African Business 2 (fin)
read by ho
Story: Boahene Asamoah
AN Executive Director of MTN Foundation, Nigeria, Ms Amina Oyagbola, has called for the deployment of human and technological resources to hasten the pace of development in Africa.
She said it was time for the continent to release its full potential in the areas of technology and human resources to accelerate the pace of its development, which is currently sluggish.
Ms Oyagbola, who said this on the second day of the African Business Leaders Forum (ABLF) in Accra said “all hands must be on deck to quicken the pace of the continent’s development”.
She was speaking on the topic “Women in Leadership — Shaping the future” at the forum, which attracted business leaders across the African continent and beyond.
Ms Oyagbola likened the African continent to an aeroplane using only one engine instead of two and which was as a result moving at a slower pace.
She said “we must deploy the use of the second engine to move the plane faster in order to get to our destination on time.”
The MTN Foundation executive director called on organisations and corporate leaders to also play an active part in the human resources development, nurture, grow and mentor talented individuals to achieve their potential.
The Chief Executive Officer of Omatek Computers, Ms Florence Seriki, said there was the need to tap into the entrepreneurial skills of women if the continent was to eradicate poverty.
She called for support for small- and medium-scale enterprises (SMEs) targeted at women since such a policy would help reduce poverty.
“We must have a conscious effort to grow and encourage women in SMEs across Africa,” Ms Seriki stated, adding that there was also the need to create more vocational and other skill acquiring resource centres.
For her part, a Human Rights Lawyer and Co-ordinator, Commonwealth Human Rights Initiative, Africa Region, Nana Oye Lithur, said involving women in leadership would change both the corporate and political spheres of the continent.
She said the colonial administration did not encourage women to take active roles in leadership and that accounted for the low level of participation of women in governance.
The Group Executive Corporate Affairs of MTN, Ms Nozipho January Bardill, noted that women involvement in governance and the corporate world was crucial for the survival of the continent.
“We must not see women in government as desirable but essential,” adding that women must be part of decision-making and that the process was too important to leave them out.
Thursday, October 18, 2007
Use technology, human resource— To quicken Africa’s development
African Business 2 (fin)
read by ho
Story: Boahene Asamoah
AN Executive Director of MTN Foundation, Nigeria, Ms Amina Oyagbola, has called for the deployment of human and technological resources to hasten the pace of development in Africa.
She said it was time for the continent to release its full potential in the areas of technology and human resources to accelerate the pace of its development, which is currently sluggish.
Ms Oyagbola, who said this on the second day of the African Business Leaders Forum (ABLF) in Accra said “all hands must be on deck to quicken the pace of the continent’s development”.
She was speaking on the topic “Women in Leadership — Shaping the future” at the forum, which attracted business leaders across the African continent and beyond.
Ms Oyagbola likened the African continent to an aeroplane using only one engine instead of two and which was as a result moving at a slower pace.
She said “we must deploy the use of the second engine to move the plane faster in order to get to our destination on time.”
The MTN Foundation executive director called on organisations and corporate leaders to also play an active part in the human resources development, nurture, grow and mentor talented individuals to achieve their potential.
The Chief Executive Officer of Omatek Computers, Ms Florence Seriki, said there was the need to tap into the entrepreneurial skills of women if the continent was to eradicate poverty.
She called for support for small- and medium-scale enterprises (SMEs) targeted at women since such a policy would help reduce poverty.
“We must have a conscious effort to grow and encourage women in SMEs across Africa,” Ms Seriki stated, adding that there was also the need to create more vocational and other skill acquiring resource centres.
For her part, a Human Rights Lawyer and Co-ordinator, Commonwealth Human Rights Initiative, Africa Region, Nana Oye Lithur, said involving women in leadership would change both the corporate and political spheres of the continent.
She said the colonial administration did not encourage women to take active roles in leadership and that accounted for the low level of participation of women in governance.
The Group Executive Corporate Affairs of MTN, Ms Nozipho January Bardill, noted that women involvement in governance and the corporate world was crucial for the survival of the continent.
“We must not see women in government as desirable but essential,” adding that women must be part of decision-making and that the process was too important to leave them out.
read by ho
Story: Boahene Asamoah
AN Executive Director of MTN Foundation, Nigeria, Ms Amina Oyagbola, has called for the deployment of human and technological resources to hasten the pace of development in Africa.
She said it was time for the continent to release its full potential in the areas of technology and human resources to accelerate the pace of its development, which is currently sluggish.
Ms Oyagbola, who said this on the second day of the African Business Leaders Forum (ABLF) in Accra said “all hands must be on deck to quicken the pace of the continent’s development”.
She was speaking on the topic “Women in Leadership — Shaping the future” at the forum, which attracted business leaders across the African continent and beyond.
Ms Oyagbola likened the African continent to an aeroplane using only one engine instead of two and which was as a result moving at a slower pace.
She said “we must deploy the use of the second engine to move the plane faster in order to get to our destination on time.”
The MTN Foundation executive director called on organisations and corporate leaders to also play an active part in the human resources development, nurture, grow and mentor talented individuals to achieve their potential.
The Chief Executive Officer of Omatek Computers, Ms Florence Seriki, said there was the need to tap into the entrepreneurial skills of women if the continent was to eradicate poverty.
She called for support for small- and medium-scale enterprises (SMEs) targeted at women since such a policy would help reduce poverty.
“We must have a conscious effort to grow and encourage women in SMEs across Africa,” Ms Seriki stated, adding that there was also the need to create more vocational and other skill acquiring resource centres.
For her part, a Human Rights Lawyer and Co-ordinator, Commonwealth Human Rights Initiative, Africa Region, Nana Oye Lithur, said involving women in leadership would change both the corporate and political spheres of the continent.
She said the colonial administration did not encourage women to take active roles in leadership and that accounted for the low level of participation of women in governance.
The Group Executive Corporate Affairs of MTN, Ms Nozipho January Bardill, noted that women involvement in governance and the corporate world was crucial for the survival of the continent.
“We must not see women in government as desirable but essential,” adding that women must be part of decision-making and that the process was too important to leave them out.
"Elect District Assemblies"-Nduom
Story: Boahene Asamoah
A former Minister of Public Sector Reforms, Dr Paa Kwesi Nduom, has added his voice to calls for the election of district chief executives (DCEs) to deepen the decentralisation process.
“If the people are wise enough to elect a President and Members of Parliament (MPs) for their respective areas, they will be wise enough to elect their leaders in the districts,” he said.
Contributing to the debate on: “Leadership and Poverty Reduction” at the ongoing fifth African Business Leaders Forum in Accra yesterday, Dr Nduom, who is contesting the flag bearer position of the Convention People’s Party (CPP), said it was time “to walk the talk”, adding that there was the need to empower the local people to take their destiny into their own hands.
Touching on poverty reduction, he disagreed with arguments that the tag “poverty reduction” be changed to “wealth creation”.
Dr Nduom, who was charged with the designing of the country’s poverty reduction strategy, the Ghana Poverty Reduction Strategy (GPRS), during the initial stages of the government in 2001, said wealth creation would not be an appropriate term to use for people living in absolute poverty.
“We should not be reluctant to recognise that poverty exists in our country,” he stated.
He said the state had the broad responsibility of creating the enabling environment that would offer opportunities to the people and called for closer collaboration between the public and private sectors to ensure poverty reduction.
In a related development, Dr Nduom said African unity which was proposed by the country’s first President, Dr Kwame Nkrumah, was even more relevant today than ever before.
He said the failure of African leaders to unite had led to the poor state of the African continent.
“The vision for African Unity today means partnership for progress through shared knowledge with full respect for our differences,” he stated.
Dr Nduom said this when addressing 101 young leaders meeting in Accra as part of activities of the African Business Leaders Forum in Accra on Tuesday.
“The vision for the unity of African states remains an active one and is still our hope for the acceleration of the growth and development of Africa in the 21st century,” he said.
A former Minister of Public Sector Reforms, Dr Paa Kwesi Nduom, has added his voice to calls for the election of district chief executives (DCEs) to deepen the decentralisation process.
“If the people are wise enough to elect a President and Members of Parliament (MPs) for their respective areas, they will be wise enough to elect their leaders in the districts,” he said.
Contributing to the debate on: “Leadership and Poverty Reduction” at the ongoing fifth African Business Leaders Forum in Accra yesterday, Dr Nduom, who is contesting the flag bearer position of the Convention People’s Party (CPP), said it was time “to walk the talk”, adding that there was the need to empower the local people to take their destiny into their own hands.
Touching on poverty reduction, he disagreed with arguments that the tag “poverty reduction” be changed to “wealth creation”.
Dr Nduom, who was charged with the designing of the country’s poverty reduction strategy, the Ghana Poverty Reduction Strategy (GPRS), during the initial stages of the government in 2001, said wealth creation would not be an appropriate term to use for people living in absolute poverty.
“We should not be reluctant to recognise that poverty exists in our country,” he stated.
He said the state had the broad responsibility of creating the enabling environment that would offer opportunities to the people and called for closer collaboration between the public and private sectors to ensure poverty reduction.
In a related development, Dr Nduom said African unity which was proposed by the country’s first President, Dr Kwame Nkrumah, was even more relevant today than ever before.
He said the failure of African leaders to unite had led to the poor state of the African continent.
“The vision for African Unity today means partnership for progress through shared knowledge with full respect for our differences,” he stated.
Dr Nduom said this when addressing 101 young leaders meeting in Accra as part of activities of the African Business Leaders Forum in Accra on Tuesday.
“The vision for the unity of African states remains an active one and is still our hope for the acceleration of the growth and development of Africa in the 21st century,” he said.
‘Personal leadership will boost dev’
Proofread by David Dekutse
Story: Boahene Asamoah
THE Chief Executive Officer of Progeny Ventures, an international investment firm, Dr Kofi Amoah, has challenged African business leaders to address the issue of what he termed “personal leadership” and “integrity” to hasten the development of the continent.
He said issues of personal leadership and integrity were core to the development of the continent as the collective leadership and integrity would bring about change.
He also challenged Africans to take up the mantle of discipline, ensure environmental cleanliness and uphold personal dignity.
Contributing to a debate on “Leadership and Poverty Reduction” at the fifth African Business Leaders Forum in Accra yesterday, Dr Amoah said “Africa is not poor, but we have created poverty around us.”
Dr Amoah, who is leading Ghana’s preparation for Africa’s football fiesta next year, lamented the poor environmental hygiene in the cities of Africa.
He cited the filth that had engulfed the gutters in many African cities, which, he said, had created the impression of filth across Africa and therefore challenged Africans to ensure personal hygiene.
Dr Amoah again stated that reports of the government spending six per cent of the Gross Domestic Product (GDP) on malaria prevention and treatment were unacceptable, adding that the amount of $700 million could be used to cover drains and gutters to prevent malaria.
“Our lack of personal discipline and leadership has sidelined us from the rest of the world,” he stated, and called for a change of the mindset of Africans.
For his part, the Executive Chairman of Databank, Mr Ken Ofori-Atta, said there was the need for leaders across Africa to demonstrate compassion towards securing better conditions for the people.
He said the challenge facing the continent was the need to develop the requisite infrastructure that would free the people to exploit their potential to the full.
Mr Ofori-Atta stated that other countries, such as China and India, had been able to reduce poverty over a 30-year period. However, poverty in Africa had rather exacerbated over the same period and expected to be pervasive in the next decade.
The Governor of Ogun State in Nigeria, Mr Daniel Gbenga Otunba, in his contribution, said the era of aid for development was gone and that there was the need to ensure credible leadership that would tackle poverty at all levels.
He called on African governments to build market niches that would confer on them competitive advantages that would eventually reduce poverty.
Mr Ali Mufuruki, the Chairman of Infotech Investment Group, an investment group in Tanzania, called for leadership that would be robust and create wealth and also equip the youth with the requisite tools for development.
In his welcoming address, the Publisher of Business in Africa magazine and Founder of the African Business Leaders Forum, Mr Everest Ekong, said the forum was to create the platform for African business leaders to chart a new course for the continent.
He added that a unique feature of this year’s forum was the invitation of 101 young African leaders to create a spirit of information sharing and networking as well as create the environment for the young businessmen to network.
The two-day conference has attracted 64 renowned African business leaders across the continent and is on the theme “Leadership Through Partnership”.
It is the first time the forum was being organised outside South Africa. It was organised in collaboration with the Ghana@50 Secretariat.
Story: Boahene Asamoah
THE Chief Executive Officer of Progeny Ventures, an international investment firm, Dr Kofi Amoah, has challenged African business leaders to address the issue of what he termed “personal leadership” and “integrity” to hasten the development of the continent.
He said issues of personal leadership and integrity were core to the development of the continent as the collective leadership and integrity would bring about change.
He also challenged Africans to take up the mantle of discipline, ensure environmental cleanliness and uphold personal dignity.
Contributing to a debate on “Leadership and Poverty Reduction” at the fifth African Business Leaders Forum in Accra yesterday, Dr Amoah said “Africa is not poor, but we have created poverty around us.”
Dr Amoah, who is leading Ghana’s preparation for Africa’s football fiesta next year, lamented the poor environmental hygiene in the cities of Africa.
He cited the filth that had engulfed the gutters in many African cities, which, he said, had created the impression of filth across Africa and therefore challenged Africans to ensure personal hygiene.
Dr Amoah again stated that reports of the government spending six per cent of the Gross Domestic Product (GDP) on malaria prevention and treatment were unacceptable, adding that the amount of $700 million could be used to cover drains and gutters to prevent malaria.
“Our lack of personal discipline and leadership has sidelined us from the rest of the world,” he stated, and called for a change of the mindset of Africans.
For his part, the Executive Chairman of Databank, Mr Ken Ofori-Atta, said there was the need for leaders across Africa to demonstrate compassion towards securing better conditions for the people.
He said the challenge facing the continent was the need to develop the requisite infrastructure that would free the people to exploit their potential to the full.
Mr Ofori-Atta stated that other countries, such as China and India, had been able to reduce poverty over a 30-year period. However, poverty in Africa had rather exacerbated over the same period and expected to be pervasive in the next decade.
The Governor of Ogun State in Nigeria, Mr Daniel Gbenga Otunba, in his contribution, said the era of aid for development was gone and that there was the need to ensure credible leadership that would tackle poverty at all levels.
He called on African governments to build market niches that would confer on them competitive advantages that would eventually reduce poverty.
Mr Ali Mufuruki, the Chairman of Infotech Investment Group, an investment group in Tanzania, called for leadership that would be robust and create wealth and also equip the youth with the requisite tools for development.
In his welcoming address, the Publisher of Business in Africa magazine and Founder of the African Business Leaders Forum, Mr Everest Ekong, said the forum was to create the platform for African business leaders to chart a new course for the continent.
He added that a unique feature of this year’s forum was the invitation of 101 young African leaders to create a spirit of information sharing and networking as well as create the environment for the young businessmen to network.
The two-day conference has attracted 64 renowned African business leaders across the continent and is on the theme “Leadership Through Partnership”.
It is the first time the forum was being organised outside South Africa. It was organised in collaboration with the Ghana@50 Secretariat.
Tuesday, October 16, 2007
Execise high sense of integrity- Baah Wiredu
Story: Boahene Asamoah & Zelda Boadi Appiah
THE Minister of Finance and Economic Planning, Mr Kwadwo Baah-Wiredu, has called on members of tender boards to exercise a high sense of integrity and accountability in the discharge of their duties.
He said members should be guided by the fact that public funds should be used judiciously for the public good.
The minister, who made this known in an address delivered on his behalf by the Chief Director of the Ministry, Nana Juaben Boateng Siriboe, at the formal launch of a nation-wide training programme organised by the Public Procurement Board (PPB) in Accra on Wednesday.
Mr Baah-Wiredu said there was the need to ensure a sense of professionalism in public procurement to ensure value for money and accountability adding that the Procurement Act had come to stay.
He said that the expenditure of public procurement represented about 50 to 70 per cent of the country’s Gross Domestic Product (GDP), and said a considerable part of the country’s resources were channelled through the country’s procurement system.
“Therefore, making procurement efficient and ensuring value for money would translate into better infrastructure and public services for the people,” Mr Baah-Wiredu said.
The minister said the human factor was critical in ensuring an efficient public procurement system in the country, adding that efforts at training and developing the capacity of actors were a welcomed news and deserved the support of all.
The Finance Minister said the country’s public procurement reform was increasingly becoming a centre of excellence within the African continent and was being closely monitored by the country’s development partners.
He said recent World Bank and Commonwealth country assessment conducted about three months ago highly rated the country’s public procurement, saying that “ we cannot afford to regress on the success chalked”.
The Chief Executive Officer of the procurement board, Mr Adjenim Boateng Adjei, said the passage of the procurement act was a bold initiative and very essential in government’s financial management reform programme.
He said the board had developed a broad capacity programme to cover short, medium and long-term human resource development.
Mr Adjei said the board, in conjunction with the Chartered Institute of Purchasing and Supply of the United Kingdom, the National Council on Tertiary Education (NCTE) and the National Board for Professional and Technical Examination (NABTEX), was assisting in the development of appropriate training modules for the course that would be delivered by accredited institutions from short term programmes to Higher National Diploma (HND) and degree programmes.
THE Minister of Finance and Economic Planning, Mr Kwadwo Baah-Wiredu, has called on members of tender boards to exercise a high sense of integrity and accountability in the discharge of their duties.
He said members should be guided by the fact that public funds should be used judiciously for the public good.
The minister, who made this known in an address delivered on his behalf by the Chief Director of the Ministry, Nana Juaben Boateng Siriboe, at the formal launch of a nation-wide training programme organised by the Public Procurement Board (PPB) in Accra on Wednesday.
Mr Baah-Wiredu said there was the need to ensure a sense of professionalism in public procurement to ensure value for money and accountability adding that the Procurement Act had come to stay.
He said that the expenditure of public procurement represented about 50 to 70 per cent of the country’s Gross Domestic Product (GDP), and said a considerable part of the country’s resources were channelled through the country’s procurement system.
“Therefore, making procurement efficient and ensuring value for money would translate into better infrastructure and public services for the people,” Mr Baah-Wiredu said.
The minister said the human factor was critical in ensuring an efficient public procurement system in the country, adding that efforts at training and developing the capacity of actors were a welcomed news and deserved the support of all.
The Finance Minister said the country’s public procurement reform was increasingly becoming a centre of excellence within the African continent and was being closely monitored by the country’s development partners.
He said recent World Bank and Commonwealth country assessment conducted about three months ago highly rated the country’s public procurement, saying that “ we cannot afford to regress on the success chalked”.
The Chief Executive Officer of the procurement board, Mr Adjenim Boateng Adjei, said the passage of the procurement act was a bold initiative and very essential in government’s financial management reform programme.
He said the board had developed a broad capacity programme to cover short, medium and long-term human resource development.
Mr Adjei said the board, in conjunction with the Chartered Institute of Purchasing and Supply of the United Kingdom, the National Council on Tertiary Education (NCTE) and the National Board for Professional and Technical Examination (NABTEX), was assisting in the development of appropriate training modules for the course that would be delivered by accredited institutions from short term programmes to Higher National Diploma (HND) and degree programmes.
Africa will still have access to EU markets, If it refuses to sign the EPAs
Story: Boahene Asamoah
CIVIL Society groups across Africa have said that African countries could still have access to the European markets if they do not sign the Economic Partnership Agreement (EPA) with the European Union (EU).
According to the civil society organisations, “the EU is bound by obligation under the Cotonou agreement, which has the force of international treaty with the ACP to maintain market access for countries that decide not to sign the EPAs.”
They described as false the European Union’s (EU’s) assertion that products from Africa would not have access to EU markets if African countries failed to sign the Economic Partnership Agreement.
“African countries do not need to sign EPAs to maintain their current market access levels to the European Union”, the civil society groups stated.
At a press conference, after a three-day strategic meeting in Accra, Civil Society Groups from about 30 African countries condemned the EU for abusing the December deadline to put unjustifiable pressure on African governments to concede to its terms.
Mr Thomas Deve, Project Officer for Mwengo, a Civil Society group from Zimbabwe, said African had everything to lose and nothing to gain by signing the Economic Partnership Agreements with the EU.
He said African countries could adopt the General System of Preference plus (GSP+) which would enable African countries to have access to EU market at levels similar to what they enjoy currently, adding that, “this can even be improved”.
He said “signing the EPA will trigger severe loss of jobs, threaten the peace of the continent, strangle Africa’s right to evolve and pursue its own agenda and lead to recolonisation of Africa by Europe.
Mr Deve added that the EPA, if signed would lead to the elimination of tariffs but any tariff reduction and elimination would necessarily involve huge fiscal costs and many costs of implementation for Africa and other African and Pacific (ACP) countries.
He said the EU promise of €2 billion under the European Development Fund (EDF) to help with the cost of adjustment under the EPAs was false, misplaced and at best self-serving.
He said the EU was also manipulating the expiration of the Cotonou waiver on December 31, 2007 to send panic waves to African leaders that African exporters will not have access to the European market after the deadline.
Mr Deve said
He expressed regret that in spite of the severe handicaps of the EPAs and the damage they would inflict on African economies and peoples, African leaders continued to negotiate for the EPAs, adding that “this is too much a price to pay”.
Mr Deve stated that the Cotonou agreement provided for countries not to sign on EPAs and said “African civil society organisations therefore call on our governments and negotiators to call the bluff of the European Union and reject the EPAs”.
CIVIL Society groups across Africa have said that African countries could still have access to the European markets if they do not sign the Economic Partnership Agreement (EPA) with the European Union (EU).
According to the civil society organisations, “the EU is bound by obligation under the Cotonou agreement, which has the force of international treaty with the ACP to maintain market access for countries that decide not to sign the EPAs.”
They described as false the European Union’s (EU’s) assertion that products from Africa would not have access to EU markets if African countries failed to sign the Economic Partnership Agreement.
“African countries do not need to sign EPAs to maintain their current market access levels to the European Union”, the civil society groups stated.
At a press conference, after a three-day strategic meeting in Accra, Civil Society Groups from about 30 African countries condemned the EU for abusing the December deadline to put unjustifiable pressure on African governments to concede to its terms.
Mr Thomas Deve, Project Officer for Mwengo, a Civil Society group from Zimbabwe, said African had everything to lose and nothing to gain by signing the Economic Partnership Agreements with the EU.
He said African countries could adopt the General System of Preference plus (GSP+) which would enable African countries to have access to EU market at levels similar to what they enjoy currently, adding that, “this can even be improved”.
He said “signing the EPA will trigger severe loss of jobs, threaten the peace of the continent, strangle Africa’s right to evolve and pursue its own agenda and lead to recolonisation of Africa by Europe.
Mr Deve added that the EPA, if signed would lead to the elimination of tariffs but any tariff reduction and elimination would necessarily involve huge fiscal costs and many costs of implementation for Africa and other African and Pacific (ACP) countries.
He said the EU promise of €2 billion under the European Development Fund (EDF) to help with the cost of adjustment under the EPAs was false, misplaced and at best self-serving.
He said the EU was also manipulating the expiration of the Cotonou waiver on December 31, 2007 to send panic waves to African leaders that African exporters will not have access to the European market after the deadline.
Mr Deve said
He expressed regret that in spite of the severe handicaps of the EPAs and the damage they would inflict on African economies and peoples, African leaders continued to negotiate for the EPAs, adding that “this is too much a price to pay”.
Mr Deve stated that the Cotonou agreement provided for countries not to sign on EPAs and said “African civil society organisations therefore call on our governments and negotiators to call the bluff of the European Union and reject the EPAs”.
Ghana, South Africa to strengthen eco ties
Story: Boahene Asamoah
GHANA and South Africa have agreed to strengthen trade links in agriculture, market access and investment in agro-processing.
The two countries also agreed to ensure technology transfer , co-operation in eco-tourism, infrastructural development and cultivation of forest plantation.
This was the outcome of a three-day technical meeting between the two countries on the Implementation of the Decisions on Trade, Investment, Tourism and Mining of the Permanent Joint Commission for Co-operation held in Accra.
Ghana and South Africa established a Permanent Joint Commission for Co-operation in Pretoria in May, 2007.
Following the establishment of the commission, a three-member delegation from the West African Bilateral Department of Trade and Industry of South Africa visited the country last week to begin a four-day technical meeting.
The South African delegation was led by Mrs Hester Obisi, the Director of the West Africa Bilaterals, Department of Trade and Industry of South Africa. The Ghanaian delegation was headed by the Executive Secretary of the Ghana Exports Promotion Council (GEPC), Mr Edward Collins Boateng.
A report issued at the end of the four-day technical meeting recommended the harmonisation of rules, regulations and standards for import and export of fauna and flora.
The report said Ghana reiterated the importance of the agro-processing sector to its economic development, and called for the deepening of Ghana-South African ties.
The delegates also agreed on exploring the possibility of accessing the Southern African Development Commission (SADC) markets through South Africa.
According to the report, Ghana invited South Africa to take advantage of opportunities in the agri-business and agro-processing industry to invest in the sector.
To that end, the two countries took note of the existing feasibility studies undertaken by the Federation of Associations of Ghanaian Exporters (FAGE) and the Post Harvest Technologies of South Africa for the establishment of an agro-processing factory in the country.
The report said the South African delegation was interested in learning from Ghana about some projects like the President’s Special Initiative, low cost housing, human resource development, bio fuels, transportation and communications infrastructure, tourism infrastructure, small business and co-operatives development and waste management.
The report said the two countries agreed on the need for an appropriate legal framework for preferential market access arrangements between the two countries, and also to speed up the legal process to ensure the coming into force of the bilateral trade agreement and the Memorandum of Understanding on economic co-operation.
GHANA and South Africa have agreed to strengthen trade links in agriculture, market access and investment in agro-processing.
The two countries also agreed to ensure technology transfer , co-operation in eco-tourism, infrastructural development and cultivation of forest plantation.
This was the outcome of a three-day technical meeting between the two countries on the Implementation of the Decisions on Trade, Investment, Tourism and Mining of the Permanent Joint Commission for Co-operation held in Accra.
Ghana and South Africa established a Permanent Joint Commission for Co-operation in Pretoria in May, 2007.
Following the establishment of the commission, a three-member delegation from the West African Bilateral Department of Trade and Industry of South Africa visited the country last week to begin a four-day technical meeting.
The South African delegation was led by Mrs Hester Obisi, the Director of the West Africa Bilaterals, Department of Trade and Industry of South Africa. The Ghanaian delegation was headed by the Executive Secretary of the Ghana Exports Promotion Council (GEPC), Mr Edward Collins Boateng.
A report issued at the end of the four-day technical meeting recommended the harmonisation of rules, regulations and standards for import and export of fauna and flora.
The report said Ghana reiterated the importance of the agro-processing sector to its economic development, and called for the deepening of Ghana-South African ties.
The delegates also agreed on exploring the possibility of accessing the Southern African Development Commission (SADC) markets through South Africa.
According to the report, Ghana invited South Africa to take advantage of opportunities in the agri-business and agro-processing industry to invest in the sector.
To that end, the two countries took note of the existing feasibility studies undertaken by the Federation of Associations of Ghanaian Exporters (FAGE) and the Post Harvest Technologies of South Africa for the establishment of an agro-processing factory in the country.
The report said the South African delegation was interested in learning from Ghana about some projects like the President’s Special Initiative, low cost housing, human resource development, bio fuels, transportation and communications infrastructure, tourism infrastructure, small business and co-operatives development and waste management.
The report said the two countries agreed on the need for an appropriate legal framework for preferential market access arrangements between the two countries, and also to speed up the legal process to ensure the coming into force of the bilateral trade agreement and the Memorandum of Understanding on economic co-operation.
Ghana can achieve MDGs'- Karlsson
Story: Boahene Asamoah
THE World Bank Country Director, Mr Mats Karlsson, has said the country was on course to achieving the Millennium Development Goals (MDGs) ahead of its peers given the good macro-economic stability of the economy.
He said achieving the MGD “is within range” adding that “we need to take all the opportunities and actions to ensure accelerated growth”.
Mr Karlsson stated that with the current situation regarding next year’s polls, there was the need to take bold and decisive actions that would not derail the progress so far made.
Mr Karlsson made this remarks at the World Bank’s Development Dialogue Series held in Accra yesterday.
The three-day dialogue series is on theme “Meeting the Challenges of Accelerated and Shared Growth in Ghana”. The dialogue was also to launch a comprehensive report on the Country Economic Memorandum (CEM) Dissemination.
He expressed optimism that the country could be the first among its peers to achieve the MDGs if the country could sustain its momentum of growth.
Mr Karlsson, however, said there were challenges that confronted the country such as the energy crisis and the large infrastructural gap that needed to be filled.
He said reaching the international markets was a good step but said it also came with challenges and said “ lets focus on how we can accelerate growth by taking actions that makes a real difference”.
The Minister of Finance and Economic Planning, Mr Kwadwo Baah-Wiredu, stated that infrastructural gaps especially in energy, water and sanitation needed to be addressed.
He said “the energy crisis has threatened the viability of many businesses, especially the manufacturing services shows how much more work we have on our hands”.
The minister said the government with the assistance of the former United Nations Secretary-General, Mr Kofi Annan was in touch with the Norwegian government to draw on their expertise in addressing the emerging oil discovery, its regulatory issues and other relevant matters.
“We need to overcome these constraints that remove us from our ultimate goals by continuing to improve the overall policy environment in key areas”, the minister stated.
The Governor of the Bank of Ghana, Dr Paul Acquah stated that the central bank was developing a strategic integrated framework for the development of the financial sector in the country.
He said the framework would add the micro and small operators to the internal global financial system to ensure the development of the economy.
Dr Acquah said evidence available indicated that all emerging economies have been able to achieve success with low inflation and said achieving a macro-economic stability was not sufficient to achieve growth and development.
He said there was the need to address the infrastructural gaps , ensure good economic management as well as deepen macro-economic stability.
The Executive Director of the Centre for Policy Analysis (CEPA), Dr Joe Abbey stated that there was the need to extend the cocoa hi-tech programme to cover other agricultural products to make the country reap the benefits of high prices on the international market.
Mr Kwame Pianim the Chairman of the Public Utilities Regulatory Commission (PURC), said there was the need to adopt the CEM report and implement it to suit the Ghanaian situation.
The World Bank development Dialogue series which started following a meeting with President Kufuor in February 2006 was aimed at promoting vibrant policy discourse on the country’s development agenda and to engage stakeholders in the country’s economic policies.
THE World Bank Country Director, Mr Mats Karlsson, has said the country was on course to achieving the Millennium Development Goals (MDGs) ahead of its peers given the good macro-economic stability of the economy.
He said achieving the MGD “is within range” adding that “we need to take all the opportunities and actions to ensure accelerated growth”.
Mr Karlsson stated that with the current situation regarding next year’s polls, there was the need to take bold and decisive actions that would not derail the progress so far made.
Mr Karlsson made this remarks at the World Bank’s Development Dialogue Series held in Accra yesterday.
The three-day dialogue series is on theme “Meeting the Challenges of Accelerated and Shared Growth in Ghana”. The dialogue was also to launch a comprehensive report on the Country Economic Memorandum (CEM) Dissemination.
He expressed optimism that the country could be the first among its peers to achieve the MDGs if the country could sustain its momentum of growth.
Mr Karlsson, however, said there were challenges that confronted the country such as the energy crisis and the large infrastructural gap that needed to be filled.
He said reaching the international markets was a good step but said it also came with challenges and said “ lets focus on how we can accelerate growth by taking actions that makes a real difference”.
The Minister of Finance and Economic Planning, Mr Kwadwo Baah-Wiredu, stated that infrastructural gaps especially in energy, water and sanitation needed to be addressed.
He said “the energy crisis has threatened the viability of many businesses, especially the manufacturing services shows how much more work we have on our hands”.
The minister said the government with the assistance of the former United Nations Secretary-General, Mr Kofi Annan was in touch with the Norwegian government to draw on their expertise in addressing the emerging oil discovery, its regulatory issues and other relevant matters.
“We need to overcome these constraints that remove us from our ultimate goals by continuing to improve the overall policy environment in key areas”, the minister stated.
The Governor of the Bank of Ghana, Dr Paul Acquah stated that the central bank was developing a strategic integrated framework for the development of the financial sector in the country.
He said the framework would add the micro and small operators to the internal global financial system to ensure the development of the economy.
Dr Acquah said evidence available indicated that all emerging economies have been able to achieve success with low inflation and said achieving a macro-economic stability was not sufficient to achieve growth and development.
He said there was the need to address the infrastructural gaps , ensure good economic management as well as deepen macro-economic stability.
The Executive Director of the Centre for Policy Analysis (CEPA), Dr Joe Abbey stated that there was the need to extend the cocoa hi-tech programme to cover other agricultural products to make the country reap the benefits of high prices on the international market.
Mr Kwame Pianim the Chairman of the Public Utilities Regulatory Commission (PURC), said there was the need to adopt the CEM report and implement it to suit the Ghanaian situation.
The World Bank development Dialogue series which started following a meeting with President Kufuor in February 2006 was aimed at promoting vibrant policy discourse on the country’s development agenda and to engage stakeholders in the country’s economic policies.
BoG/MiDA sign $82.4 million agreement
Story: Boahene Asamoah
THE Millennium Development Authority (MiDA) and the Bank of Ghana (BoG) yesterday signed an $82.4 million agreement for the implementation of an agricultural credit and financial service activities under the Millennium Challenge Compact.
The amount comprise a revolving facility of $58.4 million under the Agricultural Credit Activity — which includes $40.7 million as credit and $17.7 million for capacity building — and $24 million for the financial services activity.
The Chief Executive Officer of MiDA, Mr Martin Esson Benjamin, said at the ceremony that the agricultural credit programme of the fund would be issued to support an on-lending facility for the production of high-value horticultural and staple food crops and to finance related value chain activities in the 23 districts covered under the Millennium Challenge Account (MCA).
The MiDA is the authority set up to manage Ghana’s $547 million MCA compact signed between Ghana and the United States of America (USA).
Mr Esson-Benjamin stated that under the agriculture credit programme, funds would be made available through participating financial institutions to be accredited by the BoG.
He said group loans would be granted to farmer-based institutions which graduated from MiDA-run training programmes and also to support micro and small enterprises engaged in production, transportation, storage, marketing, processing and related value added activities involving high value horticultural crops.
He said the financial services activity which was in two parts was aimed at improving the National Payment system.
MiDA is providing a grant for the cheque codeline clearing system and the automated clearing house system at the BoG as well as funding the review of the National Payment System laws, the CEO stated.
Under the financial services activity, MCA funds would be used to sponsor a three-year nation-wide public awareness campaign on the use of the payment systems available through the banking sector.
Mr Esson-Benjamin added that MiDA would also fund the computerisation and automation of all rural banks in the country and to some extent, savings and loans companies, in collaboration with the ARB Apex Bank.
The Governor of the Bank of Ghana, Dr Paul Acquah, said the agreement was in line with the bank’s financial sector strategy.
He said the central bank had started the Ghana Interbank Payment System, a comprehensive platform for the financial sector, which involved the use of a biometric smart card.
Dr Acquah said the system would ensure an electronic means of payment that would be used to reach a large majority of the unbanked in the country.
THE Millennium Development Authority (MiDA) and the Bank of Ghana (BoG) yesterday signed an $82.4 million agreement for the implementation of an agricultural credit and financial service activities under the Millennium Challenge Compact.
The amount comprise a revolving facility of $58.4 million under the Agricultural Credit Activity — which includes $40.7 million as credit and $17.7 million for capacity building — and $24 million for the financial services activity.
The Chief Executive Officer of MiDA, Mr Martin Esson Benjamin, said at the ceremony that the agricultural credit programme of the fund would be issued to support an on-lending facility for the production of high-value horticultural and staple food crops and to finance related value chain activities in the 23 districts covered under the Millennium Challenge Account (MCA).
The MiDA is the authority set up to manage Ghana’s $547 million MCA compact signed between Ghana and the United States of America (USA).
Mr Esson-Benjamin stated that under the agriculture credit programme, funds would be made available through participating financial institutions to be accredited by the BoG.
He said group loans would be granted to farmer-based institutions which graduated from MiDA-run training programmes and also to support micro and small enterprises engaged in production, transportation, storage, marketing, processing and related value added activities involving high value horticultural crops.
He said the financial services activity which was in two parts was aimed at improving the National Payment system.
MiDA is providing a grant for the cheque codeline clearing system and the automated clearing house system at the BoG as well as funding the review of the National Payment System laws, the CEO stated.
Under the financial services activity, MCA funds would be used to sponsor a three-year nation-wide public awareness campaign on the use of the payment systems available through the banking sector.
Mr Esson-Benjamin added that MiDA would also fund the computerisation and automation of all rural banks in the country and to some extent, savings and loans companies, in collaboration with the ARB Apex Bank.
The Governor of the Bank of Ghana, Dr Paul Acquah, said the agreement was in line with the bank’s financial sector strategy.
He said the central bank had started the Ghana Interbank Payment System, a comprehensive platform for the financial sector, which involved the use of a biometric smart card.
Dr Acquah said the system would ensure an electronic means of payment that would be used to reach a large majority of the unbanked in the country.
Entreprenuers urged to seek knowledge
Story: Boahene Asamoah
THE Chief Executive Officer of Empretech Ghana Foundation, Nana Tweneboa-Boateng, has called on Ghanaian entrepreneurs to continuously upgrade their knowledge to stay on top of their businesses.
Speaking at the Greater Accra Chapter of the Ghana National Chamber of Commerce and Industry in Accra, Nana Tweneboa-Boateng stated that “mere wishes to establish a copy was not enough to start a business, but rather one must exhibit relative knowledge and capacity to go into business.”
The CEO said many people were doing business without attaining any training programmes to update their knowledge in acquiring the relevant managerial skills, and said that had accounted for the poor entrepreneurial spirit in the country.
Nana Tweneboa-Boateng, therefore, called on members of the chamber to take advantage of the numerous training programmes the foundation and other institutions offered to exhibit skills in management and entrepreneurship.
He said global trends in doing business required that entrepreneurs constantly upgraded their skills and knowledge in order to be on top of their jobs.
He again called on members of the chamber to be proactive in seeking information that would position them to take advantage of the many opportunities that existed in the country.
A senior official of Leaseafric Ghana Limited, a leasing company, Mr Ekow Denise, said leasing offered great opportunities for small-and medium-scale enterprises (SMEs) in the country.
He said leasing offered SMEs the opportunity to lease equipment necessary for expansion of their business, while giving them the opportunity to improve on their cash flow.
Mr Denise said unlike other financial sources, leasing could provide total finance for the purchase of equipment, explaining that that was a simple method of accessing equipment for use.
THE Chief Executive Officer of Empretech Ghana Foundation, Nana Tweneboa-Boateng, has called on Ghanaian entrepreneurs to continuously upgrade their knowledge to stay on top of their businesses.
Speaking at the Greater Accra Chapter of the Ghana National Chamber of Commerce and Industry in Accra, Nana Tweneboa-Boateng stated that “mere wishes to establish a copy was not enough to start a business, but rather one must exhibit relative knowledge and capacity to go into business.”
The CEO said many people were doing business without attaining any training programmes to update their knowledge in acquiring the relevant managerial skills, and said that had accounted for the poor entrepreneurial spirit in the country.
Nana Tweneboa-Boateng, therefore, called on members of the chamber to take advantage of the numerous training programmes the foundation and other institutions offered to exhibit skills in management and entrepreneurship.
He said global trends in doing business required that entrepreneurs constantly upgraded their skills and knowledge in order to be on top of their jobs.
He again called on members of the chamber to be proactive in seeking information that would position them to take advantage of the many opportunities that existed in the country.
A senior official of Leaseafric Ghana Limited, a leasing company, Mr Ekow Denise, said leasing offered great opportunities for small-and medium-scale enterprises (SMEs) in the country.
He said leasing offered SMEs the opportunity to lease equipment necessary for expansion of their business, while giving them the opportunity to improve on their cash flow.
Mr Denise said unlike other financial sources, leasing could provide total finance for the purchase of equipment, explaining that that was a simple method of accessing equipment for use.
Inflation up by 0.3%
Story: Boahene Asamoah
THE Consumer Price Index (CPI), which measures the annual rate of changes in the prices of goods and services in the country, for the month of August this year, inched up by 0.3 per cent to 10.4 per cent, from the previous month’s figure of 10.1 per cent.
Announcing the figures at the press conference yesterday, the Deputy Government Statistician, Prof. Nicholas N.N. Nsowah-Nuamah, said the non-food group contributed to the upward increase of the CPI by 0.47 points.
The rate showed signs of easing off after dropping to 10.7 per cent in June from 11 per cent recorded in May. In the month of April the rate stood at 10.5 per cent
Earlier in the year the rate had fallen from 10.9 to 10.4 per cent between January and February 2007.
Prof Nsowah-Nuamah said under the non-food group, transportation contributed the highest of the CPI, with a gain of 0.21 points, and pointed out that the food and beverages group contributed negatively to the change.
In July, the National Petroleum Authority (NPA) announced an increase in the petroleum. Anaylsts believe that the upward move in the petroleum prices might have caused the increase in transportation.
Prof Nsowah-Nuamah said the health group under the non-food component also increased by 0.06 points, while housing, water, electricity, gas and other utilities accounted for 0.05 points increase.
He said within the food and beverages group, fish recorded the highest downward movement of negative 0.16 points to the change in the national index with smoked herrings, ‘kpala’ and dried fish contributing negatives of 0.17 points, 0.02 points and 0.01 points respectively.
The Ghana Statistical Service has re-based the CPI year to 2002 from the old base year of 1997, starting from January this year.
The new base year featured a number of changes as compared to the old one, which included the updates in the weights of the consumption basket from the 1991/1992 Ghana Living Standards Survey (GLSS) expenditure levels to the 1989/1999 GLSS expenditure levels”.
Additionally, the presentation of the CPI had been expanded to include indices on the 10 regions of the country.
THE Consumer Price Index (CPI), which measures the annual rate of changes in the prices of goods and services in the country, for the month of August this year, inched up by 0.3 per cent to 10.4 per cent, from the previous month’s figure of 10.1 per cent.
Announcing the figures at the press conference yesterday, the Deputy Government Statistician, Prof. Nicholas N.N. Nsowah-Nuamah, said the non-food group contributed to the upward increase of the CPI by 0.47 points.
The rate showed signs of easing off after dropping to 10.7 per cent in June from 11 per cent recorded in May. In the month of April the rate stood at 10.5 per cent
Earlier in the year the rate had fallen from 10.9 to 10.4 per cent between January and February 2007.
Prof Nsowah-Nuamah said under the non-food group, transportation contributed the highest of the CPI, with a gain of 0.21 points, and pointed out that the food and beverages group contributed negatively to the change.
In July, the National Petroleum Authority (NPA) announced an increase in the petroleum. Anaylsts believe that the upward move in the petroleum prices might have caused the increase in transportation.
Prof Nsowah-Nuamah said the health group under the non-food component also increased by 0.06 points, while housing, water, electricity, gas and other utilities accounted for 0.05 points increase.
He said within the food and beverages group, fish recorded the highest downward movement of negative 0.16 points to the change in the national index with smoked herrings, ‘kpala’ and dried fish contributing negatives of 0.17 points, 0.02 points and 0.01 points respectively.
The Ghana Statistical Service has re-based the CPI year to 2002 from the old base year of 1997, starting from January this year.
The new base year featured a number of changes as compared to the old one, which included the updates in the weights of the consumption basket from the 1991/1992 Ghana Living Standards Survey (GLSS) expenditure levels to the 1989/1999 GLSS expenditure levels”.
Additionally, the presentation of the CPI had been expanded to include indices on the 10 regions of the country.
Revenue Board to deepen its supervisory role
Story: Boahene Asamoah
THE Revenue Agency Governing Board (RAGB) is to deepen its supervisory role over all the tax agencies, to help reduce to the barest minimum processes of tax procedures at the country’s ports.
It will also undertake capacity building to strengthen the human resource needs of the tax agencies.
At the Tax Collectors Awards in Accra, the Chairman of the RAGB, Mr Kwabena Osei, said the move was part of the board’s strategies to ensure efficiency in tax mobilisation in the country.
He said there was the need to ensure efficiency in tax processes in order to strengthen the human resources of the tax agencies to ensure that the country generated the needed revenues.
The RAGB instituted the awards scheme three years ago to reward its stakeholders. The two previous awards were given to companies and organisations.
This year’s award is the first to be awarded to staff of the three main tax collection agencies, namely, the Customs, Excise and Preventive Service (CEPS), the Internal Revenue Service (IRS) and the Value Added Tax (VAT) Service.
In all, about 50 personnel from the three tax organisations from all over the country were rewarded for their dedication to duty and also for helping to increase tax revenue.
Mr Osei said over the past five years, revenue had increased from GH¢6.6 billion (¢6.65 trillion) to GH¢23.7 billion (¢23.7 billion) and expressed the hope that the trend in the increase of tax revenue would be sustained.
He said the agency would pursue policies that would ensure that tax revenue was enhanced to ensure that the government was able to generate the needed resources for development.
Mr Osei said as a first step, the agency would next year sponsor two persons each who had distinguished themselves from the three agencies to undergo training abroad as part of a programme to enhance the capacity of the staff and also to motivate them.
A Minister of State at the Ministry of Finance and Economic Planning, Mr Anthony Akoto-Osei, said the ministry was devising strategies that would ensure tax compliance of all individuals and companies to ensure that the country derived maximum revenue for development.
He said the government was mindful of the fact that there was also the need to motivate the staff of the revenue agencies and said the government was in support of the award scheme.
Mr Akoto-Osei stated that although indications were that as of July this year the revenue target had been exceeded by 1.3 per cent, there was the need for the agencies to double their efforts.
He said there was also the need to broaden the tax base to rope in more people to accelerate the country’s development agenda.
The Executive Secretary of the RAGB, Mr Harry Owusu, stated that the awards were meant to recognise the contributions of staff of the three agencies who had distinguished themselves creditably during the course of last year.
THE Revenue Agency Governing Board (RAGB) is to deepen its supervisory role over all the tax agencies, to help reduce to the barest minimum processes of tax procedures at the country’s ports.
It will also undertake capacity building to strengthen the human resource needs of the tax agencies.
At the Tax Collectors Awards in Accra, the Chairman of the RAGB, Mr Kwabena Osei, said the move was part of the board’s strategies to ensure efficiency in tax mobilisation in the country.
He said there was the need to ensure efficiency in tax processes in order to strengthen the human resources of the tax agencies to ensure that the country generated the needed revenues.
The RAGB instituted the awards scheme three years ago to reward its stakeholders. The two previous awards were given to companies and organisations.
This year’s award is the first to be awarded to staff of the three main tax collection agencies, namely, the Customs, Excise and Preventive Service (CEPS), the Internal Revenue Service (IRS) and the Value Added Tax (VAT) Service.
In all, about 50 personnel from the three tax organisations from all over the country were rewarded for their dedication to duty and also for helping to increase tax revenue.
Mr Osei said over the past five years, revenue had increased from GH¢6.6 billion (¢6.65 trillion) to GH¢23.7 billion (¢23.7 billion) and expressed the hope that the trend in the increase of tax revenue would be sustained.
He said the agency would pursue policies that would ensure that tax revenue was enhanced to ensure that the government was able to generate the needed resources for development.
Mr Osei said as a first step, the agency would next year sponsor two persons each who had distinguished themselves from the three agencies to undergo training abroad as part of a programme to enhance the capacity of the staff and also to motivate them.
A Minister of State at the Ministry of Finance and Economic Planning, Mr Anthony Akoto-Osei, said the ministry was devising strategies that would ensure tax compliance of all individuals and companies to ensure that the country derived maximum revenue for development.
He said the government was mindful of the fact that there was also the need to motivate the staff of the revenue agencies and said the government was in support of the award scheme.
Mr Akoto-Osei stated that although indications were that as of July this year the revenue target had been exceeded by 1.3 per cent, there was the need for the agencies to double their efforts.
He said there was also the need to broaden the tax base to rope in more people to accelerate the country’s development agenda.
The Executive Secretary of the RAGB, Mr Harry Owusu, stated that the awards were meant to recognise the contributions of staff of the three agencies who had distinguished themselves creditably during the course of last year.
Ghana to host stock exchanges conference
Story: Boahene Asamoah
GHANA will next month host the 11th African Securities Exchanges Association (ASEA) conference and annual general meeting in Accra.
ASEA is made up of 18 Stock Exchanges, across 25 African countries.
Delegates from mainly African countries and other countries are expected to participate in the three-day conference, which will provide the participants the opportunity to forge partnership and collaboration between African bourses and other exchanges.
The conference is expected to bring together government officials, regulators, stock brokers, fund managers and investment analysts from all over the world.
Launching the 11th ASEA conference in Accra yesterday, the Managing Director of the Ghana Stock Exchange (GSE), Mr K.S. Yamoah said the conference would be on the theme “African Capital Markets; The next Investment Frontier” and it was aimed at focusing on important issues affecting African capital markets.
The conference would look at tapping the specific experiences of different African markets to assist in accelerating economic growth through greater and quality investment in Africa.
It would also help in strategising by African stock exchanges to play more meaningful roles in the development of their respective economies.
Mr Yamoah stated that the association was established with the objective of establishing a systematic mutual co-operation; exchange of information, materials and persons; mutual assistance as well as the organisation of joint programmes between the members.
He said the association also offered assistance to members in the establishment of stock exchanges and the development of financial instruments and the promotion of stockbrokers and dealers.
Mr Yamoah said the theme was appropriate as fund managers all over the world had begun to look at African capital markets as a means of diversifying their investment portfolio.
The General Manager of the GSE, Mr Ekow Afedzi, said the conference would comprise an annual general meeting and a conference.
Mr Afedzi said for the first time there would be a policy roundtable to bring together policy makers and other stakeholders to fashion out policies that would develop further the African capital markets.
Kenya, South Africa, Nigeria, Egypt, Mauritius and Zambia among other countries have hosted the ASEA conference in the past.
Speakers would include Mr Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning, Dr Mrs Ndi Okereke-Onyiuke, Director General of the Nigerian Stock Exchange and other speakers from Africa and abroad.
GHANA will next month host the 11th African Securities Exchanges Association (ASEA) conference and annual general meeting in Accra.
ASEA is made up of 18 Stock Exchanges, across 25 African countries.
Delegates from mainly African countries and other countries are expected to participate in the three-day conference, which will provide the participants the opportunity to forge partnership and collaboration between African bourses and other exchanges.
The conference is expected to bring together government officials, regulators, stock brokers, fund managers and investment analysts from all over the world.
Launching the 11th ASEA conference in Accra yesterday, the Managing Director of the Ghana Stock Exchange (GSE), Mr K.S. Yamoah said the conference would be on the theme “African Capital Markets; The next Investment Frontier” and it was aimed at focusing on important issues affecting African capital markets.
The conference would look at tapping the specific experiences of different African markets to assist in accelerating economic growth through greater and quality investment in Africa.
It would also help in strategising by African stock exchanges to play more meaningful roles in the development of their respective economies.
Mr Yamoah stated that the association was established with the objective of establishing a systematic mutual co-operation; exchange of information, materials and persons; mutual assistance as well as the organisation of joint programmes between the members.
He said the association also offered assistance to members in the establishment of stock exchanges and the development of financial instruments and the promotion of stockbrokers and dealers.
Mr Yamoah said the theme was appropriate as fund managers all over the world had begun to look at African capital markets as a means of diversifying their investment portfolio.
The General Manager of the GSE, Mr Ekow Afedzi, said the conference would comprise an annual general meeting and a conference.
Mr Afedzi said for the first time there would be a policy roundtable to bring together policy makers and other stakeholders to fashion out policies that would develop further the African capital markets.
Kenya, South Africa, Nigeria, Egypt, Mauritius and Zambia among other countries have hosted the ASEA conference in the past.
Speakers would include Mr Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning, Dr Mrs Ndi Okereke-Onyiuke, Director General of the Nigerian Stock Exchange and other speakers from Africa and abroad.
Auto leasing: A vital tool for equipment financing
Story: Boahene Asamoah
AUTO-LEASING has become one of the important means of equipment financing in the country’s leasing sector, representing about 48.4 per cent of assets financed as of the end of last year.
According to a report on Leasing in Ghana by the International Finance Corporation (IFC), construction and mining lease accounts for 24.93 per cent, production equipment represents 16.93 per cent, office equipment, 7.96 per cent and other forms of lease accounts for 2.31 per cent.
The PNDC Law 331 of 1993 defined finance lease as a written agreement between two parties whereby one of the parties (known as lessor) undertakes to lease to the lessee for the latter’s use only and against payment of mutually agreed lease rentals over a specified non-cancellable period.
The report said there had been tremendous growth in the leasing sector of the economy as a result of the awareness created and regulation in the financial sector.
Additionally, there has been an increase in the number of leasing firms from five to 12 as result of the Banking Act 2004, which mandates banks to undertake universal banking concept.
These firms are Leasafric Ghana, Horizon Leasing dxz & Finance Company, Ghana Leasing Company, Dalex Finance and Leasing, and IFS Finance and Leasing. These are non-bank lessors. The bank lessors are Ecobank, Merchant Bank, Ghana, Barclays Bank Ghana, Stanbic Bank Ghana, Guaranty Trust Bank, Zenith Bank Ghana and Amalgamated Bank Ghana
The leasing industry had been dominated by non-bank lessors over the past few years and the banks are beginning to take over the business.
Significantly, the independent leasing companies are losing market share to the bank lessors and this trend is expected to continue.
As of the end of 2006, bank lessors led the way in the value of leases with 51 per cent as against 49 per cent by non-bank lessors.
Total market share for non-bank lessors (gross lease receivable) also decreased from about 80 per cent in 2005 to less than 53 per cent in 2006.
According to the report, the growth in the domestic leasing market has been driven mainly by the bank lessors. In 2006, the total value of equipment acquired through a lease (new lease, bank and non-bank) increased by more than 114 per cent over that of 2005.
Within the same period, the value of new leases written by bank lessors increased by more than 119 per cent.
There has been consistent growth in the leasing sector in the country since 2001. However, the growth between 2005 and 2006 was especially remarkable.
Total lease portfolio (gross lease receivables increased from GH¢27.3 million (¢273 billion) to over GH¢47.4 million (¢474 billion), representing an overall growth of 73.6 per cent. The growth is attributed to banks’ lessors whose portfolio increased by almost 300 per cent.
The non-bank lessors have also significantly increased their levels of activity. Total value of new lease written by non-bank lessors increased by over 108 per cent while their overall lease portfolio increased by 17.17 per cent, indicating the total growth in the industry.
In terms of the regional distribution of leases, Greater Accra accounts for 82 per cent of all leases. This, the report indicates, is that all the non-bank leasing companies which control the market are located in Accra and do not have branches in other regions.
However, the report states that with banks now involved in leasing and with wider branch networks, it is expected that the number of leases booked from the other regions would gradually increase.
The Ashanti Region accounts for eight per cent, Western Region six per cent, Central and Eastern regions three and one per cent respectively.
The duration of a finance lease transaction in the country ranges from 12 months to 60 months. Typically, the average lease period for a leasing transaction is 36 months. However, operating lease agreements are usually less than 12 months.
Some of the prominent non-bank companies that offer leasing products in the country are Leasafric Ghana, Horizon Leasing & Finance Company, Ghana Leasing Company, Dalex Finance and Leasing, and IFS Finance and Leasing.
AUTO-LEASING has become one of the important means of equipment financing in the country’s leasing sector, representing about 48.4 per cent of assets financed as of the end of last year.
According to a report on Leasing in Ghana by the International Finance Corporation (IFC), construction and mining lease accounts for 24.93 per cent, production equipment represents 16.93 per cent, office equipment, 7.96 per cent and other forms of lease accounts for 2.31 per cent.
The PNDC Law 331 of 1993 defined finance lease as a written agreement between two parties whereby one of the parties (known as lessor) undertakes to lease to the lessee for the latter’s use only and against payment of mutually agreed lease rentals over a specified non-cancellable period.
The report said there had been tremendous growth in the leasing sector of the economy as a result of the awareness created and regulation in the financial sector.
Additionally, there has been an increase in the number of leasing firms from five to 12 as result of the Banking Act 2004, which mandates banks to undertake universal banking concept.
These firms are Leasafric Ghana, Horizon Leasing dxz & Finance Company, Ghana Leasing Company, Dalex Finance and Leasing, and IFS Finance and Leasing. These are non-bank lessors. The bank lessors are Ecobank, Merchant Bank, Ghana, Barclays Bank Ghana, Stanbic Bank Ghana, Guaranty Trust Bank, Zenith Bank Ghana and Amalgamated Bank Ghana
The leasing industry had been dominated by non-bank lessors over the past few years and the banks are beginning to take over the business.
Significantly, the independent leasing companies are losing market share to the bank lessors and this trend is expected to continue.
As of the end of 2006, bank lessors led the way in the value of leases with 51 per cent as against 49 per cent by non-bank lessors.
Total market share for non-bank lessors (gross lease receivable) also decreased from about 80 per cent in 2005 to less than 53 per cent in 2006.
According to the report, the growth in the domestic leasing market has been driven mainly by the bank lessors. In 2006, the total value of equipment acquired through a lease (new lease, bank and non-bank) increased by more than 114 per cent over that of 2005.
Within the same period, the value of new leases written by bank lessors increased by more than 119 per cent.
There has been consistent growth in the leasing sector in the country since 2001. However, the growth between 2005 and 2006 was especially remarkable.
Total lease portfolio (gross lease receivables increased from GH¢27.3 million (¢273 billion) to over GH¢47.4 million (¢474 billion), representing an overall growth of 73.6 per cent. The growth is attributed to banks’ lessors whose portfolio increased by almost 300 per cent.
The non-bank lessors have also significantly increased their levels of activity. Total value of new lease written by non-bank lessors increased by over 108 per cent while their overall lease portfolio increased by 17.17 per cent, indicating the total growth in the industry.
In terms of the regional distribution of leases, Greater Accra accounts for 82 per cent of all leases. This, the report indicates, is that all the non-bank leasing companies which control the market are located in Accra and do not have branches in other regions.
However, the report states that with banks now involved in leasing and with wider branch networks, it is expected that the number of leases booked from the other regions would gradually increase.
The Ashanti Region accounts for eight per cent, Western Region six per cent, Central and Eastern regions three and one per cent respectively.
The duration of a finance lease transaction in the country ranges from 12 months to 60 months. Typically, the average lease period for a leasing transaction is 36 months. However, operating lease agreements are usually less than 12 months.
Some of the prominent non-bank companies that offer leasing products in the country are Leasafric Ghana, Horizon Leasing & Finance Company, Ghana Leasing Company, Dalex Finance and Leasing, and IFS Finance and Leasing.
Professionals must change mindset — Winful
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KPMG (fin)
Story: Boahene Asamoah
A SENIOR Partner at KPMG, an international tax, audit and advisory firm, Mr Joseph B. Winful, has called for a change of mindset of Ghanaian professionals to ensure high ethical standards in their professional duties.
He also called for the enforcement of rules, regulations and codes of conduct for professional bodies to ensure that the right thing was done.
Speaking at a seminar on Professional Ethics and its Relevance to Good Governance in Accra, Mr Winful stated that professionals were equally to be blamed for the woes and the poverty that had bedevilled the country and the African continent at large.
The one-day seminar was in collaboration with the Institute of Chartered Accountants, Ghana (ICAG).
He said in most cases, professionals had compromised and shown incompetence, adding that there was also pervasive cronyism that had contributed to lower ethical standards within professional bodies in the country.
The senior partner urged all professionals to take personal responsibility for their actions and also to subject themselves to higher principles, as well as exercise self- management.
Mr Wilful stated that there was the need to ensure that rules and regulations were applied to the letter, and also to ensure that there was no fear or favour in the application of professionalism.
The Director of Budget at the Ministry of Finance and Economic Planning, Mr Kwabena Adjei Mensah, who spoke on behalf of the Minister, Mr Kwadwo Baah-Wiredu, said the governments over the past years had improved the budgetary process by ensuring transparency, making it broad-based and was linked to the country’s development agenda.
He said “ a strong financial management is not a luxury but a requirement”, adding that the government was committed to improving further the financial management of the country.
He also urged professionals to ensure a balance between assessment, humility and diligence to ensure high ethical standards.
The President of the ICAG, Prof Ato Ghartey, said the issue of ethics was an important one, saying that “we are made to see compliance with culture, the law, regulation or ethical code as the goal more than the standing point of ethical decision making”.
KPMG (fin)
Story: Boahene Asamoah
A SENIOR Partner at KPMG, an international tax, audit and advisory firm, Mr Joseph B. Winful, has called for a change of mindset of Ghanaian professionals to ensure high ethical standards in their professional duties.
He also called for the enforcement of rules, regulations and codes of conduct for professional bodies to ensure that the right thing was done.
Speaking at a seminar on Professional Ethics and its Relevance to Good Governance in Accra, Mr Winful stated that professionals were equally to be blamed for the woes and the poverty that had bedevilled the country and the African continent at large.
The one-day seminar was in collaboration with the Institute of Chartered Accountants, Ghana (ICAG).
He said in most cases, professionals had compromised and shown incompetence, adding that there was also pervasive cronyism that had contributed to lower ethical standards within professional bodies in the country.
The senior partner urged all professionals to take personal responsibility for their actions and also to subject themselves to higher principles, as well as exercise self- management.
Mr Wilful stated that there was the need to ensure that rules and regulations were applied to the letter, and also to ensure that there was no fear or favour in the application of professionalism.
The Director of Budget at the Ministry of Finance and Economic Planning, Mr Kwabena Adjei Mensah, who spoke on behalf of the Minister, Mr Kwadwo Baah-Wiredu, said the governments over the past years had improved the budgetary process by ensuring transparency, making it broad-based and was linked to the country’s development agenda.
He said “ a strong financial management is not a luxury but a requirement”, adding that the government was committed to improving further the financial management of the country.
He also urged professionals to ensure a balance between assessment, humility and diligence to ensure high ethical standards.
The President of the ICAG, Prof Ato Ghartey, said the issue of ethics was an important one, saying that “we are made to see compliance with culture, the law, regulation or ethical code as the goal more than the standing point of ethical decision making”.
‘Take advantage of credit facilities’
Story: Boahene Asamoah
THE Managing Director of the Guarantee Fund for Private Investments in West Africa (GARI), Mr Pierre Yaovi Sedjro, has called on the private sector in Ghana to take advantage of opportunities offered by the fund to expand their business activities in the sub-region.
He expressed regret that given the increasing economic activities in the country, the fund had been able to approve only one proposal in the country since its 11 years of existence.
“This is a drop in the ocean, given the increasing economic activity in Ghana”, Mr Sedjro stated.
Mr Sedjro made this known at the forum on Financial Guarantee for Investments, which was organised by GARI with support from ProInvest and Perform Strategy in Accra yesterday.
He said the sub-region had huge potential for the private sector to do business, especially in the small and medium scale Enterprises (SMEs) sector.
He said over the past 11 years, the fund had provided funds to the tune of $162 million and had invested a total of $1.174 billion in over 100 projects across the sub-region.
“In spite of these achievements, it is a modest one since the potential in the sub-region is huge”, Mr Sedjro stated.
He said the fund was determined to contribute to the development of the private sector and support the operations of the financial sector to ensure investments and development.
The First Counsellor and Head of Marco-Economic and Trade Sector of the delegation of the European Commission in Ghana, Mr Dick Naezer, said there were tremendous opportunities for development in the sub-region and added that that would only come about when there was an investment-friendly climate.
He said the adoption of the Growth and Poverty Reduction Strategy (GPRS II) by the government was a clear indication that the growth component was very important in the country’s development agenda.
He said private investments were also an important source of development and indicated that over the past few years private sources of funds were pushing away public funding in the sub-region.
Mr Naezer said the forum was timely since the sub-region was strengthening its regional integration process.
The chairman of the of the Board of Administrators of the Eximgaranty Ghana Limited, Mr Felix Ntirakwa, said the synergy between Eximgaranty and GARI was to support the private sector to effectively access funds for development.
He called on participants to take advantage of the funds available to enable them grow their businesses beyond the shores of this country.
THE Managing Director of the Guarantee Fund for Private Investments in West Africa (GARI), Mr Pierre Yaovi Sedjro, has called on the private sector in Ghana to take advantage of opportunities offered by the fund to expand their business activities in the sub-region.
He expressed regret that given the increasing economic activities in the country, the fund had been able to approve only one proposal in the country since its 11 years of existence.
“This is a drop in the ocean, given the increasing economic activity in Ghana”, Mr Sedjro stated.
Mr Sedjro made this known at the forum on Financial Guarantee for Investments, which was organised by GARI with support from ProInvest and Perform Strategy in Accra yesterday.
He said the sub-region had huge potential for the private sector to do business, especially in the small and medium scale Enterprises (SMEs) sector.
He said over the past 11 years, the fund had provided funds to the tune of $162 million and had invested a total of $1.174 billion in over 100 projects across the sub-region.
“In spite of these achievements, it is a modest one since the potential in the sub-region is huge”, Mr Sedjro stated.
He said the fund was determined to contribute to the development of the private sector and support the operations of the financial sector to ensure investments and development.
The First Counsellor and Head of Marco-Economic and Trade Sector of the delegation of the European Commission in Ghana, Mr Dick Naezer, said there were tremendous opportunities for development in the sub-region and added that that would only come about when there was an investment-friendly climate.
He said the adoption of the Growth and Poverty Reduction Strategy (GPRS II) by the government was a clear indication that the growth component was very important in the country’s development agenda.
He said private investments were also an important source of development and indicated that over the past few years private sources of funds were pushing away public funding in the sub-region.
Mr Naezer said the forum was timely since the sub-region was strengthening its regional integration process.
The chairman of the of the Board of Administrators of the Eximgaranty Ghana Limited, Mr Felix Ntirakwa, said the synergy between Eximgaranty and GARI was to support the private sector to effectively access funds for development.
He called on participants to take advantage of the funds available to enable them grow their businesses beyond the shores of this country.
Producer Price Index inched up by 0.83
Story: Boahene Asamoah
THE Producer Price Index (PPI), which measures the average changeover time in the prices received by domestic producers for the production of their goods and services, inched up by 0.83 per cent for the month of August this year.
For the month of July, however, it edged up by 0.99 per cent.
Briefing the press in Accra on Friday, the Deputy Government Statistician, Prof. Nicholas N.N. Nsowah-Nuamah, said the manufacturing index inched up by 0.81 per cent, while the index for mining and quarrying also edged up by 1.29 per cent.
He said the utilities index, on the other hand, remained unchanged for the period under review and explained that the rise in the mining index was from the mining of non-ferrous metal ores, excluding uranium and thorium.
The deputy director said that the index for quarrying of stone, sand and clay inched by 0.32 after recording no change in the previous month, while the index for salt mining slightly went up 0.18 per cent after it dropped by 7.72 per cent in the previous month.
Prof. Nsowah-Nuamah said “the manufacture of plastic products, manufacturers of footwear, other fabricated metal products, metalworking service activities, refined petroleum production, processing and preservation of meat, fish, fruit, vegetables, oil and fats all showed increases in their indices”.
He said the utilities index, which comprised production, transmission and distribution of electricity and collection, purification and distribution of water, remained unchanged following the same trend in the previous month’s index.
The PPI measures price change from the perspective of the producer. This contrasts with other measures such as the Consumer Price Index (CPI), which measure price change from the purchasers’ perspective.
Prices of approximately 950 items are collected from 209 establishments each month to determine the changes in the index.
THE Producer Price Index (PPI), which measures the average changeover time in the prices received by domestic producers for the production of their goods and services, inched up by 0.83 per cent for the month of August this year.
For the month of July, however, it edged up by 0.99 per cent.
Briefing the press in Accra on Friday, the Deputy Government Statistician, Prof. Nicholas N.N. Nsowah-Nuamah, said the manufacturing index inched up by 0.81 per cent, while the index for mining and quarrying also edged up by 1.29 per cent.
He said the utilities index, on the other hand, remained unchanged for the period under review and explained that the rise in the mining index was from the mining of non-ferrous metal ores, excluding uranium and thorium.
The deputy director said that the index for quarrying of stone, sand and clay inched by 0.32 after recording no change in the previous month, while the index for salt mining slightly went up 0.18 per cent after it dropped by 7.72 per cent in the previous month.
Prof. Nsowah-Nuamah said “the manufacture of plastic products, manufacturers of footwear, other fabricated metal products, metalworking service activities, refined petroleum production, processing and preservation of meat, fish, fruit, vegetables, oil and fats all showed increases in their indices”.
He said the utilities index, which comprised production, transmission and distribution of electricity and collection, purification and distribution of water, remained unchanged following the same trend in the previous month’s index.
The PPI measures price change from the perspective of the producer. This contrasts with other measures such as the Consumer Price Index (CPI), which measure price change from the purchasers’ perspective.
Prices of approximately 950 items are collected from 209 establishments each month to determine the changes in the index.
Ecobank launches junior saver account
Story: Boahene Asamoah & Anasthasia Esenam Dzovor
ECOBANK Ghana Limited has introduced the Junior Saver Account, ushering in a new concept of banking for children and teenagers in the country.
The product is a lifestyle and educative savings account, specifically designed to provide various levels of interaction between the Junior Saver and the bank, makes the child part of the banking process.
Speaking at the launch of the product in Accra last Saturday, the Managing Director of the bank, Mr Samuel Ashitey Adjei, said the new product was not comparable to any other product on the market and was designed specifically to satisfy the younger generation.
He said “the Ecobank Junior Saver Account, a value added lifestyle and educative saving product for children and teens, had been developed to provide not only a banking account for children, but also an avenue for educating and exposing them to the concept of fund management”.
He said the product makes savings an enjoyable activity for children, inculcates and encourages a savings culture in the Ghanaian economy.
Mr Ashitey added that the new product offered the account holder benefits and privileges from the product partners such Junior Graphic, Vanguard Assurance, EEP Books, Techy Kids, I Net Technology, Nestle, Frankies, A&C Playground, Cocoa Processing Company, Fan Milk, Malta Guinness Quench and the Artbureau.
He said together these partners offer unique advantages for holders of the Junior Saver Account.
Mr Adjei said the bank’s strategic goal of becoming the best retail bank in the country was on course and that the bank’s strategic goal was “premised on a passion to offer the customer real value, convenience, reliability and accessibility”.
He said the bank’s network had increased from 21 at the beginning of the year to 26, while its Auto Teller Machines (ATMs) stands at 49 currently, making it the highest in the country.
Ecobank until 2005 was a corporate banking institution. Following the passage of the Banking Act 2004, which allows all banks to undertake the universal banking concept, the bank has positioned itself to play an active role in the retail business.
Mr Adjei said in view of the overall vision of the Ecobank group to become a world class African bank and set the pace in its markets, the bank introduced the first credit card in the country this year.
He added that “ our performance on the stock exchange has been phenomenal, and as at the close of business on September 25, 2007 Ecobank Ghana’s share price stood at GH¢1.580 (¢15,802) approximately 44 per cent increased over the Initial Public Offer price of GH¢1.100 (¢11,000).
A Deputy Minister of Women and Children’s Affairs, Mr Daniel Dugan, said the product fits directly into his ministry’s mission of promoting the welfare of women and children in the country.
“We see this package as a positive contribution to the development of children in the country and a great boost to the government’s efforts at encouraging savings in the country”, he added.
The Director-General of the Ghana Education Service, Mr Samuel Bannerman-Mensah, said the launch of the Ecobank Junior Saver Product would complement the new educational reform by assisting with the moulding of children.
“The Ecobank Junior Saver Product would make banking a more pleasant experience for every child. The main drivers of the product are education, interactivity and lifestyle approach to banking”, he concluded.
ECOBANK Ghana Limited has introduced the Junior Saver Account, ushering in a new concept of banking for children and teenagers in the country.
The product is a lifestyle and educative savings account, specifically designed to provide various levels of interaction between the Junior Saver and the bank, makes the child part of the banking process.
Speaking at the launch of the product in Accra last Saturday, the Managing Director of the bank, Mr Samuel Ashitey Adjei, said the new product was not comparable to any other product on the market and was designed specifically to satisfy the younger generation.
He said “the Ecobank Junior Saver Account, a value added lifestyle and educative saving product for children and teens, had been developed to provide not only a banking account for children, but also an avenue for educating and exposing them to the concept of fund management”.
He said the product makes savings an enjoyable activity for children, inculcates and encourages a savings culture in the Ghanaian economy.
Mr Ashitey added that the new product offered the account holder benefits and privileges from the product partners such Junior Graphic, Vanguard Assurance, EEP Books, Techy Kids, I Net Technology, Nestle, Frankies, A&C Playground, Cocoa Processing Company, Fan Milk, Malta Guinness Quench and the Artbureau.
He said together these partners offer unique advantages for holders of the Junior Saver Account.
Mr Adjei said the bank’s strategic goal of becoming the best retail bank in the country was on course and that the bank’s strategic goal was “premised on a passion to offer the customer real value, convenience, reliability and accessibility”.
He said the bank’s network had increased from 21 at the beginning of the year to 26, while its Auto Teller Machines (ATMs) stands at 49 currently, making it the highest in the country.
Ecobank until 2005 was a corporate banking institution. Following the passage of the Banking Act 2004, which allows all banks to undertake the universal banking concept, the bank has positioned itself to play an active role in the retail business.
Mr Adjei said in view of the overall vision of the Ecobank group to become a world class African bank and set the pace in its markets, the bank introduced the first credit card in the country this year.
He added that “ our performance on the stock exchange has been phenomenal, and as at the close of business on September 25, 2007 Ecobank Ghana’s share price stood at GH¢1.580 (¢15,802) approximately 44 per cent increased over the Initial Public Offer price of GH¢1.100 (¢11,000).
A Deputy Minister of Women and Children’s Affairs, Mr Daniel Dugan, said the product fits directly into his ministry’s mission of promoting the welfare of women and children in the country.
“We see this package as a positive contribution to the development of children in the country and a great boost to the government’s efforts at encouraging savings in the country”, he added.
The Director-General of the Ghana Education Service, Mr Samuel Bannerman-Mensah, said the launch of the Ecobank Junior Saver Product would complement the new educational reform by assisting with the moulding of children.
“The Ecobank Junior Saver Product would make banking a more pleasant experience for every child. The main drivers of the product are education, interactivity and lifestyle approach to banking”, he concluded.
Privatisation of state enterprises-“Let’s encourage local investors”
Story: Boahene Asamoah
read by ho
AN Executive Director of Strategic African Securities (SAS), Ms Abena Amoah, has called on the government to give local investors the opportunity to own part of state-owned enterprises (SoEs) it intends to privatise by listing shares on the Ghana Stock Exchange.
She said since the Government was holding such SoEs in trust for the people of Ghana, it was appropriate that local investors would be given the opportunity to be part of such companies, when they were privatised.
Speaking in an interview, Ms Amoah stated that if the Government intended to sell such SOEs to a strategic investor, floating such shares on the stock market would not prevent strategic investors from buying shares in such companies.
“The stock market is critical to the development of every economy,” Ms Amoah stated adding that “this is what has created wealth for so many economies”.
She said there had been tremendous interest by Ghanaians as in the recent Initial Public Offers (IPOs) and rights issues, saying that there were over 50,000 applicants for the Ghana Commercial Bank rights issue.
Additionally, she stated that there were over 10,000 applicants for the Ecobank Ghana’s IPO launched last year, pointing out that there had also been over subscription of such issues at very short offer periods.
She called on the government to also hasten its own policy of using the stock exchange as an exit strategy in the privatisation of state-owned enterprises.
Ms Amoah said “the process has been too slow” adding that more companies needed to come on board.
She said investors were still waiting for IPOs of companies such as Ghana Telecom, Westel and Twifo Oil Palm Plantation.
The government announced in the 2006 budget statement that it would use the GSE as its exit strategy for the privatisation of SOE.
So far, Ghana Oil Company, Benso Oil Palm Plantation (BOPP) have been listed since the government made that decision. Many others such as the State Insurance Company (SIC) and Ghana Telecom among others are expected to be listed on the market in the near future.
She said the stock market offered tremendous opportunities for companies to raise capital and create wealth by way of dividend and capital appreciation.
“Through IPOs companies have raised capital and created wealth for its shareholders, she stated.
She added that by listing on the stock market companies could employ the services of foreign skilled labour to manage the affairs of the companies, stressing that Ghanaian managers could learn from those expertise.
“Foreign investment and labour skills transfer are critical,”adding that “it confers the benefit of being part of an international company while others strive to be part of an institution of international standing.”
Ms Amoah again stated that listing on the stock market had ensured transparency in the management of companies and in most cases had ensured efficient management, since the companies were accountable to their shareholders.
She said the country needed to step up the game of deepening the stock market activities if it hoped to play in the emerging economies of the world by encouraging listings on the stock market, adding that privatisation would ensure that companies raised capital and created wealth.
read by ho
AN Executive Director of Strategic African Securities (SAS), Ms Abena Amoah, has called on the government to give local investors the opportunity to own part of state-owned enterprises (SoEs) it intends to privatise by listing shares on the Ghana Stock Exchange.
She said since the Government was holding such SoEs in trust for the people of Ghana, it was appropriate that local investors would be given the opportunity to be part of such companies, when they were privatised.
Speaking in an interview, Ms Amoah stated that if the Government intended to sell such SOEs to a strategic investor, floating such shares on the stock market would not prevent strategic investors from buying shares in such companies.
“The stock market is critical to the development of every economy,” Ms Amoah stated adding that “this is what has created wealth for so many economies”.
She said there had been tremendous interest by Ghanaians as in the recent Initial Public Offers (IPOs) and rights issues, saying that there were over 50,000 applicants for the Ghana Commercial Bank rights issue.
Additionally, she stated that there were over 10,000 applicants for the Ecobank Ghana’s IPO launched last year, pointing out that there had also been over subscription of such issues at very short offer periods.
She called on the government to also hasten its own policy of using the stock exchange as an exit strategy in the privatisation of state-owned enterprises.
Ms Amoah said “the process has been too slow” adding that more companies needed to come on board.
She said investors were still waiting for IPOs of companies such as Ghana Telecom, Westel and Twifo Oil Palm Plantation.
The government announced in the 2006 budget statement that it would use the GSE as its exit strategy for the privatisation of SOE.
So far, Ghana Oil Company, Benso Oil Palm Plantation (BOPP) have been listed since the government made that decision. Many others such as the State Insurance Company (SIC) and Ghana Telecom among others are expected to be listed on the market in the near future.
She said the stock market offered tremendous opportunities for companies to raise capital and create wealth by way of dividend and capital appreciation.
“Through IPOs companies have raised capital and created wealth for its shareholders, she stated.
She added that by listing on the stock market companies could employ the services of foreign skilled labour to manage the affairs of the companies, stressing that Ghanaian managers could learn from those expertise.
“Foreign investment and labour skills transfer are critical,”adding that “it confers the benefit of being part of an international company while others strive to be part of an institution of international standing.”
Ms Amoah again stated that listing on the stock market had ensured transparency in the management of companies and in most cases had ensured efficient management, since the companies were accountable to their shareholders.
She said the country needed to step up the game of deepening the stock market activities if it hoped to play in the emerging economies of the world by encouraging listings on the stock market, adding that privatisation would ensure that companies raised capital and created wealth.
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