A study by global payments technology company Visa has found that 93 percent of Ghanaians are aware of mobile money and appreciate its benefits -- more than in five other emerging markets surveyed, where the average awareness was 56 percent. The Visa mobile money study analysed the financial services needs and expectations of mobile money among nearly 2,500 consumers, mobile money agents, and merchants in Bangladesh, Ghana, India, Indonesia, Nigeria and Pakistan. Eighty-eight percent of Ghanaians cited “safety of not having to carry around a lot of cash” as the primary benefit of mobile money, with speed of sending money (73 percent) the second-most important benefit.Ninety percent of the respondents from Ghana said their main intended use of mobile money is to send money quickly to family members, while 69 percent said their second motivation is to save money for the family -- compared to an average of 52 percent across the countries surveyed.   Mobile money services -- the ability to make payments or send funds simply by accessing an account on a mobile phone -- were launched in Ghana in 2009 by MTN, which was the most recognised service provider among the study respondents with 90 percent aware of the brand. The services are now available on three networks after Airtel and Tigo launched Airtel Money and Tigo Cash respectively. “Ghana is one of the leading mobile money markets in the world. Industry players have worked hard to raise the awareness of mobile money services in order to drive financial inclusion among Ghana’s large unbanked population. This achievement underscores the remarkable progress that has been made,” said Aletha Ling, COO at Fundamo, the Visa-owned mobile money platform. “Industry collaboration must continue to ensure Ghana remains a shining light of mobile money success.” Visa said the survey results show that consumers’ needs for financial services are far more sophisticated than previously believed, and go well beyond the established transaction-set offered by mobile money services today. While many survey participants did not have a formal financial account, several examples of complex and sophisticated money management systems emerged across the six markets. The majority of respondents shared how they set money aside for education, healthcare, emergencies and life events. The majority of consumers surveyed intend to use mobile money to send money to family members (81 percent), pay utility bills (56 percent) and save money for their family (52 percent). The study also uncovered key barriers to adoption -- with the number-one barrier to adoption in Ghana being the fear of sending money to the wrong number -- and identified best practices for mobile money providers. Visa said the study’s results suggest that fine-tuning how a mobile money operator markets its service can have an impact on consumers' desire to adopt such a service. For example, the study found that "safe-keeping" rather than "saving" money is a primary driver for why consumers in developing countries are interested in using mobile money services. This suggests that mobile money providers should invest in additional research to better understand their customers' needs, tailor information, education and marketing efforts to the needs of consumers and mobile money agents, and adopt local terminology. “One key learning from this study could be summarised as ‘it's not what you say, it's how you say it”, said Gavin Krugel, Head of Emerging Market Customer Strategy and Market Activation, Visa Inc. “This single insight has massive implications for the vernacular used in mobile money menu structures, the education of mobile money agents and consumers, and creation of mass market advertising.” The Visa Mobile Money study was conducted between February-August 2012. Visa surveyed nearly 2,500 individuals in six countries and 15 cities through a combination of field surveys, in-depth in-person interviews, and focus groups with men and women aged between18 to 44. Respondents had to own a mobile phone. The study included both in-depth qualitative and quantitative research on money management needs, habits and practices as well as factors that need to be addressed for the successful adoption of mobile money services. Particular focus was placed on understanding the needs of unbanked consumers as well as the needs of merchants and agents who will be offering mobile money in both urban and rural areas within these markets. By Leslie Dwight MENSAH

The Ghana National Petroleum Corporation (GNPC) has said that it is using the South Deepwater Tano oil block as “the launch-pad” for its Joint Operating Companies strategy aimed at winning a bigger stake in oil licences for the country. Speaking at the 4th Ghana Summit on Oil and Gas, Nana Boakye Asafu-Adjaye, CEO of GNPC, said through a competitive online data-room bid process in 2012, the GNPC selected the AGM consortium led by AGR of Norway as its strategic partner for the project. Over 30 million US dollars, he said, has already been spent on the project; and a Petroleum Agreement, which is awaiting Cabinet and parliamentary approval, has been negotiated that incorporates “a significant commercial interest” in addition to the normal Initial and Additional participating Interest for a GNPC Exploration and Production subsidiary. The subsidiary, he said, will together with AGM form a Joint Operating Company that will hold the commercial interests hitherto held solely by international oil companies. “This gives GNPC and Ghana a stronger position in exploration and production than we have ever held in the past,” he said. The corporation, he added, is in the process of negotiating another petroleum agreement with two other strategic partners covering acreage in the ultra-deepwater Keta Basin under the same framework. Although it is not clear in percentage terms by what margin the country’s commercial interest will increase under the new strategy, the GNPC sees the move as much more rewarding than the unincorporated alliance model -- whereby international oil companies keep the lion’s share of resources. Government has said it is repositioning the GNPC for it to focus on its commercial role and leave the regulatory function to the newly-formed Petroleum Commission. In line with this, the GNPC says it aims to become the dominant domestic operator within 10 years and a global player within the next 20 years. Going forward, the GNPC’s global operating capacity will be developed through the framework of Joint Operating Companies (JOCs) in strategic alliance with world-class operators, Nana Asafu-Adjeye said. “This way, we will acquire not only skilled individuals as we did in the past, but entire functional systems. GNPC personnel will grow within and eventually take over operational and corporate management of JOCs in planned phases,” he said. By Basiru ADAM

Anne Amuzu of NandiMobile and Eunice Ogbogu of Eugo Terrano have been selected for the Eighth Annual Fortune/U.S. State Department Global Women’s Mentoring Partnership Programme. This public-private partnership, conducted in coordination with the Vital Voices Global Partnership, connects emerging international women leaders with Fortune’s Most Powerful Women Leaders to encourage the next generation of women leaders to bring positive change to their companies and communities. This year, 27 emerging women leaders from around the world -- including Ms. Amuzu and Ms. Ogbogu -- will travel to the United States and interact with Fortune’s Most Powerful Women Leaders who will share their time, talent and expertise in business and leadership. Ms. Amuzu currently serves as both the Technical Lead and CEO of Nandimobile Limited, a young and vibrant technology startup in Ghana. In 2010, Nandimobile's maiden product, Gripeline, received the Best Business award at the LAUNCH Conference in San Francisco. In the last two years, the company has launched 3 products and attracted a clientele of over 80 companies. Ms. Amuzu is a graduate of Meltwater Entrepreneurial School of Technology (MEST), and holds a BSc in Computer Engineering from Kwame Nkrumah University of Science and Technology (KNUST) in Ghana. Ms. Ogbugo is the owner and founder of Eugo Terrano, a construction firm employing 25 staff members that implements road and civil engineering works. Ms. Ogbugo was recently recognised for excelling in the field of civil engineering and for her position as the youngest female civil engineer that owns a construction company. She was decorated with two awards for Business Excellence and Female Personality at the 2012 National Youth Achievers Awards ceremony. After graduating from KNUST with a degree in Civil Engineering in 2004, she worked with Contera, an engineering consultancy firm. While employed there, Ms. Ogbugo realised that being confined to an office was not her calling, and therefore undertook a six-month course in entrepreneurship to enable her to start her own company. 2010 Fortune/US State Department Global Women’s Mentoring alumna from Ghana, Ama Pomaa Andoh, was recently elected as a Member of Parliament for Juaben in the Ashanti Region. This year’s emerging leader class also includes women from Argentina, Cambodia, China, India, Kenya, Lebanon, Mexico, Nigeria, Poland, Russia, Serbia, South Africa, Uruguay, Vietnam, Zambia, and Zimbabwe. To start this year’s programme, U.S. Senator Barbara Mikulski, the longest-serving woman in the U.S. Senate, will sit down for an interview with Fortune Magazine, and U.S. Senator Kelly Ayotte will deliver remarks to the attendees.

The West Africa Civil Society Institute (WACSI) has held a conference in Accra to reflect upon building financial resources for accelerating positive change in West Africa. In her opening remarks, the Chair, Madam Aicha Bah Diallo, drew the attention of participants to the various ways in which civil society has been impacting positively on West African society. A significant component of the facilitators, convenors, advocates and service providers transforming peoples’ lives for the better are civil society advocates, she explained. She regretted the fact that the current era of declining resources is reducing the capacity of civil society to continue its positive work. The Executive Director of WACSI, Nana Afidzinu, also lamented the trend toward declining resources available for civil society action. In his keynote address to the Conference, Abdul Tejan Cole, Executive Director of the Open Society Initiative for West Africa, affirmed the existence of a vigorous civil society in the region that is independent, non-partisan and doing incredibly good work for various constituencies promoting the rights and welfare of ordinary citizens. He however pointed out that not all who speak in the name of civil society are genuine actors. He also argued that many of the actors in civil society do not have the capacity to deliver on their mandates and will fall by the wayside. He warned development partners, however, to stop trying to take over the work of civil society and pleaded for an atmosphere in which genuine actors have the room to operate and their capacity be developed for more effective action. It was in this context that he applauded the good work being done by WACSI, which has trained 1,600 activists since 2007. In the debate that ensued, it was pointed out that civil society must keep to the highest standards of behaviour. One example raised was executive directors of civil society organisations seeing themselves as permanent staff and owners of their organisations, while they call on Presidents seeking third-terms in office to desist from thinking they are indispensable. One of the weaknesses of civil society that was pointed out is the low emphasis they place on recording and narrating their successes -- thereby under-selling their own achievements. Related to this is limited documentation of knowledge produced through civil society activism, thus depriving the wider society of comparative approaches that could be used to solve problems. There was an incredibly good session of testimonies by former beneficiaries of WACSI capacity development programmes, many of whom had moved on to be major players in various civil society organisations where they are producing great results and outcomes that are improving the lives of citizens. The testimonies focused on the fact that capacity development is not just training. It includes knowledge-building for improved networking and branding as well as improved methodologies for engaging in evidence-based action that improves the lives and livelihoods of the constituencies they are working in.

Government must improve the efficiency of its revenue generating systems across the various entry points if it is to rake in maximum revenue from the increase in trade to the country, according to Zaid Hamuoi, President of the Borderless Alliance (BA).  He also called for an end to the issues of harassment and illegal checkpoints along trade corridors in the West African sub-region, adding that a significant reduction in these occurrences would stimulate the country’s economic growth and improve the people’s lives. “We have a big problem in Ghana, and a responsibility to address it urgently. With the rapid economic growth and increasing volume of trade at the various ports and borders, there is need for an effective revenue system to avoid revenue-loss, especially as traders find ways to bypass the system. “The time for ‘borderless’ is now, and we cannot delay any longer because the stakes are high and time is of the essence. As the sub-regional population keeps growing, more jobs will be needed while food security will become an even greater issue; but there are numerous practices across corridors that strangle trade within West Africa,” he said at the inauguration of the national chapter and executive committee of the Borderless Alliance in Accra. He said barriers to trade -- multiple documents required by different countries, the “unnecessary” onerous procedures as well as the multiple and often duplicate checkpoints across trade routes -- ultimately affect the price of goods which consumers buy. The Borderless Alliance is an evidence-based and action-driven private sector-oriented approach to advocacy and provides a credible platform to voice concerns. It also contributes its expertise and engages with local and regional Governments toward the elimination of regional barriers to trade. It seeks to promote best practices in trade and transport among member-countries in order to earn the trust and cooperation of regional Governments. Mr. Hamoui asked the executives of the newly-created chapter to play a vital role in fostering productive public-private dialogue, engage the appropriate decision-makers, and seek the required changes that will solve the common problems as well as promote best practices of trade and transport in the country. Mr. Frank Eshun, President of the National Executive Committee, in an acceptance speech read on his behalf, said the outfit will work judiciously to address the bottlenecks associated with the movement of goods and people across the sub-region: “We are aware of these challenges in the trade and transport industry, and will collaborate with other stakeholders to become a formidable force to position Ghana as the trade hub of Africa.” He said the chapter will also work to ensure that the country benefits from potentials of the rapidly-expanding economy. By Patrick PAINTSIL

Dr. Joyce Rosalind Aryee, the immediate past-Chief Executive Officer (CEO) of the Ghana Chamber of Mines, has noted that local Micro Small and Medium Enterprises (MSMEs) -- especially those in the oil, gas and mining sectors -- must be promoted to play a pivotal role in propelling and stimulating the stability, growth and economic transformation of the country. “Sourcing from Small and Medium Enterprise (SMEs) is fundamentally necessary due to high levels of capital investment in that sector, which leads to further economic activities and attracts investment as suppliers,” she said. Dr. Aryee said this at opening of a five-day training programme on developing local SME suppliers for the mining, oil and gas sectors, organised by the Sekondi-Takoradi Chamber of Commerce and Industry (STRCCI) at Busua in the Ahanta West District of the Western Region. She pointed out that SMEs in these sectors require great initiatives and skills to improve upon their capability to meet company needs that are of a higher standard. She said suppliers need to provide better service to customers, leading those suppliers to raise standards further along the supply chain. It can also increase the competitiveness of suppliers in pursuing business with other companies, helping them to diversify. “Small businesses and suppliers however thrive because larger public companies, and especially multinationals, create opportunities through forward and backward linkages,” she noted Generally, she said, the key areas where suppliers are benefitting in the mining, oil and gas sectors include transportation, human resource, food and beverages and entertainment, as well as maintenance, engineering and management. She said when there are well-developed local suppliers, companies get work done efficiently at a cheaper cost which means profitability -- local suppliers also make some business and profit, which means expansion and creation of employment that consequently reduces unemployment and its attendant social problems in the country. According to her, there must be a concerted stakeholder effort in the development of local MSME suppliers for the needed effect -- “how do we develop MSME local suppliers in our oil, gas and mining sector?” she asked. “Some have claimed that a Local Content Bill is the answer. Let us ask ourselves whether it is enough to mandate local participation in the mining, oil and gas sectors and fold our arms --and then expect development of our MSMEs,” she further asked. She added that the key policy objectives to be attained under the local content platform are to maximise the benefits of oil and gas wealth-generation on a comprehensive local content platform by maximising the use of local expertise, goods and services, job-creation for people, businesses and financing in all aspects of the oil and gas industry value chain, and retention of the benefit within Ghana. Fortunately, she noted: “The local content and local participation in petroleum activities policy framework recognises how Ghanaian suppliers at various levels can benefit from the opportunity offered by the oil and gas and mining sectors is limited by finance, human resource technology -- and I will add competitiveness and professionalism.” She said recognising this fact, the goal of developing a local content and participation policy is to define actions that will ensure the constraints/challenges are resolved to enable Ghanaians take control and thus maximise the benefits to them. “Develop local capability in all aspects of the oil and gas value chain through education, skills and expertise development, transfer of technology and know-how and an active research and development portfolio,” she said. Also, she said the country can achieve at least 90 percent local content and local participation in all aspects of oil and gas industry value chain within a decade – and also increase capabilities and international competitiveness of domestic businesses and industrial sectors; and create oil and gas and related supportive industries that will sustain economic development as well as provision of goods and services by national entrepreneurs Dr. Aryee said in order to ensure increased financial benefits to Ghanaians and the Ghanaian state, all operators in the oil and gas industry should as far as practicable use goods and services produced by or provided in Ghana for their operations, in preference to foreign goods and services. Also, she said, the operators should give priority to the purchase local products and services that are competitive in terms of price, quality and timely availability from citizens of Ghana: giving a preference to Ghanaian entities, even if they are up to 10% more expensive, is mandated. By Juliet AGUIAR, Busua

GLICO Life Insurance Company (GLICO LIFE), a wholly-owned Ghanaian Life insurance business enterprise, has trained its new marketing and sales executives (MSE’s) tactically to enhance the delivery of insurance products and services to the doorsteps of Ghana’s people. A series of training programmes has been organised to equip them with the knowledge and skills to improve their performance in the field and to deliver the best insurance value to customers. In his opening address at the training programme, Mr. Edward Forkuo Kyei, Managing Director of GLICO LIFE, welcomed the trainees into the GLICO family and stressed the importance of training programmes to the delivery of excellent services. He also outlined the opportunities and challenges in carrying out their duties and responsibilities as MSE’s, but assured them that GLICO LIFE has succeeded due to dedication and a strong commitment to “cushioning its clients for life” and that they must emulate same. He further emphasised the obligation of GLICO LIFE to customer service; that is, offering unique products and services to policyholders who are the vital assets of the business as captured in the theme of the Silver Anniversary Celebration: “25 years together in business: our Customers, Our Focus”. More importantly, Mr. Forkuo Kyei urged the marketing and sales executives to note that they represent the face of GLICO LIFE; thus their actions and inactions reflect the status and integrity of the company and they must always act to offer customers the best of service.  In conclusion, he reminded them “to go beyond the normal call of duty to offer service and also endeavor to meet the needs and expectations of clients in policy administration.” From his observations, the Southern Sector Agency Manager, Mr. Eric Asemnor, said the trainees exhibited a high level of interest and enthusiasm, and called on them to channel their zeal into effective customer service. In all, the training programmes were more successful and comprehensive -- covering a wide range of topics like the principles and importance of insurance, customer-focused product marketing, approach to operational challenges, claim payments and many more. It is significant to note that GLICO LIFE is a leading indigenous life insurer in Ghana’s insurance industry having a nationwide network of branches, a team comprising a trained and skilled workforce, and state-of-the art equipment for business transactions. Notably, GLICO LIFE has set high standards of performance in the insurance industry and continues to forge ahead to strengthen and maintain its leading position.

Guaranty Trust Bank, in a bid to extend its services to Ghanaians in the Diaspora has introduced a new product called the Non-Resident Ghanaian (NRG) Account. This innovative product offers Ghanaians and their families living abroad the opportunity to open and operate a local bank account from anywhere in the world for savings, remittances, business and other purposes such as building a house, educational support, future security or establishing a seed capital to start up a business venture in Ghana. Amounts saved can be used as collateral for a loan facility as well. The NRG Account provides customers access to a wide range of banking products and services, some of which include Current and Savings Accounts, Foreign Exchange Account, Foreign Currency Account, investment in Money Market instruments, eBanking services and card products such as MasterCard and Visa. With access to the Bank’s Internet banking platform, instant notification system, a Relationship Manager and other e-banking-based services, account holders abroad can conveniently operate the GTBank Non-Resident Ghanaian Account from their base around the world with ease. It can be operated in cedis, dollars, euros and pounds, and statements of accounts are sent via emails and SMS. Deposits are done through conversion of foreign currency to cedi accounts via transfer from a bank account abroad. Cash and cheques can also be deposited into accounts by relations or other people instructed to do so, on behalf of the customer, at any of the Bank’s branches in Ghana. Withdrawals can be made through the use of Visa and MasterCard cards, cheques and transfers via Internet Banking platform to GTBank customers and customers of other Ghanaian banks. Account holders who sign email indemnity forms can also instruct the Bank via email to make payments to named beneficiaries. The NRG Account is safe and provides peace of mind to customers who are wary that monies sent to family and friends for projects might be squandered, as access is restricted to account holders only. The Managing Director of Guaranty Trust Bank (Ghana) Limited, Mr. Lekan Sanusi, during the introduction of the product stated: “Coming out with the NRG Account is in line with our new strategic focus to continue bringing our services even closer to all Ghanaians, irrespective of their location worldwide. “The NRG Account is an excellent characteristic of a business solution with reliability, convenience and safety in mind; and we believe it will go a long way to further deepen our unrivalled customer delivery,” he added. Guaranty Trust Bank (Ghana) Limited, Bank of the Year for two consecutive times in 2009 and 2010, was registered in October 2004 and obtained its universal banking licence from the Bank of Ghana on 23 February, 2006, thereby paving way for the commencement of operations. It has also been awarded for Product Innovation, Customer Care, Advisory Services, Competitive Pricing, Loan Financing etc. It presently operates from 23 outlets spread across six regions of the country, namely: Greater Accra, Ashanti, Western, Brong Ahafo, Volta and the Northern Regions. Preparations for expanding its services to the Central and Eastern Regions are far advanced. The Bank presently listed on the Ghana Investment Promotion Centre’s Club 100, and has since its inception seven years ago grown to become a reference point for good business practice and a role-model in the financial service industry of the country.

  The increase in Internet penetration has set the country on an ideal platform to drive commerce and industry to aid growth of the country’s economy, Mr. Nils Hammar, Chief Executive Officer of Tonaton.com has said. “The Ghanaian market is developing at a phenomenal rate. This coupled with the increase in Internet penetration and usage indicates that we have plenty of opportunity in this country,” he said. He was speaking to the B&FT in an interview at the official launch of Tonaton.com, a free, classified website in Accra.   The country with a population of 24.6 million inhabitants, currently sits on top of Africa’s broadband league with an Internet population of 3.5 million as at the end of last year.   The International Telecommunication Union (ITU) has also ranked Ghana as the country with the highest mobile-broadband penetration in Africa, where Internet access and use is available to a lot of people.   Tonaton.com is a subsidiary of Swedish investment company Kinnevik AB, owners of Tigo and Accra-based television station Viasat 1.   Touching on the cost of Internet use in the country, Mr. Hammar said: “The cost of Internet usage in the country is one of the lowest in the world,” and this can spur growth of the economy. “With just GH¢1 you can use the Internet for a whole day. That is very good for business,” he added.   According to the ITU, mobile broadband penetration has been driven by the aggressive roll-out of technology infrastructure by network operators and the drop in broadband prices, spurred by competition in the mobile market and the provision of 3G services.   “As Internet usage increases in schools, homes and among mobile phone users, we at Tonoton.com see an opportunity to introduce something different, interesting and beyond traditional classified advertising to Ghanaians,” he said.   The website, which is very easy to navigate, serves as a platform for its local users only, to post free classified ads on any item they wish to sell. It allows sellers to upload ads onto the site and have them displayed after 30 minutes - -due to the screening process in place to ensure that only legitimate ads from Ghana are posted.   “This is a product for everyone, it’s not for just one group but is a product that anyone can use easily,” Mr. Hammar said.   Users of the website are simply required to submit a valid email address, and in three easy steps the ad can be uploaded onto the site. The company has also launched a mobile-friendly version of the website. Ads posted onto the website are valid for a period of 90 days.   “We want to keep the site as fresh as possible. Buyers can easily find what they are looking for by specifically selecting the category, region and area they require. I hope the website will serve as a useful tool to make both buyer and seller happy,” he said. By Dominick Andoh

The Ghana Stock Exchange (GSE) and the Securities and Exchange Commission (SEC) are calling for a review of the tax regime governing interest and dividend income in order to create a level playing field for financial investors. Harmonising the tax policy and rates that govern income earned from equities and government bonds and Treasuries will equalise the current system whereby interest income is tax-exempt but dividend income is subjected to 8 percent tax, the two bodies said. “Once you are not taxing interest income and you are taxing dividend income, you are disadvantaging those who go for shares,” Mr. Ekow Afedzie, Deputy Managing Director of the Ghana Stock Exchange (GSE), told the B&FT in an interview. He said a review of the tax charged on dividend income “might improve incomes being earned by those who buy shares. If people are buying shares to earn dividend income, then once you take it off they make more income. In some jurisdictions in Africa dividends are not taxed.” Mr. Adu Anane Antwi, Director-General of the Securities and Exchange Commission (SEC), said: “We shouldn’t use tax policies to create an unlevel playing field for our investors. If an individual invests or buys Government bonds or Treasuries, the interest that is paid to that individual is not taxed; so why can’t we use the same system for individuals that invest in equities? “Sometimes, an individual gets a dividend of GH¢1 or GH¢4 and Government still takes 8% [as tax]. We think that it does not encourage individuals to come to the market.” Touching on the payment of a mandatory 0.05 percent Stamp Duty by companies that raise capital through share issue, or transfer capital from income surplus to stated capital, Mr. Afedzie said the duty is on the high side. “The stamp duty makes it very expensive to do additional offers, and to move funds from surplus to stated capital. Anything that will increase your capital base is taxed. It is high and that is also a disincentive. When it is reviewed, it will make it less expensive for companies to raise funds. “If we encourage people to shift some of their surpluses to stated capital, it is good for the company,” said Mr. Antwi, who argued that income that remains in the income surplus account is not “safe”, as shareholders can pass a resolution to distribute all the profits of an organisation. “Let us relax that for listed companies. If Government cannot give them a whole waiver, let us reduce the stamp tax on capital substantially so that it will reduce their cost of raising capital once they are listed companies,” he added.  By Dominick Andoh