The nation needs to initiate massive enforcement on intellectual Property (IP), counterfeiting and piracy in order to stem the menace and encourage innovation and investment in business, Mr. Kofi Essuman, President, Institute of Packaging, Ghana, has said.
“The fight against counterfeits and pirated products must be an interagency concerted effort otherwise criminals will exploit loopholes in the supply and distribution system.
“The fight must include prevention measures by manufacturers, communication and effective education of professionals and consumers, and ensuring that punishments are appropriate to this deadly crime,” he emphasised.
Mr. Essuman made this statement at a one-day workshop organised by the Coalition Against Counterfeit and Illicit Trade (CACIT-Ghana), which forms part of the on-going National Campaign Against Counterfeits and Piracy.
The campaign under the theme “Say No to Fake Goods, Insist on the Original”, is aimed at creating awareness on the impact of counterfeits and pirated goods on health, the economy, job-creation and national development.
It is also targetted at increasing consistency and effectiveness of IP protection in the country and ensuring the progressive and sustained elimination of counterfeits and pirated goods from the market - thereby creating an enabling environment for increased trade and investment, private sector development and strengthening intellectual property regimes.
The programme is supported by the United States Department of Commerce’s Commercial Law Development Programme (CLDP) and the United States Agency for International Development (USAID).
Mr. Essuman explained that counterfeiting and intellectual property infringement are growing at an alarming rate because this is hardly seen as a crime, and where arrests are made they lack the social stigma associated with many other criminal offences such as robbery and murder. The average consumer is unaware of the fact that counterfeiting poses serious consumer health and safety risks due to the poor quality of products and sometimes hazardous nature of the fakes.
“The counterfeiting and piracy is a drain on the economy, responsible for loss of employment and a reduction in tax revenues for governments.
“The annual cost to the government and industry could amount to millions of dollars, leading to substantial unemployment and revenue losses in the private sector - along with significant tax losses to government.”
Numerous businesses in recent times have been compromised by this black market activity, enforcing closures, depressing profits and undermining their ability to raise capital.
Enforcement officers from the Food and Drugs Board, Police Service, the Customs Excise and Preventive Service and others have carried out a number of raids seizures and destruction of large quantities of a variety of products including drugs, aphrodisiacs, cosmetics, detergents toothpaste, food and beverages, wax-prints, cigarettes, Compact Discs, and Digital Video Displays either found on the market or being smuggled into the country.
He cited that very few lawyers in the country have substantive knowledge of intellectual property criminal law. Similarly, there are few prosecutors who have been trained exclusively in IP criminal law.
As a result, in the few cases where counterfeiters are prosecuted, they typically end up paying minimal fines and serving no jail time. “These nominal fines do little or nothing to deter counterfeiting and the organised criminals engaged in it.
“Ghana as a developing country with weak regulatory regimes is particularly vulnerable to the deluge of counterfeit goods, because enforcement of Intellectual Property and trade mark laws is ineffective,” Mr. Essuman remarked.
Friday, December 17, 2010
Africa’s economic transformation agenda pushed - ACET
Africa’s growth remains modest in relation to what is possible and what is needed for rapid reductions in poverty, economic leaders from over 20 global think-thanks have observed in Accra.
Various leaders from 15 African countries and other development partners proposed that tackling the barriers to the continent’s growth requires an ambitious and comprehensive approach that focuses on shifting to economies dominated by modern industries and services, rather than reliance on low-productivity agriculture and minerals.
“In short, African countries must transform their economies; it is now time to put back at the centre of policy debate and action in Africa, the twin issues of sustained growth and structural transformation,” said the leaders at two-day workshop organised by the African Centre For Economic Transformation (ACET), as part of deliberation which will form part of a comprehensive African Transformation Report to be published in 2012.
Themed ‘The African Economic Transformation Report’, it will track performance across countries, present best practices from Asia, and examine the implications from the global trading environment for transformation in Africa.
It will be an indicator on Economic Transformation with analytical exercises providing recommendations as to how African governments can harness their expanding engagements in support of their economic transformation agendas - including the creation of jobs, development of skills, diversification of exports, expansion of investments in infrastructure and the modernisation of agriculture.
Dr. Yaw Ansu, Chief Economist African Centre for Economic Transformation, ACET, in an interview with B&FT in Accra, said: “It is now time to look seriously at how we rectify this, while also building on the gains made in macroeconomic management and the incentives framework.”
He explained that transformation enhances the scientific and technological capabilities of an economy to continually innovate and upgrade itself, including accessing, adapting, and mastering existing foreign technologies, seek solutions to new economic problems, and to respond effectively to market signals - particularly from external markets.
“Economic transformation requires investments, and it also entails economic and social dislocations that require resources to address.
“In almost all African economies, production is dominated by the primary sector in either agriculture or minerals. With the exception of South Africa and Mauritius, no country in the region has been able to establish a viable manufacturing sector that is competitive internationally in any product,” Dr. Ansu cited.
Sub-Saharan Africa is the poorest region in the world. Average real per capita income in 2008 was US$619. Over the past almost 30 years - 1980-2008 - GDP growth per capita in sub-Saharan Africa has averaged 0.15 percent compared to 2.47 percent for developing countries, 6.64 percent for East Asia, 3.76 percent for South Asia and 0.92 percent for Latin America.
This failure of growth over the long-term has resulted in high levels of poverty in the region. On average, 51 percent of the people in sub-Saharan Africa earn less than US$1 a day compared to 25 percent in the developing world as a whole.
Dr. Mwilola Imakando, Executive Director, Zambia Institute for Policy Analysis and Research, told in an interview with B&FT said: “ACET objectives will provide an opportunity for a home grown Africans to deliberate and find solutions for Africa’s numerous economic growth challenges.
Dr. K. Y. Amoako, the Founder and President of ACET and former Executive Secretary of the United Nations Economic Commission for Africa (ECA), indicated that the deliberations, which were revealing, would help refine and provide advice in helping to achieve the stated objectives of ACET and aid in transforming Africa’s stagnant economic growth agenda.
ACET was incorporated as a non-profit policy research and advisory institution in 2007. It received strong support in consultations with many stakeholders both within and outside Africa, including the endorsement of a number of African leaders.
Various leaders from 15 African countries and other development partners proposed that tackling the barriers to the continent’s growth requires an ambitious and comprehensive approach that focuses on shifting to economies dominated by modern industries and services, rather than reliance on low-productivity agriculture and minerals.
“In short, African countries must transform their economies; it is now time to put back at the centre of policy debate and action in Africa, the twin issues of sustained growth and structural transformation,” said the leaders at two-day workshop organised by the African Centre For Economic Transformation (ACET), as part of deliberation which will form part of a comprehensive African Transformation Report to be published in 2012.
Themed ‘The African Economic Transformation Report’, it will track performance across countries, present best practices from Asia, and examine the implications from the global trading environment for transformation in Africa.
It will be an indicator on Economic Transformation with analytical exercises providing recommendations as to how African governments can harness their expanding engagements in support of their economic transformation agendas - including the creation of jobs, development of skills, diversification of exports, expansion of investments in infrastructure and the modernisation of agriculture.
Dr. Yaw Ansu, Chief Economist African Centre for Economic Transformation, ACET, in an interview with B&FT in Accra, said: “It is now time to look seriously at how we rectify this, while also building on the gains made in macroeconomic management and the incentives framework.”
He explained that transformation enhances the scientific and technological capabilities of an economy to continually innovate and upgrade itself, including accessing, adapting, and mastering existing foreign technologies, seek solutions to new economic problems, and to respond effectively to market signals - particularly from external markets.
“Economic transformation requires investments, and it also entails economic and social dislocations that require resources to address.
“In almost all African economies, production is dominated by the primary sector in either agriculture or minerals. With the exception of South Africa and Mauritius, no country in the region has been able to establish a viable manufacturing sector that is competitive internationally in any product,” Dr. Ansu cited.
Sub-Saharan Africa is the poorest region in the world. Average real per capita income in 2008 was US$619. Over the past almost 30 years - 1980-2008 - GDP growth per capita in sub-Saharan Africa has averaged 0.15 percent compared to 2.47 percent for developing countries, 6.64 percent for East Asia, 3.76 percent for South Asia and 0.92 percent for Latin America.
This failure of growth over the long-term has resulted in high levels of poverty in the region. On average, 51 percent of the people in sub-Saharan Africa earn less than US$1 a day compared to 25 percent in the developing world as a whole.
Dr. Mwilola Imakando, Executive Director, Zambia Institute for Policy Analysis and Research, told in an interview with B&FT said: “ACET objectives will provide an opportunity for a home grown Africans to deliberate and find solutions for Africa’s numerous economic growth challenges.
Dr. K. Y. Amoako, the Founder and President of ACET and former Executive Secretary of the United Nations Economic Commission for Africa (ECA), indicated that the deliberations, which were revealing, would help refine and provide advice in helping to achieve the stated objectives of ACET and aid in transforming Africa’s stagnant economic growth agenda.
ACET was incorporated as a non-profit policy research and advisory institution in 2007. It received strong support in consultations with many stakeholders both within and outside Africa, including the endorsement of a number of African leaders.
Africa’s economic transformation agenda pushed - ACET
Africa’s growth remains modest in relation to what is possible and what is needed for rapid reductions in poverty, economic leaders from over 20 global think-thanks have observed in Accra.
Various leaders from 15 African countries and other development partners proposed that tackling the barriers to the continent’s growth requires an ambitious and comprehensive approach that focuses on shifting to economies dominated by modern industries and services, rather than reliance on low-productivity agriculture and minerals.
“In short, African countries must transform their economies; it is now time to put back at the centre of policy debate and action in Africa, the twin issues of sustained growth and structural transformation,” said the leaders at two-day workshop organised by the African Centre For Economic Transformation (ACET), as part of deliberation which will form part of a comprehensive African Transformation Report to be published in 2012.
Themed ‘The African Economic Transformation Report’, it will track performance across countries, present best practices from Asia, and examine the implications from the global trading environment for transformation in Africa.
It will be an indicator on Economic Transformation with analytical exercises providing recommendations as to how African governments can harness their expanding engagements in support of their economic transformation agendas - including the creation of jobs, development of skills, diversification of exports, expansion of investments in infrastructure and the modernisation of agriculture.
Dr. Yaw Ansu, Chief Economist African Centre for Economic Transformation, ACET, in an interview with B&FT in Accra, said: “It is now time to look seriously at how we rectify this, while also building on the gains made in macroeconomic management and the incentives framework.”
He explained that transformation enhances the scientific and technological capabilities of an economy to continually innovate and upgrade itself, including accessing, adapting, and mastering existing foreign technologies, seek solutions to new economic problems, and to respond effectively to market signals - particularly from external markets.
“Economic transformation requires investments, and it also entails economic and social dislocations that require resources to address.
“In almost all African economies, production is dominated by the primary sector in either agriculture or minerals. With the exception of South Africa and Mauritius, no country in the region has been able to establish a viable manufacturing sector that is competitive internationally in any product,” Dr. Ansu cited.
Sub-Saharan Africa is the poorest region in the world. Average real per capita income in 2008 was US$619. Over the past almost 30 years - 1980-2008 - GDP growth per capita in sub-Saharan Africa has averaged 0.15 percent compared to 2.47 percent for developing countries, 6.64 percent for East Asia, 3.76 percent for South Asia and 0.92 percent for Latin America.
This failure of growth over the long-term has resulted in high levels of poverty in the region. On average, 51 percent of the people in sub-Saharan Africa earn less than US$1 a day compared to 25 percent in the developing world as a whole.
Dr. Mwilola Imakando, Executive Director, Zambia Institute for Policy Analysis and Research, told in an interview with B&FT said: “ACET objectives will provide an opportunity for a home grown Africans to deliberate and find solutions for Africa’s numerous economic growth challenges.
Dr. K. Y. Amoako, the Founder and President of ACET and former Executive Secretary of the United Nations Economic Commission for Africa (ECA), indicated that the deliberations, which were revealing, would help refine and provide advice in helping to achieve the stated objectives of ACET and aid in transforming Africa’s stagnant economic growth agenda.
ACET was incorporated as a non-profit policy research and advisory institution in 2007. It received strong support in consultations with many stakeholders both within and outside Africa, including the endorsement of a number of African leaders.
Various leaders from 15 African countries and other development partners proposed that tackling the barriers to the continent’s growth requires an ambitious and comprehensive approach that focuses on shifting to economies dominated by modern industries and services, rather than reliance on low-productivity agriculture and minerals.
“In short, African countries must transform their economies; it is now time to put back at the centre of policy debate and action in Africa, the twin issues of sustained growth and structural transformation,” said the leaders at two-day workshop organised by the African Centre For Economic Transformation (ACET), as part of deliberation which will form part of a comprehensive African Transformation Report to be published in 2012.
Themed ‘The African Economic Transformation Report’, it will track performance across countries, present best practices from Asia, and examine the implications from the global trading environment for transformation in Africa.
It will be an indicator on Economic Transformation with analytical exercises providing recommendations as to how African governments can harness their expanding engagements in support of their economic transformation agendas - including the creation of jobs, development of skills, diversification of exports, expansion of investments in infrastructure and the modernisation of agriculture.
Dr. Yaw Ansu, Chief Economist African Centre for Economic Transformation, ACET, in an interview with B&FT in Accra, said: “It is now time to look seriously at how we rectify this, while also building on the gains made in macroeconomic management and the incentives framework.”
He explained that transformation enhances the scientific and technological capabilities of an economy to continually innovate and upgrade itself, including accessing, adapting, and mastering existing foreign technologies, seek solutions to new economic problems, and to respond effectively to market signals - particularly from external markets.
“Economic transformation requires investments, and it also entails economic and social dislocations that require resources to address.
“In almost all African economies, production is dominated by the primary sector in either agriculture or minerals. With the exception of South Africa and Mauritius, no country in the region has been able to establish a viable manufacturing sector that is competitive internationally in any product,” Dr. Ansu cited.
Sub-Saharan Africa is the poorest region in the world. Average real per capita income in 2008 was US$619. Over the past almost 30 years - 1980-2008 - GDP growth per capita in sub-Saharan Africa has averaged 0.15 percent compared to 2.47 percent for developing countries, 6.64 percent for East Asia, 3.76 percent for South Asia and 0.92 percent for Latin America.
This failure of growth over the long-term has resulted in high levels of poverty in the region. On average, 51 percent of the people in sub-Saharan Africa earn less than US$1 a day compared to 25 percent in the developing world as a whole.
Dr. Mwilola Imakando, Executive Director, Zambia Institute for Policy Analysis and Research, told in an interview with B&FT said: “ACET objectives will provide an opportunity for a home grown Africans to deliberate and find solutions for Africa’s numerous economic growth challenges.
Dr. K. Y. Amoako, the Founder and President of ACET and former Executive Secretary of the United Nations Economic Commission for Africa (ECA), indicated that the deliberations, which were revealing, would help refine and provide advice in helping to achieve the stated objectives of ACET and aid in transforming Africa’s stagnant economic growth agenda.
ACET was incorporated as a non-profit policy research and advisory institution in 2007. It received strong support in consultations with many stakeholders both within and outside Africa, including the endorsement of a number of African leaders.
UBA partners Credit Union
United Bank for Africa (UBA) has entered into a strategic partnership with the Ghana Education Service Regional Office Cooperative Credit Union (GESRO) targetted at bringing banking service closer to the general public.
The alliance seeks to provide members of GESRO an opportunity to experience the full complement of banking services using UBA’s banking platform.
Members of GESRO credit union will be issued with ATM and e-zwich cards to as well as enjoy all of UBA’s e-Banking products - such as Wise Alert, which allows customers to receive instant notification of transactions on their account via mobile phone to customers, Internet banking and many other services.
These would offer members the opportunity to access their funds in all the UBA branches nationwide.
Mr. Charles Odonkor, Western Regional Director UBA, at the official ceremony in Takoradi said: “The vision of UBA is to democratise banking in the country, whereby customers would have free and easy access to banking services. This was one of the major drives that brought about the strategic alliance between the two financial institutions.
“Five years of operation in Ghana has produced 26 well-functioning branches and the provision of 40 ATMs across Accra, Tema, Kumasi, Takoradi and Aflao.
“UBA is an international Bank with about 1,200 branches worldwide. It is present in 20 African countries and has been in existence for over 50 years. This was created to unite Africans so as to have access to full banking services both in Europe and in Africa,” Mr. Odonkor remarked.
Mr. Kusi Boachie Yiadom, Chief Executive Officer, GESRO, expressed profound gratitude towards the partnership deal, emphasising that it would provide customers an enhanced financial service with real-time transaction. It would also help promote and quicken small business transaction as well as improve business relations.
Mr. Shadrack Kojo Prah, Financial Manager, GESRO, explained that UBA’s stronghold in modern information technology, in driving the country’s financial sector, would enable GESRO to serve its members effectively.
GESRO as a credit union seeks to achieve the objective of providing credit and advisory services to its over-10,000 members. It has branches spread across Tarkwa, Daboase and Agona Nkwantah with two branches located in Takoradi, all in the Western Region.
The alliance seeks to provide members of GESRO an opportunity to experience the full complement of banking services using UBA’s banking platform.
Members of GESRO credit union will be issued with ATM and e-zwich cards to as well as enjoy all of UBA’s e-Banking products - such as Wise Alert, which allows customers to receive instant notification of transactions on their account via mobile phone to customers, Internet banking and many other services.
These would offer members the opportunity to access their funds in all the UBA branches nationwide.
Mr. Charles Odonkor, Western Regional Director UBA, at the official ceremony in Takoradi said: “The vision of UBA is to democratise banking in the country, whereby customers would have free and easy access to banking services. This was one of the major drives that brought about the strategic alliance between the two financial institutions.
“Five years of operation in Ghana has produced 26 well-functioning branches and the provision of 40 ATMs across Accra, Tema, Kumasi, Takoradi and Aflao.
“UBA is an international Bank with about 1,200 branches worldwide. It is present in 20 African countries and has been in existence for over 50 years. This was created to unite Africans so as to have access to full banking services both in Europe and in Africa,” Mr. Odonkor remarked.
Mr. Kusi Boachie Yiadom, Chief Executive Officer, GESRO, expressed profound gratitude towards the partnership deal, emphasising that it would provide customers an enhanced financial service with real-time transaction. It would also help promote and quicken small business transaction as well as improve business relations.
Mr. Shadrack Kojo Prah, Financial Manager, GESRO, explained that UBA’s stronghold in modern information technology, in driving the country’s financial sector, would enable GESRO to serve its members effectively.
GESRO as a credit union seeks to achieve the objective of providing credit and advisory services to its over-10,000 members. It has branches spread across Tarkwa, Daboase and Agona Nkwantah with two branches located in Takoradi, all in the Western Region.
‘Mim Cashew Brandy’ re-launched
Mim Cashew and Agricultural Products Company has re-launched its ‘Mim Cashew Brandy’.
The re-launch was aimed at reinforcing its brand-awareness and deepening the products unique attribute as a preferred brandy for every occasion.
“Passion and a commitment to detail are the hallmarks of our distillery, where we capture the beauty and essential character of Mim in the Brong Ahafo region.
“We produce our classic premium Ghanaian brandy in the middle of our own meticulously maintained cashew plantations. Using only the most mature fruits, we double-distil the rich cashew nectar and allow it to mature slowly in oak barrels, coaxing out its exquisite aromatic bouquet.”
Mr. Lars Wallevik, Managing Director, Mim, Cashew and Agriculture Products Company, told managers from various top-class hotels, restaurants and bars in the country as well as operators in the hospitality industry at the ceremony to re-launch the products.
“Taste the good life, enjoy our brandy on the rocks; savour the spirit of our passion, a true Ghanaian original,” Mr. Wallevik remarked.
The cashew, which is used for the production of the brandy 100 percent made in Ghana, is produced from its over 600-acre plantation located at Mim in the Brong Ahafo Region and ccurrently employs approximately 700 workers.
Mim Cashew Brandy, with 40 percent alcoholic content, represents quality, spirit and passion and is the best brandy around the world today.
Presently, the company produces over 70,000 bottles of brandy a month for the local market and will soon be increasing it supply to meet local demand and for export to Europe, USA and also plans to enter the Asian market in the ensuing years.
“The importance of cashew in the country’s agricultural diversification programme has long been realised, and the potential areas of production have been identified through several isolated studies.
It is attracting increasing attention as an export commodity in several countries in the developing world, especially in Africa,” Mr. Wallevik said.
A lot of the cashew in the country is produced in Brong Ahafo, some of which are processed into brandy and cashew wine at Nsawkaw in Wenchi, produced mainly in the Ahafo area around Mim, Goaso and Acherensua.
The major economic products from the crop are the nuts and, more recently, the cashew apple used for the manufacture of alcoholic and non-alcoholic beverages, jams and animal feed.
There has been research on potential for the use of the cashew nut shell liquid as medicine for the control of diseases and as a wood preservation. The gum from the cashew tree is also a substitute for gum Arabic.
The re-launch was aimed at reinforcing its brand-awareness and deepening the products unique attribute as a preferred brandy for every occasion.
“Passion and a commitment to detail are the hallmarks of our distillery, where we capture the beauty and essential character of Mim in the Brong Ahafo region.
“We produce our classic premium Ghanaian brandy in the middle of our own meticulously maintained cashew plantations. Using only the most mature fruits, we double-distil the rich cashew nectar and allow it to mature slowly in oak barrels, coaxing out its exquisite aromatic bouquet.”
Mr. Lars Wallevik, Managing Director, Mim, Cashew and Agriculture Products Company, told managers from various top-class hotels, restaurants and bars in the country as well as operators in the hospitality industry at the ceremony to re-launch the products.
“Taste the good life, enjoy our brandy on the rocks; savour the spirit of our passion, a true Ghanaian original,” Mr. Wallevik remarked.
The cashew, which is used for the production of the brandy 100 percent made in Ghana, is produced from its over 600-acre plantation located at Mim in the Brong Ahafo Region and ccurrently employs approximately 700 workers.
Mim Cashew Brandy, with 40 percent alcoholic content, represents quality, spirit and passion and is the best brandy around the world today.
Presently, the company produces over 70,000 bottles of brandy a month for the local market and will soon be increasing it supply to meet local demand and for export to Europe, USA and also plans to enter the Asian market in the ensuing years.
“The importance of cashew in the country’s agricultural diversification programme has long been realised, and the potential areas of production have been identified through several isolated studies.
It is attracting increasing attention as an export commodity in several countries in the developing world, especially in Africa,” Mr. Wallevik said.
A lot of the cashew in the country is produced in Brong Ahafo, some of which are processed into brandy and cashew wine at Nsawkaw in Wenchi, produced mainly in the Ahafo area around Mim, Goaso and Acherensua.
The major economic products from the crop are the nuts and, more recently, the cashew apple used for the manufacture of alcoholic and non-alcoholic beverages, jams and animal feed.
There has been research on potential for the use of the cashew nut shell liquid as medicine for the control of diseases and as a wood preservation. The gum from the cashew tree is also a substitute for gum Arabic.
Wednesday, December 8, 2010
First online trade fair launched
An online trade fair platform aimed at delivering the best exhibition experience across the Internet has been launched at a ceremony in Accra.
The platform, www.ghanasalesfair.com, powered by Web & Software Limited, will be functional in March 2011 and is expected to host over four million Ghanaian customers and attract more than 700 million international participants through electronic campaigns on major website and search engines.
“The online trade fair is a major part of our broad strategy to ensure that Ghana is not left behind in information technology advancements worldwide,” Mr. Philip Gamey, Chief Executive Officer of Web& Software Limited said at the ceremony.
“With Ghanasalesfair.com the future is here with us, the future where the customer will be able to find companies providing products and services they are looking for without having to move from one location to the other or wait for advertisements.
This ushers in a new era of doing business and a new era of collaboration.”
Mr. Gamey explained that the deployment of the first online sales fair platform will deliver the best business exhibition experience across the computer, the phone, and the other Internet enabled devices such as iPads.
“With a consistent increase in the number of Internet users in the country over recent years, there is no better time to make it easier for customers to have access to businesses no matter their location than now.
“Today’s businesses all over the world see the globe as their marketplace, and Ghanasalesfair.com makes it possible for Ghanaian businesses to have a fair share of the global market we have all talked about for a long time.
“Customers should expect an unforgettable experience once the fair opens in March 2011. We’ll continue be guided by business intelligence to make the customer experience more enjoyable and stress-free.
“Our mission is to organise business information in a way that customers can access and utilise far more easily and readily than they’ve typically been able to do all these years,” Mr. Gamey remarked.
The platform, www.ghanasalesfair.com, powered by Web & Software Limited, will be functional in March 2011 and is expected to host over four million Ghanaian customers and attract more than 700 million international participants through electronic campaigns on major website and search engines.
“The online trade fair is a major part of our broad strategy to ensure that Ghana is not left behind in information technology advancements worldwide,” Mr. Philip Gamey, Chief Executive Officer of Web& Software Limited said at the ceremony.
“With Ghanasalesfair.com the future is here with us, the future where the customer will be able to find companies providing products and services they are looking for without having to move from one location to the other or wait for advertisements.
This ushers in a new era of doing business and a new era of collaboration.”
Mr. Gamey explained that the deployment of the first online sales fair platform will deliver the best business exhibition experience across the computer, the phone, and the other Internet enabled devices such as iPads.
“With a consistent increase in the number of Internet users in the country over recent years, there is no better time to make it easier for customers to have access to businesses no matter their location than now.
“Today’s businesses all over the world see the globe as their marketplace, and Ghanasalesfair.com makes it possible for Ghanaian businesses to have a fair share of the global market we have all talked about for a long time.
“Customers should expect an unforgettable experience once the fair opens in March 2011. We’ll continue be guided by business intelligence to make the customer experience more enjoyable and stress-free.
“Our mission is to organise business information in a way that customers can access and utilise far more easily and readily than they’ve typically been able to do all these years,” Mr. Gamey remarked.
Dr. Sam Nujoma pushes for vibrant regional trade
Namibia’s first President, Dr Sam Nujoma, has made a strong case that African government and business leaders need to push forward a vibrant regional integration to promote trade and investment on the continent.
“There is great need for linkages and facilitation of trade as well the formalisation of our trade relations.”
Dr. Nujoma called for the scrapping of visa requirements in order to expand and ensure smooth trade among countries.
He proposed that all member-states of the Southern African Development Community (SADC) and the Economic Community of West African States (ECOWAS) should scrap visa requirements between their respective countries, if trade development is to take place.
“The red-tape that accompanies the processing of visa applications has been one of the main obstacles to exploiting Africa’s untapped business potential.”
The two countries are eager to trade in different areas, but one of the hiccups businesses have encountered has been the long time it takes to process visas in both countries. Dr. Nujoma made this statement during a meeting between the Namibian Chamber of Commerce and Industry (NCCI) and the Ghanaian National Chamber of Commerce and Industry (GNCCI) in Accra.
The meeting forms part of a four-day official visit to Ghana in connection with the first anniversary of Air Namibia’s operations in the country.
He was accompanied by business executives and government officials as well as private sector operators interested in establishing joint ventures with Ghanaian counterparts.
“We have brought Namibian men, women and products so that they can form joint ventures with the main objective of exchanging and increasing intra-African trade that will build the continent as the forefathers always wanted to see,” Dr. Nujoma stated.
Dr. Nujoma encouraged the two countries to embark on joint scientific research efforts in order to exploit the continent’s vast, untapped resources.
”We should educate our children and produce our own scientists and marine biologists,” he said.
Chief Executive Officer of NCCI, Tarah Shaanika, acknowledged the potential for higher levels of trade between the two nations and further stressed the need for both Namibian and Ghanaian businesses to interact, adding that trade between Namibia and Ghana is minimal.
He observed that there are low volumes in direct trade between the two countries, and that most of the trade takes place through South Africa.
Mr. Doni Kwame, Head of Marketing, Trade and Investment of GNCCI, making a presentation on investment opportunities in Ghana, said: “Commerce and trade is the mainstay of every country, representing its collective interest.
“Ghanaian businessmen are ready to partner with the Namibian business investors to boost trade and investment among the two countries.
“There is no significant trade taking place between Ghana and Namibia, but the Chamber believes there are many areas of trade that can be exploited,” Mr. Kwame stressed.
Dr. Nujoma as part of the official visit also met President Professor. John Evans Atta Mills, visited the Princess Marie Louis Children’s Hospital, and laid a wreath at the Kwame Nkrumah mausoleum in Accra.
“There is great need for linkages and facilitation of trade as well the formalisation of our trade relations.”
Dr. Nujoma called for the scrapping of visa requirements in order to expand and ensure smooth trade among countries.
He proposed that all member-states of the Southern African Development Community (SADC) and the Economic Community of West African States (ECOWAS) should scrap visa requirements between their respective countries, if trade development is to take place.
“The red-tape that accompanies the processing of visa applications has been one of the main obstacles to exploiting Africa’s untapped business potential.”
The two countries are eager to trade in different areas, but one of the hiccups businesses have encountered has been the long time it takes to process visas in both countries. Dr. Nujoma made this statement during a meeting between the Namibian Chamber of Commerce and Industry (NCCI) and the Ghanaian National Chamber of Commerce and Industry (GNCCI) in Accra.
The meeting forms part of a four-day official visit to Ghana in connection with the first anniversary of Air Namibia’s operations in the country.
He was accompanied by business executives and government officials as well as private sector operators interested in establishing joint ventures with Ghanaian counterparts.
“We have brought Namibian men, women and products so that they can form joint ventures with the main objective of exchanging and increasing intra-African trade that will build the continent as the forefathers always wanted to see,” Dr. Nujoma stated.
Dr. Nujoma encouraged the two countries to embark on joint scientific research efforts in order to exploit the continent’s vast, untapped resources.
”We should educate our children and produce our own scientists and marine biologists,” he said.
Chief Executive Officer of NCCI, Tarah Shaanika, acknowledged the potential for higher levels of trade between the two nations and further stressed the need for both Namibian and Ghanaian businesses to interact, adding that trade between Namibia and Ghana is minimal.
He observed that there are low volumes in direct trade between the two countries, and that most of the trade takes place through South Africa.
Mr. Doni Kwame, Head of Marketing, Trade and Investment of GNCCI, making a presentation on investment opportunities in Ghana, said: “Commerce and trade is the mainstay of every country, representing its collective interest.
“Ghanaian businessmen are ready to partner with the Namibian business investors to boost trade and investment among the two countries.
“There is no significant trade taking place between Ghana and Namibia, but the Chamber believes there are many areas of trade that can be exploited,” Mr. Kwame stressed.
Dr. Nujoma as part of the official visit also met President Professor. John Evans Atta Mills, visited the Princess Marie Louis Children’s Hospital, and laid a wreath at the Kwame Nkrumah mausoleum in Accra.
Greenhill roundtable charts roadmap for economy
The ‘Greenhill Roundtable’ a collection of eminent economic leaders have met to deliberate on critical national issues pertaining to the country’s economic growth and transformation and its relation with development partners.
Spearheaded by the Centre for Policy Analysis, the ‘Greenhill Roundtable’ discussion was premised on the background on the desire for an accelerated growth and development of the country, the recent middle income status, and the impending oil economy, increased South-South cooperation in the face of the changing international division of labour, coupled with the emergence of new economic centers such as the BRICS and the expected changes in the nature of the country’s relationship with Development Partners.
In recognizing that the above issues together create new opportunities and challenges for more effective economic management and governance of the country, Tito Mboweni (former Governor, Reserve Bank of South Africa, former Minister of Labour for South Africa, and currently Chairman of AngloGold Ashanti) was invited to chair and facilitate the roundtable discussion attended by a group of independent analysts, thinkers and eminent persons.
Issues discussed included Medium term fiscal options in terms of size, efficiency and effectiveness of public expenditures.
Revenue mobilization in the context of a rebased middle income economy and the scope and instruments for domestic and external resource mobilization.
Public sector reforms and remuneration and the need for government to use the pay reform process to strengthen public sector institutions by improving human capital.
Public debt consolidation and restructuring and the need to consolidate the management of government liabilities into a comprehensive debt management strategy and to maintain sustainability.
Also discussed were institutions for sound economic management and governance.
Dr. Joe Abbey, Executive Director of CEPA, noted that: “the group, having deliberated widely has identified as way forward to further research and engage widely with stakeholders and public officials on the issues, and to hold quarterly roundtables on agreed themes with the view to engaging government and development partners on the best options for the country’s forward march.
The workshop was targeted at brainstorming on the critical economic issues and providing policy analysis and research which would seek to track progress towards achieving sustained growth and create jobs. It would also propose various economic strategies and identify key lessons for economic growth, he said
It would as well seek to leverage and coordinate a network of experts from local think tanks and other institutions across various sector of the economy in implementing research agenda which feeds into advisory work in individual government economic agenda.
It would engage stakeholder conferences with institutions like the churches seek to provide analytical exercise and recommendations on how governments can harness their expanding engagements to support economic transformation agendas, including the creation of jobs, the development of skills, the diversification of exports the expansion of investments in infrastructure and the modernization of agriculture.
Spearheaded by the Centre for Policy Analysis, the ‘Greenhill Roundtable’ discussion was premised on the background on the desire for an accelerated growth and development of the country, the recent middle income status, and the impending oil economy, increased South-South cooperation in the face of the changing international division of labour, coupled with the emergence of new economic centers such as the BRICS and the expected changes in the nature of the country’s relationship with Development Partners.
In recognizing that the above issues together create new opportunities and challenges for more effective economic management and governance of the country, Tito Mboweni (former Governor, Reserve Bank of South Africa, former Minister of Labour for South Africa, and currently Chairman of AngloGold Ashanti) was invited to chair and facilitate the roundtable discussion attended by a group of independent analysts, thinkers and eminent persons.
Issues discussed included Medium term fiscal options in terms of size, efficiency and effectiveness of public expenditures.
Revenue mobilization in the context of a rebased middle income economy and the scope and instruments for domestic and external resource mobilization.
Public sector reforms and remuneration and the need for government to use the pay reform process to strengthen public sector institutions by improving human capital.
Public debt consolidation and restructuring and the need to consolidate the management of government liabilities into a comprehensive debt management strategy and to maintain sustainability.
Also discussed were institutions for sound economic management and governance.
Dr. Joe Abbey, Executive Director of CEPA, noted that: “the group, having deliberated widely has identified as way forward to further research and engage widely with stakeholders and public officials on the issues, and to hold quarterly roundtables on agreed themes with the view to engaging government and development partners on the best options for the country’s forward march.
The workshop was targeted at brainstorming on the critical economic issues and providing policy analysis and research which would seek to track progress towards achieving sustained growth and create jobs. It would also propose various economic strategies and identify key lessons for economic growth, he said
It would as well seek to leverage and coordinate a network of experts from local think tanks and other institutions across various sector of the economy in implementing research agenda which feeds into advisory work in individual government economic agenda.
It would engage stakeholder conferences with institutions like the churches seek to provide analytical exercise and recommendations on how governments can harness their expanding engagements to support economic transformation agendas, including the creation of jobs, the development of skills, the diversification of exports the expansion of investments in infrastructure and the modernization of agriculture.
MultiChoice plans digital terrestrial migration
MultiChoice Africa has expressed its readiness to collaborate with African telecommunication regulators to meet the 2015 terrestrial television migration deadline proposed by the World Telecommunication Organisation.
“African governments have a mandate to embrace a digital future and, as a stakeholder whose African roots are very deep, we felt we had to investigate widely, invest in research to explore available technologies and understand what the best standards would be.
“M-Net has always been a pioneer, we see it as our responsibility to ensure that the television systems we put in place not only work well but are the best available; for our partners, for our audiences and ultimately for our continent so that it can progress in line with global development.”
Mr. David Hagen, M-Net Technical Director, told this to journalists from selected African countries in Johannesburg, South Africa, at a programme aimed at exposing the latest Digital Video Broadcast Terrestrial-2nd Generation (DVB-T2) technology.
“The new technology, DVB-T2, is set to revolutionise the way Africans will soon use television; re-purposing frequencies to be more effectively utilised away from analogue to digital terrestrial transmissions (DTT) to deliver multi-channel entertainment.
“This opens up multi-channel television to a wider audience of viewers, allowing them more choice and greater variety in their viewing options, carrying several different digital television channels,” Mr. Hagan explained.
The deployment of the technology, which is in collaboration with South Africa’s eTV, has been undergoing trial testing by installing a DTT set-top box in 60 homes in Soweto using the DVB-T2 broadcasting standard.
These 60 homes are clearly illustrative of what Africa can get if it opts for the right technology, taking it to a place on the global stage.
“The second generation DVB-T2 standard is significantly more effective and that’s what we wanted to test, to trial the efficiency of the system in actual homes, to discover the real benefits of putting out the best technology in the world.
“The results of the measure-study have been extremely positive and show clearly that DVB-T2 is an excellent technology providing a viable multi-channel television service for all communities in terms of efficiency and technical performance, providing a gateway to whole world of great entertainment, sport, news, information and more.
“There’s no dish to install and it’s a simple technical process. You simply plug in a DTT box, put up a standard aerial and switch on your television. The same frequency that previously delivered one analogue television channel now gives you a choice of between 18 to 20 channels to watch.”
Hagen, who was pleased with the Soweto DVB-T2 trial and what it has contributed to Africa’s digital future, said: “It’s quite amazing and the studies in Soweto have been very instrumental in proving out the theories; in showing the digital quality sound and visuals at work; in taking a critical step toward complying with Africa’s agenda on digital migration.
“These deployment of DVB-T2, a second-generation standard which conforms to Africa’s frequency band plan and international obligations, will allow Africa not only to leapfrog technology but constitutes an investment for the future - the standard still has a long life ahead of it and none comes close at this stage.
“It is the best technology, for the long-term; it’s reliable, the results tangible, and is a verified success which has already started wining international awards.”
“African governments have a mandate to embrace a digital future and, as a stakeholder whose African roots are very deep, we felt we had to investigate widely, invest in research to explore available technologies and understand what the best standards would be.
“M-Net has always been a pioneer, we see it as our responsibility to ensure that the television systems we put in place not only work well but are the best available; for our partners, for our audiences and ultimately for our continent so that it can progress in line with global development.”
Mr. David Hagen, M-Net Technical Director, told this to journalists from selected African countries in Johannesburg, South Africa, at a programme aimed at exposing the latest Digital Video Broadcast Terrestrial-2nd Generation (DVB-T2) technology.
“The new technology, DVB-T2, is set to revolutionise the way Africans will soon use television; re-purposing frequencies to be more effectively utilised away from analogue to digital terrestrial transmissions (DTT) to deliver multi-channel entertainment.
“This opens up multi-channel television to a wider audience of viewers, allowing them more choice and greater variety in their viewing options, carrying several different digital television channels,” Mr. Hagan explained.
The deployment of the technology, which is in collaboration with South Africa’s eTV, has been undergoing trial testing by installing a DTT set-top box in 60 homes in Soweto using the DVB-T2 broadcasting standard.
These 60 homes are clearly illustrative of what Africa can get if it opts for the right technology, taking it to a place on the global stage.
“The second generation DVB-T2 standard is significantly more effective and that’s what we wanted to test, to trial the efficiency of the system in actual homes, to discover the real benefits of putting out the best technology in the world.
“The results of the measure-study have been extremely positive and show clearly that DVB-T2 is an excellent technology providing a viable multi-channel television service for all communities in terms of efficiency and technical performance, providing a gateway to whole world of great entertainment, sport, news, information and more.
“There’s no dish to install and it’s a simple technical process. You simply plug in a DTT box, put up a standard aerial and switch on your television. The same frequency that previously delivered one analogue television channel now gives you a choice of between 18 to 20 channels to watch.”
Hagen, who was pleased with the Soweto DVB-T2 trial and what it has contributed to Africa’s digital future, said: “It’s quite amazing and the studies in Soweto have been very instrumental in proving out the theories; in showing the digital quality sound and visuals at work; in taking a critical step toward complying with Africa’s agenda on digital migration.
“These deployment of DVB-T2, a second-generation standard which conforms to Africa’s frequency band plan and international obligations, will allow Africa not only to leapfrog technology but constitutes an investment for the future - the standard still has a long life ahead of it and none comes close at this stage.
“It is the best technology, for the long-term; it’s reliable, the results tangible, and is a verified success which has already started wining international awards.”
Thursday, November 25, 2010
Trade Minister speaks on commodities exchange
Government is facilitating the speedy completion of the commodities exchange to stabilise commodity prices and create alternative exchanges to accommodate small and medium enterprises, Hannah Tetteh, Minister for Trade and Industry, has stated.
“Next year, the commodities exchange for the country will be in operation to create huge opportunities for the agricultural sector,” she hinted at a forum in Accra.
Securities and Exchange Commission (SEC), the lead promoter of the commodities exchange and warehouse receipts system in the country, is mandated to develop the need¬ed regulatory framework to facilitate establishment of the exchange once gov¬ernment accepts the recommendations.
SEC is evaluating the submitted applications received from experts for the drafting of the needed framework, which will be the blueprint document for the operations of the exchange, a senior official at SEC disclosed to B&FT in a recent interview.
The legal and regulatory framework, which will regulate the modalities in which commodities exchanges may be established, organided and operated, is to ensure that all those in the supply and value chain in agriculture sector benefit from their involvement.
The exchange when fully operational could raise the hopes of millions of farmers, especially large-scale farmers and make their lives more meaningful. It provides for market transparency, efficient price discovery and standardisation, and the attendant improvement in quality standards thereby assists farmers to gain easy access to ready markets - both local and international.
The exchange’s establishment will help to deal with challenges facing the supply of agricultural produce, which in turn will deal with food inflation. It will as well provide a potent tool for a farmer to manage price fluctuations, stabilise his/her income and gain access to relatively cheaper credit.
Ghana has suffered three failed attempts towards the establishment of a commodities exchange, due to the unavailability of a regulatory framework.
A commodities market or exchange is a platform where various commodities and derivatives are traded.
Most commodities exchange trade in agricultural products and other raw materials like wheat, barley, sugar, maize, cocoa, coffee, cotton, milk products, oil and the metals.
“There is no doubt that a commodity exchange for futures trading is necessary for the efficient functioning of an economy,” a commodity price expert has opined.
In West Africa, and across sub-Saharan Africa, it is rightly envisaged that properly functioning exchanges that play a big role in poverty alleviation initiatives would increase the incomes of agricultural producers.
Ghana will be the fifth country in Africa, after South Africa, Nigeria, Kenya and Ethiopia, to operate a commodities exchange that aims to embark on an aggressive over¬haul of its agricultural sector.
This will promote the use of derivatives like forwards, futures and options in Ghana as the door is opened to foreigners to participate in speculating on agricultural products or metals traded on the exchange.
Dr. Boeh-Ocansey, Director-General, Private Enterprise Foundation, has also endorsed the idea. He said: “Since Ghana’s economy is basically agricultur¬al, it would make a lot of sense to see to the establishment of an effective commodity exchange that would not only eliminate the regular post-harvest losses through the buy¬ing of produce for storage, but also put money in the pockets of farmers in the short¬-term to facilitate their downstream opera¬tions.”
“Next year, the commodities exchange for the country will be in operation to create huge opportunities for the agricultural sector,” she hinted at a forum in Accra.
Securities and Exchange Commission (SEC), the lead promoter of the commodities exchange and warehouse receipts system in the country, is mandated to develop the need¬ed regulatory framework to facilitate establishment of the exchange once gov¬ernment accepts the recommendations.
SEC is evaluating the submitted applications received from experts for the drafting of the needed framework, which will be the blueprint document for the operations of the exchange, a senior official at SEC disclosed to B&FT in a recent interview.
The legal and regulatory framework, which will regulate the modalities in which commodities exchanges may be established, organided and operated, is to ensure that all those in the supply and value chain in agriculture sector benefit from their involvement.
The exchange when fully operational could raise the hopes of millions of farmers, especially large-scale farmers and make their lives more meaningful. It provides for market transparency, efficient price discovery and standardisation, and the attendant improvement in quality standards thereby assists farmers to gain easy access to ready markets - both local and international.
The exchange’s establishment will help to deal with challenges facing the supply of agricultural produce, which in turn will deal with food inflation. It will as well provide a potent tool for a farmer to manage price fluctuations, stabilise his/her income and gain access to relatively cheaper credit.
Ghana has suffered three failed attempts towards the establishment of a commodities exchange, due to the unavailability of a regulatory framework.
A commodities market or exchange is a platform where various commodities and derivatives are traded.
Most commodities exchange trade in agricultural products and other raw materials like wheat, barley, sugar, maize, cocoa, coffee, cotton, milk products, oil and the metals.
“There is no doubt that a commodity exchange for futures trading is necessary for the efficient functioning of an economy,” a commodity price expert has opined.
In West Africa, and across sub-Saharan Africa, it is rightly envisaged that properly functioning exchanges that play a big role in poverty alleviation initiatives would increase the incomes of agricultural producers.
Ghana will be the fifth country in Africa, after South Africa, Nigeria, Kenya and Ethiopia, to operate a commodities exchange that aims to embark on an aggressive over¬haul of its agricultural sector.
This will promote the use of derivatives like forwards, futures and options in Ghana as the door is opened to foreigners to participate in speculating on agricultural products or metals traded on the exchange.
Dr. Boeh-Ocansey, Director-General, Private Enterprise Foundation, has also endorsed the idea. He said: “Since Ghana’s economy is basically agricultur¬al, it would make a lot of sense to see to the establishment of an effective commodity exchange that would not only eliminate the regular post-harvest losses through the buy¬ing of produce for storage, but also put money in the pockets of farmers in the short¬-term to facilitate their downstream opera¬tions.”
US$22 million Manet Twin Towers inaugurated
Manet Group has officially inaugurated its US$22 million Twin-Towers at the Accra Airport City to boost the country’s commercial building industry.
The two blocks have office space each reaching eight floors skyward and consequently transforms the outlook of the real-estate sector in the country, offers businesses an ultra-modern, secure, accessible and convenient location, with affordable parking space for up to 230 cars.
The Manet twin-towers were completed in September 2010 and are just a tip of the iceberg, Dr. Theresa Oppong-Beeko, Chief Executive Officer, Manet Group disclosed after the ceremony.
Manet Group comprises Manet Housing, a real-estate development firm, Manet Paradise, a three-star hotel resort, Manet Construction, a civil engineering company and Manet Towers.
Mr. Martin Beeko, Director of MANET, a real-estate development company, said the company had over the past 16 years built more than 1,200 residential units for the upper-end of the housing market, making the group the second-largest real-estate developer in the country.
Alban Bagbin, Minister of Water Resources, Works and Housing, said rapid population growth and increasing urbanisation has made shelter one of the most critical problems - necessitating government to review the National Housing policy to focus more on the housing needs of low-income people.
He said the current data indicate that the country's housing deficit stands at more than a million housing units.
“Out of the four million housing units in the country, less than one-half were classified as houses; as much as 58 percent of the houses were of poor quality and made of mud, laterite brick, wattle and daub, and earth. More than 74,000 kiosks and containers were also being used as homes.
“Only 17 percent of Ghanaian households sleep in four- or more roomed facilities.
“As a country now enjoying middle-income status, our built environment and our cityscapes - from residential to commercial and leisure - leaves much to be desired,” he said.
Mr. Bagbin urged stakeholders in the real-estate sector to partner with government to ensure that the country’s housing situation is improved.
Dr. Mensah Otabil, General Overseer of the International Central Gospel Church, said the inauguration of the Twin-Towers project is a testimony to years of dedication and faithfulness of Manet’s contribution to development of the country.
The two blocks have office space each reaching eight floors skyward and consequently transforms the outlook of the real-estate sector in the country, offers businesses an ultra-modern, secure, accessible and convenient location, with affordable parking space for up to 230 cars.
The Manet twin-towers were completed in September 2010 and are just a tip of the iceberg, Dr. Theresa Oppong-Beeko, Chief Executive Officer, Manet Group disclosed after the ceremony.
Manet Group comprises Manet Housing, a real-estate development firm, Manet Paradise, a three-star hotel resort, Manet Construction, a civil engineering company and Manet Towers.
Mr. Martin Beeko, Director of MANET, a real-estate development company, said the company had over the past 16 years built more than 1,200 residential units for the upper-end of the housing market, making the group the second-largest real-estate developer in the country.
Alban Bagbin, Minister of Water Resources, Works and Housing, said rapid population growth and increasing urbanisation has made shelter one of the most critical problems - necessitating government to review the National Housing policy to focus more on the housing needs of low-income people.
He said the current data indicate that the country's housing deficit stands at more than a million housing units.
“Out of the four million housing units in the country, less than one-half were classified as houses; as much as 58 percent of the houses were of poor quality and made of mud, laterite brick, wattle and daub, and earth. More than 74,000 kiosks and containers were also being used as homes.
“Only 17 percent of Ghanaian households sleep in four- or more roomed facilities.
“As a country now enjoying middle-income status, our built environment and our cityscapes - from residential to commercial and leisure - leaves much to be desired,” he said.
Mr. Bagbin urged stakeholders in the real-estate sector to partner with government to ensure that the country’s housing situation is improved.
Dr. Mensah Otabil, General Overseer of the International Central Gospel Church, said the inauguration of the Twin-Towers project is a testimony to years of dedication and faithfulness of Manet’s contribution to development of the country.
New technology to the rescue of firms
A new technology which innovatively combines the pluses of both email and fax and offers a quick, easy and cost-effective transfer service has been out-doored in the county.
The technology - Fax2Email is also an answer to the nightmares of organisations that receive large amounts of documentations by fax on regular basis.
Fax2Email is an African electronic faxing solution designed for global use. Now you can receive faxes in your email inbox where faxes can be sent and received electronically as would documents that have been sent using email.
The product is a cutting edge technology that ensures cost cutting, smooth and instant recipient and dispatch of document in real time, Mr. Charles Asante, Group Managing Director, Charlitex Investment Limited, the lead promoters of the technology explained at the official outdooring of the service in Accra.
“This technology will help improve access to communication tools in the country at large. It would also translate to the country’s standing in technological advancement on the continent and the world at large.
“The country will be seen to be proactively ensuring efficient and secure communication, improving its standing as an investment destination,” Mr. Asante cited.
“The fax to email is an innovative way of using the Internet connectivity to send and receive fax messages in one’s email without using the usual fax machine.
“By lowering the hardware requirements to communicating, the setup costs for communications are also lowered. This will improve access to those in the lower income categories, thus bridging the digital divide as more can now receive more information on their inboxes.
“A user now has the ability to seamlessly communicate with both email and fax clients simultaneously, and through the desktop email platform using normal Internet email, attached files are delivered to traditional fax machines and vice versa.”
All you need is Internet connectivity. You don’t need a fax machine at a stationary point to receive it.
Businesses operators can now receive faxes for free in their inboxes, ensuring that all communication formats come to one central point.
The faxes will only be received by the intended recipient, ensuring better security and improved confidentiality of faxes.
Stephen Amoanor Kwao, Minister of State at the Office of the President, pledged government commitment to improve the country’s Information and Communication Technology (ICT) sector, emphasising that the technology is fast-growing in the continent.
“Government’s support such investment which would create jobs and grow the economy,” Mr. Kwao stressed.
The technology - Fax2Email is also an answer to the nightmares of organisations that receive large amounts of documentations by fax on regular basis.
Fax2Email is an African electronic faxing solution designed for global use. Now you can receive faxes in your email inbox where faxes can be sent and received electronically as would documents that have been sent using email.
The product is a cutting edge technology that ensures cost cutting, smooth and instant recipient and dispatch of document in real time, Mr. Charles Asante, Group Managing Director, Charlitex Investment Limited, the lead promoters of the technology explained at the official outdooring of the service in Accra.
“This technology will help improve access to communication tools in the country at large. It would also translate to the country’s standing in technological advancement on the continent and the world at large.
“The country will be seen to be proactively ensuring efficient and secure communication, improving its standing as an investment destination,” Mr. Asante cited.
“The fax to email is an innovative way of using the Internet connectivity to send and receive fax messages in one’s email without using the usual fax machine.
“By lowering the hardware requirements to communicating, the setup costs for communications are also lowered. This will improve access to those in the lower income categories, thus bridging the digital divide as more can now receive more information on their inboxes.
“A user now has the ability to seamlessly communicate with both email and fax clients simultaneously, and through the desktop email platform using normal Internet email, attached files are delivered to traditional fax machines and vice versa.”
All you need is Internet connectivity. You don’t need a fax machine at a stationary point to receive it.
Businesses operators can now receive faxes for free in their inboxes, ensuring that all communication formats come to one central point.
The faxes will only be received by the intended recipient, ensuring better security and improved confidentiality of faxes.
Stephen Amoanor Kwao, Minister of State at the Office of the President, pledged government commitment to improve the country’s Information and Communication Technology (ICT) sector, emphasising that the technology is fast-growing in the continent.
“Government’s support such investment which would create jobs and grow the economy,” Mr. Kwao stressed.
Friday, November 19, 2010
Ghana’s oil palm blueprint
A new plan is being unveiled in Ghana to raise the nation's competitiveness in oil palm production, unrivalled in the sub-region, as authorities’ quick-start a multi-million oil palm development plan.
Dubbed the oil palm Master Plan, it is expected to boost the nation’s competitiveness in the global commodities market and also enable it to meet the local demand estimated at 295,000 metric tonnes for its manufacturing industry and for local consumption.
Last year oil palm processing groups projected a production output of 260,000 metric tonnes of palm oil which indicates a deficit of 35,000 metric tonnes leaving government with no option but to spend US$100 million annually on the importation of oil palm to compensate for the deficit.
The Master Plan will focus on access to financing, certification, land-use policy, technology transfer, and infrastructure development from the farm to the port, as well as pricing mechanism and marketing.
The policy document will seek to outline set of projects and programmes to be executed within the next 15 years and will become the blue print for the sector’s growth. This is aimed at maximising development outcomes for the communities while supporting smaller businesses, as well as alleviating poverty.
Joseph Baidoo-Williams, Head of Tree Crops Development Unit, Ministry of Food and Agriculture (MOFA) in an interview with BT opines that the development of the plan would make it very easy to attract donor support to enhance palm oil production.
Government has up-to-date spent 2.4 million euros on the oil palm project and is expected to release an additional one million euros on its production by close of 2010.
The country has enjoyed some support from the International Finance Corporation which to date has invested close to US$132 million in palm oil projects in West Africa, Asia, Central America and the Ukraine.
Baidoo-Williams said government has identified the palm oil sector as holding tremendous potential to create jobs and reduce poverty and as such would give the necessary support to enable it to contribute to the development of the economy.
Recent trends in world price suggest that crude palm oil when properly nurtured could easily become a major foreign exchange earner for the country.
The overarching goal for the policy framework is to achieve and sustain macroeconomic stability while placing the economy on a path of higher growth, in order to attain middle-income status by 2020 while also achieving the Millennium Development Goals (MDGs).
It is also aimed at reducing poverty through a pro-poor, export-led growth strategy based on modernizing agriculture and linking it to industry in an emerging oil and gas economy, he said.
Trade analysts say the strategy is timely as Ghana is expected to export 36,000 metric tonnes of palm oil to China next year, following the conclusion of a US$21.6 million deal between Chyuan Chya Ghana Limited and China-Africa Economic Trade Limited.
The oil palm to be exported by Chyuan Chya will mainly be purchased from small and medium-scale smallholder producers across the country
Approximately, 305,700 hectares of oil palm plantation is being cultivated nationwide and an additional 20,000 hectares of oil palm farm is needed to meet the local demand.
Current forecast suggests the ECOWAS sub regional market is being faced with an unmet demand of up to one million metric tonnes.
Malaysia, the country, which took the oil palm seeds away from Nigeria several years ago, is planning to flood the market from its silos in Ghana.
Malaysia, the world’s second largest producer of palm oil, had concluded plans to build silos on Tema Beach, in Ghana.The move by the Malaysians’ to set up a base in Ghana was to further improve its export to the Nigerian market with barrels of palm oil, the shortage of which has hit the country.
Malaysia remains the world’s second-largest exporter of palm oil after Indonesia. The two countries account for 85 percent of global production of palm oil
Baidoo-Williams disclosed that government is supporting the cultivation of 3,000 hectares of small holder farms in the Twifo Hemang Lower Denkyira and the Upper Denkyira and that 1,000 farmers have been supported in these two districts to cultivate 2,300 hectares of farm.
He explained that Twifo Oil Palm Plantation has been contracted by Agriculture ministry as as the technical operators. The company is also expected to purchase the fruits and provide extension services to the farmers.
“Government provides financial support in the form of loans to farmers for maintenance, fertilizers and planting materials. The loans to farmers are channeled through National Investment Bank of which the repayment starts after five years,” Mr. Baidoo-Williams said.
Land area cultivated by the four is barely 30 percent of the national endowment. The rest is either lying fallow or cultivated on subsistence basis by individual smallholder farmers. Oil palm is a crop that provides multiple outputs and it is the only plant whose fruit produces two types of oil- palm oil and palm kennel oil.
Oil is an input in industrial production of non-dairy creams, ice-cream powder, salad dressing, fat spread and chocolate.
The rising trend in international demand has been precipitated by increasing demand for palm oil for bio-fuel purposes.
Crude Petroleum Price determinants continue to push upwards pressure on the price, and demand for Crude Palm Oil (CPO) is steadily rising in India, China, Europe and the America for bio-fuel. In view of this development, investors have been diverting their investment portfolios into CPO.
Ghana’s major producers, Benso Oil Palm Plantation (BOPP) and Twifo Oil Palm Plantation (TOPP), Ghana Oil Palm Development and Norpalm, a Norwegian firm turn out around 80,000 tonnes per annum as against 90,000 tonnes demanded by Unilever alone.
Credit:BT Magazine
Dubbed the oil palm Master Plan, it is expected to boost the nation’s competitiveness in the global commodities market and also enable it to meet the local demand estimated at 295,000 metric tonnes for its manufacturing industry and for local consumption.
Last year oil palm processing groups projected a production output of 260,000 metric tonnes of palm oil which indicates a deficit of 35,000 metric tonnes leaving government with no option but to spend US$100 million annually on the importation of oil palm to compensate for the deficit.
The Master Plan will focus on access to financing, certification, land-use policy, technology transfer, and infrastructure development from the farm to the port, as well as pricing mechanism and marketing.
The policy document will seek to outline set of projects and programmes to be executed within the next 15 years and will become the blue print for the sector’s growth. This is aimed at maximising development outcomes for the communities while supporting smaller businesses, as well as alleviating poverty.
Joseph Baidoo-Williams, Head of Tree Crops Development Unit, Ministry of Food and Agriculture (MOFA) in an interview with BT opines that the development of the plan would make it very easy to attract donor support to enhance palm oil production.
Government has up-to-date spent 2.4 million euros on the oil palm project and is expected to release an additional one million euros on its production by close of 2010.
The country has enjoyed some support from the International Finance Corporation which to date has invested close to US$132 million in palm oil projects in West Africa, Asia, Central America and the Ukraine.
Baidoo-Williams said government has identified the palm oil sector as holding tremendous potential to create jobs and reduce poverty and as such would give the necessary support to enable it to contribute to the development of the economy.
Recent trends in world price suggest that crude palm oil when properly nurtured could easily become a major foreign exchange earner for the country.
The overarching goal for the policy framework is to achieve and sustain macroeconomic stability while placing the economy on a path of higher growth, in order to attain middle-income status by 2020 while also achieving the Millennium Development Goals (MDGs).
It is also aimed at reducing poverty through a pro-poor, export-led growth strategy based on modernizing agriculture and linking it to industry in an emerging oil and gas economy, he said.
Trade analysts say the strategy is timely as Ghana is expected to export 36,000 metric tonnes of palm oil to China next year, following the conclusion of a US$21.6 million deal between Chyuan Chya Ghana Limited and China-Africa Economic Trade Limited.
The oil palm to be exported by Chyuan Chya will mainly be purchased from small and medium-scale smallholder producers across the country
Approximately, 305,700 hectares of oil palm plantation is being cultivated nationwide and an additional 20,000 hectares of oil palm farm is needed to meet the local demand.
Current forecast suggests the ECOWAS sub regional market is being faced with an unmet demand of up to one million metric tonnes.
Malaysia, the country, which took the oil palm seeds away from Nigeria several years ago, is planning to flood the market from its silos in Ghana.
Malaysia, the world’s second largest producer of palm oil, had concluded plans to build silos on Tema Beach, in Ghana.The move by the Malaysians’ to set up a base in Ghana was to further improve its export to the Nigerian market with barrels of palm oil, the shortage of which has hit the country.
Malaysia remains the world’s second-largest exporter of palm oil after Indonesia. The two countries account for 85 percent of global production of palm oil
Baidoo-Williams disclosed that government is supporting the cultivation of 3,000 hectares of small holder farms in the Twifo Hemang Lower Denkyira and the Upper Denkyira and that 1,000 farmers have been supported in these two districts to cultivate 2,300 hectares of farm.
He explained that Twifo Oil Palm Plantation has been contracted by Agriculture ministry as as the technical operators. The company is also expected to purchase the fruits and provide extension services to the farmers.
“Government provides financial support in the form of loans to farmers for maintenance, fertilizers and planting materials. The loans to farmers are channeled through National Investment Bank of which the repayment starts after five years,” Mr. Baidoo-Williams said.
Land area cultivated by the four is barely 30 percent of the national endowment. The rest is either lying fallow or cultivated on subsistence basis by individual smallholder farmers. Oil palm is a crop that provides multiple outputs and it is the only plant whose fruit produces two types of oil- palm oil and palm kennel oil.
Oil is an input in industrial production of non-dairy creams, ice-cream powder, salad dressing, fat spread and chocolate.
The rising trend in international demand has been precipitated by increasing demand for palm oil for bio-fuel purposes.
Crude Petroleum Price determinants continue to push upwards pressure on the price, and demand for Crude Palm Oil (CPO) is steadily rising in India, China, Europe and the America for bio-fuel. In view of this development, investors have been diverting their investment portfolios into CPO.
Ghana’s major producers, Benso Oil Palm Plantation (BOPP) and Twifo Oil Palm Plantation (TOPP), Ghana Oil Palm Development and Norpalm, a Norwegian firm turn out around 80,000 tonnes per annum as against 90,000 tonnes demanded by Unilever alone.
Credit:BT Magazine
Wednesday, November 17, 2010
MASLOC automation expected in 2011
The Microfinance and Small Loans Centre (MASLOC) is to be fully automated by the first quarter of 2011 to enhance disbursement and loans recovery, Mrs. Bertha Ansah-Djan, Chief Executive Officer of MASLOC, has disclosed.
“The Centre had installed new software and trained credit officers to inject professionalism into the centre’s operations.”
The Centre is expected to disburse over GH¢23million for micro-credit on-lending, GHC¢11,500,000 for small loans, GH¢1,000,000 for on-lending to other micro- financial institutions in 2011, and has so far disbursed GH¢3,000,000 to groups and individuals.
Mrs. Ansah-Djan at a media interaction in Accra said: “The new management adopted a multi-faceted loan recovery and prudent approach to salvage the old loans which have yielded 99.5 percent success against the 6.63 percent recovered in the previous administration. Management is committed towards the sustenance of the recovery efforts.
“MASLOC will increase its disbursements to cover all regions and districts throughout the country and continue with the decentralisation of its lending operations,” emphasising that it will continue to encourage groups to form credit unions and inculcate in them a saving culture.
Mrs. Ansah-Djan disclosed that management will roll-out a new scheme to partner a company that is ready to fund the cost of farm inputs, agro-processing machineries and sewing machines for hire purchase by qualified beneficiaries.
“As a result of the new management’s efforts, the threat of MASLOC becoming bankrupt is now a thing of the past; thanks to the commitment of the government,” she remarked.
MASLOC was created under the Office of the President with the objective of supporting government’s programme of sustainable reduction in poverty as indicated under the Growth and Poverty Reduction Strategy, by providing micro-credit and small loans to the productive poor of the population.
MASLOC's facilities are principally targeted at the marginalised productive poor, who fall mostly within the micro-, small- and medium-enterprises sector, which comprises women, the physically challenged and the youth.
As at 2008, approximately 279,000 micro-entrepreneurs had benefitted from the micro-finance scheme.
MASLOC was introduced in 2004 in collaboration with the World Bank, with nine new regional offices launched in September 2006, with seed-money of US$50million towards the establishment of a Micro Credit Fund to provide capital for the country’s micro-finance initiatives.
Under the Scheme, individuals, groups and businesses are eligible to apply for loans between GH¢100,000 and GH¢250,000. Groups need to have a minimum of five and maximum of 25 members to access up to GH¢250,000. Each member of the group could access GH¢10,000, refundable within one year with 10 percent interest.
Other categories which could access loans from GH¢20,000 up to GH¢250,000 attract the going Bank of Ghana prime interest rate.
“The Centre had installed new software and trained credit officers to inject professionalism into the centre’s operations.”
The Centre is expected to disburse over GH¢23million for micro-credit on-lending, GHC¢11,500,000 for small loans, GH¢1,000,000 for on-lending to other micro- financial institutions in 2011, and has so far disbursed GH¢3,000,000 to groups and individuals.
Mrs. Ansah-Djan at a media interaction in Accra said: “The new management adopted a multi-faceted loan recovery and prudent approach to salvage the old loans which have yielded 99.5 percent success against the 6.63 percent recovered in the previous administration. Management is committed towards the sustenance of the recovery efforts.
“MASLOC will increase its disbursements to cover all regions and districts throughout the country and continue with the decentralisation of its lending operations,” emphasising that it will continue to encourage groups to form credit unions and inculcate in them a saving culture.
Mrs. Ansah-Djan disclosed that management will roll-out a new scheme to partner a company that is ready to fund the cost of farm inputs, agro-processing machineries and sewing machines for hire purchase by qualified beneficiaries.
“As a result of the new management’s efforts, the threat of MASLOC becoming bankrupt is now a thing of the past; thanks to the commitment of the government,” she remarked.
MASLOC was created under the Office of the President with the objective of supporting government’s programme of sustainable reduction in poverty as indicated under the Growth and Poverty Reduction Strategy, by providing micro-credit and small loans to the productive poor of the population.
MASLOC's facilities are principally targeted at the marginalised productive poor, who fall mostly within the micro-, small- and medium-enterprises sector, which comprises women, the physically challenged and the youth.
As at 2008, approximately 279,000 micro-entrepreneurs had benefitted from the micro-finance scheme.
MASLOC was introduced in 2004 in collaboration with the World Bank, with nine new regional offices launched in September 2006, with seed-money of US$50million towards the establishment of a Micro Credit Fund to provide capital for the country’s micro-finance initiatives.
Under the Scheme, individuals, groups and businesses are eligible to apply for loans between GH¢100,000 and GH¢250,000. Groups need to have a minimum of five and maximum of 25 members to access up to GH¢250,000. Each member of the group could access GH¢10,000, refundable within one year with 10 percent interest.
Other categories which could access loans from GH¢20,000 up to GH¢250,000 attract the going Bank of Ghana prime interest rate.
Monday, November 15, 2010
Newmont refutes allegations on safety standards
Newmont Ghana Gold Limited says it is committed to operating safely and responsibly in its operations and projects in the country.
“We are committed to the continuous improvement of our health, well-being and safety procedures and standards. Newmont’s first priority remains the safety of our neighbors, employees and contractors.”
Adiki Ofeibea Ayitevie, Regional Manager Communications Newmont Ghana, explained in an interview with B&FT in Accra said: “The health and safety of our employees and our neighbors is of utmost importance and is taken very seriously as part of our business, and we continuously seek to improve our safety practices and methods.
“We regret and are deeply concerned with any fatality or injury that occurs from activities of Newmont employees and our contractors, whether inside the boundaries of our mine areas or outside the operations on public roads or in communities.”
She made this known when reacting to various allegations made by civil society organisations and some community members concerning its environmental health and safety measures in its Ahafo mine project located in the Brong Ahafo Region.
Ayitevie explained that Newmont recognised from the earliest days of the Ahafo project feasibility study that road traffic safety and related accidents in Ghana were amongst the highest in any country where Newmont had previously worked.
“As a result of the initial project risk assessments and the health impact assessment, the company has continuously strived to put measures in place to address road safety risks. These measures include extensive, regular and frequent training for all employees and contractors in addition to numerous efforts with external stakeholders and local communities to increase awareness and improve safety in and around the mine-site area.
“The facilities at Ahafo which contain “dams” or engineered embankments have been designed and constructed to international standards. Similarly, all embankments which are larger than 15 metres in elevation were reviewed by independent engineers during both the design and construction phase. Embankments are also independently audited annually to ensure facilities are operating as designed. To date, no design or operational issues have been identified by any of the independent reviews or audits.”
She mentioned that the Ahafo operation has not had a mine work-related fatality associated with its mine operations since production began in 2006.
However, in a recent report released by the Wassa Association of Communities Affected by Mining (WACAM), a civil society group challenged Newmont Ghana’s safety and health record claiming that 15 fatalities have occurred in the Ahafo mine during its operations in the past five years.
“There have been instances where community people got drowned and died in dams constructed by Newmont Ahafo mine on rivers for its operations, whilst many community people have died or suffered permanent injuries to their bodies when they were knocked down by vehicles belonging to Newmont Ahafo mine or ancillary companies of Newmont.”
Mr. Daniel Owusu-Koranteng, Executive Director of WACAM said: “We call on government to institute investigations into the social, economic, safety, cultural problems associated with the Newmont Ahafo mine for its operations.
“We further call on government to investigate these deaths and ensure that appropriate compensations are paid to the victims and their families.”
The report also makes reference to the standards utilised in the construction of “dams” or facilities at the Ahafo mine.
Newmont Ghana operates for Newmont Mining Corporation, one of the largest gold companies in the world.
It operates the Ahafo Mine in the Brong-Ahafo Region and also has a development project, the Akyem Project in the Birim North District of the Eastern Region, which has an equity reserve of 7.7 million ounces of gold with US$1 billion investment and about 15 years mine life.
The company employs approximately 5,400 employees and contractors, with the majority working at its Ahafo Mine.
.
“We are committed to the continuous improvement of our health, well-being and safety procedures and standards. Newmont’s first priority remains the safety of our neighbors, employees and contractors.”
Adiki Ofeibea Ayitevie, Regional Manager Communications Newmont Ghana, explained in an interview with B&FT in Accra said: “The health and safety of our employees and our neighbors is of utmost importance and is taken very seriously as part of our business, and we continuously seek to improve our safety practices and methods.
“We regret and are deeply concerned with any fatality or injury that occurs from activities of Newmont employees and our contractors, whether inside the boundaries of our mine areas or outside the operations on public roads or in communities.”
She made this known when reacting to various allegations made by civil society organisations and some community members concerning its environmental health and safety measures in its Ahafo mine project located in the Brong Ahafo Region.
Ayitevie explained that Newmont recognised from the earliest days of the Ahafo project feasibility study that road traffic safety and related accidents in Ghana were amongst the highest in any country where Newmont had previously worked.
“As a result of the initial project risk assessments and the health impact assessment, the company has continuously strived to put measures in place to address road safety risks. These measures include extensive, regular and frequent training for all employees and contractors in addition to numerous efforts with external stakeholders and local communities to increase awareness and improve safety in and around the mine-site area.
“The facilities at Ahafo which contain “dams” or engineered embankments have been designed and constructed to international standards. Similarly, all embankments which are larger than 15 metres in elevation were reviewed by independent engineers during both the design and construction phase. Embankments are also independently audited annually to ensure facilities are operating as designed. To date, no design or operational issues have been identified by any of the independent reviews or audits.”
She mentioned that the Ahafo operation has not had a mine work-related fatality associated with its mine operations since production began in 2006.
However, in a recent report released by the Wassa Association of Communities Affected by Mining (WACAM), a civil society group challenged Newmont Ghana’s safety and health record claiming that 15 fatalities have occurred in the Ahafo mine during its operations in the past five years.
“There have been instances where community people got drowned and died in dams constructed by Newmont Ahafo mine on rivers for its operations, whilst many community people have died or suffered permanent injuries to their bodies when they were knocked down by vehicles belonging to Newmont Ahafo mine or ancillary companies of Newmont.”
Mr. Daniel Owusu-Koranteng, Executive Director of WACAM said: “We call on government to institute investigations into the social, economic, safety, cultural problems associated with the Newmont Ahafo mine for its operations.
“We further call on government to investigate these deaths and ensure that appropriate compensations are paid to the victims and their families.”
The report also makes reference to the standards utilised in the construction of “dams” or facilities at the Ahafo mine.
Newmont Ghana operates for Newmont Mining Corporation, one of the largest gold companies in the world.
It operates the Ahafo Mine in the Brong-Ahafo Region and also has a development project, the Akyem Project in the Birim North District of the Eastern Region, which has an equity reserve of 7.7 million ounces of gold with US$1 billion investment and about 15 years mine life.
The company employs approximately 5,400 employees and contractors, with the majority working at its Ahafo Mine.
.
October inflation rate flat at 9.38 %
The Headline inflation rate was flat at 9.38 percent for October 2010, halting the 15th consecutive monthly fall since June 2009, when the rate stood at 20.74 per cent, data released by the Ghana Statistical Service has shown.
October’s rate which stood at 9.38 percent is the same as that of the previous month-September, meaning that the general price level in the country increased by 9.38 percent in October 2010 relative to October 2009.
Magnus Ebo Duncan, Head of Economics and Statistics at the Ghana Statistical Service at a media briefing in Accra explained that although there was a change, it was too small to make any impact in the calculation of the rate.
He explained that current downward pressures on the Consumer Price Index (CPI) were driven generally by both the food and non-food sectors.
The non-food component, which constitutes 55.09 percent exerted much more inflationary pressure with items such as alcoholic beverages, tobacco and narcotic recording (19.39 %), hotels and restaurants (15.70%), housing, water, electricity, gas and other utilities (15.71 %) and Clothing and footwear (14.95%) being the main drivers of the current inflationary. Prices of products in the Communications sub-group remain constant recording zero inflation rate.
The non-food inflation rate has been declining, though still in double digit; falling from 18.79 percent in January 2010 to 11.89 percent in July 2010 before increasing to 12.25 percent in August 2010.
On the other hand, the food and non-alcoholic beverages group, which constitute 44.91 percent of the CPI, had bread and cereals (-3.38%) vegetables including potatoes (3.78 %), and food products (5.46 %) recording inflation rates lower than the group’s average.
The group has been recording single digit inflation rate since January 2010, falling from 9.08 percent to 4.69% in May 2010, before rising to 6.13 % in June 2010.
Meanwhile, the Centre for Policy Analysis insists that the downward trend is likely to cease and inflation rate will start rising.
Analysts have contended that continuous drop reflects the effects of government’s relatively tight fiscal and monetary policies in its fiscal economic management and the stability of the cedi against major trading currencies in the past quarter.
The outlook, as assessed by the Bank of Ghana (BoG), points to lowering inflationary risks, an indication that the real value of money will continue to rise, implying commercial banks should become more willing to reduce lending rates to improve private business growth.
AVOIDING THE BOOM-BUST
Razia Khan of Standard Chartered Bank noted that while early revenues from oil production, due to reach 125,000 barrels a day next year, would be modest, at least Ghanaians could expect to benefit from continued price stability.
"A commitment to a sound macroeconomic backdrop that lessens the likelihood of boom-bust cycles is the best that the authorities can deliver for now," she noted.
Yet some analysts still see scope for a further rate cut. Kobla Nyaletey of Barclays Ghana, saw inflation falling further to close the year at around 8.5-9 percent.
"We see inflation falling in November and December to ... strengthen the case for a further rate cut at the December Monetary Policy Committee sitting," he said.
The figures come a week after Ghana unveiled a long-awaited statistical re-basing of its economy that added over 60 percent to its national output figure by better reflecting recent growth areas such as mobile telephony and banking.
Although purely a statistical readjustment, the re-basing prodded Ghana's annual per capita income above the $1,000 threshold, allowing it to join the World Bank ranking of middle-income countries including Thailand and Ivory Coast.
The International Monetary Fund last month downgraded its expectations of Ghana's oil earnings in 2011 to the equivalent of three percentage points of gross domestic product from an earlier estimate of five percentage points of GDP.
The revenue boost will barely cover the cost of implementing a new pay structure for the country's public sector workers which the IMF calculated would cost the country the equivalent of a minimum 2.5 percent points of GDP.
(With additional files from Reuters)
October’s rate which stood at 9.38 percent is the same as that of the previous month-September, meaning that the general price level in the country increased by 9.38 percent in October 2010 relative to October 2009.
Magnus Ebo Duncan, Head of Economics and Statistics at the Ghana Statistical Service at a media briefing in Accra explained that although there was a change, it was too small to make any impact in the calculation of the rate.
He explained that current downward pressures on the Consumer Price Index (CPI) were driven generally by both the food and non-food sectors.
The non-food component, which constitutes 55.09 percent exerted much more inflationary pressure with items such as alcoholic beverages, tobacco and narcotic recording (19.39 %), hotels and restaurants (15.70%), housing, water, electricity, gas and other utilities (15.71 %) and Clothing and footwear (14.95%) being the main drivers of the current inflationary. Prices of products in the Communications sub-group remain constant recording zero inflation rate.
The non-food inflation rate has been declining, though still in double digit; falling from 18.79 percent in January 2010 to 11.89 percent in July 2010 before increasing to 12.25 percent in August 2010.
On the other hand, the food and non-alcoholic beverages group, which constitute 44.91 percent of the CPI, had bread and cereals (-3.38%) vegetables including potatoes (3.78 %), and food products (5.46 %) recording inflation rates lower than the group’s average.
The group has been recording single digit inflation rate since January 2010, falling from 9.08 percent to 4.69% in May 2010, before rising to 6.13 % in June 2010.
Meanwhile, the Centre for Policy Analysis insists that the downward trend is likely to cease and inflation rate will start rising.
Analysts have contended that continuous drop reflects the effects of government’s relatively tight fiscal and monetary policies in its fiscal economic management and the stability of the cedi against major trading currencies in the past quarter.
The outlook, as assessed by the Bank of Ghana (BoG), points to lowering inflationary risks, an indication that the real value of money will continue to rise, implying commercial banks should become more willing to reduce lending rates to improve private business growth.
AVOIDING THE BOOM-BUST
Razia Khan of Standard Chartered Bank noted that while early revenues from oil production, due to reach 125,000 barrels a day next year, would be modest, at least Ghanaians could expect to benefit from continued price stability.
"A commitment to a sound macroeconomic backdrop that lessens the likelihood of boom-bust cycles is the best that the authorities can deliver for now," she noted.
Yet some analysts still see scope for a further rate cut. Kobla Nyaletey of Barclays Ghana, saw inflation falling further to close the year at around 8.5-9 percent.
"We see inflation falling in November and December to ... strengthen the case for a further rate cut at the December Monetary Policy Committee sitting," he said.
The figures come a week after Ghana unveiled a long-awaited statistical re-basing of its economy that added over 60 percent to its national output figure by better reflecting recent growth areas such as mobile telephony and banking.
Although purely a statistical readjustment, the re-basing prodded Ghana's annual per capita income above the $1,000 threshold, allowing it to join the World Bank ranking of middle-income countries including Thailand and Ivory Coast.
The International Monetary Fund last month downgraded its expectations of Ghana's oil earnings in 2011 to the equivalent of three percentage points of gross domestic product from an earlier estimate of five percentage points of GDP.
The revenue boost will barely cover the cost of implementing a new pay structure for the country's public sector workers which the IMF calculated would cost the country the equivalent of a minimum 2.5 percent points of GDP.
(With additional files from Reuters)
Monday, November 8, 2010
Ghana's economy now bigger,....……worth US$31bn
Ghana has joined the world ranking of middle-income bracket countries, a rebased index of the economy has revealed.
By raising the annual per capita income above the US$1,000 mark, Ghana leaves the Bretton Woods low–income bracket of countries to join the affluent league of countries like Cote’d’Ivoire. This also means that Ghana no longer qualifies for concessionary loans.
According to the index, whose base year is now 2006 instead of 1993, Ghana’s economy will grow by 6.6 percent this year. Government Statistician Dr. Grace Bediako told journalists in Accra on Friday that there has been a significant change in the size of the economy due to the rebasing of the national accounts to capture the realities of the current period.
With 2006 as the new base year, the rebased economy has grown by 60 percent, while the provisional estimate puts per capita Gross Domestic Product (GDP) at US$1,318.36, against the existing estimate of US$753.
The new series places Ghana as the third-largest in ranking of GDP per person in the sub-region – after Cape Verde and Nigeria – and the 21st in Africa.
The services sector has overtaken agriculture - the one-time leader - and now accounts for 51 percent of the economy, while agriculture now accounts for 30.2 percent and the industrial sector, 18.6 percent.
The services sector in 2009 accounted for 49.5% of GDP, with agriculture registering 31.7% while the industrial sector attained 18.6 percent during the period.
The figures released disclose that the provisional GDP estimate for 2010 is valued at GH¢44,798.7million, an increase over the estimated figure of GH¢37,231million for 2009. This translates into a 2010 GDP estimate of about US$31billion.
Rebasing of national accounts series means replacing the old base year used for compiling the constant price estimates to a new and more recent base year.
The new measure reflects growth in areas such as banking and telecommunications, which were fully captured in the rate.
Policy think-tank Centre for Policy Analysis (CEPA), however, contends that the rebasing of the national accounts, which makes Ghana a middle-income country immediately, could have some negative effects on the economy - citing the introduction of new taxes, while existing taxes are more likely to be increased.
The country’s economy had been growing consistently upward over the last decade until 2009 when it slumped to 4.1 percent. From a growth rate of 3.7 percent in 2000, it shot up to 4.2 percent and 4.5 percent in 2000 and 2001, before hitting 4.5 and 5.2 percent in 2002 and 2003 respectively. It hit a record high of 7.3 percent in 2008.
South Africa, which attained middle-income status in 2007, is ranked the biggest economy in Africa with a size of US$467.6billion, followed by Egypt with USS$431.9billion.
Nigeria and Algeria, two oil-producing countries, and Morocco follow suit with economic sizes of US$294.8 billion, US$268.9 billion and US$127 billion respectively.
Sudan, Angola, Libya, Tunisia and Kenya are ranked 6th, 7th, 8th, 9th and 10th respectively with respective economic sizes of US$107.8billion, US$80.95billion, US$78.79 billion, US$77.16billion and US$57.65billion.
By raising the annual per capita income above the US$1,000 mark, Ghana leaves the Bretton Woods low–income bracket of countries to join the affluent league of countries like Cote’d’Ivoire. This also means that Ghana no longer qualifies for concessionary loans.
According to the index, whose base year is now 2006 instead of 1993, Ghana’s economy will grow by 6.6 percent this year. Government Statistician Dr. Grace Bediako told journalists in Accra on Friday that there has been a significant change in the size of the economy due to the rebasing of the national accounts to capture the realities of the current period.
With 2006 as the new base year, the rebased economy has grown by 60 percent, while the provisional estimate puts per capita Gross Domestic Product (GDP) at US$1,318.36, against the existing estimate of US$753.
The new series places Ghana as the third-largest in ranking of GDP per person in the sub-region – after Cape Verde and Nigeria – and the 21st in Africa.
The services sector has overtaken agriculture - the one-time leader - and now accounts for 51 percent of the economy, while agriculture now accounts for 30.2 percent and the industrial sector, 18.6 percent.
The services sector in 2009 accounted for 49.5% of GDP, with agriculture registering 31.7% while the industrial sector attained 18.6 percent during the period.
The figures released disclose that the provisional GDP estimate for 2010 is valued at GH¢44,798.7million, an increase over the estimated figure of GH¢37,231million for 2009. This translates into a 2010 GDP estimate of about US$31billion.
Rebasing of national accounts series means replacing the old base year used for compiling the constant price estimates to a new and more recent base year.
The new measure reflects growth in areas such as banking and telecommunications, which were fully captured in the rate.
Policy think-tank Centre for Policy Analysis (CEPA), however, contends that the rebasing of the national accounts, which makes Ghana a middle-income country immediately, could have some negative effects on the economy - citing the introduction of new taxes, while existing taxes are more likely to be increased.
The country’s economy had been growing consistently upward over the last decade until 2009 when it slumped to 4.1 percent. From a growth rate of 3.7 percent in 2000, it shot up to 4.2 percent and 4.5 percent in 2000 and 2001, before hitting 4.5 and 5.2 percent in 2002 and 2003 respectively. It hit a record high of 7.3 percent in 2008.
South Africa, which attained middle-income status in 2007, is ranked the biggest economy in Africa with a size of US$467.6billion, followed by Egypt with USS$431.9billion.
Nigeria and Algeria, two oil-producing countries, and Morocco follow suit with economic sizes of US$294.8 billion, US$268.9 billion and US$127 billion respectively.
Sudan, Angola, Libya, Tunisia and Kenya are ranked 6th, 7th, 8th, 9th and 10th respectively with respective economic sizes of US$107.8billion, US$80.95billion, US$78.79 billion, US$77.16billion and US$57.65billion.
Ghana's Business reforms hailed
Ghana is the global top reformer in improving access to credit and still, overall, the easiest place to do business in West Africa, the International Finance Corporation, an arm of the World Bank’s 2011Doing Business Report, has revealed.
In the sub-region, Ghana remains overall the easiest place to do business and ranks top in two other indicators - Registering Property and Paying Taxes - the report said.
The report also indicates that Ghana has implemented reforms in Getting Credit, one of the nine indicators of the report and has maintained its overall ranking as the easiest place to do business in West Africa.
It said the establishment of the centralised Collateral Registry and improved credit information and legal rights, through granting an operating licence to a private credit bureau, positioned the country from 77 to 67 - moving up 10 places among countries where doing business is favourable.
Interest rates in Ghana remain high and there are other areas such as infrastructure and the provision of reliable and affordable energy which, while not measured by the Doing Business report, have a direct impact on the overall investment climate and thus the ability of Ghana to develop a true competitive edge in the region and globally.
Banks have long cited a legacy of bad loans as reason for maintaining basic lending rates at anything up to 29 percent - more than double the current 13.5 percent central bank prime rate - despite repeated calls from authorities to ease credit.
The high lending rates have been cited as a drag on the economy, which is due to grow around 6.6 percent this year,
The establishment of the registry is expected to bring down lending rates since the risk factor that is always the concern for the lenders has been automatically addressed
The 2011 Doing Business report, titled ‘Making a Difference for Entrepreneurs’ and eighth in the series of annual reports, ranked 183 economies around the world which have improved the environment for private businesses to thrive and also benchmarked the regulations that enhance business activity and those that constrain it. The data are current as of June 2010.
Launching the report in Accra, acting Country Manager, IFC, Brigid Amoako said:”I am pleased that Ghana implemented reforms in Getting Credit, one of the nine indicators of the report and has maintained its overall ranking as the easiest place to do business in West Africa.
“This year Doing Business 2011 introduces a new indicator - getting electricity. This and the employing workers indicators are not included in the ranking on the on the overall ease of doing business ranking. This report also features cumulative five-year trends of the focus and pace of legal and regulatory reform in the economies surveyed.
“IFC working with SECO has provided advisory support in improving Secured Transactions in Ghana. However, there are clearly opportunities - especially in deepening the products and scope of the financial markets - to ensure that the legal and regulatory framework established by the Borrowers and Lenders Act; the credit reference bureau and the Collateral Registry actually translates into affordable long-term credit for firms, especially the large SME market.”
The rankings also revealed that Ghana made some strong showing in protecting investors ranking 44th out of 183 countries. The rankings also showed that Ghana has shown continued improvement over the past five years in improving the environment for doing business.
Sierra Leone was named as the easiest place to Start a Business and provides the best Protection for Investors; Burkina Faso provides simplified regulations for getting a Construction Permit; Cape Verde tops in Trading Across Borders and Enforcing Contracts; while neighboring Cote d’ Ivoire makes it easiest in legally Closing a Business.
Ghana, which is due to join the ranks of the world's oil producers later this year, was among the world's top-ten fastest-improving business venues, according to the report.
Overall, it ranked fourth in Africa in improving the general business environment after Mauritius, Rwanda and Tunisia.
Since 2005, about 85% of the world’s economies have made it easier for local entrepreneurs to operate, through 1,511 improvements to business regulation. Among the 30 most-improved economies during those five years, a third are in sub-Saharan Africa - Burkina Faso, Ghana, Madagascar, Mali, Mauritius, Mozambique, Nigeria, Rwanda, Senegal and Sierra Leone.
Governor of the Bank of Ghana, Kwesi Amissah-Arthur who was overwhelmed with the performance, welcomed the country’s new position as a top business reformer in the sub-region, adding that the improvement in business reforms is aimed at growing the country’s business sector.
“It is great news and a positive achievement as far as private business is concern. We are confident it will benefit the stakeholders in both the private and the public sectors to grow the Ghanaian economy,” Amissah-Arthur remarked.
In the sub-region, Ghana remains overall the easiest place to do business and ranks top in two other indicators - Registering Property and Paying Taxes - the report said.
The report also indicates that Ghana has implemented reforms in Getting Credit, one of the nine indicators of the report and has maintained its overall ranking as the easiest place to do business in West Africa.
It said the establishment of the centralised Collateral Registry and improved credit information and legal rights, through granting an operating licence to a private credit bureau, positioned the country from 77 to 67 - moving up 10 places among countries where doing business is favourable.
Interest rates in Ghana remain high and there are other areas such as infrastructure and the provision of reliable and affordable energy which, while not measured by the Doing Business report, have a direct impact on the overall investment climate and thus the ability of Ghana to develop a true competitive edge in the region and globally.
Banks have long cited a legacy of bad loans as reason for maintaining basic lending rates at anything up to 29 percent - more than double the current 13.5 percent central bank prime rate - despite repeated calls from authorities to ease credit.
The high lending rates have been cited as a drag on the economy, which is due to grow around 6.6 percent this year,
The establishment of the registry is expected to bring down lending rates since the risk factor that is always the concern for the lenders has been automatically addressed
The 2011 Doing Business report, titled ‘Making a Difference for Entrepreneurs’ and eighth in the series of annual reports, ranked 183 economies around the world which have improved the environment for private businesses to thrive and also benchmarked the regulations that enhance business activity and those that constrain it. The data are current as of June 2010.
Launching the report in Accra, acting Country Manager, IFC, Brigid Amoako said:”I am pleased that Ghana implemented reforms in Getting Credit, one of the nine indicators of the report and has maintained its overall ranking as the easiest place to do business in West Africa.
“This year Doing Business 2011 introduces a new indicator - getting electricity. This and the employing workers indicators are not included in the ranking on the on the overall ease of doing business ranking. This report also features cumulative five-year trends of the focus and pace of legal and regulatory reform in the economies surveyed.
“IFC working with SECO has provided advisory support in improving Secured Transactions in Ghana. However, there are clearly opportunities - especially in deepening the products and scope of the financial markets - to ensure that the legal and regulatory framework established by the Borrowers and Lenders Act; the credit reference bureau and the Collateral Registry actually translates into affordable long-term credit for firms, especially the large SME market.”
The rankings also revealed that Ghana made some strong showing in protecting investors ranking 44th out of 183 countries. The rankings also showed that Ghana has shown continued improvement over the past five years in improving the environment for doing business.
Sierra Leone was named as the easiest place to Start a Business and provides the best Protection for Investors; Burkina Faso provides simplified regulations for getting a Construction Permit; Cape Verde tops in Trading Across Borders and Enforcing Contracts; while neighboring Cote d’ Ivoire makes it easiest in legally Closing a Business.
Ghana, which is due to join the ranks of the world's oil producers later this year, was among the world's top-ten fastest-improving business venues, according to the report.
Overall, it ranked fourth in Africa in improving the general business environment after Mauritius, Rwanda and Tunisia.
Since 2005, about 85% of the world’s economies have made it easier for local entrepreneurs to operate, through 1,511 improvements to business regulation. Among the 30 most-improved economies during those five years, a third are in sub-Saharan Africa - Burkina Faso, Ghana, Madagascar, Mali, Mauritius, Mozambique, Nigeria, Rwanda, Senegal and Sierra Leone.
Governor of the Bank of Ghana, Kwesi Amissah-Arthur who was overwhelmed with the performance, welcomed the country’s new position as a top business reformer in the sub-region, adding that the improvement in business reforms is aimed at growing the country’s business sector.
“It is great news and a positive achievement as far as private business is concern. We are confident it will benefit the stakeholders in both the private and the public sectors to grow the Ghanaian economy,” Amissah-Arthur remarked.
Friday, November 5, 2010
IRS to achieve GH¢2.23b target
The Internal Revenue Service (IRS) says it will achieve its target of GH¢ 2.235 billion by close of 2010, B&FT has learnt.
The Service’s half year collection stood at GH¢1,074.70 million against the target of GH¢1,055.89. This represents marginal increase of 1.8 percent.
In 2009, the Service exceeded its targeted revenue collection of GH¢1,554,542,500, representing an increase of 14.4 per cent.
Major (rtd) Daniel Sowah Ablorh-Quarcoo, Commissioner of IRS explained to B&FT in Accra that the completion of the automation exercise expected to be completed within the next 18 months will enhance tax administration, and improve compliance.
“With the completion of the automation system, it will help IRS expand the tax net to reach more people and will also improve efficiency in tax administration and enhance transparency,” he said.
The automation forms part of the e-government project is aimed at extending the national backbone infrastructure to all districts in the country, and provide a national data centre and a secondary data centre facility for disaster recovery capability.
It is also to connect all public institutions and Ministries, Departments and Agencies (MDAs) and Municipal, Metropolitan and District and Assemblies (MMDAs) to a single shared communications and computing infrastructure to facilitate the effective delivery of government services to citizens and businesses amongst others.
The e-government project will computerise the major business processes of registration, assessment, collection and accounts and will also network the Greater Accra on Wide Area Network.
The automated regime will improve access to information, release staff from desk-work to increase field audit capacity, increase in-house communication, and tax client, eliminate duplication and offer transparency.
It will as well improve data availability for efficient revenue forecast, impose standards across the service, intensify and make taxpayer education easy and accessible.
Tax experts have opined that the national revenue agency has failed to achieve success in its revenue mobilisation efforts due to its manual system of operation.
Official figures show that as at 2009, there were 226,760 self –employed registered in the informal sector, but only 53,352 were registered with the IRS and are being assessed to tax.
The Service’s half year collection stood at GH¢1,074.70 million against the target of GH¢1,055.89. This represents marginal increase of 1.8 percent.
In 2009, the Service exceeded its targeted revenue collection of GH¢1,554,542,500, representing an increase of 14.4 per cent.
Major (rtd) Daniel Sowah Ablorh-Quarcoo, Commissioner of IRS explained to B&FT in Accra that the completion of the automation exercise expected to be completed within the next 18 months will enhance tax administration, and improve compliance.
“With the completion of the automation system, it will help IRS expand the tax net to reach more people and will also improve efficiency in tax administration and enhance transparency,” he said.
The automation forms part of the e-government project is aimed at extending the national backbone infrastructure to all districts in the country, and provide a national data centre and a secondary data centre facility for disaster recovery capability.
It is also to connect all public institutions and Ministries, Departments and Agencies (MDAs) and Municipal, Metropolitan and District and Assemblies (MMDAs) to a single shared communications and computing infrastructure to facilitate the effective delivery of government services to citizens and businesses amongst others.
The e-government project will computerise the major business processes of registration, assessment, collection and accounts and will also network the Greater Accra on Wide Area Network.
The automated regime will improve access to information, release staff from desk-work to increase field audit capacity, increase in-house communication, and tax client, eliminate duplication and offer transparency.
It will as well improve data availability for efficient revenue forecast, impose standards across the service, intensify and make taxpayer education easy and accessible.
Tax experts have opined that the national revenue agency has failed to achieve success in its revenue mobilisation efforts due to its manual system of operation.
Official figures show that as at 2009, there were 226,760 self –employed registered in the informal sector, but only 53,352 were registered with the IRS and are being assessed to tax.
Wednesday, November 3, 2010
Oil poses challenge to banking sector - Prof. Badu
The commencement of oil and gas poses a great challenge to the country’s banking sector, Professor Ellis Badu, Member, Board of Directors uniBank Ghana Limited, has said.
Consequently, he has asked banks to position themselves to enable them to participate in the emerging sector.
“Competition in the banking sector is high and requirements by the Bank of Ghana for commercial banks to recapitalise to be able to take on greater risks also stares the sector in the face, while the imminent commencement of oil and gas production also poses a lot more challenge to the banking sector,” he said.
Prof. Badu, who made this known at a dinner in Accra to climax the Bank’s customer appreciation week, said: “uniBank has appropriately geared itself up for any future challenges. We have shown remarkable strength in the face of competition, and we also take pride in the growth of the bank over the years.
“Domestic interest rates continue to fall, but we promise to be competitive so as to retain customer support and grow businesses and to contribute to the development of the entire nation.
“UniBank Ghana Limited, with loyal support, is making giant strides in the banking industry. Our primary focus has been the provision of a comprehensive range of financial services and products to individual customers as well as small and Medium Enterprises (SMEs).”
He revealed that the bank has enhanced its information technology offerings with a biometric ATM aimed at serving the customers better. It also intends to open branches in Tamale, Tarkwa and Madina in its desire to bring banking closer to the doorsteps of the general public.
“Our core values of flexibility, caring, vibrancy and teamwork serve as an anchor point in all. Our vision becomes the leading and preferred Bank, offering comprehensive financial solutions to our chosen customers - SMEs and Personal Banking markets are on course.
“uniBank improved its position from 37 to 32 in the Ghana Club 100 listing for 2009. We have resolved to improve upon our service delivery in order to win more awards and also maintain our position as the best bank in customer care in the industry,” he said.
The Bank’s Managing Director, Mr. Ammishaddai Owusu-Amoah, said: “the customer appreciation week was a medium for engaging with customers on an emotional level to help motivate staff towards achieving and maintaining customer service excellence - which is a key success factor for the bank.
“We are committed to delivering excellent services. We are committed in building the relationship.
“The celebration is an opportunity for the bank to show appreciation to customers and prospective clients for dedicated business all year round, as well as showing gratitude and recognising staff who serve and support customers with the highest degree of care and professionalism.”
The week-long customer appreciation programme was held to deepen relationship with customers and to enable senior management staff to serve as tellers and Customer Service Officers in the banking halls.
It is also a reaffirmation of the Bank’s commitment to ensure customer satisfaction at all times - while boosting the morale, motivation and teamwork of staff to be exemplary customer service ambassadors.
Consequently, he has asked banks to position themselves to enable them to participate in the emerging sector.
“Competition in the banking sector is high and requirements by the Bank of Ghana for commercial banks to recapitalise to be able to take on greater risks also stares the sector in the face, while the imminent commencement of oil and gas production also poses a lot more challenge to the banking sector,” he said.
Prof. Badu, who made this known at a dinner in Accra to climax the Bank’s customer appreciation week, said: “uniBank has appropriately geared itself up for any future challenges. We have shown remarkable strength in the face of competition, and we also take pride in the growth of the bank over the years.
“Domestic interest rates continue to fall, but we promise to be competitive so as to retain customer support and grow businesses and to contribute to the development of the entire nation.
“UniBank Ghana Limited, with loyal support, is making giant strides in the banking industry. Our primary focus has been the provision of a comprehensive range of financial services and products to individual customers as well as small and Medium Enterprises (SMEs).”
He revealed that the bank has enhanced its information technology offerings with a biometric ATM aimed at serving the customers better. It also intends to open branches in Tamale, Tarkwa and Madina in its desire to bring banking closer to the doorsteps of the general public.
“Our core values of flexibility, caring, vibrancy and teamwork serve as an anchor point in all. Our vision becomes the leading and preferred Bank, offering comprehensive financial solutions to our chosen customers - SMEs and Personal Banking markets are on course.
“uniBank improved its position from 37 to 32 in the Ghana Club 100 listing for 2009. We have resolved to improve upon our service delivery in order to win more awards and also maintain our position as the best bank in customer care in the industry,” he said.
The Bank’s Managing Director, Mr. Ammishaddai Owusu-Amoah, said: “the customer appreciation week was a medium for engaging with customers on an emotional level to help motivate staff towards achieving and maintaining customer service excellence - which is a key success factor for the bank.
“We are committed to delivering excellent services. We are committed in building the relationship.
“The celebration is an opportunity for the bank to show appreciation to customers and prospective clients for dedicated business all year round, as well as showing gratitude and recognising staff who serve and support customers with the highest degree of care and professionalism.”
The week-long customer appreciation programme was held to deepen relationship with customers and to enable senior management staff to serve as tellers and Customer Service Officers in the banking halls.
It is also a reaffirmation of the Bank’s commitment to ensure customer satisfaction at all times - while boosting the morale, motivation and teamwork of staff to be exemplary customer service ambassadors.
Career Destinations Summit 2010
Speakers at this year’s ‘Career Destinations Summit 2010’ have called on the country’s tertiary graduates and the youth to equip themselves with relevant career planning skills to enhance their success in the job market.
Participants were also urged to include in their future planning a decision on a career path that would meet the expectations of income, progression and fulfillment.
“The job place today is looking for prospective employees who have technical competence, critical thinking skills, and are team-players with innovations, as well as employees with multi-task management capacity and are computer literate.”
The ‘Career Destinations Summit, organized by CiTi F.M, seeks to provide an informative platform for career advises for tertiary graduates, equip participants with relevant career planning skills for success in the job market and also provide a platform for participant engagement with prospective employers.
Minister of Food and Agriculture, Kwasi Ahwoi making a presentation at the opening of the programme in Accra said: “Government remains committed to creating jobs for the youth as a way of developing a rich resource pool and harnessing much needed human capital to support a rapid socio-economic development.”
He revealed that the public sector employment in the country is dwindling and government refocuses and downsizes its operations and manpower levels.
Mr. Ahwoi indicated that the demand for food security and eradication of poverty has turned the agricultural and agro processing sectors into potential massive job creators as private sector responds positively to government’s interventions.
In 2009, the Youth -In-Agriculture Programme (YIAP) created 47,000 jobs. For 2010 it is creating jobs for 197,000.The YIAP is a programme designed to encourage the youth to take agriculture as a business.
“The prudent macroeconomic policies, structural reforms, and constructive government interventions in various sectors of the economy have led economic stabilization, growth, and a vibrant private sector.
“The country now looks set to enjoy even stronger growth rate when oil production comes on stream in the last quarter of 2010,” Mr. Ahwoi remarked.
Albert Ocran, CEO of Combert Impressions said: “there is the need for a new orientation for graduates and the youth to really learn what is happening in the corporate world in order to be relevant,” emphasizing that job hunting has become an exercise in futility for many”
He advised participants to position themselves as a unique brand in the competitive market place, since the current globalization, information explosion and technology has brought huge competition in the job market.
The recent Ghana Living Standard Survey Five Report revealed that the private sector employs 66.7 percent of employed adults in the country, while the public sector accounts for 28.5 percent.
Within the private sector, formal sector account for 18.9 percent, while 47.8 percent are employed in the informal sector.
The bulk of the country’s employed persons, 81.9 percent work mainly in the three main industry groups namely: agriculture (55.8 percent), trade (15.2 percent), and manufacturing (10.9 percent). The other industry groups account for about 18 percent of the employed population.
Among other speakers at the programme included Robert Ahomka Lindsay, former investment promoter, Ghana Investment Promotion Council, Patrick Awuah, founder, Asheshi University, Martyn Mensah, CEO Kasapreko Limited.
Participants were also urged to include in their future planning a decision on a career path that would meet the expectations of income, progression and fulfillment.
“The job place today is looking for prospective employees who have technical competence, critical thinking skills, and are team-players with innovations, as well as employees with multi-task management capacity and are computer literate.”
The ‘Career Destinations Summit, organized by CiTi F.M, seeks to provide an informative platform for career advises for tertiary graduates, equip participants with relevant career planning skills for success in the job market and also provide a platform for participant engagement with prospective employers.
Minister of Food and Agriculture, Kwasi Ahwoi making a presentation at the opening of the programme in Accra said: “Government remains committed to creating jobs for the youth as a way of developing a rich resource pool and harnessing much needed human capital to support a rapid socio-economic development.”
He revealed that the public sector employment in the country is dwindling and government refocuses and downsizes its operations and manpower levels.
Mr. Ahwoi indicated that the demand for food security and eradication of poverty has turned the agricultural and agro processing sectors into potential massive job creators as private sector responds positively to government’s interventions.
In 2009, the Youth -In-Agriculture Programme (YIAP) created 47,000 jobs. For 2010 it is creating jobs for 197,000.The YIAP is a programme designed to encourage the youth to take agriculture as a business.
“The prudent macroeconomic policies, structural reforms, and constructive government interventions in various sectors of the economy have led economic stabilization, growth, and a vibrant private sector.
“The country now looks set to enjoy even stronger growth rate when oil production comes on stream in the last quarter of 2010,” Mr. Ahwoi remarked.
Albert Ocran, CEO of Combert Impressions said: “there is the need for a new orientation for graduates and the youth to really learn what is happening in the corporate world in order to be relevant,” emphasizing that job hunting has become an exercise in futility for many”
He advised participants to position themselves as a unique brand in the competitive market place, since the current globalization, information explosion and technology has brought huge competition in the job market.
The recent Ghana Living Standard Survey Five Report revealed that the private sector employs 66.7 percent of employed adults in the country, while the public sector accounts for 28.5 percent.
Within the private sector, formal sector account for 18.9 percent, while 47.8 percent are employed in the informal sector.
The bulk of the country’s employed persons, 81.9 percent work mainly in the three main industry groups namely: agriculture (55.8 percent), trade (15.2 percent), and manufacturing (10.9 percent). The other industry groups account for about 18 percent of the employed population.
Among other speakers at the programme included Robert Ahomka Lindsay, former investment promoter, Ghana Investment Promotion Council, Patrick Awuah, founder, Asheshi University, Martyn Mensah, CEO Kasapreko Limited.
Tuesday, November 2, 2010
PwC wants Ghana's 2011 budget to focus on tax uniformity
PricewaterhouseCoopers (PwC)Ghana wants government’s 2011 budget statement to focus on prompt issuance of refunds of taxes paid in excess by companies to state revenue collection agencies, and practical guidance regarding application of provisions in various petroleum agreements to ensure uniformity in the country’s tax system.
Cases of tax refunds occur when companies pay their taxes before production based on projection of profits after production, which sometimes do not materialize.
Other proposals include computerization of tax credit certificate issuance process, consultation prior to passing new tax legislations, consolidation of tax laws into one Revenue Act and streamlining of Value Added Tax (VAT) on imported services, among others.
This is contained in a proposal for consideration by government in formulating the 2011 budget to ensure a transformed approach by state institutions in dealing with concerns of the private sector.
At the 2011 Pre-Budget Forum themed: ‘Dawn of a New Ghana: Creating a Strong Economic Base for Sustainable Growth: The Case for Assuring Stronger Accountability’, Mr. George Kwatia, Partner at PwC, told business executives, private sector operators, policy makers and government officials that the proposals were the expectations and views submitted to the PwC by business entities.
The forum, which was also attended by business analysts and other stakeholders, is an annual event organized by the PwC, which is part of efforts to seek views of interest groups and the private sector when formulating the budget.
“It is the hope of businesses that government strikes out unnecessary elements in the tax structure to avoid instances of refunds which take a long time to be paid,” he said.
Mr. Kwatia argued for the standardization of practices across various offices, issuance and application of practice notes and guidance to allow the same basis of understanding, interpretation and practice of tax laws
This, he said, would address instances where a different state agency gives a different interpretation and meaning to a similar piece of legislation that separate agencies administered in the course of their operations.
Mr. Kwatia revealed that businesses also proposed that upon request or application, the Ghana Revenue Authority (GRA) should, in good time, state its position on contentious matters regarding tax administration.
Mr. Seth Terkpe, Deputy Minister of Finance and Economic Planning, said: “government’s objective is to improve the business environment through adoption of appropriate strategies and implementation of policies that would enhance the growth and development of the country’s economy.”
He indicated that the most sophisticated tax payers do not practice voluntary tax compliance and that the essence of compliance is a fair tax policy for all.
“With the establishment of the GRA, and the automation of the tax agencies, concerns bordering on tax administration would greatly be improved,” he expressed.
Ghana, which joins the ranks of oil producers after it starts pumping oil from the Jubilee Field at the end of the year, is expected to present the 2011 budget to the 230-member legislature next month.
The budget is expected to reflect the revenue management from oil production and show how the government intends to keep tabs on growing spending.
Also, the economy is expecting to achieve tremendous growth next year, since the 2011budget is focused on consolidating and building on the gains of economic stabilization that have been made in the past two years.
The 2009 and 2010 budgets were used to stabilize the economy, which government said was in fast decline.
Cases of tax refunds occur when companies pay their taxes before production based on projection of profits after production, which sometimes do not materialize.
Other proposals include computerization of tax credit certificate issuance process, consultation prior to passing new tax legislations, consolidation of tax laws into one Revenue Act and streamlining of Value Added Tax (VAT) on imported services, among others.
This is contained in a proposal for consideration by government in formulating the 2011 budget to ensure a transformed approach by state institutions in dealing with concerns of the private sector.
At the 2011 Pre-Budget Forum themed: ‘Dawn of a New Ghana: Creating a Strong Economic Base for Sustainable Growth: The Case for Assuring Stronger Accountability’, Mr. George Kwatia, Partner at PwC, told business executives, private sector operators, policy makers and government officials that the proposals were the expectations and views submitted to the PwC by business entities.
The forum, which was also attended by business analysts and other stakeholders, is an annual event organized by the PwC, which is part of efforts to seek views of interest groups and the private sector when formulating the budget.
“It is the hope of businesses that government strikes out unnecessary elements in the tax structure to avoid instances of refunds which take a long time to be paid,” he said.
Mr. Kwatia argued for the standardization of practices across various offices, issuance and application of practice notes and guidance to allow the same basis of understanding, interpretation and practice of tax laws
This, he said, would address instances where a different state agency gives a different interpretation and meaning to a similar piece of legislation that separate agencies administered in the course of their operations.
Mr. Kwatia revealed that businesses also proposed that upon request or application, the Ghana Revenue Authority (GRA) should, in good time, state its position on contentious matters regarding tax administration.
Mr. Seth Terkpe, Deputy Minister of Finance and Economic Planning, said: “government’s objective is to improve the business environment through adoption of appropriate strategies and implementation of policies that would enhance the growth and development of the country’s economy.”
He indicated that the most sophisticated tax payers do not practice voluntary tax compliance and that the essence of compliance is a fair tax policy for all.
“With the establishment of the GRA, and the automation of the tax agencies, concerns bordering on tax administration would greatly be improved,” he expressed.
Ghana, which joins the ranks of oil producers after it starts pumping oil from the Jubilee Field at the end of the year, is expected to present the 2011 budget to the 230-member legislature next month.
The budget is expected to reflect the revenue management from oil production and show how the government intends to keep tabs on growing spending.
Also, the economy is expecting to achieve tremendous growth next year, since the 2011budget is focused on consolidating and building on the gains of economic stabilization that have been made in the past two years.
The 2009 and 2010 budgets were used to stabilize the economy, which government said was in fast decline.
MillwardBrown research inaugurated in Ghana
Mr. Charles Foster, Managing Director, MillwardBrown, Africa says Ghana has enormous pool of marketing research talent which can best serve the needs of the West African market.
He stated that the country’s stable business atmosphere coupled with the prevailing business philosophy has attracted multinational firms.
Ghana has therefore become the 78th host of the company and the 51st country in the world and that Accra will serve as the West African hub office of the research agency which expertise in advertising, marketing communications, media and brand equity research,” Mr. Foster told B&FT after the official inauguration of the company in Accra.
Millward Brown is a leading global research agency specialized in advertising, marketing communications, media and brand equity research. It has been in the business of brands for more than 35 years. The company started in the UK in 1974, it located to South Africa in 1984 and Kenya in 2008.
Mr. Niger Hollis, Chief Global Analyst of Millward making a presentation on the theme: “Winning on West Africa's Brand Battlefields” urged marketers to apply more local understanding, thought and action as cultural diversity increases.
“Companies that have moved too far in the direction of global brand consistency may be ill-equipped to do this.”
“They may have little alternative but to hold their ground as best, they can by leveraging their advantages of scale. But those advantages will need to be significant if they are to stave off competition in developing economies.”
Mr. Hollis indicated that quality and price will not offer an advantage, only effective innovation and marketing combined with local knowledge and insight will make an impact in current competitive market.
He urged marketers to pay much attention to innovation which will allow promising brand to stay ahead of their competition.
“Innovation must be targeted at supporting the brand’s point of differentiation, strong availability and effective communication.
“Promotion of a value brand eventually pays off, rather than the mere reduction of the cost of services by rival brands, which affects quality,” Hollis remarked.
He stated that the country’s stable business atmosphere coupled with the prevailing business philosophy has attracted multinational firms.
Ghana has therefore become the 78th host of the company and the 51st country in the world and that Accra will serve as the West African hub office of the research agency which expertise in advertising, marketing communications, media and brand equity research,” Mr. Foster told B&FT after the official inauguration of the company in Accra.
Millward Brown is a leading global research agency specialized in advertising, marketing communications, media and brand equity research. It has been in the business of brands for more than 35 years. The company started in the UK in 1974, it located to South Africa in 1984 and Kenya in 2008.
Mr. Niger Hollis, Chief Global Analyst of Millward making a presentation on the theme: “Winning on West Africa's Brand Battlefields” urged marketers to apply more local understanding, thought and action as cultural diversity increases.
“Companies that have moved too far in the direction of global brand consistency may be ill-equipped to do this.”
“They may have little alternative but to hold their ground as best, they can by leveraging their advantages of scale. But those advantages will need to be significant if they are to stave off competition in developing economies.”
Mr. Hollis indicated that quality and price will not offer an advantage, only effective innovation and marketing combined with local knowledge and insight will make an impact in current competitive market.
He urged marketers to pay much attention to innovation which will allow promising brand to stay ahead of their competition.
“Innovation must be targeted at supporting the brand’s point of differentiation, strong availability and effective communication.
“Promotion of a value brand eventually pays off, rather than the mere reduction of the cost of services by rival brands, which affects quality,” Hollis remarked.
GCB predicts bouyant outlook
Ghana Commercial Bank (GCB) Limited is confident of a strong overall performance of its outlook which is in line with the general commitment made to grow the bank in the ensuing years.
Simon Dornoo, Managing Director of GCB said: “Our expectation of an improved overall performance for 2010 is unchanged. We expect the interest rate easing cycle to continue, albeit at a slower pace, as efforts are made to stimulate the economy. Business volume growth is expected to be strongest as in the last quarter.”
“We indicated that one of the key focus areas for the Bank is to improve the risk profile of the Bank in order to reduce earnings volatility and achieve sustained bottom-line growth over the long term. Our key metrics on liquidity, assets and capital continue to move in the right direction towards achieving this objective.
“We do not expect further increase in impairment losses for the rest of the year as we work with the government to settle the debt owed to GCB by state-owned Tema Oil Refinery. GCB’s total debt owed by TOR stands at GH¢620, million and out of that over GH¢4,045 million has been paid.”
Mr. Dornoo presenting the bank’s third quarter financial result at a media briefing in Accra explained that the overall performance was an improvement on the previous quarters with a sustained revenue momentum producing improved profitability.
The Bank’s total assets increased by four percent to GH¢1.99 billion, as against the 2009 figure of GH¢ 1.92billion. This was driven by a 12 percent growth in customer deposits to GH¢1.41 billion against the 2009 figure of GH¢1.26 billion.
The growth in deposits came from current and savings accounts products which increased by 13 percent over the period.
Loans to customers decreased by 18 percent to GH¢1.0 billion in line with the bank’s strategy to re-balance the loan portfolio over the medium term.
“We therefore anticipate a further reduction in the size of loan portfolio in the short term as we expect significant loan repayments from the public sector,” he said.
The bank maintained its loan to deposit ratio at 71 percent during the period which reflected in the improved liquidity profile of the Bank.
For nine months period ending September 2010, the Bank recorded a profit before tax of GH¢ 53 million representing an increase of six percent from the 2009 figure of GH¢50 million.
Income for the period to September 2010 was GH¢251.4 million against GH¢ 169.9 million for same period last year representing a growth of 48 percent. This was as a result of improved balance sheet management and further progress made in optimizing risk return trade-offs.
Operating cost of GH¢ 126.5 million for the nine months were 20 percent higher than the GH¢105.6 million recorded for the same period a year ago.
Despite this increase in costs, the Bank recorded an improvement in its operating efficiency with a cost income ratio of 50 percent compared to 62 percent for same period last year.
Impairment were in line with expectations, held relatively flat during the quarter under review.
This resulted in an annualized impairment charge of nine percent against 14 percent at June 2010.
It reflects the increased focus on improving the quality of the loan book. Total impairment charge for the nine months was GH¢71.9 million against 9.9 million in 2009.
“A combination of strong revenue growth and relatively slower cost and impairment growth resulted in an overall improvement in operating profitability,” Dornoo remarked.
Simon Dornoo, Managing Director of GCB said: “Our expectation of an improved overall performance for 2010 is unchanged. We expect the interest rate easing cycle to continue, albeit at a slower pace, as efforts are made to stimulate the economy. Business volume growth is expected to be strongest as in the last quarter.”
“We indicated that one of the key focus areas for the Bank is to improve the risk profile of the Bank in order to reduce earnings volatility and achieve sustained bottom-line growth over the long term. Our key metrics on liquidity, assets and capital continue to move in the right direction towards achieving this objective.
“We do not expect further increase in impairment losses for the rest of the year as we work with the government to settle the debt owed to GCB by state-owned Tema Oil Refinery. GCB’s total debt owed by TOR stands at GH¢620, million and out of that over GH¢4,045 million has been paid.”
Mr. Dornoo presenting the bank’s third quarter financial result at a media briefing in Accra explained that the overall performance was an improvement on the previous quarters with a sustained revenue momentum producing improved profitability.
The Bank’s total assets increased by four percent to GH¢1.99 billion, as against the 2009 figure of GH¢ 1.92billion. This was driven by a 12 percent growth in customer deposits to GH¢1.41 billion against the 2009 figure of GH¢1.26 billion.
The growth in deposits came from current and savings accounts products which increased by 13 percent over the period.
Loans to customers decreased by 18 percent to GH¢1.0 billion in line with the bank’s strategy to re-balance the loan portfolio over the medium term.
“We therefore anticipate a further reduction in the size of loan portfolio in the short term as we expect significant loan repayments from the public sector,” he said.
The bank maintained its loan to deposit ratio at 71 percent during the period which reflected in the improved liquidity profile of the Bank.
For nine months period ending September 2010, the Bank recorded a profit before tax of GH¢ 53 million representing an increase of six percent from the 2009 figure of GH¢50 million.
Income for the period to September 2010 was GH¢251.4 million against GH¢ 169.9 million for same period last year representing a growth of 48 percent. This was as a result of improved balance sheet management and further progress made in optimizing risk return trade-offs.
Operating cost of GH¢ 126.5 million for the nine months were 20 percent higher than the GH¢105.6 million recorded for the same period a year ago.
Despite this increase in costs, the Bank recorded an improvement in its operating efficiency with a cost income ratio of 50 percent compared to 62 percent for same period last year.
Impairment were in line with expectations, held relatively flat during the quarter under review.
This resulted in an annualized impairment charge of nine percent against 14 percent at June 2010.
It reflects the increased focus on improving the quality of the loan book. Total impairment charge for the nine months was GH¢71.9 million against 9.9 million in 2009.
“A combination of strong revenue growth and relatively slower cost and impairment growth resulted in an overall improvement in operating profitability,” Dornoo remarked.
Monday, October 25, 2010
Revenue Authority spearheads employee policy
An Employee Wellbeing Policy (EWP) document for public and private sectors spearheaded by Ghana Revenue Authority (GRA) has been outdoored.
The document developed in collaboration with German Technical Cooporation (GTZ) and the Ghana Community Network Limited (GCNet) covers health, mental, emotional, social and financial wellbeing of employees.
The policy seeks to enhance the health status of GRA and GCNet employees and dependent, to provide social protection and financial wellness, and also to ensure adequate, consistent and sustainable provision of information and education on health, living with disability, financial comfort and social protection.
The policy features confidentiality of the health status of employees, gender equality, collective responsibility, and non-discrimination in obtaining healthcare.
Mr. Robert Mettle-Nunoo, Deputy Minister of Health said: “the policy is very unique and comprehensive which is in line with government’s goal of providing not only accessible but affordable health care for citizens of the nation. This would ultimately assist government in achieving the Millennium Development Goals.”
“The scope of the policy takes into consideration improved access to health, social protection and financial counseling, prevention, treatment and care and support facilities that are related to infectious and non-communicable diseases should be implemented at all workplaces so that staff are motivated to make maximum efforts to put up their best.”
He indicated that government attaches great importance to the wellbeing of employees in both the public and private sectors and as such several interventions have been put in place to ensure that the nation’s workface stay healthy.
Mr. Mettle-Nunoo mentioned that interventions such as the national health insurance scheme, the national malaria control programme, national AIDS control programme and the regenerative health policies have all helped in improving the health of Ghanaians and that public-private partnership such as this initiative which compliments government’s efforts are very commendable.
He urged all staff of the various agencies to fully participate in the programmes and observe basic measures that will enhance their wellbeing.
Mr. Richard Lanyon, Commissioner, Customs Division, GRA stated that the launch of this policy marks the climax of the EWP which will be the driving force for achieving the programme’s goals and objectives.
“The management of the processes, the procedures and the systems in tax collection, is a very hazardous and stressful endeavour. It is therefore an imperative that a deliberate and sustained programme is put in place to maintain a healthy workforce.
“Management has a duty to ensure the total wellbeing of staff. For this reason, we have totally embraced the EWP,” Mr. Lanyon remarked.
The document developed in collaboration with German Technical Cooporation (GTZ) and the Ghana Community Network Limited (GCNet) covers health, mental, emotional, social and financial wellbeing of employees.
The policy seeks to enhance the health status of GRA and GCNet employees and dependent, to provide social protection and financial wellness, and also to ensure adequate, consistent and sustainable provision of information and education on health, living with disability, financial comfort and social protection.
The policy features confidentiality of the health status of employees, gender equality, collective responsibility, and non-discrimination in obtaining healthcare.
Mr. Robert Mettle-Nunoo, Deputy Minister of Health said: “the policy is very unique and comprehensive which is in line with government’s goal of providing not only accessible but affordable health care for citizens of the nation. This would ultimately assist government in achieving the Millennium Development Goals.”
“The scope of the policy takes into consideration improved access to health, social protection and financial counseling, prevention, treatment and care and support facilities that are related to infectious and non-communicable diseases should be implemented at all workplaces so that staff are motivated to make maximum efforts to put up their best.”
He indicated that government attaches great importance to the wellbeing of employees in both the public and private sectors and as such several interventions have been put in place to ensure that the nation’s workface stay healthy.
Mr. Mettle-Nunoo mentioned that interventions such as the national health insurance scheme, the national malaria control programme, national AIDS control programme and the regenerative health policies have all helped in improving the health of Ghanaians and that public-private partnership such as this initiative which compliments government’s efforts are very commendable.
He urged all staff of the various agencies to fully participate in the programmes and observe basic measures that will enhance their wellbeing.
Mr. Richard Lanyon, Commissioner, Customs Division, GRA stated that the launch of this policy marks the climax of the EWP which will be the driving force for achieving the programme’s goals and objectives.
“The management of the processes, the procedures and the systems in tax collection, is a very hazardous and stressful endeavour. It is therefore an imperative that a deliberate and sustained programme is put in place to maintain a healthy workforce.
“Management has a duty to ensure the total wellbeing of staff. For this reason, we have totally embraced the EWP,” Mr. Lanyon remarked.
A case of WANT’S MINE
Mining firms are under intense public scrutiny to ensure transparency - prompting calls for a mining policy to enforce ‘publish what they pay’, and for governments to ‘publish how much they receive.
Ekow Essabra-Mensah
It’s a murky world of mega bucks and voracious investment appetites. And it’s shrouded in mystery: convoluted paper trails to dubious offshore accounts that have raised more questions than answers about mining companies’ contributions to local economies in which they operate.
It is any wonder companies have come under intense public scrutiny? Considering mining in resource-rich African countries, recent calls for a public policy to force companies to “publish what they pay” and receive” are not bolts from the blue.
In spite of their apparent contributions to the balance sheets of domestic economies, governments and indigenes continue to perceive mining companies’ contributions to community development and nation-building as limited and lacking full disclosure.
The stakes are high .A new report released by PricewaterhouseCoopers’ (PWC) 2009 Global Mining Report on Total Tax Contributions, says mining companies make a large economic contribution to public finances in relation to the size of their operations.
The report involved 22 mining companies operating in some 20 different jurisdictions around the world, employing 302,880 people and paying US$1.7 billion in employment taxes.
The participating companies in the study reported a turnover of US$62.9bn with wages and salaries accounting for US$6.0bn, and a total contribution to government of US$10.1bn.
The average total contribution to government by a company in a country reported on by the study was US$190 million.
On average, the companies that participated in the study paid moneys equivalent to 15.3 percent of their turnover to government, comprising 10.8 percent in amounts borne and 4.5 percent in amounts collected as taxes.
These companies pay many other taxes and contributions in addition to corporate income tax, which on average represents only 40 percent of all the taxes and contributions they bear. For every US$1 of corporate income tax paid, these companies pay another US$1.50 in other taxes and contributions borne, plus US$0.52 in taxes collected.
The Total Tax Contribution study on the global mining industry’s full economic contribution, by providing data on all taxes and other payments made to government, justified mining companies’ long-asserted claims of significant economic contributions to public finances slated for national development.
Africa’s minerals and metal wealth
The study indicates that mining’s total contribution to governments in Africa averages 11.3 percent, with its taxes and contributions borne as a percentage of turn-over for Africa amounting to 7.5 percent.
Africa produces more than 60 metal and mineral products, and is a major producer of several of the world’s most important minerals and metals - including Gold, Diamonds, Uranium, Manganese, Chromium, Nickel, Bauxite and Cobalt.
Although underexplored, Africa hosts about 30 percent of the planet's mineral reserves, including 40 percent of gold, 60 percent of cobalt and 90 percent of the world's precious minerals reserves - making it a truly strategic producer of these precious metals.
The increase in exploration and mine development in Africa has been primarily focused on gold and diamond. Undoubtedly, there is still great scope for these commodities; riding on the back of improving base-metal prices, this sector could see an increase in activities.
Mozambique, Nigeria and Madagascar are but few of the countries that have tremendous potential for base-metal and industrial mineral deposits.
South Africa, Ghana, Zimbabwe, Tanzania, Zambia and the Democratic Republic of Congo (DRC) dominate the African Mining industry, whilst countries such as Angola, Sierra Leone, Namibia, Zambia and Botswana rely heavily on the mining industry as a major foreign currency earner.
Major new mines opening in Africa or that are under development are distributed between South Africa, Namibia, Botswana, Tanzania and Gabon, producing gold and diamonds. Major discoveries over the last year include the potential marine diamond deposits offshore southern Namibia.
A BOON FOR GHANA
Ghana’s mining companies’ contribution to public finance which was paid to government constituted 7.2 percent of their total turnover, the 2009 Global Mining Report has disclosed.
Available data indicate that the mining companies’ combined turnover recorded an excess of US$600 million as at the end of 2003.
The second edition of the PricewaterhouseCoopers’ (PWC) 2009, Global Mining Report on ‘Total Tax Contribution’ (TTC) revealed that the country’s mining sector taxes, royalties and other contributions amounted to 56 percent - with property and corporate tax income recording 26 percent - of the country’s total tax income.
The study, which confirmed mining companies’ economic contribution to public finances directed toward national development, also disclosed that the average wage and salary per employee in the country’s mining sector per annum recorded US$11,733 - with employment taxes per employee registering US$3,049.
“One company made a large contribution totalling approximately US$9 million to the government and public finances of the country in 2008. Of this, less than one percent is corporate tax with other taxes and contributions making up more than 99 percent of the total,” the report stated.
Mr. George Kwatia, Tax Partner, PricewaterhouseCoopers Ghana, presenting the findings of the study in Accra explained that the contribution of the mining sector is usually not recognised.
Ghana is endowed with minerals such as gold, diamond, manganese and bauxite as well as other industrial minerals like salt, limestone and kaolin which are exploited small-scale in the country.
Chief Executive Officer, Ghana Chamber of Mines, Dr. Joyce Aryee, explained that the release of the report is timely and validates the mining sector’s huge economic contribution to government and national development.
“Most people believe that extractive companies, which are mostly transnational, are interested in extracting the non-renewable resources, repatriating huge profits and leaving the host country dry. The perception is that these extractive companies milk their host countries dry.”
Dr. Aryee mentioned that mining companies have over the years consistently maintained their position as highest gross foreign exchange earner as well as providing jobs in the country.
Mineral royalties increased from GH¢1.9 million in 1990 to approximately GH¢90 million in 2009.
Data from the Minerals Commission indicate that Foreign Direct Investment (FDI) in the mining sector increased from US$6 million in 1983 to US$427 million in 2007.
The mining industry in 2009 paid an amount of GH¢125 million as corporate tax, while GH¢1.7 billion was collected by the Internal Revenue Service (IRS) from the sector.
Mineral revenue for the first quarter of 2010 stood at US$809.89 million - up from US$640.15 million for the same period in 2009.
“Government needs to increase the quantum of mineral royalties that go to the mining communities - and it should be earmarked for specific developmental projects in the mining communities,” Dr. Aryee stressed.
Ekow Essabra-Mensah
It’s a murky world of mega bucks and voracious investment appetites. And it’s shrouded in mystery: convoluted paper trails to dubious offshore accounts that have raised more questions than answers about mining companies’ contributions to local economies in which they operate.
It is any wonder companies have come under intense public scrutiny? Considering mining in resource-rich African countries, recent calls for a public policy to force companies to “publish what they pay” and receive” are not bolts from the blue.
In spite of their apparent contributions to the balance sheets of domestic economies, governments and indigenes continue to perceive mining companies’ contributions to community development and nation-building as limited and lacking full disclosure.
The stakes are high .A new report released by PricewaterhouseCoopers’ (PWC) 2009 Global Mining Report on Total Tax Contributions, says mining companies make a large economic contribution to public finances in relation to the size of their operations.
The report involved 22 mining companies operating in some 20 different jurisdictions around the world, employing 302,880 people and paying US$1.7 billion in employment taxes.
The participating companies in the study reported a turnover of US$62.9bn with wages and salaries accounting for US$6.0bn, and a total contribution to government of US$10.1bn.
The average total contribution to government by a company in a country reported on by the study was US$190 million.
On average, the companies that participated in the study paid moneys equivalent to 15.3 percent of their turnover to government, comprising 10.8 percent in amounts borne and 4.5 percent in amounts collected as taxes.
These companies pay many other taxes and contributions in addition to corporate income tax, which on average represents only 40 percent of all the taxes and contributions they bear. For every US$1 of corporate income tax paid, these companies pay another US$1.50 in other taxes and contributions borne, plus US$0.52 in taxes collected.
The Total Tax Contribution study on the global mining industry’s full economic contribution, by providing data on all taxes and other payments made to government, justified mining companies’ long-asserted claims of significant economic contributions to public finances slated for national development.
Africa’s minerals and metal wealth
The study indicates that mining’s total contribution to governments in Africa averages 11.3 percent, with its taxes and contributions borne as a percentage of turn-over for Africa amounting to 7.5 percent.
Africa produces more than 60 metal and mineral products, and is a major producer of several of the world’s most important minerals and metals - including Gold, Diamonds, Uranium, Manganese, Chromium, Nickel, Bauxite and Cobalt.
Although underexplored, Africa hosts about 30 percent of the planet's mineral reserves, including 40 percent of gold, 60 percent of cobalt and 90 percent of the world's precious minerals reserves - making it a truly strategic producer of these precious metals.
The increase in exploration and mine development in Africa has been primarily focused on gold and diamond. Undoubtedly, there is still great scope for these commodities; riding on the back of improving base-metal prices, this sector could see an increase in activities.
Mozambique, Nigeria and Madagascar are but few of the countries that have tremendous potential for base-metal and industrial mineral deposits.
South Africa, Ghana, Zimbabwe, Tanzania, Zambia and the Democratic Republic of Congo (DRC) dominate the African Mining industry, whilst countries such as Angola, Sierra Leone, Namibia, Zambia and Botswana rely heavily on the mining industry as a major foreign currency earner.
Major new mines opening in Africa or that are under development are distributed between South Africa, Namibia, Botswana, Tanzania and Gabon, producing gold and diamonds. Major discoveries over the last year include the potential marine diamond deposits offshore southern Namibia.
A BOON FOR GHANA
Ghana’s mining companies’ contribution to public finance which was paid to government constituted 7.2 percent of their total turnover, the 2009 Global Mining Report has disclosed.
Available data indicate that the mining companies’ combined turnover recorded an excess of US$600 million as at the end of 2003.
The second edition of the PricewaterhouseCoopers’ (PWC) 2009, Global Mining Report on ‘Total Tax Contribution’ (TTC) revealed that the country’s mining sector taxes, royalties and other contributions amounted to 56 percent - with property and corporate tax income recording 26 percent - of the country’s total tax income.
The study, which confirmed mining companies’ economic contribution to public finances directed toward national development, also disclosed that the average wage and salary per employee in the country’s mining sector per annum recorded US$11,733 - with employment taxes per employee registering US$3,049.
“One company made a large contribution totalling approximately US$9 million to the government and public finances of the country in 2008. Of this, less than one percent is corporate tax with other taxes and contributions making up more than 99 percent of the total,” the report stated.
Mr. George Kwatia, Tax Partner, PricewaterhouseCoopers Ghana, presenting the findings of the study in Accra explained that the contribution of the mining sector is usually not recognised.
Ghana is endowed with minerals such as gold, diamond, manganese and bauxite as well as other industrial minerals like salt, limestone and kaolin which are exploited small-scale in the country.
Chief Executive Officer, Ghana Chamber of Mines, Dr. Joyce Aryee, explained that the release of the report is timely and validates the mining sector’s huge economic contribution to government and national development.
“Most people believe that extractive companies, which are mostly transnational, are interested in extracting the non-renewable resources, repatriating huge profits and leaving the host country dry. The perception is that these extractive companies milk their host countries dry.”
Dr. Aryee mentioned that mining companies have over the years consistently maintained their position as highest gross foreign exchange earner as well as providing jobs in the country.
Mineral royalties increased from GH¢1.9 million in 1990 to approximately GH¢90 million in 2009.
Data from the Minerals Commission indicate that Foreign Direct Investment (FDI) in the mining sector increased from US$6 million in 1983 to US$427 million in 2007.
The mining industry in 2009 paid an amount of GH¢125 million as corporate tax, while GH¢1.7 billion was collected by the Internal Revenue Service (IRS) from the sector.
Mineral revenue for the first quarter of 2010 stood at US$809.89 million - up from US$640.15 million for the same period in 2009.
“Government needs to increase the quantum of mineral royalties that go to the mining communities - and it should be earmarked for specific developmental projects in the mining communities,” Dr. Aryee stressed.
Cotton industry attracts attention
Government is focusing on attracting appropriate investment aimed at revamping the country’s cotton industry, the Minister of Trade and Industry Ms. Hanna Tetteh has stated.
“The policy direction for the cotton industry includes research, private sector investment, seed and textile production, marketing, and transfer of knowledge and skills which would ensure the revival of the cotton industry in the country.
“Experiences and best practices of countries that have been in cotton production will be tapped to ensure that the cotton industry survives the test of time Ms. Tetteh made known, when Ms. Mona Omar, Assistant Foreign Minister of Egypt, called on her in Accra.
“Ghana has great potential in cotton production and would like to collaborate with some Egyptian technical agencies to help the local farmers to market the produce,” she said.
The country’s cotton production has never reached 40,000 tonnes, an amount that is less than one percent of the West and Central African production - although the country has excellent conditions for its development.
The comparison between other West and Central African countries reveals that Ghana lies far behind all cotton producing countries. Even much smaller countries like Togo, where the conditions are far less favourable than in Ghana, are ahead.
While Ghana only managed to produce 36,000 metric tonnes of seed cotton in 2006/7, Burkina Faso produced approximately 700,000 metric tonnes.
Due to the low production of cotton in the country, some textile companies in Ghana import cotton from Burkina Faso though the country has the capacity to produce enough to meet its demand.
Ms. Tetteh explained that Ghana has the opportunity to make some real changes to the economy in terms of exporting some of its commodities to other countries.
“Egypt has been producing long-yarn cotton for the past 200 years and therefore something must be learnt from them. As part of this collaboration, experts from the two countries will establish about 1,000 acres of farm on a pilot basis.”
She indicated that there are options for Ghana and Egypt to have joint ventures in the industrial sector to enhance trade and investment relations.
“The two countries could discuss double taxation issues to promote investment and trade in both countries.”
Ms. Omar revealed that the volumes of trade between the two countries are low, and that there is need for the two countries to look at ways to increase trade.
She mentioned that the two countries have started a process that aims at deepening trade and investment relations, emphasising that “Egypt will partner with Ghana in the fields of research, private sector investment, seed and textile production,
marketing, and transfer of knowledge and skills towards the revival of the country’s cotton industry.”
“The policy direction for the cotton industry includes research, private sector investment, seed and textile production, marketing, and transfer of knowledge and skills which would ensure the revival of the cotton industry in the country.
“Experiences and best practices of countries that have been in cotton production will be tapped to ensure that the cotton industry survives the test of time Ms. Tetteh made known, when Ms. Mona Omar, Assistant Foreign Minister of Egypt, called on her in Accra.
“Ghana has great potential in cotton production and would like to collaborate with some Egyptian technical agencies to help the local farmers to market the produce,” she said.
The country’s cotton production has never reached 40,000 tonnes, an amount that is less than one percent of the West and Central African production - although the country has excellent conditions for its development.
The comparison between other West and Central African countries reveals that Ghana lies far behind all cotton producing countries. Even much smaller countries like Togo, where the conditions are far less favourable than in Ghana, are ahead.
While Ghana only managed to produce 36,000 metric tonnes of seed cotton in 2006/7, Burkina Faso produced approximately 700,000 metric tonnes.
Due to the low production of cotton in the country, some textile companies in Ghana import cotton from Burkina Faso though the country has the capacity to produce enough to meet its demand.
Ms. Tetteh explained that Ghana has the opportunity to make some real changes to the economy in terms of exporting some of its commodities to other countries.
“Egypt has been producing long-yarn cotton for the past 200 years and therefore something must be learnt from them. As part of this collaboration, experts from the two countries will establish about 1,000 acres of farm on a pilot basis.”
She indicated that there are options for Ghana and Egypt to have joint ventures in the industrial sector to enhance trade and investment relations.
“The two countries could discuss double taxation issues to promote investment and trade in both countries.”
Ms. Omar revealed that the volumes of trade between the two countries are low, and that there is need for the two countries to look at ways to increase trade.
She mentioned that the two countries have started a process that aims at deepening trade and investment relations, emphasising that “Egypt will partner with Ghana in the fields of research, private sector investment, seed and textile production,
marketing, and transfer of knowledge and skills towards the revival of the country’s cotton industry.”
Wednesday, October 20, 2010
Ghana to become a major oil palm producer
An oil palm Master Plan which will boost the nation’s competitiveness in the global commodities market and meet the local demand is being developed by the Ministry of Food and Agriculture, B&FT has been told.
The Master Plan will focus on access to financing, certification, land-use policy, technology transfer, and infrastructure development from the farm to the port, as well as pricing mechanism and marketing.
The policy document will seek to outline set of projects and programmes to be executed within the next 15 years and will become the blue print for the sector’s growth. This is aimed at maximising development outcomes for the communities while supporting smaller businesses, as well as alleviating poverty.
Government has up-to-date spent 2.4 million euros on the oil palm project and is expected to commit additional one million euros on its production by close of 2010.
Mr. Joseph Baidoo-Williams, Head of Tree Crops Development Unit, Ministry of Food and Agriculture (MOFA) in an interview with B&FT in Accra said: “This would make it very easy for the nation to attract donor support to enhance palm oil production.”
The country currently requires about 295,000 metric tonnes of palm oil both for its manufacturing industry and for local consumption.
Last year oil palm processing groups projected a production output of 260,000 metric tonnes of palm oil. This indicates a deficit of 35,000 metric tonnes.
The nation spends US$100 million annually on the importation of oil palm to compensate for the deficit.
Approximately, 305,700 hectares of oil palm plantation is being cultivated nationwide and an additional 20,000 hectares of oil palm farm is needed to meet the local demand.
Current forecast suggests the ECOWAS sub regional market is being faced with an unmet demand of up to one million metric tonnes.
Trade analysts say the strategy is timely as Ghana is expected to export 36,000 metric tonnes of palm oil to China next year, following the conclusion of a US$21.6 million deal between Chyuan Chya Ghana Limited and China-Africa Economic Trade Limited.
The oil palm to be exported by Chyuan Chya will mainly be purchased from small and medium-scale smallholder producers across the country.
Mr. Baidoo-Williams disclosed that government is supporting the cultivation of 3,000 hectares of small holder farms in the Twifo Hemang Lower Denkyira and the Upper Denkyira and that 1,000 farmers have been supported in these two districts to cultivate 2,300 hectares of farm.
He explained that Twifo Oil Palm Plantation has been contracted by MOFA as the technical operators. The company is also expected to purchase the fruits and provide extension services to the farmers.
“Government provides financial support in the form of loans to farmers for maintenance, fertilizers and planting materials. The loans to farmers are channeled through National Investment Bank of which the repayment starts after five years,” Mr. Baidoo-Williams said.
The rising trend in international demand has been precipitated by increasing demand for palm oil for bio-fuel purposes.
Crude Petroleum Price determinants continue to push upwards pressure on the price, and demand for Crude Palm Oil (CPO) is steadily rising in India, China, Europe and the America for bio-fuel. In view of this development, investors have been diverting their investment portfolios into CPO.
Ghana’s major producers, Benso Oil Palm Plantation (BOPP) and Twifo Oil Palm Plantation (TOPP), Ghana Oil Palm Development and Norpalm, a Norwegian firm turn out around 80,000 tonnes per annum as against 90,000 tonnes demanded by Unilever alone.
The Master Plan will focus on access to financing, certification, land-use policy, technology transfer, and infrastructure development from the farm to the port, as well as pricing mechanism and marketing.
The policy document will seek to outline set of projects and programmes to be executed within the next 15 years and will become the blue print for the sector’s growth. This is aimed at maximising development outcomes for the communities while supporting smaller businesses, as well as alleviating poverty.
Government has up-to-date spent 2.4 million euros on the oil palm project and is expected to commit additional one million euros on its production by close of 2010.
Mr. Joseph Baidoo-Williams, Head of Tree Crops Development Unit, Ministry of Food and Agriculture (MOFA) in an interview with B&FT in Accra said: “This would make it very easy for the nation to attract donor support to enhance palm oil production.”
The country currently requires about 295,000 metric tonnes of palm oil both for its manufacturing industry and for local consumption.
Last year oil palm processing groups projected a production output of 260,000 metric tonnes of palm oil. This indicates a deficit of 35,000 metric tonnes.
The nation spends US$100 million annually on the importation of oil palm to compensate for the deficit.
Approximately, 305,700 hectares of oil palm plantation is being cultivated nationwide and an additional 20,000 hectares of oil palm farm is needed to meet the local demand.
Current forecast suggests the ECOWAS sub regional market is being faced with an unmet demand of up to one million metric tonnes.
Trade analysts say the strategy is timely as Ghana is expected to export 36,000 metric tonnes of palm oil to China next year, following the conclusion of a US$21.6 million deal between Chyuan Chya Ghana Limited and China-Africa Economic Trade Limited.
The oil palm to be exported by Chyuan Chya will mainly be purchased from small and medium-scale smallholder producers across the country.
Mr. Baidoo-Williams disclosed that government is supporting the cultivation of 3,000 hectares of small holder farms in the Twifo Hemang Lower Denkyira and the Upper Denkyira and that 1,000 farmers have been supported in these two districts to cultivate 2,300 hectares of farm.
He explained that Twifo Oil Palm Plantation has been contracted by MOFA as the technical operators. The company is also expected to purchase the fruits and provide extension services to the farmers.
“Government provides financial support in the form of loans to farmers for maintenance, fertilizers and planting materials. The loans to farmers are channeled through National Investment Bank of which the repayment starts after five years,” Mr. Baidoo-Williams said.
The rising trend in international demand has been precipitated by increasing demand for palm oil for bio-fuel purposes.
Crude Petroleum Price determinants continue to push upwards pressure on the price, and demand for Crude Palm Oil (CPO) is steadily rising in India, China, Europe and the America for bio-fuel. In view of this development, investors have been diverting their investment portfolios into CPO.
Ghana’s major producers, Benso Oil Palm Plantation (BOPP) and Twifo Oil Palm Plantation (TOPP), Ghana Oil Palm Development and Norpalm, a Norwegian firm turn out around 80,000 tonnes per annum as against 90,000 tonnes demanded by Unilever alone.
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