Business in Ghana

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Posts Tagged ‘Bank of Ghana’

Same Shame, Again. Critical News, 16th August 2015

Posted by Business in Ghana on August 17, 2015

Sydney Casely-Hayford, sydney@bizghana.com

I am so disappointed in where we are as a country, my mind has switched to far out places where the oceans are more tranquil, the breeze more soothing and the food divine and enticing. Where lobster over a grill is served with a glass of medium sweet white wine and music tinkles in the background without jarring your senses and disturbing the taste buds. The women are classily clad showing off parts that guarantee a night of near perfect ecstasy, because it is the right ambience to a tasty end.

Where the night is lit all the time, the air conditioning runs twenty-four hours and the water is clean, fresh and flowing all the time; the pool shimmers with cool water and a gentle breeze invites you to ever so elegantly dip yourself into the water, energizing your body for another tomorrow.

Because this is what they have in Singapore. Why can’t I have it in Ghana? Why should my life remain so miserable and fraught with so many blunders and blanks, that I am constantly thinking back to the good times rather than looking beyond my horizons and dreaming of a more improved Ghana?

But my mood moved down gear, a mild depression engulfing my thoughts and preventing me from adding more vim to my everyday increasing commitments. I am tired and I am struggling to keep a pace commensurate with my abilities.

The system is beating me down. Read the rest of this entry »

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

Kpa Kpa Kpa Economics. Critical News, 16th November 2014

Posted by Business in Ghana on November 17, 2014

Sydney Casely-Hayford, sydney@bizghana.com

Have you ever had to drive through dark night? Night so dark you think someone has deliberately swapped the streetlights for dark fluorescent tubes and it is a mean darkness, engulfing you in some kind of horror movie?

That was Thursday night, driving from McCarthy Hill to a meeting at the Golden Tulip. The street lights, traffic lights, side lights and all other manner of lighting that could possibly help to navigate the way to the hotel and back, simply closed their beams and clothed the car in a dark eerie morass, only the occasional stroller caught the head beams of the car.

At some point I was sure I was lost and considered asking directions to a route I have followed hundreds of times in this short life. And that is what it felt like, that I was driving towards life’s end. Until I got past Kaneshie where there was some street lighting and pedestrians.

This is what ECG and its twin purveyors of “dark vada” have prepped for us. It is not good enough that we do not know when and if power will be available to work, now we are blessed with special night-light.

Not even the interest rates corridor could explain what we are going through, because I listened to the Governor of the Central Bank Dr. Kofi Wampah explaining once again why he had to increase the Central Bank policy rate two percentage points to 21% in order to hold down inflation in an economy where there is very little money circulating, costs are rising every month, Government is borrowing all the money and banks are complaining and yet reporting above-average profits. Read the rest of this entry »

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

First National Obtains Universal Banking Licence

Posted by Business in Ghana on June 18, 2014

First National Savings and Loans Company Ltd has obtained a provisional licence from the Bank of Ghana (BoG) to operate as a universal bank.

To be known as First National Bank Limited under the new operational licence, the feat has largely been as a result of the fast growth the company has chalked up, with its expansive network across major capital cities, rural and urban centres around the country.

This has endeared the company to many traders, small and mediums scale enterprises.

The new license allows the company, which will soon announce its re-branded status, to deliver a vast array of financial services such as trade financing, all forms of deposit taking, foreign exchange services, issuance of cheques and settlement of cheque transactions.

The Chief Executive Officer of First National, Mr Patrick Anumel, told the Daily Graphic shortly after a press briefing in Accra last Tuesday that the bank was now in a position to help its customers better by providing them with enhanced services.

He said the focus of the bank had, however, not changed as it was still aimed at serving the ordinary Ghanaian, including farmers, market women, students and operators of SMEs.

Mr Anumel noted that the depreciation of the cedi and the rise in inflation rate had affected the cost of doing business in the country.

He stressed the need for the bank to improve on its services with a diversified range of services.

“If you have a diversified range of services, then it means that your source of revenue is also going to be diversified and therefore favour you,” he explained.

Posted in Financial Services, Uncategorized | Tagged: , , , , | 2 Comments »

Fear Not, NDC Got Your Back. Critical News, 15th June 2014

Posted by Business in Ghana on June 15, 2014

Sydney Casely-Hayford, sydney@bizghana.com

I reconnected with my very good friend Adams during the week.  He called; we arranged lunch and met at the Imperial Peking to catch up on long past jokes from the Zoology department where we spent many an afternoon trying to understand snakes and snails, Legon-style.

It was a good lunch, we explored all the possibilities on the menu and finally settled for shrimp fried rice, soup noodles and wonton soup starter.  Made a big difference from my usual chop bar banku and okro soup or fufu from around the corner at Asylum Down.

Adams is an NDC faithful, comes from dedicated party stock and we were reminiscing about days gone by and the observed habits of the red ant from Mango and Neem trees; the things people discuss at lunch, eh?

We avoid talking politics, because we have had too many historical run-ins, but unfortunately, today’s lunch was to be an exception.

So I was recanting how I recently noticed trains of Solenopsis invicta (or red fire ants for those of you who did not take zoology seriously), in single line convoying from one end of my driveway to the other.  I found this rather strange, because red ants don’t often leave their residencies, preferring to create mounds to protect their Queen.

They are a very busy lot, strategically organized in defense and attack.  Created not to die too easily, they breathe through a system of tracheal tubes, able to revive gases to the double bulbs connecting internal organs and tissue.

So we are being academic and really getting into the subject when we are interrupted by a group of Daily Guide readers who recognize me from my page 28 column and also a few appearances on TV.

I end courtesies and return to Adams, who pops me a left hook question, throws me off and I reel back, bowled over.

“Have you heard that Nana Addo will be using a helicopter for his campaign this year?” Read the rest of this entry »

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If I Were To Buy A Bank. Critical News, 15th December 2013

Posted by Business in Ghana on December 15, 2013

Sydney Casely-Hayford, sydney@bizghana.com

Don’t we have a saying in our culture that goes “you only see the length of a frog after it is dead”?  I don’t want to harp on death ‘cos Madiba left us after a very well-lived ninety-five and as an avid follower and believer of his life, may I say “damirifa due”.  To say I admired Mandela would be an understatement.  All my life I wanted to meet and shake his hand and I never did anything positively to live the dream.  Now, gone and dearly departed, I am left cross-eyed, looking for the next African icon and I know not whence to start, but certainly not here at home.

Democracy.  This past week, Henry Djaba, father of NPP National Women’s Organizer Otiko Djaba plus a few many siblings, died.  He lived a good life I understand, and died a well-respected person in our society, considered rather wealthy throughout his long walk through time.

But I was neutered when I heard that the NPP polling and constituency executive elections were to be postponed in the Eastern Region in order that Otiko could celebrate her grief.  I had not focused on how large and long Henry Djaba was in death, that the NPP chose to halt a scheduled democratic process of such critical importance in order that a funeral ceremony, which is going to run for days if not months, could be attended by one of theirs. Read the rest of this entry »

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

MERBAN Reloaded. Critical News, 8th December 2013

Posted by Business in Ghana on December 8, 2013

Sydney Casely-Hayford, sydney@bizghana.com

JDM is in the Merchant Bank saga, big time.  Whether he likes it or not, he placed himself there when he did not follow his own code of ethical guidelines, with which he expects his ministers to conform.  Unless it is one of those politician things where you say something or develop a regulation or rule simply to assuage the populace with no intention of ever monitoring the code.  And we have several of such in Ghana.

But how different is Vice President JDM from President John D Mahama?  Does the President carry different ethics now than what he once had as Vice President?  The NDC Government has tried all week to separate the President and the previous Vice President as of different ilk.  From what they say, he followed what his then boss President Mills wanted done, the obedient assistant rather than the upright, confident, ethically opinionated, highly moral President we now have. Read the rest of this entry »

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

M’Luds We Are Not Tired, Just Challenged. Critical News, 14th July 2013

Posted by Business in Ghana on July 14, 2013

Sydney Casely-Hayford, sydney@bizghana.com

I am a sore loser in football.  The French or what we were expected to accept as a French side eventually won the Under 20 FIFA tourney on Saturday.  Watching their black players stop all our brilliant moves from the flanks and especially Pogba holding Assifuah and Acheampong to the berth, only made it worse for me when I got to know that Pogba is of Ghanaian origin.  For long we have struggled to control the age thing in the Under 20 and Under 17 games, but I think it is now time to look at ethnicity as another feature to control.  French people are not colored black, so to field a team with 9 black players and a mixed race goalkeeper, who was the key reason we could not get the ball into the net, increased my pain considerably.  These “Senegalovarians” (young men from Senegal, Togo, Mali, C’ote D’Ivoire) they sported were bigger, tougher, faster and seemed to be under some kind of spell to win this competition.  Even our prayers right there in the middle of the pitch could not blind their keeper; divine shots from the Golden Boot, coming at him from all sides.  Look, Americans are a mixed race, British are one third black, Chinese are never black and French people are predominantly white.  We should not change the order of nature just to win a FIFA cup.  I am a sore loser in football. 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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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 »

“Routine” Cash Shortage, Critical News, 24th June 2012

Posted by Business in Ghana on June 25, 2012

Sydney Casely-Hayford, sydney@bizghana.com

This week, Alfred Agbesi Woyome is in court in two separate places.  Judge Barbara Ackah-Ayensu sits on the commercial court of his trial and Judge Ajet-Sam is handling the criminal side.  The first witness in the stand Mangowa Ghanney seems as confused as I am from her own statements.  Not sure whether the news reporting is accurate enough, I decided to attend court the other day and I could not make head or tail of where this prosecution witness was heading.  Later when I read what showed up in print, I was even more confused.  First she said she had no time to write a desk report because she had to travel and then she said she did write a memo with her recommendations.  So I am not sure whether I heard the whole truth or just half of it. Read the rest of this entry »

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