GhIPSS embarks on Direct Credit campaign
The Ghana Interbank Payment and Settlement Systems (GhIPSS) has embarked on public education to encourage more usage of Direct Credit.
This is to ensure that the public experience the benefits associated with the electronic payment system.
Direct Credit is an electronic payment system similar to standing order, where a customer instructs his or her bankers to make recurring payments of a specified amount and on a specified date.
However unlike the Standing Order, the Direct Credit is done electronically and it is quicker and safer.
Direct Credit is suitable for bulk payments such as salaries, insurance claims and payment of dividends, while individuals can also use it to pay for mortgages as well as items bought on hire purchase and other forms of interbank transfers.
Patronage of Direct Credit has been experiencing phenomenal growth since its introduction some 4 years ago. A number of companies are using it to pay salaries, because the process is less cumbersome while employees have quicker access to their salaries, as it allows the employer’s bank to send the salaries to individual worker’s account directly.
Consumers to pay more for goods and services
Business operators have warned consumers would have to pay more for goods and services they purchase in the coming weeks if the proposal by the Public Utility Regulatory Commission (PURC) to increase utility prices is upheld.
The PURC has embarked on a nationwide consultative forum aimed at engaging consumers on the need to increase the prices of utility. According to the commission, the increase in prices will afford the utility providers meet their operational costs to facilitate their production levels.
But speaking to Citi Business News, president of the Ghana Chamber of Commerce and Industry, Seth Adjei Baah maintained business owners will have no option than to pass on the increases to consumers.
“Businessmen always pass on to consumers, that is the effect because if I can produce at a cost of ‘A’, I cannot sell at a cost of ‘A’ minus 1,I have to look at that cost and put my margin on it so at the end of it, it is the consumer that is going to suffer,” he said.
C-NERGY Global Holdings, Finance Ministry hold PPP Confab
C-NERGY Global Holdings (CGH), an investment advisory services firm, has partnered with the Ministry of Finance to inaugurate the third Global Public Private Partnership (PPP) conference in Takoradi.
The conference created a platform for stakeholders to deliberate on pertinent issues that will promote development of the sub-region through PPPs.
The five-day conference is on the theme, “Harnessing local opportunities, international expertise and resources to accelerate Ghana’s PPP agenda”.
The Chief Executive Officer of C-NERGY Ghana Limited, Mr Michael N. A. Cobblah, said the conference was necessary, given that recent developments showed that socio-economic development should not be the sole responsibility of the government but also that of private entities.
He mentioned opportunities, knowledge and resource mobilisation as the three key things the conference would consider to contribute to the development of the country and beyond.
Mr Cobblah said a team of resource persons and professionals had been assembled to deploy case studies and network opportunities to help set the development milestones the PPP had targeted.
Sinopec offers to provide funding for phase two of gas project
Chinese oil giant Sinopec International Petroleum Service Corporation has made an offer for government to allow it to begin the next phase of the Ghana Western Corridor Gas Infrastructure Development Project
Sinopec says has the capacity to pre-finance and ensure early completion of the project.
The company in its earlier arrangement was able to raise funding toward construction of the Atuabo Gas processing plant with about $1 billion within one year to complete development of the gas plant, which has helped the economy save about $500 million.
“Sinopec is ready to pre- finance the industrial development of Esiama to Prestea project if given the go ahead to commence operation.
“It is not up to us to decide. We are always open for such kind of cooperation. China has the advantage to provide financing support,” Sinopec’s Director, International Business Unit, Africa Region, Shen Yan told B&FT in an interview in Beijing, China – saying that “the company invested over US$1 billion within one year on stream as planned.
“Without Sinopec prefinancing, I can say that most likely the project would still not be in place.”
JSE suspends trading in MTN shares
An MTN spokesperson has confirmed to Fin24 that the mobile network’s shares on the Johannesburg Stock Exchange (JSE) have been suspended on Monday morning. Chris Maroleng, the executive for group corporate affairs at MTN Group, told Fin24 by phone that trading in the company’s shares had been suspended.
“We take note of the JSE’s decision to suspend MTN’s shares,” he said.
MTN’s share price has been under pressure in the last week after it confirmed last week that it’s been fined $5.2bn by Nigerian regulators for allegedly not disconnecting up to five million unregistered SIM cards.
This is a developing story.
Waive duties on imported generators for industries : Govt urged
The Managing Director of Sofaamy Company Limited, a leading indigenous glass and aluminum profiles company, Mr Kofi Somuah, has called on the government to waive import duties on the importation of heavy duty generators by industrial institutions in the country.
According to him, the move would reduce the cost of operations as they would be saved the ordeal of having to pay huge import duties which also affects their cost.
Mr Somuah made the call in Accra after he received two special honours from the West Africa Magazine Regional Achievers Awards 2015.
Achimota Shopping Centre opens for business
Hundreds of people yesterday trooped to the Achimota Retail Centre in Accra to witness the opening of the latest shopping centre in the city.
Located opposite the St John’s Grammar School in Achimota, the opening day of the mall turned out to be a jamboree for hundreds of shoppers, some of whom had trooped to the centre very early in the morning to either window-shop or be among the first group of people to show up at the new shopping mall.
According to its owners, the funfair would be crowned on Sunday with a big party, besides spot prizes, giveaways and a lot of fun for families, children and shoppers over the next four days.
Roll call of shops
The $60-million investment, owned by Delico Achimota Ghana Limited, the same group that owns the West Hills Mall, has more than 45 shops and two anchor tenants—Shoprite and Palace.
The retail centre has a long chain of restaurants and eateries, including KFC, Basillisa, Food Inn, Piza Hut, Steak Escape, Roaj Restaurant, The Chop Bar and Second Cup.
Credit: Joy Online, Fin24, Citi Online, Graphic, BFT