Business in Ghana

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Archive for October 24th, 2010

Some field evidence on what Ghanaians think of the 4th Republican Constitution

Posted by Business in Ghana on October 24, 2010

By Professor S. Kwaku Asare

I present the results of a survey that was conducted from February 22, 2010 to March 21, 2010. The purpose of the survey was to collate the views of Ghanaians everywhere on the 4th Republican Constitution. Survey respondents participated voluntarily by accessing a link that was placed on www. Ghanaweb.com and other chat rooms known to and accessible to me (e.g., Okyeame@gogglegroups.com, glu-ghana-leadership-forum@googlegroups, elephant-patriots@googlegroups.com).  In addition to accessibility, these sites were chosen because they are patronized by a good cross section of the population who frequently express views and debate on the Constitution. Therefore, survey respondents were not randomly chosen. However, given that the purpose of the survey was to collate views on the Constitution, I wanted respondents who had read the Constitution or were knowledgeable on the workings of the Constitution. Read the rest of this entry »

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Posted in Politics, Prof. S Kwaku Asare | Tagged: , , | 1 Comment »

Ghana Government in Investment Chaos

Posted by Business in Ghana on October 24, 2010

From IMANI-Ghana (www.imanighana.org) & AfricanLiberty.Org

So that there is no room for ambiguity, we want to repeat that we support this and previous governments’ strategy of using public – private partnerships (PPPs)as a principal means of delivering major development-related capital investments.

We think PPPs offer an elegant and powerful approach of leveraging the profit-seeking impulses of private actors for public benefit through increased financial support for the provision of public goods like roads, utilities, schools and hospitals.

Since the mid-90s when plans for outright privatisation of major development infrastructure were bungled through the overreaching zeal of immature technocrats, we have as a nation come round to the belief that even those areas once held to belong to the exclusive jurisdiction of governments can do with some private sector efficiency. Read the rest of this entry »

Posted in Financial Services, Franklin Cudjoe | Tagged: , , , , , , , , , , | 1 Comment »

Archbishop Palmer-Buckle’s “Funeral Oration”

Posted by Business in Ghana on October 24, 2010

By Kofi Akosah-Sarpong

The Ghanaian enlightenment campaign is evolving. Ghanaian elites, for some time asleep, are fast getting involved in the enlightenment movement from their diverse stations in life. As the movement gathers steam, backed by the Ghanaian mass media, one area of the Ghanaian traditional life that has come under the enlightenment flashlight is the implications of the dead and funeral on the living.

It is a tough area that borders on the complicated traditional cosmology. The attempts aren’t to tinker with traditional cosmology. It isn’t because it is a frightening area; it is because the aim of the enlightenment thinkers is to debunk the misinterpretation of traditional cosmology, especially in the southern parts of Ghana, where millions of dollars are profligately spent on the dead and funerals while majority languish in wrenching poverty and stuck in backward social infrastructure. Read the rest of this entry »

Posted in Kofi Akosah Sarpong, Social Services | Tagged: , , , , , | Leave a Comment »

Ghana’s Open Budget Score Improves from 42 – 54….. says International Budget Partnership

Posted by Business in Ghana on October 24, 2010

The scores for 92 questions from the Open Budget Survey are used to compile objective scores and rankings of the relative transparency of each country’s budget process. These scores constitute the Open Budget Index (OBI). Ghana’s OBI 2010 score of 54 is higher than the score of any other country surveyed in West Africa and is higher than the worldwide average of 42. Ghana’s score increased from 42 to 54 from 2006 to 2010 largely because the government now publishes a Mid-Year Review, a Year-End Report, and an Audit Report. Ghana’s score, however, shows that the government still provides the public with only some information on the central government’s budget and financial activities during the course of the budget year. This makes it challenging for citizens to hold the government accountable for its management of the public’s money. Read the rest of this entry »

Posted in Financial Services, Uncategorized | Tagged: , , , , | Leave a Comment »

Tullow secures additional US$350 million debt funding

Posted by Business in Ghana on October 24, 2010

Tullow Oil plc (Tullow) announces that it has finalised and closed arrangements for an increase of US$350 million to its existing US$250 million corporate revolving credit facility, with the amended facility commitments now totalling US$600 million in aggregate.

On Thursday 14 October the amended US$600 million secured debt facility was closed with Bank of Scotland Plc, BNP Paribas, Credit Agricole Corporate & Investment Bank, HSBC Bank Plc, ING Bank N.V., Natixis, Société Générale, Standard Bank Plc, Standard Chartered Bank, and The Royal Bank of Scotland plc participating as mandated lead arrangers.

The amended and increased debt facility will supplement Tullow’s existing US$2.5 billion reserve based lend debt arrangements, providing additional funding capacity and flexibility for the Group’s future capital programmes.

Posted in Oil and Gas, Uncategorized | Tagged: , , , , , | Leave a Comment »

Onyina-1 exploration well finds water-bearing reservoirs

Posted by Business in Ghana on October 24, 2010

Tullow Oil plc (Tullow) announces that the Onyina-1 exploration well in the Deepwater Tano licence offshore Ghana encountered water bearing reservoirs.

The Onyina-1 well was drilled to explore a large, high-risk, Campanian prospect between the Tweneboa and Jubilee fields in the northeast of the Deepwater Tano Licence. It intersected 49 metres of good quality sandstone reservoir, on prognosis, however they were water bearing at this location. Read the rest of this entry »

Posted in Oil and Gas, Uncategorized | Tagged: , , , , | Leave a Comment »