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BoG to issue a 3 year bond in May to raise GH¢300m

Nana Esi Monney- Editor — Sat, 12 May 2012 10:34:38 +0000

Information gathered by Joy Business indicates that the Bank of Ghana will by the end of this month, May, issue a three year bond.
Government through the central bank is hoping to raise some 300 million Ghana cedis to finance infrastructure projects.
This will be the third bond to be issued by Government so far for this year. It is also planning to issue a five year bond in June to raise 200 million cedis to pay previous debts that are maturing.
The bond is expected to be opened to both local and foreign investors.
Analysts however believe government might be using the bond to also mop up excess cedis in circulation.
The central bank is also hoping to raise a little over 11 billion Ghana cedis through the sale of government securities from January to September this year.

Food and Drugs Board seizes 7820 cartons of unwholesome fish

Nana Esi Monney- Editor — Sat, 12 May 2012 10:03:47 +0000

The Food and Drugs Board (FDB) has seized a consignment of about 7820 cartons of unwholesome fish, being distributed by ‘We 2 Sea Foods Company’ based in Tema.
The seizure was made possible upon a tip off.
During the inspection by the FDB officials at the premises it was observed that 1,200 cartons of Mackerel being stored by the company at two different locations indicated the fish has been thawed and refrozen with an offensive smell emanating from it.
It was also observed that another consignment of about 6620 cartons of Mackerel 20+ (Flat Cartons), had expired since February 25 but was relabeled to read “Production Date – 09.09.11; Expiry Date – 12 months after production date” – an act which contravenes Section 3 of the Food and Drugs Law.
The law states:”Any person who labels, packages, sells, or advertises any food in a manner that is false, misleading or deceptive as regards its character, nature, value, substance, quality or composition, merit or safety commits an offence.”
FDB Head of Communication, Mr. James Lartey said it was also detected that We 2 Sea Foods Company indulges in the relabeling of unwholesome fish for placement on the market, which contravene Sections 1 and 8 (1) of the Food and Drugs Law, PNDC Law 305B.
The law says: “Any person who sells or offers for sale any food that – is unwholesome or unfit for human consumption; consists in whole or in part of any filthy, putrid, rotten, decomposed or diseased substance; is injurious to health; or is not of the nature, substance or quality prescribed by standards commits an offence.
It also said: “Any person who sells, or offers or exposes for sale, or has in his possession for sale or deposits with or consigns to any person for the purpose of sale, any food intended for, but unfit for human consumption also commits an offence.”
Speaking with the Ghana News Agency in Accra, Mr Lartey said to protect public health and safety, the FDB has confiscated the consignment of unwholesome fish for safe disposal.
Importers of frozen animal products are therefore advised to note that proper and constant maintenance of the cold chain, as well as hygiene during storage and /or transportation of their frozen products are basic requirements to guarantee product wholesomeness.
Source: GNA

Environmental firm to build facility to manage oil waste in Ghana

Nana Esi Monney- Editor — Wed, 09 May 2012 10:57:53 +0000

Zeal Environmental Technologies Limited (ZETL) is establishing a modern oilfields integrated waste management facility at Nyankrom in the Shama District of Ghana.
Mr. Kweku Ennin, Chief Executive Officer of the company announced this on Tuesday when briefing the media who visited the facility to acquaint themselves with the operations of the company.
Mr. Ennin said the company has acquired a 12.5 acre land for the development of the facility and 6.5 acres of the land has been used to develop the integrated waste management facility.
He said a modern Oily Waste Water Separating Plant, which can be used to manage gas condensate and other hydrocarbon liquid waste is being operated at the facility.
Mr Ennin said ZETL has also acquired a modern high temperature hazardous waste incinerator to manage hazardous waste such as oily rage and sacks, used oil and fuel filters, chemical sacks, obsolete chemicals, medical waste, paint cans and used paints.
He said the company handles ship generated oily waste water, oily sludge, waste oils and general garbage from all vessels that call at the Takoradi Port, the Sekondi Naval Base and the oil and gas industry as well as rigs in the West Africa sub-region.
Mr. Ennin said ZETL is “Committed to ensuring safe, high quality life and environmentally friendly health society for today’s population and tomorrow’s generation”.
Source: GNA

Review Ghana’s rent laws – CPP

Nana Esi Monney- Editor — Wed, 09 May 2012 10:56:01 +0000

The Convention People’s Party (CPP), on Tuesday called for the introduction of low-cost housing scheme as well as the review and enforcement of rent laws to mitigate the hardships of workers.
A statement signed by Mr Nii Armah Akomfra, Director of Communications and copied to westerngh.com said, the introduction of the low-cost housing scheme would enable workers obtain affordable accommodation.
It said although labour movements in Ghana and Africa had relentlessly made efforts to seek redress of the grievances of workers, they still face a backdrop of oppression, inequalities and social injustice.
“The labour and industrial laws of the country are not friendly to workers in respect of their employment, legitimate rights, social protection and dialogue,” the statement said.
It said the daily minimum wage was not sufficient for workers, stressing that a number of them were not offered appointment letters even when they were on the job for a long time, neither were their social security contributions, annual leave and rent allowances paid.
It said due to the unfriendly nature of labour laws, employees were dismissed without any compensation, or a reliable avenue to seek redress.
The statement said the Trade Union Movement and their allies under a progressive leadership had the capabilities to bring about change, adding that “they have the potential to rescue the country’s hard-won independence from the shackles of neo-colonialism and bring pride and dignity to its people”.
“CPP will continue to engage in constructive dialogue and collaboration with labour unions, with which it shares common beliefs and values to address the problems of workers.”
The statement said the party would evaluate the labour market; review the labour law and work out the best strategy to improve the working conditions, rights and security of workers.
Source: GNA

Lack of information major obstacle for entrepreneurs

Nana Esi Monney- Editor — Wed, 09 May 2012 10:48:08 +0000

Nii Ansah-Adjaye, Chief Director of the Ministry of Trade and Industry has identified the lack of information as a major obstacle for many Ghanaian entrepreneurs in their trade relations.
He said a good knowledge of operations of companies in the destination inspection scheme would therefore be a key factor in boosting business opportunities.
Nii Ansah-Adjaye made the observation at a day’s stakeholder’s seminar in Accra on Tuesday, organised by BIVAC International Ghana Limited, a player in global trade to educate customs house agents and Ghana Union of Traders Association executives on the processes and procedure to get their final classification and valuation report without hindrance.
He said the ability of firms to deliver goods and services on time and at the lowest cost was a key determinant of their successful integration into the world economy.
He noted that trade facilitation reforms and training could bring immense benefits for the development and stimulation of trade, improvement in the collection of customs duties and reduction of propensity to smuggle.
“It is therefore necessary to continuously put in place modalities such as initiatives to enhance trade agenda to bring benefits to government, the private sector and the consumer,” he added.
He said delays in the issuance of the final classification and valuation reports have hampered the smooth operations of trade and therefore required the attention of companies contacted to provide services.
He said fraudsters are constantly learning new ways and techniques of circumventing the system hence the need for collective roles to address the challenge.
Nii Ansah-Adjaye cautioned that offences such as submission of falsified documents amount to fraud and importers found would be prosecuted.
Mr Herve Chassagne, Managing Director of BIVAC, noted that communication was an effective tool for business growth.
Source: GNA

GH¢20,000 market shed commissioned at Azulenloanu

Nana Esi Monney- Editor — Tue, 08 May 2012 11:37:17 +0000

A GH¢20,000 market shed has been commissioned at Azulenloanu in the Ellembelle district.
The project, which commenced 16 years ago, has finally seen completed with the help of the sitting Member of Parliament (MP) for the area.
Commissioning the project, Deputy Energy Minister Mr. Emmanuel Armah Kofi Buah, said his ambition to lead the people was borne out of the fact that he wants to continue the works of Osagyefo Dr. Kwame Nkrumah.
He said the NDC government has the development of Nzemas at heart and will give Nzemaland a general facelift in honour of Dr. Nkrumah.
Mr. Buah reminded Nzemas of their future progress saying that ,they must not be deceived by some self-seeking politicians and that as social democrats, the NDC was sensitive to the plight of Ghanaians.
The Deputy Minister of Energy said a 450 megawatt plant from New York in the United States will be cited at Bonyere with a fishing harbour to be built at Axim, to offer employment to the people in the area.

He assured the people that the Assembly was drawing a budget plan for the construction of a new Junior High Schoo l(JHS) block in the town.
Mr Daniel K. Eshun, District Chief Executive (DCE), who donated GH¢11,000 towards the completion of the market shed, said within 3 years, the MP has initiated and completed many projects in the district.
Source: GNA

Benso Oil Palm makes GH¢9.59m profit in 2011

Nana Esi Monney- Editor — Tue, 08 May 2012 11:29:45 +0000

The Benso Oil Palm Plantation Limited (BOPP), raked a profit of GH¢9.59 million last year as against GH¢2.67 million in 2010.
As a result, the company declared a total dividend of GH¢2.4 million out of a total profit of GH¢9.59million to be paid to its share holders.
The profit, which represents an approximate increase of 25 per cent was due to the increase in volumes, upward movements in the world market price of crude palm oil, and the positive impact of cost saving initiatives as well as best management practices embarked upon by the company.
Mr. Ishmael Yamson, Chairman of Board of Directors of BOPP, announced these at their annual general meeting at Takoradi on the theme: “Sustainable agriculture.”
He said the company processed 82,154 metric tons of fresh fruits, representing an increase of 30 per cent as compared to the year 2010.
Mr. Yamson said the success was due to good rainfall pattern and good agronomical practices that contributed to higher productivity.
He said the company also purchased 38,901 metric tons of fresh fruit bunches representing 47 per cent of the total production at a cost of GH¢5.8 million from small holders and out grower farmers in the Western and Central Regions, which created considerable wealth in the catchment rural economies.
He said operating profit went up by 282 per cent from GH¢2,426,000 in 2010 to GH¢9,267,000 in 2011, and that in addition to high prices of crude palm oil and increase in volumes, the company continued with its cost savings and efficiency measures to improve its performance.
The company paid a dividend of GH¢2.4 million out of a total profit of GH¢9.95 million for 2011, according to Mr. Yamson.
He said the company was supporting 18 brilliant but needy students in Senior High School in Adum-Banso, Benso, Adum-Dominase and Manso in the catchment area.

Ghana launches hoteliers’ pension fund

Nana Esi Monney- Editor — Fri, 27 Apr 2012 17:50:29 +0000

The Deputy Central Regional Minister, Mr. Aquinas Tawiah Quansah has launched the “Ghana Hoteliers’ Pension Fund” (GHPF) with a call on the Ghana National Hoteliers’ Association to “walk the talk” and ensure that they contribute to the scheme to make it beneficial to their employees.
He said the hotel business was capital intensive and therefore they needed to seek government’s support through interactions to enable them to create more employment.
The GHPF has Axis Pension Trust Limited as its trustees and Databank Asset Management Services as Fund managers and Stanbic Investment Management Services Limited as custodians.
The launch was performed at the National Executive Council Meeting of the Association at Elmina on Thursday.
It is estimated that the hotel industry employs about 42,000 people with 33,000 being full time employees and the rest, part time and temporary or casual employees.
The meeting was on the theme “improving the retiring benefits of the Ghanaian hotel employee.”
The National Chairman of the Ghana Hotels Association, Mr. Herbert Acquaye, said 62% of employees in the sector are below the age of 35 years whilst 40% leave to join other industries within five years of being employed.
He said the Association faces challenges like the shortage of career oriented employees to fill vacancies and that it had become imperative for those in the industry to improve on conditions of service to attract and retain quality career focused staff.
Mr. Acquaye said the three companies it had engaged had the capability and trade records to administer their pension fund to the benefit of staff and called on all hoteliers to get on board and also create provident fund schemes to further enhance their service conditions.
An official of Databank, Rev. Daniel Ogbarmey Tetteh, said improving one’s pension fund was very critical in securing them a better future and described the three tier pension scheme as a “brilliant structure’
He explained that the tier one and two are defined or mandatory benefits and the tier three, an incentive to put money aside as a solid retirement income.
Mr. Afriyie Oware, the Chief Executive Officer of Axis Trust, urged the Association to ensure that the retirement benefits of their employees are well managed.
The Central Regional Chairman of the Association, Mr. Ben Aidoo, said Ghana had an enviable hospitality industry, hence hoteliers should continue to take measures to improve upon their services.
Source: GNA

Ghana to host West African Investment Conference

Nana Esi Monney- Editor — Fri, 27 Apr 2012 17:42:20 +0000

Ghana is to host the maiden edition of West Africa Investment Conference in Accra, aimed at promoting the private sector in the sub region.
The conference, scheduled for May 8-10, would identify different sources of investment capital, and the potential for their use, to create employment, social engagement and economic growth, thereby delivering a long-term positive impact on the region’s economy.
It is being organised by Objective Capital, an international investment company, with special expertise in handling metals and minerals companies.
Ms Ros Lund, Managing Director of Objective Capital, said the conference aim to create an annual investment pilgrimage in West Africa, which would attract potential investors, as well as provoke debate that would identify investment opportunities in Ghana and the sub-region.
She said the four-day conference would look at key sectors such as agriculture, which had 60 per cent of the country’s work-force and the mining sector.
“We want to educate Small and Medium Enterprises, to find business opportunities and not excuses for not finding enough opportunities,” Ms Lund said.
About 100 participants from Canada, Australia, England, US, South Africa, Sierra Leone, Cameroon and France, are expected to participate in the conference.
Source: GNA

No bank will fail to recapitalize – Bank of Ghana

Nana Esi Monney- Editor — Fri, 27 Apr 2012 17:27:28 +0000

The governor of the Bank of Ghana Mr Kwesi Amissah-Arthur believes that no bank in the country will fail to meet the central bank’s minimum capital requirement of GH¢60 million by the December 2012 deadline.
The central bank issued new regulations in 2008 asking banks to recapitalized to the tune of GH¢60 million. Although foreign owned banks were given a one year period within which to meet the directive, domestic banks were expected to recapitalise to GH¢25 million by December 2010 and subsequently reach the GH¢60 million by December 2012.
As at December 2011, 16 of the 27 commercial banks licensed to do business in Ghana have so far raised the new stated capital requirement required by the regulator.
But according to Mr Amissah-Arthur, discussions with the banks who are yet to meet the requirement, suggests that they are all ahead of schedule in the recapitalization process.
“I don’t believe that any bank will fail to recapitalize because the discussions we are holding with them suggests that they are all way up front ahead of schedule in the recapitalization,” Mr Amissah-Arthur told reporters during the BoG’s 50th Monetary Policy Committee (MPC) meeting in Accra April 13, 2012.
The governor said some banks are doing private placement and he [Amissah-Arthur] has been “receiving offers everyday from external banks that want to buy into Ghanaian banks”.
“On that score alone they will be able to make it,” he stated.
But some, according to Mr Amissah-Arthur, are looking for domestic solutions to this problem. “Some are looking for domestic solutions…so their default is that if everything else fails, they have offers from outside they can look at,” he said.
Some banks have already considered listing on the Ghana Stock Exchange (GSE) to raise the required capital after stakeholders at their Annual General Meetings (AGMs) approved of such a move.