Kofi Ahovi

British Airways (BA) has announced the appointment of Moran Birger as the new Commercial Manager for its Ghana operations. The British national assumed his role as of 15 October 2013, taking over from James Wooldridge, who is now heading BA’s winter operations at its hub, Heathrow airport’s Terminal 5 (T5). Birger, a graduate of Business and Politics from the University of Manchester, will oversee British Airways’ business in Ghana, which has been a key market for the airline for over 75 years. During his two years with British Airways, he has worked actively in a number of roles with the Community Investment, Revenue Management and Operational teams of the company. Moran Birger led a project to increase the awareness of Flying Start – BA’s charity partnership with Comic relief (a British based charity investing in projects all over the world). He later worked at Heathrow airport in an operational customer facing role during the London 2012 summer Olympics. He also worked in Brit...

Babies from the age of six months and above can now look forward to spicing up their diet as Nestle Ghana has introduced a new addition to its Cerelac brand. The new Cerelac Millet is fortified with iron; this is to check the iron deficiency in children. It is estimated that about 78% of children under five years in Ghana are anaemic. The product is also fortified with Bifidus BL® probiotics to support their growth and development. Grace Nkrumah, Brand Manager-Nestle Nutrition said “While breastmilk remains the main source of nutrients for babies six months and below, Nestlé Cerelac Infant Millet Cereal makes for an excellent complementary food for babies after six months, to fulfil their nutritional needs for growth and development.” She added that “Children are being exposed to more environmental challenges. It is important for parents to nourish and strengthen them from inside out, so that their bodily defences are sturdy enough to fend off unwanted germs. BL® Bifidus probiot...

By Fred Sarpong More Ghanaians are using mobile phones in the country. The number of registered mobile lines now stands above the population of the country. According to the National Communications Authority (NCA), the regulator of the telecom industry, the number of mobile lines in Ghana is 27.51 million at the end of August, this year. This indicates that mobile voice telephone subscribers in Ghana have seen a growth of 1.25%, as compare to the August 2012 figure of 24.44 million. The country’s population stands at 25.9 million. The telecom companies which contributed to this increase were Mobile Telecommunication Network (MTN), Vodafone, Tigo, Airtel, Glo and Expresso, Expresso is the only CDMA network in Ghana. MTN Ghana has consistently maintained the number one position as the market leader in the mobile telecom industry. Its subscriber lines went up to 12.74 million, representing percentage growth rate of 1.16%. Vodafone Ghana, which recently rebranded it logo, subscribe...

Iberia has donned its most festive attire to unveil its new image, with even more prominent role for the colour red, and highlighting the values underpinning the new, more dynamic Iberia, focusing as never before on satisfying the customer, a company in which talent and drive are in evidence everywhere you look. Iberia’s new image both symbolises and contributes its own momentum to the transformation plan, aimed at reshaping the company into a strong, modern, competitive and trend-setting airline. The launch of the new logo and livery is timed to coincide with the first fruits of these efforts. Indeed, it was made possible by the steps that have been taken to give Iberia a competitive cost structure. At a presentation Iberia CEO Luis Gallego noted that “it’s not just a matter of changing the company logo, but of bringing the new image to every corner of Iberia, so the change will be perceived in all our products and the service we provide to our customers.” The planning of a...

Ghana’s external debt has increased by 306% between 2006 and 2012 to reach US$8,835.6 million as at the end of 2012. A Policy Research Assistant Domestic Debt at AFRODAD, Nyasha Munditi, said some reasons for the increase in the external debt include government issuing a US$750 million 10-year-Eurobond on the international market in 2007. She said new loans of about US$2.8 billion to fund sectoral priorities in health, agriculture, rural development, roads, communication and housing for public sector employees also led to the current external debt. Madam Munditi made this known at a validation workshop on Ghana’s Public Loan Contraction and Management in Accra on last week. Giving an overview of “Ghana’s Public Debt” she stated that in addition to the external debt, domestic debt also increased from 15.5% of Gross Domestic Product (GDP) in 2006 to 25.4% in 2012; and this was issued mainly to finance budget deficits and to develop the domestic debt market. Using the Internati...

Editorial The Minister of Finance, Seth Terkper, is noted to have said that the downgrading of Ghana from ‘B+’ to ‘B’ by Fitch, an international rating agency, is very harsh and totally uncalled for. He said the agency did not take into consideration major economic interventions that the government was undertaking within the short to medium term. The agency has also downgraded Ghana’s sovereign from B+ with negative outlook to ‘B’ with stable outlook. The rating had been on a negative outlook since February, 2013, when Fitch took the decision to review Ghana’s credit quality in the light of issues that arose in 2012, which were analysed in the government’s 2013 budget. To most, the agency did not take many things into consideration before downgrading the country as the economy has indeed registered some modest growth within the short term. The country is implementing various restructuring programmes which included the periodic adjustment of petroleum and utility prices to bring s...

By: Fred Sarpong Ghana’s Energy and Petroleum Minister, Emmanuel Armah-Kofi Buah has accepted the invitation to be part of the key personalities who have been selected as discussants of the 5th National Food Agric show to be held this week at the Efua Sutherland Park. The Minister expressed interest in joining the discussants looking at the recent states of agriculture impact to the country’s economy and more importantly with the involvement of topic such as whether ‘Oil and Gas replacing the contribution of Agriculture to Ghana’s gross domestic product (GDP)? His intention to join FAGRO 2013 show is to assure the farming communities in Ghana the importance of Agriculture and how Ghana cannot progress without agriculture. Despite agriculture contribution to the GDP is falling, the Minister believes agricultural is the backbone to Ghana’s economy and there is no way oil and gas can overtake agriculture. Other topics will include ‘creating the right investment environment for Ghana...

Ebenezer SABUTEY Government of Ghana has securedUS$180 million loan from the United States Exim Bank for the supply and installation of equipment for the rehabilitation of water supply systems across the country. The project is expected to improve the efficiency of urban water delivery in all the ten regions of the country and due diligence of the systems has been conducted for supply and installation to begin next year. This was revealed by the Minister for Water Resources Works and Housing Collins Dauda in Accra, when he took his turn at the Meet the Press series to address the nation on some challenges facing the sector. He said the continuous use of old and obsolete equipment by the Ghana Water Company Limited, GWCL hampers the efficient delivery of potable water to the people of Ghana, citing the water treatment plant at Yendi and Kpong which were built in 1953 and 1965 respectively as a case study. Again, according to the Minister, population growth has made it difficult ...

By Kofi Ahovi The latest Bank of Ghana credit conditions survey shows a general net tightening of credit conditions. With the exception of consumer credit which saw some easing, the credit stance for all other loan types including SMEs, large enterprises, short and long term loans were tightened in the first four months of this year. Annual growth in private sector credit slowed to 28.7% in nominal terms at the end of March 2013, from 44.6% in March 2012. Similarly, annual growth of real private sector credit was 17.6% in March 2013, down from 32.9% in March 2012. Meanwhile the banking sector recorded strong performance in the first four months of the year, with increased competition, asset growth, improved liquidity and profitability. Total assets of the banking industry increased to GH¢29.6 billion at the end of April 2013, compared with GH¢23.2 billion in April 2012. This was driven mainly by advances, which accounted for 42.5% of the total. The asset growth was funded by dep...

By Kofi Ahovi Dwadifo Adanfo, a microfinance institution in the country, has instituted a customer appreciation day to honour its loyal customers. The customer appreciation day is an annual event to be celebrated every second Friday of June. The event is part of efforts to ensure that Dwadifo Adanfo gains competitive edge by maintaining superior customers. This year’s event was dubbed “The customer: our partner, our friend”. Launching the event, the CEO of Dwadifo Adanfo, Charles Amonoo, explained that the main objective of the event “is to recognize, honour and appreciate all loyal customers for continuously and consistently transacting business with the company” As part of activities to mark the day, the company organized special customer service training for all its front liners to ensure that they provide superior customer services to both prospective and existing customers. The company is focused on providing indigenous financial assistance, business transformational prog...

By Toma Imirhe Those who thought that government’s public wage bill travails could not get worse, after contributing an unanticipated GH¢1.9 billion to a record high fiscal deficit in 2012 must be having a rethink. The situation, over the past few months has indeed got worse, with teachers, then university lecturers and now doctors, going on strike, one after the other, demanding yet unpaid allowances or salary arrears as the case may be. While it normally would be easy to empathize with government over the somewhat opportunistic nature of the way those essential public service providers have gone about demanding for their dues, any such sympathy has definitely been severely muted by recent revelations that government recently released some GH¢47 million in end of service benefits for Members of Parliament in the previous legislature’s tenure, even as it protested that it did not immediately have the cash to settle owed teachers and doctors. But government’s incongruity has taken...

By Kofi Ahovi British Airways is promoting its USA routes to remind its customers, including potentials ones, of the unique connections it offers from UK to the USA as well as other destinations. Passengers from Ghana travelling to the USA or other destinations are treated to a world class service before, on board and after using British Airways flights. British Airways is one of the world's largest international airlines carrying approximately 36 million passengers around the world every year. It operates nine flights a day from New York JFK to London. This includes seven to London Heathrow and two flights to London City on a business class only service. This is in addition to the two daily Newark to London Heathrow flights. Terminal 7 is home to BA’s operations at New York JFK airport as well as other airlines. It spans 535,000 square feet, serving five million departing and arriving passengers per year. In addition to handling its own flights British Airways also offe...

Professor Naana Jane Opoku- Agyemeng, Minister of Education on Tuesday said Government welcomes discussions on the need for a Council for Higher Education and Research solely dedicated to the core business of Universities and Research institutions in Ghana. “As Higher Education institutions, your core mandate is to address the problems of the nation through research in order to find well thought out solutions for national development”, she said. She said the establishment of colleges of education, elevation of colleges and Nursing Institutions as well as Polytechnics to tertiary status; the development of private universities and other tertiary institutions, necessitate a review of the mandate and operational range of the National Council for Tertiary Education (NCTE). The Minister made the remarks at the First Ghana France Higher Education Conference being held in Accra. The three day conference, which was opened by the Minister of Education and Mr Fredric Clavier, French Ambassa...

Emmanuel Armah Buah, Minister of Energy and Petroleum has set up a committee of inquiry to investigate allegations of impropriety at the Accra Plains and Kumasi depots of the Bulk Oil Storage and Transportation company (BOST). A press statement issued by the Ministry of Energy and Petroleum in Accra said the eight member committee was inaugurated on Tuesday at the Ministry. “The Minister said the move has become necessary following the incessant allegations of irregularities at the afore-mentioned depots and to ensure optimum efficiency in the transportation of fuel products” it noted. It said the committee would be chaired by Mrs Clothilde Akosua Agbenorto of the National Petroleum Authority and has Ms Dorothy Afriyie Ansah of the Ministry of Justice and Attorney General Department, Mr Kweku Agyemang Duah of Oil Marketing Companies and Mr Nii Lante Blankson of the Bureau of National Investigations as members. The others are Mr Erasmus Asamoah, Mr Andrews Owusu Berfi, Mr Ignatiu...

Ghana continues to be ahead of other countries in the mining sector in the West Africa region. Ghana produces more gold than any country in the West African sub-region Dr. Toni Aubynn has said Speaking on the sidelines at the Ghana Mining Summit 2013 in Accra, the Chief Executive Officer of the Ghana Chamber of Mines, Dr. Aubynn said that, associated with producing more gold than any country in the sub-region, Ghana has mined minerals for much longer time than any country in the sub-region and this is what makes Ghana lead in mining. In spite of the current fall of gold prices on the world market, the mining sector still contributes the highest tax revenue for the Ghana government and has employed over 28,000 in the large scale and an estimated over one million people in the legal small scale mining sector. Dr. Aubynn underscored the importance of the summit saying it provides opportunity for players in the mining industry both in Ghana and abroad to think about mining. “The id...

As from July 1, 2013, consumers of petroleum products especially petrol and diesel in Ghana will bear the full cost of buying these products. Speaking on the sideline at the Institute of Financial and Economic Journalists (IFEJ) and Ghana Business and Finance media seminar on fuel subsidy for journalists in Accra Tuesday June 18, 2013, the Head of Pricing at the National Petroleum Authority, Mrs. Alpha Okaidja Welbeck revealed that, “government has allowed us to price on full cost on petrol and diesel”. Pre-mix fuel, marine gas oil local, kerosene, residual fuel used by industries will however remain subsidized, she added. Last year, President John Mahama, at that time the Vice President, said that government needed GH¢760 million to continue subsidizing fuel annually, an amount he said could be used to undertake development projects across the country. He also said government was battling with an outstanding $80 million debt that was incurred as a result of subsidizing petroleum pr...

The decline in international gold prices in the first quarter of 2013, combined with the high cost of operations, is leading companies to review their work plans and cut operating costs, says Daniel Owiredu, President of the Ghana Chamber of Mines. Spot gold has fallen by 17.2 percent this year, and the country’s output of the mineral dipped by 3 percent in the first three months of the year. This could lead miners to “either reconsider or downsize projects”, though investments at an advanced stage are likely to be continued, Mr. Owiredu said. Ghana’s gold production fell to 1.083 million ounces in the first quarter of the year, down by some 30,000 ounces from the last quarter of 2012, according to Bloomberg, citing data from the Minerals Commission. Gold is the country’s main source of foreign exchange income, which helps the Central Bank to accumulate reserves to supply to importers seeking to buy goods from abroad. The gold industry, categorised into large-scale and small-...

Chief Executive Officer of the Ghana Shippers Authority Dr. Kofi Mbiah says the Authority is in the process of streamlining various charges at the ports as a way of doing away with “illegitimate” charges, with the passage of the new GSA Regulation L.I. 2190. He explained “illegitimate charges” to be those fees that service providers demand from importers and exporters in order to fast-track transactions. “The new regulation is GSA’s way of addressing the issues of unauthorised fees and charges billed to importers and exporters at the ports, in order to drastically reduce their cost of doing business at the port while making them more competitive.” He said the Authority is currently in engagements with service providers, and that once negotiations are concluded the fixed charges will be publicised -- which the providers will be expected to comply with. Speaking to the B&FT in an interview on the sidelines of a maritime seminar in Accra, Dr. Mbiah said the new regulation allo...

In a far-flung African village, when an 80-year-old grandmother wants to send and receive cash, she simply registers for mobile money with a service provider. If she wants to pay for services or transfer money to someone in another village, she goes to an agent and pays the desired amount, which is loaded onto her "account". The recipient can then withdraw the money from an agent in their village. Mobile Money today represents a fundamentally transformational opportunity to connect billions of people to the formal and informal economy, the unbanked and banked citizens of the world. According to GSMA’s Mobile Economy 2013 report, globally, more than 2.5 billion adults do not have access to a formal bank account and are not able to access basic financial services in order to save, borrow or transact. However, the report goes on to state that the increasing levels of mobile penetration (there are 3.2 billion mobile phone users worldwide) presents a significant opportunit...

Editorial Energy is one the critical components needed for the development of any country. Yet, the politics of power outages in this country is an interesting one. It is a subject which politicians love flaunting about especially on the campaign platform to the dismay of the gentlemen who are in the thick of affairs and appreciate the real challenges of this country with regards to energy generation and distribution. Politicians love garnishing the electricity raps with promises bordering more on utopian dreams than realism. One could easily remember the campaign promises of both the two major political parties in the country. Where one was promising energy for all in the near future, the other was wrongfully, though intentional, blaming the current challenge on an external factor which the country or authority has no control over. We were also told that by the end of December last year, power outage or load shedding would have been a thing of the past, but what do we see? The c...

uniBank (Ghana) Limited, one of the most vibrant and customer-focused indigenous banks in Ghana, exhibited its desire to provide exclusive ambiance and quality products and services to its loyal and cherished customers when it relocated its Makola Branch to a newly refurbished and spacious building adjacent to the old branch. The relocation, which took place on Monday, February 4, 2013, is part of the bank's branch expansion strategy to bring quality banking to the door steps of all. According to the Manager, Estates Department, Robert Nii Lante Lamptey, the 2-storey new building has a Retail and business banking hall, whilst the 2nd floor has a Call Centre, an SME Centre and a Remittance Centre, all geared towards provide one-stop total banking services to all in and around Makola and its environ. Addressing the staff at a brief opening ceremony, the Head, Retail, Isaac Palomeras, assured existing and prospectus customers that the new building had been acquired to provide a ...