The Ghana Investment Promotion Centre (GIPC) recorded an increase in Foreign Direct Investment (FDI) by 118.02 percent into the country during the first quarter of 2011, compared to first quarter of 2010 investment figures.
The Centre, during the period registered FDI of GH 527.63 million, compared to GH 225.88 million recorded during the same quarter last year.
The total foreign equity stood at GH 276.48 million with the initial equity transfers being GH103.35 million during the period under review.
Meanwhile, GIPC registered 109 new investment projects during the first quarter of 2011, indicating an increase of 0.93 percent, compared to 108 registered projects in the corresponding quarter of 2010.
The total estimated value of these registered projects was GH 567.66 million, a substantial increase of 101.13 percent compared to GH 263.42 million recorded in the first quarter of 2010.
The total number of jobs expected to be created for Ghanaians from the projects registered in the first quarter of 2011 amounted to 6,497.
This is an increase of 18.80 percent over 5,469 expected jobs recorded for same period of 2010.There was however a decrease of 22.36 percent in the expected jobs created for expatriates from 653 for first quarter 2010 to 507 for first quarter 2011
Mr. George Aboagye, Chief Executive Officer, GIPC at a media conference in Accra said: Results for the first quarter of 2011 vindicate our declaration of this year as the Year of hope and Action.
“We at the Centre planned to ride high and capitalized on the good international image and the prevailing promising domestic investment environment to aggressively market the investment opportunities in the country.”
He indicated that the operational results over the last two years shows that FDI has been increasing on average by approximately 70 percent annually. But we cannot say the same for local investments or joint ventures.
“Our focus is to enhance the importance of domestic investor in the development of the country. Partnering domestic investments with FDI, we believe is the only means by which we can build the capacity and grow our domestic investors.”
Mr. Aboagye revealed that between January and March this year, officials of the Centre toured all regions and interacted with Regional, District and Metropolitan Authorities, Planning officers and private sector to encourage them to help identify investment opportunities, call for project proposals, and to explain to them the role and service of the GIPC.
He encouraged domestic inventors to: develop and invest in good business ideas or concepts; increase their capacity to partner other investors both local and international and encourage local financial institutions to support worthy projects.
“We believe our efforts will encourage the improvement in the investment at the districts and regional levels to ensure the spreading of investment projects across the length and breadth of the country.”
“The first quarter of 2011 witnessed fourteen inward investment missions from countries that have been targeted by the Centre including Germany, United Kingdom, US, Turkey, South Africa, India and China.
“The delegation was in the country to explore investment opportunities in the area of Real Estates development, Manufacturing of Steel and glass, Agro Processing, Mining and Petroleum Services and Pharmaceuticals,” he stated.
Six out of the 10 regions directly benefited from the registered projects during the quarter. The regions are Ashanti, Central, Eastern, Greater Accra, Northern and the Western regions.78.90 percent of all the projects registered are located in the Greater Accra region.
India, with 19 projects, topped the list of countries with the highest number of registered projects. With US$70.50 million, as estimated investment, a joint venture between Britain/Belize topped the list of countries with the largest value of investments registered during the quarter.
Friday, April 29, 2011
Producer inflation up again
Annual producer price inflation for March inched up 1.1 percentage points to 23.39% from a revised February figure of 22.29%, according to an official release from the Ghana Statistical Service.
The increase was the fourth in consecutive months since the index resumed its ascent in December last year, and the rate was the highest in the 12-month period to March 2011.
The high annual rate of increase in prices received by domestic producers continues to reflect the substantial year-on-year impact of utility prices, which were hiked sharply in June 2010 following demands by producers in the sector for price-adjustments.
Producer inflation in the utilities sector was 71.96% year-on-year, though the increase between February and March was a marginal 0.01%. Mining and quarrying recorded inflation of 32.27%, while manufacturing inflation was a lower 11.61%.
Government Statistician, Dr. Grace Bediako, disclosed that the highest monthly inflation of 4.83% was recorded in the mining and quarrying sector due mainly to higher prices for gold. The month-on-month rate for all industries was 0.91%, she said.
Compared to February, this was a lower monthly increase, and given the considerably lopsided effect of utility prices on the index, the increasing annual rate of producer price inflation may not portend a similar trajectory for consumer inflation in the coming months.
March consumer inflation dipped marginally to 9.13% as stable food prices helped turn the tide of increases that had been occasioned by January’s petroleum price revisions.
Yet, as a cost-of-doing-business indicator, the persistently double-digit producer inflation figures support long-standing concerns within industry about a costly business environment as domestic producers contend with cheap imports, high financing costs and currency risks that threaten the stability of raw-material prices.
As most analysts expect the Bank of Ghana’s benchmark interest rate to hold steady at 13.5% when its rate-setting committee meets next month, a lot would depend now on banks to relax their lending rates as the macro-economy consolidates its stability and with the banking sector riding out the storm of bad debts that inflicted their balance-sheets for the most part of 2008-2010.
Amid the tight credit regime that followed the macro-economic difficulties of 2008, most enterprises incurred high financing costs in their attempts to borrow to support cash flows and expand operations.
Currency risks remain with the cedi trading particularly weakly since the year began. Generally, the cedi has been shedding value against the dollar so far this year, and any substantial slips could hurt breweries and some consumer-goods producers who rely on imports to build their raw-material stocks.
The outlook for producer prices is for utilities to maintain their lingering year-on-year effects until June when a stronger base will likely soften their impact.
Manufacturing inflation: key highlightsManufacturing inflation, with the largest weight of 69.75% in the index’s computation, rose to 11.61% in March from 11.16% in February.
Publishers recorded the highest inflation among manufacturers with an annual increase of 35.64%, followed by manufacturers of electrical machinery and apparatus, whose prices went up by 34.81%.
Consumer-goods manufacturers saw varied rates within the main sub-groups: food and beverage producers saw 9.04% inflation, compared to 8.8% in February; protein, fruit, vegetables and cooking oil producers experienced an annual decline of 0.22% in prices; and dairy-product manufacturers saw stable inflation of 13.24%.
Producer inflation for other food-product manufacturers was 27.97%, higher than the previous month’s figure of 25.63%. Textile manufacturing also saw annual inflation of 20.22%.
The increase was the fourth in consecutive months since the index resumed its ascent in December last year, and the rate was the highest in the 12-month period to March 2011.
The high annual rate of increase in prices received by domestic producers continues to reflect the substantial year-on-year impact of utility prices, which were hiked sharply in June 2010 following demands by producers in the sector for price-adjustments.
Producer inflation in the utilities sector was 71.96% year-on-year, though the increase between February and March was a marginal 0.01%. Mining and quarrying recorded inflation of 32.27%, while manufacturing inflation was a lower 11.61%.
Government Statistician, Dr. Grace Bediako, disclosed that the highest monthly inflation of 4.83% was recorded in the mining and quarrying sector due mainly to higher prices for gold. The month-on-month rate for all industries was 0.91%, she said.
Compared to February, this was a lower monthly increase, and given the considerably lopsided effect of utility prices on the index, the increasing annual rate of producer price inflation may not portend a similar trajectory for consumer inflation in the coming months.
March consumer inflation dipped marginally to 9.13% as stable food prices helped turn the tide of increases that had been occasioned by January’s petroleum price revisions.
Yet, as a cost-of-doing-business indicator, the persistently double-digit producer inflation figures support long-standing concerns within industry about a costly business environment as domestic producers contend with cheap imports, high financing costs and currency risks that threaten the stability of raw-material prices.
As most analysts expect the Bank of Ghana’s benchmark interest rate to hold steady at 13.5% when its rate-setting committee meets next month, a lot would depend now on banks to relax their lending rates as the macro-economy consolidates its stability and with the banking sector riding out the storm of bad debts that inflicted their balance-sheets for the most part of 2008-2010.
Amid the tight credit regime that followed the macro-economic difficulties of 2008, most enterprises incurred high financing costs in their attempts to borrow to support cash flows and expand operations.
Currency risks remain with the cedi trading particularly weakly since the year began. Generally, the cedi has been shedding value against the dollar so far this year, and any substantial slips could hurt breweries and some consumer-goods producers who rely on imports to build their raw-material stocks.
The outlook for producer prices is for utilities to maintain their lingering year-on-year effects until June when a stronger base will likely soften their impact.
Manufacturing inflation: key highlightsManufacturing inflation, with the largest weight of 69.75% in the index’s computation, rose to 11.61% in March from 11.16% in February.
Publishers recorded the highest inflation among manufacturers with an annual increase of 35.64%, followed by manufacturers of electrical machinery and apparatus, whose prices went up by 34.81%.
Consumer-goods manufacturers saw varied rates within the main sub-groups: food and beverage producers saw 9.04% inflation, compared to 8.8% in February; protein, fruit, vegetables and cooking oil producers experienced an annual decline of 0.22% in prices; and dairy-product manufacturers saw stable inflation of 13.24%.
Producer inflation for other food-product manufacturers was 27.97%, higher than the previous month’s figure of 25.63%. Textile manufacturing also saw annual inflation of 20.22%.
Ghana’s selling points
Ghana is one of the leading lights for political and economic development in Africa, most assessments of the continent’s potential have solidly confirmed.
Well noted for its political stability and sound governance, Ghana’s updat
ed economic profile makes it an adorable attraction for international investment and economic cooperation – with country-to-country partnerships being cultivated across Asia and other emerging markets recently.
The country’s respected political reputation as a growing and stable democracy is one of its selling points in ongoing efforts to brand the republic as a global destination-of-choice for work and pleasure.
At the recent Brand Ghana Strategy Conference in Accra, a senior presidential staffer, Commodore Steve Obimpeh, said of the branding exercise: “The strategy is to make Ghana marketable and relevant in the world.”
He affirmed that the mandate of the Brand Ghana Office is to establish a compelling image for Ghana through creating, coordinating and harmonising a persuasive brand-strategy for the country.
To propel the economy to new heights in an increasingly competitive global terrain, Ghana is resolved to attract sizeable investments into its key economic sectors to boost growth, create jobs and put every idle resource to work.
A recent development that should excite the investor-community is the disclosure by the Ghana Statistical Service that the size of the country’s economy had been previously understated, by as much as US$13billion.
Now, with US$30billion worth of production and consumption taking place in the economy, the scale of investment opportunities has been expanded immensely - adding to the already vast, underutilised pool of resources in several sectors.
In fact, if Ghana manages 7% real annual GDP growth between 2011 and 2015, consistent with current estimates, the size of national output would increase by 40% in real terms – and potentially rise twofold at market prices.
This year alone the forecast is for real GDP to grow by 12.3%, including 5% real GDP contribution from the oil sector.
Ghana promises not just political stability, but economic stability as well. At the macro level stability has not only been achieved, but judging by the policies of the last decade, it appears also to be a priority for all governments.
Despite a jolt to this stable trend in 2008, the main indicators – inflation, currency stability, the fiscal and current-account balances and the size of the national debt – look well anchored and should be supportive of output and wealth-creation in the real economy.
Economy-wide price-level increases have remained below 10% per annum for ten consecutive months and management of the currency against volatility has been conscientious and generally conducive to current-account stability.
For global investors, the attractiveness of Ghana is reflected both by the opportunities for investment and the friendliness of its investment laws. The potential for industrial development is massive because of Ghana’s strength in agriculture.
In 2010, the total value of estimated output in agriculture was US$8.8 billion, and growth in the sector averaged more than 6% in the last three years. For 2011, agricultural-sector growth is expected to be 6.2%. The next frontier for Ghana’s agricultural development is value-addition to create a viable agro-processing industry.
The food and beverage industry is also set for robust growth on the back of rising consumer spending as economic growth impacts household-income and wealth. Private consumption expenditure on final goods and services – at nearly GH¢30 billion – accounts for some two-thirds of GDP, and has been increasing, in real terms, by more than 4% each year since 2006.
A recent report by market intelligence firm, Business Monitor International (BMI), put forward a strong consumer view on Ghana, describing its food and drink industry as West Africa’s most promising long-term prospect.
Per-capita food consumption went up 5.69% last year, the report found, and forecast it to reach consolidated growth of 84.19% by 2015. Mass grocery retail sales were also seen quadrupling in the next five years.
These trends present opportunities for strong sales and earnings growth, especially for established consumer-goods companies, as the fruits of breakneck economic growth continue to kick in, the report said.
The authors observed, most profoundly, that “given the strength of its economic outlook and the fact that its business environment is fairly attractive by regional standards, Ghana looks increasingly competitive as a destination for multinational consumer-facing investment, with many of the world’s biggest firms looking to increase their African exposure.”
The stunning rise of the services sector over the last decade has made it the largest contributor to GDP, providing more than half of national output. Year after year, the financial-services industry has gained added sophistication as the government and regulators seek to position it to better fuel economic activity and growth.
The extent of financial intermediation is expanding by 13% each year, according to official data. This trend is consistent with the pace of economic growth, and captures somewhat the impact of capital movements into the economy by sub-regional banks and insurers.
Between 2008 and 2010, the total asset base of the banking sector swelled by 63% to GH¢17.4 billion – equivalent to some US$11.75 billion. The sector is fairly stable and profitable, and continues to be a rich source of innovation in the economy.
In information and communications, the allure of Ghana’s market has brought some of the most respected global players to the industry. Mobile-phone penetration has witnessed an impressive increase to 74.2%, and more growth is expected in the market for data-services as the use of broadband widens.
Ghana’s tourism potential is underexploited, say many observers, and tourism development is an important showcase in the quest to draw investments into the economy. The greatest scope lies in infrastructure development to serve the tourist sector, which has been growing by 4% annually, but with room to achieve more.
After much anticipation, Ghana’s first commercial oil was drawn from the Jubilee field in December 2010, marking the climax of years of exploration and production activity in the offshore west of the country.
An initial production capacity of around 50,000 barrels per day was announced by the field’s developers, with output expected to ramp up to 120,000 barrels per day by the third quarter of this year.
Infrastructure for the development of associated gas resources is being erected in the Western Region to provide fuel to power-generating plants for cheaper, increased energy supply. The president has also disclosed plans to utilise gas resources to usher Ghana into a new era of industrialisation – through the creation of an integrated aluminium industry and a petrochemical sector.
Thus, the oil resources will not only fatten the public purse but give fresh impetus to key economic sectors, mainly industry, enabling the attraction of global investment and capital for accelerated progress.
Source:B&FT
Well noted for its political stability and sound governance, Ghana’s updat
ed economic profile makes it an adorable attraction for international investment and economic cooperation – with country-to-country partnerships being cultivated across Asia and other emerging markets recently.
The country’s respected political reputation as a growing and stable democracy is one of its selling points in ongoing efforts to brand the republic as a global destination-of-choice for work and pleasure.
At the recent Brand Ghana Strategy Conference in Accra, a senior presidential staffer, Commodore Steve Obimpeh, said of the branding exercise: “The strategy is to make Ghana marketable and relevant in the world.”
He affirmed that the mandate of the Brand Ghana Office is to establish a compelling image for Ghana through creating, coordinating and harmonising a persuasive brand-strategy for the country.
To propel the economy to new heights in an increasingly competitive global terrain, Ghana is resolved to attract sizeable investments into its key economic sectors to boost growth, create jobs and put every idle resource to work.
A recent development that should excite the investor-community is the disclosure by the Ghana Statistical Service that the size of the country’s economy had been previously understated, by as much as US$13billion.
Now, with US$30billion worth of production and consumption taking place in the economy, the scale of investment opportunities has been expanded immensely - adding to the already vast, underutilised pool of resources in several sectors.
In fact, if Ghana manages 7% real annual GDP growth between 2011 and 2015, consistent with current estimates, the size of national output would increase by 40% in real terms – and potentially rise twofold at market prices.
This year alone the forecast is for real GDP to grow by 12.3%, including 5% real GDP contribution from the oil sector.
Ghana promises not just political stability, but economic stability as well. At the macro level stability has not only been achieved, but judging by the policies of the last decade, it appears also to be a priority for all governments.
Despite a jolt to this stable trend in 2008, the main indicators – inflation, currency stability, the fiscal and current-account balances and the size of the national debt – look well anchored and should be supportive of output and wealth-creation in the real economy.
Economy-wide price-level increases have remained below 10% per annum for ten consecutive months and management of the currency against volatility has been conscientious and generally conducive to current-account stability.
For global investors, the attractiveness of Ghana is reflected both by the opportunities for investment and the friendliness of its investment laws. The potential for industrial development is massive because of Ghana’s strength in agriculture.
In 2010, the total value of estimated output in agriculture was US$8.8 billion, and growth in the sector averaged more than 6% in the last three years. For 2011, agricultural-sector growth is expected to be 6.2%. The next frontier for Ghana’s agricultural development is value-addition to create a viable agro-processing industry.
The food and beverage industry is also set for robust growth on the back of rising consumer spending as economic growth impacts household-income and wealth. Private consumption expenditure on final goods and services – at nearly GH¢30 billion – accounts for some two-thirds of GDP, and has been increasing, in real terms, by more than 4% each year since 2006.
A recent report by market intelligence firm, Business Monitor International (BMI), put forward a strong consumer view on Ghana, describing its food and drink industry as West Africa’s most promising long-term prospect.
Per-capita food consumption went up 5.69% last year, the report found, and forecast it to reach consolidated growth of 84.19% by 2015. Mass grocery retail sales were also seen quadrupling in the next five years.
These trends present opportunities for strong sales and earnings growth, especially for established consumer-goods companies, as the fruits of breakneck economic growth continue to kick in, the report said.
The authors observed, most profoundly, that “given the strength of its economic outlook and the fact that its business environment is fairly attractive by regional standards, Ghana looks increasingly competitive as a destination for multinational consumer-facing investment, with many of the world’s biggest firms looking to increase their African exposure.”
The stunning rise of the services sector over the last decade has made it the largest contributor to GDP, providing more than half of national output. Year after year, the financial-services industry has gained added sophistication as the government and regulators seek to position it to better fuel economic activity and growth.
The extent of financial intermediation is expanding by 13% each year, according to official data. This trend is consistent with the pace of economic growth, and captures somewhat the impact of capital movements into the economy by sub-regional banks and insurers.
Between 2008 and 2010, the total asset base of the banking sector swelled by 63% to GH¢17.4 billion – equivalent to some US$11.75 billion. The sector is fairly stable and profitable, and continues to be a rich source of innovation in the economy.
In information and communications, the allure of Ghana’s market has brought some of the most respected global players to the industry. Mobile-phone penetration has witnessed an impressive increase to 74.2%, and more growth is expected in the market for data-services as the use of broadband widens.
Ghana’s tourism potential is underexploited, say many observers, and tourism development is an important showcase in the quest to draw investments into the economy. The greatest scope lies in infrastructure development to serve the tourist sector, which has been growing by 4% annually, but with room to achieve more.
After much anticipation, Ghana’s first commercial oil was drawn from the Jubilee field in December 2010, marking the climax of years of exploration and production activity in the offshore west of the country.
An initial production capacity of around 50,000 barrels per day was announced by the field’s developers, with output expected to ramp up to 120,000 barrels per day by the third quarter of this year.
Infrastructure for the development of associated gas resources is being erected in the Western Region to provide fuel to power-generating plants for cheaper, increased energy supply. The president has also disclosed plans to utilise gas resources to usher Ghana into a new era of industrialisation – through the creation of an integrated aluminium industry and a petrochemical sector.
Thus, the oil resources will not only fatten the public purse but give fresh impetus to key economic sectors, mainly industry, enabling the attraction of global investment and capital for accelerated progress.
Source:B&FT
Tuesday, April 26, 2011
US$450m power project underway
The Kpone Independent Power Project, a 340 megawatt power plant project under development by Cenpower Generation Company Limited (Cenpower), is expected to reach financial close this year and commence commercial operation in 2014.
Africa Finance Corporation (AFC) is the lead investor in Cenpower, in partnership with the local founders comprising a group of Ghanaian enterprenuers with experience in the energy sector, and InfraCo - an international infrastructure development company.
Cenpower is implementing the US$450million Kpone IPP project. Initiated in 2003 by the local founders led by the current Chairman of Cenpower, Nana Brew-Butler, the project has taken a long time in reaching this stage and is an example of true local and international collaboration in the difficult field of infrastructure development.
“Currently, we’re selecting the company for the commencement of the construction - and so far Asian and European companies are dominating the bids for contracts,” said Henry Morris, Senior Vice President & Head, Structured & Project Finance, AFC in an interview with the Business and Financial Times in Accra.
The Project located at Kpone forms part of the least-cost power generation expansion plan for Ghana, through which the country is promoting increased use of indigenous resources for electricity supply and private sector investment in the development of new generation capacity.
The government expects to increase power supply from the current 2,000 to 5,000 megawatts by 2015.
“AFC, Infraco and Cenpower have so far funded all the project development activities and will contribute additional equity at financial close, together with other strategic investors, to construct the project,” said Morris. AFC will also arrange debt finance to be provided by a consortium of private sector, local and international commercial banks, development finance institutions, and export credit agencies.
AFC is an African-led international financial institution established in 2007, whose mission is to improve African economies by proactively developing and financing infrastructure, industrial and financial assets. The institution focuses on five core infrastructure sectors: power and renewable energy, transport infrastructure - roads, rail, aviation and maritime, manufacturing and heavy industry, telecom and oil and gas exploration and production.
AFC is involved as an investor, developer and financier of various infrastructure projects, and is gaining recognition as the benchmark institution for financing the development of power projects in Africa. AFC is the Technical Adviser to the Central Bank of Nigeria (CBN) on the CBN’s US$2.0bn Power and Aviation Intervention Fund (PAIF), AFC recently provided financing to a leading Independent Power Producer (IPP) in Nigeria. In Cape Verde, AFC has underscored its commitment to pioneering renewable energy investments on the continent with a lead investor role in a US$90m, 26 megawatt wind-farm IPP under development.
Additionally, AFC is the lead investor in the Main One fibre-optic cable project, enhancing West Africa’s connection to Europe and the rest of the world through faster and more technologically advanced broadband capacity. Underscoring its expertise in investing in PPPs/PFIs in its focal sectors across the African continent, AFC is also an investor in the Bakwena toll-road project in South Africa.
AFC was the only African institution among the syndicate of international lenders that participated in a seven-year US$750million syndicated reserve base lending facility to develop phase-1 of the landmark Ghanaian Jubilee Oil Field. The oil field, which is currently West Africa’s largest offshore deep water find in over a decade with proven reserves in excess of 300 million barrels of recoverable oil, has Anadarko Petroleum Corporation, USA, Tullow Oil plc UK, and the flagship Ghana National Petroleum Corporation as other development partners.
On a more important note, Morris said: “The project held significant importance given Ghana’s pivotal role in accelerating and deepening cross-border, economic growth and development in the West African region.
Whilst AFC is at the genesis of its mission, it has committed millions of dollars to transport, trade, energy and infrastructure projects across the continent, in Cape Verde, Ghana, Nigeria and South Africa.
“Ghana’s addition as a member of the Corporation is a landmark proves that initiatives by Africans are beginning to gain results that were desired many decades ago,” he said.
Africa Finance Corporation (AFC) is the lead investor in Cenpower, in partnership with the local founders comprising a group of Ghanaian enterprenuers with experience in the energy sector, and InfraCo - an international infrastructure development company.
Cenpower is implementing the US$450million Kpone IPP project. Initiated in 2003 by the local founders led by the current Chairman of Cenpower, Nana Brew-Butler, the project has taken a long time in reaching this stage and is an example of true local and international collaboration in the difficult field of infrastructure development.
“Currently, we’re selecting the company for the commencement of the construction - and so far Asian and European companies are dominating the bids for contracts,” said Henry Morris, Senior Vice President & Head, Structured & Project Finance, AFC in an interview with the Business and Financial Times in Accra.
The Project located at Kpone forms part of the least-cost power generation expansion plan for Ghana, through which the country is promoting increased use of indigenous resources for electricity supply and private sector investment in the development of new generation capacity.
The government expects to increase power supply from the current 2,000 to 5,000 megawatts by 2015.
“AFC, Infraco and Cenpower have so far funded all the project development activities and will contribute additional equity at financial close, together with other strategic investors, to construct the project,” said Morris. AFC will also arrange debt finance to be provided by a consortium of private sector, local and international commercial banks, development finance institutions, and export credit agencies.
AFC is an African-led international financial institution established in 2007, whose mission is to improve African economies by proactively developing and financing infrastructure, industrial and financial assets. The institution focuses on five core infrastructure sectors: power and renewable energy, transport infrastructure - roads, rail, aviation and maritime, manufacturing and heavy industry, telecom and oil and gas exploration and production.
AFC is involved as an investor, developer and financier of various infrastructure projects, and is gaining recognition as the benchmark institution for financing the development of power projects in Africa. AFC is the Technical Adviser to the Central Bank of Nigeria (CBN) on the CBN’s US$2.0bn Power and Aviation Intervention Fund (PAIF), AFC recently provided financing to a leading Independent Power Producer (IPP) in Nigeria. In Cape Verde, AFC has underscored its commitment to pioneering renewable energy investments on the continent with a lead investor role in a US$90m, 26 megawatt wind-farm IPP under development.
Additionally, AFC is the lead investor in the Main One fibre-optic cable project, enhancing West Africa’s connection to Europe and the rest of the world through faster and more technologically advanced broadband capacity. Underscoring its expertise in investing in PPPs/PFIs in its focal sectors across the African continent, AFC is also an investor in the Bakwena toll-road project in South Africa.
AFC was the only African institution among the syndicate of international lenders that participated in a seven-year US$750million syndicated reserve base lending facility to develop phase-1 of the landmark Ghanaian Jubilee Oil Field. The oil field, which is currently West Africa’s largest offshore deep water find in over a decade with proven reserves in excess of 300 million barrels of recoverable oil, has Anadarko Petroleum Corporation, USA, Tullow Oil plc UK, and the flagship Ghana National Petroleum Corporation as other development partners.
On a more important note, Morris said: “The project held significant importance given Ghana’s pivotal role in accelerating and deepening cross-border, economic growth and development in the West African region.
Whilst AFC is at the genesis of its mission, it has committed millions of dollars to transport, trade, energy and infrastructure projects across the continent, in Cape Verde, Ghana, Nigeria and South Africa.
“Ghana’s addition as a member of the Corporation is a landmark proves that initiatives by Africans are beginning to gain results that were desired many decades ago,” he said.
Unilever launches new OMO
Unilever Ghana has launched an improved OMO washing powder with proactive cleaning molecules and perfume, all of which reinforces superiority.
The new OMO which strengthens the brand’s equity comes in a new packaging design, made to satisfy the changing needs of consumers who want a detergent that completely removes tough stains and leaves no shadow stains behind on their clothes.
“Tough stains like mud, oil and grass that can leave clothes dull are completely removed by the new OMO, leaving your clothes brilliantly clean and your whites’ whiter,” Maidie Arkutu, Unilever’s Brand Building Director said at ceremony in Accra to officially unveil the product.
Arkutu said: “In Unilever we strive to create a better future every day for our consumers by helping them feel good, look good and get more out of life with brands that are good for them.
“The OMO brand is the market leader in the fabric cleaning powders category and has been on the Ghanaian market for many years, positioning itself as the best laundry powder that cleans clothes thoroughly. Over the years, it has delighted consumers by offering them the simplest way for best results in laundry.”
Sylvia Acquah, Category Manager, Home Care, Unilever revealed that OMO has been and continues to be the strong pillar of the company’s total laundry business, commanding 32.3 percent value share.
“Our strategic thrust is to lead market development and innovation in the laundry powders market in the country, offering value for both consumers and trade partners.”
Acquah observed that children spend most of their day outside playing and exploring whilst learning some of life’s valuable lessons through their daily experiences.
“OMO is imploring all parents, guardians and child care-givers to allow children to freely explore their surroundings.
“You need not worry about the dirty clothes they will bring back because the new and improved OMO removes tough stains, leaving your clothes free of shadow-stains. We are giving you OMO’s best-ever stain remover,” she remarked.
The new OMO which strengthens the brand’s equity comes in a new packaging design, made to satisfy the changing needs of consumers who want a detergent that completely removes tough stains and leaves no shadow stains behind on their clothes.
“Tough stains like mud, oil and grass that can leave clothes dull are completely removed by the new OMO, leaving your clothes brilliantly clean and your whites’ whiter,” Maidie Arkutu, Unilever’s Brand Building Director said at ceremony in Accra to officially unveil the product.
Arkutu said: “In Unilever we strive to create a better future every day for our consumers by helping them feel good, look good and get more out of life with brands that are good for them.
“The OMO brand is the market leader in the fabric cleaning powders category and has been on the Ghanaian market for many years, positioning itself as the best laundry powder that cleans clothes thoroughly. Over the years, it has delighted consumers by offering them the simplest way for best results in laundry.”
Sylvia Acquah, Category Manager, Home Care, Unilever revealed that OMO has been and continues to be the strong pillar of the company’s total laundry business, commanding 32.3 percent value share.
“Our strategic thrust is to lead market development and innovation in the laundry powders market in the country, offering value for both consumers and trade partners.”
Acquah observed that children spend most of their day outside playing and exploring whilst learning some of life’s valuable lessons through their daily experiences.
“OMO is imploring all parents, guardians and child care-givers to allow children to freely explore their surroundings.
“You need not worry about the dirty clothes they will bring back because the new and improved OMO removes tough stains, leaving your clothes free of shadow-stains. We are giving you OMO’s best-ever stain remover,” she remarked.
Vodafone holds safety seminar
Vodafone Ghana has held a one-day seminar on health, safety and ethical practices for 50 suppliers and agents of the company.
The seminar was the second of its kind in a year, held every six months to review the safety programme of the company.
“Vodafone considers health, safety and ethical practices as very crucial to good corporate governance in ensuring that we meet our corporate responsibility objectives. We have therefore not relented in our efforts since entering the Ghanaian market to ensure that our operations and those of our suppliers conform to best and responsible business practices.
“Vodafone considers that no practice is important enough to put at risk the health, life or livelihood of any of its employees, suppliers or more importantly the general public,” Bart Borchardt, Head of Supply Chain Management of Vodafone Ghana, disclosed at the opening.
Vodafone Ghana has within 12 months attained International Safety Rating Level 5, making it the only company in the country with such recognition. This feat was achieved due to the implementation of a number of initiatives during the year including fatality prevention, Global Positioning System (GPS) tracking in all Vodafone Vehicles, frequent safety audits, safety awareness sessions, employee-recognition schemes for compliance and adherence, and third party compliance.
Also, as part of the company’s Corporate Responsibility initiative, ethical disposal is high on the agenda in collaboration with the Environmental Protection Agency to prevent open disposal of oil, burning of electronic waste among others as they are likely to pollute the environment and water-table.
“Vodafone Ghana is immensely proud that the implementation and insistence of standards in Ghana has resulted in some of our local partners championing this to even greater heights. Two examples are Royal Systems and G&J Technologies, who have embedded these principles in their operations,” Bart Borchardt, said.
“We have bought into Health and Safety compliance not because it improves the health of our business. We have done so because we strongly believe it is the right thing to do as it makes us efficient, saves cost and protects the lives of our employees. It safeguards our client’s equipment, and above all we contribute our quota in protecting the environment,” Godfrey Asiedu, Managing Director of G&J Technical Services, noted.
Godfred Akyea-Darkwah, road-safety expert and CEO/Rector of Road Safety and Transportation Consultancy Limited, stated that “Vodafone’s continuous support of road safety programmes, including funding 2010’s baseline survey on the causes of road crashes in country, means safer roads for the nation, good contribution to Gross Domestic Product, and better investment opportunities.”
The highest standards and policies that Vodafone has insisted upon have not only changed dangerous practices within the telecommunications sector, but across other sectors in the country.
The seminar was the second of its kind in a year, held every six months to review the safety programme of the company.
“Vodafone considers health, safety and ethical practices as very crucial to good corporate governance in ensuring that we meet our corporate responsibility objectives. We have therefore not relented in our efforts since entering the Ghanaian market to ensure that our operations and those of our suppliers conform to best and responsible business practices.
“Vodafone considers that no practice is important enough to put at risk the health, life or livelihood of any of its employees, suppliers or more importantly the general public,” Bart Borchardt, Head of Supply Chain Management of Vodafone Ghana, disclosed at the opening.
Vodafone Ghana has within 12 months attained International Safety Rating Level 5, making it the only company in the country with such recognition. This feat was achieved due to the implementation of a number of initiatives during the year including fatality prevention, Global Positioning System (GPS) tracking in all Vodafone Vehicles, frequent safety audits, safety awareness sessions, employee-recognition schemes for compliance and adherence, and third party compliance.
Also, as part of the company’s Corporate Responsibility initiative, ethical disposal is high on the agenda in collaboration with the Environmental Protection Agency to prevent open disposal of oil, burning of electronic waste among others as they are likely to pollute the environment and water-table.
“Vodafone Ghana is immensely proud that the implementation and insistence of standards in Ghana has resulted in some of our local partners championing this to even greater heights. Two examples are Royal Systems and G&J Technologies, who have embedded these principles in their operations,” Bart Borchardt, said.
“We have bought into Health and Safety compliance not because it improves the health of our business. We have done so because we strongly believe it is the right thing to do as it makes us efficient, saves cost and protects the lives of our employees. It safeguards our client’s equipment, and above all we contribute our quota in protecting the environment,” Godfrey Asiedu, Managing Director of G&J Technical Services, noted.
Godfred Akyea-Darkwah, road-safety expert and CEO/Rector of Road Safety and Transportation Consultancy Limited, stated that “Vodafone’s continuous support of road safety programmes, including funding 2010’s baseline survey on the causes of road crashes in country, means safer roads for the nation, good contribution to Gross Domestic Product, and better investment opportunities.”
The highest standards and policies that Vodafone has insisted upon have not only changed dangerous practices within the telecommunications sector, but across other sectors in the country.
Cirrus Oil renovates Korle-Bu
Cirrus Oil Service Limited has presented US$20,000 towards the refurbishment of the Children’s Cancer daycare unit at Korle-Bu Teaching Hospital, Accra.
Ivy Apea Owusu, Chief Executive Officer, Cirrus Oil Service Limited, at a ceremony to present the cheque said: “As part of its corporate social responsibility, the company has decided to partner with Korle-Bu Teaching Hospital and donate funds toward the development of the Children’s ward aimed at providing quality health care delivery to the country’s children.”
She revealed that issues of health care and child growth are in the master-plan of the company, and that such projects will be an annual event to ensure that the underprivileged in society derive maximum benefit from the company’s operations.
“Cirrus Oil Services as part of its corporate programme in Takoradi-Western Region embarked on a public campaign for a healthy lifestyle.
“The company also collaborated with the Ghana National Fire Service to deepen the public’s awareness on the dangers of fire in homes,” Owusu said.
Dr. Lorna Awo Renner, Consultant Pediatrician, Korle-Bu Teaching Hospital, receiving the cheque acknowledged the management of Cirrus Oil for their kind gesture, adding that the monies will go a long way in supporting the renovation of a day care unit for children with cancer.
The ward, which admits patients from across the country, needs massive infrastructural development to ensure total health care delivery for the children.
She called on other corporate bodies to emulate Cirrus Oil and come to their aid and help in the renovation project of the children’s hospital.
Ivy Apea Owusu, Chief Executive Officer, Cirrus Oil Service Limited, at a ceremony to present the cheque said: “As part of its corporate social responsibility, the company has decided to partner with Korle-Bu Teaching Hospital and donate funds toward the development of the Children’s ward aimed at providing quality health care delivery to the country’s children.”
She revealed that issues of health care and child growth are in the master-plan of the company, and that such projects will be an annual event to ensure that the underprivileged in society derive maximum benefit from the company’s operations.
“Cirrus Oil Services as part of its corporate programme in Takoradi-Western Region embarked on a public campaign for a healthy lifestyle.
“The company also collaborated with the Ghana National Fire Service to deepen the public’s awareness on the dangers of fire in homes,” Owusu said.
Dr. Lorna Awo Renner, Consultant Pediatrician, Korle-Bu Teaching Hospital, receiving the cheque acknowledged the management of Cirrus Oil for their kind gesture, adding that the monies will go a long way in supporting the renovation of a day care unit for children with cancer.
The ward, which admits patients from across the country, needs massive infrastructural development to ensure total health care delivery for the children.
She called on other corporate bodies to emulate Cirrus Oil and come to their aid and help in the renovation project of the children’s hospital.
Computershare takes markets registry into electronic age
Having won the CAL Bank Limited registry business in December 2010, Computershare is now offering CAL and its shareholders value-added web-based solutions in the form of self-service registry applications that are accessible at any time of day or night from anywhere in the world.
With Computershare as its new registrar, CAL Bank and its shareholders have access to all the registry information that concerns them at their fingertips immediately they want it! Gone are the days of having to call or visit the registrar for registry information and then having to wait for a response.
With speed of responsiveness being critical in today’s capital markets, CAL’s investor relations function will find Issuer Online a tremendous aid as it will give CAL the ability to respond to investor and analyst queries immediately. Such responsiveness ultimately reflects in the attractiveness of listed companies to investors.
Investor Centre has been built to ensure that Computershare maintains accurate shareholder registers and satisfied shareholders for its issuer clients. The reason being shareholders who access this secure application will be able to check a host of personal details and inform Computershare when there are updates to be effected.
A version that can actually be edited to a controlled to some extent by the shareholders themselves, with changes immediately reflecting in the register will be introduced in Ghana.
Beyond these two solutions, Computershare now also has available to listed companies in Ghana a web-based application for the electronic submission of forms of proxy and electronic voting technology during shareholder meetings. Both take corporate governance to a higher level.
Kojo Adomakoh, Country Director of Computershare Pan Africa Ghana Limited, states that: “It has always been Computershare’s objective to support the attractiveness and competitiveness of Ghana’s capital markets, and we certainly believe that as we unpack appropriate solutions into Ghana, this will enhance the investor relations efforts of companies listed on the Ghana Stock Exchange and lend confidence to local and foreign investors as the years progress.”
Frank Adu, Managing Director of CAL Bank Limited, states: “We were delighted to sign on a full service share registry company that provides the requisite tools which include a myriad of online solutions (Investor Centre being one) that are accessible to all our shareholders worldwide and to the issuer itself (through Issuer Online). We look forward to very fruitful engagements with our shareholders through our registrar.”
Computershare (ASX:CPU) is a global leader in share registration, employee equity plans, proxy solicitation and other specialised financial, governance and communication services.
Many of the world’s largest companies employ our innovative solutions to maximise the value of their relationships with investors, employees, customers and members.
Computershare has over 11,000 employees across the world, and serves 17,000 corporations and 100 million shareholder and employee accounts in 17 countries across five continents.
With Computershare as its new registrar, CAL Bank and its shareholders have access to all the registry information that concerns them at their fingertips immediately they want it! Gone are the days of having to call or visit the registrar for registry information and then having to wait for a response.
With speed of responsiveness being critical in today’s capital markets, CAL’s investor relations function will find Issuer Online a tremendous aid as it will give CAL the ability to respond to investor and analyst queries immediately. Such responsiveness ultimately reflects in the attractiveness of listed companies to investors.
Investor Centre has been built to ensure that Computershare maintains accurate shareholder registers and satisfied shareholders for its issuer clients. The reason being shareholders who access this secure application will be able to check a host of personal details and inform Computershare when there are updates to be effected.
A version that can actually be edited to a controlled to some extent by the shareholders themselves, with changes immediately reflecting in the register will be introduced in Ghana.
Beyond these two solutions, Computershare now also has available to listed companies in Ghana a web-based application for the electronic submission of forms of proxy and electronic voting technology during shareholder meetings. Both take corporate governance to a higher level.
Kojo Adomakoh, Country Director of Computershare Pan Africa Ghana Limited, states that: “It has always been Computershare’s objective to support the attractiveness and competitiveness of Ghana’s capital markets, and we certainly believe that as we unpack appropriate solutions into Ghana, this will enhance the investor relations efforts of companies listed on the Ghana Stock Exchange and lend confidence to local and foreign investors as the years progress.”
Frank Adu, Managing Director of CAL Bank Limited, states: “We were delighted to sign on a full service share registry company that provides the requisite tools which include a myriad of online solutions (Investor Centre being one) that are accessible to all our shareholders worldwide and to the issuer itself (through Issuer Online). We look forward to very fruitful engagements with our shareholders through our registrar.”
Computershare (ASX:CPU) is a global leader in share registration, employee equity plans, proxy solicitation and other specialised financial, governance and communication services.
Many of the world’s largest companies employ our innovative solutions to maximise the value of their relationships with investors, employees, customers and members.
Computershare has over 11,000 employees across the world, and serves 17,000 corporations and 100 million shareholder and employee accounts in 17 countries across five continents.
UniBank optimistic
UniBank Ghana Ltd says it is optimistic of becoming a leading bank in the trade finance products and services market of the banking industry.
The Bank - which currently offers all the traditional trade finance products ranging from open account, pre-payment, establishment of letters of credit as well as documentary collection - is targetting increased volumes in its trade finance segment of business.
Deputy Managing Director John Kofi Mensah made this known at a trade banking focused group discussion held in Accra as part of the bank’s trade facilitation week aimed at interacting with stakeholders in the international trade business and to expose the its wide range of products to the customers.
The programme was also meant to receive feedback from the customers and develop appropriate solutions to help enhance trade and boost revenue.
Mr. Mensah said: “Your line of business requires interest and current information in what happens not only in Ghana but the global market. You therefore need proactive reactions.
“Our customers give us feedback, and we know that it takes the shortest time to establish letters of credit with uniBank trade finance.
“Our customers do not queue to process transactions; same-day transfers - a service quality which has become common with our products - is scarce to find in other parts of the industry,”
He disclosed that the Bank has been taking keen interest in the operations of its customers. Exporters in particular are educated regularly in helping them to raise the quality of products exported to the international market.
He indicated that customers prefer uniBank's trade finance products and services because of their reliability, since they have been deliberately developed to function within the confines of the requirements set by the international chamber of commerce rules and regulations.
Revenue made by the Bank from its trade finance line of operations increased by 106 percent in 2009 over the previous year. The Banks clientele based in the export segment are the shea-nut exporters, scrap, cashew, yam and wood exporters - but the Bank is steadily developing a niche for the cashew market.
The Bank - which currently offers all the traditional trade finance products ranging from open account, pre-payment, establishment of letters of credit as well as documentary collection - is targetting increased volumes in its trade finance segment of business.
Deputy Managing Director John Kofi Mensah made this known at a trade banking focused group discussion held in Accra as part of the bank’s trade facilitation week aimed at interacting with stakeholders in the international trade business and to expose the its wide range of products to the customers.
The programme was also meant to receive feedback from the customers and develop appropriate solutions to help enhance trade and boost revenue.
Mr. Mensah said: “Your line of business requires interest and current information in what happens not only in Ghana but the global market. You therefore need proactive reactions.
“Our customers give us feedback, and we know that it takes the shortest time to establish letters of credit with uniBank trade finance.
“Our customers do not queue to process transactions; same-day transfers - a service quality which has become common with our products - is scarce to find in other parts of the industry,”
He disclosed that the Bank has been taking keen interest in the operations of its customers. Exporters in particular are educated regularly in helping them to raise the quality of products exported to the international market.
He indicated that customers prefer uniBank's trade finance products and services because of their reliability, since they have been deliberately developed to function within the confines of the requirements set by the international chamber of commerce rules and regulations.
Revenue made by the Bank from its trade finance line of operations increased by 106 percent in 2009 over the previous year. The Banks clientele based in the export segment are the shea-nut exporters, scrap, cashew, yam and wood exporters - but the Bank is steadily developing a niche for the cashew market.
Ecobank establishes China desk
Ecobank Transnational Incorporated, a Pan-African Bank, has officially established a China Desk to promote international trade, infrastructure projects and investments between Africa and Asia.
The desk - located at Ecobank-Accra and managed by two employees each from Ecobank and the Bank of China - will offer on-hand business support and facilitate Chinese businesses operating on the continent. It is also aimed at easing the flow of Chinese loans for African projects.
The desk will provide advisory, wealth management and corporate client account services would to provide banking services to Chinese companies doing business in Ghana and also to Ghanaian businessmen who have or want to do business in China.
The establishment of the desk is the manifestation of an agreement between Ecobank and Bank of China in 2009 and the subsequent signing of a pact in July, 2010.
“The alliance between Ecobank and Bank of China will make us better able to meet the needs of all Africans and Chinese seeking to do business with the continent,” Mr. Arnold Ekpe, Chief Executive Officer of the Ecobank Group, told participants at the official launch in Accra.
He explained that the desk will offer a full range of banking services to Ghanaians, Africans and the Chinese, as it is expected to allow the two continents to overcome language and cultural barriers.
“Ecobank will systematically roll-out the services in its other branches on the continent once the challenges of the pilot are dealt with,” he remarked.
Mr. Albert Essien, Executive Director, Corporate Banking, Ecobank Group mentioned that the agreement will allow the Bank of China to cater for their clients in Africa using the Ecobank platform, while it also enables Ecobank to grow its China business.
He said the Ecobank will leverage on its wide regional coverage to ensure that Africa obtains the full benefit of the established relationship.
“The desk will provide a bouquet of banking services such as loans, project funding, and other support services to both Chinese and Ghanaian business persons whose activities have mutual benefits for Ghana and China.
“In the coming months, we will open similar desks in all 32 African countries that Ecobank operates in,” he stated.
Mr. Samuel Adjei, Managing Director, Ecobank Ghana, indicated that the significance of the desk is based on records available at the Ghana Investment Promotion Council showing that trade and investment between Ghana and China reached US$2.05billion last year, jumping from US$1.3billion in 2009.
“This is the first time trade between Ghana and any country has crossed the two-billion-dollar mark, and that is very significant for both countries.”
“Records at the GIPC also show that Chinese companies top the list of registered companies in Ghana in terms of foreign direct investment Foreign Direct Investment (FDI),” he said.
Mr. Adjei indicated that China’s FDI has also grown by 80 percent in recent years, with the scope of investment spanning mining ICT/telecommunication, manufacturing, tourism and agriculture.
He said the China Desk will therefore provide an opportunity for the Bank of China to provide more focused solutions for its clients in Ghana and also allow Ecobank to expand its business in China.
Mr. Gao Wenzhi, Economic Counsellor Chinese Embassy in Ghana, expressed the hope that the opening of the Desk will further deepen the relationship between China and promote trade between the two continents.
“Africa is a strategic market for China and we are anticipating huge volumes from this partnership,” he said.
Mr. Nicholas Sai, Head of Banking Supervision, Bank of Ghana who lauded the initiative, urged the two institutions to manage the risks prudently to prevent unforeseen challenges.
“I hope Ghanaian businesses will take advantage of the platform provided by Ecobank to close the trade-gap as much as possible,” he said.
The desk - located at Ecobank-Accra and managed by two employees each from Ecobank and the Bank of China - will offer on-hand business support and facilitate Chinese businesses operating on the continent. It is also aimed at easing the flow of Chinese loans for African projects.
The desk will provide advisory, wealth management and corporate client account services would to provide banking services to Chinese companies doing business in Ghana and also to Ghanaian businessmen who have or want to do business in China.
The establishment of the desk is the manifestation of an agreement between Ecobank and Bank of China in 2009 and the subsequent signing of a pact in July, 2010.
“The alliance between Ecobank and Bank of China will make us better able to meet the needs of all Africans and Chinese seeking to do business with the continent,” Mr. Arnold Ekpe, Chief Executive Officer of the Ecobank Group, told participants at the official launch in Accra.
He explained that the desk will offer a full range of banking services to Ghanaians, Africans and the Chinese, as it is expected to allow the two continents to overcome language and cultural barriers.
“Ecobank will systematically roll-out the services in its other branches on the continent once the challenges of the pilot are dealt with,” he remarked.
Mr. Albert Essien, Executive Director, Corporate Banking, Ecobank Group mentioned that the agreement will allow the Bank of China to cater for their clients in Africa using the Ecobank platform, while it also enables Ecobank to grow its China business.
He said the Ecobank will leverage on its wide regional coverage to ensure that Africa obtains the full benefit of the established relationship.
“The desk will provide a bouquet of banking services such as loans, project funding, and other support services to both Chinese and Ghanaian business persons whose activities have mutual benefits for Ghana and China.
“In the coming months, we will open similar desks in all 32 African countries that Ecobank operates in,” he stated.
Mr. Samuel Adjei, Managing Director, Ecobank Ghana, indicated that the significance of the desk is based on records available at the Ghana Investment Promotion Council showing that trade and investment between Ghana and China reached US$2.05billion last year, jumping from US$1.3billion in 2009.
“This is the first time trade between Ghana and any country has crossed the two-billion-dollar mark, and that is very significant for both countries.”
“Records at the GIPC also show that Chinese companies top the list of registered companies in Ghana in terms of foreign direct investment Foreign Direct Investment (FDI),” he said.
Mr. Adjei indicated that China’s FDI has also grown by 80 percent in recent years, with the scope of investment spanning mining ICT/telecommunication, manufacturing, tourism and agriculture.
He said the China Desk will therefore provide an opportunity for the Bank of China to provide more focused solutions for its clients in Ghana and also allow Ecobank to expand its business in China.
Mr. Gao Wenzhi, Economic Counsellor Chinese Embassy in Ghana, expressed the hope that the opening of the Desk will further deepen the relationship between China and promote trade between the two continents.
“Africa is a strategic market for China and we are anticipating huge volumes from this partnership,” he said.
Mr. Nicholas Sai, Head of Banking Supervision, Bank of Ghana who lauded the initiative, urged the two institutions to manage the risks prudently to prevent unforeseen challenges.
“I hope Ghanaian businesses will take advantage of the platform provided by Ecobank to close the trade-gap as much as possible,” he said.
High transport costs impede ECOWAS trade
Hanna Tetteh, Minister of Trade and Industry, says achieving competitive transportation costs will boost trade among ECOWAS member-states.
“It is well known that transportation costs are extremely high within countries, and this has seriously impeded efforts towards improved sub-regional trade,” she said.
Available statistics show that intra-African trade is low; representing on average approximately 10 percent of total exports.
Drivers encounter about 15 control points operated primarily by police and customs agents.
These barriers cause on average a total of 160 minutes delay and payment of the equivalent of US$11.84 in bribes between Tema and Paga. These bribes are paid by the transporter and are included in the trucking price.
It also takes approximately 13 to 22 days to bring a container from a vessel in Tema port to the importer in Ouagadougou, costing US$4,800 - whilst from Newark to Chicago in the US it costs about US$650 and takes just five days. This is remarkable when labour costs in the U.S. are 25 times higher.
Ms. Tetteh made this known in Accra at a forum on regional trade solutions with participants drawn from financial industry, traders, exporters and importers, business executives and policy makers and entrepreneurs from the sub-region.
Speaking under the topic ‘Ghana’s Trade Incentives and ECOWAS Policies as Tools to Promote Regional Trade’, she said: “Although ECOWAS countries have made some progress in enhancing sub-regional trade, there are enormous challenges that need to be confronted.
“In the West African sub-region and ECOWAS states, two critical protocols that directly impinge on sub-regional trade promotion are the ECOWAS protocols on the Free Movement of Persons, Goods and Services and, more importantly, the ECOWAS Trade Liberalisation Scheme (ETLS).”
She explained that ineffective implementation of the various trade protocols and ETLS collectively signed and agreed by ECOWAS members is costing the sub-region millions of dollars in trade forgone.
The lack of competitive productive capacity as a result of supply-side constraints is considerably impeding efforts towards enhancing intra-sub regional trade, Ms. Tetteh mentioned.
“Any sustainable development programme, whether in the case of trade in goods or services, requires that supplies are delivered in the right quantities, at the right price and at the right time.
“The weak or inadequate supply base of most countries of the sub-region therefore impedes efforts towards enhancing sub-regional trade.”
She proposed that ensuring a proper implementation of the ETLS and thriving trade in West Africa would require extensive infrastructure upgrading in the form of roads, rail networks, ports and ancillary services.
These, she said, are largely non-existent or at best inadequately developed in the sub-region and there is urgent need to ensure that steps are taken to provide these facilities.
“The potential of increased intra-ECOWAS trade is enormous. It would therefore be in the interest of member-states to address these challenges confronting us so that we could draw on benefits thereof.
“Key among the challenges is policy and the political will for implementation at the national levels, mobilisation of huge financial resources for infrastructure and institutional challenges, and human resources capacity constraints,” Ms. Tetteh remarked.
“It is well known that transportation costs are extremely high within countries, and this has seriously impeded efforts towards improved sub-regional trade,” she said.
Available statistics show that intra-African trade is low; representing on average approximately 10 percent of total exports.
Drivers encounter about 15 control points operated primarily by police and customs agents.
These barriers cause on average a total of 160 minutes delay and payment of the equivalent of US$11.84 in bribes between Tema and Paga. These bribes are paid by the transporter and are included in the trucking price.
It also takes approximately 13 to 22 days to bring a container from a vessel in Tema port to the importer in Ouagadougou, costing US$4,800 - whilst from Newark to Chicago in the US it costs about US$650 and takes just five days. This is remarkable when labour costs in the U.S. are 25 times higher.
Ms. Tetteh made this known in Accra at a forum on regional trade solutions with participants drawn from financial industry, traders, exporters and importers, business executives and policy makers and entrepreneurs from the sub-region.
Speaking under the topic ‘Ghana’s Trade Incentives and ECOWAS Policies as Tools to Promote Regional Trade’, she said: “Although ECOWAS countries have made some progress in enhancing sub-regional trade, there are enormous challenges that need to be confronted.
“In the West African sub-region and ECOWAS states, two critical protocols that directly impinge on sub-regional trade promotion are the ECOWAS protocols on the Free Movement of Persons, Goods and Services and, more importantly, the ECOWAS Trade Liberalisation Scheme (ETLS).”
She explained that ineffective implementation of the various trade protocols and ETLS collectively signed and agreed by ECOWAS members is costing the sub-region millions of dollars in trade forgone.
The lack of competitive productive capacity as a result of supply-side constraints is considerably impeding efforts towards enhancing intra-sub regional trade, Ms. Tetteh mentioned.
“Any sustainable development programme, whether in the case of trade in goods or services, requires that supplies are delivered in the right quantities, at the right price and at the right time.
“The weak or inadequate supply base of most countries of the sub-region therefore impedes efforts towards enhancing sub-regional trade.”
She proposed that ensuring a proper implementation of the ETLS and thriving trade in West Africa would require extensive infrastructure upgrading in the form of roads, rail networks, ports and ancillary services.
These, she said, are largely non-existent or at best inadequately developed in the sub-region and there is urgent need to ensure that steps are taken to provide these facilities.
“The potential of increased intra-ECOWAS trade is enormous. It would therefore be in the interest of member-states to address these challenges confronting us so that we could draw on benefits thereof.
“Key among the challenges is policy and the political will for implementation at the national levels, mobilisation of huge financial resources for infrastructure and institutional challenges, and human resources capacity constraints,” Ms. Tetteh remarked.
Vodafone ready for number portability
Vodafone Ghana says it is fully prepared for the full implementation of the Mobile Number Portability (MNP) expected on July 1st this year.
“The company is firmly ready for MNP, and significant investment towards technology, customer service centres and human capital development have been made to enable us join the network from the stipulated date,” said Mr. Kyle Whitehill, Chief Executive Officer of Vodafone Ghana.
“We’ve extensive experience in MNP from other countries, which gives us the edge in the industry,” Mr. Whitehill said at a press briefing in Accra.
He added: “significant improvement in customer service delivery in recent times with continuous investment will ensure quality and reliable service.”
The implementation of the MNP platform - spearheaded by Ministry of Communications, National Communications Authority and in collaboration with telecom operators - is in line with government efforts aimed at facilitating consumer choice in the telecommunication market.
The announcement of the concept last year raised concerns among both mobile phone operators and subscribers who are of the view that its implementation will offer customers the greatest choice of switching between operators without necessarily losing old contacts by changing SIM cards, while poor service providers would lose subscribers to competitors.
MNP is simply keeping your mobile number when moving from your existing service provider to a new provider.
“We believe that MNP will grow the telecom industry and improve services for the Ghanaian people. We have cooperated fully with the relevant authorities to ensure the process is quick, easy, and safe,” Mr. Whitehill stated.
He said: “Vodafone Ghana will be enhancing its value proposition even more in the upcoming weeks, to hold on to their existing customers whilst attracting new ones.
He indicated that the country stands at an advantage with full implementation of the MNP platform because it does not have to reinvent the wheel - the NCA has taken cues from the experiences of other countries that have introduced the MNP system.
Meanwhile, the NCA has stated that with the implementation of the platform beginning July 1st 2011, mobile phone users wishing to change their network for various reasons can comfortably walk to another network to port their number within 24 hours, but Vodafone says its process will take 15 minutes with no cost to the customer.
“The company is firmly ready for MNP, and significant investment towards technology, customer service centres and human capital development have been made to enable us join the network from the stipulated date,” said Mr. Kyle Whitehill, Chief Executive Officer of Vodafone Ghana.
“We’ve extensive experience in MNP from other countries, which gives us the edge in the industry,” Mr. Whitehill said at a press briefing in Accra.
He added: “significant improvement in customer service delivery in recent times with continuous investment will ensure quality and reliable service.”
The implementation of the MNP platform - spearheaded by Ministry of Communications, National Communications Authority and in collaboration with telecom operators - is in line with government efforts aimed at facilitating consumer choice in the telecommunication market.
The announcement of the concept last year raised concerns among both mobile phone operators and subscribers who are of the view that its implementation will offer customers the greatest choice of switching between operators without necessarily losing old contacts by changing SIM cards, while poor service providers would lose subscribers to competitors.
MNP is simply keeping your mobile number when moving from your existing service provider to a new provider.
“We believe that MNP will grow the telecom industry and improve services for the Ghanaian people. We have cooperated fully with the relevant authorities to ensure the process is quick, easy, and safe,” Mr. Whitehill stated.
He said: “Vodafone Ghana will be enhancing its value proposition even more in the upcoming weeks, to hold on to their existing customers whilst attracting new ones.
He indicated that the country stands at an advantage with full implementation of the MNP platform because it does not have to reinvent the wheel - the NCA has taken cues from the experiences of other countries that have introduced the MNP system.
Meanwhile, the NCA has stated that with the implementation of the platform beginning July 1st 2011, mobile phone users wishing to change their network for various reasons can comfortably walk to another network to port their number within 24 hours, but Vodafone says its process will take 15 minutes with no cost to the customer.
Atlas Copco unveils powercrusher
Atlas Copco Ghana Limited has officially unveiled its mobile power-crushing range of equipment for the country’s quarrying, mining and the construction sectors.
The equipment - Powercrusher jaw crusher, impact crusher and screen box - has been robustly manufactured and designed to stand up to the toughest conditions with huge output capacities.
It has excellent quality of end-products due to the efficiency of the fines removal and also the ability to process difficult in-feed materials because of its feeder. It has, as well, excellent transport dimensions for optimised mobility, higher capacity and consistent wearing over the entire jaw faces.
“Years of valuable customer input have allowed for the optimisation of these impact units, James Cammock, Regional Product Manager, Powercrusher-West Africa told stakeholders from construction, mining and the quarry sectors in Accra at the ceremony to officially launch the products.
The programme afforded the company an opportunity to interact and share experiences with its customers, to further improve product delivery to customers in the country and within the sub-region.
“From 1992 to date, Atlas Copco Ghana has contributed to the local mining and construction industry with world-class products and services, ranging from compressed air and gas equipment, generators to heavy duty construction and mining equipment.
“Atlas Copco Ghana Limited remains committed to superior productivity in these sectors.”
He said: “Customers will now benefit from having the same supplier for drill rigs, breakers, road construction equipment as well as mobile crushers and screeners; this makes us a complete partner.
Atlas Copco is an industrial group with a world-leading position in compressors, construction and mining equipment, power tools and assembly systems.
The group delivers sustainable solutions for increased customer productivity through innovative products and service.
Founded in 1873, the company is based in Stockholm, Sweden, and has a global reach spanning more than 170 countries.
The equipment - Powercrusher jaw crusher, impact crusher and screen box - has been robustly manufactured and designed to stand up to the toughest conditions with huge output capacities.
It has excellent quality of end-products due to the efficiency of the fines removal and also the ability to process difficult in-feed materials because of its feeder. It has, as well, excellent transport dimensions for optimised mobility, higher capacity and consistent wearing over the entire jaw faces.
“Years of valuable customer input have allowed for the optimisation of these impact units, James Cammock, Regional Product Manager, Powercrusher-West Africa told stakeholders from construction, mining and the quarry sectors in Accra at the ceremony to officially launch the products.
The programme afforded the company an opportunity to interact and share experiences with its customers, to further improve product delivery to customers in the country and within the sub-region.
“From 1992 to date, Atlas Copco Ghana has contributed to the local mining and construction industry with world-class products and services, ranging from compressed air and gas equipment, generators to heavy duty construction and mining equipment.
“Atlas Copco Ghana Limited remains committed to superior productivity in these sectors.”
He said: “Customers will now benefit from having the same supplier for drill rigs, breakers, road construction equipment as well as mobile crushers and screeners; this makes us a complete partner.
Atlas Copco is an industrial group with a world-leading position in compressors, construction and mining equipment, power tools and assembly systems.
The group delivers sustainable solutions for increased customer productivity through innovative products and service.
Founded in 1873, the company is based in Stockholm, Sweden, and has a global reach spanning more than 170 countries.
Marketers urged to improve competence
Ghanaian marketers and entrepreneurs have been urged to position and prepare adequately for multinational investors, as the country is continuously viewed as a stable haven and a place to do business, Alhaji Ibrahim Awal, CEO of Chase Petroleum, has said.
“Marketers and entrepreneurs must improve business competence and be ready to take advantage of the peaceful democratic business environment and partner investors who will be in the county to commence business operation.
“This would not only promote job-creation, but would position the country as a place in the sub-region - attracting huge investment due to superior business delivery,” he stated.
Awal, the 2009 Marketing Man of the Year, said this to business executives, marketing professionals, government officials and entrepreneurs in Accra at the launch of the 22nd Chartered Institute of Marketing Ghana (CIMG) 2010 Awards, slated for July 23, 2011.
Making a presentation under the topic ‘Entrepreneurial Marketing-Tool for Repositioning’, he said: “In today’s competitive environment, those who are entrepreneurs understand the marketing concepts which companies have used over the years to sell their products and services.
“A successful entrepreneur understands and appreciates the blend of products, place, promotion and product strategies that will produce a satisfying exchange with the target market.”
Mrs. Josepine Okutu, National President of CIMG, explained that the awards over the years have contributed significantly in promoting sound human and corporate marketing performance - apart from the euphoria that the event has generated.
She stated that the CIMG awards is an event that corporate Ghana has been looking forward to on yearly basis because it serves as one of the critical benchmarks by which these groups measure their performances.
“It is this expectation from stakeholders that has been the catalyst spurring us on to come out with themes and criteria that are relevant and beneficial to corporate Ghana.
“The theme for the awards has been carefully chosen to acknowledge local industry consisting of indigenous people, who are contributing significantly to the growth of the country’s economy.”
Shola Safo-Duodu, Head, Corporate Affairs Barclays Bank Ghana, and Chairperson of the 2010 Awards Planning Committee, indicated that the ceremony will seek to encourage and empower local businesses and entrepreneurs to develop and compete globally.
The awards to cover 31 categories will include four personality awards, three Hall of Fame awards, seven media awards, one not-for-profit organisation award, 14 business awards and two product awards.
The awards selection bodies will be working closely with the governing council of CIMG, Association of Ghana Industries, Ministry of Trade and Industry, Ghana National Chamber of Commerce and Industry, Ministry of Tourism and reputable research organisations.
“Marketers and entrepreneurs must improve business competence and be ready to take advantage of the peaceful democratic business environment and partner investors who will be in the county to commence business operation.
“This would not only promote job-creation, but would position the country as a place in the sub-region - attracting huge investment due to superior business delivery,” he stated.
Awal, the 2009 Marketing Man of the Year, said this to business executives, marketing professionals, government officials and entrepreneurs in Accra at the launch of the 22nd Chartered Institute of Marketing Ghana (CIMG) 2010 Awards, slated for July 23, 2011.
Making a presentation under the topic ‘Entrepreneurial Marketing-Tool for Repositioning’, he said: “In today’s competitive environment, those who are entrepreneurs understand the marketing concepts which companies have used over the years to sell their products and services.
“A successful entrepreneur understands and appreciates the blend of products, place, promotion and product strategies that will produce a satisfying exchange with the target market.”
Mrs. Josepine Okutu, National President of CIMG, explained that the awards over the years have contributed significantly in promoting sound human and corporate marketing performance - apart from the euphoria that the event has generated.
She stated that the CIMG awards is an event that corporate Ghana has been looking forward to on yearly basis because it serves as one of the critical benchmarks by which these groups measure their performances.
“It is this expectation from stakeholders that has been the catalyst spurring us on to come out with themes and criteria that are relevant and beneficial to corporate Ghana.
“The theme for the awards has been carefully chosen to acknowledge local industry consisting of indigenous people, who are contributing significantly to the growth of the country’s economy.”
Shola Safo-Duodu, Head, Corporate Affairs Barclays Bank Ghana, and Chairperson of the 2010 Awards Planning Committee, indicated that the ceremony will seek to encourage and empower local businesses and entrepreneurs to develop and compete globally.
The awards to cover 31 categories will include four personality awards, three Hall of Fame awards, seven media awards, one not-for-profit organisation award, 14 business awards and two product awards.
The awards selection bodies will be working closely with the governing council of CIMG, Association of Ghana Industries, Ministry of Trade and Industry, Ghana National Chamber of Commerce and Industry, Ministry of Tourism and reputable research organisations.
Vodafone launches Healthline initiative
Vodafone Ghana has launched a new initiative, ‘Healthline’, aimed at educating, empowering and informing Ghanaians about pertinent health issues.
The initiative will use qualified medical experts to offer advice on pertinent health-related issues to Ghanaians in all the ten regions of the country.
The project, which takes the form of a television and radio show, will embark on a project to solicit basic health questions from Ghanaians which are to be answered by medical doctors.
Carmen Bruce-Annan, Head of Corporate Communications Vodafone Ghana, at a media interaction in Accra said: “It is sustainable because we want to empower people to think differently about their health, and that cannot be done in thirteen weeks.
“We want people to think differently and be passionate about their health by having the facts on issues that concern their health.
“We picked health because it affects everybody; including the rich and the poor, illiterate or literate.
“Regardless of your status, your life can be enriched and you can be empowered by having the right information about your health,” she said.
“We’ve embarked on this initiative because we want to change people’s approach to issues concerning their health, by empowering Ghanaians with knowledge and information about health issues. The project will ultimately educate the public and demystify health-related issues and practices,” Bruce-Annan said.
The initiative will use qualified medical experts to offer advice on pertinent health-related issues to Ghanaians in all the ten regions of the country.
The project, which takes the form of a television and radio show, will embark on a project to solicit basic health questions from Ghanaians which are to be answered by medical doctors.
Carmen Bruce-Annan, Head of Corporate Communications Vodafone Ghana, at a media interaction in Accra said: “It is sustainable because we want to empower people to think differently about their health, and that cannot be done in thirteen weeks.
“We want people to think differently and be passionate about their health by having the facts on issues that concern their health.
“We picked health because it affects everybody; including the rich and the poor, illiterate or literate.
“Regardless of your status, your life can be enriched and you can be empowered by having the right information about your health,” she said.
“We’ve embarked on this initiative because we want to change people’s approach to issues concerning their health, by empowering Ghanaians with knowledge and information about health issues. The project will ultimately educate the public and demystify health-related issues and practices,” Bruce-Annan said.
Tuesday, April 5, 2011
Barclays waives ATM charges
Barclays Bank Ghana Limited says it has waived all charges for use of its Automated Teller Machines (ATM) services.
Barclays ATM platform enables customers have access to cash withdrawals, balance enquiries, bank statements, cheque books among others.
This initiative is in line with the bank’s strategy to provide services and products that exceed customers’ expectations and offer a competitive and valued banking experience in the country.
“The elimination of ATM charges should be a welcome saving to our customers and encourage the reduction of queues and waiting time, especially at peak times.
“Barclays believes in taking its services closer to the people and will continue to offer new, exciting and flexible banking opportunities to its customers,” Nana Dwemoh Benneh, Director, and Consumer Banking, told B&FT in Accra.
“At Barclays, we strive to make transactions easier, making the lives of our customers look easier and happier.”
Barclays, the leading ATM platform with approximately 400,000 customers, charged 25 pesewas for each transaction in the past for use of the ATM services.
Barclay’s customers can now carry out transactions in any of the 137 ATMs services spread across the country without any charge.
Mr. Benneh explained that offering customers more convenience and inclusive banking services and deepening its relationship with customers has been a foremost strategy of the bank over the years.
“It is an exciting initiative being the first bank to spearhead this in the country’s financial sector, a loss of income; which is why it would be difficult for other banks to replicate,” he said.
“This is yet another Barclay innovation that goes to demonstrate we are the leaders in the industry in terms of innovation and customer service. It is also another step that shows we are going to great lengths to make it much easier to bank with Barclays.”
He indicated that global banking is evolving, whereby the focus is on relationships rather than charges per transaction.
“We are not keen on transactional charges, but keen in terms of being forward-looking in ensuring sustainability of our customers.
“In the coming years, the bank will ensure massive deployment of its ATMs in the country to offer customer convenience and deepen relationships and sustainability to ensure brand loyalty.
“Our business model depends on customer traffic, and with the emergence of shopping malls in the country, potential and existing customers will derive significant benefit from the deployment of additional ATMs in the country to enhance customer service delivery.
“Barclays is committed to meeting customer expectations through the offer of excellent banking services and products innovation,” Mr. Benneh remarked.
Barclays ATM platform enables customers have access to cash withdrawals, balance enquiries, bank statements, cheque books among others.
This initiative is in line with the bank’s strategy to provide services and products that exceed customers’ expectations and offer a competitive and valued banking experience in the country.
“The elimination of ATM charges should be a welcome saving to our customers and encourage the reduction of queues and waiting time, especially at peak times.
“Barclays believes in taking its services closer to the people and will continue to offer new, exciting and flexible banking opportunities to its customers,” Nana Dwemoh Benneh, Director, and Consumer Banking, told B&FT in Accra.
“At Barclays, we strive to make transactions easier, making the lives of our customers look easier and happier.”
Barclays, the leading ATM platform with approximately 400,000 customers, charged 25 pesewas for each transaction in the past for use of the ATM services.
Barclay’s customers can now carry out transactions in any of the 137 ATMs services spread across the country without any charge.
Mr. Benneh explained that offering customers more convenience and inclusive banking services and deepening its relationship with customers has been a foremost strategy of the bank over the years.
“It is an exciting initiative being the first bank to spearhead this in the country’s financial sector, a loss of income; which is why it would be difficult for other banks to replicate,” he said.
“This is yet another Barclay innovation that goes to demonstrate we are the leaders in the industry in terms of innovation and customer service. It is also another step that shows we are going to great lengths to make it much easier to bank with Barclays.”
He indicated that global banking is evolving, whereby the focus is on relationships rather than charges per transaction.
“We are not keen on transactional charges, but keen in terms of being forward-looking in ensuring sustainability of our customers.
“In the coming years, the bank will ensure massive deployment of its ATMs in the country to offer customer convenience and deepen relationships and sustainability to ensure brand loyalty.
“Our business model depends on customer traffic, and with the emergence of shopping malls in the country, potential and existing customers will derive significant benefit from the deployment of additional ATMs in the country to enhance customer service delivery.
“Barclays is committed to meeting customer expectations through the offer of excellent banking services and products innovation,” Mr. Benneh remarked.
Fidelity Bank eyes oil, gas
Fidelity Bank Limited (FBL) says it is well-placed to take advantage of the emerging opportunities in the economy, especially the oil and gas sector.
“By 2013, the Bank would have moved closer to becoming world-class bank among the top-five banking institutions in the country,” Mr. Edward Effah, Managing Director of the bank, told shareholders at its annual general meeting in Accra.
“In line with government policies, we expect 2011 to be more active in terms of government spending and payments. This is expected to have a positive impact on the economy and we will position Fidelity Bank to take advantage of the numerous opportunities that will arise. The production of oil will further increase the growth of business opportunities available in the economy.
“The economic environment and banking climate were arguably more challenging last year, but on the wings of sound business strategy and determination of purpose we delivered on most of our set goals and objectives for 2010,” he said.
The balance sheet of the bank grew significantly, by 80 percent over the position at the beginning of the year.
Its Total assets at the end of 2010 stood at GH¢650million compared to GH¢362million at the end of 2009. The expansion of the balance sheet was founded largely on the increase in customer deposits from GH¢295million to GH¢548million, representing a year-on-year growth of 86 percent.
This growth further increased the bank’s market share of deposits to four percent from 3.5 percent in the previous year.
Net interest income was up 92 percent over 2009 in spite of reducing interest rates during the year, while operating cost increased from GH¢21million to GH¢33.5million which was driven largely by branch expansion cost. 10 new branches were added to the bank’s footprint, bringing total outlets in the network to 25.
Shareholders’ funds at year-end 2010 was GH¢37million, growing from GH¢31.8million at the beginning of the year. This was largely due to increased profit during the year.
“The balance sheet structure remains healthy, with 87 percent of total assets in earning assets. The composition of these assets at the end of 2010 was 33 percent in loans and advances, 67 percent in government bills and bonds, interbank placements and cash - thus underscoring our status as a conservative, high liquidity bank,” Mr. Effah stated.
Mr. William Panford Bray, Chairman, Board of Directors of FBL, said the bank plans to become the preferred gateway and banking facilitator for trade and financial transfers between Ghana and Asia.
The objective, Mr. Bray explained, is to utilise the growing corporate and trade activity between Asia and Africa as a key driver towards accelerated growth.
“To further leverage our network and strengthen the bank’s position in international transactions involving Asia, the bank has established an Asia Desk within its corporate banking outfit to utilise the growing cooperation and trade activity between Africa and Asia towards accelerated growth.
“Global political and economic power is shifting towards the East, and Asia's economic power has been raised in tandem with the trade flows into Africa.
“We are confident that we will continue to invest in our key businesses for the benefit of our stakeholders, as we do the right thing for our customers and for the communities we serve,” Mr Bray remarked.
“By 2013, the Bank would have moved closer to becoming world-class bank among the top-five banking institutions in the country,” Mr. Edward Effah, Managing Director of the bank, told shareholders at its annual general meeting in Accra.
“In line with government policies, we expect 2011 to be more active in terms of government spending and payments. This is expected to have a positive impact on the economy and we will position Fidelity Bank to take advantage of the numerous opportunities that will arise. The production of oil will further increase the growth of business opportunities available in the economy.
“The economic environment and banking climate were arguably more challenging last year, but on the wings of sound business strategy and determination of purpose we delivered on most of our set goals and objectives for 2010,” he said.
The balance sheet of the bank grew significantly, by 80 percent over the position at the beginning of the year.
Its Total assets at the end of 2010 stood at GH¢650million compared to GH¢362million at the end of 2009. The expansion of the balance sheet was founded largely on the increase in customer deposits from GH¢295million to GH¢548million, representing a year-on-year growth of 86 percent.
This growth further increased the bank’s market share of deposits to four percent from 3.5 percent in the previous year.
Net interest income was up 92 percent over 2009 in spite of reducing interest rates during the year, while operating cost increased from GH¢21million to GH¢33.5million which was driven largely by branch expansion cost. 10 new branches were added to the bank’s footprint, bringing total outlets in the network to 25.
Shareholders’ funds at year-end 2010 was GH¢37million, growing from GH¢31.8million at the beginning of the year. This was largely due to increased profit during the year.
“The balance sheet structure remains healthy, with 87 percent of total assets in earning assets. The composition of these assets at the end of 2010 was 33 percent in loans and advances, 67 percent in government bills and bonds, interbank placements and cash - thus underscoring our status as a conservative, high liquidity bank,” Mr. Effah stated.
Mr. William Panford Bray, Chairman, Board of Directors of FBL, said the bank plans to become the preferred gateway and banking facilitator for trade and financial transfers between Ghana and Asia.
The objective, Mr. Bray explained, is to utilise the growing corporate and trade activity between Asia and Africa as a key driver towards accelerated growth.
“To further leverage our network and strengthen the bank’s position in international transactions involving Asia, the bank has established an Asia Desk within its corporate banking outfit to utilise the growing cooperation and trade activity between Africa and Asia towards accelerated growth.
“Global political and economic power is shifting towards the East, and Asia's economic power has been raised in tandem with the trade flows into Africa.
“We are confident that we will continue to invest in our key businesses for the benefit of our stakeholders, as we do the right thing for our customers and for the communities we serve,” Mr Bray remarked.
Hammah calls for transparency in extractive sector
Mr. Mike Hammah, Minister of Lands and Natural Resources, has observed that Ghana’s Extractive Industries Transparency Initiative (EITI) compliance status sends a strong signal to international investors on the country’s seriousness with transparency in the extractive sector,
“Continuing strong EITI implementation in Ghana will complement other good governance measures to ensure that there is transparency in the management and use of the oil revenue, and that all investors must comply with our transparency laws and disclose all material payments made to government.”
Mr. Hammah made this known at a dissemination workshop organised for the members of the Parliamentary Select Committee on Mining and Energy and the Public Accounts Committee, aimed at sharing ideas on the findings and recommendations of EITI reports from 2006 to 2008.
The Ghana EITI is a member of the global initiative targetted at following due process and achieving transparency in payments by extractive industry companies to governments and government-linked entities. Ghana is among the 11 EITI-compliant countries and is the fifth in the list of countries to attain EITI compliant globally.
He mentioned the unwillingness of extractive companies and the national revenue management institutions to disclose their payments and revenue data as one of the implementation challenges facing the initiative.
Mr. Hammah said: “The issue of the Ghana EITI legislation is even more urgent now than ever before as we roll-out the EITI into the oil and gas sector.
“The EITI reports therefore strongly recommended legal backing to ensure that government and all companies disclose their payments and revenue data.”
Mr. Amponsah Tawiah, Member of the EITI National Steering Committee, urged government to use the country’s resource-wealth to increase efficiency and equity of public spending - and to enable the private sector respond to structural changes in the economy.
“EITI is a governance tool aimed at seeking accountability and transparency in utilising the revenue from the extractive sector.” He therefore urged governments of extractive companies and international capital centres needed to enforce best practices to ensure transparency, accountability and trust.
“Transparency must translate into improved livelihoods for the poor countries where these resources are extracted. More money from the extractive industry must translate into improved schools, infrastructure, healthcare, more employment, less poverty and less conflict,’’ Mr. Tawiah remarked.
The EITI was launched in 2002 at the World Summit on Sustainable Development in Johannesburg, South Africa to encourage government, extractive companies, international agencies and NGO’s to work together to develop a framework for promoting transparency of payments in the extractive industries.
It focuses on both company payments and government revenues and their disbursement, and seeks to create the missing transparency and accountability in revenue flows from the extractive industry. It is a voluntary initiative, supported by a coalition of companies, governments, investors and civil society organisations.
“Continuing strong EITI implementation in Ghana will complement other good governance measures to ensure that there is transparency in the management and use of the oil revenue, and that all investors must comply with our transparency laws and disclose all material payments made to government.”
Mr. Hammah made this known at a dissemination workshop organised for the members of the Parliamentary Select Committee on Mining and Energy and the Public Accounts Committee, aimed at sharing ideas on the findings and recommendations of EITI reports from 2006 to 2008.
The Ghana EITI is a member of the global initiative targetted at following due process and achieving transparency in payments by extractive industry companies to governments and government-linked entities. Ghana is among the 11 EITI-compliant countries and is the fifth in the list of countries to attain EITI compliant globally.
He mentioned the unwillingness of extractive companies and the national revenue management institutions to disclose their payments and revenue data as one of the implementation challenges facing the initiative.
Mr. Hammah said: “The issue of the Ghana EITI legislation is even more urgent now than ever before as we roll-out the EITI into the oil and gas sector.
“The EITI reports therefore strongly recommended legal backing to ensure that government and all companies disclose their payments and revenue data.”
Mr. Amponsah Tawiah, Member of the EITI National Steering Committee, urged government to use the country’s resource-wealth to increase efficiency and equity of public spending - and to enable the private sector respond to structural changes in the economy.
“EITI is a governance tool aimed at seeking accountability and transparency in utilising the revenue from the extractive sector.” He therefore urged governments of extractive companies and international capital centres needed to enforce best practices to ensure transparency, accountability and trust.
“Transparency must translate into improved livelihoods for the poor countries where these resources are extracted. More money from the extractive industry must translate into improved schools, infrastructure, healthcare, more employment, less poverty and less conflict,’’ Mr. Tawiah remarked.
The EITI was launched in 2002 at the World Summit on Sustainable Development in Johannesburg, South Africa to encourage government, extractive companies, international agencies and NGO’s to work together to develop a framework for promoting transparency of payments in the extractive industries.
It focuses on both company payments and government revenues and their disbursement, and seeks to create the missing transparency and accountability in revenue flows from the extractive industry. It is a voluntary initiative, supported by a coalition of companies, governments, investors and civil society organisations.
Galaxy Oil launches Rymco lubricants
Dr. Joyce Aryee, Chief Executive Officer, Ghana Chamber of Mines, has officially launched Rymco lubricant for the country’s downstream petroleum market.
“Rymco lubricants are expected to play a critical role in the mining industry, where 40 percent of capital is spent on maintenance to lubricate equipment to minimise friction.
“The Chamber of Mines and its members are also concerned about the environmental hazards associated with the disposal of lubricants, and has instituted mechanisms to ensure proper disposal of containers to protect the environment.”
Dr. Aryee told this to participants comprising technical experts, mechanics, players in the marine and mining industries, and automobile dealers among others at the official launch of the products in Accra.
Rymco lubricant is manufactured in Holland by VPS International and distributed by Lubes Engineering and Marketing Limited, a subsidiary of Galaxy Oil Ghana Limited - a major player in the lubricant-distribution sector in the country.
Mr. Erik Vermeer, Export Manger of VPS International, explained that top-quality materials are used to produce Rymco with the users in mind.
“Rymco lubricants have been specifically selected to suit the country’s conditions.
The product includes automotive engine oil, automotive transmission and gear oil, industrial oil for hydraulic systems and gears, marine lubricants and specialty oil for mining, construction, power, and energy equipment.
“Until recently, the lubricant-distribution sector was the preserve of transnational oil marketing companies such as Texaco and BP among others, but a vacuum was left after most of these companies withdrew their services,” Mr. Vermeer said.
Mr. Emmanuel Dadson, General Manager, Lubes Engineering and Marketing Company Limited, said: “The Company will not just sell the products to customers but make use of technical expertise to help select grades that provide functional and emotional benefits.
“We shall offer after-sales visits and train technical staff of our customers to apply the lubricant in a most-efficient manner in order to promote profitability.”
He assured that Rymco lubricants will protect any kind of equipment or engine if properly applied, stressing that the company will ensure reliable supply to customers by using the forecourts of Galaxy Oil, independent suppliers and direct distribution.
Rymco lubricant is approved by international specification authorities such as the International Standards Organisation (ISO), American Petroleum Institute, and Society of Automotive Engineers. It is also recognised in over 60 countries for its quality and high performance.
“Rymco lubricants are expected to play a critical role in the mining industry, where 40 percent of capital is spent on maintenance to lubricate equipment to minimise friction.
“The Chamber of Mines and its members are also concerned about the environmental hazards associated with the disposal of lubricants, and has instituted mechanisms to ensure proper disposal of containers to protect the environment.”
Dr. Aryee told this to participants comprising technical experts, mechanics, players in the marine and mining industries, and automobile dealers among others at the official launch of the products in Accra.
Rymco lubricant is manufactured in Holland by VPS International and distributed by Lubes Engineering and Marketing Limited, a subsidiary of Galaxy Oil Ghana Limited - a major player in the lubricant-distribution sector in the country.
Mr. Erik Vermeer, Export Manger of VPS International, explained that top-quality materials are used to produce Rymco with the users in mind.
“Rymco lubricants have been specifically selected to suit the country’s conditions.
The product includes automotive engine oil, automotive transmission and gear oil, industrial oil for hydraulic systems and gears, marine lubricants and specialty oil for mining, construction, power, and energy equipment.
“Until recently, the lubricant-distribution sector was the preserve of transnational oil marketing companies such as Texaco and BP among others, but a vacuum was left after most of these companies withdrew their services,” Mr. Vermeer said.
Mr. Emmanuel Dadson, General Manager, Lubes Engineering and Marketing Company Limited, said: “The Company will not just sell the products to customers but make use of technical expertise to help select grades that provide functional and emotional benefits.
“We shall offer after-sales visits and train technical staff of our customers to apply the lubricant in a most-efficient manner in order to promote profitability.”
He assured that Rymco lubricants will protect any kind of equipment or engine if properly applied, stressing that the company will ensure reliable supply to customers by using the forecourts of Galaxy Oil, independent suppliers and direct distribution.
Rymco lubricant is approved by international specification authorities such as the International Standards Organisation (ISO), American Petroleum Institute, and Society of Automotive Engineers. It is also recognised in over 60 countries for its quality and high performance.
Newmont’s Akyem mine gets approval
The board of Newmont Mining Corporation has approved funding for its estimated 7.2 million ounces equity reserves, located in Akyem, in the Ajenua Bepo Forest in the Eastern Region, expected to start in early 2013.
Adiki Ofeibea Ayitevie, Regional Manager Communications of Newmont, told B&FT: “The approval of the funding would facilitate the awarding of critical mining contracts, purchasing of equipment and continuing the settlement of compensation.
“Newmont has so far concluded negotiations with communities and has started payment of compensation to displaced parties.
“More than 1,700 households are expected to be paid compensation for loss of immovable structures and farmlands. Out of that, about 300 households will be resettled - and so far 80 percent have been paid crop compensation.”
The project has about 15 years mining life and is expected to produce between 480, 000 and 550,000 ounces of gold annually for the first five years of its operation.
Initial capital cost is estimated at between US$700 million and US$1billion.
The Board has cleared Akyem through the fourth-stage gate in Newmont’s four-gate project review process, which roughly equates to bankable feasibility approval.
The company expects Akyem to add to its production base and payrolls while exhibiting leadership in safety, environmental stewardship and social responsibility.
Newmont views its Africa region as a growth-engine for the company, and the Board’s decision on Akyem reflects confidence in building on its successes in Ghana.
Newmont’s Ahafo Mine and Akyem Project together have approximately 17.4 million equity ounces of proven and probable gold reserves - representing about 20 percent of Newmont’s global equity reserves of 86.5 million ounces of gold as at the end of the 2008.
The Ahafo mine poured its first gold in 2006 and commenced commercial production in the same year. Ahafo sold 202,000 ounces of gold in 2006 and was expected to produce between 410,000 and 450,000 ounces of gold in 2007 as the mine entered its first full year of production.
It currently produces about 500,000 ounces of gold annually from its three mining pits, which also have 15 years of mine life.
Newmont purchased both the Ahafo and the Akyem projects as part of the Normandy Mining acquisition in February of 2002.
The company said it will continue to partner with its key stakeholders including local communities, local government, traditional authorities and local businesses to create shared value through jobs, workforce training and economic and social development in the areas around the project.
Newmont has recently been granted a mining lease and environmental permit from the Environmental Protection Agency to commence the Akyem project, and engineering for the project is about 70 percent complete, Ayitevi said.
“Following completion of further economic and power analysis to ensure sustainability, the project will advance to its next phase of development which will involve the building of the mining plant to pave way for the full-scale mining production,” she said.
“We are still engaged with the community to determine appropriate compensation. We are also undertaking a rapid access survey to help determine the real custodians of the land. It’s going to be to be a continuous process.”
Mrs. Ayitevie indicated that the company’s commitment to its social responsibility at the Akyem project has been studied extensively by international and national environmental experts, members of the communities living in the area, and by agencies and departments of government.
The Akyem project has for the past five years, been subject to a thorough environmental impact study, public consultation process and an independent review process.
“Newmont’s industry leading performance is reflected through Newmont Ghana’s high standards in environmental management, health and safety and creating value and opportunity for its host communities.
“In implementing our commitment, the company assures all individuals with farms and immovable properties, which have or will be impacted by our Akyem Project, that they will be duly compensated consistent with the express provisions in the Minerals and Mining Law and relevant provisions in the Constitution of Ghana.
“This will ensure that conflict at the mining community is minimised and also position the company as good corporate citizens,” Ayitevie stated.
Adiki Ofeibea Ayitevie, Regional Manager Communications of Newmont, told B&FT: “The approval of the funding would facilitate the awarding of critical mining contracts, purchasing of equipment and continuing the settlement of compensation.
“Newmont has so far concluded negotiations with communities and has started payment of compensation to displaced parties.
“More than 1,700 households are expected to be paid compensation for loss of immovable structures and farmlands. Out of that, about 300 households will be resettled - and so far 80 percent have been paid crop compensation.”
The project has about 15 years mining life and is expected to produce between 480, 000 and 550,000 ounces of gold annually for the first five years of its operation.
Initial capital cost is estimated at between US$700 million and US$1billion.
The Board has cleared Akyem through the fourth-stage gate in Newmont’s four-gate project review process, which roughly equates to bankable feasibility approval.
The company expects Akyem to add to its production base and payrolls while exhibiting leadership in safety, environmental stewardship and social responsibility.
Newmont views its Africa region as a growth-engine for the company, and the Board’s decision on Akyem reflects confidence in building on its successes in Ghana.
Newmont’s Ahafo Mine and Akyem Project together have approximately 17.4 million equity ounces of proven and probable gold reserves - representing about 20 percent of Newmont’s global equity reserves of 86.5 million ounces of gold as at the end of the 2008.
The Ahafo mine poured its first gold in 2006 and commenced commercial production in the same year. Ahafo sold 202,000 ounces of gold in 2006 and was expected to produce between 410,000 and 450,000 ounces of gold in 2007 as the mine entered its first full year of production.
It currently produces about 500,000 ounces of gold annually from its three mining pits, which also have 15 years of mine life.
Newmont purchased both the Ahafo and the Akyem projects as part of the Normandy Mining acquisition in February of 2002.
The company said it will continue to partner with its key stakeholders including local communities, local government, traditional authorities and local businesses to create shared value through jobs, workforce training and economic and social development in the areas around the project.
Newmont has recently been granted a mining lease and environmental permit from the Environmental Protection Agency to commence the Akyem project, and engineering for the project is about 70 percent complete, Ayitevi said.
“Following completion of further economic and power analysis to ensure sustainability, the project will advance to its next phase of development which will involve the building of the mining plant to pave way for the full-scale mining production,” she said.
“We are still engaged with the community to determine appropriate compensation. We are also undertaking a rapid access survey to help determine the real custodians of the land. It’s going to be to be a continuous process.”
Mrs. Ayitevie indicated that the company’s commitment to its social responsibility at the Akyem project has been studied extensively by international and national environmental experts, members of the communities living in the area, and by agencies and departments of government.
The Akyem project has for the past five years, been subject to a thorough environmental impact study, public consultation process and an independent review process.
“Newmont’s industry leading performance is reflected through Newmont Ghana’s high standards in environmental management, health and safety and creating value and opportunity for its host communities.
“In implementing our commitment, the company assures all individuals with farms and immovable properties, which have or will be impacted by our Akyem Project, that they will be duly compensated consistent with the express provisions in the Minerals and Mining Law and relevant provisions in the Constitution of Ghana.
“This will ensure that conflict at the mining community is minimised and also position the company as good corporate citizens,” Ayitevie stated.
Ecobank facilitates intra-regional trade
Ecobank Ghana has re-launched its regional trade solutions targetted at facilitating trade in West Africa.
The programme, in collaboration with Ghana Export Promotion Council (GEPC), was to showcase Ecobank Ghana’s bouquet of regional trade solutions which includes Eco-Collection, Eco-Cheque, Bank Collection and regional trade advisory services.
“The Ecobank Ghana regional trade solutions assure exporters of the receipts from export proceeds in a seamless, fast and secure manner,” Mr. Samuel Ashitey Adjei, Managing Director, Ecobank, told participants at the event in Accra.
“Ecobank has over time developed unique products and services, making it a real catalyst for increased trade flows in the sub-region.
“Ecobank Group is committed to supporting the development of regional trade, and has over the years extended its business frontiers to thirty countries across middle-Africa.
“As a group, we are Africa-centered, Africa-driven and Africa is our strategy. We seek to provide seamless banking products and services aimed at facilitating economic integration within the region, Mr. Adjei stated.
He said: “We are committed to adding value to our clients’ businesses and are convinced that these products and services will provide exporters and importers within our burgeoning economies a simple, cheap, efficient and secure way of making and receiving trade payments across Africa.”
He observed that the growth of intra-regional trade is crucial in promoting economic development in Africa, which is the widely-accepted view.
“It is the widely accepted view that international trade, particularly intra-regional trade, is crucial to promoting economic growth and development, especially in Africa.
“Apart from fostering large-scale capital investments and enhancing economic efficiency, intra-regional trade provides a useful platform for improving competitiveness of national enterprises before exposing them to the rigours of global competition.”
Mr. Adjei said “Despite the importance accorded to intra-regional trade, and the adoption of several regional trade agreements, the total proportion of trade between the regional economic communities remains relatively weak.”
Available statistics have shown that about US$8billion trade settlements in the sub-region mostly go through informal channels. This indicates the existence of a regional financial institution such as Ecobank is the key to facilitation of trade, leading to increased trade flows in the sub-region.
“Importers and exporters within the region who have so far patronized our regional trade solutions are satisfied with the ease and flexibility of operations that these products provides which is in order to make doing business across Africa less cumbersome, he remarked.
Mr. Kwadwo Owusu Agyeman, Chief Executive Officer, Ghana Export Promotion Council (GEPC), mentioned that over the last few years, the Council has been developing a market access strategy aimed at aggressively promoting Ghanaian goods and services in the African market - with emphasis on West African trade.
“GEPC is pursuing a number of programmes this year which will promote the competitiveness of growth in inter-regional trade - which has been a major preoccupation of both African countries and regional Economic Communities.
“GEPC is working with a number of agencies to mainstream services-export into a national trade policies and scheme.
“The Council is strategising in this regard to promote Ghanaian services - particularly in the education, medical and construction sectors - to the West Africa sub-region where the skills and expertise of Ghanaian professionals are in high demand,” Mr. Agyeman stressed.
The programme, in collaboration with Ghana Export Promotion Council (GEPC), was to showcase Ecobank Ghana’s bouquet of regional trade solutions which includes Eco-Collection, Eco-Cheque, Bank Collection and regional trade advisory services.
“The Ecobank Ghana regional trade solutions assure exporters of the receipts from export proceeds in a seamless, fast and secure manner,” Mr. Samuel Ashitey Adjei, Managing Director, Ecobank, told participants at the event in Accra.
“Ecobank has over time developed unique products and services, making it a real catalyst for increased trade flows in the sub-region.
“Ecobank Group is committed to supporting the development of regional trade, and has over the years extended its business frontiers to thirty countries across middle-Africa.
“As a group, we are Africa-centered, Africa-driven and Africa is our strategy. We seek to provide seamless banking products and services aimed at facilitating economic integration within the region, Mr. Adjei stated.
He said: “We are committed to adding value to our clients’ businesses and are convinced that these products and services will provide exporters and importers within our burgeoning economies a simple, cheap, efficient and secure way of making and receiving trade payments across Africa.”
He observed that the growth of intra-regional trade is crucial in promoting economic development in Africa, which is the widely-accepted view.
“It is the widely accepted view that international trade, particularly intra-regional trade, is crucial to promoting economic growth and development, especially in Africa.
“Apart from fostering large-scale capital investments and enhancing economic efficiency, intra-regional trade provides a useful platform for improving competitiveness of national enterprises before exposing them to the rigours of global competition.”
Mr. Adjei said “Despite the importance accorded to intra-regional trade, and the adoption of several regional trade agreements, the total proportion of trade between the regional economic communities remains relatively weak.”
Available statistics have shown that about US$8billion trade settlements in the sub-region mostly go through informal channels. This indicates the existence of a regional financial institution such as Ecobank is the key to facilitation of trade, leading to increased trade flows in the sub-region.
“Importers and exporters within the region who have so far patronized our regional trade solutions are satisfied with the ease and flexibility of operations that these products provides which is in order to make doing business across Africa less cumbersome, he remarked.
Mr. Kwadwo Owusu Agyeman, Chief Executive Officer, Ghana Export Promotion Council (GEPC), mentioned that over the last few years, the Council has been developing a market access strategy aimed at aggressively promoting Ghanaian goods and services in the African market - with emphasis on West African trade.
“GEPC is pursuing a number of programmes this year which will promote the competitiveness of growth in inter-regional trade - which has been a major preoccupation of both African countries and regional Economic Communities.
“GEPC is working with a number of agencies to mainstream services-export into a national trade policies and scheme.
“The Council is strategising in this regard to promote Ghanaian services - particularly in the education, medical and construction sectors - to the West Africa sub-region where the skills and expertise of Ghanaian professionals are in high demand,” Mr. Agyeman stressed.
Nana Yaa joins GGBL
Guinness Ghana Breweries Limited (GGBL) has announced the appointment of Nana Yaa Ofori-Atta as Corporate Relations Director and member of the Executive Management Team.
Ms Ofori-Atta comes to GGBL with regional experience working with the Investment Climate Advisory Services of the World Bank Group in developing Public Policy and implementing strategic Corporate Relations in a number of African countries.
In the past she has worked in Ghana as a multi media journalist, a correspondent with the Dow Jones Newswire service and an adjunct lecturer in communications.
Ms Ofori-Atta is an alumni of the London School of Economics and Columbia University, Graduate School of Journalism
Ms Ofori-Atta comes to GGBL with regional experience working with the Investment Climate Advisory Services of the World Bank Group in developing Public Policy and implementing strategic Corporate Relations in a number of African countries.
In the past she has worked in Ghana as a multi media journalist, a correspondent with the Dow Jones Newswire service and an adjunct lecturer in communications.
Ms Ofori-Atta is an alumni of the London School of Economics and Columbia University, Graduate School of Journalism
Experts discuss Africa’s new opportunities
Leading businesspeople and thinkers are gathering tomorrow at a roundtable to discuss emerging opportunities and challenges in Africa’s quest for development.
Business Times magazine, a monthly business publication for Africa with in-depth coverage and analysis of pertinent economic and financial issues, is organising the event as part of activities marking its 20th-edition celebration.
The topic for the roundtable, which takes place at the Alisa Hotel, North Ridge, in Accra, is “Africa: New Opportunities, New Challenges”.
“Africa has been branded by many as a continent of limited hope and progress. However, the continent boasts enormous business opportunities that every investor can benefit from. It’s time to expose the real issues about Africa so that, together, we can build it for a better future,” said Mrs. Edith Dankwa, Executive Director of Business & Financial Times.
“We therefore see this roundtable as coming at an opportune time to talk about Africa and its future,” she added.
Key personalities expected to speak on the topic include Dr. Kofi Amoah, CEO, Progeny Ventures Inc.; Mr. Foluso Phillips of Phillips Consulting, Nigeria; Mr. Kyle Whytehill, CEO, Vodafone Ghana; Mr. Prince Kofi Amoabeng, CEO, UT Bank; and Mr. Jamil Ampomah, ACCA Director for sub-Saharan Africa.
They will be joined by an audience of over 100 individuals comprising Chief Executives, Board Chairmen, Country-Directors of international organisations, and Diplomats among others.
Africa has been aptly described as the next frontier for global development; and this is no fluke considering the region’s recent impressive economic growth, its growing natural-resource wealth and the enormous flow of investments into its economies. Africa’s people also represent a promising market for the world’s producers.
The International Monetary Fund (IMF) estimates sub-Saharan Africa’s 2010 GDP growth at 5%, observing that most countries in the region recovered very quickly from the world financial crisis and recession. The Fund projects real GDP growth of 5.5% for the region this year.
Again - according to IMF estimates and excluding countries with less than 10million population - six sub-Saharan African countries make it onto the list of the world’s ten fastest-growing economies over the ten years to 2010. Africa is also expected to grab seven of the top-ten spots over the next five years - among which is Ghana, which is set to grow in leaps and bounds on the back of oil production.
High commodity prices, an associated feature of Africa’s previous growth runs, have persisted into 2011 due to continued robust demand and a sluggish supply response to tightening market conditions. Both oil and metals have witnessed considerable price growth since the end of the recession, providing a bulwark to support the budgets of many African economies.
But high commodity prices have never been a permanent feature of world markets; so African economies must brace up for the not-too-good times that always linger around the corner. Africa needs to diversify its productive base to tap into higher-value markets that will generate greater incomes and returns.
The downside to this upward price trend is the impact on staples - typically grains -which are a significant part of household spending in Africa. Addressing this threat in a broader context requires better social and governance policies that protect the poor and mitigate the impact of the harsh realities of the global terrain on vulnerable populations.
Another area of both opportunity and challenge is business development and performance. At the recent Reuters Africa Investment Summit, bankers and executives noted doing business in Africa is “not for the faint-hearted and requires patience, good local staff and respect for the continent.”
Sub-Saharan Africa is ranked close to the bottom in the World Bank and International Finance Corporation’s 2011 list of the most business-friendly regions - though overall many African countries are among those actively taking steps to improve the climate for doing business.
Ghana, for instance, came out the best reformer in enhancing access to credit. The country implemented measures in six important areas: it created its first credit bureau, computerised the company registry and overhauled its property registration system, moving from a deed to a title registration system.
The cost of business capital remains high, though; particularly credit from financial institutions. While macro- and other structural economic challenges account partly for this state of affairs, others cite rent-seeking by lenders, who, it is said, continue to reap huge profits even as they groan about a risky credit environment.
Better spending and fiscal actions are also urgent in these times to make economies stable and sustainable, experts say. The public sector must see greater efficiency of output and delivery and be a credible partner to a promising, underexploited private-sector.
These are the issues that will engage the critical minds of discussants as the forum seeks to elicit the right kind of ideas and perspectives for the advancement of the continent.
SOURCE:B&FT
Business Times magazine, a monthly business publication for Africa with in-depth coverage and analysis of pertinent economic and financial issues, is organising the event as part of activities marking its 20th-edition celebration.
The topic for the roundtable, which takes place at the Alisa Hotel, North Ridge, in Accra, is “Africa: New Opportunities, New Challenges”.
“Africa has been branded by many as a continent of limited hope and progress. However, the continent boasts enormous business opportunities that every investor can benefit from. It’s time to expose the real issues about Africa so that, together, we can build it for a better future,” said Mrs. Edith Dankwa, Executive Director of Business & Financial Times.
“We therefore see this roundtable as coming at an opportune time to talk about Africa and its future,” she added.
Key personalities expected to speak on the topic include Dr. Kofi Amoah, CEO, Progeny Ventures Inc.; Mr. Foluso Phillips of Phillips Consulting, Nigeria; Mr. Kyle Whytehill, CEO, Vodafone Ghana; Mr. Prince Kofi Amoabeng, CEO, UT Bank; and Mr. Jamil Ampomah, ACCA Director for sub-Saharan Africa.
They will be joined by an audience of over 100 individuals comprising Chief Executives, Board Chairmen, Country-Directors of international organisations, and Diplomats among others.
Africa has been aptly described as the next frontier for global development; and this is no fluke considering the region’s recent impressive economic growth, its growing natural-resource wealth and the enormous flow of investments into its economies. Africa’s people also represent a promising market for the world’s producers.
The International Monetary Fund (IMF) estimates sub-Saharan Africa’s 2010 GDP growth at 5%, observing that most countries in the region recovered very quickly from the world financial crisis and recession. The Fund projects real GDP growth of 5.5% for the region this year.
Again - according to IMF estimates and excluding countries with less than 10million population - six sub-Saharan African countries make it onto the list of the world’s ten fastest-growing economies over the ten years to 2010. Africa is also expected to grab seven of the top-ten spots over the next five years - among which is Ghana, which is set to grow in leaps and bounds on the back of oil production.
High commodity prices, an associated feature of Africa’s previous growth runs, have persisted into 2011 due to continued robust demand and a sluggish supply response to tightening market conditions. Both oil and metals have witnessed considerable price growth since the end of the recession, providing a bulwark to support the budgets of many African economies.
But high commodity prices have never been a permanent feature of world markets; so African economies must brace up for the not-too-good times that always linger around the corner. Africa needs to diversify its productive base to tap into higher-value markets that will generate greater incomes and returns.
The downside to this upward price trend is the impact on staples - typically grains -which are a significant part of household spending in Africa. Addressing this threat in a broader context requires better social and governance policies that protect the poor and mitigate the impact of the harsh realities of the global terrain on vulnerable populations.
Another area of both opportunity and challenge is business development and performance. At the recent Reuters Africa Investment Summit, bankers and executives noted doing business in Africa is “not for the faint-hearted and requires patience, good local staff and respect for the continent.”
Sub-Saharan Africa is ranked close to the bottom in the World Bank and International Finance Corporation’s 2011 list of the most business-friendly regions - though overall many African countries are among those actively taking steps to improve the climate for doing business.
Ghana, for instance, came out the best reformer in enhancing access to credit. The country implemented measures in six important areas: it created its first credit bureau, computerised the company registry and overhauled its property registration system, moving from a deed to a title registration system.
The cost of business capital remains high, though; particularly credit from financial institutions. While macro- and other structural economic challenges account partly for this state of affairs, others cite rent-seeking by lenders, who, it is said, continue to reap huge profits even as they groan about a risky credit environment.
Better spending and fiscal actions are also urgent in these times to make economies stable and sustainable, experts say. The public sector must see greater efficiency of output and delivery and be a credible partner to a promising, underexploited private-sector.
These are the issues that will engage the critical minds of discussants as the forum seeks to elicit the right kind of ideas and perspectives for the advancement of the continent.
SOURCE:B&FT
Ahwoi upbeat about oil palm
Minister of Food and Agriculture, Mr. Kwesi Ahwoi, says the country’s oil palm industry awaits effective entry into the downstream activities in a significant way to take advantage of the enormous opportunities to boost national revenue.
“The downstream activities are areas of greatest opportunity for value addition into oil palm industries, but currently they are the least developed in the country. This situation must be changed for the better.
“An estimated unmet demand for oil palm in ECOWAS sub-region is between 850,000 tonnes and 1,000,000 tonnes annually; a huge market which the country can take advantage of if properly managed.”
Currently, the country’s palm oil is exported mainly to neighbouring ECOWAS countries and the EU on a small scale. Edible palm oil and palm-based products are also imported into the country in significant qualities.
Mr. Ahwoi made this known in Accra at a presentation to identify prospects for the country’s oil palm, mentioning quality of produce, preservation and storage of food items, handling facilities and investment opportunities for local institutions and foreign direct inventors as the main critical challenges militating against the oil palm production sector.
He observed that the major players in the industry show that the oil palm value-chain in the country is complex and must be well organised and coordinated to reap optimum benefits from the industry.
“Should Ghana’s oil palm industry concentrate on the formation of a strong national oil palm association that will represent the interests of all groups within the value-chain? The challenge is how to reconcile the greater interests of the oil palm industry with the limited interest of groups within the value-chain,” Mr. Ahwoi remarked.
Stakeholders made up of industry experts, operators, consultants, exporters and government officials have made a strong proposal for the establishment of an independent apex body to oversee the growth of the industry.
This was made at the first national oil palm stakeholder workshop intended to help come out with a master-plan that would guide development of the sector.
Oil palm is the fifth-largest crop in Ghana in terms of area planted after cocoa, maize, cassava and yam. Of the three major tree-crops in the country, in terms of total crop value, oil palm lags far behind cocoa but is ahead of rubber.
The total area under oil palm in the country is currently some 300,000 hectares.
The country’s first international commercial trade in oil palm took place in 1820. Starting from wild harvesting, oil palm evolved into an agricultural crop and plantations were established by 1850. This led to oil palm becoming the principal export of the Gold Coast.
In the 1880s, oil palm accounted for 75 percent of the country’s export revenue until it was overtaken by cocoa exports in 1911.
Supply of CPO in 2009 (percentages)
“The downstream activities are areas of greatest opportunity for value addition into oil palm industries, but currently they are the least developed in the country. This situation must be changed for the better.
“An estimated unmet demand for oil palm in ECOWAS sub-region is between 850,000 tonnes and 1,000,000 tonnes annually; a huge market which the country can take advantage of if properly managed.”
Currently, the country’s palm oil is exported mainly to neighbouring ECOWAS countries and the EU on a small scale. Edible palm oil and palm-based products are also imported into the country in significant qualities.
Mr. Ahwoi made this known in Accra at a presentation to identify prospects for the country’s oil palm, mentioning quality of produce, preservation and storage of food items, handling facilities and investment opportunities for local institutions and foreign direct inventors as the main critical challenges militating against the oil palm production sector.
He observed that the major players in the industry show that the oil palm value-chain in the country is complex and must be well organised and coordinated to reap optimum benefits from the industry.
“Should Ghana’s oil palm industry concentrate on the formation of a strong national oil palm association that will represent the interests of all groups within the value-chain? The challenge is how to reconcile the greater interests of the oil palm industry with the limited interest of groups within the value-chain,” Mr. Ahwoi remarked.
Stakeholders made up of industry experts, operators, consultants, exporters and government officials have made a strong proposal for the establishment of an independent apex body to oversee the growth of the industry.
This was made at the first national oil palm stakeholder workshop intended to help come out with a master-plan that would guide development of the sector.
Oil palm is the fifth-largest crop in Ghana in terms of area planted after cocoa, maize, cassava and yam. Of the three major tree-crops in the country, in terms of total crop value, oil palm lags far behind cocoa but is ahead of rubber.
The total area under oil palm in the country is currently some 300,000 hectares.
The country’s first international commercial trade in oil palm took place in 1820. Starting from wild harvesting, oil palm evolved into an agricultural crop and plantations were established by 1850. This led to oil palm becoming the principal export of the Gold Coast.
In the 1880s, oil palm accounted for 75 percent of the country’s export revenue until it was overtaken by cocoa exports in 1911.
Supply of CPO in 2009 (percentages)
Access Bank to merge with Intercontinental
Nigeria's Access Bank says it will merge with local peer Intercontinental Bank, one of nine lenders rescued in a US$4billion central bank bailout 18 months ago.
The two have signed a Memorandum of Understanding (MOU) for the purpose of business combination of both institutions, which will result in the emergence of one of Africa's largest financial institutions.
The MOU signing follows the completion of a competitive, rigorous and transparent selection process and the approval of the Board of Directors of both banks.
In accordance with international best practices, the process will be subject to necessary shareholder, regulatory and judicial approvals.
When reached for his comment, the MD for Access Bank (Ghana) Ltd, Yomi Akapo, explained: “The MOU announcement is a declaration of intent by both banks to combine their businesses. In transactions of this nature, there are processes and key steps that will necessarily follow an MOU signing. There are several regulatory, and shareholder approvals that must be obtained, and we will communicate further periodically as the process progresses.”
Access Bank Chief Executive, Aigboje Aig-Imoukhuede, said the two institutions are a perfect match but gave no details on the terms of the deal, which still needs approval from the central bank and Securities and Exchange Commission.
"These are two organisations that share potential synergies and are very complimentary in terms of what is strong in one is not strong in the other," Aig-Imoukhuede said.
"This is an ideal ground for a value-adding business combination," he said.
The combination of Access Bank Plc and Intercontinental Bank Plc is of systemic importance and safeguards a significant degree of capacity in the Nigerian banking sector that would otherwise be lost in the event of non-resolution of any of the rescued banks, said a statement jointly issued by the two banks.
Critically, the Transaction provides a safe harbour for the depositors of Intercontinental Bank Plc and the seamless continuation of banking services to Intercontinental Bank's considerable customer base.
The resulting footprint of the combined entity and its increased access to low-cost deposits combined with Access's recognised competence in commercial banking, robust balance sheet and proven track-record, supported by a culture of strong corporate governance and risk management, will create a market-leading platform from which the combined entity can capitalise on growth opportunities.
The business combination will offer unique opportunities for both institutions. The Retail banking operations of Intercontinental Bank coupled with the Wholesale and Commercial banking strength of Access Bank offers a high degree of synergy and complementarity that is unique in the Nigerian banking environment.
The synergy from combining the two banks will therefore create a formidable competitor with scale to rival the top banks in the industry.
Access Bank Plc continues to be a remarkable story of transformation and phenomenal accomplishment considering its antecedents. The Bank has through a combination of inorganic and organic growth spread its tentacles and consolidated its footing on the Nigerian banking landscape over the last 10 years, to rank among the top-10 Banks in the Nigerian banking industry.
After taking over the Old Access Bank in the year 2001, Access Bank Plc acquired Marina Bank and Capital Bank (the former Commercial Bank (Crédit Lyonnais Nigeria) by merger to increase its coverage in Nigeria.
In 2006, the Bank began an intelligent expansion in 8 other countries across sub-Saharan Africa’s three monetary zones (WAMZ, SADC and UEMOA) which saw acquisitions in Omnifinance Bank, Banque Privée du Congo and Bancor SA in Rwanda among others.
It therefore comes as no surprise that Access Bank has taken advantage of the current inorganic growth opportunities to create a combined entity that will rank in the Top 3 in the Nigerian banking sector by Gross Earnings and Total Assets.
The combined entity is also expected to capitalise on growth opportunities across the markets in which the Bank operates, resulting in a formidable competitor to other African tier-one banks
Intercontinental was established in 1989 as a pure merchant bank and converted to commercial banking just over a decade later. It grew to become a major player in sub-Saharan Africa's second-biggest economy, at one point being the country's largest bank by Tier 1 capital.
At the end of last year, its shares were 86 percent free float and 14 percent held by the directors.
Central Bank Governor Lamido Sanusi praised for the 2009 bailout and efforts to sanitise the banking system, which was dangerously close to collapse.
The removal of several bank chiefs - including former Intercontinental chief executive, Erastus Akingbola, for lax oversight and reckless lending - sent shockwaves through a corporate elite that had grown used to impunity.
Intercontinental is the second of the rescued lenders to announce an agreement with new investors after Union Bank said late on Tuesday it had agreed a US$750million deal with a consortium led by African Capital Alliance private equity firm.
Rescued lenders Afribank, Bank PHB, Finbank and Oceanic Bank have also held talks with potential investors in recent months.
source:B&FT
The two have signed a Memorandum of Understanding (MOU) for the purpose of business combination of both institutions, which will result in the emergence of one of Africa's largest financial institutions.
The MOU signing follows the completion of a competitive, rigorous and transparent selection process and the approval of the Board of Directors of both banks.
In accordance with international best practices, the process will be subject to necessary shareholder, regulatory and judicial approvals.
When reached for his comment, the MD for Access Bank (Ghana) Ltd, Yomi Akapo, explained: “The MOU announcement is a declaration of intent by both banks to combine their businesses. In transactions of this nature, there are processes and key steps that will necessarily follow an MOU signing. There are several regulatory, and shareholder approvals that must be obtained, and we will communicate further periodically as the process progresses.”
Access Bank Chief Executive, Aigboje Aig-Imoukhuede, said the two institutions are a perfect match but gave no details on the terms of the deal, which still needs approval from the central bank and Securities and Exchange Commission.
"These are two organisations that share potential synergies and are very complimentary in terms of what is strong in one is not strong in the other," Aig-Imoukhuede said.
"This is an ideal ground for a value-adding business combination," he said.
The combination of Access Bank Plc and Intercontinental Bank Plc is of systemic importance and safeguards a significant degree of capacity in the Nigerian banking sector that would otherwise be lost in the event of non-resolution of any of the rescued banks, said a statement jointly issued by the two banks.
Critically, the Transaction provides a safe harbour for the depositors of Intercontinental Bank Plc and the seamless continuation of banking services to Intercontinental Bank's considerable customer base.
The resulting footprint of the combined entity and its increased access to low-cost deposits combined with Access's recognised competence in commercial banking, robust balance sheet and proven track-record, supported by a culture of strong corporate governance and risk management, will create a market-leading platform from which the combined entity can capitalise on growth opportunities.
The business combination will offer unique opportunities for both institutions. The Retail banking operations of Intercontinental Bank coupled with the Wholesale and Commercial banking strength of Access Bank offers a high degree of synergy and complementarity that is unique in the Nigerian banking environment.
The synergy from combining the two banks will therefore create a formidable competitor with scale to rival the top banks in the industry.
Access Bank Plc continues to be a remarkable story of transformation and phenomenal accomplishment considering its antecedents. The Bank has through a combination of inorganic and organic growth spread its tentacles and consolidated its footing on the Nigerian banking landscape over the last 10 years, to rank among the top-10 Banks in the Nigerian banking industry.
After taking over the Old Access Bank in the year 2001, Access Bank Plc acquired Marina Bank and Capital Bank (the former Commercial Bank (Crédit Lyonnais Nigeria) by merger to increase its coverage in Nigeria.
In 2006, the Bank began an intelligent expansion in 8 other countries across sub-Saharan Africa’s three monetary zones (WAMZ, SADC and UEMOA) which saw acquisitions in Omnifinance Bank, Banque Privée du Congo and Bancor SA in Rwanda among others.
It therefore comes as no surprise that Access Bank has taken advantage of the current inorganic growth opportunities to create a combined entity that will rank in the Top 3 in the Nigerian banking sector by Gross Earnings and Total Assets.
The combined entity is also expected to capitalise on growth opportunities across the markets in which the Bank operates, resulting in a formidable competitor to other African tier-one banks
Intercontinental was established in 1989 as a pure merchant bank and converted to commercial banking just over a decade later. It grew to become a major player in sub-Saharan Africa's second-biggest economy, at one point being the country's largest bank by Tier 1 capital.
At the end of last year, its shares were 86 percent free float and 14 percent held by the directors.
Central Bank Governor Lamido Sanusi praised for the 2009 bailout and efforts to sanitise the banking system, which was dangerously close to collapse.
The removal of several bank chiefs - including former Intercontinental chief executive, Erastus Akingbola, for lax oversight and reckless lending - sent shockwaves through a corporate elite that had grown used to impunity.
Intercontinental is the second of the rescued lenders to announce an agreement with new investors after Union Bank said late on Tuesday it had agreed a US$750million deal with a consortium led by African Capital Alliance private equity firm.
Rescued lenders Afribank, Bank PHB, Finbank and Oceanic Bank have also held talks with potential investors in recent months.
source:B&FT
Marketers urged to improve competence
Ghanaian Marketers and entrepreneurs have been urged to position and prepare adequately for multinational investors, as the country is continuously viewed as a stable haven and a place to do business, Alhaji Ibrahim Awal, CEO of Chase Petroleum, has said.
“Marketers and entrepreneurs must improve business competence and be ready to take advantage of the peaceful democratic business environment and partner investors who will be in the county to commence business operation.
“This would not only promote job-creation, but would position the country as a place in the sub-region - attracting huge investment due to superior business delivery,” he stated.
Awal, the 2009 Marketing Man of the Year, said this to business executives, marketing professionals, government officials and entrepreneurs in Accra at the launch of the 22nd Chartered Institute of Marketing Ghana (CIMG) 2010 Awards, slated for July 23, 2011.
Making a presentation under the topic ‘Entrepreneurial Marketing-Tool for Repositioning’, he said: “In today’s competitive environment, those who are entrepreneurs understand the marketing concepts which companies have used over the years to sell their products and services.
“A successful entrepreneur understands and appreciates the blend of products, place, promotion and product strategies that will produce a satisfying exchange with the target market.”
Mrs. Josepine Okutu, National President of CIMG, explained that the awards over the years have contributed significantly in promoting sound human and corporate marketing performance - apart from the euphoria that the event has generated.
She stated that the CIMG awards is an event that corporate Ghana has been looking forward to on yearly basis because it serves as one of the critical benchmarks by which these groups measure their performances.
“It is this expectation from stakeholders that has been the catalyst spurring us on to come out with themes and criteria that are relevant and beneficial to corporate Ghana.
“The theme for the awards has been carefully chosen to acknowledge local industry consisting of indigenous people, who are contributing significantly to the growth of the country’s economy.”
Shola Safo-Duodu, Head, Corporate Affairs Barclays Bank Ghana, and Chairperson of the 2010 Awards Planning Committee, indicated that the ceremony will seek to encourage and empower local businesses and entrepreneurs to develop and compete globally.
The awards to cover 31 categories will include four personality awards, three Hall of Fame awards, seven media awards, one not-for-profit organisation award, 14 business awards and two product awards.
The awards selection bodies will be working closely with the governing council of CIMG, Association of Ghana Industries, Ministry of Trade and Industry, Ghana National Chamber of Commerce and Industry, Ministry of Tourism and reputable research organisations.
“Marketers and entrepreneurs must improve business competence and be ready to take advantage of the peaceful democratic business environment and partner investors who will be in the county to commence business operation.
“This would not only promote job-creation, but would position the country as a place in the sub-region - attracting huge investment due to superior business delivery,” he stated.
Awal, the 2009 Marketing Man of the Year, said this to business executives, marketing professionals, government officials and entrepreneurs in Accra at the launch of the 22nd Chartered Institute of Marketing Ghana (CIMG) 2010 Awards, slated for July 23, 2011.
Making a presentation under the topic ‘Entrepreneurial Marketing-Tool for Repositioning’, he said: “In today’s competitive environment, those who are entrepreneurs understand the marketing concepts which companies have used over the years to sell their products and services.
“A successful entrepreneur understands and appreciates the blend of products, place, promotion and product strategies that will produce a satisfying exchange with the target market.”
Mrs. Josepine Okutu, National President of CIMG, explained that the awards over the years have contributed significantly in promoting sound human and corporate marketing performance - apart from the euphoria that the event has generated.
She stated that the CIMG awards is an event that corporate Ghana has been looking forward to on yearly basis because it serves as one of the critical benchmarks by which these groups measure their performances.
“It is this expectation from stakeholders that has been the catalyst spurring us on to come out with themes and criteria that are relevant and beneficial to corporate Ghana.
“The theme for the awards has been carefully chosen to acknowledge local industry consisting of indigenous people, who are contributing significantly to the growth of the country’s economy.”
Shola Safo-Duodu, Head, Corporate Affairs Barclays Bank Ghana, and Chairperson of the 2010 Awards Planning Committee, indicated that the ceremony will seek to encourage and empower local businesses and entrepreneurs to develop and compete globally.
The awards to cover 31 categories will include four personality awards, three Hall of Fame awards, seven media awards, one not-for-profit organisation award, 14 business awards and two product awards.
The awards selection bodies will be working closely with the governing council of CIMG, Association of Ghana Industries, Ministry of Trade and Industry, Ghana National Chamber of Commerce and Industry, Ministry of Tourism and reputable research organisations.
Atlas Copco unveils powercrusher
Atlas Copco Ghana Limited has officially unveiled its mobile power-crushing range of equipment for the country’s quarrying, mining and the construction sectors.
The equipment - Powercrusher jaw crusher, impact crusher and screen box - has been robustly manufactured and designed to stand up to the toughest conditions with huge output capacities.
It has excellent quality of end-products due to the efficiency of the fines removal and also the ability to process difficult in-feed materials because of its feeder.
It has, as well, excellent transport dimensions for optimised mobility, higher capacity and consistent wearing over the entire jaw faces.
“Years of valuable customer input have allowed for the optimisation of these impact units, James Cammock, Regional Product Manager, Powercrusher-West Africa told stakeholders from construction, mining and the quarry sectors in Accra at the ceremony to officially launch the products.
The programme afforded the company an opportunity to interact and share experiences with its customers, to further improve product delivery to customers in the country and within the sub-region.
“From 1992 to date, Atlas Copco Ghana has contributed to the local mining and construction industry with world-class products and services, ranging from compressed air and gas equipment, generators to heavy duty construction and mining equipment.
“Atlas Copco Ghana Limited remains committed to superior productivity in these sectors.”
He said: “Customers will now benefit from having the same supplier for drill rigs, breakers, road construction equipment as well as mobile crushers and screeners; this makes us a complete partner.
Atlas Copco is an industrial group with a world-leading position in compressors, construction and mining equipment, power tools and assembly systems.
The group delivers sustainable solutions for increased customer productivity through innovative products and service.
Founded in 1873, the company is based in Stockholm, Sweden, and has a global reach spanning more than 170 countries.
The equipment - Powercrusher jaw crusher, impact crusher and screen box - has been robustly manufactured and designed to stand up to the toughest conditions with huge output capacities.
It has excellent quality of end-products due to the efficiency of the fines removal and also the ability to process difficult in-feed materials because of its feeder.
It has, as well, excellent transport dimensions for optimised mobility, higher capacity and consistent wearing over the entire jaw faces.
“Years of valuable customer input have allowed for the optimisation of these impact units, James Cammock, Regional Product Manager, Powercrusher-West Africa told stakeholders from construction, mining and the quarry sectors in Accra at the ceremony to officially launch the products.
The programme afforded the company an opportunity to interact and share experiences with its customers, to further improve product delivery to customers in the country and within the sub-region.
“From 1992 to date, Atlas Copco Ghana has contributed to the local mining and construction industry with world-class products and services, ranging from compressed air and gas equipment, generators to heavy duty construction and mining equipment.
“Atlas Copco Ghana Limited remains committed to superior productivity in these sectors.”
He said: “Customers will now benefit from having the same supplier for drill rigs, breakers, road construction equipment as well as mobile crushers and screeners; this makes us a complete partner.
Atlas Copco is an industrial group with a world-leading position in compressors, construction and mining equipment, power tools and assembly systems.
The group delivers sustainable solutions for increased customer productivity through innovative products and service.
Founded in 1873, the company is based in Stockholm, Sweden, and has a global reach spanning more than 170 countries.
Vodafone Ghana launches Healthline initiative
Vodafone Ghana has launched a new initiative, ‘Healthline’, aimed at educating, empowering and informing Ghanaians about pertinent health issues.
The initiative will use qualified medical experts to offer advice on pertinent health-related issues to Ghanaians in all the ten regions of the country.
The project, which takes the form of a television and radio show, will embark on a project to solicit basic health questions from Ghanaians which are to be answered by medical doctors.
Carmen Bruce-Annan, Head of Corporate Communications Vodafone Ghana, at a media interaction in Accra said: “It is sustainable because we want to empower people to think differently about their health, and that cannot be done in thirteen weeks.
“We want people to think differently and be passionate about their health by having the facts on issues that concern their health.
“We picked health because it affects everybody; including the rich and the poor, illiterate or literate.
“Regardless of your status, your life can be enriched and you can be empowered by having the right information about your health,” she said.
“We’ve embarked on this initiative because we want to change people’s approach to issues concerning their health, by empowering Ghanaians with knowledge and information about health issues. The project will ultimately educate the public and demystify health-related issues and practices,” Bruce-Annan said.
The initiative will use qualified medical experts to offer advice on pertinent health-related issues to Ghanaians in all the ten regions of the country.
The project, which takes the form of a television and radio show, will embark on a project to solicit basic health questions from Ghanaians which are to be answered by medical doctors.
Carmen Bruce-Annan, Head of Corporate Communications Vodafone Ghana, at a media interaction in Accra said: “It is sustainable because we want to empower people to think differently about their health, and that cannot be done in thirteen weeks.
“We want people to think differently and be passionate about their health by having the facts on issues that concern their health.
“We picked health because it affects everybody; including the rich and the poor, illiterate or literate.
“Regardless of your status, your life can be enriched and you can be empowered by having the right information about your health,” she said.
“We’ve embarked on this initiative because we want to change people’s approach to issues concerning their health, by empowering Ghanaians with knowledge and information about health issues. The project will ultimately educate the public and demystify health-related issues and practices,” Bruce-Annan said.
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