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Agric Minister Visits GADCO Rice Mill In The Volta Region

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Agric Minister Visits GADCO

On September 26th, 2021, the Minister for Food and Agriculture, Hon. Dr. Owusu Afriyie Akoto paid a working visit to GADCO rice farm and the milling factory as part of his tour in the Volta Region.

The Minister’s visit granted an opportunity for the management of GADCO to interact with the Minister on the activities of GADCO in partnership with RMG Ghana Limited in the rice production value chain.

In the Minister’s address, he said that the consumption of rice has risen hence the need to increase production to meet the demand.

According to him, the Government’s promise of becoming rice production self-sufficient by 2023-2024 is not going to be achieved only by the farmer, the land or the seeds available, but it’s to do with the amount of the milling capacity.

He said our local rice is fresh, nutritious and therefore encouraged Ghanaians to consume more local rice.

Dr. Owusu Afriyie Akoto commended GADCO for the high quality and well-packaged rice which can equally be likened to the imported rice.

In addressing the Minister, the General Manager of GADCO, Mr. Joel Tsatsu said “We would like to use this opportunity to reiterate our full commitment to support the production of tons of local rice where Ghana will become self-sufficient in the near future”.

We believe that the government’s target of achieving self-sufficiency in rice production by 2023 is achievable and we will all work to support this goal.

Copa Rice brand produced by GADCO is made up of quality Jasmine long grain rice that is fresh, tasty, and very healthy. The Company works with smallholder farmers by providing technical support and marketing opportunities with a milling capacity of 3MT/hour.

Currently, we support about 600 smallholder rice farmers with a total land of 1,400 hectares in seven locations within the Volta and Greater Accra Regions. Hence consuming Copa Jasmine long grain rice culminates into economic empowerment and sustainable livelihoods to smallholder farmers.

GADCO is part of the RMG Concept Group and is specialized in farming rice and developing an extensive smallholder farmers program in the Volta Region.

RMG Ghana Ltd is part of the RMG Concept Group, and was founded from the acquisition of Wienco Ghana Ltd. The company is one of the key historical players in Ghana and provides Crop Protection Products, Fertilizers, Seeds, Irrigation solutions and agronomic and technical support to farmers.

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Fuel prices to drop as government temporary removes certain taxes for two months

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Fuel prices to drop

Fuel prices to drop as government temporary removes certain taxes for two months

Ghanaians are to enjoy two months of relief of reduced fuel prices as the President of the Republic has approved the temporary removal of certain taxes on fuel to provide some sort of relief to Ghanaians as the global fuel prices go up. This covers the removal of Price Stabilisation and Recovery Levies on petrol, diesel, and LPG for a period of two months.

This news was officially released by the communication directorate of the National Petroleum Authority (NPA). The release reads;

 

The National Petroleum Authority (NPA) wishes to inform the general public that His Excellency the President, Nana Addo Dankwa Akufo-Addo, has granted approval to zero the Price Stabilisation and Recovery Levies on petrol, diesel and LPG for a period of two months.
The above approval follows the advice of the NPA to the Hon. Minister of Energy to seek government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers. Prices of crude oil and refined petroleum products have seen sharp increases on the world market due to a rise in demand for oil globally without a corresponding increase in supply, particularly from the Organisation of Petroleum Exporting Countries (OPEC)and its allies.
Because the pricing of petroleum products in Ghana is deregulated, changes in prices of petroleum products on the world market have a direct impact on prices at the pumps. 
The outlook of prices on the global market shows an upward trend and therefore there was the need to seek government intervention to lower the levies to cushion consumers from feeling the full impact of these rising prices. The purpose of the Price Stabilisation and Recovery Levy (PSRL) is to stabilize prices for consumers and pay for the subsidies on Premix Fuel and Residual Fuel Oil (RFO).
At this time it is important that the PSRL which is currently sixteen pesewas per liter (GHp16/Lt) on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel, and fourteen pesewas per kilogram(GHp14/Kg) on LPG are zeroed to cushion consumers. The NPA will work with the Ministries of Energy and Finance to quicken the legislative processes to give immediate effect to this directive by the President. We are grateful to H.E. the President for granting the request to zero these levies to minimise the effect of rising prices of petroleum products on the world market on consumers in Ghana.
Signed
Corporate Affairs Department
Monday, 11th October 2021
NPA
Ghanaians are expected to enjoy some brief relief after this new development has been implemented.

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Shelter Afrique fully repays commercial debts, eyes regional bonds

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Shelter Afrique fully repays commercial debts

Shelter Afrique fully repays commercial debts, eyes regional bonds

Nairobi, Kenya- 21 September 2021 – Pan-African housing development financier Shelter Afrique has fully paid commercial debts owed to eight lenders, giving the company the leverage to underwrite new debt.

In 2018, Shelter Afrique signed a Debt Restructuring Agreement with the eight lenders – six DFIs and two commercial banks – to restructure its debt with a new 5 – Year tenor to run from June 2019 to June 2024.

The USD186 million (including accrued interest) owed to African Development Bank, Agence Française de Developpement, Commercial Bank of Africa, European Investment Bank, German KFW, Ghana International Bank, CFA-Banque Ouest Africaine de Development, and Islamic Corporation for Development was fully repaid three years ahead of schedule.

“Despite Debt Restructuring Agreement giving us a window to make full loan repayment by June 2024, we successfully repaid all the loans by June 2021. This was possible due to the new structures we put in place to deal with bad debts and loan recoveries as part of our turnaround plan. This now affords us the ability to underwrite new business and debt without constraints and legacy matters. For instance, based on our current Equity Capital base of USD 155M and a debt-equity ratio of 0%, we can instantly raise new debt of up to USD 465 million,” Shelter Afrique Group Managing Director and CEO Andrew Chimphondah said.

The company has also repaid a bond floated on the Nairobi Stock Exchange between 2013 and 2018.

 Return to market

Mr Chimphondah noted that following the development, Shelter Afrique now plans to return to the capital market to raise KES125 billion (USD1.25 billion) in local-currency bonds by the end of the year.

“With the debts fully retired, we now intend to mobilise a local-currency equivalent of USD500 million each from Nigeria and East Africa, as well as USD250 million from French-speaking African nations.  These will be crucial in funding our demand-side pipeline of as much as USD1 billion which we are currently developing,” Chimphondah said

Mr Chimphondah added that besides the bonds, Shelter Afrique was exploring further shareholder financing, noting that the Company was already in talks with some keen organisations and countries who share a similar commitment to affordable housing in Africa.

“In the past few months, we have raised a significant amount from our current shareholders, admitted a new shareholder (Fonds de Solidarité Africain -FSA), and resolved to open a new class C group of shareholding for non-African entities to widen our shareholding and capital resource bases,” Mr Chimphondah said.

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Shelter Afrique receives USD2.7million capital boost from Tanzania

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Shelter Afrique Group MD and CEO And

The Government of Tanzania has increased its stake in Shelter Afrique after paying USD2.7 million in additional capital, the pan-African housing development financier has disclosed.

The Additional stake now takes Tanzania’s shareholding to 1.54% up from 0.3% held previously.

Effectively, the contribution now reduces ownership of the top three shareholders with Kenya’s, Nigeria’s and African Development Bank’s shareholdings now standing at 17.78%, 13.27% and 12.83%, respectively.

Thanking the Government of the United Republic of Tanzania, Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah said it was gratifying to see the unwavering support and renewed confidence by shareholders.

“We thank the government of Tanzania for choosing to increase her stake in Shelter Afrique despite the prevailing condition, and in particular the Ministers for Housing and finance Honourable William Lukuvi and Honourable Mwigulu Nchemba for making the disbursements – It’s a vote of confidence in the Company. We are also grateful to other shareholders who have increased their stakes recently,” Mr. Chimphondah said.

In addition to Tanzania’s contribution the Company has also received additional capital contributions from Kenya (USD 9.92m), Cameroon (USD 3,529,801.29) Mali (USD 2,062,994), Rwanda (USD 1.1m), Uganda (USD 0.08m), Togo (USD 0.58m), Swaziland (USD 0.32m), Ivory Coast (USD 0.57m), and Democratic Republic of Congo (USD 0.5m), bringing the total additional capital receipts to $20.69m within the last six months of 2021.

“We also wish to thank several other shareholders such as Namibia, Zimbabwe Morocco, and Swaziland, Cameroon, Kenya, DRC, Mali, Ivory Coast, Uganda, Rwanda and Togo for their positive response to the call for recapitalization, this continues to show confidence in the strategy of The Company” Mr. Chimphondah said.

Shelter Afrique has approved financing of more than USD 52,246,000 in Tanzania. The Company invested equity into the Tanzania Mortgage Refinance Company (TMRC) in 2014 and has remained an active member. The Company is actively pursuing large-scale low-cost housing projects in both Dodoma and Zanzibar through public private partnerships and the provision of lines of credit.

In August of 2021, Shelter Afrique through its Centre of Excellence, at the invitation of the Revolutionary Government of Zanzibar held a masterclass session for government officials to deepen capacity within the industry. Similar conversations are being held to hold another one in Dodoma as well before the end of the year.

In the same period, Shelter Afrique, as part of its ongoing engagement with Tanzania, led a high-level delegation to meet with the Minister of Lands, Housing and Human Settlements, Honourable William Lukuvi, and Ministry officials where discussions were held on the provision of land for projects featuring innovation and alternative building materials. The Minister committed to the provision of 50 acres of land in Dar-es-Salam where an annual event showcasing the improvements and breakthroughs in the building sciences can be exhibited. Shelter Afrique on its part has committed to developing the concept and will explore the possibility of hosting the first event in 2022.

 


BY: Shelter Afrique

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