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LETTER: The Woes of an Innocent Investor …. Government must pay!

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What were we told at the outset of the banking sector purge in Ghana? “Not a single depositor will lose their investment!”

It is not for no reason that hardworking Ghanaians decided to place the product of their sweat and toil in the care of institutions duly licensed by the Bank of Ghana for that specific purpose – to mop up deposits from innocent investors (Ghanaians) and pay them interest on agreed terms.

Microcredit, Microfinance and Savings & Loans companies over years sprang up all over the country, majority of which were licensed and supervised by the Bank of Ghana.

To the knowledge of the innocent investor, these institutions were audited in accordance with the law, they paid taxes to the Ghana Revenue Authority (GRA), they paid monthly contributions to the Social Security and National Insurance Trust (SSNIT), and they adhered to all the statutory requirements imposed on institutions operating in the financial sector.

These institutions were subjected to regulatory scrutiny by the Central Bank and had boldly displayed on the walls of their receptions, their regulatory certificates attesting to their licensing by the Central Bank.

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These institutions advertised copiously in the media, both print and electronic. They engaged in Corporate Social Responsibility (CSR). They had signage displayed outside their offices and indeed across the country. They were not hiding; they were in full view!

Innocent investors on several occasions encountered officials of the Bank of Ghana’s Banking Supervision Department on site visits at the offices of these companies, ostensibly checking their books, scrutinizing their accounts, interacting with management and staff, and leaving with broad smiles of approval!

The innocent investor was comforted by this, as he rested assured that his investment, his fixed deposit, was fully secure, under the eagle-eyed supervision of the no-nonsense Central Bank……or so he thought.

Fast-forward to present-day Ghana, scores of such institutions have had their licenses revoked, with the attendant anxiety, uncertainty, confusion and distress imposed upon the innocent investor. Palpitations and fits of panic are the order of the day. Ghanaians are staring financial calamity in the face. The innocent investor’s waterloo is upon him.

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But amidst the doom and gloom, there is hope! This hope is founded on one salient principle – EQUITY! “The quality of being fair and impartial”. EQUITY!

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What is this equity that presents the innocent investor with this glimmer of hope? The answer is a simple one.

Seven banks – UT Bank, Capital Bank, Unibank, Royal Bank, Sovereign Bank, Beige Bank, Construction Bank – were ‘collapsed’ by the Central Bank by the revocation of their banking licenses for a variety of reasons, mainly gross mismanagement culminating in insolvency. What was the decree by Government and the Central Bank at the time? – “Not a single depositor will lose their investment”.

The first two – UT and Capital – were subsumed by the state-owned GCB Bank, while the remaining five were merged into the newly-created state-owned Consolidated Bank Ghana Ltd. Government went further to issue bonds in order to raise billions of Cedis to cater for the bad assets of those banks, and injected fresh capital into the new bank.

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By so doing, Government in one (or two) fell swoop(s), created a solid state-owned bank and strengthened another, to see to the interests of depositors of the erstwhile banks, and to apply some much-needed good governance to cure the corporate malaise that was the main stay of the erstwhile banks.

To the innocent investor, the thinking behind this intervention is no rocket science. It was simply a case of the Central Bank owning up for its poor supervision of these institutions. The Central Bank was both duty- and statute-bound to supervise the operations of these banks and to ensure that they complied with the Central Bank’s prudential requirements, the ripple effect of which would be the engendering of confidence in the mind of the innocent investor about the safety of their investments and deposits in those licensed institutions. The Bank of Ghana failed to do this.

The innocent investor therefore, unaware of the precarious solvency position of these banks, freely and willingly placed his hard-earned money at the disposal of these banks in current and savings accounts, as well as other financial instruments such as fixed deposits, treasury bills etc.

When the chips fell and the banks were collapsed, the BOG had what appears to be no option but to make up for the liquidity deficit of those banks by providing the much- needed funds to ensure that not a single depositor lost their money. Government touts as an achievement the protection of funds held by some 1.4 million depositors in the collapsed banks, for which the Government has been roundly applauded.

The intervention by the Government to save depositors of the collapsed banks was a tremendous source of comfort for depositors of the then struggling Microcredit, Microfinance and Savings & Loans companies – the innocent investors. The investors by this time were terribly afflicted by the scourge of insolvent financial institutions. Their interest payments had all but ceased, and the repayment of their principal amounts at the expiration of the tenor of their investments was not forthcoming.

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The innocent investor, in dire need of money for school fees, hospital bills, rent payments, and money for general survival, was unable to access his own funds, because shareholders and directors of financial institutions holding his money had consciously decided to turn themselves into emperors, living lives of ostentation and luxury, the likes of which we had never seen before. Mansions, sports cars, all manner of toys aplenty.

They were monarchs with endless streams of liquidity for their profligacy, the source of which was the sweat and toil of innocent investors. They ran their companies like their personal piggy banks, only this time, the piggy banks in question were bottomless pits, spitting out wads of cash at the pleasure of their owners. Wads of cash belonging to young men and women trying to develop the culture of saving, retirees just wanting a stable income out of their retirement money, poorly paid civil servants seeking another stream of income, teachers and nurses putting some money away for a rainy day, policemen and soldiers investing for the future of their children aware of the dangerous nature of their jobs, Ghanaians in the diaspora sending money home in anticipation of their return to the motherland, poor rural farmers investing the proceeds from the sale of their harvests; simply put, ordinary Ghanaians – innocent investors!

In spite of the great difficulty he was confronted with, the innocent investor was down but not out. There was light at the end of the tunnel. Happily and thankfully, Government and the BOG had provided the requisite funds to cater for every single depositor of the banks, so why wouldn’t they do same for the Microcredit, Microfinance and Savings & Loans companies? It was a no brainer, or so he thought!

Like clockwork, less than twenty-four hours after the revocation of the licenses of the distressed banks, customers and depositors had access to their funds seamlessly. The innocent investor expected the same efficiency and care. But alas it was not to be.

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It has been nearly six (6) months since the ‘cleansing’ of the other financial institutions began (Microcredit, Microfinance and Savings & Loans), and till date, the status of depositors is unclear. The popular slogan “No depositor will lose his money” has evaporated into thin air. Depositors queued at designated locations such as the Registrar General’s Department, armed with bundles of documents, to fill out validation forms andswear affidavits, all in the hope that their funds, just as was the case with the collapsed banks, would be available to them within the shortest possible time.

Government purportedly released some 900 million Ghana Cedis to the Receiver to be paid to depositors whose claims were validated. From all indications, this amount is woefully inadequate to cater for the claims of all depositors.

But why would Government/BOG release this amount, fully cognizant that same would be inadequate to liquidate the claims of the innocent investor?

Why would Government/BOG treat this class of depositors differently from how they treated depositors of the collapsed banks who were licensed by the very same BOG?

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With the passage of time, by piecing together various statements made by the Receiver (whose work frankly has been slow, lackluster and utterly disappointing) as well as the BOG, it is now crystal clear what the intentions of the Receiver and the BOG are, relative to this matter.

The goalpost has been shifted a couple of times. Below is the trajectory:

1. “Government has provided the funds to pay the validated claims of depositors”
2. “Aforensicauditisunderway.Whileitisongoing,allclaimslessthan10,000Ghana Cedis will be paid in full. Depositors with claims above 10,000 Ghana Cedis will be paid a total of 10,000 Ghana Cedis, and will receive the remainder after the forensic audit”. (My checks reveal that no forensic audit is being done. I stand to

be corrected)
3. “All depositors will be paid a maximum of 10,000 Ghana Cedis. If their

claims are above 10,000 Ghana Cedis, they will be paid based on what the Receiver is able to recover from the assets of the affected financial institutions”.

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Story Number 3 appears to be the current rule, and it has been repeated a number of times by the Receiver. This cap figure has now been revised to 20,000 Ghana Cedis, with the Receiver’s Spokesperson, Madam Philomena Kuzoe releasing a press statement on Friday 8th November 2019 to this effect. Is this fair to the innocent investor? Wherein lies the EQUITY?

  • –  Is it fair that depositors of banks were paid in full, and those of Microcredit, Microfinance and Savings & Loans companies are not being paid in full?
  • –  Were they all not regulated and licensed by the same BOG?
  • –  Were they all not supervised by the same BOG?
  • –  Did they all not report to the same BOG?
  • –  Were both classes of depositors not oblivious to the rot going on in those

    institutions, something that the BOG should have noticed long before the collapse?

  • –  Are the depositors of the collapsed Microcredit, Microfinance and Savings & Loans

    companies less Ghanaian than the 1.4 million depositors of the collapsed banks?

  • –  Most importantly, is it fair that simply by virtue of the fact that they invested 20,000 Ghana Cedis and below in the collapsed institutions, some investors will be able to recoup 100% of their investment immediately, while others, no matter how much they invested, only recoup 20,000 Ghana Cedis immediately and the rest if/when the Receiver wakes up from its slumber and tries to recover something from the

    assets of the companies and/or their directors and shareholders?

– Was it wrong for the innocent investor to invest more than 20,000 Ghana Cedis in an institution duly licensed and supervised by the BOG? And why must the innocent investor now suffer for investing more than 20,000 Ghana Cedis?

So where at all is the equity??? Why is the BOG/Government not following its own precedent? Why is the BOG not owning up for its failure of supervision by doing for this class of depositors as it did for the other class of depositors. This may even be fertile fodder for a lawsuit, and there are in fact whispers of potential lawsuits and class actions against the BOG and the Receiver.

Mr. Government, Mr. BOG, do the equitable thing! Do the just thing! Do right to all manner of persons!

The most pathetic aspect of this is the issue of the Receiver seeking to realise some value from the recovery of assets of the collapsed Microcredit, Microfinance and Savings & Loans companies, which value it will pay to depositors as the balance on their deposits.

This is utterly laughable and outright misleading. What effort, if any at all, has been made towards this? For starters, have the assets of these institutions, their shareholders and directors even been identified at all?

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If the Receiver and the BOG think that the directors and shareholders of those financial institutions are sitting around twiddling their thumbs and waiting for their assets to be seized and liquidated and the proceeds paid to depositors, then both the Receiver and the BOG are dreaming and not up to the task. They must wake up and smell the coffee!

The directors and shareholders are walking around freely, enjoying the fruits of their mismanagement and corruption, dissipating and disposing of the assets they have acquired, hiding them under fictitious names, transferring them to foreign jurisdictions etc.

What exactly has been done to protect and/or preserve these so-called assets in order that steps may be taken to realise some value out of them for the benefit of the innocent investor? This aspect of the matter has been very poorly handled and may result in whatever is actually recovered paling into insignificance as compared to the legitimate demands and expectations of depositors. A pyrrhic victory awaits the BOG and the Receiver. This would be a catastrophic dereliction of duty with far-reaching consequences.

I may not be a financial expert, but my uninitiated mind tells me that the barest minimum inter-agency collaboration would have eventuated in successfully identifying and protecting the said assets during this transition period to guard against dissipation.

What could have been done?

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  1. BOG should have ensured that bank accounts owned, operated and affiliated to the Microcredit, Microfinance and Savings & Loans companies, their shareholders, directors and related parties were frozen on the date of the revocation of their licenses
  2. The Driver & Vehicle Licensing Authority (DVLA) could have provided data on all vehicles owned by the companies, their shareholders, directors and related parties to have the documentation of those vehicles flagged in order to prevent the sale of the vehicles
  3. The Collateral Registry of the BOG could have supplied information on any assets collateralized by the companies, their shareholders, directors and related parties to prevent those assets from being dissipated
  4. The Lands Commission could have provided information on all landed property owned by the companies, their shareholders, directors and related parties to bring these to the fore and prevent those assets from being dissipated
  5. The Ghana Stock Exchange could have provided information on shares owned by the companies, their shareholders, directors and related parties, and bonds and financial instruments bought into by them, to bring these to the fore and prevent those assets from being dissipated
  6. The Securities and Exchange Commission could also have provided information sourced from the institutions it regulates which points to assets and/or investments held by the companies, their shareholders, directors and related parties
  7. The Registrar General’s Department could have provided information on other companies owned by the financial institutions, their shareholders, directors and related parties, and the value of the shares in those companies
  8. The GPHA and Airport Authorities could have provided information on any goods at the ports of entry in the name of the companies, their shareholders, directors and related parties to prevent those assets from being dissipated
  9. The passports of directors and related parties should have been frozen to prevent them from fleeing the country to evade justice

10.National Security should have begun monitoring the movement and communication of shareholders, directors and related parties

11.The personal homes and offices of the companies, their shareholders, directors and related parties should have been clearly identified

12.The Ghana Revenue Authority could have supplied information on the taxes of the companies, their shareholders, directors and related parties from which their various sources of income and assets could be identified

13.SSNIT could have supplied information on pension contributions by the companies, their shareholders, directors and related parties

14.Interpol could be collaborated with to identify foreign assets standing in the names of the companies, their shareholders, directors and related parties to bring these to the fore and prevent those assets from being dissipated

15.All bank transfers effected by the companies, their shareholders, directors and related parties should have been identified and tracked

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16.All Ministries, Departments & Agencies (MDAs) who have transactional relationships with the companies, their shareholders, directors and related parties should make full disclosures of these transactions

17.Any other measures that would have helped to put a net over their operations and preserve and protect all recoverable assets

The above steps carefully and diligently executed, could have very easily contained the situation and preserved what assets were in the names of the companies and their principals.

Ten, fifteen or twenty efficient, aggressive law firms could then have been enlisted to analyse all the information gathered for the purpose of mounting an aggressive assault on the identified assets for the purpose of recovery, in exchange for an agreed percentage of whatever is recovered. Their work would have been relatively easier.

As it stands, it would be a massive surprise if the Receiver is able to identify and recover anything substantial from the so-called assets of the companies and their principals. It is simply a case of too little too late. Closing the stable doors after the horses have bolted is an act in futility. The BOG and the Receiver have let the innocent investor down and have failed on the job.

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The BOG/Government must realise that refusing to pay depositors the entirety of their investments will definitely weaken and eventually extinguish the confidence that Ghanaians have in the remaining Microcredit, Microfinance and Savings & Loans companies, and will make it difficult and/or almost impossible for these companies to raise funds in the form of deposits from the investing public. Their intervention in this matter therefore is necessary for the very survival of the industry. Failure to intervene poses an existential threat to the industry.

It must not be lost on us that it is these institutions that fill the gap between Small and Medium Scale Enterprises (SMEs) and the universal banks. It is they whose pervasive tentacles answer the call of ordinary Ghanaians in all spheres of endeavour looking to raise capital for a variety of reasons. It is therefore vitally important for the advancement of private enterprise in this country that these institutions remain in business to continue with the good work for which they are licensed by the BOG.

Now to the Government. Next year is an election year, and promises to be a hugely eventful one at that. Neither the Receiver nor the BOG will crisscross the length and breadth of the country soliciting the votes of the masses. It is you the politicians who will do that.

If you will let the poor planning and inefficiency of the Receiver and the BOG affect your electoral fortunes, then you would have let yourselves down sorely.

You have no option in the matter. Pay up depositors’ validated claims, and offset whatever you pay out with what little you manage to recover. Depositors have been quiet over the past few months to avoid antagonizing the Government, Receiver and BOG, all in the hope that their funds, as it happened with the banks, will be returned to them in full! Do not take their silence for granted.

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Unlike with the Receiver and the BOG, the citizens have a unique constitutional vehicle for passing their verdict on the Government of the day on the 7th of December every four years. Do that which is right, lest you suffer the umbrage of the masses.

Mr. Government, do not allow the sins and failings of career bureaucrats and technocrats to be visited upon you! The political effects will be dire and grave, and posterity may never forgive you. Bite the bullet and let this cup pass you by!

——————————–
Signed: Philip Kwaku Owusu (“An Innocent Investor”)

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Deepening Cooperation: Telecel Ghana and Huawei Sign New Framework Contract to Provide Better Network Experience

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Telecel and Huawei Leadership teams after signing the contract

At the recently held Mobile World Congress (MWC) in Barcelona, Telecel Ghana and Huawei Ghana signed a new framework contract to promote cooperation and partnership for providing improved network experience and coverage in Ghana.

The new contract is aligned with Telecel’s vision to lead Africa’s digital revolution, connecting communities with sustainable and locally developed innovative connectivity methods, and inspiring technological advancements that pave the way for a thriving, interconnected continent. It also reflects Huawei’s vision of bringing digital to every person, home and organization for a fully connected and intelligent world. This signifies not only their commitment to each other but also unwavering confidence for the future of the telecommunications industry in Ghana.

With the shared consensus that Telecom plays a pivotal role in shaping the modern society, the two parties have worked together since 2023 to launch over 500 4G+ sites in record time. The  contract demonstrates the commitment of Telecel Ghana to improve coverage, capacity in  hotspots and the overall availability of 4G services. 

Ing. Patricia Obo-Nai, CEO of Telecel Ghana affirmed Telecel’s commitment to collaborate closely with Huawei to harness the latest technologies and unmatched expertise to propel the evolution of modern network infrastructure and intelligence. This symbiotic partnership is poised to unlock unparalleled opportunities, ushering users into an era of unparalleled, world-class mobile connectivity.

Samuel Chen, CEO of Carrier Business in Huawei Southern Africa, said based on a solid collaboration with Telecel Ghana, Huawei has strong commitment to accelerate the development of mobile data and fixed broadband. Tommy Liang, MD of Huawei Ghana, emphasized the promise to advance FinTech ecosystem for driving innovation and promoting economic growth.

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Adinkra International Arts & Crafts Show Set to Showcase African Cultural Heritage in Accra, Ghana

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The inaugural ceremony of the Adinkra International Arts & Crafts Show, hosted by the Ghana Export Promotion Authority (GEPA), is poised to be a landmark event celebrating the vibrant cultural heritage and artistic excellence of Ghana and the wider African continent. (more…)

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How To Improve Small Business Accounting With Customised Financial Solutions

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Business Plan

Small enterprises frequently encounter distinctive hurdles in the realm of accounting. Limited resources, fluctuating revenues, and evolving financial needs can make managing finances daunting. Yet, employing appropriate methods and tailored financial remedies enables small businesses to streamline accounting operations, attain more profound insights into their economic well-being, and ultimately foster growth. This blog post will explore how small businesses can improve their accounting practices through tailored financial solutions and customised accountancy packages.

Understanding Your Business Needs

The first step in improving small business accounting is understanding your business’s specific needs. Every business is unique, with its financial goals, challenges, and operational dynamics. By thoroughly assessing your business requirements, you can identify areas where your accounting processes may be lacking and where customised solutions can make a difference. Whether managing cash flow, tracking expenses, or optimising tax strategies, a tailored approach ensures that your accounting practices align with your business objectives.

Leveraging Technology for Efficiency

Technology has revolutionised how businesses manage their finances, offering various tools and software solutions to streamline accounting processes. Small businesses accounting solutions can benefit significantly from leveraging technology to automate repetitive tasks, track financial transactions in real-time, and generate insightful reports. Customised accounting software packages can be tailored to suit your business’s specific needs, allowing you to concentrate on fundamental activities while guaranteeing precision and adherence to financial management standards.

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Partnering with Experienced Professionals 

While small business owners often wear many hats, managing complex financial matters may require specialised expertise. Partnering with experienced accounting professionals who understand the unique challenges of small businesses can provide invaluable support and guidance. These experts can provide customised guidance, assist in implementing optimal procedures, and offer continuous assistance to maintain the efficiency and effectiveness of your accounting processes. Whether it involves bookkeeping, tax strategy, or financial analysis, having a reliable advisor can profoundly influence your business’s economic prosperity.

Flexibility and Scalability

Your accounting needs may also change as your business grows and evolves. Customised Accountancy Packages offer the flexibility and scalability to adapt to your business’s changing requirements. Whether you’re expanding into new markets, launching new products, or facing economic uncertainties, customised accountancy packages can be adjusted to accommodate these changes. This scalability ensures that your accounting processes remain robust and relevant, supporting your business’s growth trajectory over the long term.

Conclusion

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Practical accounting is essential for the success of any small business, but traditional one-size-fits-all approaches may only sometimes suffice. By embracing customised financial solutions and tailored accountancy packages, small businesses can overcome the challenges of managing their finances and unlock their full growth potential. Understanding your business needs, leveraging technology, partnering with experienced professionals, and prioritising flexibility and scalability are vital steps in improving small business accounting. With the right strategies, small businesses can achieve greater efficiency, accuracy, and financial insight, paving the way for long-term success. Customised financial solutions empower small businesses to take control of their finances and drive sustainable growth in today’s competitive landscape.

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The Future of Sports Betting: How AI is Changing the Game

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The Thriving Intersection of Sports and Sports Betting in Nigeria

In recent years, the sports betting landscape has undergone a significant transformation, driven by advancements in artificial intelligence (AI) and machine learning. These technologies are not only changing how bets are placed but are also reshaping the strategies used by both bookmakers and bettors to predict outcomes more accurately. As AI continues to evolve, it is poised to revolutionize the sports betting industry, offering new opportunities for data analysis, decision-making, and personalized betting experiences. Let’s explore three key ways in which AI is changing the game in sports betting.

1. Enhanced Predictive Analytics

The cornerstone of successful sports betting has always been the accurate prediction of game outcomes. AI and machine learning have taken predictive analytics to a new level, enabling the analysis of vast datasets beyond the capabilities of human analysts. These technologies can process and analyze data from a variety of sources, including player performance statistics, team history, weather conditions, and even social media sentiment, to make highly accurate predictions about future sports events.

Machine learning algorithms learn from historical data and continuously improve over time, becoming more sophisticated in identifying patterns and trends that can influence the outcome of a sports event. This means that bookmakers can offer odds that are more reflective of the actual probabilities, and bettors can make more informed decisions. For instance, Rebellion Research’s proprietary machine learning model, which has a history of outperforming the S&P 500, could be adapted to sports betting, providing insights that could significantly improve the accuracy of bet predictions.

2. Real-time Data Processing and In-play Betting

One of the most exciting developments in sports betting is the rise of in-play or live betting, which allows bettors to place bets on events as they are happening. AI plays a crucial role in this area by processing real-time data from live games to update odds instantly. This not only enhances the betting experience by making it more dynamic and engaging but also requires sophisticated algorithms that can quickly analyze incoming data streams to adjust the odds in real-time. Premier League betting, with its blend of rich tradition and intense competition, offers unparalleled excitement and opportunities for bettors, driven by real-time data analytics and predictive AI technologies that are reshaping the landscape of sports wagering.

AI systems can track live data such as scores, player performance metrics, and in-game events to provide up-to-the-second betting options. This capability ensures that both bookmakers and bettors have the most current information at their fingertips, enabling decisions to be made on the fly. The immediacy and accuracy of AI-driven in-play betting offer a more interactive and immersive betting experience, significantly different from traditional pre-match betting.

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3. Personalization and User Experience

AI is also revolutionizing the user experience in sports betting by enabling highly personalized services. Through machine learning algorithms, betting platforms can analyze individual user behavior, preferences, and betting patterns to tailor recommendations, odds, and promotions to each user. This level of personalization improves the engagement and retention rates of bettors, making the betting experience more enjoyable and customized.

Furthermore, AI-driven chatbots and virtual assistants can provide 24/7 customer service, offering instant responses to queries, guiding users through betting processes, and even offering personalized betting advice. This use of AI not only enhances customer satisfaction but also allows betting platforms to operate more efficiently by automating routine customer interactions.

 

The integration of AI into sports betting is transforming the industry by enhancing predictive analytics, enabling real-time data processing for in-play betting, and personalizing the user experience. As AI technology continues to advance, it promises to unlock even more innovative and exciting opportunities for the sports betting industry. The future of sports betting looks to be more data-driven, dynamic, and personalized, offering a richer and more engaging experience for bettors around the globe.

 

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4. Fraud Detection and Enhanced Security

As sports betting continues to grow in popularity, so does the potential for fraudulent activity. AI and machine learning are becoming invaluable tools for identifying and preventing fraud within the betting industry. By analyzing betting patterns and behaviors in real-time, AI systems can flag unusual activities that may indicate fraudulent behavior, such as match-fixing or the use of insider information. These systems can also monitor for irregular betting patterns across multiple accounts to detect coordinated attempts at fraud.

Moreover, AI enhances security by ensuring the integrity of betting operations. Through the use of sophisticated algorithms, AI can help maintain a fair and secure betting environment, protecting both the bettors and the bookmakers. Enhanced security not only builds trust in the platform but also safeguards the reputation of the sports betting industry as a whole.

5. Market Expansion and New Betting Products

AI is driving innovation in the sports betting industry, leading to the expansion of markets and the introduction of new betting products. With the ability to analyze and predict outcomes in a wide range of sports and events, AI opens up new opportunities for betting in less traditional sports or in aspects of games that were previously difficult to quantify. For example, bets on individual player performances, in-game events, or even fantasy sports leagues are becoming more common, thanks to AI’s predictive capabilities.

Furthermore, AI enables the creation of more complex betting options and products that can cater to niche interests. This diversification not only attracts a broader audience but also enhances the betting experience by offering more choices to bettors. As AI continues to evolve, we can expect to see even more innovative betting products and markets emerge, further expanding the scope of sports betting.

6. Optimizing Betting Odds and Risk Management

AI and machine learning significantly contribute to the optimization of betting odds and risk management for bookmakers. By analyzing vast amounts of data, AI models can more accurately set odds that reflect the true probability of various outcomes, thereby maximizing the bookmaker’s margins while still offering fair odds to bettors. This level of accuracy in odds setting also enhances competitiveness in the betting market.

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In terms of risk management, AI algorithms can assess the risk associated with certain bets or events and adjust the odds accordingly. This dynamic adjustment helps bookmakers manage their liability and ensures the long-term financial stability of their operations. AI’s ability to predict and manage risks is transforming the sports betting industry, making it more efficient and financially secure.

 

These additional points highlight the growing importance of AI in addressing security concerns, expanding the betting market, and optimizing odds and risk management in sports betting. As AI technology advances, its applications within the sports betting industry are expected to become even more sophisticated, further revolutionizing how bets are placed, managed, and secured. The future of sports betting, powered by AI, promises a more secure, diverse, and dynamic betting landscape.

 

7. Customizing Betting Strategies with AI

AI’s ability to analyze complex patterns and predict outcomes has paved the way for customized betting strategies tailored to individual preferences and historical success rates. Bettors can leverage AI-driven tools to analyze their betting history, strengths, and weaknesses, enabling the development of personalized betting strategies that optimize their chances of winning. These tools can suggest when to bet, how much to bet, and on what events to bet based on predictive analytics and individual risk tolerance, transforming the betting experience into a more calculated and strategic endeavor.

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8. Enhancing Player Performance Predictions

Beyond team outcomes, AI is becoming increasingly sophisticated in predicting individual player performances, which is crucial for fantasy sports betting and player-specific bets. By analyzing data points such as player fitness levels, historical performance under similar conditions, and matchups against specific opponents, AI models can offer insights into likely player achievements in upcoming games. This capability not only benefits bettors looking for an edge in player-specific wagering but also aids fantasy sports enthusiasts in making informed decisions about their team compositions.

9. Streamlining Betting Processes Through Automation

AI and automation are streamlining the betting process, making it faster and more efficient for both bettors and bookmakers. Automated systems can handle routine tasks such as placing bets, processing payouts, and managing accounts, allowing bettors to focus on strategy and enjoyment of the game. For bookmakers, automation reduces the operational workload, minimizes human error, and ensures transactions are processed swiftly and accurately. This efficiency not only improves the user experience but also allows bookmakers to scale their operations effectively to accommodate the growing demand in the sports betting market.

 

The integration of AI into sports betting is transforming the industry in multifaceted ways. From customizing betting strategies to enhancing player performance predictions and streamlining betting processes through automation, AI is making sports betting more sophisticated, strategic, and user-friendly. As technology continues to advance, the potential for further innovations in sports betting remains vast, promising even more exciting developments for bettors and bookmakers alike.



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AFRICA FILM SOCIETY OPENS 2024 CLASSICS IN THE PARK WITH SANKOFA

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Haile Gerima’s critically acclaimed film ‘Sankofa’ will be screening at the Africa Film’s Society’s free outdoor film festival Classics in the Park on 30th March 2024 Akola Boni Park in Osu, Accra.  

Released in 1993, Sankofa follows a self-absorbed Black American fashion model on a photo shoot in Ghana who is spiritually transported back to a plantation in the West Indies where she experiences first-hand the physical and psychic horrors of chattel slavery, and eventually the redemptive power of community and rebellion as she becomes a member of a freedom-seeking Maroon colony. The film stars Ghanaians Kofi Ghanaba and Alenxandra Duah.

Over the past eight years, Classics in the Park has introduced classic African films ((1950’s – 1990’s) to young film audiences for free. This year’s edition will run from 30th -31st March and will feature two feature films and thirteen short films. 20240327 153502

Sankofa will screen on the first day alongside the short films: Second Wind (Canada), Fofo Means Father (Ghana), Doris (Ghana), Ampe (Ghana), and Rosenfield (Germany). 

Bound for Lagos, a Nigerian classic released in 1960 to mark the country’s independence will take centre stage on the final day alongside the short films: Broken Mask (Nigeria), Hooky (USA), Love in the Wind (Ghana), Bege (Nigeria), Rare (Ghana), Moon over Aburi (Ghana), Do or Die (Nigeria), and O.YO – On your Own (Nigeria). 

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Michael Adjetey and Ebenezer Okrah Call For “Change” In Powerful New Single

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In their latest musical collaboration, Michael Adjetey and Ebenezer Okrah have taken a bold step to address issues in African society. Their new song, titled ‘Change,’ serves as a powerful call to action, urging Africans and Ghanaians to demand accountability from their political leaders. The artists emphasize that the failures of corrupt politicians should not be tolerated or excused, and instead advocate for a collective effort towards positive change.

At a time when corruption and political misconduct continue to hinder progress in many African nations, ‘Change’ serves as a much-needed anthem for disillusioned citizens. Michael Adjetey and Ebenezer Okrah deliver an empowering message, encouraging Africans to take a stand against the rampant corruption that has plagued their societies for far too long. Through their lyrics, the artists emphasize the importance of holding politicians accountable and demanding transparency in governance.

The song ‘Change’ highlights the artists’ frustration with the lack of development and progress resulting from the actions of corrupt politicians. Michael and Ebenezer’s lyrics convey a sense of disappointment, as they express the belief that Africans and Ghanaians deserve better leadership. They emphasize that the failures of politicians should not be an excuse for the stagnation of their countries; instead, it should be a catalyst for change and collective action.

‘Change’ by Michael Adjetey and Ebenezer Okrah serves as a rallying cry for Africans and Ghanaians to address the issue of corruption in their respective countries. Through their powerful lyrics, the artists urge citizens to hold their leaders accountable and work towards achieving a brighter future. This song has the potential to inspire a collective movement towards positive change, empowering individuals to actively participate in shaping the destiny of their nations.

Ebenezer and Michael believe in hard work. However, they also affirm the believe that without God, nothing is impossible. They implore society in general to change from iniquities to holiness, for what shall it profit a man/woman, if you gain the whole world but lose your soul. “Change” is a clarion call for salvation, not only to the politicians, but to all humanity. So, going forward, if we say “OPUTUNUU”, you say “WA MA TSA K3 MI”. We’ve got to change inside y’all. Change MUST Come.

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Audio Link : https://ditto.fm/eochange

 


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