Kofi Ahovi

Nu World Africa, a Non Governmental Organization, in collaboration with Hero productions has organized a one-day seminar for students to mark the United Nations day against the exploitation of the environment during wars and armed conflicts. The seminar was to educate the youth on the effects of environmental degradation. The youth were advised to protect the environment, preach peace and more importantly, practice what they say to ensure that the nation remain peaceful during after the general election in December this year. They were also warned about the possible exploitation of the youth in times of war. The seminar, which was under the theme, “Safeguarding the Environment,” was graced by representative from the Forestry Commission, Environmental Protection Agency and United Nations Development Program (UNDP).

By Elikem MENSAH Ghana’s trade deficit has widened in the first nine months of 2008. It recorded a deficit of US$716.8m compared with a deficit of US$566.9m during the same period in 2007. The deficit was basically financed mainly by drawdown of reserves including the balances of sovereign bond proceeds of US$750m that accrued in the last quarter 2007. However, the Bank of Ghana (BoG) has projected that the overall balance of payment deficit is expected to narrow to US$490m compared to a surplus of US$413.1m in 2007. Total merchandise exports stood at US$4,017.5m, an average annual growth of 30.8% at the end of September 2008. Export of cocoa beans and products amounted to US$1,160.9m compared with US$910.8m for the same period in 2007 representing an annual growth of 27.5%. Cumulative cocoa purchases for 2007/2008 season through the end of September 2008 amounted to 758,908 tonnes, against a forecast of 650,000 tonnes for the entire crop season. Gold export for the first nine months a...

By Jeorge Wilson KINGSON The Association of Ghana Industries (AGI) has presented communication gadgets and other items totaling GH¢45,200 to the Ghana Police Service (GPS) to enhance its operational efficiency. They include walkie-talkies, close circuit cameras and television (CCTV), motorbikes and emergency tents. The presentation which is the first in the series of other presentation to be made to the police by the AGI is intended to help the service tackle the surge of crime in industrial locations across Accra and the Tema metropolis. The presentation was the result of a high profile meeting held in July this year between the executives of AGI, the top hierarchy of the GPS and the Ministry of Interior. A joint committee of the AGI and the Police Service was formed to determine the required logistics. At the presentation ceremony last week, the Minister for Interior, Dr. Kwame Addo Kufuor, said that apart from next month’s general elections which posed a serious challenge to the Ser...

Raphael Adeniran The West African Gas Pipeline Project (WAGP), whose operational timeline has fallen behind schedule by more than two years, is expected to begin operations by December this year, official with the Nigerian Gas Company said last week. The pipeline which connects Nigeria’s natural gas supplies to Ghana through Togo and Benin, was initially scheduled to deliver its first batch of natural gas by 2005, but had to be shifted to 2007 due to technical and funding constraints. Officials of WAGP halted the project after leaks were detected in supply pipelines in Nigeria in 2007. "We should complete the clean up of the pipelines by the end of the month and begin to provide 30 million cubic feet per day (mcfd) of gas to Ghana from December," Sam Ndukwe, the pipeline's budget coordinator for the Nigerian Gas Company, told the press on the sidelines of an industry conference last week. Ndukwe estimates natural gas delivery through the pipeline will increase to 130 mcfd...

By Kofi Ahovi Barclays Bank Ghana has marked its Make A Difference Day (MADD) activities through out the country by supporting the communities in which the bank operates in. As part of the activities, the bank visited several basics schools to paint, clean and clear the surroundings of these institutions of bushes as well as donated items. The bank made available over GHc57, 000 grants for the MADD project. MADD is a day set aside by Barclays every year, which staff of the bank gets involved in activities that make a difference in the lives of the community by contributing their skills, competences, time and energy. Such activities mostly include awareness creation on health challenge such as HIV/AIDS, breast cancer, diabetes, painting school building and hospitals and clean- up exercises. In the past it included seminars on basic book-keeping for traders, talks on savings, fun activities for orphanages, and construction of places of convenience among others. According to the Managing...

By Fred SARPONG The Ghana Cocoa Board has presented a brand new double cabin Toyota pick-up, value at US$29,000 to the 2007 National Best Cocoa Farmer for his contribution to the growth of cocoa sector in the country. Presenting the vehicle and an insurance certificate to the best farmer, the Deputy Chief Executive in charge of Agronomy and Quality Control (A & QC), Tony Fofie said that the board and as well as the whole nation appreciate the effort of farmers in the country especially cocoa farmers. Fofie indicated that the presentation is to motivate other cocoa farmers in the country to work hard to earn such award. The winner, Nicholas Kwarbeng, a 58 year old farmer from the Brong AhafoRegion qualified as the 2007 National Best Cocoa Farmer with 120 hectares of cocoa farm,. He harvested 2,600 bags of cocoa in 2007. Meanwhile, President John Agyekum Kufuor has inaugurated a US$100 million cocoa processing plant for Cargill Ghana Limited in Tema. The company is an internation...

By Fred SARPONG Information available to Business Week indicates that the Communications Service Tax (CST), which was levied on charges for the use of communications services in the country has generated approximately GH¢21.6 million by the end September 2008. The communication levy which was introduced barely six months ago recorded GH¢4.0 million in June, the first month it was introduced. This increases by GH¢2.3 million to GH¢6.3 million at the end of July 2008. The CST pulled an amount of GH¢5.4 million at the end of August 2008. This went up by GH¢0.5 million representing 9.2% increase to reach GH¢5.9 million at the end of September 2008. The amount was collected from the six licenced mobile operators in the country, namely Mobile Telecommunication Network (MTN), Tigo, OneTouch, Kasapa, Zain and Globacom. Also are Public/Corporate Data Operators, Providers of Radio (FM) broadcasting services, Providers of Free-on-air and Pay-per-view television services, (DStv and GBS), Internet ...

By Fred SARPONG Information available to Business Week indicates that the Communications Service Tax (CST), which was levied on charges for the use of communications services in the country has generated approximately GH¢21.6 million by the end September 2008. The communication levy which was introduced barely six months ago recorded GH¢4.0 million in June, the first month it was introduced. This increases by GH¢2.3 million to GH¢6.3 million at the end of July 2008. The CST pulled an amount of GH¢5.4 million at the end of August 2008. This went up by GH¢0.5 million representing 9.2% increase to reach GH¢5.9 million at the end of September 2008. The amount was collected from the six licenced mobile operators in the country, namely Mobile Telecommunication Network (MTN), Tigo, OneTouch, Kasapa, Zain and Globacom. Also are Public/Corporate Data Operators, Providers of Radio (FM) broadcasting services, Providers of Free-on-air and Pay-per-view television services, (DStv and GBS), Internet ...

By Elikem MENSAH Ghana’s total debt stock has risen to US$7,683.4 million representing 53.5% of Gross Domestic Product (GDP) as at the end of September 2008 from US$7,411.7 million ( 51.4% of GDP) in 2007. The stock of domestic debt increased to GH¢4,144.8 million representing 25.4% of GDP in September this year from GH¢3,708.2 million representing 26.5% of GDP at the end of 2007. Ghana’s external debt by the end of September registered a total of US$4,030.0 million representing 28.1% of GDP, up from US$3,590.4 million (24.9% of GDP) at the end of December 2007 with most of the amount, approximately US$470.0 million, being owed to multilateral creditors. The external debt stock at the end of the second quarter of 2008 stood at US$3,769.21 million, having fallen marginally by US$11.10 million from the stock position at the end of the first quarter. Government has used a total of US$95.74 million in servicing the country’sexternal debt, bringing to US$161.93 million total debt financing ...

The Presidential race was called for Barack Obama at 11p.m. on the East Coast, 8p.m. on the West. An hour later he was on stage at Grant Park in Chicago, speaking to the tens of thousands of supporters gathered there. Here are the highlights of his acceptance speech: The transcript of the full speech follows. I f there is anyone out there who still doubts that America is a place where all things are possible; who still wonders if the dream of our founders is alive in our time; who still questions the power of our democracy, tonight is your answer. It's the answer told by lines that stretched around schools and churches in numbers this nation has never seen; by people who waited three hours and four hours, many for the very first time in their lives, because they believed that this time must be different; that their voice could be that difference. It's the answer spoken by young and old, rich and poor, Democrat and Republican, black, white, Hispanic, Asian, Native American, gay,...

By Fred SARPONG Ecobank-Accion (EB-Accion), a partnership between Ecobank Ghana Limited and Accion International has disbursed amount to the tune of $15 million to over 36,000 borrowers in Micro, Small and Medium Enterprises (MSMEs) sector in the country, since the institution was set up barely six months ago. Frances Adu-Mantey, the Managing Director of EB-Accion disclosed this to Business Week in Accra last week during the official opening of Accion Hub headquarters in Africa. The institution’s current portfolio stands at GH¢4 million. She stated that currently, EB-Accion have over 6100 customers who save with them throughout the four branches of the institution. According to her, in order to improve the services of the institution, Ecobank Share Services center will facilitate the technology aspect of the bank by networking all the branches of EB-Accion. Maria Otero, President and Chief Executive Officer of Accion International said that the center’s staff in Accra will provide supp...

By Kofi Ahovi The Ministry of Finance and Economic Planning is seriously considering channeling about 10% of proceeds from the Communication Services Tax, popularly known as talk tax, to the Venture Capital Trust Fund (VCTF). BusinessWeek has gathered that this, if done, will help boost the Fund’s financial muscle to enable it venture into capital intensive investments such as the building and construction industry. Initially VCTF was being financed through the National Reconstruction Levy (NRL), from which it received 25% annually but since its abolition in 2006, there has been no alternative funding. To address this, board members of VCTF went into consultation with government through the MOFEP to source for alternative funding. Since its inception this year, the talk tax, which was set up primarily to finance the National Youth Employment Program, has accrued more than GH¢4m. VCTF on the other hand, started with total seed funding of GH¢22.4m and received an additional GH¢2.3m throu...

Pan African entertainment network, MTV Networks Africa, and international telecommunications giant, Zain, have joined together to launch the MTV Africa Music Awards to the celebration of Africa’s music talent. The MTV Africa Music Awards with Zain honours the passion, creativity and artistry of the African music industry, showcasing the continent’s brightest and best contemporary music and artists to a global audience. The event will take place at the Velodrome, Abuja, Nigeria on Saturday 22 November 2008 in front of thousands of musicians, celebrities, media and music fans. The MTV Africa Music Awards with Zain will take the form of a 2-hour TV spectacular, combining performances from top African and international stars with award presentations and an international superstar host. Conceived as the ultimate celebration of African contemporary music talent, the MTV Africa Music Awards with Zain will provide a major promotional platform for the burgeoning African music industry, champion...

By Fred SARPNG The HelpAlliance, an association made up of committed Lufthansa airline employees has supported Kinder Paradise center at Prampram in the Ga Dangbe District in the Greater Accra Region with amount of 38,000 euros. Iris Sandhof, Chief of Lufthansa Freight Attendant disclosed this to Business Week during the alliance tour to the center last week. Sandhof stated that her group is using 30,000 euros to build a kindergarten for the center while 8,000 euros was also used to equip the center computer laboratory. The German Ambassador to Ghana, Marius Hass who accompanied the team to the center congratulated the employees for setting aside some funds to support the needy in society particularly the center since 2006. He encourages the HelpAlliance team to continue their good works. On behalf of the German Government, the Ambassador presented the “German Order of Merit” to the founder of the center, Madam Silke Rosner who in her own initiative the center was established ten yea...

By Jeorge Wilson KINGSON Parliament has waived a total of GH¢5.15mil taxes on equipment and materials imported or purchased locally for implementation of the country’s fibre-optic telecommunication backbone project. The request for the waiver was put in by the Ministry of Finance and it was to enable the communication ministry honour its part of the agreement which established the project which was constructed by Huawai Technologies Company Limited. The waiver comprises a corporate duty of GH¢3,462,687, corporate tax of GH¢1,007.768 and GH¢678,762.48 Value Added Tax (VAT). Sections of the agreement state that “the contract price is exclusive of local tariff, VAT, taxes, duties, withholdings, levies, charges or fees that may be applicable in the country all authorities for the performance of the contract. In case there is a local requirement on the contractor for such payment, or any retention and/or withholding being made on the payment to the contractor, the prices quoted shall be ...

By Jeorge Wilson KINGSON Parliament is set to pass the Borrowers and Lenders bill before Parliament’s last sitting in November. The bill which was presented on October 17, 2008 entered its consideration stage last week and expected to receive overwhelming support from the Members of Parliament to culminate into its passage into law. The finance committee of the House which examined the bill has recommended it saying “it will help bring sanity to the relationship between borrowers and lenders who deal at arms length”. The purpose of the bill is to provide an improved legal framework for credit lending; to improve standards of disclosure of information by borrowers and lenders to prohibit certain credit practices; promote a consistent enforcement framework related to credit and to provide for related matters. The bill contains some consumer protection mechanisms that will ensure that borrowers are able to exercise their rights without being penalized or made to suffer other detriments b...

By Elikem MENSAH Bank of Ghana (BoG) has projected a 6.6% Gross Domestic Product growth for 2008 against the initially projected 7%, according to the central bank’s economic model. The model revealed that the end of year inflation will be peak 17% , a figure far higher than the single digit forecast in the 2008 budget. Government had planned to achieve a real GDP growth of at least 7%, an end of year inflation rate of between 6% and 8%, accumulation of internal reserves to the equivalence of at least three months import cover and an overall budget deficit of 4% of GDP, but global economic disruption caused by high crude oil prices and other factors have derailed these targets. Year on year inflation is currently pegged at 17.9% but expected to drop marginally. Total merchandise imports for the period amounted to US$7,514.1 million, an annual growth of 31.3%. Gross international reserves position at the end of September 2008 was US$2,270.2 million. This compares with US$1,811.34 in Sept...

Barclays Bank Ghana, last week opened a new branch purposely for Small and Medium Enterprises (SME ) banking in the country. The branch will enhance the growth potential of SME’s through the expert financial advice and support as well as consolidate portfolio rewards. The centre which is described to be one-stop-shop for SME will provide end-to-end banking solution to that particular segment. According to the managing director of Barclays Bank, Mrs. Margaret Mwanakatwi the centre will introduce a new range of attractive and competitive SME products and facilities to help improve on their various banking solutions to hardworking small and medium scale entrepreneurs. Barclays SME banking which seeks to deepen business relationship in the SME sector will be achieved through the roll-out of attractive products, supported by aggressive sales and monitoring and collection techniques. She said there are plans for the bank to raise more capital which has been endorsed by the UK government fro...

By Tony White Meribe At the just concluded fifth Security Watch International Award held in Abuja Nigeria, Amalgamated Bank Limited was adjudged the most Security Conscious Bank in Ghana. The bank has witnessed growth in every area of its business endeavour and at its last annual general meeting held recently, it was revealed that its net interest income rose by 108 per cent from GH¢6.3 million in 2006 to GH¢14.8 million last year. The bank’s operating income also went up by 123 per cent from GH¢ 5.5 million in 2006 to GH¢12.3 million in 2007, bringing profit after tax to GH¢1.1 million in 2007 from a net loss of GH¢417,218 recorded in the previous year. The total asset of the bank also saw a significant growth of 125 per cent from GH¢66.35 million in 2006 to GH¢149.38 million as of December 2007. “The appreciable growth in the total assets base was funded by the 126 per cent growth in deposit liabilities from GH¢55.64 million in the previous year to GH¢125.7 million in 2007. Sharehold...

By Jeorge Wilson KINGSON The redevelopment of the old horse racing; the Accra race course, into a mixed user complex to include a five star hotel, office building, apartment suit and a shopping mall will soon commence. A support agreement between Ghana, Cascade Development Company Limited and Gold Coast Resorts International Limited to give the project full governmental backing was approved by Parliament last week. The mixed user complex is expected to augment the present stock of hotel accommodation in the country and help attract more tourists as the project is designed to turn the AICC area into a complete convention centre of international standards. To this effect CDC has obtained a sublease covering the race course from the Ghana Tourist Board to redevelop the complex on the 14.16 acre land. The company has also relocated the race course to Ashaley Botwe, a suburb of Accra, off the motorway, at its own expense as well as undertaken demolition exercise to prepare the site for the...

By Jeorge Wilson KINGSON Parliament has approved a loan of US$141 million between government and the African Development Fund to support the 2008 budget through the enhanced budgetary support system; the Multi Donor Budgetary Support (MDBS). The fund is meant for the improvement of governance in relation to public finance management, energy reforms and private sector development. It will also be used to support government’s poverty reduction strategies. At a meeting with the parliamentary committee on finance, a technical team from the Ministry of Finance and Economic Planning stated that the program will provide Ghana with a conducive and cost effective business environment, a transparent budget process and an efficient public service. The terms and conditions of the loan include a ten year grace period, 0.5% commitment charge per annum on disbursed portion of the loan, a repayment period of 30 years which is exclusive of grace period and a service charge of 0.75% per annum on the pr...

The people of southern Volta are currently pushing for the passage of a legislative instrument that will pave way for the full implementation of the fishing Act. Speaking to the Parliamentary Committee on food and agriculture at a meeting held in Accra, the group said this will prevent vessels from fishing along the coast. In a survey conducted by the Youth Research Network of Ghana (YORNG), it was realized that activities of foreign travelers and other local vessels that fish close to the continental shelf were destroying the breeding places of fish stocks. The survey also found that majority of the fishing public of the locality though aware of existing fishing laws, do not adhere to them due to non-enforcement by both regional and district authorities. The group therefore called for the enforcement of the fishing laws to address the situation. The also called on the local people to improve on the sanitation of the water bodies as well as of the appropriate fishing methods.

By Kofi Ahovi A book on Ghana’s economic history was launched in Accra last week. The book titled ‘An Economic History of Ghana: Reflections on a half-century of challenges and progress’ was edited by Ivor Agyeman-Duah, with the first copy auctioned for GH¢20,000. The book reflects Ghana’s half century of bumpy economic transformation. Ivor Agyeman-Duah gathered together a group of scholars, educators, government, business and civil society leaders to debate the trajectory of Ghana's economic history. Their views centred on three fundamental themes: structures and institutions in a postcolonial economy, the Role of Public Policy and Innovation. The book is about a past transition of how Ghanaians managed their economy from independence in March 1957 under Dr. Kwame Nkrumah to the tenure of John Agyekum Kufuor. According to an analyst, the book would be a valuable tool for studies on African economic history with specific emphasis on Ghana but could also double as a yardstick for co...

-As Experts predicts an end by 1st qtr 2009. By Raphael Adeniran. Ghana’s Official Direct Assistance (ODA) and Foreign Direct Investments (FDIs) are not likely to be affected by the recent crippling global financial crisis, because economist experts are predicting an end to the turmoil by the first quarter of 2009. This timeline means the turmoil would end way before the Ghanaian economy begins to feel any potential impact. Barely a fortnight ago, University of Virginia professors Robert Bruner and Herman Schwartz, during a forum on the current economic crisis, concluded that the world economy was not headed for times as bad as the Great Depression even though this was the worst U.S. financial crisis since then. According to them, the collective actions of the U.S. Treasury Department, Congress and financial ministers worldwide standing in solidarity may be the crucial factor that brings the current financial turmoil to an end in a matter of months, by the first quarter of 2009, said B...

Interest rates held steady by banks in the country, in the wake of monetary policy committee (MPC) to maintain the prime rate at 17%. The prime rate is the rate at which the central bank does it overnight lending to commercial banks, which also serves as a benchmark for the banks in setting their respective base lending rates. Year on year inflation has dropped to 17.9% at 12 month period ended September from 18.4% recorded at the end of June 2008. According to the chairman of MPC Dr. Paul Acquah, the third quarter of 2008 has been significant shifts in preferences on the money market away from medium to long-term dated instruments, with falling average maturies. These shifts have come along with significant realignments of interest rates on the money market. At the end of September 2008, the share of the short-dated securities that is the 91 and 182 day instrument in the outstanding stock of government securities increased by 41.1% to 34.6% after declining progressively from a high ...

By Bernard Ato ARTHUR A new satellite uplink earth television station, which telecasts Christian news, documentaries and movies 24 hours everyday, from Ghana across the African continent, has been launched. Crown Royal TV and Radio Network, which started transmission on October 30, 2008, comes with channels ranging from 30 to 300 which can be accessed a customized decoder. Speaking to BusinessWeek after its inauguration in Accra last week, E. Binney, CEO of Crown Royal TV, noted that so far £2 million has been sunk into the venture which targets the whole of the African continent and beyond. “As part of my effort to ensure that Ghanaians witness a total transformation in the whole TV/radio concept, I have also established a multimedia university college, where people who are into filmmaking, satellite solutions, internet and web solutions as well as graphic designing and animation, journalists would be trained,” Binney concluded.

The Governor of the Bank of Ghana, Dr. Paul A. Acquah, has been awarded Central Bank Governor of the Year at the prestigious African Banker Awards 2008. A citation written by Omar Ben Yedder, chairman of the organizing committee of the African Banker Awards and Associate Group Publisher of IC Publications was read in honour of the governor at the awards ceremony. A BoG press release quoted the citation as stating: “Dr. Acquah was born in Juabo, a village in the Western Region of Ghana. A graduate of the University of Ghana and Yale University in Economics, Governor Acquah obtained a Ph.D at the University of Pennsylvania, USA, and joined the IMF as a young economist. Rising through the ranks, he eventually became deputy director for the Africa Department in 1998. “The banking system in Ghana is undergoing rapid change and much of this is attributable to Dr Paul Acquah and his technocratic team at the bank. They have successfully re-denominated their currency. They have successfully iss...

The senior management team of Zain Ghana, led by its Country Manager, Philip Sowah, has paid a courtesy call on the Ga Mantse, King Tackie Tawiah III, and the Ga Traditional Council, to formally introduce the company to them and inform them of the imminent launch of their services in Ghana. They informed the Council that Zain, which is currently operating in 22 countries in Africa and the Middle East, was happy to be present in Ghana, which is a leading country in the sub region. The company plans to launch its operations by end of this year and is looking forward to introducing its world class telecommunications services to Ghanaian subscribers, who have been short changed by existing service providers for far too long, Sowah alleged. The Ga Mantse, King Tackie Tawiah, reiterated the importance the government attaches to ICT as a tool for development and was pleased that despite the current level of competition in the telecommunications sector, Zain Ghana appeared ready to meet the ch...

By Jeorge Wilson KINGSON Government has initiated moves to offload 70% of its wholly owned stakes in the Volta Aluminium Company Limited (VALCO) to a foreign consortium; International Aluminium Partners (IAP) , barely a year after it bought over 100 per cent of company from aluminium giant Alcoa. The proposed sale of VALCO’s 70 percent stakes has been valued at US$175.5m. Instructively, Parliament would have to approve the transaction before it becomes valid. Last week, the agreement was laid before Parliament by the Minister of Trade, Industry, Private Sector Development and President’s Special Initiative, Papa Owusu Ankomah. However, even before the committee report could be presented to the House, the minority opposition group in parliament kicked against the motion, citing the need for proper assessment to establish either there was a need to sell or not to sell the proposed stakes in the national aluminium smelter. “The minority after a careful study of the agreement and transacti...

United Bank for Africa (UBA) Ghana has inaugurated its MoneyGram “Redshop” simultaneously at three outlets in Accra Tema, Teshie and Kumasi and is expected to be opened before the end of this year. The UBA-MoneyGram redshop is an innovative concept that provides dedicated service to recipients of MoneyGram funds transfers. It constitutes a separate banking hall within the bank’s designated branch locations to carry out MoneyGram transactions. However the Chief Operating Officer of UBA, Sanusi Mudasiru told Business Week that the bank in future might operate the redshop even at a place where it may not have a branch. The redshop is predominantly MoneyGram branded with its look and feel. Thus the experience of visiting the redshop is different from that of the bank’s normal banking halls, say the bank’s top officials. The purpose of the redshop is to retain and maintain customer traffic levels in the banking halls; focus on efficient customer service due to dedicated service that exclude...

By Jeorge Wilson KINGSON Three out of the 12 airports and airstrips in the country are to undergo total rehabilitation and major expansions soon, including the Kumasi, Sunyani and Takoradi airports. A loan agreement of US$122 million has been approved by Parliament for these projects. The fund would be used to extend the run-way and apron lighting for night operations, upgrade power generation systems, construction of new VIP lounges, construction of new passenger bridges, and the refurbishment of control towers at the selected air terminals. BusinessWeek learnt that the extension of the Kumasi airport run-way is to enable it accommodate large commercial liners and serves as back-up to international operations in case of emergency at the Kotoka International Airport. Meanwhile, the rehabilitation of the Takoradi airport would facilitate and boost transportation in the Western region, especially in the event of crude oil production in the near future. The credit facility from GK Airport...

By Elikem MENSAH UT Financial Service Limited’s (UTFSL) Initial Public Offer (IPO) has been marginally oversubscribed by 1.7% by local investors. To this end, the company plans to list and begin trading on the Ghana Stock Exchange (GSE) from November 21, 2008. Share certificates to shareholders will be dispatched by November 14, 2008, a week prior to official listing. The success of the IPO was made possible by the over 10,000 local investors who participated in the IPO. The Social Security and National Insurance Trust (SSNIT), the largest institutional investor in the country, did not participate in the IPO. This depicts how viable and attractive local investors find the UTFSL’s shares. The amount raised was GH¢27,550,680 representing almost two times the total capital raised by all indigenous Ghanaian companies in the history of the GSE, excluding privatizations and secondary offers. According to Prince Kofi Amoabeng, CEO of UTFSL, there will be no block trading by institutional inve...

World Bank has allocated US$ 45 million to Ghana in support of Micro, Small and Medium Enterprises but the government has not made use of the money. Fred Sarpong looks at the fund and what intended to achieved. The World Bank country office in Accra has come out to say that the international bank has allocated an amount of US$ 45 million to Ghana Government in support of the Micro, Small and Medium Enterprises (MSMEs) sector in the country. According to the bank office since 2000 that the money was given to Ghana only US$ 4 million has been spent within two and a half year period. The fund, which was channel through International Development Association (IDA), is available but the government has refused to access it to support MSMEs in the country. It therefore, called on the government to make use of the money before it starts reviewing it programme for the country come November 2008. If what the bank is saying is true then those in the sector may think the government did not do well...

Mfund Annualised Yield 91-Day T'Bill Avg. Savings Rate 2004 18.77 17.29 8 2005 16.86 15.45 5 2006 14.47 10.24 5 2007 11.99 9.91 5 2008 15.2 24.62 6

COMPARATIVE INVESTMENT RETURNS - GHANA Type of Investment 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 91-Day Bill (Annual Average) 46.83% 47.86% 37.50% 28.12% 38.99% 40.87% 25.14% 28.37% 17.29% 15.45% 10.24% 9.91% 24.62% Cumulative (91-day) 46.83% 117.10% 198.52% 282.46% 431.58% 648.84% 837.09% 1102.95% 1310.94% 1528.93% 1695.73% 1873.69% 2359.61% 1-Year Note (Annual Average) 40.81% 41.92% 34.46% 19.66% 26.92% 31.57% 26.65% 29.85% 18.46% 17.69% 15.66% 12.42% 20.00% Cumulative (1-Year) 40.81% 99.84% 168.70% 221.53% 308.08% 436.92% 580.00% 782.98% 945.98% 1131.02% 1323.80% 1500.63% 1820.76% US$ (Appreciation against Cedi) 20.23% 29.31% 4.27% 49.23% 96.80% 5.31% 15.12% 5.45% 2.55% 0.65% 1.34% 4.22% 12.67% Cumulative (US$) 20.23% 55.48% 62.11% 141.92% 376.11% 401.39% 477.20% 508.65% 524.17% 528.23% 536.65% 563.52% 647.58% Headline Inflation (End-Period) 32.70% 20.80% 15.70% 13.80% 40.50% 21.30% 15.20% 23.6...

Considering the strong growth in trade and investment flows between Ghana and South Africa over the past few years, the relaunch of the South Africa – Ghana Chamber of Commerce in April this year could not have been more timely. This is reflected by the enthusiasm with which enterprises that have ties to both countries have quickly signed up to be members of the Chamber. Within six months some 40 corporate entities have joined the Chamber and the number keeps growing. “We want to double our current membership to reach 80 corporates” says Trevoe Sproat, first Vice President of the Chamber and also CEO of Consumer Finance Company. He is part of an Executive Committee which is also led by Albert Brock who was elected as President of the Chamber last April, and Vlure Galtz, the incumbent Second Vice President. The Chamber’s membership now includes well known corporate names in Ghana such as Anglogold Ashanti, Accra Breweries, 3M, Aqua Vitens Rand, MTN, Broll Ghana, CAL Bank, Consumer Fin...

CODE DIVISION MULTIPLE ACCESS (CDMA) Code Division Multiple Access (CDMA) is an American digital standard that was developed by a company named Qualcomm, based o\in California. It describes a communication channel access principle that employs spread. Spectrum technology and a special coding scheme (where each transmitter is assigned a code. CDMA was originally deployed as a battlefield communication system because it is very hard if not completely impossible to intercept CDMA transmissions. Its digital modulation scheme is titled interim Standard 95 (15 – 95). CDMA employs what is known as a wideband spread spectrum technology to carry digital voice and data transmissions. The CDMA conversation is assigned its own separate code. CDMA ARCHITECTURE AND OPERATIONS Each CDMA base station can use the same 1.25MHz carries at the same time. The only change b/w each block of 1.25MHz spectrum is the pseudorandom walsh noise code. There are a maximum of 64 allowable pseudorandom walsh nois...