Business in Ghana

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Archive for August, 2012

Return of The PAC. Critical News, 26th August 2012

Posted by Business in Ghana on August 26, 2012

Sydney Casely-Hayford, sydney@bizghana.com

I had a big surprise this week and it was a good one.  I buy my top-ups from the car on the way to work.  I know it is illegal to do so, but Mayor Vanderpuye is still mourning his wife and president and I feel at liberty to do a little wrong.  Anyway, this young man who usually sells me Expresso top up, came to the window Friday morning and with a very broad smile announced to me that he had been offered a place with the University of Development Studies to do a degree in Integrated Management Science.  It was such a delight to hear.  I never thought of him as a SHS student in the first place, but for him to be Uni material, I was chuffed.  My view of these hawking young men and women has changed, there might yet be hope around the corner.  I never figured there were potential university students selling stuff and cleaning windshields to survive.  Such a failure in employment policy. Read the rest of this entry »

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Political “AshinↃ”Waist Beads. Critical News, 19th August 2012

Posted by Business in Ghana on August 19, 2012

Sydney Casely-Hayford, sydney@bizghana.com

Sigh of big relief, politics is back as the old funeral rite.  Soon after the niceties were over, the NPP took the stage, spared the new President no punches and welcome to the school of hard knocks Mr. John Mahama.  He is not that new to the jibes and salvos, but this is the hot seat and everything that goes wrong is your fault.  If it goes well, it is to your credit too, whether you helped or not.  So life has returned to near normal.

Except for the documentary or missionary piece running on Crystal TV.  Mr. Crystal Dzirackor and his team at GHOne have decided to run a canonization piece for the late president.  The video starts with the late President Atta Mills walking to the Pearly gates of heaven.  He is lifted on to the staircase by helpers and held aloft by angels as he ascends to the garden of Gethsemane with the rest of the apostles.  Then he rises above them to sit on the right side of God, where he will look after Ghanaians and supervise our deeds.  Now we will win the World Cup, discover more oil and stop the sliding of the cedi.  We will wake up one day and all our roads will be tarred, the potholes will have disappeared, the trash on all the side curbs would have gone and no longer will we have to work for a living.  We will be fed with manna from heaven.  Such is the force to be unleashed by the late President if Crystal TV is allowed by the Most Right Reverends to carry on this kind of nonsense.  May a Christian please call me. Read the rest of this entry »

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Related Through Country. Critical News, 12th August 2012

Posted by Business in Ghana on August 12, 2012

Sydney Casely-Hayford, sydney@bizghana.com

Accra cried hard, buried President Mills on Friday and fell silent.  I drove from Cantonments, through 37, past the BNI place to Kawukudi junction on to Dimples roundabout, hanging left to the George Bush Highway.  Straight through Lapaz, Santa Maria, Awoshie, over the Mallam interchange and then right turn to McCarthy Hill.  I heard not one horn and I arrived home in 17 minutes and 25 seconds.  That journey used to take 4 hours in January.  Later that night it hit me that, all interference can be transient.  With time we forget the traffic of problems and relish in new ways, which are imperceptible while you endure the periods of nuisance.  May the President’s soul rest in peace. Read the rest of this entry »

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Retailers Wake up to Africa’s Promise

Posted by Business in Ghana on August 7, 2012

By Andrew England in Johannesburg and Xan Rice in Lagos

When Taiwo Animashaun, who works at Tastee Fried Chicken in Lagos, needed a new hotplate, she decided to try the plush Ikeja City Mall, which opened in December, instead of her local market. Within minutes of entering Shoprite, the South African supermarket that anchors the complex, she had made her purchase.

“It’s a good place to shop,” says Ms Animashaun. “Everything is arranged nicely, and the prices are not bad.”

From Lagos in the west to Nairobi in the east and Lusaka in the south, trendy new shopping malls have sprung up across Africa as the continent’s mushrooming cities modernise and its emergent middle class swells. Read the rest of this entry »

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The Relevance Of The Monetary Policy Rate In The Monetary Transmission Mechanism

Posted by Business in Ghana on August 5, 2012

Source: Center for Policy Analysis.  http://www.cepa.org

In May 2007 the Bank of Ghana formally adopted inflation targeting (IT) as the framework for stabilizing prices within the economy. Since then, significant progress has been made in developing the policy framework as well as the institutions and markets that underpin its implementation _ money and capital markets have been developed, there is a framework for forecasting liquidity, and a broad range of instruments with which to conduct monetary policy is available.

The monetary policy tool of the BOG is the monetary policy rate (MPR) _ the rate at which commercial banks can borrow from the central bank _ and it is set at a level that is consistent with meeting the BOG_s inflation target. The MPR, thus, is expected to communicate the stance of monetary policy and act as a guide for all other market interest rates. Read the rest of this entry »

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9 Graves and Two Veeps. Critical News, 5th August 2012

Posted by Business in Ghana on August 5, 2012

Sydney Casely-Hayford, sydney@bizghana.com

Ghana could not get any more exciting before the funeral of our late president so I went to see a play at the National Theatre on Friday.  A Slave’s Story.  It was only when the stage credits were mentioned that I realized the cast was mainly from the Asiamah family from the UK.  I was not impressed with the play and it added nothing to my knowledge about the souls of our ancestors.  There was some music talent and some acting talent, but overall, it was a less than mediocre performance for me and I relegated it to the annals of an end of term performance by some high school students.

So I went to the Home Coming of my alma mater, Bleoo!, Saturday.  A refreshing encounter with old class mates, letting your hair down with friends you spent seven years of intense rivalry and competition, observing the young ones who just cannot believe that I left Accra Academy before they were born.  So superior!  My year group is now the true “Old Boys”.  I can recount amusing and interesting stuff and in those days totally revolting.  But that was then and here is now.

Sunday, I was privileged to be at the Ghana Association of Writers presentation in honor of President Mills.  I heard some wonderful talent and music and I came back charged with new hope that Ghana at least can manage its creative talent and develop beyond Azonto.

Now, me and Martin Amidu, we are still waiting for the Supreme Court to announce when they will hear the case he filed against Woyome, Vamed and Waterville, to establish the legality of the financial engineering that probably never was.  This week, Mr. Amidu filed another case against Isofoton and others including the Attorney General, again in a judgment case previously determined and a second payment from the people’s purse.  I am yet to meet Mr. Amidu, who is fast becoming my favorite Ghanaian and I hope he at least reads some of what I write.  If Martin can do this, where are the other Ghanaians who are privy to the corruption pockets and have access to information that will help unravel some of the detail?  We have a Whistle Blowers Act in place and surely, there must one or two public servants spirited enough to spill some beans? Read the rest of this entry »

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