Kofi Ahovi

Toyota Ghana limited has held this year’s users’ conference in Accra to interact with its customers. The company used the annual conference, which was on theme “Best product, best service; satisfied customer”, to receive feedback from its customers as well as inform them of new products and services available. The managing director of Toyota Ghana, Tahiko Takabayashi, in his opening remarks said the forum would enable the company to discuss the needs of customers in order for Toyota to adjust its products and services to satisfy its customers. Eric Darko, general manager in charge of operations, noted that Toyota is growing because there has been a global increase in information transfer where Toyota users share experience with colleagues and family, adding that the company will continue to be consistent with its high product quality. Announcing a special discount offer for sale of its cars, he encouraged Ghanaians to always buy Toyota cars from Toyota Ghana because they are the only a...

By Kofi Ahovi Universal banks continue to slash down their base lending rates, in response to the reduction in the Bank of Ghana’s (BoG) policy rate which was reduced by 50 basis points from 13.5% to 13%. The latest banks to reduce their base rates are Barclay Bank, Sahel Sahara Bank, The Trust Bank (TTB), and Stanbic Bank Barclay Bank’s new base rate is 18.00% down from 22.00% representing 4 percentage points drop, this is the lowest rate so far, while Sahel Sahara Bank’s base lending rate stands at 25.25% from 26.00% representing a reduction 75 basis points. The Trust Bank now has a rate of 23.5% down from 25.00%, a decline of 150 basis points. Energy Bank has also announced a base lending rate of 23.00% Already Agricultural Development Bank, (ADB), Unibank, Zenith Bank and UT Bank have all reduced their base lending rates. ADB reduced its by 195 basis points to 20.00%, Unibank reduced its rate from 25.95% to 24.95% representing a drop of one percentage point reduction, UT Bank margi...

United Bank for Africa (UBA) has organized the second edition of its CEO business breakfast forum in Accra. The forum, which brought together captains of businesses within Accra, was centred on regional payments and collections mechanism and systems. The outgoing managing director of UBA, Gabriel Edgal, called for the removal of the statutory cash limit of US$10,000 per transaction between Ghana and other African countries. According to him, the current regulation inhabits adequate cash flow between Ghana and the other African countries which could be used for development activities. The Executive Director, Daniel Addo, in his presentation, explained in detail some of the bank’s products which addresses intra African trade and money transfer, these are the UBA Afritrade and Africash. Chief Operating Officer (COO) of Ghana Interbank Payment and Settlement Systems (GhIPSS), Yooku Korsah, explained to participants the aims and achievements of GhIPSS. According to him, there has been a co...

As hundreds of thousands of families prepare to jet off on their summer holidays, British Airways has prepared a list of top tips for travelling with children. Father of two and senior cabin crew member, Justin Cox says: “As a parent I understand that travelling with kids can at first seem like a daunting prospect, but it really needn’t be. After my 12 years as BA cabin crew I have found that flying can be made more comfortable and even fun for kids by following a few simple pointers.” If you plan to take your own car seat for the flight, check with your airline before travelling to make sure the seat fits the airline’s criteria, as different airlines have different requirements. Before your child’s first flight in their own seat, sit them on the sofa at home with a cushion between you as the armrest, explaining how it’s going to be on board. Take a small compact travel pushchair for easy cabin stowage onboard – regular sized pushchairs or strollers will normally have to go as hold lu...

By Kofi Ahovi The government through the Ministry of Finance and Economic Planning (MoFEP) in collaboration with the Controller and Accountant General’s Department will in August this year begin the implementation of a new financial system know as the Ghana Integrated Financial Management Information System (GIFMIS). The new system will serve as the official system of record to meet the government of Ghana’s budget, financial, accounting and reporting, disbursement, internal control and auditing requirements. In effect, it seeks to produce an entity-wide state of the art budget and financial system for the government. GIFMIS is a state-of-the-art integrated computerized financial management system used in budget preparation, implementation, accounting, reporting and cash management to be used throughout Ghana. At full implementation, GIFMIS sits at the heart of Ghana’s public financial management reform by modernizing the preparation of Ghana’s national budget and providing for a robus...

by kofi ahovi Stakeholders of Ghana’s capital market have expressed optimism over the impending listing of Tullow Oil, Kosmos Energy and Precious Minerals Marketing Company (PMMC) shares on the Ghana Stock Exchange (GSE). The listing of the shares of the two oil companies and PMMC would significantly improve the bourse’s visibility and market capitalization. GSE began last week with a market capitalization of GH¢20,342.40 but moved by GH¢107.41 to GH¢20,450.82. Kofi Yamoah, the Managing Director of GSE, recently described the impending listing of the shares of two oil companies as welcomed news since it would boost activities on the market. According to him, it was in line with plans to get many foreign-owned companies to cede some ownership to Ghanaians through the stock market. “We want to have a situation where we can improve the supply side of the market and when you talk about the supply side we are looking at the variety of companies that are listed on this market – and the more ...

By Kofi Ahovi The Bank of Ghana (BoG) plans to raise a total of GH¢300 million through a five-year bond instrument on behalf of the Government of Ghana through an Auction process on July 28, 2011, Business Week has gathered. This would be the first five-year bond instrument and the fourth exercise for this year. The instrument will be cedi-denominated and will be issued at par. It shall bear a coupon rate equal to the highest competitive bids accepted at the auction for the security. The coupon rate so fixed shall carry throughout the term of the security. The instrument, which will be issued at par, would be cedi-denominated and will have a face value ofGH¢1.00 and would be available to both resident and non-resident investors. The minimum bid is set at GH¢500,000 and multiples of GH¢10,000 thereafter. The purpose for the issuance of this bond is mainly to provide a 5-Year GOG benchmark investment and benchmark yield to guide the market; and finance the construction of four major on-g...

United Bank for Africa (UBA) Ghana Limited last weekend held its 9th ‘Jogging to Bond’ exercise for staff of the bank. The event was used to inform and educate Ghanaians about the alarming rate of prostate cancer in Ghana. To this end, the pan African bank announced plans to support Soyuz Medical Imaging and Diagnostics Limited to organize free screening for prostate cancer across the country. Oliver Alawuba, CEO/Managing Director of UBA Ghana Limited, who replaced Gabriel Edgal recently, said his outfit is noted for excellent service delivery, adding, “The Ghanaian staff of UBA are very fit to deliver service to their customers”. He noted that UBA is poised to create more awareness about the disease and promised to deliver excellent customer service. Addressing the UBA staff at Ghana International School (GIS) later, a medical doctor of the Soyuz Medical Imaging and Diagnostics Limited, Victor Dejoe said prostate cancer starts in the prostate, a walnut-sized gland found right below th...

Dr. Wiebe Boer, chief executive of Tony Elumelu Foundation (TEF), is seeking strategic partnerships on how to catalyse substantial growth in the provision of management education at all levels across Africa, according to a press statement. In discussion with the African Association of Business Schools, the Global Business School Network (GBSN), and other key stakeholders at a capacity-building conference, co-hosted by IPADE Business School in Mexico City, Dr. Wiebe Boer argued that "Africa is experiencing remarkable growth, but that growth is not sustainable and does not benefit Africa substantially if it is not driven by Africa´s own management talent." “Our approach to enhancing management education in Africa is to be proactive in forming synergies with global leaders in management education and deepen the relations,” he added. “What we have been discussing is an initial strategic plan on how to fill those gaps by catalysing a broad focus on the issue of management educati...

Stephen Bailey-Smith, Head of African Research at Standard Bank has commended the move by Nigeria’s Central Bank to lift the one-year restriction associated with the holding period of the Certificate of Capital Importation (CCI) in the fixed income market. The restriction, which required foreign investors to hold their Naira position for a year if they purchased government securities in Nigeria, has acted as an impediment to capital inflows as international investors were deterred from locking into a Naira denominated position for such a time frame in the post-Lehman world. “We see this development as a positive breakthrough that should further integrate Nigeria into the global financial system and allow foreign investors to take advantage of attractive double-digit yields especially as the country’s fixed income secondary market is relatively liquid”. Bailey- Smith said. He was speaking at the Standard Bank’s African Investors Conference held in London. The conference which brings tog...

Experts and African government officials and their development partners are meeting in Benin this week to decide on joint efforts to overcome obstacles blocking the way to expanded cotton production. The intent is to win greater profits for African farmers and broader and more long-lasting benefits for African economies. These experts and government officials say steps must be taken to increase yields, since these lag behind global averages, and to provide financing so that farmers and domestic marketers can be more efficient and competitive. They also say concerted efforts should be made to ensure more domestic processing of raw cotton into finished products so that more jobs are created for Africans – and so that the higher wages and economic stability associated with manufacturing can devolve to Africans rather than to firms and economies overseas. The outcome of the 27–29 June Pan-African Cotton Meeting 2011 is intended to be a “road map” for accomplishing those goals along with ...

The Executive Board of the International Monetary Fund (IMF) last week selected Christine Lagarde to serve as IMF Managing Director and Madame Chairman of the Executive Board for a five-year term starting on July 5, 2011. Lagarde, who succeeds Dominique Strauss-Kahn, is the first woman named to the top IMF post since the institution’s inception in 1944. The selection of Lagarde by the 24-member Executive Board representing the IMF’s 187 member countries brings to conclusion the selection process initiated by the Executive Board on May 20, 2011. According to the agreed procedures, the Board had agreed to meet with Agustín Carstens and Lagarde for the post. The candidates met bilaterally with Executive Directors, as well as the Executive Board, during June 20-23, 2011. In these meetings, Carstens and Lagarde had the opportunity to present all relevant information concerning their specific candidacies. The Executive Board agreed that both were well qualified candidates and the objective w...

…investment services hold AGM By Kofi Ahovi HFC Bank (Gh) Limited, has held the second draw of its 2010 Homesave Promotion to reward its cherished customers for their dedication and loyalty to the Bank. Sophia N.K. Aryee, a customer of the Ridge branch of the Bank emerged the proud winner of the draw and takes ownership of the second two-bedroom detached house located at Oyarifa near Accra. Three months ago, John Arhinful Mensah, a 30-year-old Information Technology Specialist resident in Takoradi in the Western Region, won the first of the three houses in the 2010 HFC Homesave Promotion and took delivery of another two-bedroom detached house also at Oyarifa. When the news of her win was announced to her over the phone, Madam Aryee, obviously in high spirits, expressed gratitude to HFC Bank and urged all customers and the general public to enter the draw. In a brief speech, the Executive Director of the Bank, Akwete Akita said the Homesave Promotion is not only an innovative way of enc...

The finance minister, Dr Kwabena Duffuor, had reject reports that the government has doubled the nation’s debt, according to a press statement signed by Abdul hakim Ahmed, media liaison, Ministry of Finance and Economic Planning “It is factually wrong for anyone to suggest that this government has increased the public debt by 100 per cent in just two years because there are numerous loans that the previous administration has contracted which are still being disbursed and adding to the debt stock,” the statement stated. The statement explained that, in 2005, the country’s external debt was US$6.3bn but dropped to US$2.bn in 2006 following the debt relief under the HIPC initiative. Soon after, the external debt increased significantly again, reaching US$4.bn in 2008. This represents 100 per cent increase between 2006 and 2008. Between 2008 to 2010, under the Mills-led government, the debt increased from US$4bn to US$6bn, or by 50 per cent. Even then the increase was attributed to the dis...