Day: June 21, 2023

A stronger Seychelles rupee contributing towards a decline in inflation locally, is one factor that has allowed the board of the Central Bank of Seychelles (CBS) to maintain the Monetary Policy Rate at 2 percent for the third quarter of 2023.

According to CBS, in May 2023, the year-on-year inflation had gone down by 1.0 percent, while the 12-month average rate of inflation was 1.8 percent.

The governor of the Central Bank, Caroline Abel, told reporters that estimated indicators for June show that inflation might go down during the second quarter as compared to the first quarter of the year by 0.5 percent.

Changes in prices locally are linked to non-food commodities which have dropped due to a 1.4 percent decrease in electricity prices, a 4.7 percent decrease in the price of transportation, and a 1 percent decrease in the price of communication, among others.

Abel shared that all this is linked to the fact that “since the end of last year and the start of 2023, we have seen a continuous drop in the price of the dollar, even if in May there was a slight depreciation.”

She said explained that this made it cheaper to buy a U.S. dollar.

“For this year, until June 16 compared to the same period last year, one U.S. dollar has become cheaper by 48 cents, one euro by 78 cents, and one Pound sterling by 1.70 rupees. This is a component that has helped the price of food to become cheaper in our economy,” said Abel.

Another contributing factor is the good performance of the tourism sector, which primarily supports the economy. Tourism remained the main foreign exchange earner, despite a gradual decline in yield from the industry.

As of June 14, 2023, the total number of tourists was higher compared to the same period last year. The growth in visitor arrivals was sustained by the positive performance of the traditional Western European markets – France, Germany, and England – as well as other regions – Russia and Israel.

However, over the same period, tourism earnings are estimated to be lower as a result of a decline in the average yield per visitor.

Abel emphasised the fact that despite the positive notes in the economy of the country, it is important for Seychelles to continuously follow the development in the global economy, especially in countries that are sources for its tourism sector.

“A slowdown or recession in the economic growth of these countries is bad for the local tourism sector. The reality of the war between Russia and Ukraine is also affecting commerce,” said Abel.

Source: Seychelles News Agency

Cameroonian mathematician, Dr. Abdon Atangana has been recognized by the United Nations Educational Scientifice and Cultural Organization (UNESCO) for his trailblazing work in mathematics.

The recognition took place on June 19 at the UNESCO headquarters in Paris, France where the 37-year-old was recognized for his “significant contributions to the field of mathematics, particularly in the areas of fractional calculus, fractional differential equations, and mathematical modelling” according to a release from UNESCO which CNA has seen.

According to UNESCO, Atangana’s expertise in the aforementioned mathematical specialty enables other scientists “to solve real-life problems such as the spread of infectious diseases, heat transfer problems, groundwater flow and contamination or weather patterns” and can also be used in the development of the cruise control function in cars.

Atangana’s work is also “contributing to new strategies for minimizing energy consumption and optimizing renewable energy systems”.

The scientist was not immediately reachable for comment when contacted by CNA South Africa correspondent, Hans Ngala.

However, it should be noted that Atangana is a lecturer at the University of the Free State in South Africa and has also been recognized by the university for his groundbreaking findings.

His recent recognition by UNESCO was alongside four other scientists in the STEM (Science, Technology, Engineering and Mathematics) disciplines. He and another scientist from Egypt were the only two to be recognized from Africa; and each went home with prize money of $50,000 USD (about FCFA 30 Million).

Source: Cameroon News Agency

Mr Yaw Gyamfi, the Executive Director of the Ghana Microfinance Institutions Network (GHAMFIN), has asked Ghanaians to build a culture of savings from the ongoing development of the nation’s digital finance infrastructure. He said the government had made it a priority to enhance the nation’s digital finance regime, which should be taken advantage of by the populace in developing a robust personal savings structure and culture. Speaking at a sensitisation programme for members of the security agencies in the Volta Region, the Executive Director said the public should be able to transform their finances upon the offerings of the hybridised analogue and digital platforms. He said this would help secure and sustain a risk-free future. ‘It takes discipline to save, and so let us take the time to save. Savings can help you when you need it the most and you should take advantage of digital systems like the momo.’ Mr. Gyamfi said impulse buying and other spending habits should be discouraged, but instead, spending must be planned to be able to save. He cautioned also against high-risk loans, saying the public should be wary of street-advertised loan The Executive Director asked them to be on the lookout and not fall for consistent marketing but rather assess the schemes and peruse their authenticity and terms and conditions to make a safe decision. He said secure platforms including the online and mobile banking services should also be utilised cautiously, and that devices and their codes and accesses should be kept secure. Mr Gyamfi said phones and other devices must not be entrusted into other hands but should be considered the personal devices they had become. Dr Godwin Ansah, Head of Communications at the Security and Exchanges Commission, called to ‘move away from a consumption mindset to an investment mindset,’ saying that one should not just spend, but consider investments as the ‘only way’ to grow one’s money. ‘You can make more income based on how you invest. It’s one way to meet your financial needs,’ he said. Dr Ansah asked to develop quality investment objectives and advised also to test the various products and weigh the risks, while cautioning against cryptocurrency investments, noting the unregulated space. He helped the security officers identify ‘ponzi’ schemes, pointing out telltale signs including unrealistic returns and claims of exponential customer growth. Dr. Ansah assured that the Government’s interventions to ensure full regulation, continued to make the investment arena more attractive. Officials from the Ghana Stock Exchange and other financial regulatory bodies were available to help educate the officers. Mr. Kudjoe Ameckson, Deputy Director, Financial Sector Division at the Ministry of Finance, who opened the engagement, said security personnel had been found to be among major victims of financial fraud, and that the nationwide program was designed to educate them. He said most financial institutions had been found to be selling unapproved products with false yet attractive interests and returns, and that the training would help make real financial decisions to avert fraud. Mr. Ameckson said entities engaging in financial sector fraud were being fished out, and that the support of security agencies would be required, thus their enlightenment. The workshop allowed the personnel to enhance their knowledge of the financial sector and take appropriate steps to secure their finances.

Source: Ghana News Agency

Vivo Energy Ghana, the exclusive marketer and distributor of Shell branded fuels and lubricants has partnered the United way Ghana, to mark this year’s World Environment Day. Marking the day on the theme ‘Beat Plastic Pollution, the collaborative effort was aimed at raising awareness on the harmful effects of plastic pollution by engaging in a clean-up and community sensitisation exercise at the La Enobal Basic School and its environs. A statement signed by Shirley Tony Kum, Corporate Communications Manager of Vivo and copied to the Ghana News Agency in Accra said World Environment Day celebrated annually served as a global platform to promote environmental awareness and encourage positive actions for the protection of the planet. Together with pupils of the La Enobal Basic School, volunteers of both companies collected various forms of plastic wastes within the school premises and its surroundings, which will later be sold to plastic waste collection companies to generate cash for the school. According to the United Nations Organisation, more than 400 million tonnes of plastic was produced annually worldwide, half of which was designed to be used only once. Of that, less than 10 percent is recycled and an estimated 19-23 million tonnes end up in lakes, rivers and seas annually. Tiny plastic particles up to 5mm in diameter also find its way into food, water and the environment. The above statistics underscore the importance of this year’s World Environment Day in mobilising transformative action against plastic pollution. The statement said the collaboration included a community sensitisation programme, where community members received valuable insights through interactive sessions and discussions on the detrimental effects of plastic pollution on the environment and human health. ‘The aim was to empower the community members to become advocates of positive change in their community and beyond whilst making good use of plastic waste through recycling. Shirley Tony Kum on behalf of the Managing Director stated that, ‘at Vivo Energy Ghana, we are committed to making a positive impact on the environment and the communities we operate in. Our partnership with the United Way Ghana on World Environment Day allows us to actively engage in the fight against plastic pollution. We believe that by raising awareness and taking collective action, we can contribute to building a more sustainable future.’ The statement said the Executive Director of the United Way Ghana, Felix Kissiedu added that, ‘the clean-up and community sensitisation exercise at the La Enobal Basic School is a testament to the power of collaboration. ‘We are grateful for the support of Vivo Energy Ghana in our mission to create a cleaner and healthier environment. By involving the pupils and employees from both companies, we believe we can inspire a generation of environmental stewards who will champion the cause for years to come.’ Vivo Energy Ghana’s partnership with the United Way Ghana for the commemoration of the World Environment Day reflects the organisation’s dedication to environmental sustainability by promoting responsible waste management practices and empowering local communities. Vivo Energy operates and markets its products in countries across North, West, East and Southern Africa. The Group has a network of over 2,600 service stations in 23 countries operating under the Shell and Engen brands and exports lubricants to a number of other African countries

Source: Ghana News Agency

Mr. Kwabena Agyei Agyepong, a former General Secretary of the New Patriotic Party (NPP), says his decision to contest the flagbearer race of the Party is to create the momentum necessary to bring about change in the thinking and orientation of Ghanaians. ‘… Mine is a simple humble redemption mission to create a critical mass of public-spirited Ghanaians, which is needed to generate the momentum required to cause a seismic shift in the thinking and orientation of what Party politics and public service should mean to politicians, political appointees, civil servants and indeed all Ghanaians.’ Mr Agyepong said this after filing his nomination for the contest. He expressed worry over the state of affairs of the country, saying: ‘My heart has been troubled over the direction of our country. We must accept that where we are now is not where we want to be. We cannot mislead ourselves with excitable slogans that leads us nowhere.’ Mr Agyepong said Ghana was at a crossroads and that what it needed urgently was a ‘new dawn’ of intelligent political leadership with a vision that instilled optimism in the youth and rekindled faith in the country’s constitutional democracy. Mr Agyepong said his ‘new dawn’ administration would meet the ambitions and demands of the Ghanaian people. ‘The new dawn refers to a belief in small, lean government machinery that is efficient, effective and primed to deliver to the aspirations and expectations of the Ghanaian people.’ He said he was, therefore, offering himself for that service because he firmly believed that the NPP needed a leader that was very action-oriented, passionately mission-driven, very demanding of results and eager to pursue progress. Mr Agyepong said he was capable of providing the kind of leadership that would enable the Party to achieve the third consecutive victory in 2024. ‘I am offering myself anchored in the belief that the NPP needs a leader who is intensely action-oriented, passionately mission-driven, very demanding of results and prepared to chase progress. In all humility, I am equipped to provide that sort of leadership that will restore the Party as genuinely united force that will make it possible for us to win the elusive 3rd consecutive victory in 2024.’

Source: Ghana News Agency