Charlotte Bwana leads Audiomack’s Marketing and Brand Strategy as Vice President Pg
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MONDAY 6 March 2023 Issue No. 22
A NEW THINKING
Government taking steps to address energy sector arrears, Ofori-Atta assures IPPs Government has assured Independent Power Producers (IPPs) that it is taking the necessary steps to address the energy sector arrears as part of its external debt restructuring. This is to forestall the build-up of future arrears and improve on efficiency within the sector. In a letter to the IPPs signed by the Finance Minister, Ken Ofori-Atta, said it has rolled out a raft of structural reforms, aimed at generating sufficient cash to ensure payments in line with the respective Power Purchase Agreements (PPAs). These measures include but are not limited to the Public Utilities and Regulatory Commission (PURCs) tariff increase in September 2022 by an average of 27%; PURC’s implementation of the
Quarterly Tariff Adjustment in the last quarter of 2022, resulting in a tariff increase of 29.96% to address forex losses and inflation; the review of the Cash Waterfall Mechanism and Power Purchase Agreement renegotiations with IPPs, with a view to restructuring PPAs and reducing power generation costs. The government stock of arrears and outstanding debt obligations are part of conditionalities for an International Monetary Fund programme. The letter further added that “the government remains committed to ensuring that the financial sustainability of the entire power sector value chain is restored. In the meantime, the CWM under the Energy Sector Recovery (ESRP) – and this ministry – will
continue to make payments to the IPPs to improve liquidity in the sector and help cover ongoing operational expenses.” “In respect of the arrears, government will engage with the IPPs under the ongoing debt restructuring exercise, with a view to restructuring the arrears in a manner consistent with the government debt targets of 55% NPV of debt-to-GDP and external debt service ratio of 18% to revenue by 2028, amongst others to achieve a moderate risk of debt distress under the IMF-WB [World Bank] Low Income Countries (LIC) – Debt Sustainability Analysis (DSA) framework”. “Accept my consideration of highest esteem”, the statement added.
Western Union partners with MFS Africa to enable money transfers into millions of mobile wallets across Africa
Italy hosts global fruits and vegs industry from May 3-5 & !
Ghanaian Participants at last year’s event
Africa’s largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money from over 200 countries and territories. The partnership will enable funds to be sent from countries around the world to mobile wallets across Africa through the organization’s licensed payment rails. The service will first launch in Madagascar, and eventually to other countries across the continent. Kumar Shourav, Managing Director, MTO’s at MFS Africa noted
that a partnership like this is unprecedented in the industry, with huge potential benefits, value, and impact implications in the long run. “At MFS Africa, we have always believed in making payments as simple as possible. Payment infrastructures globally have traditionally remained fragmented and local in nature. Africa’s 54 countries are diverse not just in terms of population, development levels, growth rates, and stability but with payment infrastructure and regulations as well. Africa's fast-growing populations and markets present important opportunities for busi-
EcoFlow Power stations expected to set new benchmark in home backup energys By Eugene Davis
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nesses and individuals in an environment of slowing global growth. MFS Africa has more than a decade worth of experience in navigating the challenging Africa payments landscape. Its direct relationship with mobile wallet players, banks, cash pick up networks and regulators on the continent is unmatched in the industry.
Stakeholders within the fruit and vegetables value chain from all over the world will converge at the Rimini Event Centre, Italy for this year’s edition of the Annual MacFrut Exhibition scheduled for May 3-5, 2023. Macfrut is the international trade fair for the fruit and vegetable industry, a B2B event for sector pro-
fessionals and opinion leaders from more than 90 countries. It is a benchmark event that brings together major industry players, innovations and market trends, offering a unique business platform that allows participants to expand their network of business contacts and enter new markets. This year’s event will have over
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GI-KACE to host FEMITECH Conference on International Women’s Day
Western Union is a global leader in cross-border, cross-currency money movement and payments. Through this partnership, both organisations will provide customers, businesses and Global Development Organisations across the world with access to convenient payout options in Africa. This will foster
Majority MPs insist proposed C.I will reform electoral process Pg 3 By Eugene Davis
On International Women's Day, 8th March 2023, the Ghana India Kofi Annan Center of Excellence in ICT is set to host the Females in 2
Tech (FEMITECH) Conference to bring together women in the tech industry and celebrate their achievements.