Category: Business

The Nigerian Electricity Regulatory Commission (NERC) has approved increase in electricity tariff paid by Band A customers from N68/KWh to N225/KWh.

The News Agency of Nigeria (NAN) reports that Band A are those customers who enjoy electricity supply for 20 hours per day.

Mr Musliu Oseni, NERC Vice Chairman, said this at a news conference on Wednesday in Abuja.

Oseni said these customers represent 15 per cent of the 12 million electricity customers across the country.

He said the commission had also downgraded some customers on Band A to Band C, due to non-fulfillment of the required hours of electricity provided by the Electricity Distribution Companies (DisCos).

Source: News Agency of Nigeria

The volatile and unpredictable nature of the cryptocurrency market demands robust analytical tools for traders and investors seeking to make informed decisions. Technical indicators, which analyze past and current price data to forecast future price movements, are essential in navigating the crypto trading landscape.

Here’s a quick look at the five best indicators for crypto market analysis, offering insights into their functionalities and how they can be leveraged for effective trading strategies.

1. Fibonacci Retracement

Fibonacci Retracement is a tool based on the idea that markets will retrace a predictable portion of a move, after which they will continue to move in the original direction. The main retracement levels are 23.6%, 38.2%, 50%, 61.8%, and 100%, derived from the Fibonacci sequence. These levels are seen as potential support and resistance levels.

Application in Crypto Trading:

Identifying Support and Resistance Levels: Traders use Fibonacci levels to predict where prices might pause or re
verse.

Setting Target Prices: The levels can also be used to set target prices or stop-loss orders.

2. Moving Averages (MA)

Moving Averages are fundamental yet powerful tools in the arsenal of a crypto trader. By smoothing out price data over a specified period, MAs provide a clearer view of the overall trend direction, free from the noise of short-term price fluctuations. Two primary types of MAs are widely used: the Simple Moving Average (SMA) and the Exponential Moving Average (EMA). SMA calculates the average price over a specific period, while EMA gives more weight to recent prices, making it more responsive to new information.

Application in Crypto Trading:

Trend Identification: A rising MA indicates an uptrend, while a falling MA suggests a downtrend.

Crossover Strategies: The crossing of a short-term MA above a long-term MA (Golden Cross) signals bullish momentum, whereas the opposite (Death Cross) indicates bearish momentum.

3. Relative Strength Index (RSI)

The Relative Strength Index is a mo
mentum oscillator that measures the speed and change of price movements. RSI oscillates between 0 and 100 and is typically used to identify overbought or oversold conditions in the market. An asset is generally considered overbought when the RSI is above 70 and oversold when it’s below 30, potentially signaling a market reversal.

Application in Crypto Trading:

Identifying Reversal Points: Traders use RSI to spot potential reversal points by looking for divergences between the indicator and price movement.

Overbought/Oversold Conditions: Entering or exiting trades based on the RSI reaching overbought or oversold levels can help traders capitalize on potential reversals.

4. Bollinger Bands

Bollinger Bands consist of three lines: the middle band being an N-period SMA (typically 20 days), and the upper and lower bands are the SMA plus or minus twice the standard deviation of price over the same period. This indicator is particularly useful for identifying the volatility and price levels relative to previous
movements.

Application in Crypto Trading:

Volatility Analysis: Narrow bands indicate low volatility, while wide bands suggest high volatility.

Price Targets: Prices tend to bounce within the bands, so touching the upper or lower band could indicate a reversal point or a continuation of the trend.

5. MACD (Moving Average Convergence Divergence)

The Moving Average Convergence Divergence is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. The MACD is calculated by subtracting the 26-period EMA from the 12-period EMA. The result of this subtraction is the MACD line. A nine-day EMA of the MACD called the ‘signal line,’ is then plotted on top of the MACD line, which can function as a trigger for buy and sell signals.

Application in Crypto Trading:

Trend Confirmation: A MACD above zero indicates a bullish trend, while a MACD below zero suggests a bearish trend.

Signal Line Crossovers: A bullish signal is given when the MACD crosses above the
signal line, and a bearish signal is given when the MACD crosses below the signal line.

Effective Use of Indicators in Crypto Trading

While the above indicators are powerful tools for market analysis, their effectiveness increases when used in conjunction with one another. For instance, a trader might use RSI to gauge the market’s momentum and then use Fibonacci retracement levels to determine potential entry or exit points. Similarly, combining Moving Averages with MACD can provide insights into both the market’s direction and its momentum.

It’s also crucial for traders to remember that no indicator is foolproof. Cryptocurrency markets are influenced by a wide range of factors, including regulatory news, market sentiment, and technological developments, which might not always be accurately reflected through technical analysis alone. Therefore, a holistic approach that includes both technical and fundamental analysis, along with a solid risk management strategy, is essential for successful trading.

Wrap-u
p

The cryptocurrency market, with its high volatility and unpredictable nature, requires traders to be equipped with the best tools for market analysis. The five indicators discussed-Moving Averages, RSI, Bollinger Bands, Fibonacci Retracement, and MACD-offer valuable insights into market trends, momentum, and potential reversal points. By understanding and applying these indicators effectively, traders can enhance their trading strategies, making informed decisions that align with their investment goals and risk tolerance. However, the key to maximizing the benefits of these indicators lies in their combined use and the incorporation of broader market analysis and risk management strategies.

Source: Ghana News Agency

The Consolidated Bank Ghana Limited (CBG) has developed several products to support small and midsize businesses (SMEs) at Nkawkaw in the Eastern Region to open opportunities for them through its newly introduced products.

Key among the products is the collateral-free loan, which enables SMEs to access loans up to GHS500,000.00 without collateral.

Disclosing this at the bank’s official launch at Nkawkaw in the Kwahu West Municipality, Mr Daniel Wilson Addo, the Managing Director, said the CBG had a responsibility to provide safe, convenient, and competitive banking products and services to the Nkawkaw residents and surrounding communities.

He said with the town being an SME hub, the bank had a special interest in the sector, hence the introduction of the products.

CBG has flexible products for individuals, businesses, children, and students ranging from investments, loans, savings, advisory services, and insurance. Currently it has 114 branches across 13 regions of Ghana.

Mr Addo said the bank was establ
ished to support the economic growth of Ghana by providing convenient and competitive banking products and services to all clients, including micro and small enterprises as well as retail traders.

Plans were also underway to introduce unique digital solutions such as mobile banking and Artificial Intelligence (AI) to customers for an easy banking experience.

Mr Yaw Owusu Addo, the Kwahu West Municipal Chief Executive, entreated the bank to strengthen its ties with reputable businessmen in the area since natives of Kwahu were known for their business acumen.

That, he said, would foster the economic growth and development of the bank.

Nana Asante Kwame Betieni, the Chief of Kwahu Atibie, assured the bank of the traditional area’s commitment to avail land for the construction of accommodation facilities for the workers.

He, therefore, advised the workers to portray professionalism, hard work, dedication, and excellent customer service to clients to establish a good working relationship and image.

Source:
Ghana News Agency

AMAATI, with support from the Mastercard Foundation and IDH, has created over 22,000 jobs for the youth on the Fonio value chain valued at 200,000 dollars in two years.

Fonio is a neglected indigenous crop, that has the unique ability to regenerate depleted soils after three years of continuous cultivation.

Madam Salma Abdulai, the Co-Founder and CEO of AMAATI, in an interview, said they also empowered women, making the now decisions makers in their communities and families, where they were respected because they were making dignified income that was very important to the Company.

She said access to land for woman in Northern Ghana was a challenge because women did not own lands.

The CEO said this had made them to work on people’s farms as labourers to make ends meet.

Madam Abdulai said it was then that she heard of Fonio and how it could grow on marginal land, meanwhile, there was a lot of lands in the North that was degraded.

She said the Company decided to get these unfertile lands for these women to
cultivate Fonio to enable them to make not just income but dignified income.

‘Fonio has the ability to regenerate the land after three years of continuous cultivation,’ she added.

She said the Company had also supported 4000 smallholder women farmers to increase their yields by at least 10 per cent making more income for them.

She said the Company had been able to link to market and they were working to let other markets on board to generate revenue for the Company and make them a sustainable business.

She said the Company had expanded from 10 landowners to over 5000 smallholder women farmers.

‘Generally, we have increased our supplies by 20 per cent because of this initiative,’ she said.

The CEO said the partnership had expanded the scope of AMAATI in terms of the smallholder farmers and their supplies for the past two years.

She said the partnership with the Foundation and IDH, the Company had been able to carry out ploughing services for smallholder farmers, provide seeds and support them with post-
harvest management tools to enable them to have quality products.

She said as a pioneering company reviving Fonio in Ghana, we facilitate women to have access to marginal lands to cultivate Fonio.

She said their mission was to create sustainable communities in West Africa using Fonio which nourishes the land, people, and society.

‘Our objective is to stimulate production and consumption of Fonio and its associated products by improving post-harvest processing and we seek to reduce the cost of processing, minimize production difficulties, improve the quality of the finished products, and increase the supply of processed products to urban and export markets,’ he added.

It has also diversified the livelihood of 4,888 smallholder women farmers by addressing their limited rights to land and natural resources and providing them with a unique opportunity to advance development for themselves and their communities at large.

Madam Fuesina Lamboo, a Fonio farmer and a beneficiary, said, ‘we do not need to suffer a
gain, and we are happy AMAATI is here.’

Madam Mobo Adasuo, another beneficiary, said, ‘we do not need the Company to leave our area.’

Source: Ghana News Agency

The European Union (EU) is taking steps to enhance its trade and investment engagement with West African (WA) countries, a high placed source at the Union told the Ghana News Agency (GNA).

The source said the move was of a high priority for the EU explaining that the region had some of the heaviest economies with Nigeria being the biggest on the continent, followed by Ghana and Ivory Coast. 

Speaking to the GNA in Brussels, the source, who has in-depth knowledge about the work of the EU, said countries in West Africa had witnessed sustainable economic growth over the last few years.

‘The West Africa is the closest region in Sub Saharan Africa to Europe, strategically, economically, demographically, migratory, and socially will affect the EU, that is why the region is our priority,’ the source said.

One of the key vehicles through which the EU wants to strengthen its trade and investments is through operationalisation of the Economic Partnership Agreement (EPA) – a trade and development agreements negotiat
ed between the EU and West African countries to open up their markets for trade.

The Union wants to continue the EPA, which was concluded, and signed by all EU member states and all West African countries except Nigeria.  

The source said trade volumes between EU and Ghana as well as Ivory Coast – two countries with interim EPAs had improved significantly compared to other partners in West Africa.

Since 2014, the total trade between the EU27 and Ghana and Cote d’Ivoire increased by 18 per cent.

EU imports from Ghana and Cote d’Ivoire have increased by six per cent, while imports have decreased by 25 per cent from the rest of the region.

Full duty-free quota-free market access to EU market has enabled Ghana and Côte d’Ivoire to increase their exports of transformed cocoa products to the EU market by 50 per cent and 30 per cent, respectively.

Both countries are gradually moving beyond the export of raw cocoa beans to cocoa products processed locally, thereby responding to the growing local demand, and con
sumption of ‘made in Africa’ goods.

In 2023, the total trade between EU 27 and Ghana was EUR six billion, with a three per cent decrease compared to 2022. 

Whilst EU’s exports to Ghana have decreased by 11 per cent in the same period, passing from EUR 3.7 billion to EUR 3.3 bn, EU’s imports from Ghana have increased by eight percent, passing from EUR2.4 bn to EUR 2.6 bn. 

Although the trade balance has a surplus in favour of the EU (worth EUR 700 million), it has been cut almost by half compared to 2022, where it stood at EUR 1.3 billion.

The source confirmed that the EU was open to consider all the options, including engaging in discussions with Nigeria on concerns including the apprehension that EU products would flood Nigerian markets, to reach a consensus to pave the way for the signing of the EPA deal. 

The EU, as a second key vehicle, would launch a new initiative called ‘Sustainable Investment FacilitationAgreement’ (SIFA) to improve the attraction, expansion and retention of foreign direct invest
ments and create an environment for West Africa to  become a hub for investment.

‘We have already concluded a deal with Angola last year. Exploratory discussions have commenced with three countries in West Africa- Ghana, Ivory Coast, Nigeria,’ the source said.

SIFA’s main aim and benefits cover all economic sectors to encourage diversification to new areas, such as food exports, manufacturing or services, making investments easier  through transparent and predictable investment-related measures, simplifying investment authorisation procedures and fostering e-government, facilitating interactions between investors and the administrations.

It will make investments more sustainable, guarantee a bigger say for civil society, introduces reciprocal commitments towards investors from both sides, ensures respect to environmental and labour standards, which shall not be weakened for the sake of attracting investment and promotes corporate social responsibility and responsible business practices. 

Source: Ghana Ne
ws Agency

Mr Adams Sulley, the Chairman of the Sissala Rural Bank, has announced that discussions were in place to have a regional bank from the four community and rural banks in the Upper West Region to improve banking services.

Mr Adam Sulley said this during the 12th annual general meeting (AGM) of shareholders of the Sissala Rural Bank at Tumu on the theme: ‘Two Decades of Banking Excellence and Community Impact’.

Mr Sulley said, ‘At the Upp er West chapter level, the four Rural and Community banks in the region are in talks exploring the possibility of a regional bank, possibly merging Sonzele, Nandom, Lawra and Sissala rural bank towards having a regional bank’.

This he said would be achieved through engagement with the stakeholders with this proposed model to have a regional bank.

‘Since benefits of such initiative will be the collective interest to achieve business consultation, integration, resilience, and other values for shareholders of the banks. It is interesting to know that Sonzele, Nandom have been
around for the past four decades, Sissala Rural and Lawra have been around for only 20 years and will therefore stand to benefit from the optimum financial leverage of the older banks,’ he emphasized.

He said the board undertook institutional reforms and set up a strategic plan from 2024 to 2027 and promised that with these plans, the board confidently anticipated that the shareholders of the banks would be paid dividends in 2026.

He reported that since October 2022, the directors decided to freeze the remuneration of the directors, which was being ploughed back into the bank operations.

On performance, Mr Sulley said the bank was showing recovery indicators, which should boost the confidence of investors and shareholders looking at the year-after-year loss performance from 2020, 2021, 2022 and 2023, which stood at GHS662,070.00, GHS724, 074.00, GHS790,155.00 and GHS426,637.00, which showed a significant drop.

‘Meanwhile, in 2023, income increased by 139 per cent whilst expenses were controlled to about 1
7 per cent, with a loss reduction of 46 per cent compared to 2022 with increased in the stated capital to about, 0.01 per cent.

The bank’s performance saw marginal growth as the banking sector overall did not do well and this was a thumbs up for the bank,’ he said.

He said the management was being guided to develop the appropriate strategies in 2024 to give more salary loans, and microfinance loans with a new mobilization drive expected to pursue cutting-edge technologies with its clients.

The board, he said, therefore charged the management to also recover outstanding loans to clean their books whilst a new Chief Executive Officer of the bank was tasked to provide exceptional service and redefine standards for the operations of the bank.

According to him the bank’s locked up capital of about GHS1.8 million was disturbing and promised shareholders a decision would soon be taken about it.

Giving the risk and compliance report of the bank, Mr Rasheed Issifu Ndei, a member of the board, said in the year und
er review, the bank made a loss of GHS426,000 which is an improvement over the previous year’s losses of GHS700,000.00 and expressed the hope that the new efforts being made would signal positive change.

The bank’s auditors, Riyan Consult, advised the bank to get local directors who could easily be consulted when difficult issues arise.

Mr Alex Kwesi Awuah, the Managing Director of ARB Apex Bank said the Sissala Rural Bank would need to work toward profitability and advised management to adopt new products that would boost the situation of the bank.

Source: Ghana News Agency

Nana Kwadwo Boama, Krontihene of Atibie in the Eastern Region, has called on the government and private sector to step up investments in the Kwahu areas, taking into account the immense tourism potential the area holds.

That, he noted, would help to diversify Kwahu Easter and unlock the untapped treasures of the region to speed up economic growth and improve living conditions.

Nana Boama made the call during the opening ceremony of the 2024 Easter Paragliding Festival on the Odweanoma Mountain in Atibie in the Kwahu South Municipality.

He said Kwahu was a treasure trove of mountains, ancient caves, forests, and water bodies, but the sites were underdeveloped because of the deplorable nature of the roads.

Nana Boama, who the represented Kwahumanhene, urged the government and private sector to collaborate with Nananom to invest in those areas, generate employment opportunities for the young population, and enhance the diversity of ‘Kwahu Easter’.

The Ministry of Tourism, Arts, and Culture and the Ghana Tou
rism Authority jointly opened the ceremony.

The festival, which commenced on March 29, will run through to April 1, in which seven tandem pilots from various countries would be transporting passengers from the Odweanoma mountain to the Nkawkaw stadium.

Mr Mark Okraku Mantey, Deputy Minister of Tourism, Arts, and Culture, explained during a press briefing that the festival started in April 2005 by the former Minister of Tourism, Mr Jake Okanta Obetsebi Lamptey, to align with the Easter celebrations in Kwahu.

The paragliding festival aims to boost local tourism and strengthen national unity.

Mr Kwasi Agyeman, the Chief Executive Officer of the Ghana Tourism Authority (GTA), spoke of an increase in visitors, which had had a positive impact on the local economy and fostered cultural exchange and understanding between guests and community stakeholders.

The GTA has made significant efforts to enhance its relationships with various regional stakeholders, including the Traditional Council, the Municipal and Dist
rict Chief Executives, local businesses, tour operators, hoteliers, and community leaders.

These collaborations aim to foster a more inclusive and sustainable tourism ecosystem that brings benefits to all parties involved.

‘We have worked tirelessly to strengthen our relationships with all stakeholders to create a more inclusive and sustainable tourism ecosystem that benefits everyone involved,’ Mr. Agyeman said.

Source: Ghana News Agency

Dr Daniel MacKorley, the Founder and Chairman of the McDan Group of Companies, Wednesday said putting women at the top management of his companies is not just for equity purposes.

Dr MacKorley said he cherished women and put them in managerial positions because they had more potential for business development.

‘Empowering women to lead in business isn’t just about equality, it’s about unlocking the full potential for the growth of our economy and society,’ he said.

Speaking at the Women Business Dialogue, he said, he had been strong and hardly bowed to failure because of the training and the courage planted in him by his late mother and that courage had lived in him till today.

The economy could not achieve any meaningful growth when women, who constituted over 50.7 per cent of the country’s population, were not empowered in the business world, indicating that no country globally could make it when half of its population was left on the sidelines.

‘Our economy cannot thrive when women are not given a sea
t at the table. I’m sure that in looking at how to promote entrepreneurship and drive exclusive economic growth and jobs, there is no better place to start than with women,’ he added.

He acknowledged females as the next global key drivers of entrepreneurship, adding that there were more women entrepreneurs in Ghana than men.

Dr MacKorley explained that ‘the woman selling ‘Kaklo’ on the street, who has 10 or five children, feeding them together with her husband, is more of an entrepreneur than a banker sitting at a desk.’

He said about 90 per cent of the 1,200 women in Ada paid back an interest-free loan of GHs3 million he gave out, a gesture, which showed how honest they were at their businesses.

In a Harvard Business Review article, it was revealed that women-owned firms in the private sector represented approximately 37 per cent of global enterprises.

He said the percentage was rising, and those firms spanned new fashion houses to visionary high-tech businesses.

To encourage more women to embark on th
e entrepreneurial journey, Ghana must focus on improving their financial literacy skills by empowering them with the knowledge and understanding of financial management, accessing start-up funding, and making informed financial decisions, he said.

Dr MacKorley encouraged women not to shy away from taking on risks in business, such as accessing funding opportunities, as start-up funds played a vital role in fueling work growth, so women should step out of their comfort zones and seize opportunities that may require taking calculated risks.

He called for mentorship and networking programmes for women, both formal and informal, to connect experienced businesswomen with aspiring entrepreneurs, to create a strong support system as guidance and solidarity for navigating the challenges they may face in their businesses.

Dr MacKorley urged banks and financial institutions to create dedicated funds or grant programmes to support women entrepreneurs, as the provision of access to capital could be a game-changer to e
nsure that women had the needed financial resources to start and grow their businesses.

He called on the Government to formulate policies that promoted gender equality in business to benefit society and challenged women to break free from self-limiting beliefs and be confident for success.

Empowering women to be at the forefront of the business world was not only essential for their personal and professional growth but also for the country’s economic development.

Source: Ghana News Agency

Unilever Ghana PLC has appointed Mr. Chris Wulff-Caesar, as its new Managing Director with effect from April 1, 2024.

Mr Wulff-Caesar is an accomplished International Business Executive with 24 years of FMCG experience gained across various countries and is returning to Unilever Ghana PLC, where he began his career as a management trainee in 1999.

A statement issued in Accra by the company said he joined the company from Friesland Campina in Nigeria, where he was Marketing Director for Sub-Saharan Africa, managing brands and marketing activities across 44 countries.

Before this, he worked for ABInBev as Marketing Director for West Africa (Ghana and Nigeria) and was a member of the Board of Directors for Accra Brewery Ltd.

It said he joined ABInBev under the SAB Miller acquisition, where he was leading the establishment and growth of a portfolio of brands.

The statement said during his time at SAB Miller, he worked as Africa Category Expansion / Innovation Manager, based in South Africa, and as Ghana Ma
rketing Director.

Mr. Wulff-Caesar is a fellow of the National Institute of Marketing Nigeria (NIMN) and an Associate member of the Advertising Practitioners Council of Nigeria (APCON).

He holds a BA (Honours) Degree in Economics from the University of Ghana and an MBA from the Edinburgh Business School of the Heriot-Watt University in Scotland, United Kingdom.

Mr. Wulff-Caesar will also join the Unilever Ghana PLC Board as an Executive Director.

It said Mr Wulff-Caesar takes over from Mr George Owusu-Ansah, the current Managing Director of Unilever Ghana PLC, having served as Managing Director of Unilever Ghana PLC for four years.

The statement said Mr Owusu-Ansah, now moving to Ethiopia as Managing Director of Unilever’s Ethiopian business from April 1, 2024.

It said Mr Owusu-Ansah would continue to serve on the Unilever Ghana PLC Board as a Non-Executive Director.

Meanwhile, Mr Joel Boateng, currently the Customer Development Director for Unilever Ghana PLC, has been appointed to join the Board of t
he company as an Executive Director.

Mr Boateng started his career in Customer Marketing and Intelligence at Unilever Ghana PLC in 2008 and held various roles, including three years in Unilever South Africa, before moving to marketing in 2019 as Category Manager for Oral Care and Skin Care.

He joined the Unilever Customer Development team in 2022 as Regional Sales Manager for Accra before being promoted to his current role in July 2023.

He is also an Executive Trustee board member to the Unilever Tier 2 and Savings Schemes. Mr Boateng holds a Bachelor of Arts in Statistics and Philosophy from the University of Ghana.

He has a master’s degree in business administration (EMBA Marketing) from the University of Ghana Business School.

He is also a Full Member of the Chartered Institute of Marketing Ghana.

Source: Ghana News Agency