Connect with us

Business

Tex Styles Ghana commits to 40% female workforce in next 5 years

Published

on


New management of Tex Styles Ghana Ltd. also known as GTP has expressed commitment to increasing the company’s female workforce to 40% in the next five years.

According to the company, this is part of moves to create a culture of performance, trust and collaboration.

The company, in a release, laid out the transformation agenda of the new management team, led by Fatoumata Doro.

 “My goal is to have 40% female workforce in the next five years, providing maternity coverage for all female staff which was not the case before” said Fatoumata.

The company’s measures are already bearing results as the number of female employees has increased from 17.9% to 25% within the past eight months.

The textile industry in Ghana has over the years represented Ghana culturally and is currently responsible for 3% of the country’s Gross Domestic Product (GDP).

Tex Styles Ghana commits to 40% female workforce in next 5 years

“The producers of GTP and Woodin have since September 2021, under the leadership of the Managing Director, Fatoumata Doro determined to bring change into the textiles sector, for the benefit of TSG employees, the national economy”, stated the second paragraph of the said press release.

The release went further to disclose that the transformational agenda is two-pronged; winning in Ghana and expanding beyond the borders of Ghana. The company revealed that it seeks to transform itself from a textile manufacturer to a life-style brand.

In an impressive “walk-the-talk” move, Tex Styles Ghana has begun improving workforce diversity, increasing production volumes, introducing digital services and repositioning the brand.

Despite these measures, the press release affirmed that, “TSG is also positioning itself to continually produce locally made fabrics with premium quality and timeless designs to ensure consumer satisfaction and align with sustainable manufacturing.”

The company says the goal is to double business growth by 2025 with sustainable investment during the next five years in machinery and personnel.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business

BoG should deal with cedi stability, others -Togbe Afede XIV

Published

on



The Paramount Chief of Asogli Traditional Area, Togbe Afede XIV, has once again charged the Bank of Ghana to address the perennial volatility of the Ghana cedi and the high interest rates in the country.

According to him, the Central Bank is veering off its core mandate of ensuring price and exchange rate stability as their contribution towards the realisation of the macro-economic objectives of growth and job creation.

Receiving the board of the National Petroleum Authority in a courtesy call, he questioned the high profit trumpeted by the Bank of Ghana in 2020, which he believes is as a result of the high interest rates that are costs to other sectors of the economy. 

“The banking sector is making huge profits.  Absa reported a profit before tax of ¢1.1 billion, while Ecobank and GCB reported after-tax net incomes of close to ¢600 million last year. BOG itself made a profit of ¢1.57 billion ($270 million) in 2020, about four times the profit that Bank of England made.”

“Bank of England presides over a $2.7 trillion economy. Ghana’s economy is only about a $72 billion, about one-fortieth, yet our central bank made so much money. Sadly, from the high interest rates that are costs to other sectors have to bear. High interest rates have only succeeded in creating the most profitable banking sector in Africa, while wreaking havoc on other sectors and destroying the structure of our economy”.

He further bemoaned the state of industries in Ghana, owing to the fact that most important sectors are owned by foreigners which he believes does not augur well for Ghana.

Togbe Afede XIV therefore called for a change in the structure of the economy, questioning the high inflation which has become a permanent feature of the economy.

‘If you look at our economy, including the oil and gas sector, you will realize that the bulk of it, unfortunately, the most important sectors, are owned by foreigners. So, a huge chunk of our earnings accrues to foreigners.  Our mining, banking and telecoms sectors are dominated by foreigners. Thus, large movement of funds out of these sectors, for dividend payments, for example, wipe out our trade surpluses, and invariable, we suffer deficits, with adverse ramifications for the cedi.”

“It means that the structure of our economy has to change. We learned and talked about this since the time we were studying economics in secondary school. Can you imagine?”

He called for a relook at the approach to tackle inflation as a country and called for a positive fiscal, trade and monetary policies.

“The Bank of Ghana has always tried to fight inflation with high interest rates, but it has not worked. The problem is they increase interest rates based on recorded inflation, among others, which is effectively past price changes, instead of expected inflation. Their approach inadvertently transmits past trends into the future, in a self-fulfilling prophecy.”

 “We need, as a nation, to look critically at how we fight the battle against inflation”, he intimated.



Source link

Continue Reading

Business

GPHA congratulates Director-General on his election as IAPH Vice President, African region

Published

on


The Ghana Ports and Harbours Authority (GPHA) has sent a congratulatory message to its Director General, Michael Achagwe Luguje on his election as the Vice-President (Africa Region) of the International Association of Ports and Harbours (IAPH).

IAPH is the global alliance of Ports and Harbours, with membership of over 160 Ports and 120 port-related businesses from 87 countries.

GPHA is member of the IAPH, and it is significant that its Director General now holds the position of Vice-President for Africa Region.

Polling 13 votes out of 14, Mr. Luguje, in line with Article 21 of IAPH Constitution, assumes the responsibility until next annual general meeting at the IAPH World Ports Conference in 2023.

From the humble beginnings in Pong-Tamale L.A. Primary School, Tamale and Navrongo Secondary Schools, through the University of Ghana, the World Maritime University and others, Mr. Luguje, has risen through the ranks from the office of the Special Assistant to the then Director General of GPHA to become the West and Central African Regional Coordinator of the International Maritime Organization (IMO), United Nation’s specialised regulatory agency for global shipping and maritime transport.

GPHA congratulates Director-General on his election as IAPH Vice President, African region

He also served as one of the longest Secretary-Generals of the Ports Management Association of West and Central Africa (PMAWCA).

In 2017, Mr. Luguje mobilized member ports from the Africa region towards the successful election of Ms. Hadiza Bala-Usman, Managing Director of Nigerian Ports Authority, to the office of Vice-President, Africa Region of the IAPH.

Further to the congratulatory note from the Board, Management and Staff of GPHA, the Chiefs, Elders and Good People of the Kasena-Nankana Traditional Areas, and the Savelugu-Nanton District have expressed pride and joy for this noble son of theirs.



Source link

Continue Reading

Business

MSMEs are key to economic growth in the CommonWealth – CWEIC CEO

Published

on


The Chief Executive of the CommonWealth Enterprise and Investment Council (CWEIC), Rosie Glazebrook, has noted that Micro, Small and Medium-sized Enterprises (MSMEs) are key to the development of many economies in the Commonwealth.

This, in her view, underscored the CWEIC strategy to work with partners in key CommonWealth markets to foster MSME growth.

Ms. Glazebrook made these comments when she paid a courtesy call at one of the CWEIC’s key partners in Ghana, UMB (Universal Merchant Bank).

This formed part of Madam Glazier official tour of Ghana, this week. The bank structured the visit to enable Madam Glazebrook get a first-hand view of Ghanaian MSMEs, by hosting the CWEIC delegation at its “Centre for Businesses” within the Madina market enclave.

Chief Executive of UMB, Nana Dwemoh Benneh, in his remarks noted “a number of significant economic reports argue that MSMEs account for over 70% of all economic activity in Ghana. As a Bank, we have been focused on Ghanaian MSMEs and their growth since 1972, and thus we share this passion for MSMEs with the CWEIC.”

MSMEs are key to economic growth in the CommonWealth - CWEIC CEO

“Indeed, we are proud to have been selected by the CWEIC to partner the University of Coventry programme to build capacity for African SME’s and look forward to rolling out the programme this year, especially to MSMEs with female leadership”, he added.

Ms. Glazebrook in her remarks said, “UMB is Ghana’s oldest Merchant Bank, and I dare say the CommonWealth is one of Ghana’s oldest international relationships. Central to our work at the CWEIC is the COMMONWEALTH ADVANTAGE- the fact that overall its 21% cheaper to do business across the CommonWealth. We are thus very passionate about bring this advantage to bear on businesses and I am excited that one of our key partners is doing this in lock-step with us here in Ghana.”

Ms Glazebrook and her party were escorted around the market by Nana Dwemoh Benneh and other officials of the bank. This was followed by a presentation by the Head of Strategy on UMB’s MSME programme and the intergation with CWEIC, Roland Akafia.

UMB is a leading indigenous bank reputed for bringing a uniquely Ghanaian perspective to banking, since 1972. Headquartered in Accra and licensed by the Bank of Ghana, the bank operates out of 35 branches across Ghana.

The CWEIC is a commercial, not-for-profit membership organisation with an official mandate from the Commonwealth Heads of Government to facilitate trade and investment throughout the 54 Commonwealth member nations. The role of CWEIC is to use the convening power and trusted network of the Commonwealth, which is led by Her Majesty The Queen, to drive trade and investment.



Source link

Continue Reading

Trending