Business in Ghana

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Archive for August, 2010

Critical News, 29th August 2010

Posted by Business in Ghana on August 29, 2010

Hmm, Christians are very upset this week, when they heard that a group of armed robbers had raided a church after hours and tried to steal cars from the pastors.  Now we hear they are going to make a special petition to the President that Pastors be allowed to bear arms to protect themselves from armed robbers.  Not to protect the Congregation, they are protected by the Holy Spirit and the Pastors have to stay alive to protect them.  Hmmm! Read the rest of this entry »

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Critical News, 22nd August 2010

Posted by Business in Ghana on August 23, 2010

There couldn’t have been a better week for democracy in our Ghana, this week.  The NDC party, not the Government, went on public record to state their intention to clean the judge’s benches and served notice to the Chief Justice of her perceived bias in recent rulings by the judiciary.  Following the decision to allow Kwadwo Mpiani and Wereko Brobbey to walk without a recommendation to formally charge them with any offence, the judges explanation of his understanding of the law, so completely baffled both opposing sides that the NPP claimed it as a vindication of their innocence and the NDC took up arms against the law.  The pity of it all is that the NDC party, which has not been able to dissociate itself from the Government, thought they should threaten mayhem and cause fear and panic across board by resurrecting the murder of judges under the (p)NDC, which no adult of voting age in Ghana has forgotten.  We are reminded of this event every time we pass in front of the Courts in Accra. Read the rest of this entry »

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Critical News, 15th August 2010

Posted by Business in Ghana on August 15, 2010

We are probably as close to a Constitutional crisis as we are going to get.  The Constitutional Review Committee is going around Ghana soliciting views for amendments to the 1992 constitution. We all know the real reason is to see how we can either continue to entrench or remove the transitional provisions granting immunity to PNDC coup makers and their supporters.  We are just going to spend $1.2 billion doing so.  If we fail to remove the provisions, we don’t get another crack at it for a long time. Read the rest of this entry »

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Critical News, 8th August 2010

Posted by Business in Ghana on August 9, 2010

Finally, NDC put the STX deal to bed.  Came at the expense of the Ghanaian voters, who put the NPP parliamentarians in office to debate issues on their behalf, only to find that they walk out of most critical discussions.  The NPP “honourables” have still not got the tactic of filibustering an issue and allowing time to work with them.  They walked out of the final debate in parliament because they could not meet the Speaker’s one hour imposition for final review of the housing deal.  Poor show, they can do better in my opinion!  Now the contract has been passed and all we have to do is wait to see how Government proceeds to build the 30,000 houses for security personnel.  All they could do was wish the Koreans “good luck with this one” Read the rest of this entry »

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NDC, Lying With The Truth

Posted by Business in Ghana on August 7, 2010

A year ago on 10th July 2009, I wrote an article attacking NDC public truths. NDC Big and Small Lies Will Un-Make the Party.   Actually walking the soil and riding Mass Metro Transit, Tro-Tro and taxis in Ghana, trying to make sense out of the complex economic chains, is an eye opener of how the macro and micro economic environments are separate from each other.  Ghana is two economies.  The macro numbers, which capture the attention of academia, the donor community and the regulatory authorities and the micro economy, where 80% of Ghanaians live and struggle to make a living.  In stark contrast to each other, visualize the banking hall of Stanchart, Ecobank, Barclays or any of the others and juxtapose that against the trade paths in Makola and Mallam markets or the lines of kiosks on the road sides of Odorkor and Palladium and other peri-urban communities. Read the rest of this entry »

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Habitat For Humanity Throws in The Towel In Ghana

Posted by Business in Ghana on August 5, 2010

After 21 years, home builder for the under-privileged in Ghana, Habitat for Humanity, Ghana (HFHG) a non-governmental, ecumenical Christian housing ministry has given up its goal of building affordable homes for families in need.

Speaking in an exclusive interview with BUSINESS IN GHANA on Tuesday, a source from HFHG in Accra said the Christian housing ministry’s home building programme is no longer sustainable because many beneficiaries of its programme have failed to pay their mortgages on schedule thus drying up the resources of the organization.

As a result, HFHG has put a hold on its programme for the next three years during which its core business would be to collect all outstanding debts from defaulters. Read the rest of this entry »

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Critical News 1st August, 2010

Posted by Business in Ghana on August 2, 2010

Glory, Glory, Glory!  What a start to the week.  The New Crusading Guide blessed the week with the story of the year so far.  Tsatsu Tsikata involved in a contentious (have to be careful here, might cause Fear and Panic!) contract with MODEC, the builders and managers of the FPSO Kwame Nkrumah.  Rather longwinded so here are the essential facts as I see them.  Tsatsu signed a contract to provide advisory services to MODEC back in 2008 when he was in custody.  The IFC through the Multi-lateral Investment Guarantee Agency (MIGA) were only recently told of this contract.  Both the IFC and MIGA are heavily invested in the FPSO, which is owned by Jubilee Ghana BV 21, a special purpose company, set up to raise funds for the development of the Jubilee field unit in West Cape 3 Points.  This also involves Tullow, Kosmos, Anadarko, the EO Group, Sabre Oil and GNPC.  I will do a very detailed report on the shareholding structure of all this in the coming week.  It will impress you! trust me.  Anyway, the IFC and MIGA are p***** off because they were only told at the back end.  The contract is for $5million, two has been paid, all of it during the NDC era and the remainder to be paid when the first oils starts.  Great start to the week!  It got more interesting as the days rolled forward, and Tsatsu publicly threatened to sue through his company Strategic Oil and Gas.  He owns 50% of the company and we are yet to know who owns the other half!  This story will run for a long time.  Until the due diligence is completed and the IFC and MIGA are content, the FPSO will not be storing any oil!  Imagine what this will mean to Ghanaians if one person’s greed halts our whole economic jump off! Read the rest of this entry »

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