Business in Ghana

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Posts Tagged ‘Singapore’

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 »

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Batakari For My Jacket. Critical News, 10th May 2015

Posted by Business in Ghana on May 10, 2015

Sydney Casely-Hayford, sydney@bizghana.com

On Tuesday, 31st May 2011, I organized and hosted a program I called The BiG Debate. We looked at the issue of high bank interest rates and its impact on Ghanaian businesses.

At that time, with bank interest rates as high as 30% in some cases and spreads ranging between 12% and 15%, banks continued to make high profits despite the claim that non-performing loans were a restriction on their performance and a key reason for less lending.

But there were other related arguments suggesting that Regulators, Government, Borrowers of Funds, Lenders to the banking sector as well as Bank’s own weak accounting all contribute in large measure to the persistently high lending rates in Ghana. Clearly, our stuttering economy would benefit from lower borrowing rates in the market place.

How to intervene and trigger a downward spiral in favor of the borrower has eluded analysts, Government and Donors. The BiG Debate attempted to identify the intervention points and offer answers to Government.

Treasury Bill rates were at 10%, and the competing business of risk lending took a back-step while Banks diverted deposits into 91-day bills and quicker profit yielding trade.

Two years on, the T Bill rate is at 25% and the situation is worse now than it was then. Read the rest of this entry »

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