Business in Ghana

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Archive for July, 2012

Belling the “Debt” Cat. Critical News, 15th July 2012

Posted by Business in Ghana on July 15, 2012

Sydney Casely-Hayford, sydney@bizghana.com

Prof. Kwamena Ahwoi still has a lot to say.  He has said a lot in the past, but now seems the time for him to sing his swan song.  After Mr. Fergusson Darko made it to the Daily Guide newspaper to reveal how African Automobile Limited (AAL) short-changed the country in the 1980s, for Pajero cars, under an investigation panel chaired by the Professor, you must ask the question, “how did it come about that the same Prof. went ahead decades later and awarded an identical contract to AAL?”  I needs to know Prof., which way bloweth the wind in your house? Read the rest of this entry »

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Posted in Critical Weekly News, Sydney Casely-Hayford | Tagged: , , , , , , , , | 1 Comment »

A gateway to West Africa, Ghana is about to take off

Posted by Business in Ghana on July 15, 2012

By Fiona Rintoul, from The Financial Times online

That Ghana and Nigeria now have space programmes is a measure of how much and how quickly Africa is changing. Ghana is a country that exemplifies the change.

Twenty years ago, Ghana was, says one local, “a basket case”. Today, it is one of the most politically stable nations in Africa with an established record of power changing hands peacefully. Viewed by some as “Africa-lite”, the nation of 25m, which should go peacefully to the polls again in December, is positioning itself as the gateway to west Africa.

“The difference between Ghana and other countries in the region is that everything – power, roads, institutions – more or less works,” says Edem Lassey, analyst at Investec Asset Management. Read the rest of this entry »

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

ROBUST FIRST QUARTER PERFORMANCE KEEPS ECONOMY ON GROWTH TARGET

Posted by Business in Ghana on July 13, 2012

Source: Center For Policy Analysis (CEPA), Ghana.  http://www.cepa.org

Introduction

The Ghana Statistical Service (GSS) currently provides three interrelated measures of real GDP. For any specified period of time  typically a quarter or calendar year  real GDP is the constant price (2006) value of relevant economic activities in that specified period. Constant prices are used in the valuation in order to eliminate the effect of inflation which otherwise could confuse the assessment of economic performance. The growth rate is obtained by comparing the value of the current period with that of a previous period. The three measures of data are the following:

  •  year-on-year for each of the four quarters of the calendar year, defined by GSS as comparing current economic developments with that of the same period in the previous year. There is little or no influence by seasonal factors;
  •  quarter-on-quarter for each of the four quarters in comparison with the preceding quarter defined by GSS as providing a short-term (six months) picture of current economic developments. The estimates are influenced by seasonal factors that are caused by economic behaviour or recurrent exogenous factors such as weather patterns, holidays, religious events etc ; and
  •  the current calendar year compared to the previous calendar year  the more common measure used in public discussions, as for example: the economy grew at 14.1 percent in 2011.

Moreover, all of the above measures of economic performance are subject to periodic revisions. According to the GSS, revisions provide the opportunity for incorporation of additional and improved data. For example, some data that were not available at the released date are incorporated through revisions into subsequent releases. Read the rest of this entry »

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

Let Us Nullify MPs Common Fund (Constitutional Amendment Needed)

Posted by Business in Ghana on July 13, 2012

By ERIC AGBESI DZOKOTO, Eric Djagbesiydd@yahoo.com>

Discerning citizens have watched with glee since the inception of the Fourth Republic the utilisation of the MPs Common Fund, which was provided for in the 1992 Constitution and institutionalised. It has become a largesse for the political class. Where is the accountability element? Some of us did not wish that the democracy   How come that the framers of the Constitution and the Consultative Assembly did not leave MPs to concentrate on their core business of law making and playing their watch door roles or oversight responsibility of the executive branch of state. In fact, there is too much wastage of state resources by our so called leaders across board and it is high time Civil Society Organisations wake up and confront the seeming monitisation of the Ghanaian polity. Read the rest of this entry »

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

Judgment Debts, Gallopé, Gallopé. Critical News, 8th July 2012

Posted by Business in Ghana on July 8, 2012

Sydney Casely-Hayford, sydney@bizghana.com

I have to thank Nana Boroo for the inspired heading this week.  I was browsing You Tube for local content and found a 2010 Ghana Music Awards clip, with Nana and his team of dancers.  Refreshing recollections.   Aha aye butu butu this week.

Nana Addo and “All die be die”.  Once again the NPP Presidential candidate felt compelled to go open this can of worms.  This time we have more elaboration.  All die be die now means the NPP will not sit down and allow the NDC to cheat them out of their mite and they will respond if provoked.  However, they do not believe in violence and will go to any length to protect the peace of elections.  I have always accepted that the NDC was created from the (P)NDC, which was a stepchild of the AFRC, which was a violent junta bent on taking revenge on the officer corps of the military.  The NPP is of the UP party, which roots go back to the era of violent secession from the Colony and assassination attempts on Kwame Nkrumah.  The CPP traces its violent roots to the days of preventive detention, chieftaincy upheaval, terror brigades and a one party dictatorship.  Each party has its excuses for violence and has at one time or the other engaged in a fight for its right to vote without interference.  Now we have that voting right.  I don’t see those times as promoting violence.  One person’s, terrorist is another’s freedom fighter and our politicians have to get over this stigma and move on.  We have the right to cast a ballot once every four years.  It is our ultimate universal suffrage.  What we are clamoring for is fairness and no manipulation of the registers.  And we have a biometric register in place as a first step to get this done.  All Nana succeeded in doing was give the NDC’s Asiedu Nketia another opportunity to confuse issues. Read the rest of this entry »

Posted in Critical Weekly News, Sydney Casely-Hayford | Tagged: , , , , , , , | 1 Comment »

IMANI Alert: Worrying Developments in Ghana’s Oil Sector

Posted by Business in Ghana on July 7, 2012

From IMANI Center for Policy & Education  www.imanighana.org

Many observers would have noticed a recent brief from Bloomberg about the investment prospects for Ghana’s offshore oil sector.

http://www.bloomberg.com/news/2012-07-05/ghana-oil-partners-to-invest-20-billion-in-oil-fields.html

From the very start IMANI has been somewhat less sanguine about developments in the nascent industry (see previous commentary on our website).  Despite the highly optimistic forecasts now and in the past, it is important to note the following facts: Read the rest of this entry »

Posted in Franklin Cudjoe, Oil and Gas | Tagged: , , , , , | 5 Comments »

World Bank Group Support to Promote Growth and Overcome Poverty in Developing Countries Hits Nearly $53 Billion in 2012

Posted by Business in Ghana on July 3, 2012

Demand remains above FY08 pre-crisis lending levels; IFC and MIGA post increases

WASHINGTON, June 29, 2012  The World Bank Group committed $52.6 billion in loans, grants, equity investments, and guarantees to help promote economic growth, overcome poverty, and promote economic enterprise in developing countries during fiscal year 2012, which ends on June 30.

World Bank Group Commitments

fiscal years 2012 and 2011 (in US$ billions)

World Bank Group FY12* FY11*
IBRD 20.6 26.7
IDA 14.7 16.3
IFC 15+ 12.3+
MIGA 2.3 $2.1
TOTAL 52.6 57.4
*Preliminary and unaudited numbers as of June 29.
+Own account only. Excludes more than $5 billion in FY12 and $6.4 billion in FY11 in funds mobilized from other investors.

The Bank recently lowered its growth forecast for 2012 to 5.4 percent for developing countries, down from its June estimates of 6.2 percent, and noted that developing country budgets and central banks are not as well placed as they were in 2008/09 to address slowing economies Their ability to respond may be constrained if international finance dries up and global conditions deteriorate sharply. Read the rest of this entry »

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

The President is sick. Take it or Leave it

Posted by Business in Ghana on July 3, 2012

By  Daniel Danquah Damptey, danieldanquah_damptey@yahoo.com

Sickness is not something we wish for ourselves, not even for our worst enemies. As long as we remain mortal, sickness and diseases will remain part and parcel of our life. I see nothing wrong with someone falling ill. An Akan axiom says that “Se woton wo yarea a na wonya ano aduro”. Translated literally, it means if you tell people your ailments, you get medicine for it.

The prevalent disease in both my maternal and paternal families is diabetes.  Almost every sibling of my mother suffered or is suffering from that disease. Two out of my seven surviving siblings are known carriers of that disease. I went for the test and it came out negative. But that was a little over a year ago.

The diabetic trait in the family has made us all conscious of how we lead our lives. We have also become each other’s keeper. Personally, I like sweet things and my family is always on me to cut down on the quantity of sweet intake in my diet. But this is something which affects the Damptey family and the ordinary people of Abomoso. I cannot say so about other families. Read the rest of this entry »

Posted in Daniel Danquah Damptey, Politics | Tagged: , , , | 3 Comments »

Ablakwabish, Mills and The Resurrection. Critical News, 1st July 2012

Posted by Business in Ghana on July 1, 2012

Sydney Casely-Hayford, sydney@bizghana.com

I have two “did they hear me’s” this week.  Martin Amidu has taken up personally what they would not allow him to do as Attorney General.  I said a couple of weeks back that Martin must give back to the tax payer through his vigilante crusade, what we paid for him to become a lawyer.  This week, I read his salvo to the Supreme Court, I am still grinding my way through it, but I think the gist of his petition does what the AG should be doing to ensure that Agbesi Woyome is essentially prosecuted to the fullest and is clearly found guilty (paraphrasing mine).  So, I feel vindicated.

When the Supreme Court fixes a date for the hearing, I urge all Ghanaians to make their way to the Court halls and I dare Government to declare a holiday and place large screen TVs out in the gardens for the spill over.  I dare Government.  We will have our own Martin day and the taxpayer’s money will not have been in vain.  Will other “Martins” please stand up?  We need you now. Read the rest of this entry »

Posted in Critical Weekly News, Sydney Casely-Hayford | Tagged: , , , , , , , | 2 Comments »