This is as a result of the Iranian Revolutionary Guard forces using live fire and bird shot against protesters.
Due to this situation, there is no accurate data to determine those who are in critical conditions or might have died.
Source: BBC
Databank staff to work remotely due to attacks
Databank investment firm has announced that all staff will ne working remotely from Thursday, December 22 while its offices will be shut down due to the increased number of attacks and abuses on workers by some of their customers.
Read the full statement below
Dear Client,
Please note that effective tomorrow December 22, all Databank staff will be working from home until January 10, 2023.
Why this decision
We are in the midst of a macro-economic crisis, which is adversely affecting our industry and therefore Databank. Due to the crisis, many fund managers had difficulty selling their Government of Ghana securities. This inability to sell meant fund managers could not get the necessary cash to pay withdrawal requests. In instances where bonds were sold, it was often done at a discount because the market value of bonds had fallen significantly. This situation worsened after the launch of the Debt Exchange Program on December 5, 2022.Following the launch, activity on the secondary market has virtually come to a halt, making it impossible for us to access liquidity. This is because fund managers are expected to exchange all their existing bonds for the new ones being issued by the Government. However, if we are unable to trade the bonds we have, we are unable to access any cash to pay withdrawal requests. Therefore, our original two-week estimate for withdrawal requests has now been impacted.
Discussions with the Regulator
We are currently engaging with the Ministry of Finance, our Regulator (The Securities and Exchange Commission (SEC)), and the Ghana Securities Industry Association regarding the impact of the debt exchange on Databank’s mutual funds as well as other Collective Investment Schemes. As part of these discussions, the SEC issued a notice to Market Operators (SEC/CIR/005/12/22) on December 9, 2022, indicating its intent to support the market with much-needed liquidity relief, including access to the Financial Stability Fund as a last resort. Therefore, we are hopeful that once the Debt Exchange Program has been concluded (expected settlement date: January 5, 2023), we will be able to access the necessary funds to once again pay withdrawal requests. We are totally reliant on the Government of Ghana to pay us, so we can in turn pay clients.
Why we are working remotely
Many of our clients have tried to be patient with us as we wait for the Government to provide liquidity. For this, we are extremely grateful. However, there are several clients who have felt the need to abuse our staff physically and verbally, and also threaten their lives as well as their families. As such, we have no choice but to move to a work-from-home option.
While our offices will be physically closed, we will continue to serve you and process transactions remotely, and all our digital channels will remain open just as we did during Covid. However, we cannot endanger the lives of staff by opening the office without any available liquidity.
We are fully aware the current crisis in our industry is very concerning, and we continue to ask for your patience during these difficult times. We are very hopeful the Financial Stability Fund or any other Fund that the Government may provide in the interim will provide much-needed relief for you and other investors.
We will provide another update once we have a clearer view of the situation.
Thank you.
Health workers to go on strike over debt exchange
This comes after the government of Ghana has refused to exempt the pension funds of organized labour from the Debt Exchange Programme.
In a statement, they drew the road map as to how the strike will begin
“By this communiqué, all health sector workers are entreated to follow the road map below to ensure a smooth implementation of the strike:”
27th December 2022 – Withdrawal of all out-patient services
2nd January 2023 – Withdrawal of emergency services
9th January 2023 – Withdrawal of all services
E-levy rate reduced
Parliament approved the amendment to the Electronic Transaction Levy (E-levy) Act on Wednesday, December 21, 2022.
“We in the Minority had indicated strongly that we do not believe that the GH₵100 threshold must be removed because of a number of reasons.
“They have listened and in presenting the e-levy bill clearly they have decided to remove what they had intended to exclude. Mr. Speaker, it is important for us to commend them for at a minimum they have listened,” Ranking Member on Finance Committee, Dr. Cassiel Ato Forson said on the floor of the House.
Cylindrical roller bearings
Cylindrical roller bearings come in different sizes and designs depending on the industry or industrial machines that they fit in. Their main difference is on their rows, inner and outer rings. They work much better under lighter loads and low speed rates. These bearings also have both sealed and split designs where in the sealed cylindrical bearings, the rollers are protected from contaminants, water and dust while providing lubricant retention and contaminants exclusion. The split bearings are used in crank shafts for maintenance or replacements.
They are mainly suitable for gearboxes, wind turbines, machine tools, electric motors, pumps, steel mills and the oil and gas industry. Other industries suitable include mining, petroleum production, power generation, power transmission, cement processing, aggregate crushing and metal recycling.
Cylindrical bearings require more care and maintenance to last longer because they can easily rust or crack.
Types of cylindrical roller bearings
Single row cylindrical roller bearing
Suitable applications include: pumps & compressors, mechanical presses, electric motors, gearboxes and fraction motors
Double-row cylindrical roller bearing
Suitable applications include: heavy industrial loads, horizontal shaft assembles, gears, pullies or cutting tools
High-capacity cylindrical roller bearing
Suitable applications include: industrial gearboxes, wind turbine boxes and mining equipment
Four-row cylindrical roller bearing
Suitable applications include: profile mills and sheet mills
Single row full complement cylindrical roller bearing
Suitable applications include: hydraulic radial arm, drilling machine for metal works, extruder flange, industrial blower, heavy duty machine and radial force tester
Double row full complement cylindrical roller bearing
Suitable applications include: lifting device applications in material handling, marine, construction, oil & gas, water pumps and engineering workshops, overhead cranes and runways, motor vehicle lifts, vehicle tail lifts or cranes fitted for vehicles, building cleaning cradle and its suspension equipment, goods and passenger lifts, telehandlers and forklifts and other lifting accessories
Cooper split cylindrical roller bearing
Suitable applications include: conveyors, marine propulsion systems, fans and blowers, cooling beds, continuous casters and stacker reclaimers
We will resolve transport issues – GPRTU assures
The industrial relations office for GPRTU, Abbas Ibrahim Moro speaking in an interview on Star FM had urged stakeholders responsible to adhere to the directive.
COVID-19: Non-vaccinated individuals can now come to Ghana
“Previously, what we had was that if you are not a Ghanaian and you were not fully vaccinated, you cannot come, but now you can come. But if you come in and you are not vaccinated, whether unvaccinated or partially vaccinated, you have to do a “PCR” test 48hours before you travel to Ghana and on arrival, we will test you at the airport,” he said.
He went on to say that a lot of tourists will be visiting the country during the Christmas holidays and that all necessary precautions should be taken to prevent the covid from spreading.
“A surge in covid-19 cases among international arrivals is expected largely due to anticipated increase in the number of arrivals, increase in global travel with the associated risks of disease transmission, similar experience during past Christmas seasons, possible emergence of new strains of concern, increased activities in country also likely to contribute to a possible surge. The Ministry of Health and the Ghana Health Service will continue to implement the protocols on international travel as currently exists. Increased surveillance and monitoring of new strains and persons returning from countries of concern” he stated
Pharmaceutical Society of Ghana calls for a reduction in prices of medicines
The Pharmaceutical Society of Ghana (PSGH) appeals to its members to reduce prices of medicines due to the continuous appreciation of the Ghanaian cedi.
In a press statement issued Tuesday, December 20, 2022, the society said:
“The Pharmaceutical Society of Ghana (PSGH) has observed the gradual appreciation of the Ghana Cedi against the major trading currencies.
“The PSGH has also taken note of high prices of medicines, despite the appreciation of the Cedi, although the original reason for the high prices was mainly due to the recent depreciation of the Cedi.
The PSGH wishes to highlight that pharmaceutical business also provides an important social life-saving benefit. Access to medicines and other medical products must therefore be of utmost priority at every point in time for all relevant stakeholders.
In view of the above:
- The PSGH would like to call on all actors of the pharmaceutical supply chain, including manufacturers, importers, wholesalers, suppliers, and retailers to take urgent steps to reduce the prices of medicine to reflect the Cedi’s improved performance against the major trading currencies of the world.
- The PSGH further calls on the National Health Insurance Authority (NHIA), the Ministry of Health (MOH), and the Ministry of Finance (MOF) to urgently work together to ensure payment of arrears owed providers under the National Health Insurance Scheme (NHIS) so that providers in turn can pay their suppliers of pharmaceutical products. We believe this will also contribute further to the reduction in prices of medicines.
It is hoped that the above actions will go a long way to reduce the burden of medical care on Ghanaians.
Thank you.
Pharm. Samuel Kow Donkoh,
PRESIDENT PSGH
0244-858245, 055-075-1292, 020-8162909
Bola Ahmed seen sharing money in video
Bola Ahmed Adekunle Tinubu, the former governor of Lagos state and current presidential candidate for the All-Progressives Congress (APC) for 2023 Nigerian presidential election is seen in a video circulating on social media giving money to politicians at a meeting ground.
China to expect more covid19 cases
The easing of restrictions in China has seen an increase in covid19 cases in the country. Experts have advised that they get their offices equipped as the country is expected to records some deaths in 2023.
“We must act quickly and prepare fever clinics, emergency and severe treatment resources,” Wang Guangfa, a respiratory expert from Peking University First Hospital, told the country’s state-run Global Times on Tuesday.
Wang said hospitals should expand ICU beds as a priority and that the COVID-19 peak will likely last until the end of China’s Spring Festival, which will fall on January 22.
COVID-19 cases will then fall off and life should gradually return to normal around the end of February and the beginning of March, Wang said.
After the peak, people must not let their guard down, Wang added, describing the “dire consequences” if the virus were again to transfer between humans and animals.
“The current COVID-19 strain may be less virulent, but it may not go the same way on animals. Maybe it seems less severe for animals but at some point, the virus can still jump to humans, with dire consequences,” Wang said.
Following widespread protests in China earlier this month, the country of 1.4bn people started dismantling its “zero-COVID” lockdowns and testing, which had largely kept the virus away for three years at great economic and psychological costs.
