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BUSINESS NEWS | GHANA AND BEYOND

PZ Cussons Ghana Limited has announced that it has been de-listed from the Ghana Stock Exchange (GSE) effective Monday, October 19, 2020. The offer results and de-listing have been approved by the GSE, a statement said on Friday. “Offer Results out of a total of 2,079 shareholders represented in the register, 410 shareholders tendered a total of 8,830,143 shares valued at GH¢3,973,564.35, representing 53.37% of the total number of shares under the offer,” said the statement. PZ Cussons (Holdings) Limited, the majority shareholder therefore now holds 160,432,149 shares, representing 95.50% of the issued shares of PZ Cussons. The tendered shares have been transferred to the ownership of PZ Cussons (Holdings) Limited by the Registrar, UMB Registrars.

The full implementation of the African Continental Free Trade Area (AfCFTA) agreement on January 1, 2021, is expected to see a reduction in customs duties within Africa, Secretary-General of the AfCFTA Secretariat, Wamkele Mene, has said. According to him, the implementation of the agreement will also witness a reduction of unwanted trade barriers which will in turn be subsequently removed. Speaking in an interaction with journalists in Accra last week, Wamkele Mene explained the AfCFTA agreement will see traders within Africa experience a much regulated and efficient trade regime backed and administered by law.

The World Bank Group President, David Malpass, has said at the 2020 Annual Meetings Plenary that the global economy is expected to partly recover in 2021 from its worst recession since World War II. He suggested that there is a need to redouble efforts to alleviate poverty and inequality. Covid-19 has dealt an unprecedented setback to the global efforts to end extreme poverty, raise median incomes, and create shared prosperity, he noted. “The global economy is expected to partly recover in 2021 from its worst recession since World War II. Although it is growing again, global activity is expected to remain well below its pre-pandemic trend for a prolonged period. Developments thus far point to shallower recessions in advanced economies and a more robust rebound in China than previous estimates.

The First Lady, Mrs Rebecca Akufo-Addo , says Technical and Vocational Education and Training (TVET) is the surest path to equipping the Ghanaian youth with employable skills for the world of work. Launching the first-ever TVET Expo in Accra, Mrs Akufo-Addo said having worked with young women as the Executive Director of the Rebecca Foundation, she recognised the role of TVET in improving individual livelihoods and propelling national development.The TVET EXPO aimed to throw more light on the reforms and achievements in technical education and to help change the negative perceptions on the sector. It was on the theme: “Building a Robust TVET System to Transform Ghana”.

Notwithstanding improvements to Ghana’s credit referencing system, the central bank has indicated that some financial institutions have refused to subscribe to credit bureau services, contrary to the Credit Reporting Act 2007 (Act 726). This has been prevalent among the rural and community banks (RCBs) as well as microfinance institutions (MFIs).
The Bank of Ghana (BoG) stated in its latest credit referencing report that the low usage of credit reports emanates from the lack of understanding among financial institutions of the usefulness of credit reports.

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