Category: Tech News

Accra, Ghana – Picture this: a group of young, bright minds, brimming with creativity and curiosity, gearing up to represent their country on the world stage. That’s precisely the scene at the Mikrobot Academy, a private robotics club in Ghana. Catering to students aged 7-14, the Academy shares a vision with the Robotics inspired Science Education (RiSE) program by the Ghana Robotics Academy Foundation (GRAF).

This year, three extraordinary teams from Mikrobot Academy are set to represent Ghana in the junior division of the prestigious 2023 Robofest World Championship at Lawrence Technological University in Michigan, USA.

The Mikrobot Academy’s participation in this global event exemplifies its unwavering commitment to nurturing young Ghanaians’ minds, fostering a passion for science and technology, and unlocking their innovative potential. With the education of thepower of robotics, the Mikrobot Academy is looking to develop students’ expertise in science, engineering, and technology.

Each year, GRAF organizes the RiSE national competitions and National Qualifiers (NQ) for international competitions, providing a platform for teams from across Ghana to showcase their talents and secure their spot to represent their nation on the global stage. Back in 2019, Mikrobot Academy’s Cosmic Intellects left a lasting impression, securing an impressive 6th place out of 52 teams in the Junior Game division at the Robofest World Championship. In 2021, the Academy’s Ex-Nihilo team clinched victory in the Unknown Mission Challenge (UMC) at the very same event.

This year, Mikrobot Academy’s teams SOUL, Spirit, and EMI will take on the challenge in the Junior Game and Junior BottleSumo divisions. Team SOUL, featuring the talented trio of Andrew Anthony Kojo TAKYI-APPIAH II, Rehan ASHFAQ, and Adom Aye Dokua DANQUAH, are eager to make waves at the competition. Team Spirit, with members John Kekeli JAOUDEH, Mohummed Zaki SIDDIQUI, Kelvin Ohene Kofi AGYEKUM, and Nii Omanye OTOO-ALFREDS, are fueled by determination and ready to bring home the trophy. Team EMI, boasting the skills of Emmanuel Nana Nhyira POBEE, Israel Yeboah AWUAH, and Marc Farouk FADOUL EL ACHKAR, is thrilled to make their debut and do their Academy proud.

Additionally, five other teams from Right to Dream Academy, Our Lady of Grace SHS, and Prempeh College will represent Ghana in various categories of the Junior BottleSumo competition. Mikrobot Academy’s focus on cultivating not only science, engineering, and technology expertise but also discipline, leadership skills, self-confidence, emotional intelligence, communication, and stewardship encapsulates the transformative power of education.

Every Saturday at the CSIR-Institute for Scientific and Technological Information (CSIR-INSTI) in Accra, the Mikrobot Academy shines a light on the boundless potential of young Ghanaians. As these young robotics enthusiasts break new ground in their field, they serve as an inspiration to their peers, proving that with determination and hard work, anything is indeed possible.

An exceptional young Ghanaian entrepreneur is making headlines in the world of technology and peace initiatives. Kofi Obo Wood, Founder and CEO of Limitless Artificial Intelligence, has been chosen to represent his nation at the esteemed Global Peace Summit in Dubai this March. This distinguished event brings together world leaders, visionaries, and young influencers from diverse backgrounds, all committed to promoting social equity and nurturing harmonious coexistence among various communities across the globe.

The Global Peace Summit Dubai 2023’s primary mission is to engage youth from around the world in achieving the United Nations’ 17 Sustainable Development Goals by 2030. With global unity more vital than ever amid potential geopolitical tensions and economic challenges, efforts like this are crucial in maintaining international stability and fostering empathy and collaboration across borders.

Kofi Obo Wood’s appointment is undoubtedly well-deserved. As a respected AI authority and a member of the MIT Global Technological Review Panel, he has consistently demonstrated his devotion to using his expertise for the greater good of peace and stability worldwide. Kofi’s vast knowledge in AI, agricultural technology, and financial technology has already made a significant impact on discussions and initiatives centered on finding sustainable resolutions to conflicts and advancing peace.

This outstanding achievement is not only a tremendous honor for Ghana but also a beacon of hope for young people throughout the nation. Kofi’s involvement in the Global Peace Summit Dubai 2023 exemplifies the transformative power of technology and the boundless capacity of young individuals to create positive change, ultimately contributing to a more harmonious world for all.

Kofi’s journey to the Global Peace Summit began with his innovative work in artificial intelligence. His company, Limitless AI, focuses on developing solutions to global challenges such as food security, access to education, and financial inclusion. By harnessing the power of AI, Kofi’s groundbreaking technologies are poised to reshape the world for the better and create lasting, positive change.

In addition to his technological prowess, Kofi is also an advocate for youth empowerment, believing that the energy and creativity of young people are key to solving the world’s most pressing issues. His leadership in various youth initiatives has inspired a new generation of change-makers, instilling the belief that they, too, can make a difference on the global stage.

Furthermore, Kofi’s dedication to promoting peace extends to his philanthropic efforts. He has founded several non-profit organizations aimed at providing educational opportunities and resources for underprivileged children in Ghana, ensuring that they have access to the tools needed to succeed and contribute to a brighter future for their communities and the world at large.

As Kofi Obo Wood takes the stage at the Global Peace Summit Dubai 2023, his story serves as a powerful reminder of the incredible potential that lies within every young person. With the right combination of innovation, determination, and a passion for positive change, there’s no limit to what the youth of today can achieve. The world eagerly awaits the lasting impact Kofi and his fellow global peace ambassadors will have on our collective journey towards a more peaceful, prosperous, and unified planet.

Commodity trading is the process of buying and selling raw materials or primary goods such as gold, oil, wheat, coffee, and other natural resources. These raw materials are often used to produce finished goods, making them important in the global economy. In this article, we will explore the basics of commodity trading, including its history, how it works, the benefits, and the risks involved.

History of Commodity Trading

The origins of commodity trading can be traced back to the 1800s when farmers would gather in local marketplaces to exchange their goods. As trading became more sophisticated, merchants began to exchange goods for standardized prices, which led to the establishment of commodity exchanges. The first exchange was established in Chicago in 1848, and soon after, commodity trading became a global phenomenon.

Types of Commodities

Commodities can be broadly classified into three categories: agricultural commodities, energy commodities, and metals. Agricultural commodities include wheat, corn, soybeans, coffee, and sugar. Energy commodities such as crude oil, natural gas, and gasoline. Metals include gold, silver, platinum, and copper.

Commodity Exchanges

Commodity exchanges are where traders buy and sell commodities. There are several exchanges worldwide, including the Chicago Mercantile Exchange (CME), New York Mercantile Exchange (NYMEX), London Metal Exchange (LME), and Intercontinental Exchange (ICE). These exchanges have different contracts and trading hours, so it is important to research them before deciding which exchange to use.

How Commodity Trading Works

Commodity trading involves the buying and selling of commodities on exchanges. Futures and options are the two primary methods of trading commodities. A futures contract is a binding agreement between two parties to exchange a specified commodity at an agreed-upon price and timeline. Options contracts give traders the option to buy or sell a commodity at a specific price but do not require them to do so.

Benefits of Commodity Trading

Commodity trading provides investors with several benefits, including diversification, price discovery, and a hedge against inflation. As commodities are not directly related to the stock market, they can provide a hedge against market volatility. Additionally, commodities can be an effective way to protect against inflation as they often rise in value during times of high inflation.

Risks Involved in Commodity Trading

Commodity trading is a highly volatile market, and prices can be affected by various factors, such as weather patterns, geopolitical events, and economic conditions. Trading in commodities also involves leverage, which can amplify gains and losses. It is crucial to conduct thorough research and seek advice from a financial advisor before entering the market.

Getting Started in Commodity Trading

To start trading in commodities, you need to open a trading account with a brokerage firm. Most brokerage firms offer online trading platforms that allow you to buy and sell commodities easily. It is crucial to research the brokerage firm before opening an account to ensure they offer competitive pricing and have a good reputation.

Once you have opened a trading account, you need to research the commodities you want to trade in and understand the market conditions affecting their prices. It is also important to have a trading plan that includes risk management strategies.

Conclusion

Commodity trading is a challenging market that requires knowledge and experience to succeed. While it offers several benefits, including diversification and a hedge against inflation, it also comes with risks. It is important to conduct thorough research and seek advice from a financial advisor before entering the market. With the right approach, commodity trading can be a profitable investment.

In her address at the two-day Ghana Canadian Diaspora Investment Summit in Toronto, Canada, the Minister of Communications and Digitalisation, Madam Ursula Owusu-Ekuful, mentioned that cryptocurrency is becoming the order of the day and advised the Ghanaian economy to find ways of benefitting from it.

The theme for the summit, “Grow in Ghana, grow with Ghana”, was organized by the Ghana Investment Promotion Centre (GIPC) in order to discuss with Ghanaians in the Diaspora long-term investments and partnerships for Ghana’s Development.

In June 2018, the Bank of Ghana declared cryptocurrency illegal in Ghana and issued a warning to all financial institutions not to trade crypto. The warning was also directed to all crypto platforms.

Since then, the Central Bank has always been going after crypto platforms and cautions the general public against these platforms.

BoG has been looking at a more trusted and stable central bank digital currency (CBDC), eCedi, which will be backed by the Ghanaian Cedi, and the central bank online the cryptocurrency that has no backing.

The Minister lauded BoG for pushing its own eCedi but reiterated that the government should take a look at the ban on cryptocurrency because it gaining legitimacy in other parts of the world.

The Minister compared crypto today to VoIP (voice over internet protocol) like WhatsApp call, Facebook call, Telegram call, and others in the past, saying that VoIP used to be illegal, and several steps were taken to clamp down on operators that allowed it then, but today it is the norm.

“In the same vein, cryptocurrencies that are now illegal may very well become the norm many years down the line,” she said.

This statement from the minister backs what the Chairman of Ghana.com, Professor Nii Narku Quaynor said a while back. Prof also said Ghanaians are delaying and sleeping on cryptocurrency as they did before when he introduced the internet to Ghana.

According to Dr. Quaynor, he had plans for Ghana to be the internet access hub for the continent for which he pleaded for regulations from the regulators but stakeholders watched for foreigners to take over before regulations were designed for him.

Dr. Quaynor, therefore, called on the Bank of Ghana to stop restricting financial sector operators from transacting in crypto and rather use regulatory innovation to position Ghana to benefit fully from the global blockchain revolution and its attendant technologies like crypto, DeFi (decentralized finance), NFTs (non-fungible token) and others.

Growing Fin-Tech brand, Zeepay, is the official fintech partner to the Ghana Football Association (GFA) after a GH¢500,000 deal was signed by both partners.

Mr. Kurt Simeon-Okraku, the president of GFA, expressed his excitement about their one-year deal with Zeepay and hoped for an everlasting partnership beyond one year.

“We qualified for the Mundial on the 29th of March and that would mark our fourth appearance at the World Cup and ever since it’s been quite interesting and exciting.

“We are super happy that today we have a new partner in Zeepay. Indeed, this relationship is for an initial one-year period and it’s our hope that it will be a marriage that would last forever,” Mr. Simeon-Okraku said.

For their partnership to extend beyond the current one-year deal, Simeon-Okraku said this can happen if both parties keep to their side of the bargain and said the GFA would not compromise on their side.

“But we also know that that can only happen if both parties behave very well. It is our vowed commitment to behave extremely well and what that means is that we expect the same from Zeepay.

“But we believe this will be a relationship that will be mutually beneficial. It will offer opportunities to boys and girls who would not normally be found in the woods of Ghana because that is what football is about. Football offered hopes for kids who would not normally have a livelihood,” the FA boss stated.

From September 27-28, 2022, the West African edition of the Africa Money and DeFi Summit will be held at the Movenpick Hotel in Accra. This summit is a stakeholders meeting that will be networking digital finances and ventures, crypto platforms, and fintech investors that are increasingly growing with the birth of decentralized finance (DeFi).

The leading business summit will connect over 400 delegates, 150 companies, and over 50 speakers covering topics via panel sessions, keynotes and fireside chats, plus multiple networking events, masterclass sessions, and a sold-out exhibition.

Over 400 delegates, 150 companies, and 50 speakers will be in attendance with topics to be discussed via panel sessions, keynotes and fireside chats, networking events, masterclass sessions, and exhibitions that are perceived to get high patronage.

The Founder of Africa Tech Summit, Mr. Andrew Fassnide, said “We are delighted to be hosting the West African edition of Africa Money & DeFi Summit in Accra, showcasing fintech leaders, crypto innovators, new rising ventures, and investment opportunities across the region. The growth of crypto across Africa continues and a new wave of DeFi is growing, so it’s exciting times in the digital finance space for driving business and investment forward.”

The Africa Money and DeFi Summit is being supported by Polygon, QoreID, Deimos, Zeepay, Celo Foundation, The HBAR Foundation, VeendHQ, Workpay, AWS, WiPay, Cellulant, Binance, YellowCard, Autochek, YouVerify, Fonbnk, Seamfix, Jelurida Africa, Niji Oni & Co, Affinity, Aza Finance, Flutterwave, International Trade Centre, Paystack, Pennee, DataMynt, Bitmama, Africa BIoT Labs, Bitpowr, WeWire Africa, Dukka, Crunch Network, Stakefair, Amalga Securities & FEZ Delivery.

With the widespread popularity of FinTech, Crypto, and Decentralized Finance (DeFi) across the continent, opportunities and way the way forward for sustainability of these new developments will be under review.

Results from a similar summit in Nairobi early this year, the DeFi summit also promises to make a positive impact in the digital space.

The Driver and Vehicle Licensing Authority (DVLA), Public Services Commission (PSC), and the Ministry of Local Government, Decentralisation and Rural Development have been the beneficiaries of modern Information and Communication Technology (ICT) equipment worth GHC 8.9 million.

The DVLA received a Desktop Card Printer, Card Print Device, signature pads, fingerprint readers, and cleaning swab kits, all valued at GHC8,312,121 while the PSC received video conferencing equipment, 75’ smart television, laptops, color printers, digital camera, server wracks, among other items valued at GHC552,635. 

The Ministry also received laptops, color printers, projectors, and a wireless router valued at GHC104,312.

This donation is a part of the Public Sector Reform Results Project (PSRRP) being implemented by the Public Sector Reform Secretariat under the Office of the Senior Presidential Advisor with US$32 million funding from the World Bank.

PSRRP is a 4-year long program, which commenced in 2019 and seeks at improving efficiency and accountability in the delivery of public services by the various government institutions.

The donation was made by the Senior Presidential Advisor, Mr. Yaw Osafo-Maafo, who said the equipment was not just for beautification but to help support the institutions execute their services properly. 

 “The private sector can only function properly when the public sector delivery is efficient. We want the public service to be oriented along these lines that they would provide service to the private sector to make money for the economy to grow,” MrOsafo-Maafo stated. 

He tasked the institutions to make good use of the equipment for efficient service delivery.

Chief Executive Officer of the Public Sector Reform Secretariat, Thomas KusiBoafo, said the PSRRP project engulfs 13 government institutions including the three beneficiaries, Passport Office, Ministry of Foreign Affairs and Regional Integration, Birth and Death Registry, Ministry of Environment, Science, Technology and Innovation, among others.

He said the secretariat is open to strategies and developmental ideas from the institutions that can help in efficient service delivery.

A Deputy Minister of Local Government, Decentralisation and Rural Development, OseiBonsuAmoah, said the accumulation of data on the use of funds from the various Metropolitan, Municipal, and District Assemblies (MMDAs) will now be properly accounted for. 

“Every analysis, financial statements from all the MMDAs are supposed to come to the Ministry. It is a process that is becoming quite tedious because of its manual nature. This equipment will help our work greatly,” he said. 

Mr. Akwasi Agyeman Busia, Chief Executive Officer of DVLA, noted the Authority’s ongoing digitalization drive which had ensured improved service delivery adding that the equipment would enable continuous improvement in its services.

Chairperson of the Public Services Commission, Dr. Janet AmpaduFofie, said the equipment would enhance the Commission’s supervisory duties and reduce operational cost and time.

One of the leading smartphone brands IINFINIX has donated Library items to two senior High schools, Kinbu senior high and Technical School and Accra High School in the Korley Klottey municipality in Accra as part of their Corporate Social Responsibility, which was dubbed “Caring for the Future”. The smartphone Guru deemed this gesture as a way of giving back to society.

According to the Public Relations Officer of INFINIX Ghana, Abena Obenewaa Amrado, this donation is to assist the schools in areas where they fall short. She added that “INFINIX is excited to be part of creating comfort and making reading interesting for students in the library.

The Local Marketing Manager, James Attah Mensah also revealed that, INFINIX, after visitation an discussions with the schools, realised that the schools needed support in the overall appearance and effective functioning of the school Library, hence the support through our Corporate Social Responsibility Project. According to INFINIX, the initiative to care for the Future of these students falls in line with the brands slogan “The Future is now”!

As part of refurbishing the school’s libraries, INFINIX donated books, air-conditioners, curtains, ceiling fans, and many others. These items were well received by the headmistress of each school with excitement. In a short speech, the Municipal Chief Executive, Honourable Nii Adjei Tawiah, commended INFINIX for their benevolence and assured them of more collaborations in the future.

The headmistress of Kinbu Senior High and Technical School shared her excitement and satisfaction to receive the donated items; she encouraged INFINIX to continue with this benevolence. The headmistress of Accra High also added that” we are very grateful for this donation, this is beyond what we expected and I applaud INFINIX for giving back to Ghanaians through this notable gesture. We can collectively say that the future of our students is now”

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