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Abossey Okai Spare Parts Center to be relocated to West Africa Automotive Village

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The Abossey Okai Spare Parts Center will be relocated to Afienya in the Greater Accra region as part of the West Africa Automotive Village or Hub project.

According to Greater Accra Regional Minister, Henry Quartey, the move is part of the “New Face of Greater Accra region” in which the region will be transformed and modernised as an attractive destination in Africa.

 “We are looking at what we call the West Africa Automobile Hub. The Abossey Okai is just around the corner here; it’s been there for over for 30, 40 years and that is the brain of Ghana’s automobile industry in terms of spare parts and all that. Today they’ve outlived the space, usefulness and purpose”.

“As we speak, we have 5,000 permanent shops in Abossey Okai and about 17,000 temporary businesses like ‘table top’. Put together, you are talking about 22,000 people doing business at Abossey Okai. The place is super super choked, but they contribute a lot to the transport industry in this country. So the initiative and the idea for that matter is to create a new hub for them at Afienya”, he mentioned.

Already, the Greater Accra Regional Coordinating Council is in discussion with the Lands and Natural Resources Ministry to release between 2,500 to 4,000 acres of land for the project.

Fortunately, the Greater Accra Regional Minister said “the RCC is talking with the Ministry of Lands and we have been assured 2,500 to 4,000 acres of land. We are almost done with the processes. Now over there we will transform the way they have done businesses in the last 30 years.”

“This is open for investments to be done and is intended to create jobs not only for the people or the citizenry of this country. But remember that Ghana is signed to the ECOWAS protocol…free movement of goods and persons. So this is to link [the West Africa Automotive Hub] to the West Africa region in terms of business”, he explained.

“Therefore when investing you are not looking at the population of Ghana, but looking at the West Africa in its entirety because the idea is to make Ghana the gateway”, he added.

President of the Association of Ghana Industries, Dr. Humphrey Ayim Darke, pledged his outfit’s support to the Minister’s vision and drive to transform Accra into an attractive destination in Africa.

He however prayed against political interference so that the vision will become a reality.

“We were inspired by his [Henry Quartey] vision and drive to transform the capital city [Accra]. His zeal was well manifested and demonstrated by works, and the clear example of these works is the famous Agbobloshie episode. Yes it was a remarkable achievement. We are determined to extend our support to his vision, plans, programmes to attain this set goal.”

“Our final prayer is that as we chart and traverse this path, we pray against political interference. We also pray against excessive self-interest to give away to development, so that your vision and your impacts will be real.

When completed, 22,000 spare parts dealers are expected to be relocated to Afienya in the Greater Accra region. It will provided jobs and opportunities for 40,000 artisans, businesses among others.

The Automotive Village will create a mixed development where automotive technology interacts with innovation, business, education and residence in the most coherent manner. 



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Economy growing strongly, data suggests robust pick-up – Governor

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The Ghanaian economy is growing strongly despite the threat of rising inflation and the recent sharp volatility of the cedi, Governor of the Bank of Ghana, Dr. Ernest Addison has pointed out.

According to him, data secured by his outfit so far indicates that the economy continues to rebound, irrespective of the challenges.

Speaking to Bloomberg ahead of the Monetary Policy Committee (MPC) meeting, which began yesterday, 18th May, 2022, Dr. Addison said he real sector of the economy has been resilient despite the impact of COVID-19 pandemic.

“The Ghanaian situation in a sense also reflects what happened in 2020 where the government took a very expansionary stance on policy. Therefore there were many interventions that was put into place in order to protect lives and livelihoods.”

“The impact of that was real sector being more resilient than we see in other places. As I said, we are beginning to see a pick-up in growth in 2021”, Dr. Addison emphasised.”

Indeed, sectors such as Information, Communications and Technology; Tourism and Hospitality; Manufacturing have bounced back, registering strong growth rates.

“Some of the data that has come in 2022 does not suggest that we are slowing down”, the Governor noted.

“I believe, if we were to choose between growth and inflation, the policy priority should be managing the pace at which prices are increasing”, he added.

Economy expanded by 5.4% in 2021 – GSS

Ghana’s economy expanded by 5.4% in 2021, far higher than the 0.4% recorded in the year 2020, a period that COVID-19 pandemic had severely hit the global economy.  

Without oil, the economy recorded a Gross Domestic Product (GDP) growth rate of 6.9%

According to provisional estimate by the Ghana Statistical Service, only 10 countries in Africa recorded growth rates higher than that of Ghana. They included Cote d’ lvoire and Uganda.

The strong growth rate was driven by the Services sector, particularly the Information, Communication and Technology (33.1%) and the Agriculture sector, such as Fishing (13.4%).

The Services sector recorded the highest GDP growth rate of 9.4% in 2021.



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Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

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The first batch of young individuals who signed onto the Believe in Ghana (BiG) project in Kumasi have graduated to venture into the creative arts and manufacturing industries.

The Believe in Ghana (BiG) project trains young aspiring entrepreneurs to take charge in the creative arts and manufacturing sectors.

Trainees are engaged in bakery and pastries, soap and bleach making, batik and tie and dye as well as beads making.

Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

Project originator, Tony Donkor, says the employment rate of the youth in Ghana needs to be addressed through such innovations.

“The project intends to raise a generation of knowledgeable youth who can take up the manufacturing space in order to secure a brighter future for the Ghanaian youth.

“The project intends to equip illiterate, semi-literate and literate persons with the skills set to secure a better future in the absence of a salaried job” he said.

The BiG project has seen partnership with the Centre for National Culture in Kumasi who created the avenue for individuals to be trained through localized methods.

Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

Deputy Director for Performing Arts at the Centre, Mustapha Issa, says locally-manufactured items need the necessary patronage to promote local industrialization and national culture.

According to him, “people often portray cultural products as fetish and they do not want to patronize it, but if we can reorient the definition of culture to ourselves, people can then appreciate it.”

He added that, “accepting the cultural values our products stand will bring great benefit from.”

Mr. Issa also advised that the country takes its cultural values seriously in order to preserve the rich heritage as a people.

He indicated that, “our music, movies and arts should represent our heritage, rather than degrading it.”

The first cohort of 15 trainees under the project shared their experiences on the impact.

“I work in a travel agency and we usually host events where attires are worn. I signed up to the project so I can learn how to make apparels to get the contract for myself and make some money as well,” said Doreen.

Another participant, Sumaila said “I am a musician and I wanted to add a clothing line to it, so I enrolled to learn how to make batik Tie and Dye. I can use the technique to create my own brand in addition to the music I do”.

Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

The BiG project intends to train over 10,000 persons in the Ashanti Region and further extend to other regions of the country.

The Believe in Ghana Project is under the operation of Techno Genesis, in partnership with The Multimedia Group, Kumasi and the Centre for National Culture, Kumasi.



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Loyalty Insurance MD raises concern about unhealthy competition in industry

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The Managing Director of Loyalty Insurance Company Limited, Ernest Frimpong, has expressed worry about some unhealthy practices in the insurance sector.

According to him, even though Ghana’s insurance market is highly competitive, characterised by a lot of innovation, some unethical practices like premium undercutting could hamper growth of the industry.

“The Ghana insurance market is a highly competitive and dynamic marketplace,” Mr. Frimpong said.

“There is a dichotomy; on one hand, the market is characterised by innovation, and on the other hand, there is also some unhealthy competition in the market. The issue of undercutting premiums has been around for a while. We need to change this narrative; we need stronger cooperation among ourselves for the benefit of our industry”. He added.

The Loyalty Insurance MD spoke at the company’s fifth anniversary celebration launch themed, “Growing through digitalisation.”

The company unveiled four new digital applications which it believes will place it at the forefront of technological innovation in the insurance sector.

The Managing Director also expressed gratitude to shareholders of the company for raising capital to meet the National Insurance Commission’s minimum capital requirement of ¢50 million.

The Commissioner of Insurance, Dr. Justice Ofori, commended the management and staff for embracing technology as part of their operations.

He urged them to re-strategise and remain customer-focused in order to remain relevant in the industry.

“Let me congratulate management and staff of Loyalty Insurance Company Limited for the attainment of five years of growth and consistent success and express my gratitude to all who have contributed to making the company what it is today,” he said.



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