Day: June 29, 2024

Professor Daniel Frimpong Ofori, Provost of College of Humanities, University of Ghana (UG), has urged organisations to integrate Corporate Social Responsibility (CSR) as part of their key operations and functions.

He said CSR should not be seen as merely a philanthropic gesture by organisations, but as part of the organisational structure and functions .

Professor Ofori said this during his UG inaugural lecture on the topic: ‘Of Indomie, Kalyppo and Condoms: An Intimate Conversation about Corporate Social Responsibility in Ghana’.

The lecture discussed the history, concepts and key drivers of corporate social responsibility and proposed recommendations to organisations, national authorities and policymakers.

Prof Ofori said CSR revolved not only on what companies did with their profits, but how they made them. 

He said that went beyond philanthropy and compliance and addressed how companies managed their economic, social and environmental impacts. 

‘In effect, it is about managing relationships in all
key spheres of the organisation’s influence, the workplace, the marketplace, the supply chain, the community and the public policy realm,’ he said.

Prof Ofori said CSR had become more important as corporations were expected to contribute to the achievement of the United Nations Sustainable Development Goals.

He said as organisations worked to outperform each other along traditional measures of competition, CSR had become a competitive tool to derive advantage.

‘Corporate Social Responsibility has come to stay because organisations too have come to stay, leading to the grim realisation by organisations that they are required to do more – across the entire gamut of their operations – to be more economic, efficient and productive.

‘Therefore, organisations have no choice, as it is no longer a matter of ‘whether’ or ‘if’ corporate social responsibility is to be considered,’ he added.

Source: Ghana News Agency

The Director-General of the Social Security and National Insurance Trust (SSNIT), Mr Kofi Osafo-Marfo, Saturday says the Trust will continue to engage all stakeholders on the proposed sale of 60 per cent of its stake in four hotels.

He said while going by the directive of the National Pension Regulatory Authority (NPRA) to suspend the sale, the Trust would continue to engage stakeholders ‘to let them know we did the right thing in good faith. We want better results and done things transparently’.

Mr Osafo-Marfo said this when he opened the 2024 SSNIT Media Encounter at Aburi in the Eastern Region.

It was on the theme: ‘Sustaining the SSNIT Pension Scheme: Investments and its impact on Benefits payment’.

He said the decision to sell the shares was largely commercial, with the aim of maximising the benefits.

‘Our aims are not different from the Unions. We both want best value. We want to maximise our benefits.’

Mr Osafo-Marfo said the rationale for the investment decision included consistent losses, frequ
ent request for maintenance funding, high capital expenditure and the need for strategic partnership.

The hotels are La Palm Royal Beach, Elmina Beach, Busua Beach, Ridge Royal, Trust Lodge and Labadi Beach.

The Director-General said apart from raising capital and finding experts to manage the hotels, the ultimate goal was to manage investment risks to improve investment returns.

Mr Osafo-Marfo said pension funds were not static and that at some points, losses needed to be cut for gains to be made.

‘It is a portfolio, it changes with time,’ he added.

He said Rock City bid for all the six hotels and was the only bidder for lots two and three.

Mr Osafo-Marfo said it (Rock City) submitted the ‘best and strongest’ technical and financial proposal amongst those received.

He said consequently, Rock City started negotiation with SSNIT to buy a 60 per cent stake in each of the four hotels -Labadi Beach, La Palm Royal Beach, Ridge Royal Beach and Elmina Beach- but that had stalled due to disagreement over payme
nt terms and duration.

The Director -General said given the criteria in the bidding process, bids for Busua and Trust Lodge were considered unsuccessful.

He described the Trust as the best pension scheme in the country because it offered the best value proposition, with benefits exceeding contributions.

He said the Scheme increased pensions every year, stressing, ‘ no other scheme gives you all these…’

The Director -General said the time to process pension had improved over the years and that management was building trust and confidence in the Trust to ‘offer brilliant service’.

‘Things are not perfect, but we improve every time so, let’s fight to sustain the Scheme. Let’s preserve SSNIT and focus on things that matter..,’ he said, assuring that ‘ we will be paying pensions beyond 2036 and for life…’

Mr Kingsley Adjei-Manu, General Manager, Operations, SSNIT, said in the last five years, the Trust recorded improvements in the registration of new establishments, with a total of 88,640 new establishments
registered as of 2023.

He said active members as of December last year stood at1,951,494.

Ms Patience Owusu, General Manager, Investment and Development, said 94.5 per cent of investments by the Trust were doing well.

She said the 5.5 per cent non-performing assets were being restructured for financial stability of the Scheme.

The National Pensions Regulatory Authority (NPRA) yesterday directed SSNIT to suspend all engagements with Rock City Limited as a strategic investor for the four hotels.

‘As you may be aware, Section 67 (2) of the Act requires us to issue a relevant guidelines to guide your investment decisions. In furtherance of this requirement, you are hereby directed by the Board of the Authority to suspend all the processes seeking to engage Rock City Hotel Limited as the Strategic Investor in matter of the sale of the above-mentioned hotels,’ a statement signed by its Chief Executive Officer, John Kwaning Mbroh, said.

Mr Samuel Okudzeto Ablakwa, North Tongu Member of Parliament, petitioned t
he Commission on Human Rights and Administrative Justice (CHRAJ) to investigate allegations surrounding the sale of the six hotels, four to the Food and Agriculture Minister, Dr. Bryan Acheampong, who is also the owner of the Rock City Hotel Limited.

He seeks investigations into allegations, including conflict of interest, abuse of power, lack of due process, procurement breaches, cronyism, and graft.

Recently, the MP led a street protest, with support from the Trade Union Congress to put pressure on the Government to stop the sale of the hotels.

Source: Ghana News Agency

SALT University College has launched its first ever African Diplomacy and Business Dialogue (AfDiB) 2025 to drive trade integration and foster sustainable development across the continent through the power of diplomacy.

Seen as a catalyst for change, the dialogue seeks to inspire innovation and contemporary research on the role of diplomacy in the successful implementation of the African Continental Free Trade Area (AfCFTA).

The event will welcome African diplomats, business leaders, and academia to exchange ideas, share best practices, and chart an innovative course towards a more integrated, prosperous, and inclusive Africa.

It is scheduled for May 14, 2025 at the Accra International Conference Centre under the theme: ‘Harmonising African Diplomacy for the Success of AfCFTA,’ and promises to sow and incubate seeds of progress. 

Key amongst the strategic objectives of the Dialogue are galvanising the diplomatic community of current and former envoys into a strategic bulwark against the erection of new ba
rriers.

Others are breaking down of existing barriers to intra-African trade while advancing the attainment of AfCFTA’s objectives and addressing cross-border challenges hindering trade across the African continent and propose practical solutions to overcome them. 

The rest are networking and forging collaboration among participants from trade and diplomatic institutions, universities, government agencies, businesses and create opportunities to achieve the AfCFTA

Dr Kodzo Alabo, President, SALT University College, in his address, said the significance of AfCFTA to the development of Africa was non- contestable and through diplomacy bridges could be built and partnerships forged. 

He said AfCFTA had become the biggest trade and business platform with the potential to generate over $3.4 trillion worth of borderless markets for Africa. 

‘The World Bank, in a recent study and in partnership with the AfCFTA Secretariat, has reported that the Agreement, if fully implemented would raise incomes in Africa by 9 p
er cent by 2035and lift 50 million people out of extreme poverty,’ Dr Alabo said. 

He called on all Africans to work collectively, engage in cooperation and diplomacy, adding that where politics and power play failed, diplomacy came through as the dependable alternative. 

Mr Silver Ojakol, Chief of Staff, AfCFTA International Secretariat, said the vision for creating the African Diplomacy and Business Dialogue was a strong commitment to advancing trade integration on the continent. 

‘Diplomacy will be a game changer in moving goods quickly at the borders. The Dialogue is extremely important and it will be groundbreaking for the implementation of AfCFTA.

He urged member-States to develop their regional value chain to scale up trading not only among members but the world, adding that AfCFTA now has a single market for investment with the guidelines.

Source: Ghana News Agency