Tag: Ghana

  • Lessons from Ghana

    Lessons from Ghana

    Nigeria’s self-proclaimed status as the ‘Giant of Africa’ is being questioned once again, and a recent example from Ghana highlights this reality. The ruling New Patriotic Party (NPP) in Ghana conceded defeat even before the polls closed, showcasing a level of democratic maturity. This incident serves as a reminder that Nigeria’s claim to being a giant may not be entirely justified, considering factors beyond mere size or population.

    To begin with, a lot of what happened in Ghana was a stark and painful reminder that Nigeria is not a competitive political economy. The sooner we face this reality, the better! Ghana’s ruling party, the NPP, was ready to concede defeat, even before the polls closed, because its own exit polls had shown that the opposition National Democratic Congress (NDC) was already having a massive, irreversible lead in the voting.

    The key issue is that you must have a competitive economy to even measure the temperature of exit polls. A country must have data to have exit polls. So, which exit polls do we have in Nigeria and why do we not have exit polls? The modern economy is data-driven, and it is clear that Nigeria’s economy is not data-driven. This is the key fault-line that must be urgently rectified in order to build a proper economy with the condition of today’s world.

    Fundamentally, the Electoral Commission of Ghana (EC) was transparently independent of the ruling party. This reality was accepted as an incontestable fact by both the political and the civil society organizations. The EC Head, like Caesar’s wife, was above board. Even in the parliamentary constituencies, nobody is talking about ‘going to court’. It is ironic that the Head of Nigeria’s Independent National Electoral Commission (INEC) was in Ghana and one hopes that he’d publish the full report of his assessment of the electoral process, including the collation and transmission or results.

    Just as the EC demonstrated its independence, elections also serve as crucial indicators of a nation’s economic stability. An election is not just about the rights of voters in a democracy, it is also a signal to credit analysts as well as potential investors about the fundamental structure, orientation and competitiveness of a nation’s economy. Very importantly, it is about the stability of its institutions. In every electoral cycle, a country sends out signals about its economic stability in the short-, medium-, and long-term. Elections are actually very key economic indicators!

    Ghana is different from Nigeria because its two major political parties – the NDC and the NPP – are institutional memories of Ghana’s political history, going back to the days of the Gold Coast before the country was renamed as Ghana. The two political parties represent the split in 1949 from the original nationalist movement. The NDC represents the ideological fervor of the younger elements such as Archie Casely-Hayford, Kwameh Nkrumah and others, who left to form the more progressive-oriented Convention People’s Party (CPP). The NPP represents the more conservative elements such as J.B. Danquah, Joe Appiah and others, who stayed with the conservative tendency. This ideological divide, in one shape or another, has dominated and continues to be the central thrust of Ghana’s politics from 1949 till today. This is why we do not have people decamping from party to party.

    Read Aso: Africa’s coming of age and Nigeria-Ghana’s example

    In 8 years in the opposition party, we did not hear of any notable, even inconsequential decampees from the NDC to the ruling NPP. You can place a safe bet that nobody is going to decamp from the NPP to the now-ruling NDC in the next four years. This is because, unlike in Nigeria, the ideological basis upon which politics is anchored is very well-structured and institutionalized. We may care to ask ourselves: ‘What institutional memories and values, shaped by over 80 years of history, do Nigeria’s major political parties – APC, PDP, Labour Party, and others – truly represent? Yes, there’s poverty in Ghana, but this has not led to people jumping from party to party, looking for something to eat!

    A closer look at Mexico’s political landscape is instructive. The country’s political parties, like the Institutional Revolutionary Party (Partido Revolucionario Institucional, PRI), and the National Action Party (Partido Acción Nacional, PAN), are more than just parties – they’re movements with deep roots. If a local councilor defects, it’s front-page news. These parties even have their own banks, offering loans to members. In Nigeria, where is the People’s Democratic Party (PDP) Bank and where is the All Progressives Congress (APC) Hospital? This disparity highlights Nigeria’s struggles with building robust, ideologically-driven political parties.

    Similarly, in Nigeria, the absence of robust research departments in political parties hinders their ability to drive effective governance. A proper political party must have a Research Department. It is the fruit of research over the years that leads to effective governance. When they were in opposition in Brazil, the Workers’ Party (Partido dos Trabalhadores, PT) simulated the building of affordable housing on a mass scale for low income people to purchase on a monthly rent-to-home basis. By the time they came into office, they had worked out cost-effective, mass housing construction solutions, based on local materials.

    In 8 years in office, they built 1,000,000 affordable housing units per year and, in the process pulled millions of people out of poverty, created generational wealth and built enduring social capital. To be honest, the Lagos Executive Development Board (LEDB) in the 1950s, and Lateef Jakande in the early 1980s, were also on this trajectory. Unfortunately, no political party since then has imbibed the institutional memory to build upon them.

    What Ghana, Mexico, South Africa and Brazil, even India have shown is that Nigeria needs solidly-structured, ideologically-cohesive and data-driven political parties to have real, sustainable development as opposed to booty-sharing which inevitably leads to unsustainable cost of governance. We had better consider the consequences of a country spending more on debt servicing than investments in education and health, and how this affects sustainable development. This is bizarre! It defies commonsense and it’s not aligned to any known model of economic development!

    The success of the transfer of power in Ghana should be for us in Nigeria an opportunity for introspection and very sober reflection. It should also be a wakeup call to reboot our political process in order to regain international competitiveness. International competitiveness is now make-or-break, with Trump 2.0 manifesting itself on January 20! This should be taken as a warning! The problem with our political leaders in Nigeria is that they don’t invest in the institutions or people, but in themselves. Of course, that’s why they don’t quit, resign or retire but, like water, at the mercy of temperature, they move from one state of coldness to another of hotness. They undergo constant transformation, yet remain inherently unchanged.

    Like a butterfly flitting from flower to flower in search of nectar, these leaders move from one position of power to another, leaving behind a trail of fake promises and superficial solutions. This self-serving approach is rooted in a deeper societal issue – a culture of entitlement and lack of accountability – which perpetuates the suffering of a people whose promise has been aborted, at the hands of “hypocritical praise singers and men with hardened hearts and closed ears” who “believe in nothing but their own voices of lies.”

    This self-serving approach has far-reaching consequences, as evident in the 2023 presidential election, where the IReV Portal lost its authentic ring. Who knows what aspect of our fragile democratic processes will “succumb to the tempting froth from the cup of politics” in 2027?

    May the Lamb of God, who takes away the sin of the world, grant us peace in Nigeria!

  • Africa’s coming of age and Nigeria-Ghana’s example

    Africa’s coming of age and Nigeria-Ghana’s example

    The week rolled by as usual, paying no cognizance to its own unusual character. It was meant to be unusual because it was the second week in the year 2025; as it would be in the past, it was expected to be sluggish and lazy, not seeing much activities because most people were meant to still be in the holiday mood. It was not so, especially for President Bola Ahmed Tinubu, who has kept up a racy, busy office culture. He has never allowed any holiday stand in the way of official duties, especially if there is an issue to get thrashed in the process of achieving a functional, model African nation.

    You will recall that during the Christmas and New Year holidays, though he was supposedly on vacation in Lagos, he was still busy receiving guests and treating issues of state; either those having to do with our local matters and those of regional concerns, as he is the Chairman of the Authority of Heads of State and Government of the ECOWAS. So the pace of his week’s activities were as steady and fast as ever, it was a work-ful week for him.

    If you are conversant with the Nigerian President, you would have observednthat his heart and ideas are bigger than just leading Nigeria and confining himself to this corner of the world. Tinubu has shown over the years that his leadership ideals and philosophy are global in perspective. He has propounded and expressed views on how diplomatic conducts between the Global North and South ought to be conducted, especially between Africa and the developed nations of Europe, America, the Middle East and the East.

    He was presented with another platform on Tuesday where he passed his shade of Pan-Africanism to those who need to be told the truth about us as a race. He was at the inauguration ceremony of Ghana’s new President, John Dramani Mahama, where he was the Special Guest of Honour, both because he has a long standing relationship with the new President, who by the way was taking the saddle in a second coming, and as the head of the ECOWAS. He was given the stage to make a speech and he did not fail to sound a message to the rest of the world.

    His message, cryptic as it was, addressed the new President, the people of Ghana, even the African continent, but most significantly, it sent something out to the rest of the world, especially those who have assigned themselves as moulders of our destinies, reaching out from their far ends of the world to distort and conjure.

    As he addressed the world from Ghana, his words carried a powerful and resounding message: Africa has come of age. In a time when global narratives often cast doubt on the continent’s capacity for self-governance and progress, Tinubu’s remarks reaffirmed a new reality—one where African nations are increasingly taking control of their destinies.

    Read Also: John Mahama calls Tinubu ‘President of Ghana’ during inauguration speech

    The smooth transition of power in Ghana is a testament to the growing strength of democracy across the continent. This is not an isolated event but part of a broader story of African countries—Nigeria, Ghana, and others—demonstrating that they are capable of solving their domestic challenges without external intervention. Tinubu emphasized that Africa no longer needs to prove itself to a world that has long doubted its potential. Instead, the focus has shifted inward, where the only validation needed is from its own people.

    The Nigerian leader’s speech underlined a significant point: Africa’s critics have failed to acknowledge the remarkable progress being made across the continent. For too long, global powers have sought to exploit divisions, perpetuating a narrative of instability and dependency. Tinubu’s message was clear—those days are over. The unity and resilience displayed by nations like Ghana serve as a beacon for the rest of Africa, showing that dialogue, collaboration, and mutual respect can overcome even the most entrenched challenges.

    At the heart of Tinubu’s address was a rallying cry for African nations to reject external forces that aim to divide and exploit. His words echoed a deep understanding of the historical struggles that have shaped the continent, as well as a steadfast determination to protect the hard-won gains of African independence. The emphasis on unity, even in the face of disagreement, is a reminder that the true strength of Africa lies in its collective will.

    This new chapter in Africa’s story is not without its difficulties, but as Tinubu highlighted, the continent has discovered the critical path to success. By prioritizing homegrown solutions and charting a course tailored to its unique needs, Africa is positioning itself as a global force to be reckoned with. The vision is not just economic growth, but a comprehensive transformation that uplifts every citizen, leaving behind the shadows of poverty and dependence.

    Tinubu’s remarks also served as a tribute to the sacrifices of those who came before. The unity that many African nations now enjoy was hard-fought, with countless heroes dedicating their lives to the dream of a free, prosperous, and self-reliant continent. Today, that dream is becoming a reality, as nations like Ghana and Nigeria demonstrate that democracy and progress are not only possible, but thriving across Africa.

    As the world watches, Africa stands tall, confident in its ability to navigate its challenges and forge its path. President Tinubu’s call for unity, resilience, and self-determination is not just a reflection of the present—it is a vision for the future, one where Africa takes its rightful place on the global stage. The message is clear: Africa is no longer waiting for approval or recognition. It is already rising, a shining star of democracy and hope.

    “We celebrate African Democracy today as Ghana and her beloved people mark the transition from one democratic government to another. This moment does more than symbolise another milestone in the evolution of Ghanaian democratic society. It lays to bed the question of whether Ghana and Africa are capable of democratic and productive endeavours. Ghana has answered that question resoundingly.

    “It is time that Africa’s critics stop forgetting the strides your nation, Nigeria and others have made by continuing to ask us to prove ourselves. We have nothing to prove to anyone except ourselves. We have found the critical path to our success. We shall lift our nations out of poverty and build a resilient economy at our own pace”, he told those who need to know this.

    President Tinubu also cryptically alluded to a new trend that seems to be besetting the continent, especially as seen in a couple of West Africa states. The democratic experience in Mali, Burkina Faso and Niger Republic recently got halted when military juntas seized power and went on to pull the countries out of the ECOWAS, which membership they have held for years. Attempts by the sub-regional body to get these military hotheads to reconsider and allow the people of their countries return to democratic rule have been met with stiff resistance.

    From all indications and available feelers, the military juntas get their reason and encouragement from foreign interests, whose motive has been placed around mineral exploitation. Their strategy has been ‘divide and rule’, rather reminiscent of the colonialists of past centuries. On this development and to those orchestrating this situation, Tinubu still had a message:

    “While others may seek to demean Africa and keep brother pitted against brother, that shining star reminds us of who we are. Better yet, it reminds us of who we can be. That star means that we shall always strive to work together. Even when we disagree, we shall dialogue and discuss until we reach an agreement. Never, never shall we harm others and never allow any outsider to hurt us or disrupt the unity for which so many of our heroes gave their sweat, blood, and very lives to achieve”, he said.

    On Thursday, President Tinubu hosted the Chinese Foreign Affairs Minister, Wang Yi, at the State House in Abuja and did not fail to seize the occasion to made profitable demands from the Chinese government. Remember he has nurtured a kind of friendship with the Chinese, which led to the status of our relationship being upgraded to a comprehensive strategic partnership, now he demanded that the currency swap agreement be increased beyond the $2 billion agreed in the past, just as he called on China to increase the $50 billion pledged to Africa’s support as, in his words, “the infrastructural needs of Africa are greater than that”.

    He also decorated his aide-de-camp, Nurudeen Alowonle Yusuf, with his new rank of Colonel, describing him as a “diligent and reliable officer”. Meanwhile, he had already tasked the military to go after the murderous terrorists who killed six of its men in Damboa, Borno State, just as he instructed that a probe carried out on the incident. These also happened on Thursday. However, on Friday, he was at the National Mosque, joining other Muslim faithful to observe the Juma’a service to mark this year’s Armed Forces Remembrance Day.

    The week went the way it did; busy and strategically impactful, however, this new one promises to bring more, especially as he already left yesterday for another global economic event in Abu Dhabi. Let’s wait to see what he comes back with for all of us.

  • Ghana introduces visa-free entry for Africans

    Ghana introduces visa-free entry for Africans

    Ghanaian President Nana Akufo-Addo announced on Friday that visa-free travel for all African passport holders will begin at the start of this year, marking a significant move towards economic integration across the continent.

    He announced this  during his final State of the Nation address as he prepares to step down on January 6 after serving two terms in office.

    “I am proud to have approved visa-free travel to Ghana for all African passport holders, with effect from the beginning of this year,” Akufo-Addo said in his speech to parliament.

    “This is the logical next step to the African Continental Free Trade Area (AfCFTA) and the workings of the largest trading bloc in the world,” he said.

    Read Also: 45 visa-free countries Nigerians can travel to in 2024

    “All these are essential elements to the realisation of the AU’s Agenda 2063, which envisages an integrated and connected Africa by 2063,” he added, referring to the African Union’s development blueprint for a 50-year period.

    Ghana joins Rwanda, Seychelles, Gambia and Benin in offering visa-free entry to African travelers.

    Previously, Ghana had granted visa-free access to citizens of 26 African countries and offered visas on arrival to travelers from 25 others, while only two African nations—Eritrea and Morocco—required a visa for entry.

    This new visa-free policy further strengthens Ghana’s international standing, following initiatives like the 2019 Year of Return, which celebrated the African diaspora and marked the 400th anniversary of the transatlantic slave trade.

  • Nigeria, Ghana pinpongers compete for honours in invitational meet

    Nigeria, Ghana pinpongers compete for honours in invitational meet

    Nigeria and Ghana will compete for honours again but this time in table tennis as the game’s players in diaspora are set to stage a two-day event in Ibadan.

    After the hostilities in football between the two countries, top ping pongers from both countries will converge at Ibadan Recreation Club for the invitational tournament billed for December 29th and 30th.

    A total of 32 players ranked by the International Table Tennis Federation are expected on parade to thrill lovers of the game to a good year-ending entertainment in Ibadan.

    NSCDC Table tennis coach and head of the organizing team for the tournament, Wale Ajetunmobi, stated that four players will arrive from Ghana on Sunday.

    “We are so excited that the competition is taking a better shape this year with the players coming from Ghana. We sent a letter to the table tennis federation of Ghana to send us their four best players. They will arrive on Sunday.

    Read Also: GTI salutes  NFF, Lookman, others on CAF Awards

    “Top national players in Nigeria will also join them. A total of 28 Nigerian players will arrive Ibadan also on Sunday.

    “This competition will be more exciting this time and all the arrangements have been concluded for a good event.”

    The cash prize for the men’s singles is N300,000 with the runner up winning N200 000 while third placed persons will go home with N100,000 each.

    The four quarter finalists  will share N40, 000.

    David Fayele of the Nigerian Army who is from Lagos is the defending Champions of the tournament which enters its second edition this year. He defeated Kehinde Oladele of the Nigerian Police from Oyo State last year.

  • AFCON 2025: Ghana, Togo, other teams that failed to qualify

    AFCON 2025: Ghana, Togo, other teams that failed to qualify

    The race for the 2025 Africa Cup of Nations (AFCON) concluded on Tuesday, confirming the 24 teams set to compete in Morocco next December.

    While several teams secured early qualification, others, such as the Benin Republic, clinched their spots at the last moment. 

    The hosts, Morocco automatically qualified for the tournament.

    However, teams like Ghana and several others failed to qualify for the competition. 

    Here’s a full list of teams that failed to qualify for AFCON 2025.

    1. Lesotho

    2. Liberia

    3. Eswatini

    4. Namibia

    5. Burundi

    6. South Sudan

    7. Malawi

    8. Gambia

    9. Madagascar

    10. Central African Republic

    11. Cape Verde

    12. Togo

    13. Ghana

    14. Sierra Leone

    15. Chad

    16. Ethiopia

    17. Kenya

    Read Also: AFCON 2025: Rohr raps Eguavoen on Eagles’ approach to Rwanda

    18. Congo-Brazzaville

    19. Mauritania

    20. Rwanda

    21. Libya

    22. Niger

    23. Guinea

    24. Guinea-Bissau

  • Ghana hands over rebuilt Nigerian High Commission property in Accra

    Ghana hands over rebuilt Nigerian High Commission property in Accra

    The Ministry of Foreign Affairs announced on Wednesday the receipt of a reconstructed building belonging to Nigeria’s High Commission in Accra, Ghana. 

    The property was previously demolished by Ghanaian authorities, an incident that nearly escalated into a diplomatic dispute between the two nations.

    However, after a series of high-level discussions, the Government of Ghana committed to rebuilding the four-bedroom block. 

    The handover was confirmed in a statement by Kimiebi Imomotimi Ebienfa, Acting Spokesperson for the Ministry of Foreign Affairs, Abuja. According to the statement, Ghana’s Minister of Foreign Affairs and Regional Integration, Mrs. Shirley Ayorkor Botchway, officially handed over the keys on behalf of the Ghanaian government.

    The property was received by Ambassador Chimezie Ogu, Director of the Foreign Service Academy, Lagos, on behalf of the Nigerian government. 

    The statement partly reads: “The Ministry of Foreign Affairs wishes to inform that the Government of the Republic of Ghana has today, 20th November 2024 formally handed over a building belonging to the High Commission of Nigeria in Accra, Ghana. 

    Read Also: Nigerian High Commissioner to Ghana cautions against xenophobic tendencies

    “The handing over by the Minister of Foreign Affairs and Regional Integration of Ghana, Her Excellency, Mrs, Shirley Ayorkor Botchway is seen as a commendable development and a symbol of Ghana’s commitment to strengthening the ties between both countries.  

    “The Ministry of Foreign Affairs applauds the laudable gesture and affirms that the reconstructed building embodies the spirit of cooperation and mutual respect that defines the relationship between the Republic of Nigeria and the sister Nation, Ghana.

    “The keys to the building were received by the minister of foreign affairs, who was represented by Ambassador Chimezie Ogu, Director, Foreign Service Academy, Lagos, on behalf of the Government of Nigeria.”

  • 13 more trafficked Nigerian girls rescued from Ghana

    13 more trafficked Nigerian girls rescued from Ghana

    No fewer than 13 Nigerian girls trafficked to Ghana have been rescued, the Nigerians in Diaspora Commission (NIDCOM) disclosed on Friday. 

    This bring to 163 the number of trafficked girls rescued from Ghana in the last five months.

    A statement  by Mr. Abdur-Rahman Balogun,

    Director of Media, Public Relations and Protocols, NIDCOM,  informed the rescued girls were brought back to Nigeria over the weekend. 

    Balogun said the rescued operation was carried out by the combined and coordinated efforts of the Ghanaian Anti-Human Trafficking Police , The Rescue live foundation International and NIDO Ghana working in collaboration with NIDCOM.

    The rescued young girls said to be between 19 to 30 years are from Ebonyi, Benue, Kaduna and Rivers States.

    According to the statement, they were lured to Ghana under the false promises of employment but forced into exploitative situations and bound by an oath of secrecy, while the traffickers are  making money off the dastardly act.

    A statement by the Commission’s Head of Media and Public Relations, Abdur-Rahman Balogun, stated that the rescued young girls, ages 19 to 30 years, are from Ebonyi, Benue, Kaduna and Rivers states.

    “NiDCOM representative, Mr Akinboye Akinsola, who accompanied the ladies back to Nigeria, where they were handed over to the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) for rehabilitation and reintegration said these set of ladies surrendered themselves willingly , having heard of  the ealier operation conducted in Kpone Katamanso and Tema,” the statement stated.

    The statement added: “Speaking on the latest efforts, Hon. Abike Dabiri-Erewa, Chairman/CEO Nigerians in Diaspora Commission (NiDCOM), expressed her gratitude to the First Lady , Senator Oluremi Tinubu , the Governor of Ebonyi State, His Excellency, Governor Francis Nwifuru for their support in facilitating the safe return of the girls back to the country.

    “She also commended the vital roles played by Chief Callistus Elozieuwa, BOT Chairman (Rescue live foundation International/NIDO Ghana), and the Ghanaian Anti-Human Trafficking Police Unit in bringing the traffickers to justice.

    “She reiterated NiDCOM’s commitment to protecting Nigerians in the diaspora under President Bola Ahmed Tinubu’s Renewed Hope Agenda, which gave priority to combating human trafficking and safeguarding the rights of Nigerian citizens at home and in the Diaspora.

    “Chief Callistus Elozieuwa said with Rescue live Foundation International/NIDO Ghana’s assistance, the ladies were provided shelter for some days after they all willingly indicated their interest to come back home.

    “The Senior Special Assistant to Governor of Ebonyi State, Mr Valentine Okike Uzo, thanked the Governor for his willingness to bring the ladies back home which in line with his efforts to care for all Ebonyi indigenes both home and in the Diaspora.

    “He assured that all efforts are in place to ensure a proper rehabilitation for the victims from Ebonyi state.”

  • Nigeria, Ghana, Guinea most targeted for cyber attacks

    Nigeria, Ghana, Guinea most targeted for cyber attacks

    Nigeria, a major digital hub in Africa, has one of the highest volume of cyberattacks in West Africa, coming in at 2,721 for the first half of 2024. Attacks on the computer-related services field were prevalent, as in Ghana, with 867 incidents, but local beauty salons were second on the list for Nigeria, enduring 206 incidents, followed by data processing hosting companies at 116.

     “The growing complexity of distributed denial of service (DDoS) threats seen worldwide, including a notable increase in both attack frequency and sophistication, is clearly reflected in Nigeria. The country experienced more complex attacks than others within the region, with 23 different attacks vendors seen in one single attack, from TCP and CLDAP (Connection-less Lightweight Directory Access Protocol) attacks to Domain Name System (DNS) amplification and many more,” Regional Director for Africa at NETSCOUT, Bryan Hamman, adding that the country stood out third on the list.

    Ghana, however, led the region in both the frequency and diversity of cyber threats for the first half of 2024, facing a high volume of DDoS attacks directed at industries including computer services and telecommunications.

    In fact, according to NETSCOUT’s 1H2024 DDoS Threat Intelligence Report (TIR), the country was subjected to a total of 4,753 attacks over the six months, of which 2,759 were aimed at computer-related services businesses. Wireless telecommunications carriers (except satellite) received the second highest number of attacks, at 110, with full-service restaurants also noted as another vertical industry under fire. Furthermore, Ghana experienced by far the highest volume attack in West Africa, with the maximum bandwidth of its largest DDoS attack measuring 314.25 Mbps.

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    Known for an economic resilience that is driven by agriculture and mining, Guinea surprisingly took second spot in the NETSCOUT results for West Africa in terms of attack frequency, with 2,918 incidents listed. Wireless telecommunications carriers bore the brunt of these strikes, which were mostly TCP-type attacks.

    Côte d’Ivoire and Liberia both faced similar attack frequencies, with 1,598 and 1,515 incidents noted respectively. The two countries also experienced similarities in the types of attacks vectors used – mostly TCP-related – as well as the sector that was hardest hit, which was wireless telecommunications for both.

    Again, wireless telecommunications carriers were identified as the prime targets for threat actors in Benin (196 incidents), Senegal (107), Mali (32) and Cameroon (16).

     “This is in line with NETSCOUT’s global Threat Intelligence Report figures, which measured attacks on the sector at 834,471 for the first part of 2024, a substantial 34 per cent increase on the figures seen for 2H 2023, which was calculated at 622,295. We believe this points to an objective by cybercriminals to disrupt critical communication infrastructure,” Hamman said.

  • Ghana parliament shut again

    Ghana parliament shut again

    Ghana’s parliament was yesterday adjourned indefinitely again following a no-show by lawmakers from the ruling New Patriotic Party (NPP) during a high-stakes session shortly before elections.

    The absence of the NPP legislators stalled government business, including crucial budget approvals needed to pay public sector workers ahead of December’s closely contested presidential vote.

    The political impasse stems from the speaker’s decision in October to declare four seats vacant, arguing that the sitting MPs had broken the constitution by shifting party affiliation.

    Read Also: Civil society group knocks PDP for calling for REC’s removal

    That ruling gave the opposition a slim majority in the house.

    Ghana’s Supreme Court overturned that decision last week, arguing that the vacancies would deprive hundreds of thousands of Ghanaians of representation ahead of the December 7 elections.

    “As you can see, one side of the House is completely empty,” said the Speaker of Parliament, Alban Bagbin, addressing a half-empty chamber holding only opposition MPs from the National Democratic Congress (NDC).

  • Nigeria, Ghana, Turkiye, lead global equities’ returns

    Nigeria, Ghana, Turkiye, lead global equities’ returns

    Nigerian equities rode on the back of renewed rally at the weekend to emerge the world’s second best-performing stock market, scaling up from the previous third position on the global ranking.

    Global stock data tracked by The Nation’s Market Intelligence at the weekend indicated that the African markets dominated the world’s top 10 best-performing markets, with Ghana leading with average year-to-date return of 39.8 per cent.

    Nigeria, which recorded a gain of 0.21 per cent return on a turnover of N45.9 billion last week, closed weekend with average return of 31.68 per cent, the second best-performing return globally. Turkiye, which had led the global chart earlier, placed third with average return of 29.9 per cent so far this year.

    The data included the most prominent stock markets and cut across the various tiers of advanced, emerging and frontier markets. These included United States, United Kingdom, Germany, Japan, France, Hong Kong, Russia, India, Brazil, China, Thailand, Turkiye, Saudi Arabia, Qatar and United Arab Emirates (UAE). African markets included Nigeria, South Africa, Kenya, Morocco, Ghana, Egypt and Mauritius.

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    Ghana’s GSE Composite Index indicated average return of 39.8 per cent. Nigeria’s benchmark All Share Index (ASI) trailed with average return of 31.68 per cent. Turkiye’s BIST 100 Index followed with 29.9 per cent. Egypt placed fourth with the EGX 30 Index returning 25.6 per cent. Hong Kong’s Hang Seng Index posted average return of 21.0 per cent. United States’ twin indices S & P 500 and Nasdaq Index recorded average return of 20.6 per cent and 21.1 per cent respectively.

    Other top-10 returns included Morocco’s Casablanca Masi Index, 19.3 per cent; Japan’s Nikkei 225 Index, 19.0 per cent; India’s BSE Sens Index, 18.5 per cent and Kenya’s Nairobi Stock Exchange (NSE) 20 Index, which posted average return of 18.4 per cent.

    Other major gainers included Germany’s Xetra DAX, 16.1 per cent; South Africa’s JSE/FTSE ASI, with average return of 14.1 per cent and Mauritius’ SEMDEX Index, with 15.1 per cent.

    Meanwhile, United Kingdom’s FTSE All Share Index recorded average return of 7.7 per cent. France posted modest gain of 3.3 per cent. China recorded average gain of 3.8 per cent while Thailand and Saudi Arabia recorded average gain of 2.4 per cent and 3.4 per cent respectively.

    However, Russia’s RTS Index recorded the highest loss of 11.0 per cent among the tracked markets. It was followed by Qatar’s DSM 20 Index, which dropped by 2.3 per cent. United Arab Emirates’s ADX General Index declined by 1.1 per cent while Brazil’s Ibovespa slipped by 0.4 per cent.

    Nigeria’s benchmark index, the All Share Index (ASI) of the Nigerian Exchange (NGX), is a common value-based index and it tracks all share prices at the Exchange, a feature shared with benchmark indices of United Kingdom, South Africa, Saudi Arabia and UAE among others. Most other indices are selective indices, tracking a basket of stocks, although mostly representative of their markets.

    Breakdown of sectoral indices showed market-wide positive outlook with average returns in many sectors significantly above the market’s benchmark average return. The NGX Oil and Gas Index led the sectors with average year-to-date return of 90.87 per cent. The NGX Industrial Goods Index followed with above average return of 41.87 per cent. The NGX Consumer Goods Index placed third with 39.56 per cent.  The NGX Insurance Index trailed with 30.95 per cent while the NGX Banking Index recorded modest gain of 4.08 per cent.

    Underlining the performance of selective fund managers, the NGX Pension Index and NGX Pension Board Index, which tracks equities specially screened for pension funds’ investments, recorded average return of 23.17 per cent and 31.29 per cent respectively. The NGX Lotus Islamic Index, which tracks stocks that comply with the principles of Islamic finance, posted above-average return of 32.16 per cent. The NGX 30 Index, which tracks the 30 largest companies at the stock market, recorded average gain of 31.29 per cent, underlining the significant capital appreciation by large-cap stocks.

    The ASI closed weekend at 98,458.68 points with aggregate market value of all quoted equities at the NGX standing at N56.578 trillion.

    Total turnover at the NGX last week stood at 3.318 billion shares worth N45.911 billion in 49,243 deals, compared with a total of 1.860 billion shares valued at N38.445 billion traded in 40,228 deals two weeks ago.

    The financial services industry led the activity chart with 1.430 billion shares valued at N23.659 billion traded in 22,745 deals; thus contributing 43.09 per cent and 51.53 per cent to the total equity turnover volume and value respectively. The oil and gas sector followed with 703.389 million shares worth N7.323 billion in 6,207 deals while the healthcare industry placed third with a turnover of 411.489 million shares worth N2.896 billion in 827 deals.

    The three most active stocks were Japaul Gold & Ventures Plc, Mecure Industries Plc and Fidelity Bank Plc, which altogether  accounted for 1.363 billion shares worth N9.472 billion in 4,050 deals, contributing 41.06 per cent and 20.63 per cent to the total equity turnover volume and value respectively.