The government of Ghana should exercise restraint in committing a large amount of the country’s resources into bitcoin investment, Dr Kobby Mensah, a lecturer at the University of Ghana Business School, has cautioned.
For him, there are so many uncertainties regarding bitcoins. However, he said the country can take advantage of the technology behind cryptocurrencies and apply it in other sectors to the benefit of the nation.
“As a country, let us focus on blockchain and see how blockchain can help us to decentralise our system and make it more transparent. I think we can go full swing on that but when it comes to cyptocurrencies like bitcoin, there should be caution,” he told Dr Etse Sikanku on Class91.3FM’s World Affairs programme on Friday, 12 January.
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralised digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain.
Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.
Following the increase in the price of bitcoin and further expectations of increases in the price in the future, some analysts are advocating the commitment of government funds by the Bank of Ghana (BoG) into the investment of bitcoin. However, Dr Mensah is advising government to hasten slowly.
“I think we have to tread cautiously. I wouldn’t say we should speedily, although I’m a fan of the technology. I’m the number one person who recommends technology adoption.
“I think that we should proceed cautiously when it comes to bitcoins and cryptocurrencies themselves. As I said, we have 700-plus active ones and you wouldn’t know which one the world is going to adopt and what policies, whether there would be conversions [from one cyptocurrency to the other]
“For me, I would recommend that we adopt a 70-20-10 approach to technology adoption. For example, we invest 70 per cent of our resources to areas that we know work very well, 20 per cent into other areas we also know that they are developing and then we experiment with the 10 per cent, maybe bitcoin or any other cryptocurrency we think for some time to come, will be the big deal. So, we have to take that cautious approach as opposed to going full swing,” he explained.
He is rather advocating the adoption of blockchain technology to improve the efficiency of various sectors where it can be applied.
For him, what “we should probably invest very much more in, is the idea of blockchain because blockchain is not only for cryptocurrencies but for so many applications.
“Blockchain makes the system open and you can even use it to check fake medicines and many other things because everyone has access to it, it is instant and almost like what we call in real time. Additionally, you don’t have a centralised system for information. So information asymmetry is somehow remote”.
Source: Ghana/ClassFMonline.com/91.3FM
Bitcoin: Tread cautiously – Gov’t told
‘Juju’ is killing the movie industry – Kumawood actor
Popular Kumawood actor, Kwaku Manu has confirmed that the use of black magic popularly known in the local parlance as “juju” is gradually killing the movie industry in the country and it is very sickening.
According to him, some top actors and actresses have resorted to the use of juju to remain relevant in the industry at the expense of some who have been patient on waiting for God’s appointed time.
Kwaku Manu who was speaking to Accra-based Zylofon FM mentioned Lil Win as one of such individuals who have their priest who is always chanting and making sacrifices to ensure that he constantly remains on top; something he thinks is bad and not good for the growth of the industry.
The actor also blamed the gradually collapse on movie marketers in the country who are not trustworthy and will always try to pull a smart one on any individual because there are no systems to check the sale of movies.
He indicated that there need to be structures and systems in place to help put the industry back on its feet.
Ghana DJ Awards 2018 ready to roll
Reports reaching BEATWAVES indicate that this year’s edition of the Ghana DJ Awards will be held in May in Kumasi.
Nominations for the 2018 edition of the awards will be opened to all DJs and the general public from February 1.
According to the report, the official launch of this year’s event will be held in March to officially unveil the nominees for the 2018 awards and also throw more light on the main awards gala.
With over 20 award categories, including lifetime achievement award and best international DJ of the year, the scheme is expected to draw DJs from across the country and beyond for awards and recognition.
This year’s Ghana DJ Awards, which will witness performances from some selected music stars, is expected to attract Ghana’s top musicians, stakeholders in the music and copyright sectors, a cross-section of music lovers and the general public.
Last year’s event, which was held on May 6 at the Silver Star Towers, saw former Joy FM DJ, Rev Azigiza Jnr, winning the lifetime achievement award.
Rev Azigiza Jnr started his showbiz career as a dancer but later took part in the Embassy Double-Do dancing contest in 1989 but unfortunately, he did not win.
Nero X is a thief – Yunc Angel alleges
Many cases have been made against big arts in our industry several years in terms of they stealing artist tracks here and there especially when it comes to an upcoming artist’s case.
This time around Nero X happened to be one of the big arts on this.
Agla Demsellout also known as Yunc Angel is a young talented upcoming artist from the Volta Region who is investing so much efforts and resources to put his name out there. About some years ago, he featured Nero X on his track titled “Adonko” which couldn’t hit due to few reasons.
Recently, Nero X has featured Dr Cryme on this same track titled “Adonko” with same instrumental but with different producer which was originally written by Yunc Angel.
Too many times we’ve had greedy “celebrities” use their influence and fame to throttle young talents. If you’re going to be a star, at least be a star that lights up someone’s dark sky too, not the one who only grant media interviews and sign autographs as said by YOUNC ANGEL.
May be this upcoming artist who was struggling to come up was hoping featuring Nero X on his track might give him that recognition in the industry which couldn’t happen at the latter end.
Here is the original track by Young Angel ft Nero X.
It’s difficult for my songs to hit now — Gasmilla
In 2014, Hiplife artiste, Gasmilla, blew up with his song Telemo and while he was basking in the euphoria, promised to release even more bigger hits but unfortunately, that has been hard to do and the musician now says it is hard to make hit songs.
Since Telemo, Gasmilla real name Odartei Milla Lamptey, has released songs like China, Joo, Speedometer and Sword but they have had little success and he tells Showbiz in an interview that it takes God’s intervention for a musician to release hit song after hit song.
As to why the situation is so, Gasmilla said Ghanaians generally fall in love with a musician’s first hit and wait for something bigger than that and once you are not able to do so you are easily forgotten.
“For instance it will be difficult for Nana Boroo to release a song bigger than Aha Yede or D -Cryme to release a song bigger than Kill Me Shy. It will take a long time for any musician to release songs which will overcome his previous hit,” he said.
“Telemo reigned for nine months and even though I had popular songs like 3 Points, Aboodantoi, Letter To The Government, none of them could match up to Telemo,” he added.
He explained that songs that reign for a long time like Daddy Lumba’s Yentia Obiaa needs serious promotion and even that is not a gurantee that it will work.
When asked why musicians like Ebony had been able to get countless hits, Gasmilla answered that even though the Dancehall artiste is doing so well, her songs do not last long like Telemo did.
Gasmilla said it is only genius musicians who are able to release hit after hit.
Currently, Gasmilla is promoting his single Ak?somorshi, which was released in November 2017. He said he is also working on a couple of songs which he intends to release soon.
I am not a racist – Donald Trump
President Trump has denied that he is racist, after a row broke out over his alleged use of the word “shithole” to describe African nations.
Mr Trump reportedly used the term last week during a bipartisan Oval Office meeting on immigration reform.
He has now told reporters: “I am not a racist. I’m the least racist person you will ever interview”.
It is the first time the president has responded directly to the racism accusations.
He made the denial to White House press pool reporters at the Trump International Golf Club in West Palm Beach on Sunday night.
The row broke out after reports emerged in the US media that during the meeting Mr Trump had asked: “Why are we having all these people from shithole countries come here?”
Democratic Senator Dick Durbin accused the president of using “hate-filled, vile and racist” language during the meeting.
But several senior Republican lawmakers at the meeting, including Homeland Security Secretary Kirstjen Nielsen, have said they do not recall Mr Trump making the remark.
Jennifer Lawrence, world’s highest-paid actress, is making real estate moves
Jennifer Lawrence, recently crowned the world’s highest-paid actress for the second year in a row, is still working on her real estate game.
The “Hunger Games” star—who, according to Forbes, made $46 million before fees and taxes in the year through June 1, 2016—recently sold her starter condo in Santa Monica,, Calif. Her profit: Less than $280,000.
The property, identified by Variety as belonging to Ms. Lawrence, sold last month for $1.15 million, about a month and a half after it was listed at $1.169 million by Andrew Thurm of Coldwell Banker. The actress reportedly bought the two-bedroom, two-and-a-half-bathroom townhouse for $879,000 in 2006, long before winning her Oscar for her role in the romantic comedy “Silver Linings Playbook” in 2012.
It is unclear when the 26-year-old last lived in the 1,413-square foot condo.
Her current home seems a better fit to her ascending career. In 2014, the actress paid over $7 million for a 5,550-square-foot, five-bedroom residence in Beverly Hills boasting a gym, gourmet kitchen and koi pond.
Now, Ms. Lawrence is reportedly looking at properties in Manhattan. According to the New York Post, she recently toured a duplex penthouse in Tribeca, which, with an asking price of $17.49 million, could become her most expensive real estate bet yet.
World Cup failure must encourage Ghana to win 2019 AFCON- John Pantsil
Former Black Stars defender John Pantsil believes Ghana’s failure to make it to the 2018 World Cup in Russia must be a key factor in guiding Ghana to win the 2019 AFCON.
The former West Ham and Leicester City defender who played at the 2006 and 2018 World Cups in Germany and South Africa respectively is of the conviction that the Black Stars can only compensate Ghanaians of their absence at the mundial with the AFCON trophy.
Ghana, for the first time since 2006, failed to pick a ticket to the 2018 World Cup, surrendering the slot to Egypt who had missed out of the competition since 1990.
And the former Fulham star believes the AFCON trophy is the will be the magical touch to wipe out the tears of Ghanaians for failing to make it to Russia.
“Failure to qualify for the World Cup has been an eye opener for us and must encourage us to win the 2019 AFCON,” Pantsil told GHANAsoccernet.com
“We need to learn our mistakes from our inability to qualify for the World Cup and to turn things around, we have to win the AFCON by any means possible,” he tasked.
“It’s a must win trophy and the players must understand that. I however trust that the technical team of the side (Black Stars) can guide the team to lift the trophy,” he added.
Ghana first qualified for the World Cup in 2006 and followed it up with two more appearances in 2010 and 2014, but a poor start to the campaign in 2017 ended hopes of the West Africans of making a 4th consecutive appearance.
Ghana gas to supply gas at reduced rate – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has revealed that the Ghana Gas Company is to commence supply of gas to industries across the country at reduced rates.
According to him, the move forms part of government’s agenda to improve the business environment in its job creation agenda.
Nana Akufo-Addo made the revelation over the weekend when he commissioned the Twyford Ghana Ceramic Company Limited under government’s One-District-One-Factory programme at Shama in the Western Region.
He said: “In furtherance of government’s commitment to improve the business environment, Ghana National Gas Company Limited (Ghana Gas) has responded favourably to the request of the company to a reduction of the price per unit gas supply to the company and indeed to industries across the country.
“Through the new industrial development tariff authorised by the Minister for Energy, a new rate of $6.50 per MMBTE has been approved for industry as against the previous rate of $8.84 per MMBTE.”
Uber drivers have not been ordered to re-brand as taxis – Transport Ministry
The Ministry of Transport has denied reports that it has directed Uber to ensure all its drivers brand their cars like taxis.
The General Secretary of the Commercial Taxi Drivers Association of Ghana, Steven Nimo, was reported to have said the decision was reached at a stakeholder meeting on Wednesday.
But the Transport Ministry’s Public Relations Officer, Gloria Holm-Graves, confirmed to Citi News that the said meeting was inconclusive on the matter.
The Ministry is coordinating talks between the Commercial Taxi Drivers Association in Ghana, Uber, and other stakeholders.
Taxi drivers have consistently voiced their displeasure with the operations of Uber drivers, who they say are taking their passengers whilst violating laws of Ghana, specifically LI 2180 regulation 130.
The taxi drivers are, among other things, concerned with the fact Uber drivers are exempt from the payment of the Vehicle Insurance Tax every quarter.
“They [the taxi drivers] are paying VIT [Vehicle Insurance Tax] every quarter. They are paying the DVLA [for road worthiness] two times a year. They are paying certain levies to the assembly for embossment,” Mrs. Holm-Graves noted.
“The meeting wasn’t conclusive because it is an ongoing process. We are listening to some of the laws and all that. The commercial drivers were raising all those things; about what is required for one to operate as a taxi service in the country, all the regulations that are available that one is expected to fulfill, and all of that.”
The taxi drivers are seeking a more level playing field with their agitations over the past year, and the Transport Ministry looking to determine if Uber drivers fall under the umbrella of taxi services.
According to Mrs. Holm-Graves, the Commercial Taxi Drivers Association said it was happy with the ongoing talks, and she assured them that they will “certainly arrive at an acceptable resolution where all those who are not compliant to certain conditions or regulations will become compliant.”
She however stated that no definite assurance was made to the Association that would have necessitated the erroneous reports attributed to the Transport Ministry.
“Since it is a process, we are still dialoguing. We haven’t concluded yet. We haven’t concluded as of now that Uber is a taxi service or whatever. We asked them to bring all their documents, we are going to study them and then we’ll see,” Mrs. Holm-Graves said.
Since Uber was launched in 2009, it has been at the centre of regulator disputes in different countries, and has at times been forced to change its business model as a result.
The European Court of Justice recently ruled that Uber was officially a transport company and not a digital service.
The ride-hailing firm argued that it was an information society service helping people to make contact with each other electronically and not a cab firm.
In Ghana, Uber is present in Accra and Kumasi and hundreds of drivers have jumped onto the platform to make a living either on a full-time or part-time basis.
The furors surrounding Uber’s operations has been noted as an example of how regulators are struggling to make sense of the phenomenon known as the gig economy.