Friday, July 30, 2010

VAT Service schools agents on tax compliance

The Value Added Tax (VAT) Service, Abossey Okai Branch in Accra has held a tax education seminar, aimed at helping newly registered agents to ensure voluntary tax compliance.

The seminar which brought together over 60 participants located in the Abossey Okai business area and its environs was aimed at bringing together taxpayers closer to the tax administrators in order to better understand the issues and work together to achieve meaningful results.

It was also meant to give participants the opportunity to get to know how they can partner VAT in the mobilisation of revenue for national development.

The seminar is under the theme: ‘Enhancing Revenue Collection Through Voluntary Compliance,’ was intended to improve customer service and enhance transparency among tax administrators.

Mrs. Adelaide Sagoe-Nkansah, Head of Abossey Okai Branch at the seminar explained that the taxpayer is key in the whole business of taxation which underscores why the State is constantly seeking to reform tax institutions in order to improve efficiency in service delivery.

She indicated that the Service has instituted the exercise to ensure that attention will be paid to their special needs which would enhance co-operation for higher compliance levels.

“The role of tax administration is to mobilise revenue for the state to function and to generate funds to pay for all the common services of public good such as education, health, security and even disaster relief.

“It is the responsibility of the government to provide social amenities for residents of a country and that individual on our own cannot do that,” monies collected as taxes are therefore used to embark on such developmental projects,” Mrs. Sagoe-Nkansah emphasized.

Mrs. Cecilia Dwobeng-Asare, Head of Client Service, Abossey Okai VAT said: “The mission of the Service is to collect taxes and we need to do this job by encouraging registered agents who collect the taxes on their behalf to come and pay them voluntarily at our offices.”

She explained that it is an offence under section 56 of the VAT Law to fail to register with the VAT Service if a business qualifies to do so .It is equally an offence under the same section to fail to notify the Commissioner of any changes in business.

Mrs. Dwobeng-Asare advised participants that filing of tax returns was very essential and therefore encouraged them to adhere to the voluntary tax compliance module to avoid breaching the a law and that it also has a lots of benefits.

Firms told to focus on CSR for social dev’t

The social sector cannot achieve effective impacts without forging cross-sector partnerships and alliances with corporate bodies, Doyin Oluntona, the Chief Executive Officer of Uturn Africa has observed.

“Corporate organisations operating in the country need to develop corporate social responsibility strategies that promote social development in the communities they operate.”

Oluntona made this observation at a media launch of ‘Uturn Africa Forum 2010’, which aims at bringing together civil society organisations and corporate bodies to enhance their strategies to meet corporate social responsibilities through collaborative partnership.

The Forum, slated for July 2010, is under the theme “Catalysing Collaboration for Effective Social Change and Impact’ and will be attended by donor and non-governmental organisations (NGOs).

Mrs. Oluntona explained that the Forum is to unearth new corporate social responsibility trends in the region, network and interact with key social impact players, and form new strategic collaborative partnerships which will help raise more capital for organisations’ social developmental activities.

“The complexity and scale of Africa’s problems demand that we raise our game. The social sector cannot achieve effective impacts without forging cross-sector partnerships and alliances. The imperative to collaborate is now.”

Uturn Africa Forum 2010 will engage the region’s most influential leaders from all sectors in critical discussions designed to create partnerships, networks, knowledge and collaborative pathways among the social, academic and private sectors.” she said.

Nii Okai Nunoo, the Area Head of Corporate Affairs for West Africa, Standard Chartered Bank, indicated that corporate social responsibility has been a collective action that could bring hope to the people in a community, emphasising that the partnership among corporate bodies will bring about needed changes in the deprived communities and share experiences.

“Standard Chartered Bank’s sustainability agenda is to bring benefit to its communities and make a difference in the lives of the people in its marketplace.

The main pillars of this agenda are its social contribution, economic contribution, environmental protection and governance, which are all firmly rooted in the Bank’s Brand promise that sets Standard Chartered out as the right partner, leading by example,” he said.

Speakers at the Forum will be drawn from high-level officials at the World Bank, Standard Chartered Bank, Databank Foundation, Vodafone Foundation and Coca-Cola Ghana Limited among others.

First-quarter mineral revenue hits US$809.89m

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, figures from the Ghana Chamber of Mines has disclosed.

The performance which represents an increase of 26.5 percent was driven by diamond revenue - which went up substantially by 308 percent coupled with Manganese revenue that recorded an increase of 87 for the same period; meanwhile, Bauxite revenue increased by 42.4 percent and Gold revenue also rose, by 25 percent.

Gold production rose marginally by three percent with shipment of bauxite recording a 16 percent increase. Diamond and manganese also recorded increases for the period under review.

The 86 percent increase in diamond output over the period was substantial, and so was the Manganese shipment which was up by 64 percent.

The first quarter of 2010 saw a six percent decrease in total mineral revenue compared to the fourth quarter of 2009.

However, mineral revenue for the first quarter was US$809. 89 million as against the US$860.33 million recorded for the fourth quarter of 2009; with Gold production dipping by eight percent, Bauxite, Diamond and Manganese shipments increased by 65percent, 18 percent and eight percent respectively.

Meanwhile, industry watchers last year anticipated that the outlook for the 2010 production year would be a mixed year for the country’s mining industry, expecting gold to perform well while bauxite and manganese exports could fall as a result of a decline in demand.

B&FT’s checks at the Chamber revealed that the mineral and mining industry injected a total of US$2.9 billion into the country’s economy in 2009, representing an increase of 27 percent from the 2008 figure of US$2.3billion - with gold revenue increasing by 28 percent from US$2.2 billion in 2008 to US$ 2.9 billion in 2009.

The rise was due to an appreciation in gold output by 13.3 percent from 2,585,993 ounces in 2008 to 2,930,328 ounces in 2009, coupled with an increase in the average realised gold price by 14 percent fromUS$852 per ounce in 2008 to US$970 per ounce in 2009.

Output of gold production from the major operators - namely Golden Star Wassa Limited, Chirano Gold Mines, Gold Fields Ghana Tarkwa, AngloGold Ashanti Obuasi, Golden Star Bogoso and Newmont Ahafo - increased cumulatively. This offset the decline at the AngloGold Ashanti-Iduapriem mine and accounted for the rise in the overall production of gold.

Gold production at the Gold Fields Ghana Tarkwa mine increased slightly by about one percent, from 659,308 ounces in 2008 to 664,515 ounces in 2009. This marginal increase was on account of installation of an expansion plant in the middle of the year, which dampened the adverse effects of the teething problems encountered as well as the lower grade ore mined.

Output at Gold Field’s mine at Damang also increased marginally, by about three percent from 197,025 ounces in 2008 to 202,505 ounces in 2009. The increase was helped by a build-up of the crushed ore stockpile in 2008, which ensured a consistent feed to the mill in 2009.

Cumulatively, the Gold Fields group produced a total of 867,020 ounces in 2009 compared with the 856,333 ounces produced in 2008. This represents an increase of 1.3percent.

Overall, the total output of the AngloGold Ashanti group increased by 2.52 percent - from 557,241 ounces in 2008 to 571,295 ounces in 2009.

Golden Star’s Wassa mine recorded an outstanding 78.5 percent increase in production from 125,438 ounces in 2008 to 223,843 ounces in 2009, with its production at the Bogoso/Prestea mine increasing by about nine percent - from 170,485 ounces in 2008 to 186,054 ounces in 2009. Together, the Golden Star group produced 409,897 ounces in 2009, representing an increase of 38.5 percent on the 295,923 ounces of 2008.

The outturn at the Chirano Gold Mines was 182,463 ounces in 2009. This was 52.4 percent higher than the 119,696 ounces it produced in 2008. The increase was also attributable to successful development of the underground to commercial levels in the last quarter of 2009, as well as processing increased quantities of high grade ore from the underground at the Akwaaba mine.

Output at Newmont Ahafo’s mine was 533,000 ounces in 2009. This represents an increase of 1.7 percent over the 524,000 ounces it produced in 2008.

The Precious Minerals Marketing Company’s (PMMC) total purchases and exports of gold from small-scale miners increased substantially, by 81 percent from 202,535 ounces in 2008 to 366,653 ounces in 2009.

Manganese revenue also increased - by four percent from US$62.3million in 2008 to US$64.9 million in 2009. A strong result, considering shipments of the mineral declined by seven percent - from 1,089,025 tonnes to 1,012,941 tonnes in the same period.

The fall in shipment was on account of the credit crunch, which had a huge adverse impact on businesses all over the world as well as on the demand for minerals.

GDP growth rate estimated at 4.1%

The country’s economy grew by 4.1 percent last year, compared to the 7.3 percent growth rate recorded in 2008, the revised real Gross Domestic Product (GDP) estimate for 2009 has revealed.

This represents a 0.6 percentage change less than the previous estimate.

Figures released from the Ghana Statistical Service (GSS) disclosed that the revised real GDP estimate for 2009 is GH¢827.72 million, with the 2008 valued at GH¢794.82 million.

The Gross Domestic Product (GDP) is the total value of final goods and services produced in the country during a given period. The data indicates overall performance of the economy and its main drivers.

The revision is based on 80 percent of the data used for computation of the estimated GDP, Bernice Serwah Ofofu-Baadu, Head of National Accounts & Economic Indicators at the GSS explained to B&FT in an interview in Accra.

She explained that based on the international standard a country need 19 months to successfully complete a comprehensive final estimate for a particular year in an economy. The country’s 2009 final GDP estimates would be ready in April 2011.

“It is only the final estimates that are not subject to further changes. This release presents the final GDP estimates for 2008 and the revised estimates of GDP for 2009.”

The agriculture sector recorded the highest growth of 6.1 percent, followed by Services sector 5.9 percent and Industry 1.6 percent.

The highest contributor to the overall growth rate is the finance sub-sector with 8.7 percent. This is followed by crops and livestock, and mining and quarrying subsectors, both growing by 8.2 percent.

The sub-sectors that contributed the least to overall growth rates are Fishing, Construction and Manufacturing sub-sectors - which declined by 2.3, 1.7 and 1.3 percent, respectively.

Performance of the sectors

The Agriculture sector continues to lead the economy with a 34.5 percent share of total GDP. This sector recorded a growth rate of 5.1 percent, driven by the crops and livestock sub-sector which was 8.2 percent.

Cocoa and marketing sub-sector grew by 6.2 percent. Fishing is the sub-sector in agriculture which declined, showing a ‐2.3 percent change in real GDP compared to 10.0 percent in 2008.

Industry
The overall growth of the sector was 1.6 percent and the sector contributed 24.9 percent to the total GDP. The mining sub-sector is estimated to have grown by 8.2 percent, with gold growing by 9.8 percent while all the other major minerals (bauxite, diamond and manganese) recorded negative growths in output.

Manufacturing declined by 1.3 percent as compared to 4.5 percent in 2008. Production and distribution of electricity and water grew by 7.5 percent. While production of electricity from hydro-generation increased by 11.1 percent, production from thermal generation fell by 2.9 percent. Also, water production increased by 7.7 percent.

However, construction activities by both the public and private sectors declined by 1.7 percent. This was as a result of the 5 percent decline in total production of cement during 2009.

Services
The sector recorded a growth rate of 5.9 percent and a 32.3 percent share of total GDP. The finance and insurance sub-sector recorded the highest growth rate of 8.7 percent in the Services sector.

This was followed by the Transport and communication sub-sector with 7.7 percent growth, contributing 5.5 percent to GDP. On the other hand, wholesale, retail trade and hotels and restaurant activities slowed down - recording only 2.8 percent growth, the lowest in the Services sector. Net indirect taxes also fell in real terms, recording ‐2.3 percent and reflecting the slackening pace of taxable activities.

GODAC trains West Africans for oil sector

Ghana Oil Drilling Academy and Consultancy (GODAC), an internationally accredited oil drilling training institution, has graduated its first batch of students in Accra as part of its efforts to train qualified personnel to meet the demand for local content in the oil and gas industry in the country.

The graduates numbering 34 were made up of nationals from Cameroon, Nigeria with the majority coming from Ghana, and other West African countries. They are expected to be employed by the region’s oil and gas industry.

Prince Frimpong Donkor, President and Chief Executive Officer of GODAC, in his address to the graduating students said the Academy has come out of strenuous challenges to lay the foundation for opportunities which the students should take advantage of in their fields of endeavor.

“We are inordinately proud of you because we believe you are more than able to grasp the torch that we bestow upon you. Yours is the future and on you the world will come to depend,” Mr. Donkor advised the graduates.

“The oil and gas industry is confronted with an inadequacy of brains so severe that it threatens to stall exploratory and production growth around the world, of which Ghana is no exception.

“Despite large-scale unemployment in the country, the youth are still unsure of a system at the national level to fast-track training of Ghanaians for participation in this huge market that is supposed to influence the economy.”

Donkor indicated that oil and gas companies tend to ignore the inclusion of local people in their operations, often with the excuse that local people have no requisite qualifications, and emphasised that the situation leads to the employment of indigenes on oil rigs for several years without promotion.

“In addressing these inconsistencies, GODAC - a private initiative by some Ghanaians - has put in place structures to ensure training of Ghanaians and West Africans in general to participate at all levels of the industry, be they employees, facilitators or entrepreneurs,” he said.

Dr. Joseph Annan, Chairman of the Technical Committee of the Oil and Gas Sector, commended the students for going through the vigorous programme to acquire required skills to the highest standard at their level to face the challenges in the oil and gas sector.

He added that it is important students understand the need and importance of standards as early as possible during their education. He advised the students to take advantage of skills acquired to seize opportunities offered by the emerging oil industry.

As part of the Drilling and Well Services Training advanced course, students were taken through internationally recognised certification in various programmes such as train operation, rigging and slinging.

Other programmes which were of Norwegian standards and requirements included: Elementary Fire Fighting, Personnel Survival Techniques, Elementary First Aid, Industry Safety and Hygiene; and Introduction to Hydraulics as well as Workshop Theory, Practice; and Engineering Maintenance.

GODAC was established in 2008 and began operations in 2009. It is currently the only successful oil drilling academy in West Africa aimed at enhancing Ghanaians’ and Africans’ ability to serve Africa and future generations.

It has both international and local highly-qualified instructors, who have worked in different positions on drilling platforms and have extensive experience in the oil and gas industry.

It also has accreditation from the International Association of Drilling Contractors (IADC), International Well Control Forum (IWCF), Norwegian Oil Industry Association (OLF), Ghana National Petroleum Corporation (GNPC), Indian Drilling Association, National Accreditation Board, Ghana, and ISO 9000:2001.

GODAC is partnered with two of the world’s most respected and trusted names for oil drilling training in Europe, NORTRAIN from Norway and Caledonian Training of Scotland. This brings to the organisation a combined wealth of over 40 years experience in training workforces for the oil and gas industry across the globe.

Aero unveils first mobile flight ticketing

Aero Contractors have introduced the first mobile web and Short Message Sending (SMS) ticketing service, aimed at enhancing the ability of customers to conduct flight ticketing transactions using the cell phone anywhere in Africa.

The service christened ‘Aero webmobile” enables customers to book and pay for their tickets using their mobile phones, and is the first of its kind on the African continent.

The application, which has been integrated in to the aero ticket-sale booking engine, offers customers the opportunity to make bookings for flight tickets from any part of the world and pay on their telephone using any of the widely acceptable international credit cards as well as all local debit cards currently enabled for web transactions,

Mr. Robert Prophet, Head of Commercial, Aero Contractors, Nigeria, launching the platform in Lagos, Nigeria, said “This new service is going to revolutionise how people purchase their airline tickets, and also what they expect from their airline.”

“For our customers who don’t have access to computers to purchase tickets, they can now do so from their phone through Aero’s mobile web www.flyaero.com or SMS to 32120.

“Having the ability to conduct the same transaction using the cell phone; finding the right ticket and then purchasing it using their credit card, ATM or mobile money is really going to change things. With this new service, they can pay, confirm and fly! It is all about our values as the continent’s leading low-cost carrier to empower our customers.

“The introduction of the webmobile is in addition to other booking and payment options provided by Aero for the customers’ convenience.

“It is a further proof of Aero’s wish to empower more people to fly more often by offering great value fares - whether for business, leisure or visiting families and friends, emphasising that the airline believes air travel should be affordable and accessible to all and is partnering with SlimTrader to do just that,” Mr. Prophet said.

Mr. Prophet disclosed to B&FT, that the second phase of the webmobile starting August 1st, 2010 will allow anyone with a mobile phone to search, book and purchase Aero tickets straight from their phones by simply sending a SMS to shortcode 32120.

Femi Akinde, CEO of SlimTrader’s, said: “We are truly happy to have this opportunity to work with Nigeria’s oldest and most innovative airline. This is truly leap-frog technology applied where it is needed most - in Africa. Our innovative service is focused on enabling trade in Africa in new and exciting ways for the benefit of African citizens and business owners. We are glad that one of Africa’s oldest and well-respected brands sees the vision and the benefits of our service to their customers and has decided to partner with us.”

Aero Contractors Company has been operating for over 51 years in the West Africa aviation industry. It is an aviation service provider in a commercial and helicopter offshore oil and gas sector operation. Aero has grown from an oil service provider to a leading regional schedule carrier operator.

Since 2000 when the airline commenced scheduled commercial operation, it has emerged to become the first choice of customers in the region. Aero currently operates passenger services with the Bombardier Dash8 Q300 aircraft (a modern 50-seat pressurised turboprop aircraft) and the Boeing 737-400 and 500 variants with 104 to 144 seats.

Samsung committed to Africa

Mr. Kwang Kee Park, head of Samsung Electronics Africa, has stated that the Company will be more committed to Africa region because its growth potential is an enormous opportunity to do business and increase market share.

“We have the strategy, human capital and technology to ensure our commitment in Africa. We want to make sure that the company is committed and admired globally, and that its technology can help build education in Africa,” he said.

Showing its strong commitment to the region, Samsung continues to expand its in-market presence with subsidiaries and branch offices as well as the appointment of 12 senior country managers, Mr. Park told participant at a three-day Samsung Africa Forum in Johannesburg, South Africa, when outlining the company’s roadmap for growth in Africa.

The Forum which was intended to showcase the latest innovations across its product categories brought together key media personnel from African region, customers, distributors and top Samsung executives and government officials, and aims to promote co-operation, innovation and the exchange of new ideas in technology.

“In 2010, we are focusing on Africa’s top-10 economies, which together generate 79 percent of the region’s wealth and houses almost 47 percent of the population.

“Our business model, although global in nature, is tailored to suit each individual market we enter - and our African strategy caters specifically for African market requirements,” Mr. Park explained.

He revealed that plans are underway to achieve leadership in other categories including mobile phones, washing machines and air-conditioners through Samsung’s innovative product lineup, enhancing in-country marketing, strengthening distributor infrastructure, as well as tightening and improving supply chain management.

“Samsung has also sought to address the regional issue of counterfeit and gray products infiltrating the market, specifically in the mobile phone space. The company aims to minimise and eradicate parallel importation through the use of e-warranties, where customers register product serial numbers prior to purchase. Initial data on the success of this initiative looks promising.

“Samsung’s commitment to Africa extends beyond market leadership to its role as a contributing member of African society and supporter of regional development. Samsung has always strongly believed in nurturing a win-win partnership where its gives back to the countries it does business in. To this end, we have addressed the education, skills and unemployment challenges faced by many African countries today, by launching initiatives such as the Samsung Real Dreams project.”

With explosive growth predicted for Africa, Samsung is well-positioned to be part of revolutionising the region into a truly world-class player on the world stage.

‘Festival of Ideas 2010’ unveiled

Legacy and Legacy, the nation’s leading promoters of motivational and leadership conferences has launched ‘Festival of Ideas 2010’, a massive convocation of chief executive officers, corporate executives and business elites.

The purpose of the assembly is to equip participating individuals and organizations with requisite tools to develop their ideas, prepare proposals, forge partnerships, strategies and execute emerging ideas for growth and business success.

The festival which is under the theme “Dominating the World with your Ideas” is slated for the Accra International Conference Center on the 17th and 18th August 2010 and is in collaboration with Otabil & Associates, an executive leadership development consultancy as well as Business and Financial Times, Africa’s leading provider of business information.

‘Festival of Ideas 2010’a newly-introduced high-profile executive business seminar is expected to bring together over 500 top-end corporate executives and business leaders.

Comfort Ocran, Chief Executive Officer of Legacy and Legacy at a media launch in Accra explained that it is expected to provide a stronger focus to the target audience and differentiate it from Legacy & Legacy’s other flagship event, the Springboard Road Show, which targets all categories of people, particularly students and youth.

“Since the maiden conference in 2007, it has grown by leaps and bounds attracting participants from all over Ghana and outside the country. Over the past three years, it has attracted over 4,000 participants who have been assisted with the tools required to make important changes at the personal, organizational and national level,” she stated.

She explained that some of the most significant and fastest growing businesses in the world are products of great ideas conceived and systematically executed.

“Business and corporate organizations seeking to gain and maintain competitive advantage need to consistently reinvent themselves to take advantage of emerging opportunities and deal with the threats of future, some of which are significantly different from the ones we have been used to grappling with.

“Individuals, companies and nation’s prosper when they are strategically able to predict the next big move and take advantage of it. In this regard, ideas have become a significant resource for setting up businesses, strengthening existing organizations and galvanizing teams into action.”

The challenge for many CEOs and leaders is that while lots of creative and potentially beneficial ideas are regularly generated, the wherewithal to implement them is often lacking either because of strategy disconnections, lack of financing, unprepared team members of lack of insight into successful implementation.”

Ms Ama Okyere, Marketing Director, Guinness Ghana Breweries Limited, said: “This year, the fourth edition of Infopreneurship is no exception, however the bar has been raised. Participant will not only inspired to nurture ideas, but also equipped with the tools for a flawless execution of ideas.

“If you could conceptualize a forum that allows the birth of ideas and not only ideas, but great ideas. Given that great ideas transcends borders, cultures, gender and time, imagine the impact and celebration in such a world dominated with your own ideas, which encapsulate the theme of this year’s event,” Ms Okyere remarked.

Some of the finest speakers of international repute from both Ghana and abroad who have been co-opted to make presentations at the conference will include; Dr. Mensa Otabil, Daniel Asiedu, Martyn Mensah, Mavi Isibor, George Andah, Joel Nettey, Theresa Ayoade and will be hosted by Albert and Comfort Ocran.

This year, in collaboration with its partners would award prizes to two randomly-selected participants. It will be rewarded on each day with the grand prize winner taking home two Accra-London-Accra tickets from Virgin Atlantic, a Zenith bank account with GH¢500, a weekend’s stay for two at the African Regent Hotel, mobile telephone airtime of GH ¢ 100 from MTN and corporate souvenirs and products from other sponsors like Newmont, Alvaro, Safina Mineral Water, Star Assurance, Combert Impressions, Dream Oval, Busy Internet and Chic Paints.

Tuesday, July 13, 2010

Total Ghana supports flood victims

Total Ghana Limited has presented relief items valued at over GH 7,000 to the National Disaster Management Organisation (NADMO) to support the recent flood victims in the country.

The items which include cartons of mosquito repellants, blankets, 150 students mattresses, 20 pillows and among other valuable relief items, is in fulfillment of the company’s social responsibility programmes.

In the past few week parts of the country have experienced severe flooding, leading to loss of lives and property running into several thousands of Ghana cedis, and have displaced a great number of people who desperately need the support of the entire country.

Available check shows that over 25,000 people were affected with the flood, with four people reported death.

Currently, people are being sheltered at the Agona Swedru town hall and in some classrooms as relief items were yet to get to them.

Barbara Easmon, Communications Manager, Total Ghana, presenting the items said:” Government agencies, including the NADMO, have been doing their best to give the flood victims some form of relief; but it’s refreshing to see corporate bodies like Total Ghana Limited contribute to the relief effort.”

She explained that the company was moved by the images and heartbreaking stories of the flood victims and felt a need to do something about the situation.

“Total Ghana believes that even if they are not able to restore homes and properties that have been destroyed by the floods, “together with well-meaning individuals in Ghana, we can all help make it better by donating these relief items to the victims.

“We are encouraging other corporate organisations and individuals to join in this initiative for us all to give back to the flood victims.”

Mr. Asomaning Odei-Mensah,the head relief and reconstruction, NADMO, receiving the items expressed gratitude on behalf of the organisation and also on the flood victims, adding that this will go a long way to help alleviate the plight of the victims.

“Total Ghana is showing the way on how companies can come together as a force for good and give back to the communities in which they do business. This is an opportune time for all other oganisations to offer assistance to the people who need them at such critical times,” he said.

Monday, July 12, 2010

First-quarter mineral revenue hits US$809.89m

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, figures from the Ghana Chamber of Mines has disclosed.

The performance which represents an increase of 26.5 percent was driven by diamond revenue - which went up substantially by 308 percent coupled with Manganese revenue that recorded an increase of 87 for the same period; meanwhile, Bauxite revenue increased by 42.4 percent and Gold revenue also rose, by 25 percent.

Gold production rose marginally by three percent with shipment of bauxite recording a 16 percent increase. Diamond and manganese also recorded increases for the period under review.

The 86 percent increase in diamond output over the period was substantial, and so was the Manganese shipment which was up by 64 percent.

The first quarter of 2010 saw a six percent decrease in total mineral revenue compared to the fourth quarter of 2009.

However, mineral revenue for the first quarter was US$809. 89 million as against the US$860.33 million recorded for the fourth quarter of 2009; with Gold production dipping by eight percent, Bauxite, Diamond and Manganese shipments increased by 65percent, 18 percent and eight percent respectively.

Meanwhile, industry watchers last year anticipated that the outlook for the 2010 production year would be a mixed year for the country’s mining industry, expecting gold to perform well while bauxite and manganese exports could fall as a result of a decline in demand.

B&FT’s checks at the Chamber revealed that the mineral and mining industry injected a total of US$2.9 billion into the country’s economy in 2009, representing an increase of 27 percent from the 2008 figure of US$2.3billion - with gold revenue increasing by 28 percent from US$2.2 billion in 2008 to US$ 2.9 billion in 2009.

The rise was due to an appreciation in gold output by 13.3 percent from 2,585,993 ounces in 2008 to 2,930,328 ounces in 2009, coupled with an increase in the average realised gold price by 14 percent fromUS$852 per ounce in 2008 to US$970 per ounce in 2009.

Output of gold production from the major operators - namely Golden Star Wassa Limited, Chirano Gold Mines, Gold Fields Ghana Tarkwa, AngloGold Ashanti Obuasi, Golden Star Bogoso and Newmont Ahafo - increased cumulatively. This offset the decline at the AngloGold Ashanti-Iduapriem mine and accounted for the rise in the overall production of gold.

Gold production at the Gold Fields Ghana Tarkwa mine increased slightly by about one percent, from 659,308 ounces in 2008 to 664,515 ounces in 2009. This marginal increase was on account of installation of an expansion plant in the middle of the year, which dampened the adverse effects of the teething problems encountered as well as the lower grade ore mined.

Output at Gold Field’s mine at Damang also increased marginally, by about three percent from 197,025 ounces in 2008 to 202,505 ounces in 2009. The increase was helped by a build-up of the crushed ore stockpile in 2008, which ensured a consistent feed to the mill in 2009.

Cumulatively, the Gold Fields group produced a total of 867,020 ounces in 2009 compared with the 856,333 ounces produced in 2008. This represents an increase of 1.3 percent.

Overall, the total output of the AngloGold Ashanti group increased by 2.52 percent - from 557,241 ounces in 2008 to 571,295 ounces in 2009.

Golden Star’s Wassa mine recorded an outstanding 78.5 percent increase in production from 125,438 ounces in 2008 to 223,843 ounces in 2009, with its production at the Bogoso/Prestea mine increasing by about nine percent - from 170,485 ounces in 2008 to 186,054 ounces in 2009. Together, the Golden Star group produced 409,897 ounces in 2009, representing an increase of 38.5 percent on the 295,923 ounces of 2008.

The outturn at the Chirano Gold Mines was 182,463 ounces in 2009. This was 52.4 percent higher than the 119,696 ounces it produced in 2008. The increase was also attributable to successful development of the underground to commercial levels in the last quarter of 2009, as well as processing increased quantities of high grade ore from the underground at the Akwaaba mine.

Output at Newmont Ahafo’s mine was 533,000 ounces in 2009. This represents an increase of 1.7 percent over the 524,000 ounces it produced in 2008.

The Precious Minerals Marketing Company’s (PMMC) total purchases and exports of gold from small-scale miners increased substantially, by 81 percent from 202,535 ounces in 2008 to 366,653 ounces in 2009.

Manganese revenue also increased - by four percent from US$62.3million in 2008 to US$64.9 million in 2009. A strong result, considering shipments of the mineral declined by seven percent - from 1,089,025 tonnes to 1,012,941 tonnes in the same period.

The fall in shipment was on account of the credit crunch, which had a huge adverse impact on businesses all over the world as well as on the demand for minerals.

Firms told to focus on CSR for social dev’t

The social sector cannot achieve effective impacts without forging cross-sector partnerships and alliances with corporate bodies, Doyin Oluntona, the Chief Executive Officer of Uturn Africa has observed.

“Corporate organisations operating in the country need to develop corporate social responsibility strategies that promote social development in the communities they operate.”

Oluntona made this observation at a media launch of ‘Uturn Africa Forum 2010’, which aims at bringing together civil society organisations and corporate bodies to enhance their strategies to meet corporate social responsibilities through collaborative partnership.

The Forum, slated for July 2010, is under the theme “Catalysing Collaboration for Effective Social Change and Impact’ and will be attended by donor and non-governmental organisations (NGOs).

Mrs. Oluntona explained that the Forum is to unearth new corporate social responsibility trends in the region, network and interact with key social impact players, and form new strategic collaborative partnerships which will help raise more capital for organisations’ social developmental activities.

“The complexity and scale of Africa’s problems demand that we raise our game. The social sector cannot achieve effective impacts without forging cross-sector partnerships and alliances. The imperative to collaborate is now.”

Uturn Africa Forum 2010 will engage the region’s most influential leaders from all sectors in critical discussions designed to create partnerships, networks, knowledge and collaborative pathways among the social, academic and private sectors.” she said.

Nii Okai Nunoo, the Area Head of Corporate Affairs for West Africa, Standard Chartered Bank, indicated that corporate social responsibility has been a collective action that could bring hope to the people in a community, emphasising that the partnership among corporate bodies will bring about needed changes in the deprived communities and share experiences.

“Standard Chartered Bank’s sustainability agenda is to bring benefit to its communities and make a difference in the lives of the people in its marketplace.

The main pillars of this agenda are its social contribution, economic contribution, environmental protection and governance, which are all firmly rooted in the Bank’s Brand promise that sets Standard Chartered out as the right partner, leading by example,” he said.

Speakers at the Forum will be drawn from high-level officials at the World Bank, Standard Chartered Bank, Databank Foundation, Vodafone Foundation and Coca-Cola Ghana Limited among others.
FIN

GCNet enhances trade facilitation

Ghana Community Network Services Limited (GCNet) says its US$25 million investment package towards ensuring domestic revenue enhancement and compliance is in fulfillment of the World Trade Organisation’s trade facilitation regulations which will eliminate bureaucracy in clearance of goods at the country’s ports. Ekow Essabra-Mensah looks at the impacts.

Industry operators from the Shippers Council, Ghana Institute of Freight Forwarders (GIFF), Excise and Preventive Service (CEPS) among others have acknowledged the enormous benefit of the GCNet and its operating system attributing it to the significant improvement in port clearance time - achieved through the speed of process and elimination of duplicated paperwork.

Since it was incorporated in 2000 as a private-public sector partnership with CEPS, Ghana Shippers Authority, Ecobank Ghana Limited, Development Finance Holding (a subsidiary of Ghana Commercial Bank) and Societe General de Surveillance as shareholders, GCNet has operated a technology-based transaction system on an electronic platform for processing trade and customs documents.

The system, which looks at fully computerising the operations of CEPS, aims at eliminating bureaucracy and will also reduce the period for clearance of goods to enhance revenue collection.

In addition, the intervention of GCNet has enhanced trade facilitation through improvements in the processes for company registration and the issuance of documentation by deploying an electronic portal for government Ministries, Departments and Agencies (MDAs).

Its services - which covered 98 percent of all customs-related trade including imports, exports, warehousing, free zones and transit transactions country-wide in 2008 - recorded a revenue increase of GH¢13.67 million, indicating an increase of 37 percent from the previous figure of GH¢12.38million.

This has ensured the development of a secured and robust virtual private network which includes acquisition of a radio frequency with broadband fibre-optic links powered by satellite systems.

The investment has over the years made a significant improvement in revenue collection at all collection points connected to the system, thereby plugging most sources of revenue leakage and augmenting transparency of operations.

Emmanuel Darko, Deputy General Manager, GCNet, made these disclosures in an interview with B&FT in Accra and explained that GCNet has been established to develop and operate a customised electronic system for processing trade and customs documents, recording the results of this validation and processing, and its related duty and tax payments.

The service - which covers 98 percent of all customs-related trade including imports, exports, warehousing, free zones and transit transactions country-wide in 2008 - recorded a revenue increase of GH¢13.67 million, indicating an increase of 37 percent from the previous figure of GH¢12.38million.

“The Service has been established to enhance domestic revenue collection through business process re-engineering and integration of income tax and value added tax administration.

“GCNet has successfully executed its corporate mission to date, becoming the foremost public-private partnership for the provision of enhanced solutions for trade facilitation and revenue mobilisation in the country and the sub-region,”

Mr. Darko disclosed that currently 40 Ministries, Departments and Agencies have been connected to the platform to ensure trade facilitation; to improve the country’s export competitiveness; and to attract export-oriented investors.

He indicated that GCNet will continue to invest in ICT infrastructure, hardware and software to ensure that its operating systems are stable, reliable and secure to meet its high operational standards and requirements.

“This ICT capacity has also been developed with substantial flexibility and scalability to meet client-needs and emerging exigencies.

“In spite of the current hardware capacity, GCNet is committed to a programme of new investments in ICT to ensure that it deploys systems at the cutting edge of technology which meet international best-practices.”

Employing international standard electronic systemss to support CEPS and other government agencies for their operations at the ports, GCNet has assisted Ghana to become one of the most efficient countries in Africa with regard to import and export valuation and clearance at the ports.

Presently GCNet - in collaboration with its partners including CEPS and the Ghana Shippers Authority - is leading implementation of the single window concept in the region, which allows the effective monitoring and clearance of goods in transit through various countries.

Mr. Drako promised the network would continue to deliver excellent services through continuous investment in ICT infrastructure.

The operations of GCNet has become a hallmark in the port management industry of the country and is being hailed by other countries who are adopting it, he said.
The service last year won the bid to carry out the automation programme, under the e-Ghana project, to integrate the operations of the revenue agencies and enhance the mobilisation of national tax revenues.

It successfully automated operational processes of the Customs, Excise and Preventive Service (CEPS) through the deployment of the Ghana Customs Management System, which has enhanced the revenue mobilisation benefits of the service.

Friday, July 9, 2010

Aluworks threatened by unfair Chinese competition

Ghana’s aluminum industry is under intense pressure due to unfair competition from China, threatening its very survival, says the Managing Director of Aluworks Limited, Mr. Kwasi Okoh.

Okoh disclosed that heavily subsidized aluminum products from China have led to excessive importation of such cheap and inferior products from that country, by a few large scale companies for sale to downstream operators who are traditional Aluworks customers, thus encroaching on its market.

Aluworks, until recently sourced all its alumina raw material input from the Volta Aluminum Company(VALCO) but has had to resort to importing alumina ingots due to VALCO’s closure over the past 18 months.

The other importers, allegedly, pretend to be manufacturers thereby qualifying them for concessionary import tariff of five percent and thus managing to avoid the higher 20 percent import tariff on such imported alumina products for direct sale in the country.

Large manufacturers who previously sourced their raw materials from Aluworks now either import more quantities than they require and sell the rest or take their production requirements from the importers, Okoh claimed, adding that despite the quality being inferior, they are attracted by the huge price differential, running to as much as $800 per tonne.

Okoh appealed for government intervention through the restructuring of import tariffs to ensure that manufacturers who import excess for sale are be made to pay the right duty, and also to check illegal importation, so as to save the industry from virtual collapse.

Aluworks produced between 18,000 and 20,000 metric tonnes of aluminum sheets and coils last year, but is currently struggling to repeat the feat this year. The company’s exports to Europe have seen a dip in recent months due to the economic recession.

“Having struggled to overcome the costs and difficulties occasioned by the closure of VALCO, and by the recession and credit crunch, it is a pity that the industry should succumb to unfair competition from China which is slow but surely strangling the life out of the industry through stealing its sales and revenue,” Okoh said.

The nation’s only alumina smelter, VALCO, with total annual production capacity of 200,000 tonnes was forced to shut down early 2009, due to inadequate power supply and other challenges, which now is adversely affecting Aluworks’ operations leading to huge losses.

Aluworks is incurring extra smelting costs, since the company previously obtained alumina in molten form VALCO, delivered directly to its casting furnaces.

Other costs associated with the importation of ingots include freight charges from the supplying country, duty charges, shipping and clearing charges and inland transportation costs.

“Additionally a lot of energy in diesel fuel for the furnace is required just to smelt the solid ingots before processing,” Okoh said.

He disclosed that the challenges have added about 33 percent to the cost of metal compared to that purchased from VALCO. This cost, he claimed, has now been assimilated by the company mainly by cost cutting, and by reducing staff.

“The need for working capital to save the company from imminent collapse was one of the reasons for the company’s recent right issue, which was about 67 percent successful but the company still requires a considerable amount of working capital,” Okoh disclosed.

Monday, July 5, 2010

US businesses unhappy with contract sanctity

The biggest concern of United States businesses in Ghana is the failure of governments to respect contracts entered into with them, B&FT has learnt.

Florizelle B. Liser, Assistant US Trade Representative for Africa, told the B&FT in an exclusive interview that throughout her interaction with American businesses, their main concern has been with the preservation of contract sanctity.

“One of the issues raised by the business-people is whether Ghana will remain committed to respecting contracts it has entered into with them. They need to know whether their past and present investments are secured, no matter which government is in power,” she said.

The US Trade official said she would bring this concern to the attention of government officials during their regular interactions.

Ms. Liser is in the country representing the US government and leading the sixth session of the US-Ghana Trade and Investment Framework Agreement (TIFA). The TIFA focuses on trade and investment policies that help both economies grow, diversify, and create jobs. It is a bilateral economic dialogue and brings together both governments’ top trade and economic agencies.

Bilaterally, she described Ghana’s trade and investment ties with the US as fruitful and growing.

United States investment in Ghana is valued at US$1 billion.

Ghana-United States bilateral goods trade grew to nearly US$800 million last year on diverse US imports, including cocoa and vegetables, and US export of products including machinery and vehicles.

Ninety-eight percent of Ghana’s exports to the US enter duty-free under the Generalised System of Preferences, Africa Growth and Opportunity Act trade preference programmes, and MFN duty-free programmes.

In addition to the trade preference programmes, Ghana is in the fourth year of implementing its five-year nearly US$500 million Millennium Challenge Corporation compact to improve agriculture production, transportation, and rural development.

She said another concern of the businesses is lack of adherence to the ECOWAS protocol, especially with regard to economic integration among member-states.

“Too many barriers to Ghana’s exports and investment exist with its neighbours north, west, and east. These barriers act as a deterrent - not just to trade with your immediate neighbours, but to traders and investors around the world.

“Ghana must do more to integrate regionally, such as leading the efforts to implement, fully, the ECOWAS common external tariff to boost intra-regional trade,” she said.

Another issue of concern to American businesses is the high cost of doing business – of which she said America is ready to work with Ghana to improve the business environment.

“Lack of transparency breeds uncertainty, and poor road-quality impedes the timely delivery of goods, especially in the rainy season. Congestion at the seaports, airports, and customs transit points holds back trade prosperity-generating potential. Deficient cold storage facilities and other infrastructure hamper Ghanaians’ entry into higher value-added exports.

“Ghana’s rich soils have the potential to produce cash crops like plantain, cassava, mangoes, and papaya. American and European store-shelves are waiting for processed Ghanaian agricultural products like cassava starch, tapioca, and frozen vegetables.

Ghana has yet to reach its full potential in hand-woven indigenous textiles, woven fabrics like Kente cloth, and high-end designer wear.”

Source: B&FT

Golden Star Resources spend US$70m

Golden Star Resources Limited (GSRL) is to spend approximately US$70 million in its exploration and sustainable development projects in the country during the 2010 production year, B&FT has been told.

More than US$16 million of this investment will be directed to new exploration projects in the Western Region, while the remainingUS$54 million will be set aside as development and sustainable capital investment for its operations in the existing mining areas located in the Bogoso- Prestea and Wassa mines.

The company has invested over US$850 million into the country’s economy during the past 10 years and impacts of this investment have been dramatic, Tom Mair, President and Chief Executive Officer of Golden Star Resources Limited, disclosed to B&FT in Accra.

He made this disclosure when he accompanied the company’s board of directors to acquaint themselves with its current operations in the country.
“With pride, we emphasise it is in Ghana that we produced 40,000 ounces in 2009 - and expect to produce about the same in 2010.

“GSRL is committed to resolute compliance with international best practices as espoused by our own corporate business philosophies and by the world-acclaimed Extractive Industries Transparency, the UN Global Compact and the International Cyanide Management Code.”

Mair disclosed that the board of directors of the company made a strategic decision about 10 years ago to invest in the countries mineral’s sector - based on the long and successful mining history of the gold industry, and available skilled technical and professional as well as and managerial workforce.

He also identified fair mineral regulations and documented system of deeds, and demonstrated history of respect for the legal basis of the contracts as major strengths of the country to attract world-class mining operators.

Golden Star operates a gold-ore processing facility at Bogoso-Prestea with a capacity of up to 3.5 million tonnes per annum, which uses bio-oxidation technology to treat refractory sulfide ore.

In addition, it has a carbon-in-leach processing facility located next to the sulfide plant that is suitable for treating oxide gold-ores at a rate up to 1.5 million tonnes per annum.

Bogoso-Prestea produced and sold 186,054 ounces of gold in 2009 and 170,499 ounces in 2008.

Its mining site at Benso development activities started in late 2007, and in the third quarter of 2008 it began trucking ore from the Benso mine to the Wassa plant for processing.

Hwini-Butre development was initiated in the fourth quarter of 2008, and in May 2009 it began shipping ore to the Wassa plant for processing.

Golden Star Resources in 1999 acquired Bogoso mining concession and have operated a nominal 1.5 million tonne per annum carbon-in-leach processing plant to process oxide and other non-refractory ores.

In 2001, the company further acquired the Prestea property located adjacent to its Bogoso property and mined surface deposits at Prestea from late 2001 to late 2006.
In 2002, it acquired Wassa and constructed a new 3.0 million tonnes per annum processing plant at Wassa, which began commercial operation in April 2005.

The company completed construction and development of a new 3.5 million tonnes per annum processing facility at Bogoso-Prestea which uses bio-oxidation technology to treat refractory sulfide ore.

It is actively exploring for gold in West Africa and South America and currently conducting regional exploration projects in Ghana, Cote d'Ivoire and Sierra Leone and has drilled more advanced targets in Niger and Burkina Faso. It also holds and is evaluating gold properties in Brazil.

Intercontinental Bank supports health care services

Intercontinental Bank Ghana (IBG) Limited has presented over GH¢12, 000 to two health institutions.

The institutions are the Ministry of Health (MoH) and the Department of Child Care, Korle-Bu Teaching Hospital, Accra.

The amount will be used for the refurbishment of the Child Care Unit of the hospital, while that of the MoH will also be directed toward creating awareness of the dangers and means of preventing of cervical cancer which is killing many women in the country.

Akwasi Effah-Adu, Divisional Head, Corporate Banking, IBG, presenting the cheque said the bank’s core mandate is based on health care support as well as improving health care standards of the underprivileged in the communities where it operates.

“The bank’s contribution is to help raise awareness on such conditions aimed at bringing relief on women and mothers,” he said.

Dr. Sylvester Anenana, Chief Director, Ministry of Health receiving the cheque thanked management of the Bank for their kind gesture.

He indicated that the amount would help advocate and create awareness about the deadly effects associated with cervical and breast cancer among women in Ghana.

“If we are to prevent and eventually stop breast and cervical cancers in Africa, knowledge and detection of possible signs of the disease will contribute immensely towards combatting them as they are fast-emerging as a global threat to women’s health,” he said.

Statistics from the World Health Organisation (WHO) revealed that cervical cancer has been the leading cause of cancers in women in Ghana, with 18 percent of deaths resulting from the disease.

Statistics indicate that a woman dies of cervical cancer every two minutes, and that approximately 80 percent of deaths occur in developing countries as a result weak or non-existent cervical cancer screening and treatment programmes.

Dr. Anenana revealed that Ghana will host the Fourth ‘Stop Cervical Cancer in Africa’ conference from July 25 - 27 to advocate for increased awareness on cervical cancer in Africa and reduce the stigma of people suffering from the disease.

The conference will offer Ghana an opportunity to showcase programmes, projects and efforts made to combat breast and cervical cancer and also network with other African first ladies, parliamentarians, ministers of health and other relevant stakeholders such as traditional leaders and survivors to mobilise and strategise to combat cancers which were emerging as global threats.

Mechanical Lloyd turnover dips by14 percent

Mechanical Lloyd Company has achieved a turnover of GH 22.1 million for 2009.This represents a decrease of 14 percent below its 2008 figure of GH 25.8 million.

The decrease was as result of the decline in the sales of motor vehicle by 19 percent
The company also declared a dividend payment of GH 0.0045 per share, down by 25 percent from that of GH0.0060 per share paid for 2008.

However the spare parts sales and workshop earnings component of turnover improved by eight percent, and rental income from investment properties also increased by 20 percent during the year under review.

Charles Bartels Kwasi Zwennes, Board Chairman, Mechanical Lloyd Company made this disclosure in Accra at the annual general meeting.

He indicated that the company’s gross profit margin on turnover increased from 19 percent in 2008 to 21 percent in 2009 mainly on the account of the fact that a larger proportion of the 2009 sales was to the private sector rather than for government tenders where margins are thinner.

Zwennes explained that: “As a result of sound and prudent financial management, we managed to reduce selling general and administrative expenses by GH 393,854, 8 percent, even in the face of considerable inflation.”

Ford, the company’s mainstay performed poorly during 2009, achieving only 51 percent of set target, and a drop in sales of 47 percent as compared to 2008.

The Ranger Pick-Up, model in the Ford stable did even worse-achieving only 45 percent of the target.

This was because Ranger customers are mainly contractors who depend a lot on government business and the new government naturally took some time to settle down to prevent its first budget before funds could start to be released for government contracts.

The Sport Utility Van (SUV) did considerably better, but saloon cars continue to find it difficult to make the expected breakthrough.

The BMW cars performed better, achieving 63 percent of the target while, the X5 achieved 73 percent of target and the X6, in its first year of introduction, and model that is not stocked but imported strictly on order, achieved 167 percent of set target.

“Having successfully weathered the storm in 2009, we believe the worst is behind us and we expect our performance to improve appreciably hereafter,” Zwennes remarked.

Uturn Africa 2010 launched

The social sector cannot achieve effective impacts without forging cross-sector partnerships and alliances with corporate bodies, Doyin Oluntona, the Chief Executive Officer of Uturn Africa has observed.

“Corporate organisations operating in the country need to develop corporate social responsibility strategies that promote social development in the communities they operate.”

Oluntona made this observation at a media launch of ‘Uturn Africa Forum 2010’, which aims at bringing together civil society organisations and corporate bodies to enhance their strategies to meet corporate social responsibilities through collaborative partnership.

The Forum, slated for July 2010, is under the theme “Catalysing Collaboration for Effective Social Change and Impact’ and will be attended by donor and non-governmental organisations (NGOs).

Mrs. Oluntona explained that the Forum is to unearth new corporate social responsibility trends in the region, network and interact with key social impact players, and form new strategic collaborative partnerships which will help raise more capital for organisations’ social developmental activities.

“The complexity and scale of Africa’s problems demand that we raise our game. The social sector cannot achieve effective impacts without forging cross-sector partnerships and alliances. The imperative to collaborate is now.”

Uturn Africa Forum 2010 will engage the region’s most influential leaders from all sectors in critical discussions designed to create partnerships, networks, knowledge and collaborative pathways among the social, academic and private sectors.” she said.

Nii Okai Nunoo, the Area Head of Corporate Affairs for West Africa, Standard Chartered Bank, indicated that corporate social responsibility has been a collective action that could bring hope to the people in a community, emphasising that the partnership among corporate bodies will bring about needed changes in the deprived communities and share experiences.

“Standard Chartered Bank’s sustainability agenda is to bring benefit to its communities and make a difference in the lives of the people in its marketplace.

The main pillars of this agenda are its social contribution, economic contribution, environmental protection and governance, which are all firmly rooted in the Bank’s Brand promise that sets Standard Chartered out as the right partner, leading by example,” he said.

Speakers at the Forum will be drawn from high-level officials at the World Bank, Standard Chartered Bank, Databank Foundation, Vodafone Foundation and Coca-Cola Ghana Limited among others.

Meet SSNIT boss

Dr Frank Odoom is the current Director General of the Social Security and National Insurance Trust (SSNIT). Before then he was the Chief Executive Officer of Quality Insurance Company Limited (QIC).

At QIC, Dr Odoom transformed the company into one of the leading Insurance companies in Ghana. At the time of leaving QIC after eight years as its Chief Executive Officer, the company has become a brand to identify within the insurance industry.

Before joining QIC in 2002, Dr Odoom was on the Management team of SSNIT for 13 years and was on the Executive team from 1999 to 2002. During this period, he gained a lot of experience in the workings of Social Security and Retirement Pension Plans.

Dr Odoom attended the University of Cape Coast, where he graduated with a Bachelor of Science Degree in Science Education in 1977 and a Bachelor of Science Honours Degree in Mathematics in 1978.

He also obtained a Master of Science Degree in Mathematics in 1983 and a Doctor of Philosophy Degree in Applied Mathematics from Iowa State University in Ames, USA in 1988.

Finally, he acquired a Master of Science Degree in Actuarial Science, from University of Canada, in 1994.

He has been active in academia, having held adjunct lectureship positions at Drake University in Des Moines, USA and the Des Moines Area Community College, USA, and University of Manitoba, Canada.

He is a member of the Actuarial Society of Ghana of which he is the immediate past-president and a fellow of the Royal Statistical Society of UK.

He has also provided consultancy services in the areas of Retirement Pension Plans and Actuarial valuation of Social Security Programmes in Ghana and abroad.

Dr Odoom has attended, participated and made presentations at several international and local conferences on Insurance and Social Security for Actuaries and Statisticians under the auspices of organizations like the International Social Security Association (ISSA) and other professional associations.

He is one of the leaders in the Baptist International Church, Ghana where he and his wife, Rosemary are committed and involved in so many projects especially in evangelism and the children’s ministry.


His hobbies include playing chess and gardening.



MY VISION


My vision is to inject some aspects of the dynamics that propels the private sector into SSNIT operations. First, operations is going to be my priority, that is registration of member, collection of contributions and prompt payment of benefits.

This is the core business of SSNIT. We will introduce measures to make the operations efficient and effective so that the transition from normal work to retirement is seamless.

Secondly, on our investments, we will reassess all of them and those that are not worth pursuing, we will strategise to exit and those doing well, we will pay more attention to increase our returns.

Also my team will make professionalism, ethics and teamwork a sing-song of the organisation which will be crowned with quality customer service.

uniBank gives to Prof. Asante Fund

uniBank Ghana Limited has presented GH¢2,000 to support Professor S.K.B Asante and Mrs. Asante Educational Trust Fund.

The donation, which forms part of the bank’s corporate social responsibility programmes, will be used to support needy but brilliant students in the country’s tertiary institutions and secondary schools.

Charles Wordy, Corporate Affairs and Marketing Director of the bank, presenting the cheque explained that uniBank will continue to support the underprivileged in society - which forms part of the bank’s core mandate.

Prof. Asante receiving the cheque thanked the management of the bank for the kind gesture, adding that the donation will go a long way in supporting the needy students in tertiary institutions.