth recorded a 50 score. Ghana was also recognized for further refinement in its Primary Dealer system with the Bond Market Specialist group as well as the framework for issuance of green or sustainable bonds in future. The availability of sustainability-focused products in the domestic markets is a new indicator forming part of Market Depth (Pillar 1) scores. In May, Ghana’s Securities and Exchange Commission (SEC) launched its Capital Market Master Plan to implement product diversification and widen its investor base over the next 10 years The Ghana Stock Exchange (GSE) has also partnered with the London Stock Exchange to support Ghana’s capital market development. This partnership will focus on executing several initiatives which will lead to upgrading Ghana’s classification from a Frontier to an Emerging Market and supporting cross-listings between both exchanges. The GSE, working with other exchanges from ECOWAS is also developing a system to enable brokers to trade across the different markets of the sub-region.
To accelerate the digitization of the financial market, the Bank of Ghana (BOG) launched a payments-focused sandbox in February 2021. The BOG also established the Fintech and Innovation Office to drive cash-lite, e-payments and digitalization. The BOG is further exploring the possibility of issuing a digital currency. All these efforts were duly recognized and contributed to the improvement in Ghana’s score on Market Depth.
Ghana scored 59 out of 100 on the Pillar of Access to Foreign Exchange, a 2.8-point decline from the prior year, partly due to weaker reserve positions relative to net portfolio flows. Despite a decline in its interbank FX market turnover, Ghana climbed five positions on the ranking in this pillar, driven by more frequent official exchange rate reporting and wider adoption of the FX Global Code – important works towards market transparency and adoption of global best standards. In 2020, the Ghana Cedi remained relatively stable against the US Dollar on account of reduced FX demand, structural changes such as the increased use of forward FX auctions.
On Pillar 3 of Market Transparency, Tax and Regulatory Environment, Ghana scored 75 points. Earlier this year, parliament passed a legislation to waive tax on capital gains for listed securities, making permanent the incentive established in 2020, thus making Ghana one of the generous tax regimes for investors. On encouraging sustainable markets, the National Pensions Regulatory Authority (NPRA) released guidelines for incorporating Environmental, Social and Governance (ESG) factors in investment decisions, with up to 5% of a pension scheme’s assets under management invested in green bonds not counting towards its maximum allocation for securities. Ghana is working with the Global Reporting Initiative to introduce sustainability reporting in its market by the end of the year.
Pillar 4 evaluates Local Investor Capacity based on the size of the pension fund market and its potential to drive market activity. Across the 23 countries on the index, scores dropped by 6.3 points, with 17 countries falling down the rankings. Aggregate pension fund assets in the index declined by 1.9%. With a low score of 21, the report concluded that in Ghana, many pension funds and asset managers tend to have a short-term view of investments, making them more risk-averse and unlikely to invest in unfamiliar sectors. Pension funds in Ghana are encouraged to invest in sustainable financial products. More funds will move in this direction if trustees and investment managers have the confidence to evaluate new kinds of investment opportunities.
People & Lifestyle
Celebrating 25 Years: Otumfuo Osei Tutu II’s Reign
Today marks the 25th anniversary of Otumfuo Osei Tutu II’s reign as the Asantehene, the King of the Ashanti Kingdom.
Otumfuo Osei Tutu II: Celebrating 25 Years of Local and Global Impact.
Showing on @GTV_Ghana and streaming on all our social media platforms on Sunday, April 28, at 8:30PM.#Asanteman #OurCultureOurHeritage pic.twitter.com/g3u0Ql5q6i
— GTV Ghana (@GTV_Ghana) April 26, 2024
The celebrations, which began with spectacular fireworks witnessed by Otumfuo himself, will culminate in the Silver Jubilee anniversary on Akwasidaekese on June 12 at Dwabrem, Manhyia Palace.
This milestone is a testament to Otumfuo’s impactful leadership, dedication to the Asante people, and contributions to education and research as the Chancellor of KNUST.
❤️ @AkwaboahMusic meets The King of Ashanti Kingdom Otumfoc Osei Tutu II. pic.twitter.com/wdvlulV7Ez
— FELICIA OSEI (@Osei_Feliciaa) April 26, 2024
The event is being celebrated across Ghana, with well-wishes and congratulations pouring in from various quarters, highlighting the significance of this occasion for Asanteman and Ghana as a whole.
People & Lifestyle
Mr. Beast in Ghana: Surprising Visit Sparks Excitement
World-renowned YouTuber Mr. Beast, known for his philanthropic acts, has been spotted in Ghana, specifically in Accra and Tema, sparking excitement among locals.
Wow, Mr Beast is in Ghana! Look at how boys are gathering to take pictures with him. pic.twitter.com/46gawXYWnJ
— Big Kay🇬🇭 (@OfficialBigkay) April 26, 2024
His visit has led to discussions about his choice of Ghana over other African countries, with some suggesting that the country’s popularity as a tourist destination played a role.
MrBeast is in Ghana and no one is talking about it? Make I step out more times I go get new phone or car saf pic.twitter.com/AUP9CSoDoV
— Kofi Ntim (@NtimBarima) April 26, 2024
Mr. Beast’s presence in Ghana is part of his global outreach, as he recently gifted a Ghanaian $25,000 as part of his X (Twitter) giveaway.
Read Also: Producers of 'Beast of No Nation' return to filming in Ghana, causing upset in parliament
The YouTuber has been seen exploring the country and interacting with locals, with many expressing their desire to meet him and participate in his charitable endeavors.
People & Lifestyle
Stephen Appiah to contest John Dumelo and Lydia Alhassan in MP race for Ayawaso West Wuogon
Former Black Stars captain Stephen Appiah is set to enter the political fray by rubbing shoulders with notable personalities in the upcoming general elections.
The former Juventus midfielder is believed to be lacing his boots to face the likes of John Dumelo and the incumbent member of Parliament for the Ayawaso West Wuogon Constituency Lydia Alhassan.
While Dumelo and Alhassan represents the NDC and NPP respectively, Appiah is expected feature in the elections as an independent candidate.
This was revealed by the Spokesperson of the Ayew family Fiifi Tackie via X on Friday afternoon.
“Stephen Appiah to contest Ayawaso West Wuogon constituency as an independent Parliamentary candidate,” he wrote.
If Stephen Appiah affirms the reported news, he will be following in the footsteps of other renowned figures in Ghana football who have indulged in politics recently.
Earlier this year, all-time top scorer of the Black Stars Asamoah Gyan was appointed as the sub-committee chair of Youth and Sports in the campaign committee of Dr Bawumia, the flagbearer of the ruling New Patriotic Party.
In acceptance of the appointment, Gyan emphasised the need to share hos ideas garnered through experience in the game.
Anas took $100,000 to stop documentary release – Kwesi Nyantakyi
‘I have enough experience to contribute to sports – Asamoah Gyan reacts to political appointment
“I always ask myself, how do we create change if we don’t want to change? How do we spectate without being on the bench, and how do we score without being on the field?… All I know and will ever know, all I love and will ever love is SPORTS.” he stated.
Another figure in Ghana football who recently announced his intention to engage in partisan politics is Kwesi Nyantakyi, former Ghana Football Association (GFA).
The former football administrator showed up as one of the candidates to contest in the NPP primaries for the Ejisu constituency following the demise of incumbent John Kumah.
However, it didn’t pan out well for the former Wa All Stars owner as he lost disappointingly.
He garnered a paltry 35 votes after close to 1,081 delegates had cast their votes in the parliamentary primary of the New Patriotic Party (NPP) held in the Ejisu Constituency on April 13.
People & Lifestyle
Rebecca Osam: A Champion for Women’s Empowerment in Africa
In a heartfelt social media post, Rebecca Osam, Managing Director of Reflo Company Limited, Reflo’s TV, and Femme Fatale Productions Limited, has pledged her full commitment to empowering young women.
Rebecca expressed her desire to move beyond mere inspiration and instead build a deeper connection with young women, offering guidance and support to help them achieve their goals.
Her passion for women’s empowerment stems from her experiences growing up in Africa, where she witnessed firsthand the oppression and lack of opportunities faced by women. This drove her to co-found The Florence Mensah Foundation with her mother, aiming to empower African women and girls, and encourage them to recognise their worth, strength, and potential.
Through her foundation and personal endeavors, Rebecca seeks to provide a supportive platform for young women to thrive. She aims to be a relatable figure, offering mentorship and encouragement to help them overcome challenges and achieve success on their own terms.
Rebecca’s dedication to empowering young women proves her leadership and commitment to creating positive change in her community. Her efforts serve as an inspiration to others, highlighting the impact one person can have in driving gender equality and women’s empowerment.
As Rebecca continues her work, her message resonates with young women across Africa: “Anything is possible, and I am here to support and cheer you on every step of the way.”
People & Lifestyle
Caradise Ghana Car Rental Facilitates Transportation for Global Christian Forum held in Accra
Caradise Ghana Car Rental has once again successfully facilitated the transportation of over 240 participants from 60 countries across the globe for the recently ended Global Christian Forum in Accra, Ghana.
Numerous buses hauled the various participants from the Airport to their designated hotels from the 12th to 15th of April, 2024. Participants were then transported from their hotels to the conference grounds daily for the gathering of devoted Christians from the 16th to the 19th of April, 2024.
The forum began with a vibrant, joyful worship service held at Accra Ridge Church. The Rev. Dr. Casely Essamuah welcomed participants to Ghana and to the Fourth Global Gathering, and participants spent the day sharing their faith stories with one another across the litany of differences represented.
The forum was climaxed with a dinner and 25th anniversary celebration at the Action Chapel Internation Church hosted by Archbishop Nicholas Duncan-Williams.
After the forum, the participants took the opportunity to visit the Kwame Nkrumah Memorial Park and Mausoleum where they learnt about the great Pan-Africanist, Osagyefo Dr. Kwame Nkrumah and Ghana’s journey to inpendence.
The participants also spent a day in Cape Coast where they learnt about the millions of enslaved, dehumanised African men, women, and children at the Cape Coast Castle. Witnessing first hand how Africans were forcibly taken captive to the Americas, Caribbean, and Europe as objects of lucrative trade.
People & Lifestyle
DJ Khaled Announces Second Annual We The Best Foundation Golf Classic On June 12 & 13 in Miami Beach !
GRAMMY® Award-winning, global megastar DJ Khaled proudly announces the return of his annual WE THE BEST FOUNDATION GOLF CLASSIC for the second year in a row.
For 2024, the mega-popular charity event expands to two days on Wednesday June 12 and Thursday June 13 in Miami, FL. Given the demand by countless superstar artists, A-list athletes, and entertainers to participate, he needed to stretch the proceedings over two days!
Once again, the event will be sponsored by Jordan Brand, and all proceeds support the We The Best Foundationand its numerous efforts to bolster education. Stay tuned for the multitude of exciting confirmed guests, and more.
Khaled created a cultural groundswell and personally appeared on ESPN’s SPORTSCENTER to break the news of the second installment of the WE THE BEST FOUNDATION GOLF CLASSIC today. Watch HERE.
Regarding the return of the WE THE BEST FOUNDATION GOLF CLASSIC, he commented, “Last year, the WE THE BEST FOUNDATION GOLF CLASSIC brought out so many friends and family to make a difference, play some great golf, and have an incredible day for a great cause. This year, we’re going even bigger, and we thank everyone for their continued support. TEE UP AND BLESS UP!”
Last year, the inaugural WE THE BEST FOUNDATION GOLF CLASSIC hosted Serena Williams, pro golfers Michael Block and Bubba Watson, Odell Beckham, JR., Shannon Sharpe, Victor Cruz, Jalen Rose, Terrell Owens, Marcus Jordan, Jeezy, Quavo, The-Dream, Swizz Beatz, Timbaland, Fat Joe, Cedric The Entertainer, Joey Fatone, and more. The foundation raised over $500,000 which benefited the enrichment of children and youth through educational programming, scholarships, and extracurricular activities.
More guests and partners for 2024 will be unveiled soon.
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