A church programme by the founder and leader of the Synagogue Church of All Nations (SCOAN), Prophet T.B. Joshua in Accra Tuesday has caused an unprecedented traffic in the capital and virtually brought vehicular movement to a halt. Thousands of … Continue reading →
By Bernard Yaw ASHIADEY High interest rates and the lack of affordable housing to purchase are two main factors curbing the growth of mortgages in Ghana, Asare Akuffo, Managing Director of HFC Bank, has said. The most crucial challenge, however, is the high interest rates since the problem of inadequate affordable housing can be solved if the rates come down to between 10 and 15 percent, he said.“I think it is the high interest rates that are most crucial, because if really there is demand and people can afford the houses, we will get developers that will deliver them.†He said there is a need to produce large units of housing or create townships of about 1,000 or more units before house prices can be brought to around GH¢50,000 and below for most Ghanaians. “This can be done because other countries like Mexico and Malaysia have been able to solve the problem. All that is needed is for interest rates to come down,†Mr. Akuffo said. “If interest rates remain above 20 percent, then it becomes a major challenge. We currently have a dollar mortgage portfolio that is growing because we can borrow the dollar at seven percent and then lend at 10 to 11 percent, showing our commitment to the mortgage business. “But we do not want to do only dollar loans but cedi loans as well, so that Ghanaians can borrow up to GH¢30,000 to buy homes.†The Government of Ghana (GOG) in its 2007 budget mandated HFC Bank to provide an affordable home-ownership scheme for public sector employees. The scheme -- HFC Public Sector Home Scheme -- has its interest rate capped at 15 percent and the volume of loans has been growing very slowly. There have been only 325 beneficiaries since the start of the scheme to the end of last year, and the portfolio outstanding stood at GH¢8.8million. Ghana’s public sector is reckoned to have about half-a-million workers, most of whom rent their housing. Databank Research has said interest rates are likely to remain high in the short-term due to the expected huge deficit-financing needs of Government this year. The investment bank said it expects that money market yields will remain above 15 percent throughout the year, and probably be above 20 percent in the second quarter. Databank lead analyst Sampson Akligoh said shifting the attention of investors to medium-term notes is critical to lowering interest rates for Ghana, and will be less harmful for the economy in the short-term. “Government is really crowding out the private sector with the high Treasury bill rate, so Government should manage its fiscal challenges, reduce expenditure and also put in place measures to collect revenue due it,†said Mr. Akuffo. “If Government is able to collect its duties and taxes -- and expenditure is controlled, then everything will be right. So it is in the hands of Government.â€
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By Konrad Kodjo Djaisi The Executive Director of Ghana Mineworkers Union Investment Limited, Robert Asamoah Gyekye, has said that the union wants to help build strong small and medium enterprises, improve businesses and create employment, hence their venturing into the savings and loans business. Known as the Golden Pride Savings and Loans Company, Mr. Asamoah Gyekye said the Union would like to help in the financial mediation process because a large majority of Ghanaians are unbanked. “We want to complement what other banks are doing so that we can reach out to the vast majority of Ghanaians who are unbanked,†he said at the inauguration of the first branch of Golden Pride Savings and Loans Limited at Obuasi last week. Mr. Gyekye added that this is the first time a Savings and Loans Company or bank will have its headquarters in a district capital outside Accra or Kumasi, and the significance of having the headquarters outside the national capital means it is close to the main shareholders -- that is, workers in the mining communities. “Obuasi has got more than 100 years of mining experience and the people should feel that they are getting something for their investment and the efforts that have been put in the mining sector over a century ago,†he said. Managing Director of Golden Pride Savings and Loans, Johnson Boadi Asamoah, said effective intermediation requires that banks and savings and loans institutions mobilise all available financial resources and deploy them to income-generating economic activities. ‘Financial institutions must expand credit to the productive private sector to support domestic and international trade,†he stated. He noted that although there has been some increase in real credit in the last few years, small and medium-scale enterprises still have difficulty accessing credit. Available data from the Registrar-General, he said, indicate that 90 percent of companies registered are micro, small and medium enterprises, and this target group has been identified as the catalyst for economic growth. He observed that a major barrier to the rapid development of the SME sector is not the shortage of both debt and equity financing, but rather a limitation on the part of SMEs to embrace modern business concepts and culture.
…buy what we produce†-- Agambire Chairman of the Agams Group, Roland Agambire, has enjoined the public to marry the recognition they give to local entrepreneurs with patronage of the products they produce. He said by doing so, indigenous companies will be strengthened and expanded to generate more jobs, contribute to the country’s economic development, and empower lives of the people to reduce poverty. “We keep getting awarded for various entrepreneurial achievements, but the same cannot be said in terms of the trust and confidence that the public place in products from our indigenous companies. This, to me, is like making a mockery of local entrepreneurs,†he said on the sidelines of the third UT Ghana Entrepreneur Awards in Accra -- where he was named Overall Best Entrepreneur of the Year 2012. The award ceremony was to honour outstanding Ghanaian and non-Ghanaian entrepreneurs for their contribution to economic growth and job-creation. It had the theme "Celebrating Entrepreneurship, the Engine of Economic Growth". Mr. Agambire said rlg as an indigenous company continues to introduce high-quality products onto the market -- which can compete with most of their kind on the Ghanaian market, but public interest and acceptance of such products have not been encouraging. Mr. Agambire asked fellow entrepreneurs to be focused and resolute in their endeavour, and invest into research and development, in order to enable indigenous companies churn out competitive products that will meet demands of the international market. He encouraged the general public, especially young and upcoming entrepreneurs, to be daring and undaunted in their quest to make an impact in their lives and that of others: “As a people, we must always strive to generate wealth because poverty is not a thing to embrace.†Dr. Ekow Spio-Garbrah, President of Dominion University College, made a case for entrepreneurial skills to be instilled in students at an early stage to fast-track development. “There is a huge disconnect between the structure of the economy and the kind of students we produce into the system. The educational content should be made to be relevant to the country’s economic structure in order to fast-track growth. “We need a new generation of entrepreneurs -- who should be groomed right from the various stages of the educational ladder to prepare them for entrepreneurial success,†he said. Mr. Rashid Pelpuo, Minister of State in charge of Public-Private Partnerships (PPP), said Government recognises the significant role of entrepreneurs in the development of any economy -- mostly in the area of employment creation -- and will continue to roll-out policies to sustain their businesses. Mrs. Eunice Ogbugo, Chief Executive Officer of Eugo Terrano Limited, won the Young Entrepreneur award; Mr. Nabil Moukarzel, Chairman of the Finatrade Group of Companies, emerged winner for the Best Entrepreneur in the Food and Agribusiness category; Mr. Elikem Nutifafa Kuenyehia, Managing Partner of Oxford and Beaumont Solicitors, won Best Entrepreneur, Legal Services; and Mr. Mike Nyinaku, Chief Executive Officer of Beige Village Golf Resort and Spa, won the Best Entrepreneur, Hospitality and Tourism Industry. Other award winners included Mr. Saled Fakhry, Chairman of Interplast Ghana Limited, who won the Lifetime Entrepreneurial Achievement; Mr. Brian Maxted, Chief Executive Officer of Kosmos Energy, won Best International Entrepreneur; Mr. Charles Yao Mensah, Executive Chairman of Myroc Group of Companies, won the Outstanding Entrepreneur Achievement Award; and Mrs. Kate Quartey-Papafio, Chief Executive Officer of Reroy Cables Limited, was adjudged the Best Woman Entrepreneur. Joseph Siaw Agyepong, Executive Chairman of Zoomlion and Jospong Group of Companies, was inducted into the Entrepreneur Hall of Fame for 2012. By Patrick PAINTSIL
Three women who were held captive in a Cleveland home for a decade before escaping on Monday reportedly had multiple pregnancies while they were inside, it has emerged. At least five babies were born at the home owned by Ariel … Continue reading →
By George Kwasi LARBI Nana Oprohn Ekwam, General Manager of the Akooko Goldfields Limited operating in the East Akyem Municipality, has reiterated the company's commitment to ensuring development of affected communities. He therefore appealed to all the affected communities and other stakeholders to give the company a chance to start mining activities in its allocated concession based on global and best practices and Ghanaian mining regulations. Nana Ekwam gave the assurance at the Environmental Impact Assessment Public hearing on the proposed alluvial gold mining project by the company at Potroase on Friday. He said the company has made a lot of strides in community development for the affected communities since it started surface-mining in the area about nine years ago, and now that the chance has come to go into full mining activities it will continue to support them. Nana Ekwam said the company will ensure that adequate information is provided to project-affected people and other stakeholders in a clear and timely manner. He said they will provide sufficient opportunity for the communities to voice out their concerns and opinions so that they can influence project decisions. The General Manager also promised that public consultation forums will be organised from time to time through a variety of mediums in order to effectively communicate and consult with various stakeholder groups in a culturally appropriate manner. Nana Ekwam assured the communities that realistic compensation will be paid to them that will guarantee their generations yet to come. He also promised to operate an open-door policy for interaction with community leaders, such that stakeholders will feel comfortable approaching them directly to ask questions, discuss matters, and raise concerns. He said the company will sign a social responsibility agreement that focuses on employment of locals, and relationships with project communities through a Social Responsibility Forum to be established later. “We will continue to demonstrate our commitment to our social responsibility and collaborate with the Municipal Assembly to add value to the development of communities in which we operate,†he said. Mr. Emmanuel Afreh, Assistant Manager in charge of Monitoring and Evaluation at the Minerals Commission, said disagreements concerning payment of compensation to persons whose assets have been affected by mining activities have become a major problem in the industry. He said there has been instances of disagreements, misunderstandings and mistrust between traditional authorities and mining communities on one side and the mining companies on the other, as a result of inadequate payment of compensation to the beneficiaries. Mr. Afreh therefore appealed to Akooko Goldfields to ensure that appropriate and realistic compensation is paid to beneficiaries according to the new minerals and mining compensation and resettlement regulations, LI 2175. Mr. Felix Addo-Okyireh, the Eastern Regional Director of the Environmental Protection Agency, appealed to the mining companies operating in the region to ensure that adequate consultation is done with the affected communities to avoid agitation. He urged mining companies to maintain high environmental safety standards, adding that his outfit will ensure strict compliance with the laws, regulations and guidelines pertaining to mining. Mr. Addo-Okyireh expressed concern about the reluctance of some of the companies to show responsibility in protection of the environment. He said one major challenge confronting his outfit is the issue of illegal mining operations in the region, and urged the police and other security agencies to intensify their operations to address the situation. Mr. Fredrick Guggisberg Asante, Chairman of the Okyeman Environmental and Conservation Committee, advised the company to undertake vibrant community relations programmes and establish effective communication channels with the local communities to address concerns emanating from their activities. Additionally, he told the company to initiate alternative livelihood projects for the population affected by their operations. The East Akyem Municipal Chief Executive, Mr. Simon Asirifi, expressed concern about illegal mining activities in the area and appealed to traditional authorities to help bring the situation under control. The affected communities included Potroase, Odumase, Akwadum, Apedwa and Obuase --all in the Municipality.
By Dominick Andoh IMANI Ghana, the policy think-thank, has named Professor Joshua Alabi, Vice Chancellor of the University of Professional Studies (UPSA), and Dr. Kofi Mbiah, Chief Executive of the Ghana Shippers Authority (GSA), in its list of “Top-5 Most Inspirational Public Sector Leaders in Ghana for 2012â€. The frontline personnel of the Ghana National Fire Service (GNFS); the Graphic Communications Group; and the Driver & Vehicle Licencing Authority complete the list. In a statement issued by the think-thank in Accra, Professor Alabi was named among the top-five “for his quiet, sturdy, and persistent focus on utilising the resources of UPSA, with a shrewd emphasis on returns and a long-term goal of sustainable excellence.†Professor Alabi, whose first term of office came to an end in January this year, is also credited with working assiduously to guide what was then the Institute of Professional Studies (IPS) into becoming a fully-fledged university with the passage of the University of Professional Studies Act barely a year ago. While acknowledging the hassle Ghanaians go through at our ports due to arbitrary and chaotic clearance procedures -- and despite years of costly IT-based and other reforms -- Dr. Kofi Mbia was named among the top-five inspirational public sector leaders “as one of the few individuals working to bring some decency into maritime trade affairs in this countryâ€. According to IMANI Ghana, the Graphic Communications Group has shown “consistently that it has one of the most advanced internal controls and preventive structures among corporate organisations in the country, by regularly presenting robust accounts to internal and external auditors. “For a public corporation, this dedication to world-class corporate governance is remarkable, and certainly commendable. For this reason, the Group takes second spot on our 2012 rankings,†the statement said. The think-tank also named the Ministry of Energy; Ministry of Works & Housing; Ghana Youth Employment & Entrepreneurial Development Agency; The Office of the Director of Public Prosecutions; and National Pensions Regulatory Authority Board as the five-worst performing public sector organisations for the year under review.
The Chairman of AGAMS Holdings Roland Agambire has called for urgent proactive measures by the African Union to ensure all of its regional economic groupings are reformed and strategically positioned to address the numerous socio-economic challenges facing Africans, particularly the business community on the continent. He said given the strong desire expressed by the continent’s youth to tread the path of growth and development, such an intervention by the regional economic groupings would facilitate easy access to capital, investment and patronage of goods and services. Mr. Agambire was addressing the just-ended Africa World Business Forum in Dubai.He was one of four panelists who discussed the “Africa’s young future: how Africa’s young entrepreneurs are starting to drive its economic future; the view of the up and coming young entrepreneurs and business people in Africaâ€. The forum was organised by the Dubai Chamber of Commerce and Industry and the Common Market for East and Southern Africa (COMESA). It was on the theme “Dubai-COMESA: bridging the continent to the world†and was attended by 3,000 delegates from across the globe. Mr. Agambire, who is also the Chief Executive of rlg Communications, said given the current schemes of things, Africa’s regional economic groupings such as ECOWAS, SADC, COMESA, EAC and ECCAS cannot continue “same way, same paceâ€, because according him millions of the continent’s youth have no more patience to wait. “It is only when we have put in place measures we can call adequate but youth fail to take advantage of them that we can go on to blame them for being lazy and unproductive. I would even suggest legislations in all our countries to compel every young person to do something productive. That may be harsh, but Africa can no longer wait.†Among the key delegates were the former President of Botswana; Sudanese billionaire Mo Ibrahim; Deputy Director-General of the World Trade Organisation, Valentine Sendanyoye Rugwabiza; Foreign Minister, Hannah Tetteh; and an array of political, diplomatic and investor communities. Mr. Agambire challenged African Governments to see entrepreneurship as the driving force for development and offer it the needed support. He said many African countries, including Ghana -- which prides itself as the gateway to Africa -- can learn a lot from Dubai, which is undoubtedly the hub of globalisation. Uganda’s Minister for Trade, Industry and Co-operatives, Amelia Kyambadde who moderated the session, lauded the contribution of young entrepreneurs -- saying the future is now for young people. She expressed hope that the platform created for young people will transform lives in many places on the continent. The other three panelists were the Founder & Managing Director Partner of Hoja Law Group of Zambia, Jacqueline Musiitwa; Founder & Executive Director of the Kenya-based Sustainable Development for All-Africa, Evans Wadongo; and the Chief Executive Officer of Tanzania’s Helvetic Solar Contractors, Patrick Ngowi. The Africa Global Business Forum 2013 offered a platform to over 3,000 policy-makers and global business leaders from Africa, the GCC, Asia, Europe and beyond to discuss current challenges and business opportunities in finance, agribusiness, logistics, and trade across the economic blocs of the Common Market for Eastern and Southern Africa (COMESA), the East African Community (EAC), the South African Development Community (SADC), the Indian Ocean Commission (IOC), the Economic Community of West African States (ECOWAS), Economic Community of Central African States (ECCAS), Intergovernmental Authority for Development (IGAD) and the African Union (AU).
The Democratic Republic of Congo is the "toughest" place in the world to be mother and Finland is the best, according to Save the Children charity.
A Nigerian warplane involved in operations against militant Islamists in Mali crashes in Niger, killing the two pilots, the army says.
By Juliet Aguiar, Takoradi Angelic Explo Tours, a company that is into a unique combination of technology, creativity and business strategy, has introduced Digital Electronic Billboards (DEB) to the business community in the Sekondi-Takoradi Metropolis. The platform consists of highly visible, double-sided, full-colour LED display screens mounted on top of taxis. As the taxis move through the city, the DEB delivers adverts and messages in spectacular fashion. At the core of this platform is the Angelic Digital Network, which is a combination of central and remote systems that connect and manage digital screens in various configurations and locations, said Mr. Anthony Assifuah, Public Relations Officer of the company, at a media interaction in Takoradi. “We can control the content displayed on any of the Digital Electronic Billboard screens from our office, regardless of the location the Digital Electronic Billboard itself -- most forms of media such as pictures, videos, text and combinations of such graphics can be artistically, powerfully and effectively integrated and delivered in a number of formats,†he added. According to him, the platform is ideal for advertising, announcements, creating awareness, and promotions -- as well as running multiple campaigns simultaneously which are flexible and affordable. Giving a scenario, he pointed out that a Taxi is a very active method of transportation -- in one day a taxi can visit many unique locations within the city or it can repeatedly frequent very few locations, all the while in continuous view of onlookers. “Every day is yet another opportunity for the client’s message to be seen; when mounted on one of the most widely-used forms of commercial transport, it becomes clear that the client’s advert will be exposed to more people per day than other forms of outdoor advertising.†he said. The Chief Executive officer (CEO) of Angelic Explo Tours Mr. David Anusah said it is a platform that goes beyond traditional advertising by offering new ways for businesses to promote their products through utilising new and cutting-edge multi-media. Also, he said the company gives Small and Medium Enterprises the opportunity to advertise -- innovations do not have to come with a high price-tag, we have packages carefully tailored for everyone. “We have tourism clubs in some of the schools within the metropolis, for the young ones to understand what tourism is about and learn our heritage among others,†he added.
The Public Relations Officer of the Petty Traders Association, Mr. Adu Boahene has called for the arrest of the Mayor of Accra, Dr. Alfred Okoe Vanderpuye. He said traders suspected the Mayor of foul play in last Sunday’s fire. The … Continue reading →
Philly.comRef's death a consequence of lack of sportsmanship - WBRC.comWBRC(AP Photo/Rick Bowmer, File). FILE - In this May 2, 2013, file photo, Johana Portillo, center, and her sister Ana Portillo hold hands. (AP Photo/The Salt Lake Tribune, Kim Raff, File). FILE - In this May 5, 2013, file photo, Johana Portillo-Lopez, daughter of ...Ref's death a consequence of lack of sportsmanshipBrownsville Heraldall 432 news articles »
All is set for the official opening of the Global Office of rlg Communications Ltd. in Dubai next month, making it the first Ghanaian company and among the few in Africa to do so. The opening of the office is also expected to commence the official entry of the ICT device manufacturer onto the Asian and Middle East market. The company’s Chief Executive, Roland Agambire, told a group of international media personnel on the sidelines of the just-ended Africa World Business Forum in Dubai that the strategic location of Dubai makes it imperative for any forward-looking business entity to take advantage of its enormous potential. Within the last four decades, Dubai has witnessed tremendous growth in terms of physical infrastructure and economic transformation, making it an enviable place for many businesses and investors across the globe. Mr. Agambire said the choice of Dubai will influence technology, capital generation, expertise, resources and best practices. “Dubai is 40 years. Ghana is 50 years. The growth and developmental gap are obvious. Dubai offer lots of lessons Africa can learn,†he told reporters. rlg Communications secured an office complex in the United Arab Emirates city last year and commenced recruitment of international staff. “Operating from here will enable us to grow our brand and make it more visible as an indigenous African brand,†he said, adding that the decision is strategic and is expected to facilitate both sales and brand awareness. Early this year, rlg entered the Kenyan and Angolan markets and Mr. Agambire hinted six more countries will join before the year ends. rlg began operations 11 years ago, initially as an ICT training outlet and later venturing into the ambitious task of assembling devices including mobile phones, desktop computers, laptops and accessories. The company’s latest product, Uhuru, is said to have captured the local tablet market, commanding some impressive sales figures. He said the plan to list the company on the stock market is a priority but the performance of the brand and sales in the coming years will determine a final decision, affirming his desire to ensure “Ghanaians have an interest in the company in the very-near futureâ€. “In the coming months, we do intend investing heavily in the area of research and development, with the sole purpose of improving quality to ensure the rlg brand competes favorably with the existing foreign brandsâ€. rlg currently operates in China, Nigeria, the Gambia, Kenya and Angola.
Kenya’s first and largest Islamic bank Gulf African Bank, has signed a KSh100 million agreement with the African Guarantee Fund to support lending to Small and Medium-sized Enterprises in the country. The portfolio guarantee deal is meant to share the risks associated with lending to SMEs, thus unlocking more financing to them. The deal also has a capacity-building component that will go toward boosting financing and risk management capabilities. The agreement was signed at the Serena Hotel in Nairobi by Asad Ahmed, Managing Director of Gulf African Bank and Felix Bikpo, chief executive officer of the African Guarantee Fund (AGF). Speaking after the signing, Mr. Ahmed said that the portfolio guarantee from AGF is a much-needed boost to its products as it innovates and diversifies its SME banking services. “We are committed to addressing the unique banking needs of SMEs through continuous innovation and improvement of our product suite,†he added. The deal will contribute toward growth and further development of SMEs, which are the main engine of economic growth and a major factor in promoting private sector development. “AGF is the missing link to the scaling-up of African SME financing; we reduce the risk taken by institutions financing SMEs by making it easy to extend loans to them,†said Mr. Bikpo. “Through AGF, we can now give a voice to African perspectives on Africa’s development challenges and solutions by supporting financial institutions to enable them to finance SMEs in Africa.†The agreement comes only weeks after AGF signed portfolio guarantee agreements with I&M Bank for KSh50 million guarantee and Commercial Bank of Africa for KSh100 million. The deal also follows the announcement last month of International Finance Corporation taking a 15% equity interest in Gulf African Bank, and the Bank’s increase in capital by Ksh 854 million being contributed by IFC and existing shareholders. Inadequate access to capital has been cited as a key challenge to the development of SMEs in Africa. Many lending institutions shy away from financing them because they are considered risky. The African Guarantee Fund has the capacity and leadership to effectively help accelerate development in Africa.
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