oleh admin | Mar 30, 2025 | business, financial markets, mobile technology, money, news
By Stanley Senya
Accra, March 30, GNA – MTN Ghana reported a significant increase of 34.5 percent in their service revenue. This growth was fueled by higher mobile data consumption, an extended reach of 4G and 5G networks, as well as a surge in mobile money activities.
At the 7th Annual General Meeting, CEO Mr. Stephen Blewett unveiled MTN Ghana’s 2024 Annual Report, underscoring the key strategies that drove the company’s success.
He stated, “Our service revenue rose by 34.5 percent compared to the previous year, surpassing projections. This achievement can be attributed to the expansion of our data services, the success of Mobile Money (MoMo), and ongoing digital innovations.”
“By aggressively investing in our network growth, especially in 4G technology, we have notably boosted customer acquisition and engagement,” Mr Blewett noted.
MTN Ghana experienced a significant rise of 53.8 percent year-over-year in their data revenue, amounting to GHS9.0 billion, thanks to enhanced network facilities and an increasing number of customers. Additionally, Mobile Money revenue saw a growth of 54.4%, totaling GHS4.4 billion, highlighting the essential part this service plays within Ghana’s evolving digital finance landscape.
In spite of its robust financial performance, MTN Ghana continued to approach the broader economic environment with caution.
The CEO admitted that inflationary pressures and currency devaluation might pose challenges in 2025.
“We expect ongoing economic hurdles such as inflationary pressures and exchange rate volatility, which could affect consumer expenditure and overall economic expansion. Nonetheless, we are dedicated to maintaining cost efficiencies and making strategic investments to uphold our growth path,” he stated firmly.
Mr. Ishmael Yamson, the Chair of the Board at MTN Ghana, declared a final dividend of 24 pesewas per share, scheduled for payment on April 16, 2025, acknowledging the firm’s strong financial standing.
Considering our robust performance, Mr. Yamson announced that the Board of Directors has approved recommending a final dividend of 24 pesewas per share for shareholder approval.
The aggregate dividend for the fiscal year 2024 amounts to 30.5 pesewas per share, which includes an earlier interim distribution of 6.5 pesewas per share back in September 2024.
This equates to a dividend payout of GH₵4.0 billion, which constitutes 80 percent of MTN Ghana’s GH₵5.0 billion post-tax profit, indicating a significant 35.6% rise in dividends per share compared to 2023.
MTN Ghana committed to maintaining its progress by investing in digital strategies, improving financial services, and expanding its network further.
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GRB
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oleh admin | Mar 30, 2025 | business, commerce, energy sector, petroleum, transportation
By Stanley Senya
Accra, March 30, GNA – In an effort to boost its fuel security, Burkina Faso’s National Hydrocarbons Company (SONABHY) plans to leverage the robust petroleum distribution network of Ghana’s Bulk Energy Storage and Transportation Company Limited (BOST).
The collaboration intends to simplify the transportation of petroleum goods from Ghana to Burkina Faso through BOST’s efficiently connected logistical infrastructure, which encompasses pipelines, waterways, large-scale trucks, and purposefully placed storage facilities.
During a recent top-tier gathering in Accra, both State-Owned Enterprises reiterated their dedication to strengthening collaboration, emphasizing the use of BOST’s facilities to achieve more efficient and economical fuel distribution.
A combined technical group will evaluate BOST’s operational capabilities to enhance the ease of petroleum trading and minimize disruptions in the supply chain.
BOST’s fuel distribution network relies on a multifaceted logistical approach designed to enhance both efficiency and dependability.
The key elements of BOST’s fuel distribution infrastructure encompass the Tema-Akosombo Petroleum Pipeline (TAPP), the Buipe-Bolgatanga Petroleum Product Pipeline (B2P3), as well as transportation via river using VLTC-operated barges along the Volta Lake.
Although the TAPP system streamlines the transportation of petroleum products between Tema and Akosombo, acting as an essential component in the logistics network, the B2P3 structure guarantees efficient fuel distribution from Ghana’s central region to the five northern zones and further into countries like Burkina Faso.
Moreover, the VLTC and BOST river barges offer an alternate means for fuel transportation from Akosombo to Buipe, thereby alleviating strain on road transport systems.
Once more, key fuel storage facilities like those at Accra Plains, Akosombo, Buipe, and Bolgatanga, managed by BOST, act as vital centers for both local and international commerce.
Mr. Afetsi Awoonor, the Managing Director of BOST, emphasized the company’s willingness to assist SONABHY in ensuring a consistent supply of petroleum products.
“The effective utilization of our pipelines, storage facilities, river barges, road transportation alliances, and the Blue Ocean terminal creates a more streamlined fuel distribution network, which benefits all involved,” he stated.
Mr. Wendpanga Aimé, the Managing Director of SONABHY, showed optimism about the collaboration, emphasizing its ability to stabilize fuel supplies and manage expenses effectively.
“Boasting a solid capital foundation of 20 billion CFA francs, SONABHY is poised to enter into extended trade pacts with BOST. This partnership is essential for maintaining a steady and economical provision of fuels for Burkina Faso,” he stated.
Apart from petroleum trades, Burkina Faso has sought higher levels of electricity imports from Ghana with the aim of boosting its industry and economy.
During the visit, Burkina Faso’s Energy Minister, Yacouba Zabré Gouba, headed a group that visited BOST’s Bolgatanga Depot and GRIDCo’s Navrongo substation to investigate potential enhancements in energy distribution networks.
The refreshed collaboration between BOST and SONABHY, initiated by President John Dramani Mahama along with his Burkinabe counterpart, boosts inter-country oil commerce. This alliance ensures that Ghana’s sophisticated petro-transport system aids in maintaining energy stability and improving trading effectiveness throughout West Africa.
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oleh admin | Mar 30, 2025 | business, electric power, energy sector, government, infrastructure
By D.I. Laary, GNA
Koforidua, March 30, GNA – Mr. Edward Ekow Obeng-Kenzo, who was recently named as the new CEO of Volta River Authority (VRA), has pledged to address billing issues and steer the country’s primary electricity provider towards groundbreaking strategies to ensure Ghana’s energy security.
At the 2024 Biennial National Delegates Congress of the VRA Senior Staff Association (SSA) held in Koforidua, he assured them of his dedication to rejuvenating VRA and safeguarding Ghana’s energy security by supplying necessary resources, conducting training programs, and offering strategic leadership to maintain sustainability.
He emphasized the importance of combining personal efforts with group initiatives to address the significant issues confronting the country in the realm of energy production. He called upon every stakeholder to work together in discovering enduring answers aimed at strengthening Ghana’s energy security, dependability, and cost-effectiveness.
Discussing the topic “The Effect of Receivables Issues on the Functionality of VRA/NEDCo: A Pillar of Ghana’s Energy Stability,” Mr. Obeng-Kenzo highlighted the significance of consistent and dependable power supply for swift economic advancement and progress.
Our services affect various sectors of the economy, including manufacturing, education, healthcare, and security,” he remarked, emphasizing the extensive reach of VRA along with its affiliate, NEDCo.
The CEO pinpointed major reasons for VRA’s difficulties with accounts receivable, such as an inconsistent power supply, believed-to-be elevated production expenses, lags in invoicing, and unauthorized electrical hookups.
He encouraged employees to be innovative and proactive contributors. “As partners in excellent corporate governance, we must pledge to enhance our effectiveness and output while protecting the VRA brand established over many years.”
Mr. Obeng-Kenzo praised the resilience and commitment of the team, noting that their hard work has guided the organization through its 63-year journey.
He recognized the necessity of adapting to an evolving business environment where private energy firms are advancing, warning; “If we fail to step up to the challenge, we might get left behind.”
He detailed measures for enhancing debt recovery and boosting revenues, stressing teamwork, honesty, and commitment to VRA’s fundamental principles. “Everyone here must contribute to maintaining our fiscal well-being and achieving operational excellence.”
In spite of these difficulties, Mr. Obeng-Kenzo remained optimistic regarding VRA’s future, vowing to allocate resources, provide training, and offer strategic leadership to ensure its sustainability over the coming sixty years.
He encouraged the staff to coordinate their efforts toward achieving the primary objective of providing dependable and cost-effective power for both Ghanaian residents and enterprises.
As VRA gets closer to its 64th
th
anniversary, he also reaffirmed his belief in the collective power of patriotism and unity to drive the authority and the nation forward, saying: “Together, we can make VRA and Ghana great again.”
The 2024 Congress tackled major concerns stemming from the 2022 gathering. Attendees examined reports on how their leaders managed responsibilities. The discussions centered on the financial standing and outcomes of the Association during the second half of 2022 as well as throughout 2023 and into 2024.
This offered a detailed examination of the association’s advancements and regions where enhancements could still be made.
The congress was also an opportunity to brief members about the actions taken by the National Executive Committee following their election in March 2023, encompassing various initiatives and accomplishments through December 2024.
A key area of focus was examining the Association’s slogan, “Partners in Good Corporate Governance.”
Participants discovered creative methods to work alongside management in boosting VRA’s effectiveness and upgrading employee benefits to secure the organization’s continuous development and operational proficiency.
Mr. Theophilus Tetteh Ahia, who serves as the National Chairperson of VRA SSA, highlighted the essential function of the organization in maintaining and enhancing the activities of both VRA and its affiliate, NEDCo.
He highlighted several difficult problems, such as the modified cash waterfall process and significant distribution losses—a result of electricity theft—especially prevalent in the Tamale metropolitan area.
He observed that even though the Boards, management, and employees of VRA and NEDCo were striving towards their ambition of setting “an exemplary standard among African power providers,” they still encountered ongoing issues with operations and financial liquidity.
Mr. Ahia mentioned that VRA’s market share has decreased, falling from 63.8 percent in 2019 to 50.3 percent by March 24, 2025.
He went on to say that NEDCo has been struggling with both commercial and technical losses, these issues have adversely affected its financial health and ability to maintain adequate liquidity.
He stated that tackling these issues necessitated cooperation between management and the SSA to put into action strategic initiatives.
These include challenging the updated cash flow hierarchy, addressing anticompetitive practices within the electricity sector, transforming single-cycle facilities into combined-cycle ones, upgrading the T3 facility through repowering, and implementing technologies aimed at decreasing power distribution losses, with a focus on improvements in Tamale.
Mr. Ahia emphasized the significance of boosting employee motivation, strengthening oversight, increasing efficiency, and protecting the terms of employment for staff members.
Consequently, he advocated for selecting capable leadership and opposing the government’s efforts to enact certain energy-related legislation, including the “Ghana Hydro Authority,” “Ghana Thermal Authority,” and “Ghana Distribution Authority” bills.
He similarly called for an end to attempts at merging NEDCo with ECG through private sector involvement.
The 2024 SSA Congress brought together prominent figures from the electricity sector for a panel discussion aimed at pinpointing key obstacles and developing suggested resolutions.
Mr. Ahia showed optimism that these conversations will contribute to ensuring the longevity and sustainability of VRA and NEDCo, allowing them to take on a more impactful role in shaping Ghana’s energy landscape.
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oleh admin | Mar 30, 2025 | border crossings, borders, business, local news, politics and government
Strains are increasing in a beautiful Pacific Northwest seaside community where residents must navigate their cars through
Canada
to reach the US.
Residents in Port Roberts, Washington have found themselves at the center of the escalating trade disputes between the two nations since the current administration took office.
Donald Trump
warned of imposing significant duties on an extensive range of products coming into Canada.
Residents living in this tiny exclave, which forms a separate portion of a country detached from its main landmass due to being surrounded by another territory, are experiencing the immediate impact of the tariff chaos. This disruption particularly affects their three eateries and sole grocery store.
This distinctive five-square-mile neighborhood in Whatcom County is encircled by water on three sides and is connected to Canada via just one piece of land.
Residents have two options: they can cross through one border checkpoint and drive approximately 25 miles to get to downtown Vancouver, British Columbia, or they can navigate through two border checkpoints and travel around 25 miles within Canada before entering the U.S. via Boundary Bay Border.
Over 70 percent of the properties here are owned by Canadians, and more than half of approximately 1,200 residents hold dual citizenship. This information was shared by Wayne Lyle, who serves as the President of the Point Roberts Chamber of Commerce.
Canadian Press.
The limited number of local enterprises along with well-liked tourist spots such as beaches, hiking paths, and a golf course, have faced economic hardships due to numerous Canadians avoiding the region following Trump’s tariff warnings and discussions regarding potential actions.
Canada the 51st state
of the US.
Even though they feel frustrated, Americans stated that they do not hold Canadians responsible for experiencing those sentiments; nevertheless, they continue to endure significant distress due to the aftermath.
This was truly heartbreaking,” said Tamra Hansen, a long-time resident and business owner in the exclave, speaking to the outlet. “Without support from the Canadians, this community will cease to survive.
Christopher Carleton, the Fire Chief of Point Roberts, voiced similar worries as Hansen, particularly because numerous members of his firefighting team reside on the opposite side of the boundary.
“We should look after each other, show kindness to one another, and not let those who aren’t even aware of our existence disturb the relationships we presently share,” Carleton stated.
In the meantime, Mark Nykolaichuk, residing in the Vancouver, B.C. region, expressed his hope of contributing to keeping the community vibrant.
Nykolaichuk declines to visit the mainland United States, yet he has made an exception for Port Roberts due to its strong connections with Canada.
He particularly visits the only grocery store in the exclave — the Point Roberts International Marketplace — to purchase food items that he cooks at his holiday house.
Due to U.S. Customs regulations, raw meat cannot be brought across the border, so Nykolaichuk needs to buy it locally instead.
Nobody wants to see this location close,” he stated. “If this place shuts down, where will U.S. citizens have their meals? From where will they obtain their food?
The management of the marketplace has recently announced that their business has declined by 20 to 30 percent.
Likewise, a local liquor outlet, Larry’s Liquor Locker, has experienced a 40 percent drop in sales over the past month.
The 75-year-old owner, Larry Musselwhite, has been confronted with a difficult truth that he attributes to Trump.
Musselwhite stated, “This is due to our chosen president, who genuinely does not concern himself with the average person and the difficulties we face.”
‘It significantly influences the way I lead my life.’
Approximately 75 percent of Port Roberts’ voters cast their ballots for a presidential candidate besides Trump, as per the 2024 election outcomes.
Hansen, proprietor of two local enterprises, mentioned that the current political atmosphere has significantly affected residents’ relations with their Canadian neighbors nearby.
“We’ve always had a good relationship, and it doesn’t make sense anymore because now the United States will be affected as well,” the individual who holds two citizenships stated.
I certainly empathize with the Canadian people right now as they find themselves in a difficult situation and must fight back.
She manages a breakfast place named Saltwater Café and also operates a restaurant called The Pier.
Hansen employs 15 individuals whom she compensates directly, yet since February, her business has declined by 55 percent relative to the previous year. Some days, her enterprises haven’t generated more than $100 in revenue.
“Some companies are currently closing down as we speak,” she stated.
‘This is deeply moving for me since I have feelings for everyone who resides here.’
In reaction to Trump’s fluctuating tariff threats, Canada has
pledged counter-tariffs against the United States.
Residents have grown more irritated with Trump’s fluctuating imposition of tariffs, which has resulted in numerous discrepancies, particularly for those running businesses.
Hugh Wilson, a local real estate agent overseeing several Airbnb properties in the area, mentioned that he has been experiencing numerous cancelations recently.
Wilson stated, ‘No one knows the exact rules from day to day around here. Border agents strive to keep themselves updated and pass this information along to regular folks like us who cross the border.’
Apart from imported products, residents of Port Roberts are also concerned that Canada could introduce tariffs on essential utilities if the situation worsens.
“If things get tougher, they could easily cut off the water supply or electricity,” remarked Brian Calder, who previously served as the president of the Point Roberts Chamber of Commerce.
‘It all hinges on how much additional conflict is stirred up by Trump’s team.’
Calder also backs how Canadians are handling the significant upheaval and threats, describing Trump’s approach as ‘entirely foolish and cruel.’
“And additionally, you jeopardized Canada’s national unity,” Calder stated to the president.
There’s no doubt that Canada will respond…they have all the justification for doing so.
Lyle mentioned that the absence of Canadian tourists has not just affected businesses throughout the exclave, but also fostered a ‘disturbing’ environment.
The present political climate is indeed quite frightening for our enterprises over there. Ninety percent of our operations are based in Canada,” Lyle clarified.
He drew parallels between the situation and children experiencing their parents’ divorce, stating to the
Canadian Press
Last week, I spoke with someone who described Point Roberts as being like when children go through a divorce process; here, the parents represent the two countries, making us feel helpless.
Calder and other locals are presently attempting to address the problem by contacting both the British Columbia premier and the governor of Washington.
A spokesperson for Whatcom County named Jed Holmes informed AP that they are currently discussing with Washington state’s representatives in Congress in D.C. to tackle the increasing problems in Point Roberts due to the worsening relations between the U.S. and Canada.
“I realize people expect us to take action, but it’s quite difficult to pinpoint what significant steps a county government can undertake to alter this situation at an international scale,” Holmes stated.
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oleh admin | Mar 30, 2025 | foreign relations of iran, international relations, iran nuclear deal, politics, politics and government
Iran remains doubtful about US President Donald Trump’s efforts to establish a new nuclear agreement, following his decision to withdraw from the Joint Comprehensive Plan of Action in 2018 during his initial term.
Iranian President Masoud Pezeshkian rejected the notion of direct talks with the administration of U.S. President Donald Trump regarding Iran’s nuclear program on Sunday.
Pezeshkian: US Must ‘Build Trust’ Following Previous Broken Promises
“We replied to the U.S. president’s letter through Oman and declined the possibility of direct discussions, however, we remain open to indirect negotiations,” Pezeshkian stated while sitting down with his cabinet, as shown in an airing on Iranian television.
We aren’t shying away from discussions; rather, it’s the failure to keep promises that has led to our problems up until now,” Pezeshkian stated. “It’s essential for them to demonstrate their ability to foster trust.
In 2018, during his first term, Trump withdrew the United States from the nuclear deal with Iran referred to as the Joint Comprehensive Plan of Action (JCPOA).
The agreement offered sanctions relief to Iran, in return requiring the Iranian government to limit its nuclear program and permit inspections by the International Atomic Energy Agency at its enrichment facilities on a regular basis. Other signatories include France, Germany, Russia, the United Kingdom, and the European Union as part of the JCPOA.
Trump threatens bombing if no new Iran nuclear agreement is reached
Earlier this month, Trump dispatched a letter to Iranian Supreme Leader Ayatollah Khamenei, encouraging Iran to negotiate a fresh nuclear agreement with the United States during what he envisions as his next presidential term at the helm of the White House.
During an interview with NBC News, Trump presented new statements on
threats
In the direction of Iran if there isn’t a new nuclear deal with the US.
“If an agreement isn’t reached,” Trump stated to the news source on Saturday night about Iran, “there will be bombings. This will be unlike anything they’ve witnessed before.”
Trump claimed that representatives from the US and Iran are “talking” on the matter.
The strategy of the Trump administration toward Iran involves a policy known as “maximum pressure,” designed to isolate Tehran both economically and politically.
The Trump administration has likewise committed to cracking down on what it calls Iranian proxies across the Middle Eastern region, with the U.S. presently
targeting the Iranian-supported Houthis in Yemen
.
Edited by: Roshni Majumdar
Author: Wesley Dockery (along with AP, dpa)
