Business in Ghana

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Archive for July, 2012

KPMG Hosts ‘Transacting in Africa’ Discussion Panel

Posted by Business in Ghana on July 30, 2012

JOHANNESBURG, South-Africa, July 30, 2012 With the ‘Great Africa Business Migration’ well under way, discussions around the realities of doing business on the continent are now at a critical point. Africa is far from being a homogeneous continent, with 55 countries all boasting different regulatory, tax and competitive environments. Transacting in Africa poses complexities that companies need to factor in. In light of this, KPMG ( convened a panel of experts for the sixth episode in its Africa Conversations Series, to discuss the most pertinent trends and challenges related to investing in Africa today. CNBC Africa broadcast the panel discussion, entitled Transacting in Africa, live across the continent while KPMG made the session available globally via live webcast. Read the rest of this entry »

Posted in Financial Services, Uncategorized | Tagged: , , , | 1 Comment »

Dead and Gone With a Whisper. Critical News, 29th July 2012

Posted by Business in Ghana on July 29, 2012

Sydney Casely-Hayford,

Just a few days ago, Professor John Evans Atta Mills was jogging through the VVIP lounge at Kotoka.  Next week we will bury him in State in the style he portrayed all his life.  A simple man with simple ideas and simple issues, his was never to rock the boat but follow a gradual pace at the people’s will.

The President’s death was not a big surprise to me.  I have written several pieces these recent months and on 24th June in particular, I tried to tease out an affirmation of what I thought was wrong with the President.  This is not a topic I particularly want to delve into.  As Ghanaian culture goes, it is frowned upon, which is why when JJ Rawlings gave an interview to the BBC in Congo Brazzaville it triggered a slew of insults from many corners.  Is it becoming so that Ghanaians now see JJ as not culturally savvy?  Dr. Akwettey at IDEG thought he could have waited a few days more, because he (JJ) did say the truth.  The late President’s family however, went a bit ballistic.  Their rejoinder to JJ called him out and not in a nice way at all.  “uncouth, derogatory and uncensored insults”.  Read the full text from the family.  Abusuapanyin Nkum-Kyereba Twidan signed off for the family with some displeasure.  Would the late President have handled it this way? Read the rest of this entry »

Posted in Critical Weekly News, Sydney Casely-Hayford | Tagged: , , , , , | 7 Comments »

The Icc Celebrates 10 Years: The Implications For Africa

Posted by Business in Ghana on July 28, 2012

By Obiageli Oraka

On July 17, 1998, a conference of more than 160 states established the first treaty-based permanent International Criminal Court (ICC). This court has the mandate to investigate and prosecute individuals for war crimes, crimes against humanity, and genocide. The court’s treaty, known as the Rome Statute, also provides for reparations for victims. Ten years ago this month, the Rome Statute went into force.

The ICC has strong support in Africa – 33 of the 121 countries that have become parties to the Rome Statute are African States. This means that Africa comprises the largest regional block of the court’s members. In addition, Africans have been appointed senior officials at the court. Most recently, Chile Eboe Osuji from Nigeria was elected an ICC judge. Fatou Bensouda from the Gambia was appointed the ICC’s new prosecutor. In fact, 4 of the 18 current ICC judges are African and almost 200 out of around 850 staff are African, from 30 countries. Read the rest of this entry »

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We Have To Track Down The Oil Thieves

Posted by Business in Ghana on July 23, 2012

By Patrick Dele Cole

It seems the Nigerian government is finally waking up to the financial impactillegal theft and sale of crude oil is having on our nation, as well as on the oil-producing Niger delta region.

Last month the minister of finance said she believes up to 17 per cent of the country’s production was lost in April. This means we could be losing up to 400,000 b/d.

About $9bn of revenue, equivalent to almost a third of the federal budget, is thus under the control of a criminal cartel with tentacles that stretch from the Niger delta, through the armed forces into the heart of organised crime and out into the rest of the world. Read the rest of this entry »

Posted in Oil and Gas, Uncategorized | Tagged: , , , | 1 Comment »

Campaign Waiver. Critical News, 22nd July 2012

Posted by Business in Ghana on July 23, 2012

Sydney Casely-Hayford,

I am weary this week.  The Woyome case is not moving at an adequate pace, and because I am hoping that some big names will be dropped so we can move the democracy process ahead, I am weary with the slowly developing case.  The Supreme Court is also yet to fix a date to hear Martin Amidu’s challenge on the illegality of the case (Woyome) and it looks like we are heading for a limp Parliamentary recess.  Parliament rises next week, due back in October, and we do not have too many calendar days to voting day.  I love it when Parliament recesses with mega issues to close the year so when the Minority in Parliament created a big palaver this week to do with a Constitutional Instrument regarding the creation of 45 new districts, I kind of perked up a bit.  But I am weary.  Water issues, electricity dom so, dom so, judgment debt here today, challenged tomorrow?  I am feeling the grind of non-deliverables. Read the rest of this entry »

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Beijing Exports Weigh On Africa’s Producers

Posted by Business in Ghana on July 20, 2012

By Xan Rice in Lagos, Katrina Manson in Nairobi and Andrew England in Johannesburg

From the edge of Lagos Island you have a clear view of the giant cargo ships coming in to dock. Walk a few blocks away from the water to Balogun market, and you’ll see where some containers’ contents end up.

In small, packed stalls spilling on to the streets of Nigeria’s commercial capital hang suits, fire extinguishers, shoes, radios, padlocks, shirts, clocks, generators and countless other items. The common link for many of the goods is the origin.

“All from China,” said Mustafa Adekule, 29, who sells suitcases and belts. “The quality is better than before and the prices are low. China is helping us by making these products we can afford.” Read the rest of this entry »

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Press Statement From The Coalition On The Right To Information (RTI) Ghana On The Status Of The RTI Bill

Posted by Business in Ghana on July 19, 2012

On behalf of the Coalition on the Right to Information (RTI) in Ghana, which has been advocating for the passage of a RTI law for Ghana for several years now, we hereby wish through the media to draw the attention of the good people of Ghana to the following developments on the RTI Bill.

We find this necessary as a result of certain events that make us doubt the assurances we have received that the Parliamentary Select Joint Committee has adopted most of the views of the public on amendments to the Bill and the further assurance from the Majority Leader of Parliament, Hon. Cletus Avoka, that the Bill will be passed into law before Parliament goes on recess at the end of July. Read the rest of this entry »

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Sonangol: An Economic Octopus

Posted by Business in Ghana on July 18, 2012

By Tom Burgis,

A tale of two financing deals encapsulates the breathtaking expansion of Angola’s state-owned oil company. In 1989, when Angola was tearing itself apart in civil war, Sonangol, the state-owned oil company, struggled to secure a $60m six-month credit line. Nowadays, bankers say, it commands multibillion-dollar borrowing facilities that stretch over 10 years.

Respected abroad, it is all-powerful at home. From the sizeable stakes it routinely takes in oil ventures led by international groups and its growing portfolio of operatorships to its interests in infrastructure, banking and real estate, the literary prize it offers and Petro, the football team it owns, Sonangol is an octopus enveloping the economy. Many observers say it is a sovereign wealth fund in all but name, spreading petrodollars around the globe. “It’s like the tail wagging the dog,” says one international official in Luanda. “It’s not a state-owned oil company: it’s like an oil company that owns the state.” Read the rest of this entry »

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

Rival to Nigeria as Prodigious Source of Crude

Posted by Business in Ghana on July 18, 2012

By Tom Burgis,

On the morning of Friday February 10, the oil world was abuzz. Cobalt International Energy, a midsized explorer backed by Goldman Sachs, had announced what was potentially one of the biggest discoveries of recent years.

The find in Angola’s Kwanza basin was a “game changer”, in the words of one veteran oilman. Cobalt’s well, drilled to a depth of 4.9km through a thick layer of salt, had found a reservoir the Texan explorer estimates to contain 1.5bn barrels of crude.

It confirmed a new energy frontier. If the so-called “pre-salt” region proves as rich as early indications suggest, it would set Angola on course to join the big league oil producers over the coming decade. Read the rest of this entry »

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Pipelines Bypassing Hormuz Route Open

Posted by Business in Ghana on July 15, 2012

By Javier Blas,

Saudi Arabia and the United Arab Emirates have opened new pipelines bypassing the Strait of Hormuz, the shipping lane that Iran has repeatedly threatened to close, in a move that will reduce Tehran’s power over oil markets.

The quiet opening of the pipelines comes amid heightened diplomatic tensions over Tehran’s nuclear programme. Iran’s oil production has fallen to its lowest in more than 20 years due to the impact of US and European sanctions, prompting Tehran to repeat its threats to shut down the strait, the conduit for a third of the world’s seaborne oil trade. Read the rest of this entry »

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