People & Lifestyle
Opinion: African Continental Free Trade Area – The Opportunity Africa Offers
The African Continental Free Trade Area (AfCFTA) is a single, duty -free, Quota free market covering the African Continent. Trade is key to Africa’s growth. Africa with all the enormous resources has about 2.6% of all world trade as at 2018 (Afriexim Bank report, 2019).
According to United Nations Economic Commission for Africa, implementation of the AfCFTA could increase Intra – Africa trade from the current 17 to 52% by 2022. This is a huge opportunity for the growth of African Economies. The main objectives of the AfCFTA are to facilitate Intra – African trade, promote regional value chains to foster the integration of the African Continent into global economy, to encourage competiveness and innovation whilst boosting industrialization, and to ultimately contribute to Africa’s Economic development and progress. At Absa, we believe in Africanacity – that is, finding innovative ways to get things done in the midst of challenges. This describes how the African always finds ingenious ways to do things. Hence, our commitment to partner Africa to realize the growth and opportunities AfCFTA presents, this to us is Africanacity. Though the COVID-19 pandemic has impacted businesses and sectors differently across the regions, it is worthy to note some highlights of key significance. The hospitality sector, due to border closures and reduction in international travel, tourism and entertainment has adversely been impacted whilst technology services providers are seeing growth as people embrace the new normal, where organizations have employees working from home, students learning online. In addition, though the pandemic disrupted global supply chain, it also presents an opportunity for countries to look at rebalancing overreliance on global suppliers in favor of more competitive regional and local manufacturers. This presents a huge opportunity for our local manufacturers. This is the time for local and regional manufacturers to collaborate to increase market share. As Michael Kottoh of Konfidant puts it- Covid -19 presents a huge opportunity for us in Ghana and Africa to pursue a “Made in Africa” Revolution.
In this paper, I will focus on five essential opportunity areas in Africa, and suggest steps that African Governments, Policy makers, Private Sector, The Youth, Financial institutions and Investors can take to translate the opportunities into profitable, sustainable enterprises for Africa’s growth.
- Africa’s Youthful Population and Education
The first opportunity in sight is Africa’s youthful population and education. Africa’s youthful population presents a powerful opportunity for accelerated economic growth and innovation.
While other World regions face an aging population, the average age in Africa is 19.7years, compared to Asia’s 31 years and Europe 43 years (Worldometer, 2020). Africa will have the largest workforce by 2040, surpassing India and China, and the million-dollar question is how we will harness this opportunity? Key focus areas to harness these opportunities are but not limited to education and training for the youth. African Governments need to be deliberate about harnessing the potential of the youthful population in Africa to play a key role in the growth of the continent.
In addition to the above, governments need to relook at their human capital development budgets. Ghana is making positive strides in this regard with the Free Senior High School Program and as a forward-looking people; Ghana is focusing on Tertiary and Vocational education, as they are critical for skill development. The benefits of investment in human capital are enormous as it makes Africa the workforce for the world, by exchanging services for revenue. Key skill sets required to achieve this are; critical thinking, problem solving, innovation, and value addition training and entrepreneurship skills.
With the right investments made into human capital development using education as the tool, Africa can improve both the supply and quality of skills needed for competitiveness and job creation.
Promoting entrepreneurship and innovation in African youth cannot be overemphasized. Investors and governments must support such young talents with funding and the necessary resources to help their businesses thrive. Partnership of existing well-established manufacturing companies with start-ups will provide a great advantage for them to upscale, expand production, access to market and network.
Absa’s StartUp Banking aimed at supporting the fast-growing Ghanaian StartUp ecosystem by equipping startup businesses with relevant business skills and knowledge to scale up their business, provide them with relevant financials solutions and support job creation for economic growth. We are also committed to bringing the possibilities of Africa’s youth to life. Our ready to work proposition has trained almost 500,000 young Africans –training them with soft skills for improving their employability or self-employment prospects, with 25,000 young Africans benefitting from workplace experience, internships and placement opportunities. We have invested over US$52 million in education and out of that, US$29 million was invested into over 10 000 scholarships across 100 African universities, including 13 universities in Ghana. Over 10,000 Small and Medium Enterprises have been trained on business strategies and best practices to grow their businesses.
- Huge Potential for industrialization
Africa is a continent beaming with a myriad of growth opportunities. From the abundance of agriculture, about 60% of arable land and mineral resources, to the fast-growing population and markets, which present important opportunities for industrialization.
We can achieve this by leveraging on our abundant natural and human resources – Ghana and Cote d’Ivoire alone make up 60% of the world’s, cocoa and Ghana the leading gold producer in Africa. There is also a need to increase local production to reduce our import bill as a continent. Even in these uncertain times with the impact of COVID-19 affecting global trade, we see many Ghanaian industries rising to the occasion to innovate to meet growing demand. One of such notable local manufactures is Ernest Chemist who has increased production of the Nester hand sanitizers to meet demands for sanitizers. We must take advantage of low hanging fruits to boost industrialization.
A focus on processing and value addition presents an opportunity for us to add value to rich raw materials as we process, package and transform them for domestic consumption and export. Examples of some commodities we can add value to are cotton for textiles and apparels, cocoa for chocolates – Ghana produces some of the best quality cocoa in the World.Ghana and Africa abound in maize, millet and other cereals, these can be processed in our breweries to produce a low cost beer market due to the readily available starch crops such as Maize, Cassava, and Sorghum.
Again, Africa has about 60% of the world’s uncultivated arable land. We must change the narrative of food being one of our major imports in Africa. According to AfDB report on industrialize Africa, consumer spending will double to $1.4 trillion by 2020 and increase to $2.1 trillion by 2025 by 2030, demand for food in urban areas will reach $1 trillion. Africans must be manufacturers and not only consumers. Within the next 50 years, the label made in Africa would be as popular as made in China and we must aim for this and more.
Opportunity 3: Infrastructure and Urbanization
The third area of opportunity Africa presents is Infrastructure and Urbanization. The intra-Africa trade presents us with an opportunity to be interconnected although we must admit we have some gaps. According to the African Development Bank, to unleash Africa’s economic potential, there is a need for about $170 billion investment every year in infrastructure. However, while Africa’s infrastructure still lags behind, there is still opportunity for Africa to make significant progress, for instance; Governments and entrepreneurs must capitalize on the infrastructure gap in order to create jobs and retain capital in Africa i.e. award contracts to more local contractors. Africa has the second-highest urbanization rate in the world and by 2050, 56% of its population will be urban. Economic studies reveal that in the next 10 years, Africa’s 20 biggest cities are expected to grow by 50%. This presents new opportunities in infrastructure development.
- Investment Opportunities- Role of Financial Sector
There are wide ranges of opportunities that are opening up in Africa’s financial services space. They include bill payments, bulk disbursement, international remittances, merchant payments, mobile banking, person-to-person transfers, peer-to-peer lending, micro lending, micro insurance, and several other interesting opportunities.
Africa has a well-developed financial sector that can:
- De-risk investments for the Private Sector
- Leverage on Capital Markets to raise funding
- Mobilize capital for development
- Export Credit backed transactions
- Design infrastructure funding platforms i.e.- crowd funding
- Partnership with export credit agencies on equipment supply
With the industrial and infrastructural opportunities that the AfCFTA will promote, Africa’s financial services sector will be relied on to provide the credit and necessary support for key industries to progress.
This is where the Absa Group comes in. For over 100 years, we have demonstrated our long-term commitment to the continent by being book runners, arrangers, or lenders for multiple development projects across the continent. Transactions including leading the biggest single day domestic currency issuance in sub-Saharan Africa – the $2.25bn issuance in 2017.
In Construction and Manufacturing sphere, we are a partner bank for the One District, Once Factory (1D1F) program providing financing across multiple industries. We played key role in providing funds to support the Ghana Road Fund Secretariat for the construction and maintenance of major road highways. Eg. Tema Motorway. In Uganda for example, we have collaborated with the government to construct a specialized hospital facility. We have also supported industrialization massively across Africa by funding for rail network projects in South Africa and development of port facilities in Mozambique, to cite a few.
- The Technological Wave
Finally, yet importantly, Technology is a key opportunity area for Africans to tap into as the AfCFTA kicks off. At Absa, we are a digitally led bank and pride ourselves with our ability to meet our clients’ financial needs using digital solutions to bring them speed and convenience. According to a McKinsey Global Banking report (2018), Africa is the hotbed for innovation and 40% of Africans prefer to use digital channels for transactions. Governments and the private sector must therefore deliberately support fintechs and other tech startups to grow and scale up, hence Absa’s startup banking to give Small and Medium Scale Enterprises the needed boost to succeed in the fourth industrial revolution.
The below are essential pointers on why it is essential for government and private sectors to take a keen interest in technology.
- Increased Mobile Penetration and connectivity.
- Sub-Saharan Africa as at 2019 had a 44% smartphone penetration with 26% mobile data traffic across the continent and this penetration rate is expected to grow by 9.7% by 2025 (GSMA Mobile Economy Statistics, 2020). It is also worthy to note that most of the innovation in mobile technology came from Africa.
- Similarly, an article from the Harvard Business Review press, 2018, reveals that Africa has more than 120 million active mobile money accounts, over 50 percent of the global total; this trend will allow companies to improve productivity, speed up transactions, and access wider markets, and could add $300 billion to the continent’s GDP by 2025.
- Online and Mobile Banking
- With the spread of mobile phones and internet across Africa, the continent’s entrepreneurs are leveraging technology to deepen financial access in innovative ways and banks are no different. Absa’s Chat banking, Vertical Cards for all online transactions and our Absa Access digital platform, which provides convenience for salary payments and remote banking has redefined our way of banking.
- At Absa, we have user-friendly mobile banking platforms, which we are used in boosting Financial Inclusion for Africa and making banking attractive for the unbanked population in Ghana. Absa’s Trade Management Online channel is a secure online electronic banking platform aimed at small, medium, large and corporate customers. The channel provides a platform for clients to initiate, receive and manage the full lifecycle of the current trade finance products and services across Africa, indeed a much-needed solution for the global village our world is evolving.
Role of Technology Adoption for Economic Growth
- Technology is key to the economic growth of every nation and as mentioned earlier, it is a known fact that Digital growth is directly proportional to the GDP growth of a country. Our governments and private sectors must therefore collaborate and create local digital solutions relevant to our economic needs. This in essence will create efficiency in the system, freeing up resources and money to be channeled into other areas of economic development.
- The private sector is seen to be using technology efficiently, the public sector is however making positive strides in this regard by utilizing technology to streamline and ease some of the internal process that are manual and cumbersome. Examples of these are; the digital registration of businesses, filing of taxes and digital address systems, and I must say the government has done greatly with the current Digital Address system, and paperless port initiatives.
- We must use technology to bridge the inequality gaps and bring an ease to doing business in our countries. Tech giants like Facebook, have now acquired WhatsApp and are in works to roll out a payment platform. This will have a huge impact and coverage, and if care is not taken, all these foreign corporations and innovations may swallow up Africa.
In summary digitization — (the mass adoption of connected digital services), has emerged in recent years as a key economic driver that accelerates growth and facilitates job creation.
Conclusion
Africa’s 55 countries are diverse in terms of population, stability, and development level and growth rates. However, with integration and collaboration, we can create self-sustainable and profitable economies that will benefit all. We must continue in our ingenuity and authentic approaches to getting things done. At Absa, we call this Africanacity, we are ready to play our role in helping Africa, and AfCFTA succeed! Africa needs a new attitude. We need to change the way we think, and consciously change our behavior. We have the resources to industrialize; we have the power to create employment for our youth. We must look within. Africa’s economy will develop if we can rise up and do something ourselves, because what Africa needs now, is integration and collaboration, not aid!
By Ellen Ohene-Afoakwa, Regional Corporate Director, West Africa at Absa Bank Ghana
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People & Lifestyle
How Rotational Molding Is Revolutionizing the Production of Durable, High-Quality Solutions across Industries
We can clearly say that the rotational molding process has gradually revolutionized the production of durable, high quality solutions across every industry. There is no industry you go to that you do not come across rotational molding products. You might wonder why this is so. In this article, we will be answering such questions as to how that comes about, it promises to be an interesting read!
Rotational moulding, also referred to as rotomolding, is a versatile manufacturing method that is revolutionizing several industries by providing high quality, long-lasting solutions that satisfy contemporary market demands. Thanks to its special benefits and capabilities, rotational moulding is making an impression on a wide range of items, from playground equipment to automobile components.
The rotational moulding method, which entails heating and rotating a hollow mould containing a powdered polymer, is at the core of this invention. The polymer coats the inner surface of the mould as it rotates, gradually taking on the required shape. The final product is a seamless, one-piece construction without any joints, seams, or welds once it has cooled. This procedure is perfect for producing goods that are long lasting and durable because it guarantees uniform thickness and excellent strength.
Leading supplier of rotational moulding systems, Granger Plastics, is spearheading this change. Granger Plastics uses rotational moulding and a dedication to quality and innovation to provide customized solutions for a variety of industries. Businesses looking for premium rotational moulding services may rely on them as a reliable partner because of their experience and commitment to quality.
Visit Granger Plastics’ website at https://www.grangerplastics.com/rotational-moulding/ to learn more about rotational moulding and how it is changing several sectors.
The adaptability of rotational moulding is one of its main benefits. In contrast to conventional manufacturing techniques, rotational moulding makes it simple to produce complicated designs and complex shapes. Because of this adaptability, manufacturers can construct unique solutions that are suited to particular industries, such as the food and beverage business or the aerospace industry.
Rotational moulding also provides unmatched durability. Rotationally molded goods have a seamless construction that removes weak points and failure-prone areas, guaranteeing great strength and lifespan. Because of their resilience, rotationally molded items are perfect for outdoor use, where they must endure exposure to inclement weather, UV rays, and heavy use.
Furthermore, rotational moulding is an economical manufacturing technique. Compared to other moulding procedures, this method’s simplicity and capacity to create massive, hollow pieces in a single operation translate into cheaper production costs. Because of its low cost, rotational moulding is a desirable choice for companies trying to streamline their production lines and cut costs.
The automotive, agricultural, construction and healthcare industries have all seen a rise in the use of rotational moulding in recent years. Because they are lightweight and strong, rotational molded components find application in everything from fuel tanks to interior trim panels in the vehicle industry. Rotational molded tanks and containers are necessary for the safe storage and transportation of liquids and chemicals in agriculture. While rotationally molded medical equipment and devices in the healthcare industry adhere to strict quality and safety standards, rotationally molded barriers and barriers in the construction industry offer dependable protection on job sites.
Moreover, rotational moulding has a low environmental impact. Because any extra material may be recycled and utilized again in later production runs, the procedure generates very little waste. Rotationally molded items further lessen their environmental impact because they may be recycled at the end of their life cycle. Due to its eco-friendliness, rotational moulding is a popular option for manufacturers looking to reduce their carbon footprint, as sustainability gains importance among both consumers and corporations.
Ultimately, the manufacturing of robust, superior products is being transformed by rotational moulding in a variety of sectors. Because of its adaptability, resilience, affordability, and sustainability, it is a top option for producers trying to satisfy the needs of contemporary markets. In the future of manufacturing, rotational moulding will surely play an even more significant role as technology develops and new materials and methods appear.
Granger Plastics is a reliable partner with the expertise and experience to provide outstanding outcomes for companies looking for cutting-edge rotational moulding solutions. For additional information about their rotational moulding services and how they can assist you in realizing your ideas, go to their website at https://www.grangerplastics.com/rotational-moulding/.
People & Lifestyle
Beyond Tradition: Exciting Wedding Venues for Adventurous Souls
Gone are the days when couples were limited to traditional church weddings or banquet halls for their special day. The rise of unique wedding venues has opened up a world of possibilities for adventurous souls looking to tie the knot in a way that reflects their love for adventure and exploration. From modern and elegant spaces to picturesque historic locations, there are plenty of exciting options to consider. This article will explore some unconventional wedding venues that are sure to leave a lasting impression on both the couple and their guests.
Benefits of choosing unconventional wedding venues
Choosing an unconventional wedding venue offers a myriad of benefits. Firstly, it allows couples to break free from the constraints of tradition and create a truly personalized experience. Unconventional venues often provide a blank canvas for couples to transform into their dream wedding setting, giving them the freedom to let their creativity run wild. Additionally, these venues often offer a unique ambiance and atmosphere that cannot be replicated in traditional settings. Whether it’s a modern and sleek space or a rustic and natural environment, unconventional venues have the power to set the tone for a memorable and one-of-a-kind wedding celebration.
The Blue Leaf Cosmopolitan: A modern and elegant wedding venue
One of the most sought-after unconventional wedding venues is The Blue Leaf Cosmopolitan. Located in the heart of the city, this modern and elegant space is perfect for couples who want a contemporary wedding experience. The venue boasts sleek and sophisticated architecture, with floor-to-ceiling windows that offer breathtaking views of the city skyline. The Blue Leaf Cosmopolitan offers versatile event spaces that can accommodate both intimate gatherings and larger celebrations. Whether you envision a chic cocktail-style reception or a grand banquet, this venue is sure to impress your guests and create a memorable experience for everyone.
Our Lady of Mt. Carmel: A picturesque and historic wedding venue
For couples who appreciate history and timeless beauty, Our Lady of Mt. Carmel is a picturesque wedding venue that fits the bill. Nestled in a charming countryside setting, this historic church offers a romantic and intimate atmosphere for exchanging vows. The church’s stunning architecture and intricate details create a sense of grandeur and elegance, making it the perfect backdrop for a classic and timeless wedding ceremony. Surrounding the church are lush gardens and scenic landscapes, providing endless opportunities for stunning wedding photos. Our Lady of Mt. Carmel is a true gem for couples who seek a wedding venue that exudes charm and tranquility.
Embracing the outdoors: Campsites in Tanay as wedding venues
For adventurous souls who want to embrace the great outdoors on their wedding day, campsites in Tanay offer a unique and unforgettable wedding experience. Tanay, a municipality in the Philippines known for its natural beauty, is home to several campsites that double as wedding venues. Imagine saying “I do” surrounded by towering trees, picturesque mountains, and the soothing sounds of nature. These campsites often offer various amenities to accommodate both the ceremony and the reception, including rustic cabins, bonfire pits, and ample outdoor space. A wedding in Tanay allows couples and their guests to disconnect from the hustle and bustle of city life and immerse themselves in the serenity of nature.
Incorporating adventure: Nitecore power bank as a wedding essential
When planning an adventurous wedding, it’s essential to consider practicalities, such as ensuring you have reliable power sources. The Nitecore power bank is a must-have wedding essential for adventurous souls. This portable charger provides a reliable and efficient way to keep your devices powered throughout the day. Whether you need to charge your phone to capture memorable moments or keep the music going during the reception, the Nitecore power bank has got you covered. Its compact size and long battery life make it the perfect companion for outdoor weddings and remote locations where access to electricity may be limited. Don’t let a dead battery dampen your adventurous wedding spirit – make sure to pack a Nitecore power bank and stay connected throughout your special day.
Tips for planning an adventurous wedding
Planning an adventurous wedding requires careful consideration and attention to detail. Here are some tips to help you make your dream wedding a reality:
- Determine your wedding style: Before choosing a venue, define the style and theme you want for your wedding. Are you envisioning a rustic outdoor celebration or a modern urban affair? Having a clear vision will guide your decision-making process.
- Research unique venues: Explore unconventional wedding venues that align with your vision. Look for venues that offer a sense of adventure and reflect your personality as a couple.
- Consider logistics: When choosing an outdoor or remote venue, consider logistics such as accessibility, parking, and accommodations for guests. Ensure that your chosen venue can comfortably accommodate your guest list and any additional services you require.
- Prepare for weather conditions: If you’re planning an outdoor wedding, be prepared for unexpected weather changes. Have backup plans in place, such as tents or indoor spaces, to ensure a seamless experience regardless of the weather.
- Communicate with your vendors: Inform your vendors about the unique aspects of your wedding. Discuss any specific requirements or challenges they may encounter to ensure a smooth and successful event.
How to choose the perfect wedding venue for your adventurous soul
Choosing the perfect wedding venue for your adventurous soul requires careful consideration of several factors. Here are some key points to keep in mind during your search:
- Reflect on your personalities: Look for a venue that reflects your personalities as a couple. Consider your shared interests, hobbies, and the experiences you enjoy together. The venue should feel like an extension of who you are as a couple.
- Evaluate the ambiance: Pay attention to the ambiance and atmosphere of the venue. Does it align with the vibe you want for your wedding? Whether you’re seeking a romantic setting, a modern space, or a rustic environment, the ambiance should resonate with your vision.
- Consider practicalities: Assess the practical aspects of the venue, such as capacity, amenities, and location. Ensure that the venue can comfortably accommodate your guest list and offers the necessary facilities to bring your wedding vision to life.
- Embrace uniqueness: Take advantage of the opportunity to choose a unique and unconventional venue. Think outside the box and consider venues that may not be traditionally associated with weddings. This will add a sense of adventure and individuality to your special day.
Final Thoughts
For adventurous souls, traditional wedding venues may not capture the spirit of their love story. By choosing unconventional wedding venues, couples have the opportunity to create a wedding experience that truly reflects their sense of adventure and exploration. Whether it’s a modern and elegant space like The Blue Leaf Cosmopolitan, a picturesque historic church like Our Lady of Mt. Carmel, or an outdoor campsite in Tanay, there are endless possibilities to consider. By incorporating adventure into every aspect of their wedding, couples can create a memorable and unique celebration that will be cherished for a lifetime. So, take a leap beyond tradition and embark on a wedding journey that is authentically yours.
People & Lifestyle
Winabig: Turning Pocket Change into Life-Changing Prizes!
Since its electrifying launch in December 2023 at Accra Mall, Winabig has been sweeping through Ghana as the ultimate raffle sensation where dreams don’t just knock; they burst through the door with just a pocket change! Boasting an array of prizes from sleek cars to hefty cash bundles, shopping sprees, top-notch gadgets, and more, Winabig has already dished out a whopping 25,000 cedis in prizes, and the thrill is far from over.
The magic of Winabig lies in its simplicity. For just a sprinkle of pocket change, participants can snag tickets that might just catapult them into a world of riches. The recent roster of winners is a living testament to Winabig’s life-altering promise:
- Emmanuel struck gold as the first winner, pocketing a cool 2,000 cedis in cash with a mere 2 cedis ticket.
- Philip Twum from Nungua followed in his footsteps, clinching 5,000 cedis in cash with just a 5 cedis ticket.
- Fabian from Takoradi hit a shopping jackpot with a Palace Mall voucher worth 5,000 cedis, all from a 5 cedis ticket.
- Olivia from Tema secured a hefty 3,000 cedis in cash with a modest 3 cedis ticket.
- Clement from Kumasi-Suame struck it rich with a whopping 10,000 cedis cash prize from a 10 cedis ticket.
These extraordinary wins showcase the diverse bounty of prizes up for grabs and the incredible ease of entry for all Ghanaians eager to test their fortune. Winabig’s meteoric rise to fame has swiftly earned it the trust of countless Ghanaians, cementing its status as the premier raffle platform in the nation.
As for those wondering about its staying power, Winabig is here to declare that it’s not just a fleeting thrill—it’s a steadfast commitment to transforming dreams into reality through the magic of raffles. Governed by the National Lottery Authority on the Caritas Lottery Platform, Winabig guarantees transparency and fairness in all its exhilarating escapades.
Ready to dive into the excitement? Simply download the Winabig app from IOS & Android stores, visit www.winabig.com, or dial *920*66# to embark on your journey. With Winabig, every ticket is a golden opportunity to rewrite your destiny.
Contact:
Winabig Support Team
Email: support@winabig.com
Phone: +233 30 279 5959
People & Lifestyle
OldSwat features Unsigned and Talented artist; Quame Rhymz on “Obrefour”
Ghana-born Belgian music producer known as OldSwat has started an initiative to give unheard, talented and unsigned artists the platform to share their stories with the world. “Obrefour” featuring Quame Rhymz is the first single off this project. The 14-track project titled “The Discovery” album features 14 talented up-and-coming artists from Ghana. (more…)
People & Lifestyle
Consolidated Bank Ghana LTD Leads GHS 600 million Note Programme Listing for Kasapreko Co. PLC on Ghana Fixed Income Market
Consolidated Bank Ghana LTD (CBG) in a strategic partnership as a joint lead arranger has lauded Kasapreko Co. Plc, an indigenous beverage manufacturer, for its ambitious growth plans following the official listing of the Series 1 GHS 600 million Note Programme on the Ghana Fixed Income Market (GFIM).
The funds raised will bolster Kasapreko Co. Plc’s working capital, financing capital expenditures such as operational expansion, and refinancing short-term debts.
Speaking at a joint press briefing in Accra, the Managing Director of CBG, Mr. Daniel Wilson Addo, emphasized the significance of the transaction, indicating that this is the first time an indigenous Ghanaian Bank has worked with an indigenous manufacturing company to raise funding from local pension funds in the public market. This signifies fostering strong partnerships among indigenous companies to overcome financing challenges innovatively.
He added that the funding which is at a cost significantly lower than the Ghana Reference Rate (GRR) for borrowing will cushion Kasapreko Co. Plc’s operations significantly.
He underlined the importance of addressing risks associated with Small and Medium-sized Enterprises (SMEs) while encouraging financial institutions and industries to develop financial structures that meet the evolving risks effectively.
Mr. Addo stated, “This transaction is a testament to our overriding ambition to make an impact in the communities in which we operate. We stand with you in good times or in bad times”.
According to Mr. Addo, the support for Kasapreko Co. Plc highlights the economic impact of CBG’s lending philosophy.
The Managing Director of Kasapreko Co. Plc, Mr. Richard Adjei, welcomed the innovative financing source, describing it as a relatively cheaper capital and sustainable solution for business growth.
Mr. Adjei expressed his gratitude towards CBG for enabling them to explore alternatives beyond traditional Banks. With the infusion, Kasapreko Co. Plc aims to expand production capacity and enhance its participation in the African Continental Free Trade Area (AfCFTA), having already exported products to Kenya and South Africa.
In attendance were Management members of the Consolidated Bank Ghana LTD (CBG) including the Deputy Managing Director of Operations and Technology, Mr. Thairu Ndungu; Deputy Managing Director of Corporate Resources, Madam Nana Ama Poku and Director of Finance and Strategy, Mr. Charles Appiah and other senior executives of the Bank.
Mr. Gregg Pitt, Deputy Managing Director; Mr. Humphrey Hessel-Appiah, Finance Director; Mr. Gerald Bonsu, Commercial Director; and Mr. Isaac Adjei, a Board Member, all of Kasapreko Co. Plc were also present.
Consolidated Bank Ghana LTD (CBG) is wholly owned by the Government of Ghana and operates as a universal Bank with 114 branches in 13 regions of Ghana. The Bank has strong government support, a large SME client network, and a pool of diverse talent.
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