daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > Continental Forums > Africa > West Africa > Ghana > Economy & Infrastructure



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old March 17th, 2012, 12:11 AM   #201
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

Kosmos Energy Announces Further Appraisal Success at Enyenra Oil Field Offshore Ghana

Kosmos Energy announced today that the Enyenra-4A appraisal well, located in the Deepwater Tano Block offshore Ghana, has successfully encountered substantial light oil in multiple good quality reservoirs. Full analysis of well results, including wireline logs, fluid samples and reservoir pressures, indicate that the Enyenra-4A well encountered 32 meters (105 feet) of net oil pay.

The well is located approximately 7 kilometers (4.3 miles) south of the Enyenra-2A well and nearly 21 kilometers (13 miles) south of Enyenra-3A. Pressure data from the well demonstrates that the oil is in static communication with the other wells, indicating a continuous oil column of approximately 600 meters (1,970 feet).

Darrell McKenna, Chief Operating Officer, stated, "The Enyenra-4A well was a very positive result for Kosmos, as we confirmed a significant downdip extension of the field and encountered more net pay at this location than our pre drill expectations. We have now proved static communication in the reservoirs over 13 miles apart. Additional appraisal activities at the field will include the monitoring of pressure gauges, which have been deployed in multiple wells to determine dynamic communication. Success at Enyenra-4A further enhances the momentum behind our drive in submission of a plan of development."

The Ocean Olympia rig drilled Enyenra-4A to a total depth of 4,174 meters (13,695 feet) in water of 1,878 meters (6,160 feet). Prior to submitting a plan of development for the Tweneboa, Enyenra, and Ntomme project, which is expected in the third quarter of 2012, a drill stem test of the oil zone at the Ntomme-2A well on the Deepwater Tano Block will be performed. Injectivity tests are currently underway at Enyenra-4A to provide important information for the design of the water injection system.

Kosmos Energy currently holds an 18 percent interest in the Deepwater Tano Block offshore Ghana. The Company’s partners include Tullow Oil plc (49.95 percent), Anadarko Petroleum Corporation (18 percent), Sabre Oil & Gas Holdings Ltd. (4.05 percent), and the Ghana National Petroleum Corporation (10 percent carried). Kosmos Energy recently exercised a right to acquire the interest of Sabre Oil & Gas Holdings Ltd. in the Deepwater Tano Block. After closing of the transaction, the Company’s interest will increase to 22.05 percent.
obeeme no está en línea   Reply With Quote

Sponsored Links
 
Old March 20th, 2012, 12:26 AM   #202
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

Virgin Atlantic launches 5th frequency flight at awards ceremony in Accra

As Virgin Atlantic celebrates its second year anniversary of operations in Ghana, the airline has announced that it will now fly 5 times a week between Accra and London. The announcement was made by Mr Nick Taylor, Regional Country Manager (West Africa) at a dinner and awards ceremony in Accra, to honour top trade agents and partners.

Mr Taylor and Mrs Tosan Woode, Head – Sales and Marketing (Ghana), were both excited about the new service expected to kick off on March 23. They described the addition as a much needed increase in flight frequencies to reflect the growing trust of travelers in the airline over the period.

The ceremony saw the presentation of Certificates to top trade agents including: Accra Air Travel Centre Ltd , BCD Travel Ghana , Doscar Travel and Tours Ltd , Eurotour Ghana Ltd, Kessben Travel and Tour Ltd , Keymeb Travel and Tours, Kumasi Travel Agency Ltd , Litina Travel and Tours Ltd, Satguru Travel and Tours Services and Skylife Travel and Tours Ltd . The rest were Skyresources Travel and Tours Ltd , Special T Travels Ltd , Stellar Travel Ghana Ltd, Sunlife Travel and Tours Ltd, Timewise Expo Travel and Tours , Travel Bureau Ltd , Travel House Ltd Ghana , Travel Matters Limited , Travel Zone Ltd Ghana ,and Yoshiken Travel and Tours .

Woodfields Energy And Cirrus Oil Limited, Chase Petroleum Oil Limited, Zenith Bank Ghana Limited, Akwaba Limited and Glico Group Of Companies Limited also received certificates as supportive corporate; while the Most Supportive Corporate Award went to PW Ghana Limited. Litina Travel & Tours Limited won the Most Improved Travel Agency Award starting with low but steady volumes of seat sales and capacity but within months of getting on board our platform, gradually grew to becoming the 3rd best performer with year to date revenues constantly hitting the top five in every category.

Other award winners were: Best In Class (Economy) – Kessben Travel & Tour Limited; Best In Class (Premium Economy) – Stellar Travel Ghana Limited; Best In Class (Upper Class) – Stellar Travel Ghana Limited; New Comers Award - Travel Zone Limited Ghana; Travel Agency of the Year – Kessben Travel & Tour Limited; and Country Managers Award – Doscar Travel & Tours Limited.

After the presentation of awards Chief John Adebanjo (Group Africa Representative Virgin) officially launched the 5th frequency flights with a short closing remarks and the popping of champagne.

In typical Virgin Atlantic style, guests were treated to a delightful menu of African, Chinese and continental dishes, drinks and cocktails. For starters, there was the choice of Goat pepper soup, Caesar salad, and brown and white bread rolls with butter. The main meal included sated beef jollof rice, plain rice with petit pois, moin moin, trio of swallow (mini eba, pounded yam or semo), efo riro, charcoal grilled chicken, fresh catfish soup and dodo under the African menu.

The continental menu included, cake of lamb and mashed potato with wine sauce, sole fish with sauce rose, homemade tagliatelle with fresh basil, and steamed mixed vegetables. While the Chinese menu included Egg and vegetable fried rice, Singapore fried noodles, beef in oyster sauce, and schezuan chicken. To seal off the gastronomical delight guests rounded it off with Tiger nut pudding, rum and mint flavored cocktail, chocolate mayonnaise sponge with hot chocolate sauce, and cheddar cheese and crackers for dessert.
obeeme no está en línea   Reply With Quote
Old March 21st, 2012, 12:42 AM   #203
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

First National Grabs Universal Licence

First National Savings & Loans Limited (FNSL) is expected to commence full operations as a universal bank by June this year.

Komevor Tettegah, acting General Manager, FNSL, who made this known recently at the annual get-together and family awards for customers in Accra, said FNSL had attained all the necessary requirements to operate as a universal bank.

Noting that the company’s capital base grew from GH¢7 million to GH¢20 million, he added that the company’s partner investors increased the amount to GH¢60 million as required by the Bank of Ghana (BoG).

Mr. Tettegah said FNSL would expand its operations beyond Ghana in addition to entrenching its presence in the country.

“We aim at becoming a “People’s Bank” where our customers, such as traders, farmers, students, workers and small scale business entrepreneurs everywhere in Ghana, will be provided with efficient banking services”.

In all, 21 customers were awarded with special electrical appliances, souvenirs and special two-day treats at any Coconut Grove Regency hotel in the country.

The acting MD advised Ghanaians to develop a positive attitude towards local financial institutions to enable them grow and expand their businesses so as to create employment.

He further expressed worry about how Ghanaians chose to patronize the services of foreign banks over local financial institutions.

FNSL, among others, offers emergency commercial loans for clearing goods at the port, payroll loans for salaried workers, auto loans as well as the introduction of bullion van services for easy cash deposit by customers.

Mr. Tettegah noted that all branches of FNSL would be networked to engage in money transfer services.

Established in 2006, FNSL currently has 48 branches in all the 10 regions with a customer base of over 180,000.

It is poised to increase its branch network to 50 by the end of this year.
obeeme no está en línea   Reply With Quote
Old March 22nd, 2012, 06:54 AM   #204
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

Saudi Airlines Cargo To Launch Freighters To Ghana

Saudi Airlines Cargo will launch a weekly freighter flight to Accra in Ghana, starting March 25.

The new service will use the airline’s B747 freighters, a statement from the company said.

“Ghana is an emerging market with enormous business potential for air cargo. The addition of this new destination will help us to increase our activities in Africa, where we already operate scheduled B747 freighters from Saudi Arabia to Nairobi, Lagos, Addis Ababa, N'djamena, Khartoum and Johannesburg," said Peter Scholten, vice president commercial at Saudi Airlines Cargo.

“The commencement of the new Saudi operation coincides with the opening of a new perishable cargo centre, maintaining the high quality of the fruit and vegetable supply chain. Together with the forthcoming construction of a major new cargo terminal and hub operation, opening up 11 West/Central African destinations with scheduled cargo feeder services, we see new opportunities for this new service to Accra,” he said.

Located in West Africa, Ghana's principal airport serves as the aviation hub of the sub-region. The country's export traffic consists mainly of perishables (fruit/vegetables), with bulk of over 2,000 tonnes per month destined for the European market, followed by the Middle Eastern market.

Saudi Airlines Cargo operates scheduled services with 12 freighters and sells the belly-capacity on 140 passenger aircraft for Saudi Arabian Airlines spanning a rapidly expanding global network of 225 destinations.

The cargo airline also provides cost -effective and practical worldwide charter flight solutions from a growing fleet of dedicated charter aircraft.
obeeme no está en línea   Reply With Quote
Old March 23rd, 2012, 11:15 PM   #205
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

Newmont Ghana is the most outstanding corporate taxpayer

Newmont Gold Ghana Limited has been presented with the most outstanding taxpayer award for 2011, for its compliance and commitment to paying the right taxes due government.

In 2011, Newmont Ghana paid over $152 million (GH¢ 241 million) in taxes to the Internal Ghana Revenue Authority (GRA), and it included corporate tax, income tax, stabilisation levy and withholding tax.

The GRA therefore cited Newmont Ghana as “demonstrating good corporate citizenship in the prompt payment of its taxes,” a statement from Newmont Ghana said.

“We appreciate being recognized by the GRA for our commitment to this aspect of our business and we look forward to continue to work with the Government and affected communities to enhance the long-term benefits of our operations to Ghana and Ghanaians,” the statement quoted Mr Dave Schummer, Senior Vice President, Africa Operations as saying.

Meanwhile a study by Prof Ethan Kapstein, a renowned political economist and sustainable development expert, showed that in 2009, Newmont Ghana’s Ahafo Mine was a major contributor to Ghana's economy.

It said the Ahafo Mine alone generated nearly 10% of the nation's total exports (USD 528 MM), about 4.5% of its total foreign direct investment in 2009, directly and indirectly supported about USD 174m of Value Added…, created some 48,000 jobs in Ghana, and played a significant developmental role in the communities around the Ahafo mine.

“The Ahafo Mine also provided 99 local companies with nearly USD$ 6 million in contracts and thereby supported more than 400 jobs, not including direct mine employment,” it said.

In 2006, Newmont Ghana in partnership with 10 communities around the Ahafo Mine area signed an agreement to contribute US$1 per ounce of gold sold and 1% of annual net profit from its mining operation into a Fund for the sustainable development of the company’s host communities.

The Fund, the Newmont Ahafo Development Foundation (NADeF), has so far accumulated about US$8million for sustainable development projects including community libraries, schools, teachers’ quarters and micro-credit schemes the Ahafo Mine’s 10 host communities.

NADeF has awarded scholarships worth GHC2,026,279.01 to 2,335 tertiary and second cycle students from communities around Newmont’s operations pursuing various programs across the country.

The company has also instituted comprehensive social investment programs at all its project areas here in Ghana in the areas of Education, Health care, Infrastructure, Job training and Small business development.
obeeme no está en línea   Reply With Quote
Old March 24th, 2012, 08:30 PM   #206
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

ACCESS Bank absorbs Intercontinental Bank

Access Bank (Ghana) Limited has announced that it has successfully completed the absorption of employees of Intercontinental Bank Ghana (“IBG”) following the Bank of Ghana approval on March 5, 2012, for the merger of the two banks into a single entity.

About 90% of IBG employees have accepted their absorption into Access Bank Ghana and are now fully absorbed into the combined entity.

Commenting on the employee absorption exercise, Mr. Dolapo Ogundimu, Managing Director of Access Bank Ghana said the bank was delighted that over 395 out of the total 448 employees of “IBG” employees “have successfully boarded the Access train”.

He said the step marks a significant milestone in re-shaping the business and accelerating its growth and expansion over the next few years.

“Although all IBG employees have been offered job opportunities with no diminution in their terms and conditions of service, we are aware that a few have not accepted the offer and have petitioned the National Labour Commission demanding severance pay. Access Bank has maintained a fair, objective and transparent process during the business combination, in line with international best practice. As such, the Bank remains committed to working with the Labour Commission and all other relevant bodies to uphold the laws of the land and address any residual issues arising from the merger”.

Mr. Ogundimu added that “there are enough jobs for everyone and therefore does not see the need to terminate anybody’s employment. Access Bank has in the course of the entire process been keen to ensure that no employee of “IBG” is worse off as a result of the merger.”

A statement issued by Access Bank said the “merger creates a formidable Ghanaian financial institution ranked amongst the top 7 in the banking industry by most metrics. With over 39 branch offices and 43 ATMs spread across the country, Access Bank Ghana is leveraging its geographical network to showcase its expertise in Treasury, Cash Management, Trade Finance and Technology driven banking solutions.”

“Last week the Bank completed its rebranding exercise at all the Intercontinental Bank branches across the country, and is currently deploying technology driven banking solutions to further enhance the quality of service at these locations. Banking hours have also been extended from 4pm to 5pm each day to afford customers more time during the day to transact business.”
obeeme no está en línea   Reply With Quote
Old March 27th, 2012, 08:54 AM   #207
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

Dun & Bradstreet receives full license to operate in Ghana

The latest Credit Reference bureau Dun & Bradstreet is hoping to capitalize on its international experience to succeed in the market.

Dun & Bradstreet (D&B) received its full operational license from the Bank of Ghana last Friday, joining the likes of XDS Data and Hudson Price Data Solutions.

Credit Reference Bureaus usually store information on the credit worthiness of customers who borrow or do business with financial institutions such as banks non-bank financial institutions among others.

The fledgling industry is already faced with inaccurate data challenges but D&B is optimistic its inclusion will bring enough competition to sanitize the system.

In a statement released by the company and sent to Citi Business News, Dun & Bradstreet expressed its excitement about launching business operations in the Ghanaian market.

“The main objective of this credit bureau is to provide information on the credit repayment trends of individuals and companies. The credit bureau will allow financial institutions to make an inquiry or check on a consumer or commercial entity before approving any form of credit or deciding on whether to sustain the credit granted. The credit bureau aggregates information among participating member financial institutions to provide the credit decision-maker with a more complete risk profile to enhance their risk mitigation capabilities.

The credit bureau will become a key player in the lending business as it will provide financial institutions with a better risk management tool and the bank customers will be better evaluated on their credit worthiness.

From the experience of credit bureaus in other countries, it was found that over time, borrowers stand to benefit from faster credit applications processing, faster disbursement of loans, fairer assessment and better adjusted quantum according to their more informed assessments.

Credit bureaus have long existed and are considered an integral part of the credit approval processes in a majority of developed economies such as those in North and South America, Australasia, Europe and Asia. Countries like New Zealand and Hong Kong have adopted credit bureaus since the 1980s while bureaus in the U.S. go back to the 1960s. Within the African region, D&B has implemented bureaus in countries like Egypt, Nigeria and Libya.

“D&B is pleased to launch business operations in Ghana and will work on creating a sustainable financial infrastructure in Ghana.

Our experience with government and private credit bureaus across the world has facilitated us in building this robust bureau for Ghana”, says Miguel Llenas, Executive Vice President at D&B
obeeme no está en línea   Reply With Quote
Old March 27th, 2012, 08:56 AM   #208
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

Ecobank profit for last year surges

Strong revenue growth has seen ECOBANK record an appreciable jump in its profit for last year.

Revenue shot-up by 30 percent as a result of good earnings from its business.

The bank saw a substantial growth in deposits, assets, loans advanced to customers and a huge leap in returns to shareholders.

Profit after tax went up by 20 percent to 72.3 million Ghana cedis.

Ecobank’s expenses however went up substantially due to some cost in opening new branches.

Samuel Ashitey Adjei Managing Director of ECOBANK attributed the revenue growth to “the three main business segments- corporate, domestic and capital.”

“I think all three segments contributed equally because we tried to balance performance."

He was hopeful the performance will be sustained this year because the business module remains virtually the same.
obeeme no está en línea   Reply With Quote
Old March 27th, 2012, 08:59 AM   #209
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

e-Zwich Money Transfers Grow more than 100 percent in 2011

Money transfer transactions through the e-zwich payment system saw a significant growth in 2011, going up by over 147 percent compared over the same period in 2010.

Over 60.6 million Ghana cedis worth of funds were transferred last year compared to 24.5 million Ghana cedis in the previous year.

In terms of volume, some 225,253 money transfer transactions took place last year compared to 100,500 in the previous year.

In its first year of operation, only 600, 000 Ghana cedis worth of money was transferred through the e-zwich, moving up to three million Ghana cedis in 2009.

According to the management of the Ghana Interbank Payment and Settlement Systems (GhIPSS), traders, and parents whose wards were in second and third cycle institution in particular had embraced the e-zwich for internal money transfers because of the convenience associated with its use.

While other internal money transfers are specific to banks, the e-zwich allows money to be transferred and received from any bank.

Additionally, it is possible to transfer money from the e-zwich ATMs.

These features, officials say had led to the continuous growth in e-zwich money transfers.

Mr Archie Hesse, General Manager in charge of Project and Business Development, GhIPSS, said in an interview that figures from this year suggested that more and more people were resorting to the e-zwich for money transfers.

He said GhIPSS will continue to work hard to ensure high patronage of the service throughout the country.**
obeeme no está en línea   Reply With Quote
Old March 27th, 2012, 09:01 AM   #210
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

British Airways downplays threat to its market share

British Airways has downplayed threats to its market share from other airlines that are currently plying the Accra-UK route.

The British carrier, until now had monopoly on the Accra-London route.

The past few years have seen the entry of some airlines on the route which was dominated by British Airways.

There are others who are also offering connecting flights to London at competitive fares.

But the new country commercial manager for British airways James Wooldridge told Joy Business they still have a strong hold on the Ghanaian market because of its premium services.

Meanwhile, British Airways said calls by government officials for reduction in airfares might be difficult.

According to the Commercial manager for British carrier rising airport taxes in Ghana and UK, as well as crude oil prices will make it difficult to reduce airfares.

A passenger travelling from Accra to London on an economy class, might pay about 500 dollars as taxes in addition the an original ticket price of 400 dollars
obeeme no está en línea   Reply With Quote
Old March 28th, 2012, 12:43 AM   #211
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

Barclays Introduces Risk Management Product

Barclays Bank Ghana is offering comprehensive risk management products to its clientele to manage the price risk they may encounter in their line operation.

The risk management product, plain vanilla derivatives, is the standard version of a financial instrument that is specially designed to alter the components of a traditional financial instrument, resulting in a more complex security. At a seminar to introduce the product to some selected clientele of the bank, an international expert, Dr Mabouba Diagne, who is a Director and Co-head of Barclays Product Control Group at Absa Capital, highlighted the importance of the product to companies.

The Barclays risk management product, which would be launched before the end of this year, is to help corporate organisations manage the price risk inherent in their foreign currency, interest rate and commodity prices.

Dr Mabouba said interest rate and foreign could be volatile and that a floating rate allows the borrower to take advantage of falling interest rate but leaves the borrower exposed to rising rate which could severally affect the cost of debt.

However, the risk associated with the interest and foreign exchange rates could be hedged to reduce the risk of adverse price movements.

“The objective is not to make money but to reduce risk,” he said. And this would require clearly defining hedging policy, combined with knowledge of the underlying risks.

On benefits for managing such risk, he said, companies would be able to stabilize their earnings, secure minimum operating margin and increase the probability of meeting high priority capital expenditure.

Benjamin Debrah, Managing Director of Barclays Ghana, said financial markets since 2007 have been volatile due to the sub-prime mortgage induced crisis and the recent debt crisis in Europe. “…The negative effects of these price movements can be significant and can be the difference between a firm making sizeable profits and even a loss.”

He hinted that the Risk management products represent an important set of products that the Barclays franchise offers to its clients in other parts of the world.

The Barclays MD said last year, Barclays offered some of the risk management product to the government of Ghana for its oil hedging programme.

Mr Deberah noted that the product enabled the government to successfully manage the price risks in its crude oil import and export bill.

“This played an extremely important role in the macroeconomic stability that the country enjoyed last year.”

Barclays, he said, aims to be the best bank in the country with a view to offering its clients a diverse bouquet of products.

“We have been in Ghana for 95 years. We have always been here and have always offered our clients the best. We value your business and promise to build trusted partnership.”
obeeme no está en línea   Reply With Quote
Old March 28th, 2012, 12:49 AM   #212
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

EXIM Bank Boosts Investments

DESPITE investing over US$500 million in the energy and transport sectors of Ghana’s economy, EXIM Bank is preparing to invest more money into other sectors.

This comes in the wake of the signing of a Bilateral Investment Treaty between Ghana and the US recently during President John Mills’s trip to the US at the invitation of President Barrack Obama.

The move is to help improve trade between the two nations under the African Growth and Opportunity Act (AGOA), by which the US would engage Ghana in areas such as mining, energy and communications.

Fred Hochberg, Chairman and President of the United States Export-Import (Exim) Bank, said the bank was bent on creating a lot more jobs in Ghana, adding that the financing of the Akosombo Dam’s construction in the 1960s was done by Exim Bank.

A number of agreements have been signed between Ghana and the US towards the development of a number of sectors of Ghana’s economy.

President Mills reiterated his administration’s resolve to create jobs and opportunities for all, adding that the collaboration between government and Exim Bank would help facilitate such aims and objectives easily.

Ron Kirk, a US Trade Representative, said the US knew Ghana to be a gateway to the continent, for which reason the current US administration had drawn a special partnership project to help achieve such a goal.

Mr Kirk commended Ghana’s pursuit of democratic governance, good economic management, respect for human rights and the rule of law.
obeeme no está en línea   Reply With Quote
Old March 30th, 2012, 09:25 PM   #213
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

UT meets BoG's recaptalization requirement

UT Bank has confirmed that it has met Bank of Ghana’s 60 million Cedi recapitalization requirement.

This was contained in a statement released by the bank yesterday. This follows a subscription agreement with the International Finance Corporation (IFC) which will see the corporation invest up to 22 million Cedi into the bank.

UT not now joins the elite group comprising Ghana Commercial bank and Agric Development Bank (ADB).

The Chief Executive Officer of UT Bank in the statement said, ““IFC is the world's largest development institution focused on the private sector, and its investment constitutes a welcome affirmation of the commercial success of the "UT Way," as well as the positive social and developmental impact UT has made in Ghana”.

Mr Amoabeng added that IFC’s investment will help spur the development of Ghana's SME and mid-market companies and prepare the Bank for future growth opportunities in the economy”.

IFC, focuses exclusively on the private sector in developing countries. In 2011 it supported some Ghanaian banks including Ecobank Ghana with over $2 million dollars.

Following UT Bank’s track record of supporting SMEs, it is likely that attracted the IFC to support the bank with the 22 million cedis.

According to the agreement IFC’s investment into UT Bank will be done through a private placement of new common equity shares.

IFC will also extend an Advisory Services program to strengthen UT Bank’s risk management and corporate governance practices.
obeeme no está en línea   Reply With Quote
Old March 30th, 2012, 09:26 PM   #214
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

Re-Capitalisation Grips Financial Markets

Ghana's financial market is undergoing some dramatic capital increases following the country’s entry into the league of oil producers and the attainment of a lower middle income status.

This has pushed regulators of the financial sector to compel industry players to up their capital base to conform to Ghana’s desired status as the financial hub of the sub region.

But just when the insurance companies had come out of a bout of recapitalisation, some local banks are trotting to the wire while the brokerage firms have just been hit with a recapitalisation drive.

The directive by the Ghana Stock Exchange (GSE) for all the 23 licensed investment banks or brokerage firms to raise their capital base from the current GH¢100,000 to a million Ghana Cedis by 2013 has attracted mixed and swift reactions.

The National Insurance Commission (NIC) too had based on a 2006 legislation, directed every life insurance company in Ghana and every general insurance to have a minimum of US$1 million in core capital, a stipulation which all the 42 licenced insurance companies in Ghana had complied with.

The NIC had earlier raised the minimum capital for general insurance firms that wish to engage in underwriting policies in the oil and gas industry to recapitalise further to a minimum of US$5 million.

The banking sector too is going through some transformation in phases, which the Bank of Ghana hopes all banks especially the local ones to recaptalise to the tune of GH¢60 million by the end of 2012.

In all these cases the players in the markets had not taken lightly to these new rates of re-capitalisation. However, officials of the GSE say the re-capitalisation of the brokerage firms is not reversible.

The General Manager of the Ghana Stock Exchange, Mrs Elizabeth Mate-Kole told the Graphic Business in an interview that the re-capitalisation of licensed investment banks was meant to make the brokerage firms stronger and be able to take on big businesses as the economy get set to thread on wheels of oil.

“Yes, we are in discussions with the Securities and Exchange Commission for the brokerage firms to increase their capital base from GH¢100,000 to one million by December 2013”, she confirmed.

But the directive is yet to be endorsed by the Securities and Exchange Commission (SEC), which is the regulator of the industry.

Director-General of the Securities and Exchange Commission Mr Adu Anane Antwi says the regulator require more information from the GSE before approving the capital raise.

“We will for instance want to know from the Ghana Stock Exchange whether they have consulted widely from the market and industry stakeholders before approval”, Mr Anane Antwi said.

Head of the Research Division of Databank, Nii Ampa-Sowa is hopeful that a higher capitalisation will bring greater success on the GSE.

“This will enable us do a proprietary trading,” he said. This means that brokerage firms will be able to buy stocks to keep in their books.

But a senior broker at FirstBanc Financial Services, brokerage and investment firm in Accra, Mr Edem Akpenyo, however disagrees. He suggests that the increase in the stated capital should be a gradual process.

According to Mr Akpenyo, going slow and soft should have been the best approach. “It should from the current GH¢ 100, 000 to say, GH¢300,000 or GH¢500,000 and not higher lump sum at a go”, he said.

He cautioned that the GSE should not adopt a one size fits all policy towards the brokerage firms adding that the timeline is “too short” but conceded that the increase in the stated capital will bring a lot of activities on the Ghana Stock Exchange.

For the banking sector, the on-going recapitalisation exercise were set out in two phases, which aimed to dramatically improve the core capital of the industry from a previous minimum per bank of just GH¢10 million to GH¢60 million (US$40 million).

The first phase required that all majority locally-owned banks achieve a minimum core capital of GH¢25 million (US$16.6 million) by the end of 2010 and that all majority foreign-owned banks raise theirs to GH¢60 million (US$40 million) by that time.

However, the other 10 foreign-controlled banks and the 14 majority Ghanaian-owned ones have all met their respective stipulated new capital targets.

December, this year, comes the hard part when more than 12 Ghanaian-controlled banks will have to raise their own capital base to GH¢60 million, to complete the second phase of the recapitalisation exercise and bring them at par with their foreign counterparts.

The National Insurance Commission insisted that any general insurance firm that wishes to engage in underwriting policies in the oil and gas industry, had to recapitalise further to a minimum of US$5 million in core capital by 2010.

While this means that the new minimum capital is not altogether compulsory – any general insurer could choose not to recapitalise, and not underwrite oil and gas industry risks, but none of them were willing to let the obvious opportunities in that newly emergent industry pass them by.

Indeed, it is instructive that all of Ghana’s general insurers have signed up to be part of the newly formed consortium to underwrite oil and gas sector risk, which tend to be so big that Ghana’s insurers must necessarily pool their resources together to handle them.

Already, under the consortium, all of Ghana’s general insurers have jointly underwritten the insurance of the Floating Production and Storage (FPSO Kwame Nkrumah), which was acquired for commercial production of oil from the Jubilee oilfield off Cape Three Points in the Western Region, which has an insured value of close to US$900 million.
obeeme no está en línea   Reply With Quote
Old April 1st, 2012, 01:54 PM   #215
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

Toyota Ghana outdoors 2012 Toyota Avensis

Toyota Ghana Company Limited on Friday released a new Toyota Avensis onto the Ghanaian market to ensure the safety and comfort of customers.

The 2012 Toyota Avensis, which has received a five-star rating under the latest Euro NCAP rating scheme comes with a dynamic and unique presence with outstanding performance of responsive driving feeling created by the innovation.

The new Avensis has been designed with an improved aero-dynamics to reduce co-efficient of drag and efficient fuel consumption for improved performance.

It has radiator grille with continuous flow to the headlamp to express a wide feel and an assertive lower grille to ensure aero-dynamic, cooling and pedestrian protection performance.

The 2012 Avensis, has an expanded width of 60mm for wider space and a three dimensional unified door trim and instrumental panel design.

There has been a change with the fuel and speed metres of the 2012 Avensis to enhance appearance, and an introduction of multi-information display on the metres for easy access to information such as days of the week, outside temperature, current and average fuel consumption, rear seatbelt reminder and average speed.

Other feature of the vehicle include 2.0 petrol litre, four speed automatic, audio control in the steering wheel, Bluetooth, radio CD player with six speakers, wireless door lock with answer back, side impact beams on all doors, multi-reflector headlamps, and automatic light control.

Launching the vehicle in Accra, Mr Takohiko Takabayashi, Managing Director of Toyota Ghana said, introduction of the 2012 Avensis was motivated by the current rapid changes in the technological advancement which had resulted in customers always looking out for new inventions.

He said the new Avensis had been lifted to a level aimed to achieve smooth ride and comfort to outclass competitors in the global market.

Mr Takabayashi said Toyota was committed to offer customers with world-class products and services.

“We have principle philosophy of customer first and a policy of KAIZEN, meaning continuous improvement. Through these, we are always ensuring to provide our customers with high level satisfaction,” he said.
obeeme no está en línea   Reply With Quote
Old April 1st, 2012, 01:56 PM   #216
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

NCA Challenges Tigo

THE NATIONAL Communications Authority (NCA) has challenged Millicom Ghana Limited, operators of Tigo network, for publishing a report contrary to what the former has carried as regards network rankings.

In its 2011 report, Tigo maintained that it was still the second leading operator in Ghana despite an earlier report by the NCA that Vodafone Ghana was the second leading network.

According to the regulator (NCA), it was the only authority mandated to report on the telecoms industry in the country. Per its 2011 report therefore, Vodafone finished the year as second leading operator with 4.2 million subscribers, representing 20.2 percent market share while Tigo came third with 3.9 million subscribers, representing 18.53 percent of the market share.

NCA also noted in its full year subscriber base report that the total mobile penetration for year ending 2011 was 21.2 million.

However, according to Tigo’s annual report published on myjoyonline.com, it closed the year with 3.5million subscribers, and not 3.9 million, which represented 21.3 percent of the market share.

Tigo’s report also stated that mobile penetration in Ghana was 16.53 million as opposed to the 21.2 million stated by the NCA.

Per Tigo’s report, its 3.5 million subscriber base was 21.3 percent of 16.53 million subscribers, which made it the second largest among five operators in Ghana.

A source at NCA, in an interview with this paper, said Tigo could not claim to be the second leading operator because the NCA received monthly reports from the telecom operators in Ghana. Based on these reports, the regulator is able to determine the number of subscribers that each operator has.

The source, who spoke on behalf of NCA, stated that “the authority’s report, among other things, includes the number of active subscribers and the number of churned out registered subscribers.”

The source noted that MTN, the leading operator in the country, had over 10.2 million subscribers, which was a well documented fact; therefore Tigo’s claim of a total subscriber base of 16.53 million was shocking.

According to the report, “Millicom reports to NCA subscribers up to 90 days of activity, according to NCA policy, but internally, we report to headquarters up to 60 days of no activity.”

Explaining the foregoing, a highly placed official at Tigo explained that figures in Tigo’s annual report were based on how many Tigo subscribers were active within the last 60 days up to December 31, 2011, adding that, that was different from how many subscribers were active within the last 90 days.

The official further explained that “within 60 days, every subscriber from any other network that makes a call or sends an SMS to a Tigo number, even for once, is captured as an active subscriber for that network. And when we put those figures plus our own subscribers together, we determine the mobile penetration,” the official said. This, according to the NCA official, was not practicable, as an operator could not determine the number of active calls or number of SMS from another operator.
obeeme no está en línea   Reply With Quote
Old April 1st, 2012, 01:57 PM   #217
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

Commodity Exchange Ready By December

The long-awaited commodity and exchange as well as a regulated warehouse receipt system to ensure price stability and ready market for producers in agribusiness in the country would be realized by the end of this year, officials have disclosed.

The system, expected to provide sustainable and affordable finance to farmers who would use their commodities as collateral, has been touted for some time now.

Speaking at the opening of a two-week training for stakeholders involved in the setting up of the Ghana Commodity Exchange, the Minister of Trade and Industry, Ms Hanna Tetteh stated that some of the advantages of the warehouse receipt system are assurance of quality and quantity because of the proper system of storage and ascertaining the value.

She said the Exchange Commodity which is receiving funding from the UNDP under its Trade Initiative Project, would serve as an additional mechanism to support the agro industry.

“It would bring small holder farmers to the main stream sector and give them an incentive for doing so and therefore translate to significant changes in their lives.”

She said it would also serve as an incentive for the multinational companies and other large scale producers to source local raw materials “as they would be assured of quality”.

Ruby Sandhu-Rojon, UN resident Coordinator and UNDP Resident Representative agreed that even though the establishment of a commodities and exchanges may not be the panacea for all the weaknesses of the agricultural sector “they have the potential to improve the functioning of agricultural markets…”

“We look forward to working with the Ministry of Trade and other partners to ensure the Ghana Commodities Exchange is established and operational by the end of 2012. We eagerly await the start of the first trading on the floor of the Commodity Exchange to enable the Ghanaian farmers obtain fair and predictable pricing for their produce.”

The Ethiopian Commodity Exchange is the most successful in Africa, and it is assisting Ghana to establish an exchange modeled after that of the former.

Dr Eleni Gabre-Madhin, Chief Executive Officer of the Ethiopian Commodity Exchange who is leading a team to train stakeholders in Ghana, said Africa with its untapped potential arable land cannot afford not to embrace this innovative instrument to manage and ensure food security on the continent.

The idea of establishing commodity exchanges, she said, “is resonating across the continent and we have been visited by 18 countries so far and have signed memoranda of understanding with about three of them.”

The Ethiopian Commodity Exchange, which was established in 2006, is now trading 580,000 tonnes of commodities valued at $1.2 billion.

The exchange in Ethiopia, which trades coffee, sesame seeds and maize, has 350 members of which 12 per cent are small farmers and records $20million daily from clearing activities which is in excess of 10 times the average of $2 million trading value of the Ghana Stock Exchange.
obeeme no está en línea   Reply With Quote
Old April 2nd, 2012, 09:37 PM   #218
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

UBA joins top 10 banks

The United Bank for Africa (Ghana) Limited, (UBA) has joined the top-ten banks in the country in terms of profitability, Mr. Oliver Alawuba, Managing Director of the bank, has said.

The company’s annual report and financial statements for 2011 show it recorded a profit before tax of GH¢30.2million, against GH¢13.9million in 2010. This represents an increase of 143% over the previous year.

Profit for the year after tax also increased from GH¢9.2million in 2010 to GH¢22.4million. Deposit volume increased to GH¢404.6million from a previous GH¢311.2million.

A decrease in interest income margins last year presented an opportunity for the bank to go into fees and commissions. About 57% of the bank’s income during the 2011 financial year came from fees and commissions, a trend which would continue, according to Mr. Alawuba.

The bank’s improved risk analysis and prudent measures contributed in reducing its nonperforming loans (NPLs) from 19% in 2010 to 7.91% during the 2011 financial year.

“We have been able to reduce the bank’s NPLs through our collective effort, and I can say that by the end of the year it will be reduced further to about 5%,” Mr. Alawuba told the B&FT in an exclusive interview.

Commenting on the expectations for the banking industry this year, Mr. Alawuba said: “The operational environment will be different from what pertained last year, because this is an election year. The inflation rate is going down and the margins are coming down as well. These are the realities of 2012.

“In these realities, harsh as it may look, we should be able to use our skills to find a way of doing our business. We will remain focused, and improve our operations and customer service. UBA is also strong in electronic banking, and this will help us serve our customers better and attract new ones.”

He indicated that the bank will support the agricultural sector as part of its measures to diversify its loan distribution for 2012 to include commodities, public-sector business and telecommunications.

The move will see the bank finance commodities such as cocoa, by providing financial assistance to Licenced Buying Companies (LBC) engaged in the purchase of the cash crop as well as farmer associations. The bank further hopes to extend its assistance to shea butter and cotton cultivation.

“Fortunately for Ghana, it has a well-established mechanism that is bankable for cocoa. We want to enter that value chain. The cocoa business is well-structured and makes it easier for banks to get into the sector. We will support the LBCs and that will also translate into support for farmers.”

Explaining the rationale for the bank’s decision to go into public finance, Mr. Alawuba said: “For Africa to develop there must be that uniformity of purpose between the private sector and the government in terms of infrastructure development. Most African countries are not doing very well in that regard. The problem is that in time past government did not understand the private sector and vice versa. But it is important that banks assess and help finance some of these critical projects.”

Mr. Alawuba explained that local banks can address the issue of capacity by forming alliances among themselves, and even with foreign banks, to be able to bring in funds to finance some critical public-sector projects.

“UBA has a lot of capacity that it can leverage on, given the number of countries it operates in, to provide some of the critical infrastructure that is needed in the country. UBA has no problem of capacity; the UBA group can support us to undertake big-ticket transactions here in Ghana.”

UBA Ghana Limited is a subsidiary of United Bank for Africa Plc, which is one of Africa’s leading financial institutions offering services to more than 7 million customers across 750 branches and over 2,000 ATMs in 19 African countries.

UBA Ghana has a footprint of 26 fully-networked branches and 40 Visa-enabled ATMs spread across Accra, Tema, Kumasi, Takoradi and Aflao.**
obeeme no está en línea   Reply With Quote
Old April 2nd, 2012, 09:38 PM   #219
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

Cost savings boost Barclays’ profits

Barclays Bank Ghana has reported a 40% jump in 2011 after-tax earnings on the back of lower impairment costs and a fall in operational expenses. The bank’s after-tax profit went up to GH¢83million from GH¢59.2million the year before, Managing Director Benjamin Dabrah said last week.

He said loan-impairment charges were down to GH¢6million from GH¢20.8million in 2010, and operational costs dropped marginally to GH¢105.8million from GH¢114.6million.

“We believe we are back for good to the top-end of the banking industry where Barclays belongs,” Mr. Dabrah said.

A top-five lender by assets, Barclays saw an overdrive in impairment losses to GH¢60.9 million in 2009, which contributed to a loss after tax of GH¢18 million. But a swift recovery began in 2010, with loan losses dropping to GH¢20.8million and earnings after tax rising to GH¢59.2million.

The upturn was also helped by measures such as a slowdown in branch expansion, which curbed the rapid rise in operational costs, with more focus on delivering high-quality and more efficient services.

Last year, Barclays removed charges on ATM transactions and requests for statements, and broadened the reach of its Internet banking and SMS alert services.

“We had to go back to the basics and focus on the customer and doing things properly, ensuring that we price right and keep our key stakeholders such as staff and customers happy,” Mr. Dabrah said.

The bank’s balance sheet added GH¢300million to GH¢1.9billion in 2011, he said, with much of the growth attributable to an expansion in credit to the real sector of the economy.

“Our loans and advances to customers in the private sector grew by 35%, and goes contrary to claims that banks are not lending.” He said the outlook for 2012 is positive, with first quarter results showing the momentum from the previous year has been sustained
obeeme no está en línea   Reply With Quote
Old April 2nd, 2012, 09:42 PM   #220
obeeme
Registered User
 
Join Date: Dec 2009
Posts: 633
Likes (Received): 30

Ghana cocoa purchases up 3.5 pct so far

Cocoa purchases declared to Ghana's sector body Cocobod reached 717,171 tonnes by March 22 since the start of the 2011/2012 season last October, Cocobod sources said on Monday amid fears of a production shortfall.

The figures, which covered the first 23 weeks of the main crop, were up 3.5 percent the same period last year.

Total purchases for the week ended March 22 were 1,494 tonnes as the harvest begins to tail-off before its expected rebound at the end of April, the sources said.

Ghana, the world no.2 cocoa producer after Ivory Coast, hopes to buy some 950,000 tonnes in the season ending September, up from an original forecast of 850,000-900,000 tonnes.

But key industry players, including farmers have expressed fears that Cocobod might not meet the revised target due to uneven weather conditions likely to stunt pod development.

"We are having uneven rains now and they are not enough to match the long dryness that came before - it is not likely that Ghana will meet this year's target," Lawrence Adu, a prominent cocoa farmer in the Eastern region told Reuters over the phone.

Adu said any late rains would boost the 2012/13 harvest rather than be of help to the current one.

A major cocoa buyer feared the expected rebound of the current crop at the end of April might be weak, adding that it would be difficult for Cocobod to meet the target.

"It's going to be very tight and we dont think they will be able to make it," the buyer, whose company buys cocoa mainly from the top growing Western and Ashanti regions, told Reuters.

Deputy chief executive Kwabena Asante Poku said Cocobod was still working towards the revised target.

"We are doing the best we can... we are working towards it," he told Reuters, adding the current tailing off of the main crop was normal. "We are hoping it will come up again by the end of April, so we are keeping our fingers crossed."
obeeme no está en línea   Reply With Quote


Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT +2. The time now is 03:05 AM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2015, vBulletin Solutions, Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2015 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2015 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu