Job Opportunities (4) A leading multinational, general insurance company invites applicationsfrom persons with attitude, performance oriented and capable of working under pressure, desirous to succeed to be appointed in the following positions : 1)    Business Development Manager 2)    Underwriting Manager 3)    Underwriting officer4)    Personal Assistant to the Managing DirectorQUALIFICATIONS Position 1 –First degree preferably in marketing or insurance with at least 3 to 5 years experience. Good Insurance knowledge is a strong added advantage.Position 2- Final ACII with3 to 5 years experiencePosition 3– Advance diploma or Diploma in Insurance with 3 to 5 years .Position 4- Bachelor Degree in any social science discipline. Must be proficient in another internationally speaking language. Attractive conditions of remuneration attached to all positionsPlease send your Applications and CV to: Advert No. 1979PMB CT 16 Cantonment- Accra.All applications should indicate the position applying for. THE DEADLINE FOR SUBMISSION IS APRIL 24, 2013.ONLY SHORLISTED APPLICANTS WILL BE CONTACTED. VACANCY A leading multinational, general insurance company invites applicationsfrom persons with attitude, performance oriented and capable of working under pressure, desirous to succeed to be appointed in the following positions :- 1)      Business Development Manager 2)      Underwriting Manager 3)      Underwriting officer 4)      Personal Assistant to the Managing Director   QUALIFICATIONS Position 1 –First degree preferably in marketing or insurance with at least 3 to 5 years experience. Good Insurance knowledge is a strong added advantage. Position 2- Final ACII with3 to 5 years experience Position 3– Advance diploma or Diploma in Insurance with 3 to 5 years . Position 4- Bachelor Degree in any social science discipline. Must be proficient in another internationally speaking language. Attractive conditions of remuneration attached to all positions Please send your Applications and CV to : Advert No. 1979 PMB CT 16 Cantonment- Accra. All applications should indicate the position applying for. THE DEADLINE FOR SUBMISSION IS APRIL 24, 2013. ONLY SHORLISTED APPLICANTS WILL BE CONTACTED.   VACANCY A leading multinational, general insurance company invites applications from persons with attitude, performance oriented and capable of working under pressure, desirous to succeed to be appointed as BRANCH MANAGER :- QUALICATIONS First degree preferably in marketing and sales or insurance with at least 3 to5 years experience.Diploma or advance diploma in insurance is an added advantage. LOCATIONS OF VACANT BRANCH MANAGER POSITIONS: Takoradi Ho Kumasi Tema   Attractive conditions of remuneration attached to the position Please send your Applications and CV to : Advert No. 1979 PMB CT 16 Cantonment- Accra. All applications should indicate the position applying for. THE DEADLINE FOR SUBMISSION IS APRIL 24, 2013. ONLY SHORLISTED APPLICANTS WILL BE CONTACTED.

  A total amount of GH¢48.4 million is needed to complete the construction of the famous “Gang of Six” roads which were begun between 2007 and 2009, according to the Ministry of Roads and Highways. The amount is far more than the GH¢3.96 million allocated to the projects in the 2013 budget, which effectively means that only three of the six are likely to be fully completed this year, the Ministry’s records showed. The six projects are Extension of La-Teshie Roads (1st Infantry Brigade to Teshie Link); Emergency Road Rehab of Dansoman Main Road, Selected Collectors, Nima Highway Dadeban Road and Palace Street; Emergency Road Rehab of Spintex Road and East Legon, Roads and Culverts on Spintex Road 1; Reconstruction of Sunyani Road (Including Sofoline Interchange); Tetteh Quarshie-Madina; and Achimota-Ofankor. The roads represent key arterial corridors into and within the Central Business Districts of Accra and Kumasi. They are intended to ease vehicular movement and traffic along the corridors. Payment delays and additional works that were added in the course of the projects have slowed construction progress, leading to contract durations being exceeded. The three expected to be completed this year – Extension of La Teshie Roads; Emergency Road Rehab of Dansoman Main Road and related construction; and Achimota-Ofankor – have been allocated GH¢1.66 million, which is the full amount needed for their completion. Of the GH¢46.7 million required to finish the other three, only GH¢2.3 million has been allocated in this year’s budget. As at December 2012, the Extension of La-Teshie Roads was 90 percent complete; the Emergency Road Rehab of Dansoman Main Road and related construction was 92 percent complete; and the Achimota-Ofankor project was “substantially completed”, the Ministry said. The remaining three – Emergency Road Rehab of Spintex Road and East Legon, Roads and Culverts on Spintex Road 1; Reconstruction of Sunyani Road (Including Sofoline Interchange); and Tetteh Quarshie-Madina – were 75 percent, 70 percent, and 88 percent complete respectively.In 2012, a total of GH¢342.4 million was spent on the six projects, partly through bonds issued by government. Ghana needs to boost spending on infrastructure if it is to match the standards of other middle-income countries in Africa, the World Bank has said. Road investments, expected to be worth US$5.5 billion, account for 40 percent of the government’s projected infrastructure spending for the period 2012-17, Ministry of Finance data show. The existing 66,200 km road network has been expanding by between 7-10 percent in the last decade; yet only 41 percent is rated to be in good condition, while the high traffic density in major urban centres has increased congestion on the networks linking to these areas. In addition, there is poor connectivity in rural areas, where only one-fourth of the rural population live within 2 km of an all-season road. Government has said it plans to employ a mixture of budgetary funds, concessional and non-concessional loans, as well as private capital – through the public-private partnership framework – to finance its investment needs up to 2017. With the government’s resources severely encumbered by the growing public-wage bill – which consumes around 68 percent of taxes – public-private partnership arrangements have gained increased importance among its infrastructure financing options. Public-private partnership road projects registered with the Ministry of Finance so far include Dualisation of Accra-Kumasi and Accra-Takoradi Highways; Refurbishment and Expansion of Accra-Tema Motorway; Construction of Overpass at Teshie Link; and Western Corridor Roads Phase I (Elubo-Sunyani). By Leslie Dwight MENSAH & Konrad Kodjo DJAISI

The Head of Business Services of Zenith Bank (Ghana) Limited, Kwame Adadey, has said the adoption of technology in banks has helped them to serve customers better. He said that the use of ICT platforms by banks has enhanced customer service delivery and enabled them to align their operations to boost customer satisfaction, reduce the cost of doing business, and increase revenue streams. Mr. Adadey said Zenith Bank's reliance on technology has enabled it to penetrate the competitive banking industry to become one of the best-performing financial institutions in the country. Mr. Adadey noted at the Business Times Breakfast Roundtable on ICT, held in Accra recently, that many of bank’s bouquet of products rest on the deployment of technology, which has helped customers to enhance their business processes. He cited the Bank’s product, Z-Web Acquiring Verified by Visa (Z-WEB), aimed at enabling local businesses to make and receive payments online. “Z-WEB is a secure online acquiring platform. This service allows the customers to accept card payments from persons who patronise their services online using their VISA cards,” he said. Z-WEB interface connects merchants, cardholders, and Zenith Bank with Visa’s network, offering the assurance of secure transactions and timely payments. This product, which has been introduced to give a competitive advantage to the Bank through the use of technology to enhance customer operational efficiency, is envisaged to address the challenge businesses face with regard to receiving payment for online transactions in a secure swift and timely manner, thereby boosting e-commerce in the country. He further noted that Z-WEB will complement the other electronic products of the Bank -- such as Internet banking, ATM services, PoS, mobile banking, Z-Prompt services, among others -- which are all geared toward enhancing customer experience.

A former deputy-governor of the Bank of Ghana, Emmanuel Aseidu-Mante, has expressed concern about the worrying default rate in the financial services sector which has contributed to the current high lending rates. According to the Bank of Ghana’s Monetary Policy Committee report for February, the default rate in the banking sector is 13.2% with average lending rates hovering around 25% per annum. This, Mr. Aseidu-Mante said, is high and could drop if banks manage their credit risks prudently. He has therefore collaborated with Harland Financial Solutions to bring new software onto the market to help banks effectively manage credit facilities granted to businesses and individuals. The software, Credit Quest developed by Harland Financial Solutions, is being offered to financial institutions through SOFGEN West-Africa and will allow banks to improve and manage credit prudently with the goal of improving credit quality. Mr. Aseidu-Mante, who is now the Chairman of SOFGEN West-Africa -- a Swiss-based firm providing IT solutions to banks -- said concerns about the increasing rate of loan defaulters on the books of financial institutions necessitated introduction of the Credit Quest software to help process and manage the credit management practices of banks properly, and also boost efforts to reduce the high interest rate spread on loans. He said the high interest rates charged by banks on loans are partly due to non-performing loans and could drop if they curtail the default rate. “There are a number of factors that impact on the interest that banks charge on loans granted to businesses and individuals. “At present, the average banks’ interest rate on loans is high and so factors that put lending rates up need to be looked at. One of them is the default rate, and that is why we have brought the software to tackle it. “Credit recovery or quality has been a problem in the banking industry for a long time. The banks give out loans, and for various reasons they are unable to recover them. So this software is to enable them to appraise loans properly and recover as much as possible,” he added. The high non-performing loans in the banking system necessitated the Bank of Ghana giving authorisation to a number of credit reference bureaus in the country to provide banks with credit history and behaviour of customers to enable them properly assess the credit worthiness of borrowers. Mr. Aseidu-Mante said the software solution being offered by SOFGEN differs from the works of credit reference bureaus, in that it helps banks to process and undertake credit management practices properly. “Credit management is a whole gamut of credit appraisal. From credit origination through to appraisal to approval and disbursement to monitoring and recovery, that is a whole gamut. This chain of activities needs to be perfected at every point; otherwise if there is a fault in a chain and the loan goes, it might not be recovered and that would be a loss to the bank. “So this Credit Quest software is to help the banks to perfect the credit management practices so they will recover the loans that they give,” he added. Data from banks that have procured and implemented the Credit Quest software show that it has helped to cut the number of days for making credit decisions from about seven days to about one day. The Vice President, Business Development of Harland Financial Solutions, Yaron Lavie, said the ultimate goal of the software is to improve credit quality and help banks to be profitable as it provides tools to increase the efficiency and quality of the credit analysis so that credit decisions are made in a consistent and profitable manner. “This is so because it enables banks’ overall credit portfolio to be monitored for things like concentrations and trends to ensure that it also remains stable and profitable at the bank level,” he said. He explained that with Credit Quest software, banks can now improve their credit risk management capabilities by implementing sound lending practices through using the Credit Quest system that comprises effective tools to track, monitor and manage exceptions in such a way as to ensure compliance vis-à-vis auditors and regulators’ responsibilities. By Evans Boah-Mensah

Chief Technical Advisor to the Agric Minister, Dr. Samuel Dapaah, took a long time last Wednesday explaining to Farmer-based Organisations (FBOs) that the 1.3% growth rate recorded in the agric sector did not mean the sector was performing poorly, and that nobody should be “sentimental” about it. In a meeting that lasted well over three hours and attended by the General Agricultural Workers Union (GAWU), the Ghana Federation of Agricultural Producers, The Peasant Farmers Association of Ghana, Oxfam and ActionAid, Dr. Dapaah said as the Ghanaian economy matured, the contribution of agriculture to GDP would of necessity have to come down. “I am saying that Ghana’s agriculture has five sub-sectors which are crops other than cocoa, cocoa, livestock, forestry and fisheries. So the 1.3% growth is the composite of these five sub-sectors. “In addition to that, you may find it interesting to look at what is happening to the crop sub-sector, what is happening to cocoa, what is happening to livestock -- and you may still get encouragement because the crop sector is doing well. “Really, if you are talking about food security, the contribution of forestry -- which has been minus 14% over the last two years -- does not directly contribute to our food security,” Dr. Dapaah said. Edward Kareweh, Deputy General Secretary of GAWU, had earlier in a memorandum expressed concern about the growth figures -- calling for a relook at the agric sector, particularly the way it is funded. “A 1.3% growth rate, as published by the Statistical Service for agriculture, is not good enough; and agriculture is now playing the third fiddle in its contribution to GDP. This is so serious for us because of the potential for agriculture to provide employment for the teeming numbers of Ghanaians who are without employment,” he said. Dr. Dapaah, who is also a former Chief Director of the Agric Ministry, insisted however that just looking at the growth rate makes it difficult to read meaning into the growth pattern: “because if you have 100 to start with and you add 10, it is 10%. Now if you have a 1000 to begin with and you add the same 10, it is one percent. But in total you added 10 in both cases.” In the US, he said, agriculture contributed 1.2% to last year’s GDP -- but they are not worried because they have a very strong agribusiness sector. “So when they take the raw material and add value, they jump to 11% of GDP and employment goes to 17%; and that is the normal trend because you cannot have agriculture contributing 50% to GDP when industry has picked up and when the services are in there. Until agriculture grows faster than both the services sector and industry, our contribution is going to go down.” Some of the attendees at the meeting however found Dr. Dapaah’s position contradictory, asking him if Ghana’s agriculture had reached its full potential for the country to be satisfied with the declining growth rate. To this, he was quick to admit that the sector was doing only 20% of its potential, and that more work needs to be done to add value to agricultural produce. By Basiru ADAM

The Bank of Ghana has cautioned Banks in the country to be vigilant and meticulous of customers they transact business with in order not to accommodate money launderers, particularly in their bid to increase their customer base as well as expand their operations. This, according to the Central Bank, comes with the risk of on-boarding undesirable customers who perpetrate money laundering. Ghana has made great strides in combatting the menace of money laundering, culminating recently in its removal from the list of blacklisted countries that have failed to meet international standards on AML/CFT. Mr. Franklin Belnye, Head-Banking Supervision Department of BoG who said this, noted that it is imperative for Banks to comply with existing banking laws and regulations, particularly with those relating to know your customer and customer due diligence (KYC/CDD) so as to weed out customers suspected of the appalling act. Mr. Belnye, speaking at the inauguration of uniBank Techiman branch, pointed out that although improvements have been made in the area of combatting money laundering, there is still a lot to be done so that we [Ghana] do not slip back into the pool of blacklisted countries in the world. “Staffs of Banks need to be trained on ways to easily detect money laundering, and how to combat these crimes. This is in the interest of the Banks and the economy as a whole. All hands must be on deck to ensure ongoing compliance with domestic and international standards of financial integrity,” he advised. On the management of increasing risks associated with Banks, the Central Bank official charged Banks to continuously assess their risk profile -- especially when venturing into new areas -- and map out strategies to mitigate the consequences of risks identified. “Failure to manage risk effectively could result in losses, which when uncontrolled could ultimately affect the whole banking system through loss of reputation, trust and confidence,’ he warned. Touching on e-banking, Mr. Belnye urged Banks to explore that avenue to reach out to many, especially for the less-populated areas beyond what he termed the “bricks and mortar” model of banking. He said though opening branches promotes employment, improves access and increases visibility, it is appropriate for Banks to explore the options provided by branchless banking in line with the emerging trend in the banking industry worldwide. “These technologies have been proven and can deliver low-cost, efficient financial services to hitherto excluded people. Applying basic tools such as the e-zwich card, mobile phone and other smart cards in providing access to financial services in remote areas should be considered, “he added.

Kosmos Energy, Ghana (KEG), and Safe Water Network Ghana, with support from the Community Water and Sanitation Agency have completed the construction of a modular ultra filtration water treatment plant for the Beyin Small Town Water Supply Project, at Beyin in the Jomoro District of the Western Region.   The water plant will provide a minimum of 100,000 litres per day of clean drinking water to the communities of Beyin, Ngelekazo, Ekebaku, Nzulezo and Atuabo as well as Elembelle -- the Plant has the capacity to accommodate any future expansion needs of the water service. The ground-breaking took place in November 2012 to start construction of this new water station to service communities in the River Amanzuri basin -- Beyin and Atuabo -- which face significant water challenges.   In addition, pipeline extensions were laid to service the smaller villages of Ngelekazo and Ekebaku -- the second phase of the initiative, which will continue in the latter part of 2013 and will also provide clean water to other communities around the River Alehyiale basin. Upon completion, this initiative will deliver water stations serving over 20,000 people in several communities, Kurt Soderlund, the Chief Executive Officer of Safe Water Network said. “Together, we are improving the health and livelihoods of communities by building the local capacity and capability for them to own and manage their water systems -- our partnership includes refining this approach so that it can be broadly replicated throughout Ghana for the millions still without safe water access,” he added.   Mr. Ken Keag, Vice President and Country Manager of Kosmos Energy, Ghana said: “Our desire goes beyond providing water; community collaboration and buy-in for the project are key, so that at the end of the day the community can claim ownership with a sense of pride. He said it’s a great privilege for Kosmos Energy to work alongside these communities, to support them in developing the skills necessary to own and operate these systems for the long-term.   He pointed out that Kosmos Energy is very hopeful that further partnerships with Safe Water Network, additional corporate bodies, and funding agencies will emerge to accelerate Government’s efforts to achieve the Millennium Development Goals -- providing those in need with safe and clean drinking water -- and urged the communities to ensure proper maintenance of the system.   Mr. Alfred Ekow Gyan, the Deputy Western Regional Minister commended the companies for the project: “I believe that the provision of such projects by companies will promote peaceful co-existence among partners.   “By that, the people in the community will see themselves as partners with the company and will do anything possible to protect the company,” he said. By Juliet AGUIAR, Beyin

Mr. Seth Terkper, Finance Minister, and Ms. Nemat Shafik, Deputy Managing Director of the International Monetary Fund (IMF), have signed a memorandum of understanding to establish a new Africa Regional Technical Assistance Centre (AFRITAC) in the capital Accra in late 2013. The centre, known as AFRITAC West 2, will serve Cape Verde, The Gambia, Ghana, Liberia, Nigeria, and Sierra Leone -- complementing a network of existing AFRITACs in Gabon, Tanzania, Côte d’Ivoire, and Mauritius. “AFRITAC West 2 will be the IMF’s ninth regional technical assistance centre worldwide and fifth centre in sub-Saharan Africa, fulfilling our commitment to extend the AFRITAC network to all sub-Saharan African countries,” Ms. Shafik said at the signing ceremony in Washington, DC. “Regional technical assistance centres have become a staple of the IMF’s capacity development efforts, covering a large group of low- and middle-income countries and delivering an increasing share of our overall technical assistance.  The centres are flexible, and their staffs know well the potential and challenges of the environments in which they operate. This contributes to delivering effective, responsive, realistic, and sustainable technical assistance as well as ‘good value for money’ to both recipient countries and the donors that support them,” Ms. Shafik said. “The approach adopted for the operations and governance structure of AFRITAC West 2 will allow us to obtain demand-driven, hands-on advice in a rapidly changing world where predictability has increasingly become an issue,” Mr. Terkper said. “I am confident that this flexible approach and the availability of immediate, high-level expertise for many years to come will help policymakers in the AFRITAC West 2 member-countries formulate even better responses to our economic and financial challenges.”

A 5-day training programme on developing local Small and Medium Enterprise (SME) suppliers for mining, oil and gas sectors at Busua in the Western Region begins today.   The programme, organised by the Sekondi-Takoradi Chamber of Commerce and Industry (STRCCI), discusses issues such as adapting industry procurement practice; linking buyers and sellers; designing a supplier capability development programme; linking industrial policy and supplier development; and enhancing the conditions for success through good governance.   Other topics include: What does a realistic, demand-led approach look like in practice? Methods to identify suitable industry opportunities for local SME supplier development which also lead to greatest development impact; methods for determining the capability of local SMEs to meet industry demand and for prioritising sectors based on matching supply and demand; as well as selecting appropriate industry procurement strategies to ensure opportunities are accessible, among others.   The programme is to provide foundational knowledge and skills required to develop local SMEs for participants to work together to develop local enterprises for growth and development, and effective, efficient service delivery.   STRCCI believes by the end of the programme SMEs will develop themselves in terms of quality and standards which conform to new global trends. Speakers will include Joyce Rosalind Aryee, immediate past-Chief Executive Officer of the Ghana Chamber of Mines; Dr. Ana Maria Esteves, Director of Community Insights, Specialist Consultancy firm to the mining, oil and gas sectors; Mr. George Brakoh of Newmont; and Dr. Ernesto Sirolli among others. By Juliet AGUIAR, Takoradi

Business failure refers to a company ceasing operations following its inability to make profit or bringing in enough revenue to cover its expenses. It is a known fact that most Ghanaian businesses are unable to survive beyond the second generation, especially with the demise of the founder. People mostly attribute this to lack of succession plan. It is a known fact that it takes several years for a succession to take place with a different family-member taking on the leadership role; but it does not always work that way. The reason may be that the new leader does not have support from the family, or the business is already performing poorly. Below are some notable factors that have accounted for the inability for Ghanaian Business to survive beyond the second generation. Firstly, most Ghanaian businesses fail to make it to the second generation because most business-owners fail to plan seriously for their own succession. Succession in the ownership of the business happens when the owner finds a way of exiting from the business by either selling or transferring the business to a new owner. It is known that only one-third of family businesses are passed on to the second generation, and only 16 percent make it to the third generation. Succession-failure is when a business has to be closed or broken-up because of unsuccessful attempts to sell or hand on a business. Several reasons may account for this pathetic situation. Aside from the absence of properly documented business plans, most indigenous companies fail to train employees who may have passion for their businesses -- hence the founders’ demise results in the death of their businesses. Smooth succession-planning is something that takes time. A smart businessman will make sure his company is listed on the stock exchange so that it changes from being a private company to being a public company. With this system, the death of an owner may not necessarily result in demise of the business. Strangely, Ghanaian businessmen are not interested in sharing ownership of their businesses, hence this sad state of affairs. This explains why we still have companies like EIC, Guinness etc, but companies like Bikkai and Poku Transport Ltd. are nowhere to be found. Secondly, most Ghanaian companies are unable to make it to the second generation because of politics. This is true especially for politically-exposed entrepreneurs; their businesses collapse because of frustrations from their political opponents. Such things are done to prevent them from funding their political parties. Politicians may manipulate the system to frustrate businesses for political expediency. One political party may help one business to climb up, only for another political party to bring it down. Unfortunately, they play such games with indigenous Ghanaian companies. Thirdly, most Ghanaian businesses are unable to make it to the second generation as opposed to their foreign counterparts because of financial hiccups. Unlike their foreign parties who can secure cheaper sources of funds from their home country to revive their businesses in times of turbulence, the indigenous Ghanaian businesses are unable to meet the various requirements of the financial institutions in Ghana. Aside from the above, where they are able to access funds from these institutions, the high borrowing costs eventually result in the collapse of these businesses. Thirdly, most Ghanaian businesses are unable to make it to the second generation due to lack of investment in technology. Most indigenous companies fail to keep pace with technological advancements. Thus, they continue to employ old technologies which may not just be costly -- especially for production firms, but limited in terms of options. Whilst an indigenous company may not see the need for IT infrastructure, it may see the wisdom in buying a 4-wheel drive car for leisure. Moreover, most Ghanaian businesses are unable to make it to the second generation because of lack of interest in networking. Business networking refers to situations in which people use their personal contacts for business-related goals. In fact, networking provides businessmen with stable sources of accurate information pertaining to competitors, industry events etc. Members of an entrepreneur’s network will recommend the entrepreneur to other members of their network, and lastly, during crisis, contacts can be relied upon to lend a helping hand. Most foreign businesses are generally engaged in business networking. They attend conferences, trade-meets, and social events and even establish relationships with people much before they need them. The business founder knows all the customers, the employees, the businesses in the neighborhood, the mayor, the chief of police, and the owner of the restaurant down the street. With a passion for the business, he/she wants to meet everyone because one never knows where business may come from. Over time, it becomes quite a wonderful network. This situation is non-existent with Ghanaian businesses. Most of them prefer to discuss the lifestyle of minister A, ex-gratia, coup d’états, and other non-productive issues. Furthermore, most Ghanaian businesses are unable to make it to the second generation because of lack of discipline. Most of the owners just spend on unnecessary things and also lead flashy lifestyles. Most Ghanaian business-owners proceed to lead a life of fancy cars, vacation homes while the employees don’t see bonuses or raises. Some Ghanaian business-owners just can’t see that their desire to never make a tough decision with regard to hiring, or changing suppliers, or firing is ultimately leading them down the road to failure. Deep down, they believe they are serving the greater good by keeping everyone employed -- even if the business is coming to a grinding halt. Lastly, most Ghanaian businesses are unable to make to the second generation because they fail to set up research and development department. Research and Development (R&D) is an activity that a business chooses to conduct with the intention of making a discovery that can lead to development of new products or procedures, or improvement of existing products and procedures. In other words, R&D is an investment in the company’s future. Now, the question is how many Ghanaian businesses have any idea about R&D, and how much do they spend on it. If they do not spend on R&D, then technically they are not investing in the future; and very soon their products and services will be obsolete and they will be out of business. To the contrary, most foreign companies spend between 5% and 15% on R&D. Most of the foreign companies have R&D departments that scan the environment constantly for them, hence their ability to move to the second and even the third generation. By Yaw Ohemeng KYEI The writer is a Broker, Lynch-Buffett Company Limited [email protected]

Mobile telephony service operators hold the key to the transformation of the economy but the sector regulator must give operators freer hand to operate if the country, is to realize the full benefits of ICT, the vice president of Ericsson, Dr. Shiv Bakhshi has said.   According to him, the sector is over-burdened by heavy regulation which stifles the growth of the telecommunication sector which he says has a rippling effect on other sectors of the economy. Ericsson’s Vice-President said that the telecoms sector has to be regulated intelligently, “the sector does not need a heavy-handed regulation. It should be a light handed regulation. Heavy handed regulation only stifles innovation within the sector.” Speaking to the B&FT at the Swedish-Ghanaian ICT conference in Accra, Dr. Bakhshi said government must not “think of the telecom sector as a cow to be milked but rather a horse that will drive the body of the economy up the hill of development. If the sector is the horse, then you try to keep the sector in good health. So the government must maintain the right number of players in the market and maintain the right taxation among others.” Telecoms companies in Ghana have continuously bemoaned the heavy taxation they are saddled with, saying that prohibits them from investing in their infrastructure for a much improved service. Last year, MTN, leading telecoms operator, contributed Gh¢ 448, 659,443 as taxes having attained a revenue of Gh¢ 1.52 billion. “If you take too much from the operators, for example raise the spectrum cost, they will not have monies to invest after they have acquired the spectrum. What you really want is to enable the operator invest in the network, so more people have access to a richer network which will lead to improvement in services in other areas of the economy which will then generate more revenue for government. Dr. Bakhashi added that the telecoms infrastructure in the country will improve considerably if the government makes incentives available for the network operators. He added that this will allow the “critical infrastructure to be built so that revenue can be generated on the long term of the network’s life and create social order since jobs will be created.” The 3-day ICT conference brought together high level delegations with representatives of Swedish companies, key government stakeholders and vertical players from trade, ICT, energy and infrastructure. The conference is part of a strategic partnership for a two-year ICT venture in Sub-Saharan Africa by the Swedish Ministry for Foreign Affairs, Business Sweden and Ericsson, a world-leading provider of telecommunications equipment and services to mobile and fixed network operators.  According to the Country Manager of Ericsson, the Andreas Karlsson, the partnership is aimed at boosting the capacity of the private sector in the area of ICT. He stated that the two-year venture aims at sharing knowledge and increasing collaboration and trade between key countries and Sweden in order to strengthen African ICT sector. “We are looking at introducing new technologies such as machine to machine communication, technologies that allows both wireless and wired systems to communicate with other devices of the same ability as well as bringing in expertise for a short period of time to train the local staff. Part of mentorship program we are introducing.”   By Richard Annerquaye ABBEY  

The Ghana Revenue Authority (GRA) says that the decision to award GLICO Life Assurance Company Ltd. the contract to provide Employees’ Group Comprehensive Insurance Plan to the staff of GRA was carried out in strict compliance with procedures under the Procurement law. In a statement issued in Accra and signed by the Commissioner General George Blankson in reaction to media reports of a shady deal between the GRA and GLICO life it said: any claim that the award of the contract to GLICO Life Assurance Company Ltd. was shady is therefore not only a deliberate attempt to malign GRA and its management, but it is also most regrettable. The material facts of the matter are as follows:GRA as per a letter dated 3rd September, 2012 No.CG/GRA/PPA/08 to the Chief Executive, Public Procurement Authority (PPA) requested approval to engage the services of an insurance company for the provision of Employees’ Group Comprehensive Insurance Plan based on the restricted tendering method. A letter from the Chief Executive of the PPA dated 13th September, 2012 No.PPA/CEO/1689/12 to the Commissioner-General of GRA granted approval for permission to use the Restricted Tendering method to invite the underlisted companies to tender for the procurement of the services of an Insurance Company for the provision of Employees’ Group Comprehensive Plan for GRA:i) Star Life Assurance Company Ltdii) Enterprise Life Assurance Company Ltdiii) Ghana Union Assurance Life Company Ltdiv) GLICO Life Assurance Company Ltd On 11th October, 2012 the four companies were issued with the Request For Proposal (RFP) documents which they completed and submitted as per the terms of the tendering process. A three-member committee was then composed in-house to evaluate the technical proposals. On 7th February, 2013, GRA per letter no.GRA/CGO/02/13 submitted the evaluation report for the technical proposal to the Chairman, Central Tender Review Board at the Ministry of Finance and Economic Planning for review and acceptance of the recommendations for the technical proposal. On 22nd February, 2013 the Central Tender Review Board per letter no.CTRB/GRA/M.163/2013 concurrently approved the recommendations for the technical evaluation report and for GRA to proceed to open the Financial Proposals for the project. A four-member committee was composed to evaluate the financial proposals, after which the combined report (technical and financial) and recommendations were sent on 20th March, 2013 to the Chairman, Central Tender Review Board at the Ministry of Finance and Economic Planning for review and concurrent approval. At its 166th sitting on Thursday, 4th April, 2013, the Central Tender Review Board reviewed and was satisfied with the report and in a letter to the GRA granted concurrent approval for the award of the contract to Messrs GLICO Life Insurance Ltd. to provide the Employees’ Group Comprehensive Insurance Plan for GRA. The approval letter from the Central Tender Review Board to the Commissioner-General of GRA was referenced No.CTRB/GRA.2/M.166/APP/2013 and dated 5 April 2013. It is clear, therefore, that the GRA left no stone unturned in its bid to ensure that, every step of the way, the procedures and processes in the Procurement Law were complied with in the selection and award of contract for Employees’ Group Comprehensive Insurance Plan for GRA, it ended.

Ecobank Ghana’s landmark acquisition of The Trust Bank (TTB) in the year 2012 significantly contributed to the Bank’s sterling performance at the end of the fiscal year, says Lionel Van Lare Dosoo, Board Chairman of the bank. “The bank’s merger with TTB was mainly to expand operations into the small and medium enterprises sector and the local corporate market, taking advantage of the expertise harnessed by TTB. “The synergies of the merger, coupled with the momentum established in recent years, contributed to Ecobank’s sterling performance. “With such continued positive results, backed by the commitment and zeal of its employees, Ecobank is ready to maintain its leadership position in the banking industry in line with its corporate vision of building a world-class pan-African bank that contributes to the economic development and financial integration of the African continent,” he said. Mr. Dosoo, who was addressing shareholders at the bank’s annual general meeting in Accra, said Ecobank’s current standing reflects its strength and strategies, and affirms its commitment to continue on the trajectory of growth and excellence. He said the bank will continue to take advantage of the opportunities offered by the budding economy to deliver reliable and world-class services to customers, and ensure that it remains a financial institution of choice for the ever-growing banking populace. Currently positioned as the bank with the strongest financial backbone in terms of balance sheet solidity, Ecobank is also poised to provide various financial solutions to operators in all key segments of the country’s economy. Going forward, the bank intends to leverage its continuous sterling performance over the years to building an iconic brand that will position it as an industry leader on all fronts. Ecobank’s profit before tax in the 2012 fiscal year grew by 76 percent year-on-year from GH¢106million to GH¢186million, giving a 37 percent return on equity. The results recorded indicate a strong performance in all the bank’s income lines, as it delivered strong growth in net interest income and fee-based income. The bank’s gross loan-book grew by 69 percent from GH¢0.86billion to GH¢1.46billion, while deposits also increased by -- 53 percent -- to GH¢2.46billion within the year. Total assets stood at GH¢3.43billion as at the end of year 2012, representing a 61 percent growth on the previous figure. Stated capital and total equity grew by 226 percent and 74 percent respectively. Ecobank Ghana currently has a total branch network of 78 with presence in eight regions, and plans are being made to branch out to cover the Upper West and Upper East Regions. By Patrick PAINTSIL

Museums provide the base where objects of arts and science are collected and cared for. More essentially, they make them available for public viewing. That is why museums are key points of visits for tourists. People visit not only to sight-see (oh, there’s always a lot to see!) but to understand the body of knowledge concerning humanity.  And when you have a museum that showcases a specific ethnic group, that’s definitely special. It is for this reason that I jumped at the opportunity when I got the invitation to tour Fort Apollonia. Located at Beyin in the Jomoro District of the Western Region, this resource centre is one of a kind in Ghana. The name in full is: Museum of Nzema Culture and History. Here, one gets intimate with a rich Ghanaian heritage as expressed through Nzema traditions. Nowhere else will you find an exclusive interpretation of a sub-group of people, along with their cultural and natural-resources. The Nzema area runs along the Gulf of Guinea. It is composed of three administrative units, namely: Jomoro District with its capital at Half Assini (Awiani), Ellembelle District with its capital being Nkroful, and Nzema East District with its chief town centred at Axim. Happily for the tourist, Beyin is found at the centre of a cluster which provides a range of interesting attractions. The place is lined with some of the most amazing beaches on Ghana’s coast. Did I tell you about turtle spotting? These creatures are here in the hundreds. Beyin town itself is 90 km west of Takoradi. An hour and a little more, and one is at Nzulenzo, the village on stilts. Also, not too far away, is Nkroful the home village of Dr. Kwame Nkrumah, the first president of Ghana. Incidentally (sorry), the museum is appropriately dedicated to the Osagyefo. The museum is located inside Fort Apollonia. This fort has a history of its own: it was built by the British in 1768 and it turned out to be the very last stronghold to be built by the English in the Gold Coast. Fort Apollonia has been used as a slave-post. The abolition of the slave trade diminished the economic importance of the fort, and hence it was abandoned in 1819. At a point the British transferred ownership to the Dutch in 1868. The Dutch in turn, named it after their king Willem III and held it until 1872, when it reverted to the British. Before it assumed its current status Fort Apollonia served as a rest-house. In 2010 the Italian Ministry of Foreign Affairs brought the cash, the Ghana Museums and Monuments Board provided the directions and -- voila! As to how the fort got the name Apollonia, that is another point of interest. In colonial jargon of bygone years, Apollonia was the reference to Nzema area. The story goes that the Portuguese explorer who first caught sight of the place did so on St. Apollonia’s Day (my Catholic Calendar tells me that would be February 9th). Now the tour: The entire fortified structure is white-washed and inviting. Behind the fort, however, I found the hanging electric wires an eyesore. They distort a gorgeous photo opportunity. An ‘akwaaba’ inscription above the doorway invites you in. Every room of the restored place is dedicated to the museum. If you ask me, there is nothing like this in Ghana. It is about the lifestyles, heritage and livelihood processes. It is also about ancestral connections. There is emphasis on communal living and, not surprisingly, there are spiritual dimensions. It is a total exhibition about a people. From room to room I saw artistic expressions that have probably transcended generations. In some of the exhibits I see an Nzema chief in regalia. Then there is a traditional healer. On another wall I come face to face with the vivid image of an herbalist. Also showing are paintings of artisans, fishermen and hunters. Images of festive scenes are complemented by those of chiefs in procession. But I also saw everyday images of orange-peeling, fufu-pounding, fish-net dragging, akpeteshie distilling and women braiding hair. In this expedition to Nzemaworld, the senses are not left alone. Drums are silent yet you feel the vibrations from them. The range of arts and crafts production actively engages the observer. Exhibits on local cuisine, for instance, tease you seriously. Did I hear you say ‘‘akyeke na paya’’? There is a special oblong basket around these parts that is used to trap fish. This item forms part of the several symbols of the local heritage. Speaking of symbols, among the exhibits are royal staffs and emblems of the various clans. Textual displays also instruct the visitor about the items on display. Thus, under one roof, one gets to learn from past generations as well as the present. The museum here is also about the natural environment of the Nzema area. This really makes sense as the place is rich in biodiversity. Beyin is part of the Amansuri Wetlands (the same water-body on which Nzulenzu community is settled) and the Tano basin and the Ankasa forest in the hinterlands are not too far. Add River Ankobra and the various lagoons and swamps and you will realise that the area is an ecological paradise. Fort Apollonia Museum accounts for this natural heritage eloquently. Indeed, the centre is also called The Eco Museum. The idea is to promote awareness within the community about its ecological importance. It is also to conserve natural resources through a working network with the local people. I would not end such a tour without looking for the language section. If there is one thing that intrigues me it is the language of the Nzema people. Here is a group that is Akan yet has consonant clusters that are akin to other linguistic forms. Want an example? Abusuapanyin (head of family) is Abusuakpanyili. How very stimulating! Luck was on my side in my search: I found a section on Nzema Language and Talking drums. This is how it reads: ‘‘From a musical perspective, the most interesting aspect of this language is its melodic form of speech. In fact, Nzema is a tonal language, which means that each word is pronounced with its own specific melody...Such a language is easily turned into a whistled speech, which children do as a game.’’ How about that? I also learnt that in the Nzema area the verb ‘‘to beat’’ is used to mean both the playing of drums and (hold your breath) the statement of a proverb. So in Nzemaland we beat a proverb. Such rich stuff all stashed in one museum. Are you planning to give someone the treat of a trip? Please try a museum near you. At this point I can only beat a retreat. Before then I say, from my heart to the folks at Fort Apollonia and to you, dear reader ‘‘alie akyea mo!’’ [email protected] Akpabli is a communication specialist and a consultant at TREC, a tourism and culture research group.

UniBank Ghana Limited has officially inaugurated an ultra-modern three-storey complex as its 19th branch at Techiman in the Brong Ahafo Region. The inauguration of the Techiman branch marks the beginning of the Bank’s expansion strategy to roll-out its products and services into the northern part of the country. The vast business opportunities which exist in Techiman, coupled with clarion calls by the people, triggered the Board and Management of uniBank to establish the Techiman branch to bequeath to the people in the vicinity the ‘unparalleled’ customer services and innovative products of the Bank. Techiman is predominantly made up of Small and Medium Scale Enterprises (SMEs), their immediate and most pressing need being financial support for operations. With the focus of uniBank over the last eleven years being the provision of a comprehensive range of financials and products to individual customers and SMEs, the inauguration of the 19th branch at Techiman is appropriate, timely and heartwarming, said Mr. Felix Nyarko-Pong, the CEO of uniBank. “We are here to inject new life into the vibrant and industrious business environment of Techiman. The unique brand, uniBank, is here to change the lives of the people of Techiman. We are here to partner all shades of businesses in the commercial capital of Brong Ahafo -- including shops, stores, educational institutions and markets,” he stressed. Mr. Seth Terkper, Minister of Finance and Economic Planning, in a speech read for him underscored the need for promotion of convergence, integration and development of the entire financial services industry in order to exploit the full potential for effective financial intermediation and sustained growth. He stated that as Ghana moves to a higher middle-income economy with increasing prospects of accelerated economic growth -- and with the financial requirements of the emerging oil and gas industry and the financial turmoil that has gripped major economies like USA and Europe -- it is prudent for Ghana to strategise to consolidate and scale-up the country’s banking and Insurance Institutions to effectively mobilise its domestic financial resources as a first step in funding the nation’s accelerated growth. Mr. Terkper urged financial institutions to reduce their base lending rates in line with Government's sound macroeconomic policy, which he says has kept inflation expectations well-anchored coupled with the Bank of Ghana Policy Rate that has remained steadily low, saying: “While maintaining profitability, banks should take steps to lower lending rates.” This, he maintained, will help complement Government’s efforts in boosting the growth of business in Ghana.Oseadeyo Akumfi Ameyaw IV, the Paramount Chief of Techiman, charged staff of the Bank to treat customers with decorum, as the majority of customers they are going to do business with are mostly illiterates; but he was quick to add that this does not mean they do not understand business. Oseadeyo Ameyaw, a banker by profession, lauded the Board and Management of uniBank for their foresight in extending their products and services to Techiman, and therefore pledged to support the Bank’s mission.

By Richard Annerquaye ABBEY The world's largest maker of telecom equipment, Ericsson, says despite Ghana being the third-largest market in the sub-Saharan region, most small- and medium-scale enterprises (SMEs) lag behind in ICT optimisation. According to Ericsson’s Country Manager Andreas Karlsson, SMEs must embrace innovative ICT solutions such as Cloud Services, a service model in which data is maintained, managed and backed up remotely and made available to a user over a network – which eliminates cost of hardware. Mr. Karlsson was speaking to the B&FT at the Swedish-Ghanaian ICT Conference aimed at improving the capacity of SMEs within the ICT sector. The conference is part of a strategic partnership for a two-year ICT venture in sub-Saharan Africa by the Swedish Ministry for Foreign Affairs, Business Sweden, and Ericsson, a world-leading provider      of telecommunications equipment and services to mobile and fixed network operators. The three-day ICT conference brought together high-level delegations, including representatives of Swedish companies, key government stakeholders and vertical players from trade, ICT, energy and infrastructure. Pereric Högberg, Deputy Director-General, Head of Africa Department, Sweden’s Foreign Affairs, said “Sweden and Africa have a strong partnership and historical ties. We see the new modern Africa taking shape and growing. Sweden is, and will continue to be, a solid partner in African developments.” Fredrik Jejdling, head of the company in sub-Saharan Africa, added that, “We are committed to our vision of a networked society in Africa, where technology enables new methods of learning and collaborating, innovative ways of doing business, and new approaches to old problems which result in a better quality of life. Over the past century, Ericsson has consistently explored ways in which we can deploy our technology and solutions to support development on the continent.” Sweden is a strong partner to Africa through institutional corporations, and Swedish organisations have a large presence in Africa. ICT is one of Sweden’s key industries and has made Sweden top-ranked globally in terms of connectivity, e-governance and ICT innovations.

Coral Dulux Ghana has launched Artilin Vinymat Ultra Paint, an anti-insecticide paint that seeks to eliminate flying and crawling insects effectively up to four years after use. Mr. Luiz Carlos de Silva, Director of Coral Dulux, said this is a major breakthrough and the company is excited to bring one of the leading paints in the world to the doorsteps of it numerous customers.   “Artilin Vinymat Ultra Paint is the latest word in technology to eliminate flying and crawling insects. These undesirable visitors are germ-carriers and can cause several diseases such as malaria, dengue and allergies,” he said. He said the paint acts by simple contact, adding that the microscopic insecticide crystals are firmly bonded into the paint film and are only released when the insect lands on the painted surface. He said the insecticide crystals penetrate the insect’s legs and is thentransmitted to its nervous system, and in a short time the insect is paralysed, collapses and dies. According to him, there are additional benefits such as limiting the formation of cobwebs to make upkeep easier.  Unlike common insecticides, Artlin Vinymat Ultra releases no smell like vaporisers and toxic sprays, no gases like those used in fumigation -- just a silent protection for years.   He said the paint is 100 percent free of organophosphates (toxic substance banned in the US), and also approved by the European regulations and directives below as being safe for humans. “As the ultimate proof of its safety and effectiveness, its use is also recommended by the Brazilian Red Cross. “Its efficiency in killing flies, mosquitoes, cockroaches, dust-mites, termites and eliminating cobwebs has been approved by European Laboratories and Government ministries,” he added. “For asthmatics, the good news is that Artilin Vinymat Ultra Paint eliminates dust-mites -- thus reducing the incidence of asthma attacks.”