Business in Ghana

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Archive for May, 2013

Calabash Full Of Holy GYEEDA Water. Critical News, 26th May 2013

Posted by Business in Ghana on May 26, 2013

Sydney Casely-Hayford, sydney@bizghana.com

Sure as can be, we are back with the bad old days on all fronts.  Rains came down this morning; lights went out, making the already four-week drought of water from Ghana Water a more miserable existence.  My Chinese meter is still running double time despite a visit from some chief wigs of the ECG and I have to express my disappointment at Finance Minister Seth Terkper’s new moves to shore up his cash flow problems.

This is a collective resignation from protest.  Most Ghanaians I talk to are simply tired, worn out from our incapacity to move up another gear and drive an uphill agenda to tackle the myriad problems bedeviling us.  I had to buy a tanker-full of water, because I cannot live without it.  All week, we have had a pilgrimage of yellow gallons balanced on dainty eight to thirteen year old heads, miserably traipsing to the nearest oasis to fetch water before school starts.  Others choose “klempe tsinsin” as the Ga people call it, half the water spilling on the bumpy uphill pathways back before they start their day.

Yet my President is on a podium on Africa Union day, spouting about the African Renaissance.  His speechwriter forgot to tell him that you must at least have water and power for industry and even critically, citizens MUST have all the basic human necessities and then they can think, plan and live.  They will not pitch into any mirage-renaissance until they can wake up in the morning, look outside and not see their flooded gardens with gutters carrying the worst kind of non-degradable material, floating amidst black plastic bags of human excrement and step intrepidly into the day’s activities. Read the rest of this entry »

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

Restore Faith and Trust in our Democracy

Posted by Business in Ghana on May 26, 2013

Ben Ofosu –Appiah,  Tokyo JAPAN.

Ghana Fails Governance and Accountability Test

Ghana is a relatively stable democracy but one with a bad governance record. Democracy does not just mean paper guarantee of abstract liberties and rights, and the holding of general elections once every 4 years. Democracy is supposed to improve the living standards of the people and the rulers must be held accountable by the ruled. One of the biggest abuses of human rights in the country is the government’s lack of allocation of resources to improve the lives of the poor in our society. We have become so insensitive to the plight of the poorest of the poor, the unemployed, the rural folks, the sick and the handicapped in society, we just do not care. The government is committing a huge human right abuse by ignoring the weak, the sick and the poor while grabbing everything in sight for themselves. Read the rest of this entry »

Posted in Ben Ofosu-Appiah, Politics | Tagged: , , , , | 1 Comment »

AfDB Approves a USD 20 million Trade Finance Line of Credit for UT Bank Ghana to Support SMEs and Local Corporates

Posted by Business in Ghana on May 23, 2013

TUNIS, Tunisia, May 23, 2013/ The Board of Directors of the African Development Bank (AfDB) (http://www.afdb.org) approved on Tuesday, May 22 a USD 20 million Trade Finance Line of Credit for UT Bank Ghana (UT Bank) to support the trade finance activities of Small and Medium Enterprises (SMEs) and local corporates in Ghana.   

As the Ghanaian economy continues to grow and diversify, there is increasing need to address critical market demand for Trade Finance by supporting businesses in key economic sectors such as agriculture and light manufacturing. This facility will therefore foster financial sector development, enhance regional integration through intra-African trade, and contribute to government revenue generation. Counting roll-overs, the Project is expected to facilitate approximately USD 140 million of trade in essential raw materials, intermediate and finished goods, and equipment to support economic growth in Ghana.

This 3.5-year facility is AfDB’s first trade finance intervention in Ghana since its participation in the Ghana Cocoa Board (COCOBOD) syndicated Commodity Finance Facility in 2009. The Project is designed to enhance UT Bank’s capacity to provide appropriate trade finance support to SMEs and local corporates, thereby promoting inclusive growth and contributing to Ghana’s economic progress. 

The facility not only aligns with AfDB’s Ten-year (2013-2022) Strategy and Ghana Country Strategy, but also resonates well with UT Bank’s strategic intent to become a significant provider of trade finance solutions to SMEs in Ghana. AfDB’s additionality in this Project stems from its ability to provide UT Bank with medium term resources that are not readily available in the trade finance market under the prevailing economic environment.

Distributed by the African Press Organization on behalf of the African Development Bank (AfDB).

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

After The KPMG Okay. Critical News, 19th May 2013

Posted by Business in Ghana on May 19, 2013

Sydney Casely-Hayford, sydney@bizghana.com

It is 4am.  The lights just went out at McCarthy Hill and I am stumped.  I deliberately caught an early night, try to catch up on sleep and start an early day, Sunday.  We had a little storm, a mild rainfall and “dum”; shades of the bad old days when you knew for certain that rain come, light go.  I just returned from a trip to Dubai and Abu Dhabi and I forgot within a week that power is not stable, water does not flow and the Glo internet service is unpredictable.  My Glo service is out this morning, I have been trying to get a solution since 8am, and I have a lot of work to do.  It is 11am and vive la difference.  You cannot compare Accra to Dubai, there is no anchor dot to even start the debate.  Accra scores no points over the city built in a desert and flourishing to no end.

I doubt if there is any Minister or MP in this country who has neither lived, studied nor visited Dubai yet.  What do they see when they get there?  Doesn’t any of it rub off on them?  Make them think they would like to live in a city where the roads are seven lanes wide, buses pick up on time from air-conditioned stations, the metro rail service is unmanned and runs on time?  What about taxis that are all Toyota Camrys and you can hire a Lexus taxi at a cost no different from the regular metered taxis in the city?  What about 24-hour shopping malls, where everything under the sun is available?  And that is just a sample of the stuff I appreciated on my first trip.  What do they bring back from these visits?  This was my first time to Dubai, it is more classy than the USA, UK and South Africa where I have spent a fair bit of time.  The architecture, boy!  So here I stop, because it is so easy to get carried away.  The concern is what do we bring back from travel and escapades like this?  This morning, I am asking, “What are we doing?” Read the rest of this entry »

Posted in Critical Weekly News, Sydney Casely-Hayford | Tagged: , , , , , | 15 Comments »

Stop, Look and Listen Ghanaians: Otumfuo Speaks, “Don’t Commit National Suicide”.

Posted by Business in Ghana on May 19, 2013

Ben Ofosu–AppiahTokyo, JAPAN.

We have had some wise counseling coming from Otumfuo Osei Tutu II at the just ended National commission for Civic Education’s Annual Democratic lectures. The increased, excessive, and obsessive politicization of national issues by Ghanaians is driving us to the political abyss. The development and the national interest of Ghana should be our number one priority not the well being of the political party one belongs to. He said there was the need for a national consensus on fundamental issues in the country, suggesting the enactment of a legislation that would forbid governments from abandoning projects initiated by their predecessor. Words of wisdom. If only we will pay attention and listen.

The Otumfuo mentioned that the polarized political atmosphere has given rise to a new profession of serial callers, Say it Loud (Ghanaweb) resident praise singers and attack dogs, propagandists and communicators, and foot soldiers to whom good is bad if it is about the other party, and bad is good it it’s about their own party. If this culture is allowed to fester (I am afraid it is festering), it will stifle honest intellectual and political discourse and it will be dangerous and threatening to the survival of our democracy. He said these serial callers are foisting on the nation a new culture of insult and abuse in the name of free speech and accountability. This must be a twisted form of accountability. Read the rest of this entry »

Posted in Ben Ofosu-Appiah, Politics | Tagged: , , , , | 1 Comment »

Developing worlds share of global investment to triple by 2030, says new WB report

Posted by Business in Ghana on May 19, 2013

 WASHINGTON, May 16, 2013  Seventeen years from now, half the global stock of capital, totaling $158 trillion (in 2010 dollars), will reside in the developing world, compared to less than one-third today, with countries in East Asia and Latin America accounting for the largest shares of this stock, says the latest edition of the World Banks Global Development Horizons (GDH) report, which explores patterns of investment, saving and capital flows as they are likely to evolve over the next two decades.

Developing countries share in global investment is projected to triple by 2030 to three-fifths, from one-fifth in 2000, says the report, titled Capital for the Future: Saving and Investment in an Interdependent World. With world population set to rise from 7 billion in 2010 to 8.5 billion 2030 and rapid aging in the advanced countries, demographic changes will profoundly influence these structural shifts. Read the rest of this entry »

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With greater transparency, Ghana could increase its earnings from mining and oil

Posted by Business in Ghana on May 19, 2013

 ACCRA, May 15, 2013  Ghana has taken important steps to improve mining governance and limit corruption, but the government still fails to give citizens the information they need to make sure they are getting a good deal from mining companies, according to a new governance index released today.

Revenue Watch Institutes Resource Governance Index measures the quality of governance in the oil, gas and mining sector of 58 countries worldwide. Each country on the Index, from top-ranked Norway to last-place Myanmar, is judged on four criteria: legal framework, transparency levels, checks and balances and its broader governance context.

Ghana ranked 15th out of 58 countries and earned the highest score in sub-Saharan Africa, reflecting major reforms to improve competition and transparency in the mining sector. However, while lawmakers are required to oversee the industry, they often lack the resources to do so effectively, and contracts between mining companies and the government are still kept secret from the public. Read the rest of this entry »

Posted in Trade and Industry, Uncategorized | Tagged: , , | 1 Comment »

Timidity Is The New Revolution. Critical News, 11th May 2013

Posted by Business in Ghana on May 12, 2013

Sydney Casely-Hayford, sydney@bizghana.com

I posted a very historical “Lest We Forget” piece on my Blog this week, written by a very good friend Kwasi Gyan Appenteng.  Down memory lane to 1983, he strolls through time with palpitating nostalgia that hit hard and made me reminisce about times gone by, when revolution meant violence and student agitation shut down the University for two years.  When I first saw the email subject matter, I thought, great, Kwasi has not forgotten Kume Preko and the murder of Ahonga and Ahulu, when we marched against economic hardship and VAT on 11 May 1995, but alas his hike was different.  I found this recount of the crimes by ACDR’s (revolutionary guards as then called) a not-to-be-forgotten history of what happened that day.  It is a painful Marxist memory of Ghana, after the nebulous Nkrumaism, which masked cult worship as an Africanus paradigm but really meant constitutional dictatorship.

This publication from Modern Ghana.com is short enough to repeat verbatim and carries the key mixes then and today.

The article was headed

“KUME PREKO” On CNN, BBC” Read the rest of this entry »

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Lest We Forget – 1983 – Thirty Years Ago

Posted by Business in Ghana on May 11, 2013

By Kwasi Gyan Appenteng

The year 1983 perhaps was the harshest year in Ghana’s modern history. In some countries there would be retrospectives, symposia and other kinds of public reflections on this most devastating year in our collective memory. When I say “collective”, I am referring to those who have not forgotten because they were there and those who have chosen not to forget because they remember. There cannot be many of the latter because general amnesia is another Ghanaian strategy for enduring the pain of the recent past, especially those for whom remembering the past is inconvenient.

The year 1983 did not start well. One of the harshest droughts was in progress. There had been little meaningful rain since 1981; that is it has either rained little or the rain had come at the wrong place and time. The drought could not have come at the worst possible moment. Read the rest of this entry »

Posted in Politics, Uncategorized | Tagged: , , , , , , , , , , , | 10 Comments »

Innovation Prize for Africa Winner Uses Flies and Waste to Make Food

Posted by Business in Ghana on May 8, 2013

Prize identifies breakthroughs that exemplify Africa’s innovation and investment potential

CAPE-TOWN, South-Africa, May 8, 2013/ With global population expected to grow to 9 billion by 2050 and more than 900 million people living in hunger, the demand for nutritious food is rapidly increasing.  Acknowledging this need and the impact of hunger in Africa, the Innovation Prize for Africa (IPA) (http://www.innovationprizeforafrica.org) has named the AgriProtein team as its 2013 winner.  The team of researchers and entrepreneurs will receive USD 100 000 for its innovative approach to nutrient recycling – a method that uses waste and fly larvae to produce natural animal feed.

Selected from more than 900 applications from 45 countries, the AgriProtein team was recognized at the 2013 Innovation Prize for Africa Awards Ceremony and Gala Dinner in Cape Town, South Africa.  The AgriProtein solution collects biodegradable waste, feeds it to flies that in turn produce larvae that are ground into protein to provide a more ecologically friendly, naturally occurring type of animal feed.  This approach improves the nutritional value of meat and lowers the cost of animal feed for African processors and farmers Read the rest of this entry »

Posted in Science and Technology, Uncategorized | Tagged: , , , , , | 1 Comment »