Kofi Ahovi

By Desmond A. Nartey In principle could the cedi, and for that matter any currency, depreciate by 100 percent, or more? If it could, what would be the consequences for the legal tender of the currency? What sorts of monetary policy issues would be spawn by such an event? Or is such a situation the outcome of a computational error? The methodologies for computing currency depreciation may be simple to apply but the process is fraught with pitfalls, which require that sufficient care is taken during the computation exercise to ensure that the methodology is well understood and the underlying theory correctly applied. In an article credited to the Centre for Policy Analysis (CEPA) titled “Election Year Excesses, Cedi Depreciation & Inflation: The Current Experience”, the rate of depreciation, in year 2000, of the cedi against the US dollar was stated as 100 percent. Furthermore, the depreciation rate for the period June 2008 to June 2009 was stated as 43.0 percent. For the benefi...

The government is placing a new emphasis on tackling the housing deficit, with an emphasis on private sector investment, better urban planning and more low-cost homes. Two recently launched projects that dovetail with these aims could point the way for construction development. The Ghana Housing Profile, authored by the UN Human Settlement Programme, in conjunction with the Ministry of Water Resources, Works and Housing (MWWH) and launched on June 20, is a detailed analysis of the country’s urban housing sector, highlighting strengths, weaknesses and future needs. With 38.3% of the population under the age of 15 in 2010, according to official figures, the next decade will see a rapid growth in the working-age population and further pressure on new housing units. The profile forecasts that Ghana will need another 2m housing units by 2020. Graham Tipple, a UN housing consultant, estimates that 5.7m rooms will be needed, along with supporting infrastructure and utilities. At the lau...

United Bank for Africa (UBA) Ghana is leading the way not just by talking but with the implementation of electronic banking products and services in the country. According to the bank, branchless banking which is relatively new to Ghana holds the key to unlocking the banking industry in the country. Speaking at the third UBA CEO’s breakfast forum in Accra last week, the Managing Director and Chief Executive Officer of UBA Ghana, Oliver Alawuba, said the future of banking in Ghana will be branchless. The bank had already commenced the operation of a branchless banking model at the Accra Mall, christened the Accra Mall E- Village. “This is the only purely cashless service outlet in Ghana that provides numerous services such as bill payments and liquidation of funds transfer on cards,” he noted. The UBA chief noted that “Branchless Banking offers many value propositions for both the banked and the un-banked in society among which is financial inclusion, convenience and secu...

By Emmanuel BRUCE Core Group Africa last week announced that it has become the sole distributor of Apple products in Ghana. Core Group Africa expects to officially launch its presence in Ghana next week. Speaking to journalists at a press conference in Accra last week, Taryn Hyam, representative of Core Group, made it known that, though Apple products are already on the Ghanaian market, none of them is coming from authorized distributors or from Apple, adding that such products are associated with risks. She also revealed that Apple products are in high demand in Ghana and this influenced their decision to launch their products in Ghana. She noted that the distributors will appoint official resellers on their behalf and assured that the resellers will sell only authorized Apple products and also offer a high level of customer service and training. She however advised customers to register their products at the authorized reselling ships. According to Taryn Hyam, they want to en...

A team of IBM specialists last week announced a comprehensive set of recommendations to help the city of Accra boost its income from city services. Earlier this year, Accra applied for, and won, a Smarter Cities Challenge grant from IBM, which sent some of its top employees to work and live in Accra for three weeks. At the end of their engagement, the team delivered a workable blueprint to city authorities that will enable more efficient revenue management. The IBM team’s recommendations aim to supplement the city’s existing revenue collection initiatives through the innovative use of technology, which will streamline processes and harmonize operations across city departments. Accra’s influence has grown exponentially in recent years as it moves to cement its position as a leading urban hub on the west coast of Africa. The city’s population growth is among the highest in Africa, and is expected to double within the next 20 years. “Accra’s rapid growth presents a unique set of ch...

Providing financial intermediation to the informal sector is a key but largely ignored aspect of banking in Ghana. Now UT Bank is using its unique business model to fill this crucial gap and showing the rest of the industry how to do it, reports TOMA IMIRHE Barely a decade ago, the thousands of small and medium sized enterprises scattered around Ghana, had nowhere to go to get formal finance from the banking sector and so were left in the main to informal sector loan-sharks, whose loans were woefully inadequate, and even when available, were too brief in tenor and inordinately expensive. Over the past ten years though; the situation has changed significantly. An array of micro-finance institutions have emerged, offering financing terms that are better than those of the informal lenders, but not nearly as good as those offered by banks themselves. Increasingly however, Ghana’s banks are beginning to look at SMEs as a new and very prospective business segment. In the past the banks...

The board, management and staff of AngloGold Ashanti have sent a message of condolence to the Government and People of Ghana on the passing on of His Excellency President John Evans Atta Mills. The message, jointly signed by AGA Board Chairman, Tito Mboweni, and the Chief Executive Officer, Mark Cutifani, said the company was saddened by the untimely passing of this great man who had made a great contribution to the development of his country and on the African continent as a whole. “We will always celebrate President Atta Mills’ life and the contribution he has made to the democratic Ghana. The humility and accessibility he displayed during his term as President was matched by the wisdom with which he guided the country and its policies. It is a legacy that will always be remembered,” it said. The message concluded by expressing the company’s deepest sympathy to his wife, Dr. Ernestina Naadu Mills, and family and to the People of Ghana.

...Independent presidential candidate for the 2012 general elections The continent of Africa is in its current state largely because of the actions and inactions of her political leaders. Kofi Ahovi examines yet another political figure who has been gaining grounds in Ghana’s political arena. The mention of African and its leadership precipitates names of actors like Julius Nyerere, Mobuto Seseseko, Kwame Nkrumah, Sani Abacha, Daniel Arab Moi, Laurent Gbagbo, K.A Busia, Idi Amin, Hosni Mubarak, Muamar Ghadaffi and others. As to who was corrupt, democratic, a dictator and a visionary –it’s your choice to make. Chenua Achebe, one of Africa’s prolific writers said “the problem of Nigeria is a problem of leadership”. This problem seem not be with Africa’s biggest economy (Nigeria) only but its relative smaller ones like Ghana. Ghana as a republic has suffered her lows and high-ups and downs by political actors some elected other imposed. What matters now are those who are instituti...

NATIONAL MINING POLICY READY BY: JAMES DEKU The Minister for lands and natural resources, Mike Hammah has disclosed that the draft national mining policy which seeks to ensure that mining results a win-win situation for government, local communities and investors is being finalized for cabinet consideration. The Minister who revealed this at the maiden national mining forum organized last week in Accra indicated that this intervention by the ministry is to ensure that mining contributes sustainably to Ghana’s development efforts. He stressed that to complement the mining policy, specific and targeted policies are being initiated to promote diversification of minerals development with greater potential for linkages with other sectors of the economy. He cited the successful implementation of the Extractive Industries Transparency Initiative (EITI), through the publication of revenue flows from the sector as creating an environment for the public to pose the right questions to the ...

By Fred SARPONG The annual inflation (year-on-year) as recorded by the Consumer Price Index (CPI) went up to 9.4% in June 2012, from 9.3% in May 2012, according to Kofi Agyeman-Duah, the acting Deputy Government Statistician in charge of operation. The June 2012 inflation rate recorded 0.1 % points higher than that of the May figure of 9.3%. The CPI measures changes over time in the general price level of goods and services that households acquire for the purpose of consumption. The monthly change for June 2012 was 1.4% which was 0.6 % lower than that of May 2012, which had 2.0%. Negative monthly rates recorded in August, September and October last year and these are as a result of seasonal changes in food prices. The non-food group remains the major contributor to the upward pressure on the general price level. The group recorded a year-on-year inflation rate of 11.9% in June 2012. The non-food group, with a combined weight of 55.09%, had six sub-groups recording year-on-...

By Ebenezer SABUTEY The Ghana Housing Finance Association is collaborating with the Ministry of Water Resources, Works and Housing to have a law on Condominium property in the country. Minister of Water Resources, Works and Housing, E.T Mensah, disclosing this at the meet-the-press series organized by the Ministry of Information in Accra, noted that the ministry is collaborating with its stakeholders to speed up the process to have the legislation enacted into law as soon as possible. E.T Mensah said the ministry has constituted a committee comprising all relevant agencies to revise the country’s building regulations with the aim to provide the country with a building code that will conform to current international best practices and standards. Answering a question posed to him on the current state of the Rent Control Department, he said he has set up a committee to go through the proposed rent law which will enhance the country’s rental structure. “The new law will also be inv...

Delta Air Lines will begin offering in-flight Internet service on its longhaul service to Ghana in early 2013. Delta will install the Wi-Fi service in its international fleet of more than 150 aircraft, which includes Boeing 777, 767, 747, Airbus 330 and transoceanic Boeing 757 aircraft in early 2013. The expanded Wi-Fi service will use satellites to provide coverage internationally and will complement the existing air-to-ground service already provided by Gogo for aircraft flying within the domestic U.S. Delta already operates the world’s largest Wi-Fi-equipped fleet of aircraft with more than 3,000 flights daily, including its entire fleet of 550 domestic mainline aircraft. More than 800 Delta aircraft, including all Delta Connection two-class regional jets, are equipped with in-flight Wi-Fi service offering more than 400,000 customers per day access to the internet above 10,000 feet. The international service will use high-bandwidth Ku-band capacity satellites to provide glo...

A PUBLIC HEALTH ACT AT LAST The long awaited time has come. Finally, Ghana now has legislation in place to control the use of tobacco and its related products in the country. Thanks to the activism of civil society groups and individuals working in the health sector who ensured that the dream of Ghana having laws in place to check public smoking became a reality. It has been a long fight straddling over eight years between the various arms of government that deals with health related issues, legislative drafting, Parliament, and organizations like the Vision for Alternative Development (VALD), Media Alliance in Tobacco Control (MATCO), Coalition of NGOs in Health (CNH) and the Coalition of NGOs in Tobacco Control (CNTC) and sections of the general public and Ghana’s Tobacco Ambassador, Jeorge Kingson. Now Ghana has a law on tobacco use and therefore joins the increasing number of countries which are conforming to the provisions of the World Health Organization’s Framewor...

DE Lage Landen International B.V, a Dutch company with expertise in global leasing and business and consumer finance solutions, has launched its operations in Ghana. With its core business including leasing anything from trailers, medical, agricultural and construction equipment, officials of the company, which is a fully-owned subsidiary of Rabobank Group of the Netherlands, say Ghana is the major step to reaching the African market. To make its presence felt particularly in the automobile industry, the-company is partnering with Rainbow Transport International Limited, a Ghanaian company. At a launching ceremony organised by the Ghana Netherlands Chamber of Commerce, Carl van Zelderen, International Remarketing Manager of the company, said the company's decision to come to Ghana, among other considerations, was to establish its presence in Africa. "We have a very broad portfolio of equipment from dental, agriculture, construction and office equipment for lease," h...

By Jeorge Wilson Kingson Parliament last week amended the Internal Revenue Act to bring into existence the Internal Revenue (Tax Amnesty) Act, 2011. The purpose of the Bill is to grant tax amnesty to persons who have failed to file tax returns or pay taxes as required under the Internal Revenue Act, 2000 (Act 592). Such persons are to be granted amnesty from paying penalties and interests in respect of taxes due payable. The new law specifies the categories of persons who can benefit from the tax amnesty, including persons who register with the Ghana Revenue Authority or the Registrar General’s Department, those who submit returns or amended returns and those who pay taxes assessed and taxes outstanding for the qualifying period. It also provide for the scope of the provision of the amnesty. It makes provision for a tax amnesty for persons who have previously registered with the GRA but have not renewed the registration. It further provide an amnesty for persons who have register...

By Ebenezer SABUTEY As Ghana maintains its tier 2 rating status on human trafficking, according to the 2011 USA Trafficking in Persons Report, it is making additional remarkable accomplishments which include the Ministry of Women and Children’s Affairs national plan of action on human trafficking, currently under review by a committee set up by the ministry. Human trafficking in the country recorded a total of 110 cases under the previous year, with 85under investigation, three persons prosecuted so far and three others convicted, facilitated by the ministry. Juliana Azumah Mensah, Minister for Women and Children’s Affairs, disclosed in an interview that human trafficking is estimated to be the third most profitable illegal economic business, in addition to illicit drugs and arms trafficking. International Labour Organisation (ILO), a global alliance against Forced Labor 2005, estimates that US$32billion total annual profits are generated by the human trafficking industry. US$1...

Gold Coast Securities, a leading financial advisory and investment banking firm, has been awarded the Investment Advisor –Gold Award of the year 2011 at the Ghana Investment Awards held in Accra last weekend. The company has been recognized by Premier Networking Investment Club, organisers of the awards for the contribution made to creating and distributing expert and productive financial advice. Gold Coast Securities is a firm that serves the needs of high and low income individuals, families, businesses and institutions. Each financial solution is tailored to fit unique, individual and often complex needs. Their capabilities have been developed through time and strength. Gold Coast Securities throughout its 19 years of existence has achieved a track record of discipline and integrity in clients’ transactions. Mr. Seth Asante, Managing Director stated: "The awards highlight our outstanding performance across the professional services spectrum and celebrate the best adviso...

By Fred SARPONG The Africa Adaptation Project (AAP) office in Ghana, in collaboration with stakeholders in agriculture, education, and health, among others, is to develop a checklist to measure the impact of climate change in every sector of Ghana’s economy. Winfred Nelson, AAP Ghana Project Manager, disclosed this to BusinessWeek in an interview in Accra last week. According to him, hopefully by the end of this June the AAP will choose the consultant and sign the contract. “The consultant will develop the terms of reference before they start work. By end of June it will be ready,’ he added. Jonathan Azasoo, of National Development Planning Committee (NDPC), on his part, said, ‘As a lay person, we hear of climate change and we all speak climate change, but specifically we don’t know what to look out for when talk about climate change. We normally predict when it is going to be rainfall, but what are the things to look out for and to say that these are due to climate change?’ He ...

BY: JAMES DEKU The Minister of Finance and Economic Planning, Dr. Kwabena Duffuor, has disclosed that whilst fiscal performance has met all the quantitative targets set for the first quarter this year, the main risk to the economy is the payment of public sector wages arising from the implementation of the Single Spine Salary Structure (SSSS). Speaking at the 2012 Multi-Donor Budget Support (MDBS) and consultative group annual meeting, the minister however hinted that government has embarked on a payroll audit with the prospects of making some savings to help reduce the public sector wage bill by the end of the year. The minister who expressed government‘s gratitude to development partners for accepting the MDBS and consultative group meetings as important process to guide and shape partnerships, indicated that Ghana, like many other developing countries, was not immune to the impact of the global financial and economic crisis and the associated slowdown in global economic activiti...

Customers flying to Istanbul, Turkey, have started experiencing the newly refurbished British Airways short haul Boeing 767, featuring a stylish new interior. The aircraft was the first of the seven-strong fleet of short haul Boeing 767s to be transformed with upgraded interiors, as part of a multi-million pound programme to enhance customers’ experience. British Airways’ customers will be able to travel in greater comfort, thanks to aircraft with refurbished sidewalls, bulkheads and toilets, new carpets and curtains, as well as recessed ceilings with larger overhead lockers allowing extra luggage space and new lighting throughout. All Club Europe seats have been given new cushioning and dark blue leather seat covers, to increase their comfort. Customers in Euro Traveller will be able to enjoy sitting in new, more comfortable seats, similar to those found on British Airways’ new Boeing 777-300ERs. Short haul Boeing 767s will also feature new sleek new overhead 15 inch ...

By Kofi AHOVI Preliminary data shows that Ghana has recorded a narrow budget deficit of GH¢2.4 billion for the first five months of this year. The deficit, together with a net foreign loan repayment of GH¢119.7 million, created a resource gap of GH¢2.5 billion, which was financed from domestic sources. The banking sector financed 58.9% of the deficit, with the non-bank sector financing the remaining 41.1%. The data from Bank of Ghana shows that the country’s total expenditure for the same period amounted to GH¢7.5 billion, representing a year-on-year growth of 44.9%. Of this, statutory payments amounted to GH¢5.4 billion, comprising mainly of wage-related payments of GH¢4 billion and discretionary payments of GH¢2.1 billion, representing 38.9% of total payments. Meanwhile, total revenue and grants recorded for the period was GH¢5.1 billion, representing a year-on-year growth of 34.5%. Total tax revenue was GH¢4.4 billion, 46.3% higher than the outturn of GH¢3 billion recorded d...

By Kofi Ahovi A Credit Conditions survey conducted by the Bank of Ghana in May this year indicates that universal banks have tightened their credit stance for both enterprises and households. This, according to the survey, was as a result of an increase in cost of funds, strict collateral requirements and inflation expectations. This notwithstanding total private sector credit increased by 37.4% on an annual basis to GH¢9.3 billion in April 2012. This compares favourably to a growth of 17.3% in the same period of 2011. In real terms, private sector credit growth was 25.9%. Meanwhile, total assets of the banking industry increased by almost 21%, on year-on-year basis, to GH¢23.2 billion in April 2012. The growth in assets was funded mainly by deposits, which went up by 29.1% to GH¢16.9 billion, and net worth which recorded a 20.8% growth to GH¢3.1 billion. Of the total net worth, GH¢206 million was from bank recapitalization. The financial soundness indicators of the banking ...

Former Chief Executive Officer of United Bank for Africa, UBA, Tony Elumelu last week in Accra recommended that with the current state of growth on the continent, Africa needs more entrepreneurs to take over the mantle of leadership in the various African countries. TOE; as he is affectionately called was speaking at the launch of a book on entrepreneurship authored by Nutifafa Kuenyehia titled “Kuenyehia on Entrepreneurship”. In transforming the entrepreneurship mentoring in his country, he has ordered for copies to be supplied to the Tony Elumelu Foundation in Nigeria to be used as a reference guide in their activities in order to understand and digest issues relating to developing oneself as an entrepreneur. He therefore called on the UBA management members across Africa to get copies of the book on their shelves, as part of the entrepreneurship learning processes being undertaken in various African countries which have UBA representation. According to Elunmelu, UBA posted, fo...

1. Always Motivated Everyone knows that you need motivation and drive to be successful in life. However, it is important to remember that when you are running a small business you need to be able to not only motivate yourself, but motivate your employees as well. 2. Goal Oriented Successful business owners are goal oriented, they know what they want to achieve and how long it will take them to get there. Additionally, having clear goals for both yourself and your employees will help keep everyone motivated. 3. Time Management When you own a small business, time equals money. If you want your business to be a success you will need to understand time management, and be able to plan how to best utilize your own time and the time your employees are on the clock. 4. Money Management In addition to managing time, as a small business owner you also need to properly manage your money. Although money should not be the only reason you open a business, you need to be able to judge what...

Stanbic Bank Ghana has launched a campaign to get new customers into its savings fold and ultimately be financially independent. Apart from the free GHc100.00 reward for both existing and new customers, the package is also encouraging customers to enhance their savings and earn attractive monthly interest on it. The campaign launched under the name Contract Save or Puresave account, allows the bank to credit the account with GhC100 under which customers are required to grow their savings account with a minimum of GHC50 every month for the next 24 months to earn the reward. At the launch of the campaign last week, Alhasan Andani, managing director of the bank noted that the adoption of a culture of regular savings is a useful economic practice all over the world since it serves as a reliable source of funding for economic development. “Stanbic Bank wants to support the entrenchment of a savings habit in the country and we are happy about the support shown by our partners in this ...

A consultative meeting to prepare a spatial development framework for Kumasi metropolis and six adjoining districts to effectively tackle the growing urbanization challenges has been held in Kumasi. Ejisu-Juaben, Kwabre East, Atwima-Kwanwoma, Bosomtwe, Atwima-Nwabiagya and Afigya-Kwabre are the other districts. The project, known as Greater Kumasi, is the initiative of the Ghana Government with technical and financial support from the Japanese International Cooperation Agency (JICA). To ensure its success, a former Ashanti Regional Director of Town and Country Planning Department, Kofi Owusu Achaw, says there should be in place institutional and management structures to oversee the implementation of the comprehensive urban development plan. He identified the lack of these structures as the bane of effective urban development planning efforts in the country. Owusu Achaw said the need for a comprehensive, coordinated plan for Kumasi and its environs had been recognized many years...

Ghana Netherland Chamber of Commerce and Culture (GHANECC) last week organized a joint business cocktail with the Delegation of German Industry & Commerce in Ghana. The programme was well attended by senior executives from the German, Dutch and Ghanaian Business communities. Companies present included; The Royal Senchi, Energiebau Sunergy, GIZ, Lufthansa, Law Matters, BOA Gh Ltd, Rainbow Transport, CEIBS, Agro Eco, Diagnostic Centre, Kwatsons Ltd, GTP, Procredit, Jubilee Tours, Goodison Trucks, De Vere Group, SAS Ghana Ltd, Cargill Gh Ltd, Rarity Ltd, Ducomas, Airtel Ghana, etc. The event was held at the Terrace of the Holiday Inn Hotel, Airport- Accra and proudly sponsored by Allianz Insurance Ghana Ltd.

By news desk The Independent Presidential Candidate for the 2012 general elections, Jacob Osei Yeboah, has bemoaned the recent development in the country’s economy and subsequently advised the government to sit up. Speaking to BusinessWeek, Yeboah, observed that the rate at which the national currency was depreciating was alarming, and the “Government must take pragmatic measures to address the situation”. He added that policy measures should be taken to make Cedi assets more attractive to hold. However, he urged the Bank of Ghana to tread cautiously with regards to the closure of all foreign deposit accounts as well as its instruction that a 2% per annum charge be levied on all foreign deposit bank accounts in the country. The Bank of Ghana was reported to be considering the adoption a policy that will deny private individuals and some corporate institutions, the opportunity to open and maintain foreign accounts with banks in the country. But a release issued by BoG’s Public ...

Delta Air Lines has awarded two return tickets to Washington, DC for the winner of the national Spelling Bee competition, Philemon Awan. The 12 year old Awan accompanied by his coach Evangeline Bortey, will travel to the U.S. to participate in the international finals. “We congratulate Philemon for winning the competition in Ghana,” said Bobby Bryan, Delta’s commercial manager for West and East Africa, “This activity forms part of our support for education locally and highlights our continued investment in Ghana.” Delta recently launched an Energy and Mining Desk to serve the special needs of the Oil and Gas industry in the country. Also, it introduced its full flat-bed Business Elite seats on all in it flights between Accra and the U.S besides pre-financing the construction of two new boarding gates at Accra Kotoka Airport to improve airport facilities. Delta Delta Air Lines serves more than 160 million customers each year. During the past year, Delta was named domestic “Airline...

The Bank of Ghana’s has denied media reports that it has directed the closure of all foreign deposit accounts and has instructed that a 2% per annum charge be levied on all foreign deposit bank accounts in the country. The Bank of Ghana is reported to be considering the adoption a policy that will deny private individuals and some corporate institutions, the opportunity to open and maintain foreign accounts with banks in the country. But a release issued by BoG’s Public Relations Directorate last week assured the general public and all stakeholders that the Bank of Ghana has not taken any such decision. “The recent policy measures taken by the Bank are intended to make Cedi assets more attractive to hold. It has been observed that the measures are beginning to have the desired effect on the Cedi”, the statement noted. “The Bank of Ghana therefore wishes to assure the general public and all stakeholders that it is committed to ensuring the stability of the Cedi”.

By Fred SARPONG The Africa Adaptation Project (AAP) office in Ghana, in collaboration with stakeholders in agriculture, education, and health, among others, is to develop a checklist to measure the impact of climate change in every sector of Ghana’s economy. Winfred Nelson, AAP Ghana Project Manager, disclosed this to BusinessWeek in an interview in Accra last week. According to him, hopefully by the end of this June the AAP will choose the consultant and sign the contract. “The consultant will develop the terms of reference before they start work. By end of June it will be ready,’ he added. Jonathan Azasoo, of National Development Planning Committee (NDPC), on his part, said, ‘As a lay person, we hear of climate change and we all speak climate change, but specifically we don’t know what to look out for when talk about climate change. We normally predict when it is going to be rainfall, but what are the things to look out for and to say that these are due to climate change?’ He ...

By Fred SARPONG Trimble Navigation Limited has officially opened its West Africa Regional office in Accra to expand its presence in the sub-region. The office, opened last week, will focus on expanding and enhancing Trimble’s collaboration with regional stakeholders, including local distribution partners to enable the company to provide better service, support and training for customers in the region. In addition, Trimble has added dedicated resources in its funded projects and emerging markets group to engage in multi-lateral development funded projects that can benefit from Trimble’s solutions. Over the last five years, Trimble has worked on contracts funded by the Millennium Challenge Corporation (MCC), the World Bank, as well as African federal, national and state agencies, to provide GNSS receivers and reference stations, total stations, digital levels and a variety of other solutions for African development projects. ‘The opening of the Ghana office is an important extensi...

HFC Investments manages four collective investment schemes, all of which are licensed schemes by SEC (Securities and Exchange Commission). Kofi Ahovi takes a look at the performance of these funds over the last three years. HFC Bank Ghana Limited, as a Universal Banking institution, was licensed in November 2003 to provide banking services to the banking public. The group comprises itself and four subsidiaries which are HFC Investments, HFC Realty, HFC Brokerage Services and Boafo Microfinance. These are wholly owned by HFC Bank except Boafo Microfinance in which it has 51% shareholding. The wholly owned subsidiary of HFC Bank, HFC Investments, has proved to be one of Ghana’s most professional investment banking institutions with an outstanding track record in asset management, where aside from managing collective investment schemes, it also provides prudent fund management, individual client investment service, fund management for groups and institutions, as well as endowment fund ...