Wednesday, September 24, 2008
Maritime Pollution Bill underway
Concerned about the environmental hazards on our waterways, the Ghana Maritime Authority (GMA) has taken a bold initiative to formulate a Maritime Pollution Bill to address the issue. The Bill that was finalized for consideration by the Government is being updated to include laws relating to new developments such as the oil and gas projects, including the new conventions recently adopted by the International Maritime Organisation (IMO). The Bill, if it becomes an Act would give the Authority the needed legal power to deal effectively with problems that may arise in the implementation of the oil and gas projects in the country. In addition to the Bill, a draft legislation on inland waterways based on the IMO is currently being finalized by the Authority for passage by Parliament. This draft legislation aims to create a regulatory framework for the enforcement of safety measures on the inland waterways of the country. This was disclosed in Accra by Professor Christopher Ameyaw Akumfi, Minister of Ports, Harbours and Railways at the celebration of the World Maritime Day by the GMA. The World Maritime Day which is celebrated by the International Maritime Community seeks to bring to the attention of the general public the challenges of the maritime industry and achievements realized through international trade. The theme for this year's celebration is “IMO, 60 years in Shipping Service”. The formulation of new policies by the Authority is to position itself to meet the challenges of the future, so as to make it competitive on the international market. The Authority, in collaboration with the Regional Maritime University has also instituted training programmes for seafarers to be trained on the basis of the IMO courses, and in accordance with relevant International Conventions, such as the IMO International Convention on Standards of Training, Certification and Watch keeping for seafarers (STCW). The Chief Advisor to President Kufuor, Mrs. Mary Chinery-Hesse, in her address urged the GMA to quickly submit the draft legal instruments and sanction regimes to enable Government introduce sanity in the shipping industry. Her concern stemmed from the fact that some players in the shipping industry were abusing the system by introducing unjustifiable charges on exporters and importers. “This trend, I must say is adversely affecting Government efforts aimed at making Ghana an investment destination in the sub-region”, she noted. She assured the Authority of government's continuous support in its quest to make the industry more effective.
Beware of milk products imported from China
The Food and Drugs Board (FDB) on Tuesday, in Accra, has issued a stern warning to consumers to beware of milk products imported into the country from China. The directive from the FDB was on the backdrop of the current food safety alert on contamination of milk products from China that contains melamine. Melamine is an industrial nitrogen chemical compound used to make plastic and sometimes used as a fertilizer. Several babies in China have fallen ill with some reported deaths, after suffering acute kidney failure, after been fed with formula milk contaminated with the industrial chemical melamine. The fatalities, according to BBC are far higher than was previously admitted by the Chinese authorities. The Chemical, melamine is manufactured by Sanlu, which is partly owned by New Zealand's Fonterra Cooperative. Affected products of Chinese origins, according to the FDB, include infant formulae powdered milk, liquid milk, candies, lollipops, cookies, cakes, milk tablets, yoghurt drinks, biscuits, toffees, chocolates, cream crackers and egg rolls, including any other product that contains milk as part of its ingredients which is of Chinese origin. According to the FDB, importers who might have shipped any of the affected products prior to this notice would have their goods confiscated and investigated at the port, before release to the owner. “When you are buying things, be careful and check the label embossed on it. We are not saying that every product from China is under suspicion, but what we are saying is that those milk products from China are under suspicion”, noted Mr. Emmanuel Kyeremateng Agyarko, Chief Executive Officer of the FDB, in an interaction with a group of media practitioners.
Lufthansa gets new General Manager
Lufthansa Passenger Airlines Ghana, over the weekend in Accra, introduced its new General Manager, Mr. Yannick Aplogan, to the public. His duties take effect from July 1st this year. Mr. Aplogan first joined the company (Lufthansa) in 1990, after the completion of his studies, and served in various functions in the operations department of the Charles-de-Gaulle airport in Paris. He had been with the company since then, until in 2002, when he crossed camp to join Swiss International Airlines, as General Manager in Doula, Cameroon, where he remained until June this year. Mr. Aplogan is French citizen, and hails from Benin, West Africa. “I am especially proud that Mr. Yannick Aplogan is heading the Lufthansa team in Ghana, having taken over the responsibility on July 1st. He brings in expertise from his past positions at Lufthansa, and as Swiss Country Manager in Douala. “I am sure that under his guidance, the Lufthansa team in Ghana will soar to new heights,” noted Mr. Herbert Reichle, Lufthansa General Manager Nigeria and Managing Director West Africa, when he officially introduced Mr. Aplogan to the public.
UT Financial Services goes public
23 September 2008Posted to the web 23 September 2008
UT Financial Services has at last launched its eagerly anticipated Initial Public Offer (IPO), to float 90, 293, 3000 ordinary shares, representing 40% shares of the company, on the Ghana Stock Exchange to raise some US$27 million.
The listing of the company on the exchange, will give it a market capitalisation of GH¢63,219,750, while making a strategic entry into the stock market, with a price earning ratio of 14.25, which is lower than all but one of the eight other financial services industry stocks, listed on the stock exchange. The offer is aimed at giving exceptional value to the Ghanaian public, and provides them the opportunity to share the success story, through the creation of wealth from dividend flow, and shareholder value creation.
By going public, P. K. Amoabeng and J. N. Nsonamoah, the two original shareholders of the company (50% each), will shed 40% of their stake, equivalent to 30,293,000 shares, with an additional 10,000,000 shares offer, to increase the capital of the economy.
The Chief Executive Officer (CEO) of UT Financial Services, Prince Kofi Amoabeng, reiterated that since the liquidity of the exchange left much to be desired, "the only way out, is to have a lot more shares, so that we can have shares trading everyday, so that free market determines the prices. That is why UT has taken the leap to enhance the liquidity of the shares, and the stock exchange in general."
He said UT was determined to build on its core values, of growing businesses and to meet the demands of the people, indicating that monies raised from the IPO, would be used to supplement their operations, strengthen their balance sheet, and expand its resource base, for funding of new loans.
Mr. Ken Ofori Atta, Managing Director of Data Bank, indicated that UT's decision to go public bore the testimony of the genius of the Ghanaian entrepreneur.
He intimated that the success of UT on the GSE, would be spurred greatly by the vibrant Ghanaian economy, together with the able and visionary leadership of the company, but not without a word of advice for his bosom friend (Kofi Amoabeng), when he quoted Shakespeare's:
There is a tide in the affairs of men. Which, taken at the flood, leads on to fortune; Omitted, all the voyage of their life Is bound in shallows and in miseries. On such a full sea are we now afloat, And we must take the current when it serves,
Or lose our ventures," as he moves out to the market with all its hostilities. UT Financial Services will be the first to trade on the newly-automated system of the GSE.
The superiority of UT's financial performance, compared to other financial services/firms, is reflected in the company's second place ranking in the Ghana Club 100, the elite grouping of the country's top 100 corporations, as assessed by the Ghana Investment Promotion Center.
UT was also adjudged the 2nd most respected company, in the maiden most respected CEO and company, while the CEO, Prince Kofi Amoabeng, was voted the most respected CEO by his peers.All these coupled with the strong year on performance of the company, has generated strong anticipation among stock market investors, and market watchers who have predicted that the IPO could be over-subscribed.
UT Financial Services has at last launched its eagerly anticipated Initial Public Offer (IPO), to float 90, 293, 3000 ordinary shares, representing 40% shares of the company, on the Ghana Stock Exchange to raise some US$27 million.
The listing of the company on the exchange, will give it a market capitalisation of GH¢63,219,750, while making a strategic entry into the stock market, with a price earning ratio of 14.25, which is lower than all but one of the eight other financial services industry stocks, listed on the stock exchange. The offer is aimed at giving exceptional value to the Ghanaian public, and provides them the opportunity to share the success story, through the creation of wealth from dividend flow, and shareholder value creation.
By going public, P. K. Amoabeng and J. N. Nsonamoah, the two original shareholders of the company (50% each), will shed 40% of their stake, equivalent to 30,293,000 shares, with an additional 10,000,000 shares offer, to increase the capital of the economy.
The Chief Executive Officer (CEO) of UT Financial Services, Prince Kofi Amoabeng, reiterated that since the liquidity of the exchange left much to be desired, "the only way out, is to have a lot more shares, so that we can have shares trading everyday, so that free market determines the prices. That is why UT has taken the leap to enhance the liquidity of the shares, and the stock exchange in general."
He said UT was determined to build on its core values, of growing businesses and to meet the demands of the people, indicating that monies raised from the IPO, would be used to supplement their operations, strengthen their balance sheet, and expand its resource base, for funding of new loans.
Mr. Ken Ofori Atta, Managing Director of Data Bank, indicated that UT's decision to go public bore the testimony of the genius of the Ghanaian entrepreneur.
He intimated that the success of UT on the GSE, would be spurred greatly by the vibrant Ghanaian economy, together with the able and visionary leadership of the company, but not without a word of advice for his bosom friend (Kofi Amoabeng), when he quoted Shakespeare's:
There is a tide in the affairs of men. Which, taken at the flood, leads on to fortune; Omitted, all the voyage of their life Is bound in shallows and in miseries. On such a full sea are we now afloat, And we must take the current when it serves,
Or lose our ventures," as he moves out to the market with all its hostilities. UT Financial Services will be the first to trade on the newly-automated system of the GSE.
The superiority of UT's financial performance, compared to other financial services/firms, is reflected in the company's second place ranking in the Ghana Club 100, the elite grouping of the country's top 100 corporations, as assessed by the Ghana Investment Promotion Center.
UT was also adjudged the 2nd most respected company, in the maiden most respected CEO and company, while the CEO, Prince Kofi Amoabeng, was voted the most respected CEO by his peers.All these coupled with the strong year on performance of the company, has generated strong anticipation among stock market investors, and market watchers who have predicted that the IPO could be over-subscribed.
AngloGold Ashanti moves to protect Obuasi mine
23 September 2008Posted to the web 23 September 2008
Anglo Gold Ashanti has mounted a security operation with a combined team of Ghana Armed Forces and the Ghana Police Service which began at Obuasi in the Ashanti Region on Thursday to combat illegal miners.
The move by the company (Anglo Gold Ashanti) is to protect its Obuasi mine from the activities of illegal miners, popularly known as galamsay operators who have consistently been torpedoing the smooth operations of the company.
The activities of illegal miners in the Obuasi concession has rendered the company to incur loss running into millions of dollars.
"The Obuasi Mine has experienced ongoing security incidents relating to the activities of groups and individuals engaged in illegal mining in the area, including the invasion of our underground facilities, setting alight of cables, drilling and blasting without recourse to safety and environmental impacts, and the use of stolen explosives. These miners have destroyed national installations and company owned underground infrastructure, and threatened and brutalised AngloGold Ashanti personnel who attempt to interfere in their activities", noted John Owusu, Corporate Affairs Manager of AngloGold Ashanti in a statement issued and released in Accra.
According to Mr. Owusu, the activities of the illegal miners was posing dangers to the company's operations and its personnel, a situation he said can no more be tolerated.
"By way of a long-term response, AngloGold Ashanti intends to upgrade its security capacity, in order to be able to secure its property adequately in the future. Where required we will take appropriate action, in accordance with international human rights standards, to remove illegal miners from our premises and, if circumstances require it, hand them over to the police for action to be taken against them in terms of the law", he added.
Anglo Gold Ashanti has mounted a security operation with a combined team of Ghana Armed Forces and the Ghana Police Service which began at Obuasi in the Ashanti Region on Thursday to combat illegal miners.
The move by the company (Anglo Gold Ashanti) is to protect its Obuasi mine from the activities of illegal miners, popularly known as galamsay operators who have consistently been torpedoing the smooth operations of the company.
The activities of illegal miners in the Obuasi concession has rendered the company to incur loss running into millions of dollars.
"The Obuasi Mine has experienced ongoing security incidents relating to the activities of groups and individuals engaged in illegal mining in the area, including the invasion of our underground facilities, setting alight of cables, drilling and blasting without recourse to safety and environmental impacts, and the use of stolen explosives. These miners have destroyed national installations and company owned underground infrastructure, and threatened and brutalised AngloGold Ashanti personnel who attempt to interfere in their activities", noted John Owusu, Corporate Affairs Manager of AngloGold Ashanti in a statement issued and released in Accra.
According to Mr. Owusu, the activities of the illegal miners was posing dangers to the company's operations and its personnel, a situation he said can no more be tolerated.
"By way of a long-term response, AngloGold Ashanti intends to upgrade its security capacity, in order to be able to secure its property adequately in the future. Where required we will take appropriate action, in accordance with international human rights standards, to remove illegal miners from our premises and, if circumstances require it, hand them over to the police for action to be taken against them in terms of the law", he added.
Zoomlion to employ 4,000 health inspectors
22 September 2008Posted to the web 22 September 2008
The government's burden of bringing environmental sanitation to the doorsteps of the citizenry would be a thing of the past, as the nation's number one waste management experts, ZoomLion Ghana Limited (ZL), is recruiting 4,000 health inspectors, to ensure the realisation of this dream, to rid the country off filth.
The health inspectors, to be known as sanitation guards, would help environmental health workers in the country, in their quest to keep the communities clean.
The Communications Manager of ZL, Isabella Gyau Orhin, recently disclosed this at the launch of the national campaign for improved environmental sanitation at Nsawam, in the Eastern Region.
The recruitment of sanitation guards, according to the Communications Manager, was at the backdrop of falling environmental sanitation standards, which has resulted in the springing-up of many diseases in the country.
The campaign christened "Tin-ton-tan, ye ni efi to nkwanta a yapae" (literally meaning: we have forever parted ways with filth), aims at preventing diseases through improved sanitation in hospitals and homes.
It also seeks to conscientise Ghanaians, to eliminate filth in their various communities, whilst improving on their health and sanitary facilities.
The work of community health inspectors had over the years experienced some setbacks, which emanates from lack of resources (human and infrastructure) and funding.
It was therefore welcome news to the nation, as it was battling with controlling filth in the communities, and also sites for the dumping of waste. "At long last, when I sleep, I can close my eyes, because this initiative from ZoomLion is going to bring back the concept of communal labour in our various communities," recounted Nana Bo Ababio, Nsawamhene, who was Chairman of the occasion.
The national campaign on environmental sanitation was a collaborative effort, which involved various agencies, including the National Health Insurance Authority (NHIA), Ministry of Local Government and Rural Development (MLGRD), Ministry of Manpower and Employment/National Youth Employment Programme (MME/NYEP) and the Ministry of Health, and Ghana Health Services.
It is estimated by the World Health Organisation (WHO) that every hour, a hundred African children die from diarrhoea, and recommended that most lives could be saved through better access to sanitation and improved basic hygiene.
The Deputy Minister of Health, Mr. Abraham Dwuma Odoom, in his address, noted that nature was now paying back Ghanaians in their own coin, because of their negative activities on the environment.
"Today, the health of our people is in jeopardy, because we have over the years, taken the elements that sustain our life for granted. Through human activities, we have defiled the environment, and destroyed the purity and sanctity of these elements. We are now paying a heavy toll in terms of increase in the number of diseases and deaths," he said.He, therefore, urged Ghanaians to refrain from their negative activities on the environment, in order to ensure a clean sustainable development in the country.
The government's burden of bringing environmental sanitation to the doorsteps of the citizenry would be a thing of the past, as the nation's number one waste management experts, ZoomLion Ghana Limited (ZL), is recruiting 4,000 health inspectors, to ensure the realisation of this dream, to rid the country off filth.
The health inspectors, to be known as sanitation guards, would help environmental health workers in the country, in their quest to keep the communities clean.
The Communications Manager of ZL, Isabella Gyau Orhin, recently disclosed this at the launch of the national campaign for improved environmental sanitation at Nsawam, in the Eastern Region.
The recruitment of sanitation guards, according to the Communications Manager, was at the backdrop of falling environmental sanitation standards, which has resulted in the springing-up of many diseases in the country.
The campaign christened "Tin-ton-tan, ye ni efi to nkwanta a yapae" (literally meaning: we have forever parted ways with filth), aims at preventing diseases through improved sanitation in hospitals and homes.
It also seeks to conscientise Ghanaians, to eliminate filth in their various communities, whilst improving on their health and sanitary facilities.
The work of community health inspectors had over the years experienced some setbacks, which emanates from lack of resources (human and infrastructure) and funding.
It was therefore welcome news to the nation, as it was battling with controlling filth in the communities, and also sites for the dumping of waste. "At long last, when I sleep, I can close my eyes, because this initiative from ZoomLion is going to bring back the concept of communal labour in our various communities," recounted Nana Bo Ababio, Nsawamhene, who was Chairman of the occasion.
The national campaign on environmental sanitation was a collaborative effort, which involved various agencies, including the National Health Insurance Authority (NHIA), Ministry of Local Government and Rural Development (MLGRD), Ministry of Manpower and Employment/National Youth Employment Programme (MME/NYEP) and the Ministry of Health, and Ghana Health Services.
It is estimated by the World Health Organisation (WHO) that every hour, a hundred African children die from diarrhoea, and recommended that most lives could be saved through better access to sanitation and improved basic hygiene.
The Deputy Minister of Health, Mr. Abraham Dwuma Odoom, in his address, noted that nature was now paying back Ghanaians in their own coin, because of their negative activities on the environment.
"Today, the health of our people is in jeopardy, because we have over the years, taken the elements that sustain our life for granted. Through human activities, we have defiled the environment, and destroyed the purity and sanctity of these elements. We are now paying a heavy toll in terms of increase in the number of diseases and deaths," he said.He, therefore, urged Ghanaians to refrain from their negative activities on the environment, in order to ensure a clean sustainable development in the country.
MiDA revives horticultural industry
22 September 2008Posted to the web 22 September 2008
The Millennium Development Authority (MiDA) on Friday, in Accra, sealed an agreement worth US$ 2.171 million with the Sea-Freight Pineapple and Exporters Group (SPEG), as a grant to help revive the horticulture industry.
The amount would be used to purchase pre-coolers which would be positioned at the farms of members under SPEG to store their produce that has immediately been harvested to protect their value for export.
In addition to the grant facility, a four-member delegation from the Group would this week emplane to the United States of America to have discussions with Chikita (one of the biggest importers of horticultural produce in the world), on how best to put the sector back on track to raise standards of living whilst maximizing profit for the country.
The Chief Executive Officer of MiDA, Mr. Martin Esson-Benjamin and the Chairman of SPEG, Mr. Korang-Amoako signed the agreement to that effect.
According to Mr. Esson-Benjamin, the grant facility from his outfit was made possible because of their commitment to raise standard of living in the country through the support of farmers in the country.
"The potential in the horticultural industry is huge and our support to this industry is immense. Our intension is to strengthen and move forward the industry by given farmers value for their produce", noted Mr. Esson-Benjamin.
In all, 27 companies would benefit from the facility. The amount would be released at the end of this month and would be shared among seven (7) companies who have satisfied the Group's requirements for the first phase of the project.
The Millennium Development Authority (MiDA) on Friday, in Accra, sealed an agreement worth US$ 2.171 million with the Sea-Freight Pineapple and Exporters Group (SPEG), as a grant to help revive the horticulture industry.
The amount would be used to purchase pre-coolers which would be positioned at the farms of members under SPEG to store their produce that has immediately been harvested to protect their value for export.
In addition to the grant facility, a four-member delegation from the Group would this week emplane to the United States of America to have discussions with Chikita (one of the biggest importers of horticultural produce in the world), on how best to put the sector back on track to raise standards of living whilst maximizing profit for the country.
The Chief Executive Officer of MiDA, Mr. Martin Esson-Benjamin and the Chairman of SPEG, Mr. Korang-Amoako signed the agreement to that effect.
According to Mr. Esson-Benjamin, the grant facility from his outfit was made possible because of their commitment to raise standard of living in the country through the support of farmers in the country.
"The potential in the horticultural industry is huge and our support to this industry is immense. Our intension is to strengthen and move forward the industry by given farmers value for their produce", noted Mr. Esson-Benjamin.
In all, 27 companies would benefit from the facility. The amount would be released at the end of this month and would be shared among seven (7) companies who have satisfied the Group's requirements for the first phase of the project.
Wednesday, September 17, 2008
Trade liberalisation undermining Africa's exports
Africa has for the past decade, undergone massive developmental change, through a number of reforms embarked upon to improve living standards. The continent (Africa) has now become a safe haven for doing business, thereby attracting lots of foreign investors, which has resulted in the continent experiencing rapid economic inflows.
Ghana, for three consecutive years, has been ranked by the World Bank and International Finance Consortium (IFC), as the best country to do business in West Africa, and is ranked 87th in the Bank’s overall rankings, in its outlook on “Doing Business 2009,” which was released recently.
Despite all the praises from these international financial bodies, trade liberalisation is said to be undermining Africa’s exports to the outside world.
A 114-page report by the United Nations Conference on Trade and Development (2008), has revealed that trade liberalisation had not improved the continent’s export performance, despite the removal of policy barriers, considered to be the main impediments hampering Africa’s exports.
The report, which examines the performance of Africa’s export after trade liberalization, in order to draw lessons for use in the design of future development strategies, argues that the level and composition of Africa’s exports have largely remained the same.
“Africa has actually lost grounds in world export markets,” noted the report, which was launched in Accra on Monday.
Trade liberalisation, which falls under the Doha Round to globalise world markets, was seriously affecting Africa’s export performance, in the area of capital inflows.
The Doha Round seems dead in its tracks, due to a combination of unwillingness by the rich countries to offer substantial cuts in agricultural supports and markets access, and the reticence of developing nations to offer low enough bindings on their own tariffs.
“Globalisation in some appropriate form, is a major engine of economic growth, but the current “Gung-ho” process of globalisation, has produced paradoxes in both rich and poor countries, and is creating a backlash, requiring a rethink of rules and policies to save globalisation from its cheerleaders,” according to Dani Rodrik, Professor of International Political Economy at Havard’s JFK School of Government.
In a research report by Professor Rodrik, titled “How to save Globalisation from its cheerleaders,” the Professor argued that in the current realities of the world, the pursuit of perfect globalisation and more openness, endangers the present imperfect, but still remarkable globalisation, by intensifying conflicts that the system inevitably generates.
The report concedes that that there had been some improvement, but this falls far short of expectations, and has been relative to the experience of other developing regions.
According to the report, Africa’s share of world exports has dwindled from six (6) percent in 1980, to three (3) in 2007. The report identifies Africa’s weak supply response, as a major factor responsible for the continent’s non-preparedness to take advantage of recent commodity booms.
Africa’s export performance in agriculture, also comes under scrutiny, as well as why Africa has failed to diversify into the manufacturing sector.
To rectify the situation, the report called for Africa to refocus its development priorities on structural transformation, in order to increase the continent’s supply capacity and export response.
An economist, Dr. Nii Moi Thompson, who aided in the launch of the UNCTAD report, noted that African governments had under-invested in Agriculture and services.
This, he attributed to institutional weaknesses, lack of insurance policies to govern the agriculture industry, lack of ready access to roads, and lack of adequate funds for research in the agricultural sector.
Mr. Thompson averred that lack of adequate funds into research, ends up in slow performance, and declines labour productivity in the agriculture sector.
“These are structural problems that we face. We seem to be making money policies in one area, whilst policies in research are sidelined,” he said.
Mr. Thompson, therefore, called for sufficient investment in the field of research, in order to make our scientists useful, to improve productivity on the continent.
He also stressed on the need for market intelligence, and the empowering of the private sector, to boost production on the continent.
To reap the benefits of globalisation, the report recommended the need for Africa to prioritise its productivity, competitiveness, market access, and access to factors of production in agriculture and manufacturing, if the continent wants to make progress.
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Ghana, for three consecutive years, has been ranked by the World Bank and International Finance Consortium (IFC), as the best country to do business in West Africa, and is ranked 87th in the Bank’s overall rankings, in its outlook on “Doing Business 2009,” which was released recently.
Despite all the praises from these international financial bodies, trade liberalisation is said to be undermining Africa’s exports to the outside world.
A 114-page report by the United Nations Conference on Trade and Development (2008), has revealed that trade liberalisation had not improved the continent’s export performance, despite the removal of policy barriers, considered to be the main impediments hampering Africa’s exports.
The report, which examines the performance of Africa’s export after trade liberalization, in order to draw lessons for use in the design of future development strategies, argues that the level and composition of Africa’s exports have largely remained the same.
“Africa has actually lost grounds in world export markets,” noted the report, which was launched in Accra on Monday.
Trade liberalisation, which falls under the Doha Round to globalise world markets, was seriously affecting Africa’s export performance, in the area of capital inflows.
The Doha Round seems dead in its tracks, due to a combination of unwillingness by the rich countries to offer substantial cuts in agricultural supports and markets access, and the reticence of developing nations to offer low enough bindings on their own tariffs.
“Globalisation in some appropriate form, is a major engine of economic growth, but the current “Gung-ho” process of globalisation, has produced paradoxes in both rich and poor countries, and is creating a backlash, requiring a rethink of rules and policies to save globalisation from its cheerleaders,” according to Dani Rodrik, Professor of International Political Economy at Havard’s JFK School of Government.
In a research report by Professor Rodrik, titled “How to save Globalisation from its cheerleaders,” the Professor argued that in the current realities of the world, the pursuit of perfect globalisation and more openness, endangers the present imperfect, but still remarkable globalisation, by intensifying conflicts that the system inevitably generates.
The report concedes that that there had been some improvement, but this falls far short of expectations, and has been relative to the experience of other developing regions.
According to the report, Africa’s share of world exports has dwindled from six (6) percent in 1980, to three (3) in 2007. The report identifies Africa’s weak supply response, as a major factor responsible for the continent’s non-preparedness to take advantage of recent commodity booms.
Africa’s export performance in agriculture, also comes under scrutiny, as well as why Africa has failed to diversify into the manufacturing sector.
To rectify the situation, the report called for Africa to refocus its development priorities on structural transformation, in order to increase the continent’s supply capacity and export response.
An economist, Dr. Nii Moi Thompson, who aided in the launch of the UNCTAD report, noted that African governments had under-invested in Agriculture and services.
This, he attributed to institutional weaknesses, lack of insurance policies to govern the agriculture industry, lack of ready access to roads, and lack of adequate funds for research in the agricultural sector.
Mr. Thompson averred that lack of adequate funds into research, ends up in slow performance, and declines labour productivity in the agriculture sector.
“These are structural problems that we face. We seem to be making money policies in one area, whilst policies in research are sidelined,” he said.
Mr. Thompson, therefore, called for sufficient investment in the field of research, in order to make our scientists useful, to improve productivity on the continent.
He also stressed on the need for market intelligence, and the empowering of the private sector, to boost production on the continent.
To reap the benefits of globalisation, the report recommended the need for Africa to prioritise its productivity, competitiveness, market access, and access to factors of production in agriculture and manufacturing, if the continent wants to make progress.
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Integrate risk management-IAA tells public sector organisations
The Director-General of the Internal Audit Agency, Mr. Patrick Nomo has called on public sector organizations to integrate risk management into their daily operations in order to reduce risk.
“I am sure you will agree with me that there is no such thing as a risk-free environment. However, many risks can be avoided, reduced or eliminated through effective risk management practice. Risk management is an explicit function of management without exception. Therefore, public sector organizations should integrate risk management into their everyday work”, he noted.
This he said, would improve service and business practices in the public institutions in the country.
Mr. Nomo made this passionate appeal at a two day forum organized by the IAA in Accra to raise awareness on the need to manage risks in their daily operations in public institutions in the country.
Dubbed- “Risk Management in the public sector, the role of Internal Auditing”, the forum seeks among other things to sensitize the public sector institutions on the role of internal auditing in fostering good corporate governance, provide the basic tools required by managers to manage risks in the public sector and to challenge
Ministries, Departments and Agencies (MDAs) and Metropolitan, Municipal and District Assemblies (MMDAs), to implement a structured risk management framework to help them mitigate the risk they face.
Participants at the forum would be introduced to the basic principles, concepts, methodology and tools required for effective risk management in the public sector. The Chairman of the Internal Audit Board, Mr. S.K.A Crabbe underscored the importance of risk management in the public sector institutions as a measure to eliminate fraud whilst improving on efficiency.
According to him, unlike the private sector, public organizations are generally slow-moving when it comes to change, making it difficult to get any sort of risk management plan up and running, hence the need to manage risk in the public sector.
“Risk management is not the preserve of private sector organizations, but public and central government as well. Senior management must be made aware of the opportunity cost of not managing risk. Internal control systems translate risks into systems, such as early warning mechanisms and compliance violation alerts”, he noted.
The Chief of Staff, Mr. Kwadwo Mpianim, who was the Chairman for the occasion, in his address debunked the notion that risk is taken only as a natural phenomenon of which nothing can be done.
According to him, effective governance and public accountability are essential in enhancing credibility and effectiveness of government apparatus.
He therefore, challenged all Chief Executive in the public sector to ensure that their respective organizations develop and implement risk management frame work by June 2009, with clearly defined responsibilities for risk owners.
“I am sure you will agree with me that there is no such thing as a risk-free environment. However, many risks can be avoided, reduced or eliminated through effective risk management practice. Risk management is an explicit function of management without exception. Therefore, public sector organizations should integrate risk management into their everyday work”, he noted.
This he said, would improve service and business practices in the public institutions in the country.
Mr. Nomo made this passionate appeal at a two day forum organized by the IAA in Accra to raise awareness on the need to manage risks in their daily operations in public institutions in the country.
Dubbed- “Risk Management in the public sector, the role of Internal Auditing”, the forum seeks among other things to sensitize the public sector institutions on the role of internal auditing in fostering good corporate governance, provide the basic tools required by managers to manage risks in the public sector and to challenge
Ministries, Departments and Agencies (MDAs) and Metropolitan, Municipal and District Assemblies (MMDAs), to implement a structured risk management framework to help them mitigate the risk they face.
Participants at the forum would be introduced to the basic principles, concepts, methodology and tools required for effective risk management in the public sector. The Chairman of the Internal Audit Board, Mr. S.K.A Crabbe underscored the importance of risk management in the public sector institutions as a measure to eliminate fraud whilst improving on efficiency.
According to him, unlike the private sector, public organizations are generally slow-moving when it comes to change, making it difficult to get any sort of risk management plan up and running, hence the need to manage risk in the public sector.
“Risk management is not the preserve of private sector organizations, but public and central government as well. Senior management must be made aware of the opportunity cost of not managing risk. Internal control systems translate risks into systems, such as early warning mechanisms and compliance violation alerts”, he noted.
The Chief of Staff, Mr. Kwadwo Mpianim, who was the Chairman for the occasion, in his address debunked the notion that risk is taken only as a natural phenomenon of which nothing can be done.
According to him, effective governance and public accountability are essential in enhancing credibility and effectiveness of government apparatus.
He therefore, challenged all Chief Executive in the public sector to ensure that their respective organizations develop and implement risk management frame work by June 2009, with clearly defined responsibilities for risk owners.
Financial Literacy week begins Monday
The lack of personal financial literacy in the country has been a major hindrance to the development of the financial sector, and the economy.
To this effect, the Ministry of Finance and Economic Planning, in collaboration with players in the financial industry, would on Monday (September 22nd 2008) launch a Financial Literacy Week in Accra, aimed at educating the general public to improve their financial literacy skills, in order to make informed decisions.
The week-long celebrations, became possible, based on Recommendation 98 of the Finance Sector Strategic Plan (FINSSP), which states that “Regulatory agencies and the Ministry of Finance, should launch an annual Financial Literacy week, in cooperation with industry associations and financial institutions, to raise awareness of the range of products and services available to consumers, to help them better understand and manage their finances.”
The idea of this initiative, according to a Technical Advisor to the Ministry of Finance and Economic Planning (MOFEP), Dr. Sam Mensah, was to focus attention, each year, for one week on financial literacy.
The initiative, which begins on Monday, September 22nd 2008 and ends on September 27th 2008, also aims to facilitate savings mobilisation, by bringing a larger proportion of the society into the financial system.
Consumers would also have the opportunity to be educated on the role of the regulatory agency, the characteristics of the products and services offered by the industry, and remedies available to consumers, who have grievances against industry practitioners.
“Financial literacy should be part of any comprehensive strategy to develop the financial sector, and to achieve accelerated growth and poverty reduction,” noted Dr. Mensah.
Major stakeholders to engage consumers in the week long literacy awareness program, include the Association of Bankers, Insurers Association, Ghana Securities Industry Association, Credit Union Association, Association of Rural Banks and consumer associations. Activities for the week-long programme include Radio and Television Panel discussions (Investing in Shares and Bonds), public education and outreach, Bizliteracy workshop (Saving to build wealth, managing your money), public forum (knowledge is money) and Community financial fitness day
To this effect, the Ministry of Finance and Economic Planning, in collaboration with players in the financial industry, would on Monday (September 22nd 2008) launch a Financial Literacy Week in Accra, aimed at educating the general public to improve their financial literacy skills, in order to make informed decisions.
The week-long celebrations, became possible, based on Recommendation 98 of the Finance Sector Strategic Plan (FINSSP), which states that “Regulatory agencies and the Ministry of Finance, should launch an annual Financial Literacy week, in cooperation with industry associations and financial institutions, to raise awareness of the range of products and services available to consumers, to help them better understand and manage their finances.”
The idea of this initiative, according to a Technical Advisor to the Ministry of Finance and Economic Planning (MOFEP), Dr. Sam Mensah, was to focus attention, each year, for one week on financial literacy.
The initiative, which begins on Monday, September 22nd 2008 and ends on September 27th 2008, also aims to facilitate savings mobilisation, by bringing a larger proportion of the society into the financial system.
Consumers would also have the opportunity to be educated on the role of the regulatory agency, the characteristics of the products and services offered by the industry, and remedies available to consumers, who have grievances against industry practitioners.
“Financial literacy should be part of any comprehensive strategy to develop the financial sector, and to achieve accelerated growth and poverty reduction,” noted Dr. Mensah.
Major stakeholders to engage consumers in the week long literacy awareness program, include the Association of Bankers, Insurers Association, Ghana Securities Industry Association, Credit Union Association, Association of Rural Banks and consumer associations. Activities for the week-long programme include Radio and Television Panel discussions (Investing in Shares and Bonds), public education and outreach, Bizliteracy workshop (Saving to build wealth, managing your money), public forum (knowledge is money) and Community financial fitness day
Wednesday, September 10, 2008
Ghana's hidden treasure in Switzerland
Youth Activists call for gov’t intervention…in retrieving $bn from UBS
Friends of Oman Ghana Trust Fund (FOGTF), a youth activist group has called on the political leadership of the country to intervene and help to retrieve a chunk of money which is under safe keeping at Union Bank of Switzerland (UBS).
In a discussion with a group of media practitioners in Accra yesterday, the group contended that the Fund was set up by Dr. Kwame Nkrumah and Dr. W.E. B Dubois in 1957 and it was meant for development projects in 27 sectors of the Ghanaian economy, including communications, roads, housing, education, health and farming among others.
According to the group, the fund, which is in safe keeping under the Swiss bank (UBS), first matured in 1975 and increased in 1986 to the tune of $400billion? However, due to some human error on the part of the Ghana government, access to the fund has become difficult, whiles interest keeps accumulating on the seed money.
The Country Director of the Country Awards Council -Ghana, His Awardship Kobla Asamani, in his explanation noted that the investment portfolio in UBS has 7 accounts, including a current account consisting of $47 billion which can be accessed at the bank (UBS) and can be operated by a code number and a word.
According to him, after several failed attempts by government officials, there is only one Survivor who has access to those code numbers and word, and it would therefore be prudent for government to engage him in accessing the money for development projects in the country.
He said the group showed keen interest in demanding government’s support in retrieving the money, because “the money belongs to Ghana and we want to see Ghana developed to a middle income status country”.
He contended that the Fund is operated by a sole Trustee, who is the sitting President of Ghana and the sole beneficiary is the people of Ghana, who can also be represented by any person appointed by the President in retrieving the money.
The group averred that ever since the issue came to the fore, government has investigated the issue and is fully aware that the money exists. The group was, however, worried about the research findings by the legal board of the Finance Ministry, which has not been presented to the President. To this effect, the group demanded that the research findings be presented to President Kufuour in order to facilitate the speedy recovery of the fund.
The group pleaded that government should partner Mr. Gregory Fraizer, the only survival who has access to the codes and password to the Fund in order to help assist in the recovery of the money. The group believes that Gregory Fraizer, who is an African American, is the only one who can aid the country in having access to the Fund.
“The money could be retrieved if only we follow the right mechanics”, noted Kafui Deiba, a member of the group.
Meanwhile, in a letter dated July 20th 2007, and addressed to the then Minister of National Security, Mr. Francis Poku by Gregory Frazier, he outlined how the money could be reclaimed, and he promised government of his unflinching support towards the retrieval of the money.
“Mr. Opoku, on my honour, I will not disappoint you or the People of Ghana, I implore you to give me one chance to serve. I have seen the deceptions and object stupidity that has caused the past failures. If I fail, I am prepared to be jailed for lying to government officials, and I will sign a Bond to that effect with your National Security Agency. I will not fail”, he added in the letter.
The group therefore have decided to embark on a peaceful nationwide demonstration if government fails to adhere to their request, which they believed is in the interest of the country.
Friends of Oman Ghana Trust Fund (FOGTF), a youth activist group has called on the political leadership of the country to intervene and help to retrieve a chunk of money which is under safe keeping at Union Bank of Switzerland (UBS).
In a discussion with a group of media practitioners in Accra yesterday, the group contended that the Fund was set up by Dr. Kwame Nkrumah and Dr. W.E. B Dubois in 1957 and it was meant for development projects in 27 sectors of the Ghanaian economy, including communications, roads, housing, education, health and farming among others.
According to the group, the fund, which is in safe keeping under the Swiss bank (UBS), first matured in 1975 and increased in 1986 to the tune of $400billion? However, due to some human error on the part of the Ghana government, access to the fund has become difficult, whiles interest keeps accumulating on the seed money.
The Country Director of the Country Awards Council -Ghana, His Awardship Kobla Asamani, in his explanation noted that the investment portfolio in UBS has 7 accounts, including a current account consisting of $47 billion which can be accessed at the bank (UBS) and can be operated by a code number and a word.
According to him, after several failed attempts by government officials, there is only one Survivor who has access to those code numbers and word, and it would therefore be prudent for government to engage him in accessing the money for development projects in the country.
He said the group showed keen interest in demanding government’s support in retrieving the money, because “the money belongs to Ghana and we want to see Ghana developed to a middle income status country”.
He contended that the Fund is operated by a sole Trustee, who is the sitting President of Ghana and the sole beneficiary is the people of Ghana, who can also be represented by any person appointed by the President in retrieving the money.
The group averred that ever since the issue came to the fore, government has investigated the issue and is fully aware that the money exists. The group was, however, worried about the research findings by the legal board of the Finance Ministry, which has not been presented to the President. To this effect, the group demanded that the research findings be presented to President Kufuour in order to facilitate the speedy recovery of the fund.
The group pleaded that government should partner Mr. Gregory Fraizer, the only survival who has access to the codes and password to the Fund in order to help assist in the recovery of the money. The group believes that Gregory Fraizer, who is an African American, is the only one who can aid the country in having access to the Fund.
“The money could be retrieved if only we follow the right mechanics”, noted Kafui Deiba, a member of the group.
Meanwhile, in a letter dated July 20th 2007, and addressed to the then Minister of National Security, Mr. Francis Poku by Gregory Frazier, he outlined how the money could be reclaimed, and he promised government of his unflinching support towards the retrieval of the money.
“Mr. Opoku, on my honour, I will not disappoint you or the People of Ghana, I implore you to give me one chance to serve. I have seen the deceptions and object stupidity that has caused the past failures. If I fail, I am prepared to be jailed for lying to government officials, and I will sign a Bond to that effect with your National Security Agency. I will not fail”, he added in the letter.
The group therefore have decided to embark on a peaceful nationwide demonstration if government fails to adhere to their request, which they believed is in the interest of the country.
Thursday, September 4, 2008
Ministry sets up committee to check fraud
The Ministry of Ports, Harbours and Railways has set up a committee to investigate the activities of service providers who charge illegal fees on goods imported into the country at the ports.
This was disclosed by the Deputy Chief Executive of the Ghana Shippers Council, Mr. Emmanuel Martey, in a forum organized to educate Journalists on the activities of the Ghana Maritime Industry.
The Ministry, according to Mr. Martey, would immediately address the committee’s findings upon submission to ensure that importers are not cheated.
He said some portion of the existing laws of the Maritime Industry bars it from imposing any sanctions on service providers who indulge in such acts, as it always has to rely on the Ministry for directives in addressing the issue.
Mr. Martey was optimistic that the Committee’s findings would help eliminate the nuisance from the country’s ports. He advised clearers to seek clarification from the Shippers Council to avoid falling into such a situation.
Importers have over the years complained bitterly about illegal fees charged at the ports which according to them were having negative impact on their operations.
However, findings according to the Tema Port Coordinator, Mr. Samuel Ntow have shown that some of the monies collected by service providers are in the form of bribes to enable them find their way in clearing their goods.
“Some charges relate to people wanting to expedite their operations”, he noted.
Mr. Ntow, however, observed that the situation at the country’s ports is mainly due to imperfection in the Maritime Industry. He therefore called for legislation and a specific minimum charge to those found guilty in charging illegal fees at the ports.
This was disclosed by the Deputy Chief Executive of the Ghana Shippers Council, Mr. Emmanuel Martey, in a forum organized to educate Journalists on the activities of the Ghana Maritime Industry.
The Ministry, according to Mr. Martey, would immediately address the committee’s findings upon submission to ensure that importers are not cheated.
He said some portion of the existing laws of the Maritime Industry bars it from imposing any sanctions on service providers who indulge in such acts, as it always has to rely on the Ministry for directives in addressing the issue.
Mr. Martey was optimistic that the Committee’s findings would help eliminate the nuisance from the country’s ports. He advised clearers to seek clarification from the Shippers Council to avoid falling into such a situation.
Importers have over the years complained bitterly about illegal fees charged at the ports which according to them were having negative impact on their operations.
However, findings according to the Tema Port Coordinator, Mr. Samuel Ntow have shown that some of the monies collected by service providers are in the form of bribes to enable them find their way in clearing their goods.
“Some charges relate to people wanting to expedite their operations”, he noted.
Mr. Ntow, however, observed that the situation at the country’s ports is mainly due to imperfection in the Maritime Industry. He therefore called for legislation and a specific minimum charge to those found guilty in charging illegal fees at the ports.
Monday, September 1, 2008
CSOs call for elimination of conditionality on aid
Civil Society Organisations (CSOs) have called for the immediate removal of conditionalities attached to aid by donor Countries to the developing world, for better and efficient utilization of aid by the recipients (developing world). The CSOs hold the view that conditionalities attached to aid undermines the democratic ownership which is the freedom of countries to choose what they want to do with their developments.
The elimination of conditionalities by donor Countries according to the CSOs would enable the developing world to be dependent in their decision making without external interferences and influences towards the utilization of the aid.
“To impose policies on aid by donor Countries is not a good thing. There should be no conditionalities attached to aid by donor Countries. This will help the developing world to make effective utilization of aid to improve living standards in their respective communities in order to achieve the objectives of the Millennium Development Goals (MDGs) by 2015”, said Mr. Yao Graham, from the Third World Network in an interview with the paper at the ongoing CSO parallel conference on aid effectiveness in Accra yesterday.
According to him, donor Countries and their recipients (developing world) all have equal responsibilities in making sure that aid is effectively used for its intended purpose. “Our attacks on conditionalities have never been that there should be no system of making sure that aid money is spent as intended. This is because we also have a position against corruption and the misuse of resources. It is in our interest as a small country to insist that we have freedom to make our own development choices without any conditionality imposed on us”, he added.
Mr. Graham therefore urged the developing world to welcome development assistants that does not constrain the freedom of developing countries in order to choose the direction of where they should go.
Aid effectiveness have over the years been canvassed by CSOs which had led to a number of fora to enable participants to deliberate on how best to eliminate hunger and poverty in the developing world. The dialogue and rhetoric on aid effectiveness is constantly changing, all in the name of positive transformation of the developing world to improve living standards among its citizens.
The Paris Declaration, which sought among other things on the direction for reforming aid delivery and management to achieve improved effectiveness and results was seen by many as an attempt to revolutionize international aid by combining the concepts of country ownership and accountability. However, the resulting Declaration has been seen as a failure by Civil Society Organisations for ignoring the unique and essential role of civil society in executing the principles of the Declaration.
“We are disappointed that our views on previous drafts have not been taken into account”, contended the CSOs.
To them, the Accra Agenda for Action forum would create a space for agreement on principles to guide the effectiveness of CSOs, on guidelines for applying such principles and for documenting good-practice.
They therefore stressed the need for effective aid to be based on the principle of democratic ownership.
“Effective aid must be based on the principle of democratic ownership and have poverty reduction and the realization of human rights, gender equality, environmental sustainability and decent work as its objectives. Poor and vulnerable people’s voices need to be heard if aid is to be effective. When donors impose their own policies, systems and priorities, they drown out those voices”, noted the CSOs.
The elimination of conditionalities by donor Countries according to the CSOs would enable the developing world to be dependent in their decision making without external interferences and influences towards the utilization of the aid.
“To impose policies on aid by donor Countries is not a good thing. There should be no conditionalities attached to aid by donor Countries. This will help the developing world to make effective utilization of aid to improve living standards in their respective communities in order to achieve the objectives of the Millennium Development Goals (MDGs) by 2015”, said Mr. Yao Graham, from the Third World Network in an interview with the paper at the ongoing CSO parallel conference on aid effectiveness in Accra yesterday.
According to him, donor Countries and their recipients (developing world) all have equal responsibilities in making sure that aid is effectively used for its intended purpose. “Our attacks on conditionalities have never been that there should be no system of making sure that aid money is spent as intended. This is because we also have a position against corruption and the misuse of resources. It is in our interest as a small country to insist that we have freedom to make our own development choices without any conditionality imposed on us”, he added.
Mr. Graham therefore urged the developing world to welcome development assistants that does not constrain the freedom of developing countries in order to choose the direction of where they should go.
Aid effectiveness have over the years been canvassed by CSOs which had led to a number of fora to enable participants to deliberate on how best to eliminate hunger and poverty in the developing world. The dialogue and rhetoric on aid effectiveness is constantly changing, all in the name of positive transformation of the developing world to improve living standards among its citizens.
The Paris Declaration, which sought among other things on the direction for reforming aid delivery and management to achieve improved effectiveness and results was seen by many as an attempt to revolutionize international aid by combining the concepts of country ownership and accountability. However, the resulting Declaration has been seen as a failure by Civil Society Organisations for ignoring the unique and essential role of civil society in executing the principles of the Declaration.
“We are disappointed that our views on previous drafts have not been taken into account”, contended the CSOs.
To them, the Accra Agenda for Action forum would create a space for agreement on principles to guide the effectiveness of CSOs, on guidelines for applying such principles and for documenting good-practice.
They therefore stressed the need for effective aid to be based on the principle of democratic ownership.
“Effective aid must be based on the principle of democratic ownership and have poverty reduction and the realization of human rights, gender equality, environmental sustainability and decent work as its objectives. Poor and vulnerable people’s voices need to be heard if aid is to be effective. When donors impose their own policies, systems and priorities, they drown out those voices”, noted the CSOs.
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