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China hands over 300 satellite TV to Ghana

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China hands over 300 satellite TV to Ghana

China hands over 300 satellite TV to Ghana

Mr Shi Ting Wang, the Chinese Ambassador to Ghana on Friday handed over 300 satellite television to the government to be distributed to selected public area and households in the rural areas.

The presentation was in line with a project christened “300 village satellite TV project”, launched by the Ministry of Communications, in collaboration with StarTimes, a Chinese Multimedia company in September, 2018.

The project is aimed at bridging the digital divide and ensuring that all citizens especially the rural communities enjoy the full benefits of digitalization.

Mr George Andah, the Deputy Minister of Communication receiving the equipment in Accra said the ceremony signified the strengthening of the ties between Ghana and the People’s Republic of China.

Giving background about the project, Mr Andah said in 2015, China and 50 African countries and the African Union Commission convened in Johannesburg, South Africa for a Summit on China-Africa Cooperation to consolidate solidarity and cooperation among China and Africa.

At the Summit, the Chinese government indicated its willingness to implement 10 major China-Africa cooperation plans within 50 African countries, one of the plans was the provision of a grant for access to satellite TV for 10,000 African communities of which Ghana was a beneficiary.

The Deputy Minister said as part of the grant, 900 chosen public areas in the 300 communities have benefited from two sets of solar powered projection TV systems and one set of solar 32-inch digital TV.

Mr Andah stated that 660 Ghanaians have acquired technical training on how to install satellite dishes, while 400 Ambassadors have been locally selected and trained by Startimes to operate and maintain the equipment in these communities to ensure sustainability of the project.

However, 20 sets of satellite TV set-top boxes have been installed in 6000 houses in 300 communities to enable them have access to both local and international channels.

Mr Andah explained that timely access to information was necessary in the development of every facet of the society, adding that access to satellite TV was considered one of the most effective and efficient means of disseminating information, irrespective of the geographical locations of people.

He said the Ministry was implementing the Digital Ghana Age and ensuring that all the citizenry was part of the development journey of the country through access to information and participation in nation building.

Mr Andah said the Ministry would continue to explore creative and affordable means of making content accessible through technology and television, calling on all leaders of the beneficiary communities to ensure that equipment installed were placed under proper care.

The Chinese Ambassador said the project had so far provide more than 600 jobs to Ghanaians across the country and that China was committed to cooperating with Africa, including Ghana in a broader area of green development, poverty alleviation and cultural exchanges.

He said the 21st century was an era of ICT and that people all over the world have the right to enjoy the convenience brought about by the high rate of development of information technology, but due to limited degree of economic development, some still cannot catch up with the digital divide.

Mr Xue Jin, the Chief Executive Officer, Startimes said the project offered opportunity for China and Ghana to deepen its relationship and ensure that the African continent and the media development transitioned to the next level.

He explained that apart from the satellite TV provided to the communities, public areas in the community were given a bouquet of 20 channels for free and 20 households a 6-month offer to enjoy over 30 channels for free.

Source: Ghananewsagency.org

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Poor records and non-existent data pose challenge to debt recovery – Governor

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Poor records and non-existent data pose challenge to debt recovery - Governor

Poor records and non-existent data pose challenge to debt recovery – Governor

Dr Ernest Yedu Addison, the Governor of the Bank of Ghana, has stated that poor records and non-existent data has become a major challenge to receivers of the nine collapsed banks to recover debts owed to people and institutions.

He said out of the total loan debt of GH¢ 10.1 billion owed to people and institutions by these banks prior to the revocation of their licenses, only GH¢ 731 million have been recovered through loan repayment by customers, placement, liquidation of bonds and income and other income sources, leaving a balance of about GH¢ 9.3 billion yet to be recovered.

Dr Addison, addressing issues on the Banking Sector reforms at the fourth CEO Summit in Accra, said the difficulties had limited the effectiveness of the receivership process and delayed its outcomes.

He the situation had led to an engagement of the judicial system by the receivers to help in the recovery of certain assets from shareholders, directors and other loan defaulters.

He said there were currently about 50 cases pending before various courts across the country, but despite the efforts, the recovery process was being challenged by acts of some individuals involved, who had resorted to some measures to frustrate the system.

Dr Addison mentioned some of the challenges to include poor records, which made it difficult for receivers to identify and pursue some of the loan defaulters due to insufficient or non-existent information on their transactions.

He further explained that investigations so far had shown that some assets were not registered in the names of the financial institutions, but in the names of connected parties, making it difficult to dispose the underlined collaterals to offset their outstanding loans.

The Governor underscored the critical role of the judiciary in ensuring efficient adjudication in commercial cases, but said the country would not be able address some of the problems associated with the poor structural regime concerning Non-Performing Loans if the courts failed to adjudicate some of these cases with speed.

He recommended the possibility of setting up special courts to adjudicate matters relating to the specific issues arising out of the banks resolutions and revocation of licenses, as well as issues relating to collateral.

Dr Addison said a swift and fair judicial system would enhance the efforts being made by the Central Bank to bring some sanity into the banking sector, by fighting against financial crime including money-laundering.

Mr Ernest De-Graft Egyir, the Chief Executive of the Ghana CEO Network, thanked the Governor for shedding more light on what was going on in the banking sector, in order to ensure good corporate governance among the leadership of institutions.

He said the Summit on the theme: “The Futuristic Economy: Technology-Driven Future of Business and Governance for Economic Transformation,” had become necessary for discussions because the world of business and governance was at the threshold of transformation driven by emerging technologies.

He said the emerging technologies were profoundly changing the world of work, with regards to jobs, skills, education, industry, manufacturing, business models and economies among others, and CEOs must strategise to meet the demands and challenges that may arise from this transition.

Source: ghananewsagency.org

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BoG had 7 days worth of imports before requesting Fund’s support – IMF

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BoG had 7 days worth of imports before requesting Fund’s support – IMF

BoG had 7 days worth of imports before requesting Fund’s support – IMF

The International Monetary Fund’s Resident Representative to Ghana says when Ghana officially requested for the Fund’s support back in 2014, the country only had around seven days’ worth of imports in net foreign exchange reserves, equivalent to $400 million.

In an article, Dr Albert Touna-Mama said, “When Ghana officially requested the Fund support on August 8, 2014, the cedi had depreciated by 40 per cent, inflation was in the double-digits, and the Bank of Ghana only had around seven days’ worth of imports in net foreign exchange reserves, equivalent to $400 million.”

He added, “In the first half of 2014, the fiscal deficit was almost exclusively financed by BoG printing money for an amount equivalent to 22 per cent of the previous year’s fiscal revenue, compared with a target of only 5 per cent, as alternative financing sources were drying up fast. Interest rates stood at around 24–25 per cent on domestic debt.”

According to Dr Touna-mama, “The generous terms of the Fund financing provided Ghana with the needed breathing space to avoid resorting to measures that are harmful to national prosperity.”

“For instance, the Government was able under the programme not to accrue new arrears while at the same time adopting a clearance plan to deal with legacy arrears.”

The IMF Executive Board approved a $918 million loan to Ghana in 2015 to support a reform program aimed at faster growth and job creation while protecting social spending.

Source: Myjoyonline.com

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Government to offload shares of some state enterprises

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Government to offload shares of some state enterprises

Government has hinted of plans to offload part of its shares in some state enterprises onto the Ghana stock market.

The move is part initiative to power the private sector to hold a majority stake in some of the state enterprises. The government believes offloading the shares will maximise the profit of the enterprises.

In an interview with Joy FM, Chief Executive of the State Enterprises Commission Stephen Asamoah Boateng said discussions with the finance ministry are far advanced to float some of the state enterprises on the stock market.

The Chief Executive in the interview refused to disclose the possible state enterprises to be listed on the stock market.

“We are now preparing the grounds to see which ones are potentially good to float on the stock market so that Ghanaians can also buy into it, I am more relax in terms of getting the fundamentals right, now the new authority coming in need to get the structures going..”

He also explained the conversion of the commission into an authority and its centralisation.

“The other ministries which give policy directions sometimes they assume the role of ownership and you have the state enterprise setting there, the divestiture implementation committee so there were adverse authorities everywhere we have to bring everything under one authority to centralise it to have an oversight role and that authority then reports to the others including parliament.”

Source: primenewsghana.com

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