(fin)
Story: Boahene Asamoah
THE Chief Director at the Ministry of Trade, Industry, Private Sector Development (PSD) and President’s Special Initiative (PSI), Mr Seth Evans Addo, has called on international events organisers to liaise with the appropriate government agencies in the planning of events to ensure their success.
He said lack of co-ordination had characterised many such events, leading to their failure to achieve the aims.
Mr Addo made this known at the launch of the first All African Business Summit in Accra on Thursday.
The summit, which comes of on September 6 to 8 this year in Accra, will attract business executives and firms from 20 African countries as well as foreign investors around the world.
Mr Addo said “it is advisable to liaise with the relevant public agencies to ensure that both planning and execution of such events are done without any hitches” and called for a mechanism to track the effectiveness of such summits so as to ensure that their objectives were achieved.
Speaking at the ceremony, a Deputy Minister of Trade, Industry, PSD and PSI, Mr Kwadwo Affram Aseidu, said the holding of the summit in the country was historical, and that this was the first time a business summit was being organised by the private sector in Africa.
He said the government would lend its support to the private sector to enable it to brace itself for the challenges of globalisation.
“The growing interest that our development partners are showing in the region, particularly the United States, the European Union, Japan, China and India presents us with a challenge”
The Chief Executive Officer and President of Kingsworld Limited, Mr Gordon Adjei, said the aim of the summit was to foster intra-African trade and present the continent as an venue for doing business.
He stated that the summit would tackle three major topics, namely; strategies for promoting successful intra-African trade, pulling down trade barriers and showcasing investment attractions in Africa.
Mr Adjei said over 20 countries had confirmed their participation in the event, and expressed the hope that many more countries would soon be attracted to the summit.
He emphasised the need for trade among African countries to ensure the development of the African continent.
Monday, July 30, 2007
Another US programme to boost agric
Story: Boahene Asamoah Lucy & Adoma Yeboah
THE United States (US) Secretary of State, Dr Condolezza Rice, has announced an exchange programme between the US and Africa to boost the agricultural sector of African economies.
The programme will sponsor 10 candidates from six eligible African countries to study agriculture in 10 prestigious universities in the US under the African Growth, Competitive and Diversification Act.
Addressing delegates at the 6th Africa Growth and Opportunities Act (AGOA) Forum in Accra via a recorded televised message, Dr Rice stated that under the African Growth, Competitive and Diversification Act it would ensure that Africa’s agricultural products became competitive on the global market, through the acquisition of skills and knowledge in modern agriculture from American universities.
Addressing delegates at the 6th Africa Growth and Opportunities Act (AGOA) Forum in Accra via a recorded televised message, Dr Rice said the new initiative was aimed at further deepening the partnership between the United States and Africa.
She said “the partnership between US and Africa will continue to change and be adapted to benefit trade with Africa” adding that both continents shared a common history.
Dr Rice stated that the US government had over the past years undertaken many initiatives aimed at reducing poverty and enhancing trade with Africa, and mentioned AGOA, the Malaria and HIV/AIDS initiatives by the US government.
She said the challenges facing most African countries was that of economic freedom, and expressed the hope that the partnership between the US and Africa would yield the results in the area of economic freedom.
The Secretary of State said Africa was a continent of hope and opportunity in spite of some trouble spots on the continent.
The Africa Growth and Opportunities Act (AGOA) of 2000 is the cornerstone of the US trade and investment policy with sub-Saharan Africa.
The US Congress amended the Act last year to improve and expand preferential access to beneficiary countries, which are mainly reforming countries, to help reduce barriers to trade, increase exports, create jobs and expand business opportunities for African and U.S. entrepreneurs.
Thirty-eight of the 48 sub-Saharan African countries are eligible for AGOA, with post-war Liberia being added to the list in January this year.
THE United States (US) Secretary of State, Dr Condolezza Rice, has announced an exchange programme between the US and Africa to boost the agricultural sector of African economies.
The programme will sponsor 10 candidates from six eligible African countries to study agriculture in 10 prestigious universities in the US under the African Growth, Competitive and Diversification Act.
Addressing delegates at the 6th Africa Growth and Opportunities Act (AGOA) Forum in Accra via a recorded televised message, Dr Rice stated that under the African Growth, Competitive and Diversification Act it would ensure that Africa’s agricultural products became competitive on the global market, through the acquisition of skills and knowledge in modern agriculture from American universities.
Addressing delegates at the 6th Africa Growth and Opportunities Act (AGOA) Forum in Accra via a recorded televised message, Dr Rice said the new initiative was aimed at further deepening the partnership between the United States and Africa.
She said “the partnership between US and Africa will continue to change and be adapted to benefit trade with Africa” adding that both continents shared a common history.
Dr Rice stated that the US government had over the past years undertaken many initiatives aimed at reducing poverty and enhancing trade with Africa, and mentioned AGOA, the Malaria and HIV/AIDS initiatives by the US government.
She said the challenges facing most African countries was that of economic freedom, and expressed the hope that the partnership between the US and Africa would yield the results in the area of economic freedom.
The Secretary of State said Africa was a continent of hope and opportunity in spite of some trouble spots on the continent.
The Africa Growth and Opportunities Act (AGOA) of 2000 is the cornerstone of the US trade and investment policy with sub-Saharan Africa.
The US Congress amended the Act last year to improve and expand preferential access to beneficiary countries, which are mainly reforming countries, to help reduce barriers to trade, increase exports, create jobs and expand business opportunities for African and U.S. entrepreneurs.
Thirty-eight of the 48 sub-Saharan African countries are eligible for AGOA, with post-war Liberia being added to the list in January this year.
New US initiative for Africa— To boost capital markets
Story: Boahene Asamoah
THE President of the United States of America (USA), Mr George W. Bush Jnr., has announced a new initiative to support the development of capital markets in Africa.
The African Financial Sector Initiative is a policy to provide technical assistance and help mobilise billions of dollars from US private funds for investments in capital markets across Africa.
Addressing delegates at the 6th Africa Growth and Opportunities Act (AGOA) Forum in Accra via a recorded televised message, President Bush stated that the initiative would help African countries to access private equity through mutual funds to help boost investments on the continent.
“The United States of America is committed to helping Africa,” he said, adding that initiatives such as AGOA and the Millennium Challenge Accounts (MCA) were aimed at promoting trade and investments in Africa.
President Bush said "the success of AGOA is proving that open trade and international investment are the surest and fastest ways for Africa to make progress" and expressed how proud he was last year to sign into law an extension of benefits of the AGOA legislation, which he called a "vital programme".
“This is a hopeful moment in the history of Africa; the governments of many African nations are being transformed. AGOA is getting results and political reforms in Africa have inspired confidence among American investors,” the US President said.
President Bush noted that last year U.S. exports to sub-Saharan Africa increased 25 by per cent and America's imports from AGOA eligible countries rose by 88 per cent.
"I am confident that your efforts will lead to greater interest and investment in AGOA nations," he told the gathering.
He said discussions at the AGOA forum were vital to further expand and diversify trade so that economic growth could be sustained.
The Africa Growth and Opportunities Act (AGOA) of 2000 is the cornerstone of the US trade and investment policy with sub-Saharan Africa. The US Congress amended the Act last year to improve and expand preferential access to beneficiary countries.
AGOA rewards reforming countries with preferences that have been proven to help reduce barriers to trade, increase exports, create jobs, and expand business opportunities for African and U.S. entrepreneurs.
Thirty-eight of the 48 sub-Saharan African countries are eligible for AGOA, with post-war Liberia being added to the list in January this year.
THE President of the United States of America (USA), Mr George W. Bush Jnr., has announced a new initiative to support the development of capital markets in Africa.
The African Financial Sector Initiative is a policy to provide technical assistance and help mobilise billions of dollars from US private funds for investments in capital markets across Africa.
Addressing delegates at the 6th Africa Growth and Opportunities Act (AGOA) Forum in Accra via a recorded televised message, President Bush stated that the initiative would help African countries to access private equity through mutual funds to help boost investments on the continent.
“The United States of America is committed to helping Africa,” he said, adding that initiatives such as AGOA and the Millennium Challenge Accounts (MCA) were aimed at promoting trade and investments in Africa.
President Bush said "the success of AGOA is proving that open trade and international investment are the surest and fastest ways for Africa to make progress" and expressed how proud he was last year to sign into law an extension of benefits of the AGOA legislation, which he called a "vital programme".
“This is a hopeful moment in the history of Africa; the governments of many African nations are being transformed. AGOA is getting results and political reforms in Africa have inspired confidence among American investors,” the US President said.
President Bush noted that last year U.S. exports to sub-Saharan Africa increased 25 by per cent and America's imports from AGOA eligible countries rose by 88 per cent.
"I am confident that your efforts will lead to greater interest and investment in AGOA nations," he told the gathering.
He said discussions at the AGOA forum were vital to further expand and diversify trade so that economic growth could be sustained.
The Africa Growth and Opportunities Act (AGOA) of 2000 is the cornerstone of the US trade and investment policy with sub-Saharan Africa. The US Congress amended the Act last year to improve and expand preferential access to beneficiary countries.
AGOA rewards reforming countries with preferences that have been proven to help reduce barriers to trade, increase exports, create jobs, and expand business opportunities for African and U.S. entrepreneurs.
Thirty-eight of the 48 sub-Saharan African countries are eligible for AGOA, with post-war Liberia being added to the list in January this year.
EPA must be flexible-Says Minister of Trade, Industy
Story: Boahene Asamoah and Lucy Adoma Yeboah
THE outgoing Minister of Trade, Industry, Private Sector Development and President’s Special Initiatives (PSIs), Mr Alan Kyerematen, has said that the Economic Partnership Agreements (EPAs) between African, Caribbean and Pacific (ACP) countries and the European Union (EU) should be flexible and take on board sensitive sectors of the economy of West African countries.
“The negotiations on the EPAs should be flexible, taking into consideration sensitive areas, such as fiscal policies and market access, of member countries of ECOWAS,” he said.
Mr Kyerematen said this at the ministerial session on the EPAs negotiations between West Africa and the EU Ministerial Monitoring Committee meeting in Accra yesterday.
The outgoing minister said there must also be a flexible transition period and stated that given the time frame and the need to finalise key policies, it was unlikely that agreements could be implemented in January 2008, even if they were signed in December this year.
Mr Kyerematen called for interim measures to be considered in the event that all the negotiations were met before the December 2007 deadline and acknowledged that issues such as market access and the impact of the EPAs on customs were some of the challenges facing the agreements.
He said a major challenge was the lack of capacity of West African states to supply requirements of their products and urged the EU to implement all capacity-building commitments undertaken under the Cotonou Agreement.
The minister said there was the need to build the export competitiveness of products from the sub-region, since that was “indispensable” to the EPAs and to ensure the competitiveness of African products.
The President of the ECOWAS Commission, Dr Mohammed Ibn Chambas, said the EPAs “should not only be trade agreements but also have development dimensions”.
He said “the sum of €334 million pledged by our development partners to underpin the EPAs in the region is far below our expectations and clearly inadequate to kick-start the development of the West African economy, build our productive capacity and mitigate budgetary losses”.
The EPAs are a trade document expected to be signed by the EU and ACP countries, which include countries in the West African sub-region.
The EPAs, which are expected to be signed by December this year, have attracted criticism from civil society groups whose main concerns are access to European markets and the uncompetitiveness of products from the sub-region.
Meanwhile African countries have been charged to take advantage of the AGOA since the dispensation will not be forever.
Mr Kyerematen, gave the advice at the First Experts’ Meeting of the African Ministerial Consultative Group on AGOA in Accra yesterday.
“Let us remember that AGOA will not remain open to Africa for ever. So let us take advantage of it to transform our economies and build up our competitiveness for the present and the future,” he stressed.
Addressing participants from AGOA eligible sub-Saharan African countries, he said it was unfortunate for African countries to waste the opportunity to export any of the 6,400 products duty free and quota-free to the largest consumer market in the world, worth trillions of dollars.
The Experts’ Meeting of the African Ministerial Consultative Group is part of the 6th AGOA Forum taking place in Accra between July 16 and 19, 2007, on the theme: “Trade Grows, Africa Prospers: Optimising the Benefits Under AGOA”.
The theme for the Accra forum is to reflect on how to encourage countries to diversify their exports by taking advantage of the broad range of products eligible for preferential treatment under the act.
Mr Kyerematen said in spite of the obvious benefits to be gained by African countries from that landmark initiative, the progress made in several countries was regrettably slow, and therefore the impact on most economies insignificant.
He explained that the problem was partly due to the lack of capacity to organise production on a competitive basis to take advantage of the huge market potential in the United States.
“Many countries are yet to identify the comparative or competitive advantage that they have within the diversified product range under AGOA,” he observed.
He also blamed the shortfall on the lack of strategic focus on the kind of policy, legal, institutional and support framework that would assist the private sector to produce items which would be accepted at the international market.
Mr Kyerematen reiterated that there was the need for African countries to strive to produce a variety of products on a mass scale for export in order to create jobs, earn foreign exchange, thereby increasing the level of income, particularly for the disadvantaged and the vulnerable.
“Most of our countries have depended almost exclusively on one or two major export commodities as our economic backbone for the past five to 10 decades,” he said, adding that such countries also failed to add value to their products to enable them earn higher.
This year’s forum, unlike previous ones, has been structured as an integrated event with joint or concurrent participation by the United States and African government officials as well as private sector and civil society representatives.
An exhibition has been mounted alongside the forum at the Accra International Conference Centre (AICC) to enable some selected exhibitors to showcase their locally made products under AGOA.
Items on display are mainly garments, beverages, beads, ornaments, herbal medicines and leather wares.
THE outgoing Minister of Trade, Industry, Private Sector Development and President’s Special Initiatives (PSIs), Mr Alan Kyerematen, has said that the Economic Partnership Agreements (EPAs) between African, Caribbean and Pacific (ACP) countries and the European Union (EU) should be flexible and take on board sensitive sectors of the economy of West African countries.
“The negotiations on the EPAs should be flexible, taking into consideration sensitive areas, such as fiscal policies and market access, of member countries of ECOWAS,” he said.
Mr Kyerematen said this at the ministerial session on the EPAs negotiations between West Africa and the EU Ministerial Monitoring Committee meeting in Accra yesterday.
The outgoing minister said there must also be a flexible transition period and stated that given the time frame and the need to finalise key policies, it was unlikely that agreements could be implemented in January 2008, even if they were signed in December this year.
Mr Kyerematen called for interim measures to be considered in the event that all the negotiations were met before the December 2007 deadline and acknowledged that issues such as market access and the impact of the EPAs on customs were some of the challenges facing the agreements.
He said a major challenge was the lack of capacity of West African states to supply requirements of their products and urged the EU to implement all capacity-building commitments undertaken under the Cotonou Agreement.
The minister said there was the need to build the export competitiveness of products from the sub-region, since that was “indispensable” to the EPAs and to ensure the competitiveness of African products.
The President of the ECOWAS Commission, Dr Mohammed Ibn Chambas, said the EPAs “should not only be trade agreements but also have development dimensions”.
He said “the sum of €334 million pledged by our development partners to underpin the EPAs in the region is far below our expectations and clearly inadequate to kick-start the development of the West African economy, build our productive capacity and mitigate budgetary losses”.
The EPAs are a trade document expected to be signed by the EU and ACP countries, which include countries in the West African sub-region.
The EPAs, which are expected to be signed by December this year, have attracted criticism from civil society groups whose main concerns are access to European markets and the uncompetitiveness of products from the sub-region.
Meanwhile African countries have been charged to take advantage of the AGOA since the dispensation will not be forever.
Mr Kyerematen, gave the advice at the First Experts’ Meeting of the African Ministerial Consultative Group on AGOA in Accra yesterday.
“Let us remember that AGOA will not remain open to Africa for ever. So let us take advantage of it to transform our economies and build up our competitiveness for the present and the future,” he stressed.
Addressing participants from AGOA eligible sub-Saharan African countries, he said it was unfortunate for African countries to waste the opportunity to export any of the 6,400 products duty free and quota-free to the largest consumer market in the world, worth trillions of dollars.
The Experts’ Meeting of the African Ministerial Consultative Group is part of the 6th AGOA Forum taking place in Accra between July 16 and 19, 2007, on the theme: “Trade Grows, Africa Prospers: Optimising the Benefits Under AGOA”.
The theme for the Accra forum is to reflect on how to encourage countries to diversify their exports by taking advantage of the broad range of products eligible for preferential treatment under the act.
Mr Kyerematen said in spite of the obvious benefits to be gained by African countries from that landmark initiative, the progress made in several countries was regrettably slow, and therefore the impact on most economies insignificant.
He explained that the problem was partly due to the lack of capacity to organise production on a competitive basis to take advantage of the huge market potential in the United States.
“Many countries are yet to identify the comparative or competitive advantage that they have within the diversified product range under AGOA,” he observed.
He also blamed the shortfall on the lack of strategic focus on the kind of policy, legal, institutional and support framework that would assist the private sector to produce items which would be accepted at the international market.
Mr Kyerematen reiterated that there was the need for African countries to strive to produce a variety of products on a mass scale for export in order to create jobs, earn foreign exchange, thereby increasing the level of income, particularly for the disadvantaged and the vulnerable.
“Most of our countries have depended almost exclusively on one or two major export commodities as our economic backbone for the past five to 10 decades,” he said, adding that such countries also failed to add value to their products to enable them earn higher.
This year’s forum, unlike previous ones, has been structured as an integrated event with joint or concurrent participation by the United States and African government officials as well as private sector and civil society representatives.
An exhibition has been mounted alongside the forum at the Accra International Conference Centre (AICC) to enable some selected exhibitors to showcase their locally made products under AGOA.
Items on display are mainly garments, beverages, beads, ornaments, herbal medicines and leather wares.
ECOWAS not ready for EPA-WAMI Boss
Story: Boahene Asamoah
THE Director-General of the West African Monetary Institute (WAMZ), Dr Joseph O. Nnanna, has said that member states of ECOWAS are not ready to sign the Economic Partnership Agreements (EPAs).
That was because the promises made by the European Union (EU) to African, Caribbean and Pacific (ACP) countries had not been fulfilled, he explained.
In an interview after the opening of the Ministerial Session of the Ministerial Monitoring Committee on the EPA Negotiations in Accra yesterday, Dr Nnanna said “issues of revenue loss, access to European markets and many critical constraints have not been fully addressed”.
He said the infrastructure of the sub-region had also not been fully developed and integrated to take advantage of the EPAs.
Dr Nnanna stated that the means to the economic development of the sub-region lay in intra-African trade which had not been fully exploited.
“Intra-African trade is one sure way of developing the sub-region and it will help boost investments and trade among African countries,” he said.
He cited the example of Asia where intra-Asian trade accounted for about 60 per cent of trade, while in the EU it was about 55 per cent.
He expressed regret that within the sub-region of ECOWAS, trade accounted for only 12 per cent of all trade and described it as too low for any economic development.
The director-general said efforts must be intensified to diversify trade and distribute it among ECOWAS members.
The EPAs are a set of trade agreements expected to be signed by December this year to form the legal basis of trade between the EU and ACP countries, which include countries in West Africa.
Civil society groups have largely criticised the EPAs for what they call “a lack of human face”, saying the agreements will compromise the competitiveness of African countries to export to the EU, the largest trading partner of ACP countries.
THE Director-General of the West African Monetary Institute (WAMZ), Dr Joseph O. Nnanna, has said that member states of ECOWAS are not ready to sign the Economic Partnership Agreements (EPAs).
That was because the promises made by the European Union (EU) to African, Caribbean and Pacific (ACP) countries had not been fulfilled, he explained.
In an interview after the opening of the Ministerial Session of the Ministerial Monitoring Committee on the EPA Negotiations in Accra yesterday, Dr Nnanna said “issues of revenue loss, access to European markets and many critical constraints have not been fully addressed”.
He said the infrastructure of the sub-region had also not been fully developed and integrated to take advantage of the EPAs.
Dr Nnanna stated that the means to the economic development of the sub-region lay in intra-African trade which had not been fully exploited.
“Intra-African trade is one sure way of developing the sub-region and it will help boost investments and trade among African countries,” he said.
He cited the example of Asia where intra-Asian trade accounted for about 60 per cent of trade, while in the EU it was about 55 per cent.
He expressed regret that within the sub-region of ECOWAS, trade accounted for only 12 per cent of all trade and described it as too low for any economic development.
The director-general said efforts must be intensified to diversify trade and distribute it among ECOWAS members.
The EPAs are a set of trade agreements expected to be signed by December this year to form the legal basis of trade between the EU and ACP countries, which include countries in West Africa.
Civil society groups have largely criticised the EPAs for what they call “a lack of human face”, saying the agreements will compromise the competitiveness of African countries to export to the EU, the largest trading partner of ACP countries.
AGOA eligible countries to reap benefits-— Through product diversification, capacity building
Story:Boahene Asamoah & Lucy Adoma Yeboah
ELIGIBLE countries under the African Growth and Opportunity Act (AGOA) have resolved to diversify their products and strengthen capacity building programmes to ensure that they benefited fully from the initiative.
They have also called on the private sector of the United States to invest in eligible countries and that access to finance by small- and medium-scale enterprises (SMEs) should be enhanced to ensure their participation in the initiative.
This was contained in a report delivered by Ghana’s Ambassador to the United States, Mr A.Y. Adusie, at the ongoing AGOA conference in Accra yesterday.
The report, which outlined a 22-point strategic framework for accelerating the implementation lines under the AGOA came from the Experts Meeting of the African Ministerial Consultative Group held on Monday.
The report, among other things, recommend that member countries should endeavour to formulate national trade policies that would take full advantage of the initiative, Mr Adusie said.
The group, he said, also recommended the strengthening of regional integration and the need to create the necessary infrastructure to ensure competitiveness of products from the sub-region.
The ambassador said it was also agreed that the United States (US) complimented efforts at ensuring skills training and provide technological assistance to enhance the products of AGOA eligible countries.
Making presentations on the regional deliberations, Mr Adusie observed that the regional groupings which were made up of western, central, southern, eastern and northern African countries faced similar challenges which affected their desire to take full advantage of AGOA.
He named some of the issues as low supply to meet the large demand of the US market, the stringent product requirements, high transportation cost, funding and the ability to obtain visas.
He said eligible countries also had acknowledged the need to develop exportable quantities of products to which they would add value.
“In the horticultural sector, there is the need to develop a niche market and also to diversify products,” Mr Adusie stated, and called for strong partnership among cotton producing countries.
The ambassador said that in southern Africa, the issues were how to diversify products, develop and harmonise standards, create awareness as well as develop cross border infrastructure.
In his welcoming address, the out-going Minister of Trade, Industries, Private Sector and President’s Special Initiatives (PSIs), Mr Alan Kyerematen, said AGOA had not conferred any automatic benefits on any country but looked out for those that produced quality products and could supply in time.
He said there was, therefore, the need for individual countries to institute appropriate national strategies to enable producers to come out with the best for the US market.
Mr Kyerematen observed that Africa was yet to fully benefit from the world market since the continent attracted only two per cent of the world market.
He, therefore, advised African countries to take the AGOA initiative seriously since the opportunity for them to export 6,400 products duty- and quota-free to the United States (US) was enough to push them higher on the international market.
Mr Kyerematen took the opportunity to welcome Liberia and Mauritania who recently became AGOA eligible countries.
ELIGIBLE countries under the African Growth and Opportunity Act (AGOA) have resolved to diversify their products and strengthen capacity building programmes to ensure that they benefited fully from the initiative.
They have also called on the private sector of the United States to invest in eligible countries and that access to finance by small- and medium-scale enterprises (SMEs) should be enhanced to ensure their participation in the initiative.
This was contained in a report delivered by Ghana’s Ambassador to the United States, Mr A.Y. Adusie, at the ongoing AGOA conference in Accra yesterday.
The report, which outlined a 22-point strategic framework for accelerating the implementation lines under the AGOA came from the Experts Meeting of the African Ministerial Consultative Group held on Monday.
The report, among other things, recommend that member countries should endeavour to formulate national trade policies that would take full advantage of the initiative, Mr Adusie said.
The group, he said, also recommended the strengthening of regional integration and the need to create the necessary infrastructure to ensure competitiveness of products from the sub-region.
The ambassador said it was also agreed that the United States (US) complimented efforts at ensuring skills training and provide technological assistance to enhance the products of AGOA eligible countries.
Making presentations on the regional deliberations, Mr Adusie observed that the regional groupings which were made up of western, central, southern, eastern and northern African countries faced similar challenges which affected their desire to take full advantage of AGOA.
He named some of the issues as low supply to meet the large demand of the US market, the stringent product requirements, high transportation cost, funding and the ability to obtain visas.
He said eligible countries also had acknowledged the need to develop exportable quantities of products to which they would add value.
“In the horticultural sector, there is the need to develop a niche market and also to diversify products,” Mr Adusie stated, and called for strong partnership among cotton producing countries.
The ambassador said that in southern Africa, the issues were how to diversify products, develop and harmonise standards, create awareness as well as develop cross border infrastructure.
In his welcoming address, the out-going Minister of Trade, Industries, Private Sector and President’s Special Initiatives (PSIs), Mr Alan Kyerematen, said AGOA had not conferred any automatic benefits on any country but looked out for those that produced quality products and could supply in time.
He said there was, therefore, the need for individual countries to institute appropriate national strategies to enable producers to come out with the best for the US market.
Mr Kyerematen observed that Africa was yet to fully benefit from the world market since the continent attracted only two per cent of the world market.
He, therefore, advised African countries to take the AGOA initiative seriously since the opportunity for them to export 6,400 products duty- and quota-free to the United States (US) was enough to push them higher on the international market.
Mr Kyerematen took the opportunity to welcome Liberia and Mauritania who recently became AGOA eligible countries.
EPACK expands access points
Story: Boahene Asamoah
DATABANK, the manager of the mutual fund, EPACK, has created a special account for Ghanaians living abroad to enable them to make medium and long-term investments to meet their financial commitments.
The Databank Homecoming Account will help Ghanaians living outside the country to meet their financial needs in the areas of real estate, retirement income, education of their wards and children and provide seed capital for start-ups.
The Executive Chairman of Databank, Mr Ken Ofori-Atta, said at the eighth annual general meeting of the EPACK in Accra on Tuesday that the product was the company’s innovation “to expand access points”.
He stated that since March this year, the company had entered into a distribution alliance with Zenith Bank Ghana Limited, to ensure that shareholders made payments into their EPACK accounts as well as withdrew cheques at all the branches of the bank.
“We are also investigating the possibility of collaborating with some information communication technology companies in the country to introduce a system which would enable investors to top up their EPACK accounts through the use of their mobile phones and special investment scratch cards,” Mr Ofori-Atta stated.
Giving details of the fund’s performance for last year, the executive chairman said the fund’s share price appreciated by 32 per cent to GH¢ 0.5708 (¢5,708) from the GH¢0.4341 (¢4,341) it recorded in 2005.
He said the fund’s market capitalisation rose by 40 per cent from GH¢10.56 million (¢105.6 billion) in 2005 to GH¢38.2 million (¢382 billion) compared to a 19 per cent appreciation in the market capitalisation of the Ghana Stock Exchange.
Mr Ofori-Atta stated that during the year under review, 9,559 new shareholders joined the fund, compared to 2,541 investors who closed their accounts.
On the outlook for this year, the chairman said “even though the stability of the economy has suffered some momentary shocks as a result of the current energy crisis and volatility in the global petroleum market, we expect the Ghanaian economy to continue to be resilient”.
He added that investors’ interest in the local market had been growing steadily and mentioned the oversubscription of the five-year Government of Ghana Bond last year as a testimony to growing investor confidence.
In a related development, the company announced a 14.47 per cent annualised yield in the Databank Money Market Fund (Mfund) as compared to the average savings rate of five per cent for the 2006 financial year.
Mr Ofori-Atta stated that given the average inflation rate of 10.24 per cent in 2006, the fund gave shareholders a real return of over four per cent during the period under review.
He said the fund’s value increased from GH¢7.28 million (¢72.8 billion) in December 2005 to GH¢11.76 billion (¢117.6 billion) at the end of last year.
He said the main challenge facing the fund was how to find new investment avenues which would not only provide yields higher than the inflation rate, but also offer better returns than those on comparable financial instruments of duration within 12 months.
“In addition, we will maximise our investments in high-yielding, but save commercial papers and certificates of deposits,” Mr Ofori-Atta said.
DATABANK, the manager of the mutual fund, EPACK, has created a special account for Ghanaians living abroad to enable them to make medium and long-term investments to meet their financial commitments.
The Databank Homecoming Account will help Ghanaians living outside the country to meet their financial needs in the areas of real estate, retirement income, education of their wards and children and provide seed capital for start-ups.
The Executive Chairman of Databank, Mr Ken Ofori-Atta, said at the eighth annual general meeting of the EPACK in Accra on Tuesday that the product was the company’s innovation “to expand access points”.
He stated that since March this year, the company had entered into a distribution alliance with Zenith Bank Ghana Limited, to ensure that shareholders made payments into their EPACK accounts as well as withdrew cheques at all the branches of the bank.
“We are also investigating the possibility of collaborating with some information communication technology companies in the country to introduce a system which would enable investors to top up their EPACK accounts through the use of their mobile phones and special investment scratch cards,” Mr Ofori-Atta stated.
Giving details of the fund’s performance for last year, the executive chairman said the fund’s share price appreciated by 32 per cent to GH¢ 0.5708 (¢5,708) from the GH¢0.4341 (¢4,341) it recorded in 2005.
He said the fund’s market capitalisation rose by 40 per cent from GH¢10.56 million (¢105.6 billion) in 2005 to GH¢38.2 million (¢382 billion) compared to a 19 per cent appreciation in the market capitalisation of the Ghana Stock Exchange.
Mr Ofori-Atta stated that during the year under review, 9,559 new shareholders joined the fund, compared to 2,541 investors who closed their accounts.
On the outlook for this year, the chairman said “even though the stability of the economy has suffered some momentary shocks as a result of the current energy crisis and volatility in the global petroleum market, we expect the Ghanaian economy to continue to be resilient”.
He added that investors’ interest in the local market had been growing steadily and mentioned the oversubscription of the five-year Government of Ghana Bond last year as a testimony to growing investor confidence.
In a related development, the company announced a 14.47 per cent annualised yield in the Databank Money Market Fund (Mfund) as compared to the average savings rate of five per cent for the 2006 financial year.
Mr Ofori-Atta stated that given the average inflation rate of 10.24 per cent in 2006, the fund gave shareholders a real return of over four per cent during the period under review.
He said the fund’s value increased from GH¢7.28 million (¢72.8 billion) in December 2005 to GH¢11.76 billion (¢117.6 billion) at the end of last year.
He said the main challenge facing the fund was how to find new investment avenues which would not only provide yields higher than the inflation rate, but also offer better returns than those on comparable financial instruments of duration within 12 months.
“In addition, we will maximise our investments in high-yielding, but save commercial papers and certificates of deposits,” Mr Ofori-Atta said.
NIB rolls out ATMs
Story: Boahene Asamoah & Rita Effah-Darteh
THE Managing Director of the National Investment Bank (NIB), Mr Daniel C. Gyimah, has said the bank will leverage on the advantages provided by information technology to transform it to be more competitive.
He said “the rapid pace of advancement in information and communication technology networking has offered a wide range of delivery channels in retail banking,” adding that “NIB will exploit these opportunities that arise from these developments and changes to remain competitive”.
Mr Gyimah made this known at the launch of the bank’s Automated Teller Machine (ATM) service dubbed Cashlink.
He said “successful financial institutions in the future would be those that were able to leverage most from the information and communications technology revolution”.
The managing director said consumers of the banking products and services were increasingly demanding more efficient banking services and becoming more knowledgeable in the power of technology.
That, he said called for innovation and creativity that would ensure that the banks took advantage of information technology to devise services and products that met the needs of its customers.
“The ability of financial institutions to deliver products and services in the most efficient and effective manner will be key to determining performance and relevance,” the managing director stated.
Mr Gyimah stated that the launch of the CashLink ATMs would pave the way for increased customer interaction with the bank.
He said the bank had commissioned five ATMs in Greater Accra, Western and Ashanti Regions, and stated that the bank would extend the ATM service across all its branches in the country.
“NIB is gradually building a reputation for innovation in products and services developed specifically for our financial needs,” the managing director stated.
The Head of ICT Department of the bank, Mr Eric Agyepong Boateng, said the bank’s ATMs provided high volumes of currency of up to GH¢25,000 (¢250 million), as against the highest of GH¢15,000 (¢150 million) by many ATMs, saying it would help to reduce cash management costs and shortages.
Mr Boateng said customers could also use the ATM to access many services, such as transfer cash from one account to another as well as purchase mobile phone credits.
Mr Boateng said the ATM had certain unique enhanced security features which included consumer awareness mirror that enabled customers by the ATM to see anybody coming from behind.
•Mr Elikem N. Kuenyehia, Managing Partner, Oxford & Beaumont Solicitors
THE Managing Director of the National Investment Bank (NIB), Mr Daniel C. Gyimah, has said the bank will leverage on the advantages provided by information technology to transform it to be more competitive.
He said “the rapid pace of advancement in information and communication technology networking has offered a wide range of delivery channels in retail banking,” adding that “NIB will exploit these opportunities that arise from these developments and changes to remain competitive”.
Mr Gyimah made this known at the launch of the bank’s Automated Teller Machine (ATM) service dubbed Cashlink.
He said “successful financial institutions in the future would be those that were able to leverage most from the information and communications technology revolution”.
The managing director said consumers of the banking products and services were increasingly demanding more efficient banking services and becoming more knowledgeable in the power of technology.
That, he said called for innovation and creativity that would ensure that the banks took advantage of information technology to devise services and products that met the needs of its customers.
“The ability of financial institutions to deliver products and services in the most efficient and effective manner will be key to determining performance and relevance,” the managing director stated.
Mr Gyimah stated that the launch of the CashLink ATMs would pave the way for increased customer interaction with the bank.
He said the bank had commissioned five ATMs in Greater Accra, Western and Ashanti Regions, and stated that the bank would extend the ATM service across all its branches in the country.
“NIB is gradually building a reputation for innovation in products and services developed specifically for our financial needs,” the managing director stated.
The Head of ICT Department of the bank, Mr Eric Agyepong Boateng, said the bank’s ATMs provided high volumes of currency of up to GH¢25,000 (¢250 million), as against the highest of GH¢15,000 (¢150 million) by many ATMs, saying it would help to reduce cash management costs and shortages.
Mr Boateng said customers could also use the ATM to access many services, such as transfer cash from one account to another as well as purchase mobile phone credits.
Mr Boateng said the ATM had certain unique enhanced security features which included consumer awareness mirror that enabled customers by the ATM to see anybody coming from behind.
•Mr Elikem N. Kuenyehia, Managing Partner, Oxford & Beaumont Solicitors
600 GIA passengers stranded at Gatwick
GIA (fin)
Story: Boahene Asamoah
ABOUT 600 passengers of the national carrier, Ghana International Airlines (GIA), are stranded at the Gatwick Airport in the United Kingdom since last Friday as result of engine failure that grounded the aircraft.
The airline, which flies one leased aircraft and operates six flights from Accra to the United Kingdom and vice versa, suffered a “bird-strike” which destroyed the engine.
Reacting to the developments in an interview, the acting Chief Executive Officer of the airline, Mr Mante Azu, denied reports that the aircraft was seized at the airport by the company that owned it.
He said the aircraft developed the “bird-strike” the day before and upon inspection, it was learnt that it could not fly as a result of engine failure.
Mr Azu stated that efforts had been made to acquire a new aircraft engine which was currently being installed and was hopeful that by today (Monday) the aircraft would be able to fly.
He explained that after the installation of the engine, there had to be test runs to make sure that the aircraft was in good shape to fly and that such test runs had to be done within a certain time.
“We have also secured a second aircraft to facilitate the flying of the backlog passengers at both Gatwick and Accra,” the acting CEO stated, adding that arrangements had also been made to ensure that some passengers joined other airlines.
Mr Azu added that there had been difficulty in securing an aircraft early enough because of the summer season, which was the season for most airlines.
He said a tentative schedule would be announced today, which would see the aircraft arriving in Accra by 2p.m. today and fly back to the UK by 3.30 p.m. the same day.
Story: Boahene Asamoah
ABOUT 600 passengers of the national carrier, Ghana International Airlines (GIA), are stranded at the Gatwick Airport in the United Kingdom since last Friday as result of engine failure that grounded the aircraft.
The airline, which flies one leased aircraft and operates six flights from Accra to the United Kingdom and vice versa, suffered a “bird-strike” which destroyed the engine.
Reacting to the developments in an interview, the acting Chief Executive Officer of the airline, Mr Mante Azu, denied reports that the aircraft was seized at the airport by the company that owned it.
He said the aircraft developed the “bird-strike” the day before and upon inspection, it was learnt that it could not fly as a result of engine failure.
Mr Azu stated that efforts had been made to acquire a new aircraft engine which was currently being installed and was hopeful that by today (Monday) the aircraft would be able to fly.
He explained that after the installation of the engine, there had to be test runs to make sure that the aircraft was in good shape to fly and that such test runs had to be done within a certain time.
“We have also secured a second aircraft to facilitate the flying of the backlog passengers at both Gatwick and Accra,” the acting CEO stated, adding that arrangements had also been made to ensure that some passengers joined other airlines.
Mr Azu added that there had been difficulty in securing an aircraft early enough because of the summer season, which was the season for most airlines.
He said a tentative schedule would be announced today, which would see the aircraft arriving in Accra by 2p.m. today and fly back to the UK by 3.30 p.m. the same day.
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