Two indigeous banks in the country exceled at this year’s edition of the Ghana Banking Awards which has long been dominated by the Nigerian banks. Jessica Acheampong and Rita Adongo report.
UT Bank and uniBank at the weekend stole the show at the 11th edition of the Ghana Banking Awards with sterling performances which enabled them to sweep more than half of the awards.
The achievement of the two banks and some other Ghanaian banks such as Prudential Bank ended the dominance of the Nigerian banks in the country.
UT Bank dethroned two times winner, Guaranty Trust Bank (2009/2010) to become the Bank of the Year for the first time in the 11-year history of the awards.
The bank also emerged as the Best Bank in IT/ Electronic Banking and also lifted the award for Best Bank in Financial Performance category. It was also mentioned as the second runner up in the Best Bank in Corporate Banking category.
uniBank on the other hand swept four awards; best bank in Advisory Services; Best bank in Trade Finance; Best bank in Customer Care and Best bank in Financial Performance.
It was also mentioned as the second runner-up in the Best Bank in Short term Loan Financing category.
Prudential Bank also managed to pick two awards: Best Bank in Medium-Term Loan Financing and Best Bank in Long Term Loan Financing.
Ecobank won the Best Bank in Competitive Pricing; Zenith Bank, Best Bank in Corporate Social Responsibility; Fidelity Bank, Best Growing Bank; and Cal Bank came up as the Best bank in Retail Banking.
Unfortunately, there were no winners in three other categories; Best Bank Export Finance; Best Bank in Agricultural Finance and Best Bank in Product Innovation.
The banks vied for honours in 16 award categories which included the Bank of the Year.
HFC Bank was honoured with a special award for its support in the housing market while Eximguarantee was also mentioned for guaranteeing loans to SMEs.
Later in an interview, the Group Head of Corporate Affairs & Marketing of the bank, Mr Ramie Baitie expressed its resolve to lend more support to the Small and Medium Enterprises (SMEs) in the country to enable them to contribute their right quotas to the growth of the economy.
This, according to him, is in line with the bank’s broad strategy to constantly support its clients with better products and services to meet their needs.
Mr Baitie explained that the bank is privy to what the market and the bank’s clients need and as such “we have positioned ourselves to meet those needs”.
He said 70 per cent of businesses in the country are Small and Medium Enterprises (SMEs), hence efforts to support such businesses was a laudable initiative looking at the economic benefits.
He expressed gratitude to all clients of the bank and assured them of better services adding that the “bank would continue to serve its clients well and let its output be judged”.
The bank was mentioned as first runner in four other major categories; Best bank in Retail Banking; Best bank Customer Service; Best Bank in Advisory Services and Best Bank in Corporate Social Responsibility.
In a separate interview, the Head of Business Development and Sales of uniBank, Mr Richard Osei Anane, told the Graphic Business that the Bank winning four prestigious awards at the ceremony was an indication of an marked improvement of the bank’s performance last year.
He congratulated UT for emerging Bank of the year and said it was a challenge for them to excel and do greater things this year adding that the bank’s focus was to recapitalize to meet the target of the Central Bank.
The Chief Host and Chairman of the Planning Board of the Ghana Banking Awards, Mr Willing Vanderpuije, in his address elaborated on the theme “Leveraging ICT to Transform the Financial Services Sector” and called on the banks to give electronic ease and liberation to all customers for the growth of the economy.
“We call for a concerted and a consistent effort for more enhanced investment by the financial services sector in ICT for quantum leap in service delivery,” he said.
The objective of the banking awards he said was to encourage banks to compete to deliver world class banking services at a competitive rate for the benefit of their customers and for the continuous improvement of the financial services sector of the Ghanaian economy.
The Managing Director of the Graphic Communications Group Limited and chairman for the occasion, Mr Kenneth Ashigbey in his address emphasised the importance of ICT in the financial services sector and stressed the need for banks to firm up their security systems.
The banks, he advised were to overhaul their ICT platforms to make it more secured with the fast growing pace of technology to prevent hackers from hacking into their system.
He also urged businesses to move away from the dollarisation system which was gradually taking over the market.
Speaking on behalf of the Director General of the National Communications Authority, Mr George Nii Ashietey Olenuu said the growth of ICT had presented several opportunities for the financial services sector.
He said with internet banking and SMS services being offered by the banks, customers were able to have easy access to their accounts as well as any other relevant information.
Mr Olenuu also added that with the high rate of internet growth, banks now had networked branches which enabled them to offer more efficient services to their client.
According to him, ICT had transformed the way businesses were done in the country coupled with the large growth of mobile phone users and mobile data subscriptions.
Wednesday, 30 May 2012
Two to support Millenium Village
ERICSSON has partnered Millicom Ghana (Tigo) to support the establishment of a Millennium Village in the Northern Region to connect up to 30,000 people to broadband services.
The move is to enable people in the deprived rural areas of the region to access mobile communication to improve the social and economic well-being of the citizens.
Ericsson in partnership with Tigo will deploy a voice and data network along with a hybrid power solution; mobile network coverage and connectivity for previously unserved rural communities in the Northern part of Ghana.
The Director of the MDG Centre for West Africa, Mr Amadou Ibra Niang, who announced this when he addressed the media at a ceremony to outline Ericsson’s support for the project said, mobile services together with internet connectivity would boost all levels of development in this otherwise neglected area.
He also lauded the support by Ericsson and Tigo and stressed that, “I believe we will see quick advances in health, education, agriculture, and infrastructure and business development through this partnership.”
The Millennium Village project is a partnership between the Earth Institute, Millennium Promise and UNOPs which forms part of the Millennium Development Goals (MDG) to reduce poverty in sub- Saharan Africa by 2015 through mobile connectivity.
The new project site in Northern Ghana would provide data connectivity to 16 schools and 5 clinics in some of the poorest sections of the West- Mamprusi and Builsa Districts.
The project site which is being funded by the United Kingdom’s Department for International Development (DfID) is being supported in Ghana by Ericsson and Millicom Ghana (Tigo).
He also added that “it will help to accelerate the elimination of poverty and provide vital services for the communities throughout the region.”
The President of Ericsson Sub- Saharan Africa, Mr Lars Linden also expressed optimism on the success of this initiative saying “we are committed to supporting the achievement of the MDGs in Africa and expect the connectivity in the new Millennium Village to act as a catalyst for economic growth while improving the quality of life of the residents.”
The acting Chief Executive Officer of Tigo Ghana, Mr Obafemi Banigbe in his address reiterated the telecommunication company’s commitment to offering best services and supporting initiatives that fostered economic growth.
He said the Millennium Village Project was cemmendable and Tigo would thus offer its support to make connectivity available to the remotest part of the country.
“Globally, Millicom’s mission is to provide freedom to access today’s world for people in emerging markets; for people who want to stay in touch, belong to communities and to be informed as well as entertained; in so doing enabling them to express their emotions and to enhance their lives,” he said.
Mr Banigbe also added that “it is our overriding vision to create a world where mobile services are affordable, accessible and available everywhere and to all.”
The move is to enable people in the deprived rural areas of the region to access mobile communication to improve the social and economic well-being of the citizens.
Ericsson in partnership with Tigo will deploy a voice and data network along with a hybrid power solution; mobile network coverage and connectivity for previously unserved rural communities in the Northern part of Ghana.
The Director of the MDG Centre for West Africa, Mr Amadou Ibra Niang, who announced this when he addressed the media at a ceremony to outline Ericsson’s support for the project said, mobile services together with internet connectivity would boost all levels of development in this otherwise neglected area.
He also lauded the support by Ericsson and Tigo and stressed that, “I believe we will see quick advances in health, education, agriculture, and infrastructure and business development through this partnership.”
The Millennium Village project is a partnership between the Earth Institute, Millennium Promise and UNOPs which forms part of the Millennium Development Goals (MDG) to reduce poverty in sub- Saharan Africa by 2015 through mobile connectivity.
The new project site in Northern Ghana would provide data connectivity to 16 schools and 5 clinics in some of the poorest sections of the West- Mamprusi and Builsa Districts.
The project site which is being funded by the United Kingdom’s Department for International Development (DfID) is being supported in Ghana by Ericsson and Millicom Ghana (Tigo).
He also added that “it will help to accelerate the elimination of poverty and provide vital services for the communities throughout the region.”
The President of Ericsson Sub- Saharan Africa, Mr Lars Linden also expressed optimism on the success of this initiative saying “we are committed to supporting the achievement of the MDGs in Africa and expect the connectivity in the new Millennium Village to act as a catalyst for economic growth while improving the quality of life of the residents.”
The acting Chief Executive Officer of Tigo Ghana, Mr Obafemi Banigbe in his address reiterated the telecommunication company’s commitment to offering best services and supporting initiatives that fostered economic growth.
He said the Millennium Village Project was cemmendable and Tigo would thus offer its support to make connectivity available to the remotest part of the country.
“Globally, Millicom’s mission is to provide freedom to access today’s world for people in emerging markets; for people who want to stay in touch, belong to communities and to be informed as well as entertained; in so doing enabling them to express their emotions and to enhance their lives,” he said.
Mr Banigbe also added that “it is our overriding vision to create a world where mobile services are affordable, accessible and available everywhere and to all.”
Wednesday, 16 May 2012
2nd SME expo launched
THE 2nd Ghana Small and Medium Enterprises (SME) expo and conference, dubbed Business Sense 2012 which is slated from May 31 to June 2 at the Accra International Conference Centre has been launched in Accra.
The 3- day event which is on the theme “Growing Sustainable Enterprises through Finance and Technology” is aimed at strengthening small businesses in Ghana and is expected to attract over 50 exhibitors, 100 conference delegates and 3,000 business- focused visitors to the conference.
Business Sense 2012 seeks to promote and enhance business growth and creation in Ghana, to enable Ghanaian entrepreneurs to learn from each other thereby leading to greater business successes and also provide a platform for suppliers to sell their services to established businesses and start-up businesses.
Addressing the media at the launch, the Event Director of OML, organisers of the conference, Mr Paul Asinor explained that this year’s theme aptly captured the direction of Business Sense 2012 with the prime focus on financing SMEs and the use of modern technology.
“A special SME Finance Day has therefore been set aside during Business Sense 2012 to allow practical presentations and panel discussions from banks, venture capitalists, local and international institutions which finance and understand the small business sector,” he said.
According to him, participating SMEs at the conference will be informed on to how to access capital from these institutions and the requirement needed to do that.
He added that with the massive growth of adoption of technology globally there is the need for Ghanaian SMEs to be part of this drive adding that “the drive for mobility is part of the business technology agenda for most companies today.”
“Business Sense 2012 will change the way SMEs do their business and delegates will learn about the ways mobile technology can be used to increase their productivity, make their team more efficient, more creative and lead to increased profitability,” he said.
Also running alongside the conference is the business expo which will give companies the opportunity to showcase their latest services and products to a highly- qualified business audience, network with key business decision makers in order to generate new business leads.
Speakers at the conference include the Minister of Trade and Industry, Ms Hanna Tetteh, Deputy Managing Director, Ghana Stock Exchange, Mr Ekow Afedzie, Country Director of Enablis, Madam Shika Acolatse, Programme Manager, Score- an ILO supported project supporting SMEs, Kwamina Amoasi Andoh, and a lecturer at the University of Ghana Business School, Dr Daniel Quaye and many more.
The 3- day event which is on the theme “Growing Sustainable Enterprises through Finance and Technology” is aimed at strengthening small businesses in Ghana and is expected to attract over 50 exhibitors, 100 conference delegates and 3,000 business- focused visitors to the conference.
Business Sense 2012 seeks to promote and enhance business growth and creation in Ghana, to enable Ghanaian entrepreneurs to learn from each other thereby leading to greater business successes and also provide a platform for suppliers to sell their services to established businesses and start-up businesses.
Addressing the media at the launch, the Event Director of OML, organisers of the conference, Mr Paul Asinor explained that this year’s theme aptly captured the direction of Business Sense 2012 with the prime focus on financing SMEs and the use of modern technology.
“A special SME Finance Day has therefore been set aside during Business Sense 2012 to allow practical presentations and panel discussions from banks, venture capitalists, local and international institutions which finance and understand the small business sector,” he said.
According to him, participating SMEs at the conference will be informed on to how to access capital from these institutions and the requirement needed to do that.
He added that with the massive growth of adoption of technology globally there is the need for Ghanaian SMEs to be part of this drive adding that “the drive for mobility is part of the business technology agenda for most companies today.”
“Business Sense 2012 will change the way SMEs do their business and delegates will learn about the ways mobile technology can be used to increase their productivity, make their team more efficient, more creative and lead to increased profitability,” he said.
Also running alongside the conference is the business expo which will give companies the opportunity to showcase their latest services and products to a highly- qualified business audience, network with key business decision makers in order to generate new business leads.
Speakers at the conference include the Minister of Trade and Industry, Ms Hanna Tetteh, Deputy Managing Director, Ghana Stock Exchange, Mr Ekow Afedzie, Country Director of Enablis, Madam Shika Acolatse, Programme Manager, Score- an ILO supported project supporting SMEs, Kwamina Amoasi Andoh, and a lecturer at the University of Ghana Business School, Dr Daniel Quaye and many more.
Tuesday, 15 May 2012
Bawumia misled public- Government Statistician
THE Ghana Statistical Service (GSS) has expressed concern over the misinterpretation of some indicators and inflation figures by the running mate to the New Patriotic Party (NPP) presidential candidate for Election 2012, Dr Mahamudu Bawumia, which tends to undermine the service’s credibility.
Reacting to some comments made by Dr Bawumia in his address at the Ferdinand Ayim Memorial Lecture in Accra, the acting Government Statistician, Dr Philomena Nyarko, said although Dr Bawumia admitted that single digit inflation was not a new phenomenon, he cast doubts on the current level of inflation in Ghana.
Addressing a press conference to release the April 2012 inflation rate, she said the service had been consistent in computing inflation figures and described the example given by Dr Bawumia to support his assertion that the single digit inflation was not consistent with the economic fundamentals and developments in some key indicators as unfortunate.
Dr Nyarko explained that computing price changes over a time interval that was not consistent with the standard procedure for calculating inflation was misleading and added that the computation done by Dr Bawumia was more of a cumulative price change and not inflation.
“It is unacceptable for one to compute the cumulative price change between December 2008 and April 2012 and compare it to the year-on-year inflation rate,” she said.
The Government Statistician said Dr Bawumia’s link between the price of cement and inflation was inconsistent with what inflation represented, explaining that although cement was not in the consumer basket, it might have some influence on the Consumer Price Index (CPI).
“Taking the prices of a few commodities to generalise inflation without accounting for their weights in the consumer basket is inaccurate,” she added.
She explained that the GSS was unhappy with the concluding part of Dr Bawumia’s speech on inflation which said it was time for Ghana to have a truly independent and well-resourced Statistical Service.
“We would like to remind him that it is the same institution that computed the GDP figures he used to judge the good performance of the economy between 2000 and 2008,” she said.
Dr Nyarko said it was also the same institution that computed the GDP figures that showed declining growth in agriculture in 2011 which Dr Bawumia referred to in his speech.
She said the CPI for April inched up to 9.1 per cent over the 8.8 per cent recorded in March 2012.
The CPI measures changes over time in the general price level of goods and services that households acquire for the purpose of consumption.
According to her, the food and non-alcoholic beverages group recorded an average year-on-year inflation rate of 4.8 per cent, slightly up from the 4.4 per cent recorded in March 2012.
She said on a regional level, the year-on-year inflation rate ranged from 6.3 per cent in the Upper East and Upper West regions to 12.1 per cent in the Central region.
Dr Nyarko said the Central, Western and Ashanti regions recorded inflation rates of 12.1, 9.8 and 9.8 per cent, respectively, above the national inflation rate of 9.1 per cent.
Reacting to some comments made by Dr Bawumia in his address at the Ferdinand Ayim Memorial Lecture in Accra, the acting Government Statistician, Dr Philomena Nyarko, said although Dr Bawumia admitted that single digit inflation was not a new phenomenon, he cast doubts on the current level of inflation in Ghana.
Addressing a press conference to release the April 2012 inflation rate, she said the service had been consistent in computing inflation figures and described the example given by Dr Bawumia to support his assertion that the single digit inflation was not consistent with the economic fundamentals and developments in some key indicators as unfortunate.
Dr Nyarko explained that computing price changes over a time interval that was not consistent with the standard procedure for calculating inflation was misleading and added that the computation done by Dr Bawumia was more of a cumulative price change and not inflation.
“It is unacceptable for one to compute the cumulative price change between December 2008 and April 2012 and compare it to the year-on-year inflation rate,” she said.
The Government Statistician said Dr Bawumia’s link between the price of cement and inflation was inconsistent with what inflation represented, explaining that although cement was not in the consumer basket, it might have some influence on the Consumer Price Index (CPI).
“Taking the prices of a few commodities to generalise inflation without accounting for their weights in the consumer basket is inaccurate,” she added.
She explained that the GSS was unhappy with the concluding part of Dr Bawumia’s speech on inflation which said it was time for Ghana to have a truly independent and well-resourced Statistical Service.
“We would like to remind him that it is the same institution that computed the GDP figures he used to judge the good performance of the economy between 2000 and 2008,” she said.
Dr Nyarko said it was also the same institution that computed the GDP figures that showed declining growth in agriculture in 2011 which Dr Bawumia referred to in his speech.
She said the CPI for April inched up to 9.1 per cent over the 8.8 per cent recorded in March 2012.
The CPI measures changes over time in the general price level of goods and services that households acquire for the purpose of consumption.
According to her, the food and non-alcoholic beverages group recorded an average year-on-year inflation rate of 4.8 per cent, slightly up from the 4.4 per cent recorded in March 2012.
She said on a regional level, the year-on-year inflation rate ranged from 6.3 per cent in the Upper East and Upper West regions to 12.1 per cent in the Central region.
Dr Nyarko said the Central, Western and Ashanti regions recorded inflation rates of 12.1, 9.8 and 9.8 per cent, respectively, above the national inflation rate of 9.1 per cent.
Capitalise on the Chinese example - Prof Aryeetey tells Africa leaders
Economists have advocated the need to promote regional integration among countries to boost their economic growth. But what does Ghana stand to gain from this initiative? Jessica Acheampong writes
Regional integration focuses on removing barriers to free trading activities, increase the free movement of people, labour, goods as well as capital across national borders thereby reducing the possibility of regional conflicts.
African countries can thus expand their trading frontiers to a global level which will boost their economic growth if much attention is focused on promoting regional integration between themselves and countries beyond the African borders.
The fast developing world markets, which holds high prospects for economic growth as a result of the opportunities it presents must be capitalised on by African countries so they can fully exploit it to their own advantage.
Citing China as an example of a fast developing world market, the Vice Chancellor of the University of Ghana, Professor Ernest Aryeetey, said African countries must first realise the opportunities that the Chinese economy provides and then capitalise on it to develop their own economy.
He said China is undoubtedly the world’s fastest growing economy with their economic presence in almost every country hence the need for African countries to look beyond doing business with them to adopt some of their economic policies.
According to him, there is the need for an African country to replace China as an established market which can be spearheaded by first trading on a global level.
Mr Aryeetey made these observations during the launch of a book, “the oxford companion to the Economics of Africa” which highlights issues that confront the economy.
Another professor of Economics at the West African Economic and Monetary Union and the University of Lome, Dr Kako Nubukpo also explained that as a result of the weakness of the internal markets of most countries, regional integration is very necessary to help improve management as well as have a better distribution of growth.
REGIONAL INTEGRATION
Although Ghana’s economic activities goes beyond its local borders, it does not extend to the global markets. Trading activities are mostly centered between African countries as a result of several obstacles which scare local exporters and importers.
Professor Aryeetey explained that only six per cent of Africa’s trade is intra regional as a result of the non existence of a good infrastructural system.
Several African countries lack good railway systems and proper means of transportation and as a result moving goods across borders even on a local level poses problems as a result of poor or nonexistent infrastructural facilities
Another economist at the Department of Economics of the University of Ghana, Ms Abena Oduro also highlighted high tariffs at the various borders as another issue that needs to be addressed once focus is to be shifted unto regional integration.
She said high tariffs tend to scare people away and as such there is the need to curb intra regional trade in Africa.
ECONOMIC BENEFIT
According to Professor Aryeetey, Ghana stands a high chance of benefiting from regional integration as it has been one economy that has recorded significant growth over the years.
Ghana’s economy, he said has recorded a consistent average growth rate of five per cent in 23 years which presents it as an economy worthy of developing economically.
He said there is the need for what he termed as a “meaningful investment” in infrastructural development like railways as well as energy among other systems.
The African Development Bank (AfDB) he said should also be restructured to promote regional integration.
Information also gathered by the GRAPHIC BUSINESS also indicates that the Deputy Minister for Foreign Affairs and Regional Integration, Mr Chris Kpodo, has also applauded the initiative for regional integration for Ghana’s economy.
Regional integration, he said would help to consolidate Ghana’s excellence in regional and international diplomacy.
According to him, this exercise affords us the opportunity to review activities that have commenced and to exchange experiences whilst examining new and better ways of enhancing coordination among stakeholders so as to maximise not only Ghana participation in and contribution to the regional integration process but also enable our nation to derive optimal benefits from our membership of the community.
Mr Kpodo said this is particularly necessary in light of the fact that Ghana, with increased financial resources anticipated from the oil industry will be expected to contribute greater resources to ECOWAS by way of community levies.
Mr Kpodo made the observation when he opened a three-day national stakeholders’ retreat on regional integration organised by the Africa and Regional Integration Bureau (ECOWAS National Unit) of the Ministry, in Dodowa in the Greater Accra Region.
Regional integration focuses on removing barriers to free trading activities, increase the free movement of people, labour, goods as well as capital across national borders thereby reducing the possibility of regional conflicts.
African countries can thus expand their trading frontiers to a global level which will boost their economic growth if much attention is focused on promoting regional integration between themselves and countries beyond the African borders.
The fast developing world markets, which holds high prospects for economic growth as a result of the opportunities it presents must be capitalised on by African countries so they can fully exploit it to their own advantage.
Citing China as an example of a fast developing world market, the Vice Chancellor of the University of Ghana, Professor Ernest Aryeetey, said African countries must first realise the opportunities that the Chinese economy provides and then capitalise on it to develop their own economy.
He said China is undoubtedly the world’s fastest growing economy with their economic presence in almost every country hence the need for African countries to look beyond doing business with them to adopt some of their economic policies.
According to him, there is the need for an African country to replace China as an established market which can be spearheaded by first trading on a global level.
Mr Aryeetey made these observations during the launch of a book, “the oxford companion to the Economics of Africa” which highlights issues that confront the economy.
Another professor of Economics at the West African Economic and Monetary Union and the University of Lome, Dr Kako Nubukpo also explained that as a result of the weakness of the internal markets of most countries, regional integration is very necessary to help improve management as well as have a better distribution of growth.
REGIONAL INTEGRATION
Although Ghana’s economic activities goes beyond its local borders, it does not extend to the global markets. Trading activities are mostly centered between African countries as a result of several obstacles which scare local exporters and importers.
Professor Aryeetey explained that only six per cent of Africa’s trade is intra regional as a result of the non existence of a good infrastructural system.
Several African countries lack good railway systems and proper means of transportation and as a result moving goods across borders even on a local level poses problems as a result of poor or nonexistent infrastructural facilities
Another economist at the Department of Economics of the University of Ghana, Ms Abena Oduro also highlighted high tariffs at the various borders as another issue that needs to be addressed once focus is to be shifted unto regional integration.
She said high tariffs tend to scare people away and as such there is the need to curb intra regional trade in Africa.
ECONOMIC BENEFIT
According to Professor Aryeetey, Ghana stands a high chance of benefiting from regional integration as it has been one economy that has recorded significant growth over the years.
Ghana’s economy, he said has recorded a consistent average growth rate of five per cent in 23 years which presents it as an economy worthy of developing economically.
He said there is the need for what he termed as a “meaningful investment” in infrastructural development like railways as well as energy among other systems.
The African Development Bank (AfDB) he said should also be restructured to promote regional integration.
Information also gathered by the GRAPHIC BUSINESS also indicates that the Deputy Minister for Foreign Affairs and Regional Integration, Mr Chris Kpodo, has also applauded the initiative for regional integration for Ghana’s economy.
Regional integration, he said would help to consolidate Ghana’s excellence in regional and international diplomacy.
According to him, this exercise affords us the opportunity to review activities that have commenced and to exchange experiences whilst examining new and better ways of enhancing coordination among stakeholders so as to maximise not only Ghana participation in and contribution to the regional integration process but also enable our nation to derive optimal benefits from our membership of the community.
Mr Kpodo said this is particularly necessary in light of the fact that Ghana, with increased financial resources anticipated from the oil industry will be expected to contribute greater resources to ECOWAS by way of community levies.
Mr Kpodo made the observation when he opened a three-day national stakeholders’ retreat on regional integration organised by the Africa and Regional Integration Bureau (ECOWAS National Unit) of the Ministry, in Dodowa in the Greater Accra Region.
Wednesday, 2 May 2012
Toyota rewards 15 winners
TOYOTO Ghana has rewarded 15 students who emerged winners of its annual Toyota dream car contest in Accra.
The contest which was held in three categories—under 10 years, 10 to 12 years and 13 to 15 years—saw five winners emerging from each category.
Winners of each category received cash prizes, Toyota branded books, reading books, and drawing materials, with other contestants receiving educational materials for their effort.
According to the Managing Director of Toyota Ghana, Mr Takahiko Takabayashi, the contest which has been held since 2004 by Toyota Motor Corporation (TMC) is intended to give children the opportunity to develop their interest in cars through the drawing of pictures of their “dream cars.”
He added that the contest “is also to enhance the Toyota brand image and create a bond between Toyota and kids.”
He said the winning drawings would be sent to Japan to compete with other drawings by children from all over the world and was hopeful that at least one of the winners would be selected to represent Ghana at the World Contest in Japan.
He added that “this is the second time Ghana has been invited to join this global initiative by TMC. The first time, participation was limited but this time, we opened it to all Ghanaian children irrespective of their affiliation with Toyota.”
“We got a total of 117 entries as compared to just 19 last year. Since this is an annual project, I believe the entries will increase every year,” he added.
The contest which was held in three categories—under 10 years, 10 to 12 years and 13 to 15 years—saw five winners emerging from each category.
Winners of each category received cash prizes, Toyota branded books, reading books, and drawing materials, with other contestants receiving educational materials for their effort.
According to the Managing Director of Toyota Ghana, Mr Takahiko Takabayashi, the contest which has been held since 2004 by Toyota Motor Corporation (TMC) is intended to give children the opportunity to develop their interest in cars through the drawing of pictures of their “dream cars.”
He added that the contest “is also to enhance the Toyota brand image and create a bond between Toyota and kids.”
He said the winning drawings would be sent to Japan to compete with other drawings by children from all over the world and was hopeful that at least one of the winners would be selected to represent Ghana at the World Contest in Japan.
He added that “this is the second time Ghana has been invited to join this global initiative by TMC. The first time, participation was limited but this time, we opened it to all Ghanaian children irrespective of their affiliation with Toyota.”
“We got a total of 117 entries as compared to just 19 last year. Since this is an annual project, I believe the entries will increase every year,” he added.
Promoting African prints is my passion - Ms Simpson
mSimps, a fashion and design house in Accra is fast promoting the country’s local print fabrics through its hand-made branded fashion accessories. Jessica Acheampong takes an insight into the business
With a passion to be innovative and creative, while bringing the African style in vogue, Ms Mabel Simpson, a graduate from the Kwame Nkrumah University of Science and Technology set up mSimps to use local fabrics to design fashion accessories for both Ghanaians and foreigners.
These accessories which includes handbags, clutch purses, male and female slippers, as well as laptop bags and sleeves is meant to give an African touch to fashion on a daily basis and not necessarily wait for Fridays before one can dress the African way.
Speaking in an interview with the GRAPHIC BUSINESS, the Chief Executive Officer of mSimps said her fashion house was mainly to promote African prints and offer something which was of high quality to Ghanaians who are normally skeptical about patronising made in Ghana goods.
The company, she said is currently making headway in its business through its outlets in Ghana as well as going international with her supplies in Nigeria, the United States of America and the United Kingdom.
HOW mSIMPS STARTED
Ms Simpson said with her Communication Design and Visual Arts background she decided to veer off working in offices and start up something on her own which will bring her talent to bear.
She said upon realising there was no passion for African stuff, she decided to set up her fashion house to provide trendy fashion accessories with superior quality to satisfy all market segments with emphasis on chic designing, cost control and customer relations.
“I decided to continue with what I learnt in school to bring something innovative and promote quality goods for the Ghanaian market,” she said.
She also explained that she decided to use local prints to design her accessories as a means of promoting African fabrics hence her resolution to use local brands like GTP, ATL, Woodin and Da Viva.
Defying all odds and challenges associated with venturing into a new area, she however remained resolute to do something with her small capital and according to her, her business has expanded so rapidly that she now employs three people to help her in the business.
She said she started mSimps with only the designing of bags but two years down the lane, her product line has expanded to include clutch purses, laptop bags and sleeves as well as slippers for both sexes.
mSimps, since its inception unto the Ghanaian market in August 2010 has been providing quality and trendy accessories for people at an affordable price while maintaining its high quality.
HOW mSIMPS IS SURVIVING
Ms Simpson explained that despite the challenges that the companies face with regards to an inconsistent supply of raw materials, limited financial resources and most Ghanaians being skeptical about buying locally made goods, the company gets significant results for its efforts.
Ms Simpson said the company was gradually making strides in the fashion industry as a result of its focus on quality, good branding as well as good customer relations and the use of the social media to promote her brand.
According to her, it takes both personal and financial discipline to grow a business and that has always been here benchmark which keeps her and the company going.
She said most of the purchases are done through the social media - the facebook and twitter page or through its delivery outlets which are are located in Osu and Dome.
With a dream to go international, she said she currently makes deliveries to Nigeria, The United States of America and the United Kingdom which she hopes to extend to other parts of the world very soon.
Her company, she said has participated in various shows like the Virgin Atlantic First Anniversary celebration, KOD 1957 launch, My Business 2011 by Joy FM as well as the UT Bank and Enablis business launchpad awards.
LOOKING AHEAD
Projecting into the future, Ms Mabel Simpson said she hopes to go international with her brands as well as open more outlets in the country as well as other West African States.
She also assures her clients of improved quality and better services as well as the addition of new fashion varieties to her product lines to meet international standards.
The mSimps CEO believes that with determination, hard work and faith in God one can move on to higher laurels in life and advices other women to do innovative things no matter how small the start may be.
“It really feels good to own your own company and have a flourishing business, my advice to my fellow women is to develop their dreams and be innovative in everything they do. Financial and self discipline is key for the growth of any business,” she said.
Ms Mabel Simpson can be contacted at maamesimpson@gmail.com
With a passion to be innovative and creative, while bringing the African style in vogue, Ms Mabel Simpson, a graduate from the Kwame Nkrumah University of Science and Technology set up mSimps to use local fabrics to design fashion accessories for both Ghanaians and foreigners.
These accessories which includes handbags, clutch purses, male and female slippers, as well as laptop bags and sleeves is meant to give an African touch to fashion on a daily basis and not necessarily wait for Fridays before one can dress the African way.
Speaking in an interview with the GRAPHIC BUSINESS, the Chief Executive Officer of mSimps said her fashion house was mainly to promote African prints and offer something which was of high quality to Ghanaians who are normally skeptical about patronising made in Ghana goods.
The company, she said is currently making headway in its business through its outlets in Ghana as well as going international with her supplies in Nigeria, the United States of America and the United Kingdom.
HOW mSIMPS STARTED
Ms Simpson said with her Communication Design and Visual Arts background she decided to veer off working in offices and start up something on her own which will bring her talent to bear.
She said upon realising there was no passion for African stuff, she decided to set up her fashion house to provide trendy fashion accessories with superior quality to satisfy all market segments with emphasis on chic designing, cost control and customer relations.
“I decided to continue with what I learnt in school to bring something innovative and promote quality goods for the Ghanaian market,” she said.
She also explained that she decided to use local prints to design her accessories as a means of promoting African fabrics hence her resolution to use local brands like GTP, ATL, Woodin and Da Viva.
Defying all odds and challenges associated with venturing into a new area, she however remained resolute to do something with her small capital and according to her, her business has expanded so rapidly that she now employs three people to help her in the business.
She said she started mSimps with only the designing of bags but two years down the lane, her product line has expanded to include clutch purses, laptop bags and sleeves as well as slippers for both sexes.
mSimps, since its inception unto the Ghanaian market in August 2010 has been providing quality and trendy accessories for people at an affordable price while maintaining its high quality.
HOW mSIMPS IS SURVIVING
Ms Simpson explained that despite the challenges that the companies face with regards to an inconsistent supply of raw materials, limited financial resources and most Ghanaians being skeptical about buying locally made goods, the company gets significant results for its efforts.
Ms Simpson said the company was gradually making strides in the fashion industry as a result of its focus on quality, good branding as well as good customer relations and the use of the social media to promote her brand.
According to her, it takes both personal and financial discipline to grow a business and that has always been here benchmark which keeps her and the company going.
She said most of the purchases are done through the social media - the facebook and twitter page or through its delivery outlets which are are located in Osu and Dome.
With a dream to go international, she said she currently makes deliveries to Nigeria, The United States of America and the United Kingdom which she hopes to extend to other parts of the world very soon.
Her company, she said has participated in various shows like the Virgin Atlantic First Anniversary celebration, KOD 1957 launch, My Business 2011 by Joy FM as well as the UT Bank and Enablis business launchpad awards.
LOOKING AHEAD
Projecting into the future, Ms Mabel Simpson said she hopes to go international with her brands as well as open more outlets in the country as well as other West African States.
She also assures her clients of improved quality and better services as well as the addition of new fashion varieties to her product lines to meet international standards.
The mSimps CEO believes that with determination, hard work and faith in God one can move on to higher laurels in life and advices other women to do innovative things no matter how small the start may be.
“It really feels good to own your own company and have a flourishing business, my advice to my fellow women is to develop their dreams and be innovative in everything they do. Financial and self discipline is key for the growth of any business,” she said.
Ms Mabel Simpson can be contacted at maamesimpson@gmail.com
Ecobank shareholders concerned about share price fluctuations
Shareholders of Ecobank Ghana have raised some concerns about what they described as the frequent fluctuations in the share price of the bank on the local bourse.
The said although the share price performed well by the ending the year at GHC 3.19 as against GH3.0 in 2010, the price of the share has again dipped to GhC3.05 as at close of the first quarter.
A share price refers to the price of a single share of a number of saleable stocks of a company which makes buyers of the shares, shareholders in the company that issued the shares for sale.
Responding to the concerns of the shareholders about the fluctuations in the share price of the bank, the Managing Director of Ecobank Ghana, Mr Samuel Ashietey Adjei, described price fluctuations in share as a normal phenomenon in every stock market and should, therefore, be expected.
According to him, such movements tell how the bank, for instance, is performing on the exchange market.
He said the banks performance last year facilitated the movement of its share price from GHC 3.0 at the close of the year under review to GHC3.05 at the end of the first quarter this year and noted that there may be a further increase at the close of the year should the bank post further growth.
Mr Ashietey Adjei also explained that Ecobank is committed to ensuring growth in its business with the ultimate aim of becoming the largest and most profitable bank in Ghana.
“By this, we will be in the position to maximize returns on the investments of our shareholders” he added.
Some causes of share price movements
According to the Stock Market College several factors causes price movements of shares listed on a stock exchange market. It is not necessarily a normal phenomenon.
An increase in demand causes stock prices to go up, while an increase in supply also causes stock prices to go down. Again, investor sentiments also move stock prices in the short term.
Bank performance
Most shareholders were however full of praise for the bank for recording significant growth and announcing a dividend of 24 Ghana pesewas on every share.
In the 2011 financial year, the bank showed a strong performance by recording a profit after tax of GHC 72.381 million, representing an increase of 20 per cent over the previous year figure of GhC60,117 million.
The bank declared a dividend of Gh24p for the year under review as against Gh20p in 2010. Shareholders equity however dipped marginally from GhC227,646 million to GhC262,599 million.
Ecobank’s total assets almost doubled from GhC1,521,229 million in 2010 to GhC2,132,183 million in the year under review while loans and advances from the bank of saw some increase from GhC496,043 million to GhC849,893 million.
The bank’s customer deposits also saw a rise to GhC1,608,256 million last year to GhC1,116,332 million in 2010.
Total income by the bank increased by 30 per cent to GHC 243.5 million from the GHC 180 million 2010 figure with most of the revenue lines contributing to the growth.
For impairment charge of loans and advances, the bank recorded GhC6,167 million in the year under review against GhC5,762 million in 2010 while net trading income also more than doubled from GhC20,209 million in 2010 to GhC41,388 million.
Dividend income also went up from GhC453 million in 2010 to GhC682 million in the year under review.
The bank as at the end of 31 December 2011 had a number of 13,994 ordinary shareholders which shows a decrease from the 14,034 shareholders it had in 2011.
The said although the share price performed well by the ending the year at GHC 3.19 as against GH3.0 in 2010, the price of the share has again dipped to GhC3.05 as at close of the first quarter.
A share price refers to the price of a single share of a number of saleable stocks of a company which makes buyers of the shares, shareholders in the company that issued the shares for sale.
Responding to the concerns of the shareholders about the fluctuations in the share price of the bank, the Managing Director of Ecobank Ghana, Mr Samuel Ashietey Adjei, described price fluctuations in share as a normal phenomenon in every stock market and should, therefore, be expected.
According to him, such movements tell how the bank, for instance, is performing on the exchange market.
He said the banks performance last year facilitated the movement of its share price from GHC 3.0 at the close of the year under review to GHC3.05 at the end of the first quarter this year and noted that there may be a further increase at the close of the year should the bank post further growth.
Mr Ashietey Adjei also explained that Ecobank is committed to ensuring growth in its business with the ultimate aim of becoming the largest and most profitable bank in Ghana.
“By this, we will be in the position to maximize returns on the investments of our shareholders” he added.
Some causes of share price movements
According to the Stock Market College several factors causes price movements of shares listed on a stock exchange market. It is not necessarily a normal phenomenon.
An increase in demand causes stock prices to go up, while an increase in supply also causes stock prices to go down. Again, investor sentiments also move stock prices in the short term.
Bank performance
Most shareholders were however full of praise for the bank for recording significant growth and announcing a dividend of 24 Ghana pesewas on every share.
In the 2011 financial year, the bank showed a strong performance by recording a profit after tax of GHC 72.381 million, representing an increase of 20 per cent over the previous year figure of GhC60,117 million.
The bank declared a dividend of Gh24p for the year under review as against Gh20p in 2010. Shareholders equity however dipped marginally from GhC227,646 million to GhC262,599 million.
Ecobank’s total assets almost doubled from GhC1,521,229 million in 2010 to GhC2,132,183 million in the year under review while loans and advances from the bank of saw some increase from GhC496,043 million to GhC849,893 million.
The bank’s customer deposits also saw a rise to GhC1,608,256 million last year to GhC1,116,332 million in 2010.
Total income by the bank increased by 30 per cent to GHC 243.5 million from the GHC 180 million 2010 figure with most of the revenue lines contributing to the growth.
For impairment charge of loans and advances, the bank recorded GhC6,167 million in the year under review against GhC5,762 million in 2010 while net trading income also more than doubled from GhC20,209 million in 2010 to GhC41,388 million.
Dividend income also went up from GhC453 million in 2010 to GhC682 million in the year under review.
The bank as at the end of 31 December 2011 had a number of 13,994 ordinary shareholders which shows a decrease from the 14,034 shareholders it had in 2011.
Susu association registers 400 operators
The Ghana Co-operative Susu Collectors Association (GCSCA) has so far registered 400 individuals and institutional susu operators, four months to the end of the Bank of Ghana’s (BoG’s) January 1, 2012 deadline for susu collectors to register under the association or risk being closed down.
The quest by the GCSCA, the umbrella body of susu collectors in the country, follows a directive from the BoG under its new operating rules and guidelines for microfinance institution to register with their respective association to enable them get operational license from the bank.
The Acting General Secretary of GCSCA, Mr Obed Yaw Asamany, told the Daily Graphic in an interview that the 400 registered members are currently being screened, after which they would be issued with BoG licenses under the new guidelines.
“The association has completed conducting due diligence on 200 applicants so far and will be forwarding that list to BoG for licensing” he said.
Mr Asamany admitted that although the registered members fell below the industry figure, he said his outfit was optimistic that more members would be registered by the end of the second quarter of 2012.
On what the association was doing to get more members registered, the acting president said GCSCA had instructed all its registered members across the country to report any unregistered susu operator operating within their defined geographical area to their executives in the districts.
The district executives, he said, would subsequently report these unregistered operators to the BoG for the appropriate action to be taken.He said the association was also conducting several media campaigns to sensitise both susu operators and the general public to the implications of not registering, which meant not having a BoG license to operate.
“Now, it is our responsibility to make sure that all susu operators are registered. In that direction, the association is positioning itself to be more visible and attracted to all susu operators,” he said.
Some of the measures, he said the association was using to check the operations of illegal operators included standardisation of all documentation materials being used by susu collectors across the country.
According to him, this single initiative will compel all non registered susu collectors to register with the association since clients will not patronise the activities of non registered susu operators.
Also, the association had requested the banking supervision department of Bank of Ghana to conduct an inspection of operating license exercise nationwide to enforce the operating rules issued in July 2011.
Mr Asamany added that the BoG had not given any indications to extend the registration date and further called on all susu collectors nationwide to endeavour to register with the association to forestall any future consequences on their operations.
He also reminded all susu operators who are yet to register with the association that mobilising deposit in the form of susu without the requisite license is an offence under the Non Bank financial Institution Act, 2008 (Act 774) and the banking Act, 2004 ( Act,673).
The quest by the GCSCA, the umbrella body of susu collectors in the country, follows a directive from the BoG under its new operating rules and guidelines for microfinance institution to register with their respective association to enable them get operational license from the bank.
The Acting General Secretary of GCSCA, Mr Obed Yaw Asamany, told the Daily Graphic in an interview that the 400 registered members are currently being screened, after which they would be issued with BoG licenses under the new guidelines.
“The association has completed conducting due diligence on 200 applicants so far and will be forwarding that list to BoG for licensing” he said.
Mr Asamany admitted that although the registered members fell below the industry figure, he said his outfit was optimistic that more members would be registered by the end of the second quarter of 2012.
On what the association was doing to get more members registered, the acting president said GCSCA had instructed all its registered members across the country to report any unregistered susu operator operating within their defined geographical area to their executives in the districts.
The district executives, he said, would subsequently report these unregistered operators to the BoG for the appropriate action to be taken.He said the association was also conducting several media campaigns to sensitise both susu operators and the general public to the implications of not registering, which meant not having a BoG license to operate.
“Now, it is our responsibility to make sure that all susu operators are registered. In that direction, the association is positioning itself to be more visible and attracted to all susu operators,” he said.
Some of the measures, he said the association was using to check the operations of illegal operators included standardisation of all documentation materials being used by susu collectors across the country.
According to him, this single initiative will compel all non registered susu collectors to register with the association since clients will not patronise the activities of non registered susu operators.
Also, the association had requested the banking supervision department of Bank of Ghana to conduct an inspection of operating license exercise nationwide to enforce the operating rules issued in July 2011.
Mr Asamany added that the BoG had not given any indications to extend the registration date and further called on all susu collectors nationwide to endeavour to register with the association to forestall any future consequences on their operations.
He also reminded all susu operators who are yet to register with the association that mobilising deposit in the form of susu without the requisite license is an offence under the Non Bank financial Institution Act, 2008 (Act 774) and the banking Act, 2004 ( Act,673).
Subscribe to:
Posts (Atom)