Business in Ghana

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Archive for May 19th, 2013

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

Posted by Business in Ghana on May 19, 2013

Sydney Casely-Hayford,

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 »

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

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 »