Business

Vodafone expands fibre optic network in West Africa

Vodafone Wholesale, a subsidiary of Vodafone Ghana, has constructed a second fibre optic network link that connects Ghana to countries within the West African sub-region.

They include Burkina-Faso, Niger, Mali, Cote d’Ivoire and Togo.

A statement issued in Accra said the move entrenched the company’s leadership in the fibre optic space across the West African sub-region.

“The link, which is located at Dakola, a border town between Ghana and Burkina Faso, will provide reliable internet services to operators and corporate customers seeking to expand their services to the landlocked countries within West Africa”, it said.

The Managing Director of Vodafone Wholesale, Ms Angela Mensah-Poku, said “The latest project affirms our commitment to driving Ghana’s digital agenda. We are providing our customers an alternative route into the landlocked countries in West Africa”.

She said, “Customers now have the option to choose between the interconnection at Dakola and Cinkase to transport internet services beyond Ghana. Additionally, customers currently on the Cinkase link can now fall on the Dakola link as backup in the event of any downtime.’’


“We have also invested over GH¢14m to complete a third ring across the country to support additional capacity requirements into the landlocked countries,” Ms Mensah-Bonsu added.

The statement said the Dakola link was currently facilitating the World Bank funded West Africa Regional Communications Infrastructural Project for the government and people of Burkina Faso.

“Vodafone Wholesale has contributed significantly to the increased access to data services in Ghana and across the sub-region by providing innovative bandwidth products to Internet Service Providers (ISPs) and mobile network operators”, it added. a

SEC to establish commodity exchange this year

The Security and Exchange Commission (SEC) is to establish the Ghana Commodity Exchange, a regulatory body, to streamline activities in the agricultural sector and promote growth.

Just like the Ghana Stock Exchange and other regulatory bodies in the financial market, the Ghana Commodity Exchange would set the standards in the trading of all kinds of commodities and compliant mechanisms by operators.

 

The Director-General of the SEC, Rev. Daniel Ogbarmey Tetteh, said the new regulatory body would take off by the end of the year.

He announced this at the launch of the NGIS Money Market Fund (NGIS M-Fund), a subsidiary of New Generation Investment Services (NGIS) Limited, a fund management institution last Thursday in Kumasi.

The NGIS Money Market becomes the fourth subsidiary company of NGIS which also manages the famous Enyidaso Mutual Fund.

The NGIS M-Fund is a medium to long-term investment product that seeks to preserve and grow money, as well as provide liquidity to the market.


Minimum purchase

The minimum investment purchase of shares by an individual will be 200 shares and in multiples of 100 shares thereafter under the initial public offer.

Guarantee subscription

The board of directors of the scheme guarantee an initial minimum subscription of GH¢100,000 and if the minimum subscription is not raised at the close of the public offer, the directors of the scheme guarantee to purchase from the manager to make up for any shortfall between the amount raised and the guaranteed minimum subscription.

Rev. Ogbarmey Tetteh

While encouraging Ghanaians to develop the culture of savings, Rev. Ogbamey Tetteh cautioned against investing in financial institutions which offered ‘unreasonably’ high returns, saying the risk levels of such institutions were very high.

He said the establishment of such fund managers promoted wealth creation, which also helped to oil the capital market and eventually promote development.

The former Director of DataBank said that SEC placed a lot of importance on the security of the industry and would insist on ‘strong, compliance’ by the market operators.

‘Operators must be ready to play by the rules because the activities of the industry are regulated,’ he said.

The NGIS M-Fund was launched by the Adumhene, Nana Baffour Adjei Kesse.

GCAA installs new air navigation equipment

The Minister of Aviation, Mrs Cecilia Abena Dapaah, has inaugurated three air navigation equipment of the Ghana Civil Aviation Authority (GCAA) at a ceremony in Accra.

The equipment; High Frequency (HF) radios, Air Traffic Management (ATM) system and Very Small Aperture Terminal (VSAT), are to help enhance communications, navigation, surveillance and air traffic management within the Accra Flight Information Region (FIR).

 

She explained that the equipment would help to make the country’s airspace efficient, safe and secure, and commended the GCAA for the transformational initiative.

“The installation of these navigation equipment will greatly enhance flight operations and I must commend the air traffic safety engineers and air traffic controllers for their hard work in keeping the ageing air navigation system running without any disruption in flight operations,” she said.

Internally generated funds

She observed that the GCAA invested more than US$7million from its internally generated funds to procure and install the equipment to respond to air traffic management challenges associated with the tremendous increase in aircraft movements in the Accra FIR.

The newly installed equipment includes High Frequency (HF) radios which provide controller-pilot communications in the remote oceanic portions of its FIR.


It also consists ATM system which provides situational awareness of air traffic controllers, as well as tools and alerts which assist them in separating aircraft to ensure safety of flight operations.

Given the vast expanse of its FIR, the modern VSAT system would enable Ghana to extend the range of its voice communications between air traffic controllers and pilots. It also integrates remote radar data to ensure effective aircraft surveillance over the country’s airspace.

GCAA’s policy objective

The Director General of the GCAA, Mr Simon Allotey, observed that the installation of the air navigation equipment fitted into the authority’s objective.

He explained that one of the main policy objectives of the GCAA was to develop opportunities for domestic and international travel, as well as trade.

“Our objective is also to ensure the facilitation of efficient aviation operations and services to ensure a sustainable growth in the aviation industry.

“Again, it seeks to maintain the high standards of safety and security in the provision of air transport,” Mr Allotey observed.

To achieve its policy objectives, he said the GCAA actively collaborated with its supervising ministry, the Ministry of Aviation, and other key stakeholders in the development and implementation of global and regional initiatives to enhance aviation safety, security and efficiency.

“The authority as its core mission provides air traffic or navigations services and approves, licenses and certifies all aviation service providers and operators in Ghana.

“We wish to assure that the engineering team will maintain the system, and the air traffic controllers who are the end users of the system have been adequately trained by the equipment manufacturers to ensure a high system availability and operational efficiency,” he added.

Otabil has demonstrated ‘highest level of integrity’- ICGC

The International Central Gospel Church (ICGC) says its head pastor and founder, Mensah Otabil, has demonstrated the ‘highest level of integrity’ in his dealings.

“Throughout this period, you have demonstrated integrity at its highest level before us,” the leadership of the church said in a statement.

READ MORE: #IstandwithOtabil: Supporters of Otabil declare loyalty

The statement continued: “Many of us have built our Christian character around the values you continue to exhibit. The transparency with which you have led this church continues to motivate us to do same when it comes to matters of integrity.

“At a time like this, we affirm our loyalty to you and celebrate you as the embodiment of Christian character.”

The statement by the church comes on the heels of a Bank of Ghana (BoG) report indicting the board of now-defunct Capital Bank of collapsing the bank.

Mensah Otabil was the board chairman of the bank.

The central bank collapsed the bank in August 2017 over liquidity challenges.

READ MORE: “We will be extravagant in worshipping God” – Otabil replies critics

Pastor Otabil stands accused of supervising the mismanagement of GHC610 relief package to Capital Bank from the Bank of Ghana.

According to the BoG report, the bank’s board, chaired by Pastor Otabil, doled out ¢27.5m to a board member for “business promotion.

The board also approved an expenditure of ¢2.6M and $50,000 on “re-branding.”

The board, the report said, also “ratified” a proposal to increase the fees and benefits of directors, including two first and business class air tickets for all members of the board.

READ MORE:  It’s ‘incorrect’ to implicate me in Capital Bank collapse – Ato Essien

In addition, an amount of 130m was transferred to Alltime Capital by CEO of the Bank Ato Essien and the money was to be paid back in five months with assurance from the chairman, Mensah Otabil.