www.thebusinessexecutive.net
...Custodians of Corporate West Africa
Issue 91, 2019
BUSINESS EXECU TIVE
PORATE NETCOR
THE
WORK
TIA
TeAIcwmhanproadlcotsgy
Commemorating six years of
TBE Awards with corporate
networking
GHANA ...................... Ghc25.00
NIGERIA .......................... N2.000
USA ............................. USD$6.00
S. AFRICA ......................... R60.00
OTHER COUNTRIES...... USD$5 .00
STANDARD ACCURACY TIMELINESS www.thebusinessexecutive.net
specialicelimited.com TRENDY
NEW
Feel LOOK
Different
Think
Special
CONTENTS
News Briefs Cover Economy Finance
FBN Bank renews corporate The Business Executive IFS assessment of 2019 Mid- Can Government Maintain Fis-
advert campaign Corporate Network Year Fiscal Policy Review cal Discipline Post-IMF Exit?
Page 7 Page 12 Page 15
Page 18
Profiles Banking Agriculture
Energy
Profiles of The Business PwC reveals positive Guinea leans on pineapples 8 years of oil wealth yet
Executive Corporate Network medium-term outlook for to stem youth migration to tickle down to Ghanaians
Page 39
Page 23 banks Page 42
Page 36
Real Estate Aviation SPECIAL SUPPLEMENT
Tourism GHANA BEYOND AID
House buying Trends In Booming investment in Ghana’s National Carrier Backgrounding ‘Ghana
Ghana In 20 Years Beyond Aid’ for the forward
Page 50 Africa’s hospitality industry nearly set to take off
Page 54 Page 58 match
Automobile Page 94
Kantanka brands competes The Business Executive Limited SUBSCRIBE
favorably with multinational P.O.Box 892, Odokor - Accra NOW
[email protected]
car makers [email protected]
Page 114 Location: 220 King Tackie Road,
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+(233) 302-431608
+(233) 248-135645
4 The Business Executive
EDITORIAL
Published by Fuel price hike and
The Business Executive Ltd. its ill effects on the
CEO/DIRECTOR, WEST AFRICA economy
Paulette Kporo The rippling ill effects of the recent increase At the same time, workers and Ghanaians
in the price of petrol products hurt the cannot link the higher taxes that confront them
MANAGING DIRECTOR Ghanaian economy in all aspects. As with any appreciable improvements in basic
usual, the petro-price hike will witness the economic and social circumstances of the
Friday Billy cost of every good and service in Ghana also country,” COPEC lamented.
increase.
EDITOR Also, the Minority in Parliament has demanded
The 10% increment in the price of the products a withdrawal of the recent upward review
Ayuure Kapini Atafori has already sent the mass of Ghanaian of taxes on petroleum products. The official
consumers, especially the struggling workers, Opposition argued that the upping of the prices
CONSULTING EDITOR the suffering farmers and the sweltering of petroleum products would cause more harm
unemployed, screaming for succor which is not to the economy.
Toma Imirhe existent. Some Oil Marketing Companies (OMCs) have
increased the price of fuel due to the kicking in
FOREIGN NEWS EDITOR The National Secretariat of the General of tax adjustments to the Energy Sector Levy
Transport, Petroleum and Chemical Workers Act (ESLA).
Robert Kofi Union (GTPCWU) of TUC (Ghana) has raised
concerns about the incessant increases in “Government has been blaming all these
FOREIGN CORRESPONDENT fuel prices and their impact on prices of other increments on international crude oil price and
goods and services in the past few months. the depreciation of the Cedi. But what makes
Ibrahim Alhassani In a statement, the GTPCWU reminded the this one different and more insensitive is the fact
government to be mindful of the implications of that this is not a result of international crude
AFRICA CORRESPONDENT these sharp increases on taxes, and ultimately oil prices or exchange rate issues, it is the
on Ghanaians who need relief in these times of imposition of more taxes. The government when
Portia Matlombe socio-economic hardship. in opposition, propagandized and captured
in their manifesto that they were moving this
FOREIGN BUSINESS DIRECTOR “The fuel price increase is coming from the country from taxation to production but all of a
many taxes and fees that are being levied on sudden it has developed so much appetite for
Paul Francois Ghanaians. The taxes are high and too many taxation,” Hon. Adam Mutawakilu, the Ranking
leading to a worsening of the living standards Member Parliament on the Committee on Mines
MARKETING MANAGER of Ghanaians. The tax on fuel alone is between and Energy, said.
40%-45% of the fuel price. Government must
Benjamin Henaku immediately reduce the tax to lessen the burden Some suggestions are worthy of consideration
on Ghanaian workers,” the Union stated. to mitigate the debilitating effects of the recent
HEAD, BUSINESS DEVELOPMENT fuel price hikes. The use of high-capacity
The increase implies that pump prices transport system like train, ships instead of
Utche Okwuosah would have to shoot up from the previous trucks and carrier vans. Use of bicycles to go
GHC5.19 per liter to about GHC5.39 for a liter, to nearby places instead of motor-bikes or cars.
CIRCULATION & SUBSCRIPTION representing a 3.7% jump in the previous figures Cutting off fuel supply or switching the engine
at the pumps. The Chamber of Petroleum off when traffic is halted for long. Developing
Edmund Boateng Consumers (COPEC), the energy advocacy alternate sources of energy like solar energy and
Abdul Salam Allotey group, attributed the recent fuel hike to the bio-diesel.
increase in some components of the energy
ADMINISTRATOR / PRO sector levies. COPEC, in a statement, insisted Ultimately, the government should take away
that the fuel increases should be reversed to the taxes on petrol products so that prices can
Tracy Billy reduce the plight of petrol products users, and come down or be maintained for a long time in
general consumers. order to ameliorate hardship and poverty, which
EVENTS MANAGERESS stymy majority of Ghanaians.
“The meager salaries received by workers
Pearl Hanson coupled with increased taxes on PAYE, water, Mail to the Editor
electricity and communication is detrimental to
EVENTS/SALES EXECUTIVES the welfare of Ghanaian workers and their families. Send your articles,letters, etc. to the editor:
Theresa Ayesu [email protected]
Joyce Asare
Shine Amegashie
DESIGN & MULTIMEDIA MANAGER
Daniel Sackey Yobo
IT/SOCIAL MEDIA
Emmanuel Bedzo
The Business Executive 5
EEvxepreyrieAnzcmeera
is an unforgettable family moment
#TheAzmeraExperience 6 The Business Executive
West Africa Briefs
Ghana Vehicle smuggling Lawyer-broadcaster
increases in West Africa accuses Rawlings
FBN Bank renews corporate of destroying local
advert campaign West Africa is struggling to combat the businesses
unmatched increase in cross-border
FBNBank Ghana has launched a new vehicle smuggling, according to Deputy Host of ‘Good Evening Ghana’ on Metro
corporate advertising campaign tailored to put Commissioner of Customs in charge of TV Paul Adom Otchere has singled out
the customer at the heart of its business. The Operations Yakubu Seidu. At an advocacy former President J. J. Rawlings as a
launch is part of FBNBank Ghana’s commitment and sensitization workshop held in Accra on personality who destroyed more Ghanaian
to become the leader in the country’s financial free movements across West Africa, Seidu businesses for no justifiable reason,
sector. said many vehicles were smuggled from criticizing other governments for doing the
With the ‘Customer First’ value proposition, Nigeria to Ghana. same to local businesses and thus killing
the bank further establishes itself as a lifelong He said security agencies were struggling entrepreneurship in the country.
partner to its customers, providing relevant to verify number plates from different
solutions to all their banking needs as their lives countries in the region to aid in the arrest Using how Nigerian governments have
continue to evolve. FBNBank has therefore of the smugglers. The workshop was supported billionaire Aliko Dangote,
called on customers to take advantage of its organized by the Ministry of Foreign Affairs Africa’s richest man, lawyer Adom-
distinctive values and rich heritage which has and Regional Integration in collaboration Otchere lamented how the Rawlings
made it a leading African brand in the world. with Economic Community of West African regimes, fear of being ousted from power,
FBNBank Ghana leverages on First Bank of States (ECOWAS) and the International “smashed every Ghanaian business
Nigeria Limited’s rich tradition of which spans Organization for Migration (IOM) for the away.” He added “Ghana needs only
over 125 years, with the time-tested values youth. It aimed to, among other things, two Dangotes to survive. We have had
of trust and excellence, backed by the latest raise awareness among the youth on the about thirty of them. [But] government
technology and a diversity of well trained staff. ECOWAS protocol on free movement of after government, they throw them away,
First Bank’s is present in DR Congo, Guinea, goods and people. starting from Rawlings,” he said.
Gambia, Senegal, Sierra Leone, England and
France. He made the comments in support of
those of Archbishop Nicholas Duncan-
Williams, Presiding Archbishop and
General Overseer of the Action Chapel
International ministry, who had stated
earlier that successive governments
preferred to support foreigners to
succeed while pulling down Ghanaian
entrepreneurs.
Inventor acclaimed 2019 MTN Hero of Change
Mr. Selorm Adadevoh, the Chief Executive He was speaking in Accra at a ceremony with. He received a cheque for GH¢100,000.00,
Officer of MTN Ghana, has said MTN has defied where Mr. Charles Ofori Antipem, a 26-year old a plaque and citation.
all odds to make life meaningful for Ghanaians Entrepreneur and inventor of a science test set
by appreciating their contributions to society in for deprived Basic and Senior High schools, was “It is our hope that through this project, we will
a special way. Mr. Adadevoh said the “Heroes adjudged the 2019 ‘MTN Hero of Change.’ Mr. all work to transform lives in communities,” Mr.
of Change” was introduced in 2013 by MTN Antipem was recognized for creating science Adadevoh said.
Ghana Foundation and five thousand entries sets called “Mobile Laboratory” which contains
had been made so far with five ultimate prize conductors, capacitors and cells for students
winners. in schools without science laboratories to learn
The Business Executive 7
NIGERIA West Africa Briefs Red Cross to create
private investment
Nigeria ranks 146 on vestment Relations, NIPC, Mr Mutawalli platforms for
World Bank’s Ease of Kukawa, said the ranking was carried out humanitarian work
Doing Business index by the World Bank.
LAGOS, Sept 12 (Reuters) - The Internation-
The Nigerian Investment Promotion Com- According to the report, which was pre- al Committee of the Red Cross (ICRC) wants
mission has said that Nigeria ranks 146 sented at the lecture, Nigeria’s Ease of to connect private investors with potentially
out of 190 countries on the Ease of Doing Doing Business score improved by 1.37 money-making projects in areas blighted by
Business globally. points from 51.52 distance to frontier in conflict, its president said on Thursday.
The Executive Secretary of the Commis- 2018 to 52.89 in 2019. She added that the
sion, Ms Yewande Smith, said this while Commission had adopted some proactive The ICRC head told business leaders in Ni-
delivering a lecture at the ongoing 43rd strategies geared towards improving Nige- geria’s commercial capital Lagos that it plans
Annual Conference and Dinner of The ria’s Investment Promotion, thereby helping to launch five to ten new financing mecha-
Institute of Chartered Secretaries and to create ease in doing business. nisms by 2025 in conflict-hit areas around
Administrators of Nigeria, on Thursday in the world where investors typically would not
Lagos. “The Proactive Investment Promotion strat- venture.
The News Agency of Nigeria reports that egies include focusing on key strategic
the Conference was tagged, “Ease of partners and countries, identifying high Private cash and expertise - via financial
Doing Business in Nigeria: The Role of impact sectors, better balance investors’ mechanisms such as bonds and direct in-
Regulatory Agencies.’’Smith, who was rights with obligations, improving inves- vestment platforms - would give displaced
represented by the Acting Director, In- tor experience and using feedback to de- people long-term access to food, water and
velop the business environment.’’ Others shelter without relying on aid convoys, said
are: proactively inviting target companies ICRC president Peter Maurer.Ideally, he said,
to Nigeria and hand-holding them through the money could also help them start their
decision making and the implementation own small businesses or farms.
process, and encouraging more Nigerians
to invest in the country. ICRC will use the new financing models
around the world, but Maurer said Nigeria’s
“We encourage states to develop invest- cash-rich businesses - and conflict-prone re-
ment promotion agencies so that they will gions - make it an ideal experimental ground.
be specifically charged with the responsibil- The decade-long insurgency waged by mili-
ity of promoting the states,’’ she said. tant Islamist group Boko Haram in northeast
Nigeria has forced more than 2 million peo-
Smith, however, cautioned investors to en- ple to flee their homes in one of the world’s
sure that they abide by the relevant invest- worst humanitarian crises.
ment laws in the nation.She urged govern-
ment to enable investors so they can create Maurer said a water distribution project it
more jobs that will have a significant impact built in the northeast Nigerian city of Maidu-
on the economy. guri and an app it developed in South Sudan
to help diagnose diseases in children were
Building for the next in the world. It has a young dynamic both potentially money-making ventures that
billion users population (70% under the age of could be taken over by the private sector.
30). The global share of African urban In future, he said the collaboration would
Juliet Ehimuan, Director, Google West Africa residents is projected to grow from enable the private sector to fund and help
The opportunity in Africa is big. The current 11.3% in 2010 to 20.2% by 2050. guide profitable - and therefore sustainable -
population of 1.2 billion people is projected This growing population is faced solutions to other basic needs.
to more than double by 2050 to 2.5 billion. with similar challenges, and there are
Over the same period, Nigeria would opportunities to create solutions that The Lagos Chamber of Commerce and Ni-
overtake the US as the third most populous impact the majority. gerian business mogul Tony Elumelu are
country in the world, after India and trying to raise the ICRC’s profile in Nigeria’s
China. Sub-Saharan Africa has the fastest On the flip side of every problem is an business community.
growing labour force and consumer group opportunity for tomorrow’s greatness.
All you need to do is take a look Elumelu, whose private foundation is already
around you. The region’s gaps in food funding an ICRC-backed entrepreneur proj-
supply, transport, healthcare, financial ect in Nigeria’s northeast and southern Delta
inclusion, or even ease of trade, all regions, said companies need to think of it as
offer opportunities for innovation a new way of investing, rather than aid. (Re-
and entrepreneurship. From farming porting By Libby George; Editing by Alexis
to healthcare to logistics and Akwagyiram and Giles Elgood)
communication, solving very real
problems with solutions powered by
technology is the billion dollar dream
that will unleash the Africa of the
future.
8 The Business Executive
About
The Business Executive Ltd. (TBE)
As a media organization, TBE organizes events Leveraging on its own experience and expertise,
and awards such as African Business Executive TBE organizes events, seminars and conferences
Excellence Awards, Ghana Trade and Commerce for companies, public sector organizations and
Awards, Ghana Industry CEO Awards and The NGOs.
Feminine Ghana Achievement Awards. Our other
awards are The Environment, Health & Safety We do a monthly magazine publication that
Awards and Technology Impact Awards. covers the economy, business, finance,
investment, diplomacy, tourism and socio-
TBE also organizes conferences and events such economic development issues in Ghana, West
as Corporate Governance Summit, Economic Africa and the rest of Africa in particular, and
Review Forum and Ghana Manufacturers’ similar sectors and affairs in the world in general.
Business Summit. Below are our upcoming events.
Who is your Most Respected CEO? The maiden edition of
VOTE NOW Corporate Ghana Hall of Fame
will bring together the most
The 2019 Ghana Industry CEOs Awards are the accomplished, most skilled and
second of an annual awards scheme aimed at experienced people in Ghana’s
Honouring Ghana’s Most Respected CEOs with corporate sector with the view
Good Corporate governance and CSR of recognizing their outstanding
achievements and leveraging on
www.ghiceoawards.com their knowledge and experience
Date: 22nd November, 2019 Date: 12th December, 2019
Place: Accra Marriot Hotel, Ghana Place: Accra Marriot Hotel, Ghana
Contact. 024 813 5645 | 0302431608 Contact. 024 813 5645 | 0302431608
This will be the 7th consecutive edition of our
annual award scheme which identifies and
publicly recognizes exemplary conduct and
performance among public and private corporate
institutions and enterprises as well individuals.
www.abeeawards.com
Place: Accra-Ghana
Contact. 0501678597 | 024 813 5645
The Business Executive 9
West Africa Briefs
LIBERIA UBA Group CEO happy with
2019 half-year results
Finance Ministry Says Health
Workers Are Exempted from UBA Group CEO Kennedy Uzoka
Harmonization but JFK Workers
Refute Claim The United Bank for Africa (UBA) Plc. has released its audited 2019 half-
year financial statements, showing gross earnings of US$814.5 million
While health workers at Liberia largest referral hospital and profit before tax of US$195.0 million for the six months ended 30th
rant about the cut in their salaries, an official of the June. The UBA Group delivered an annualized 21.7% return on average
Ministry of Finance and Development Planning for the equity (RoAE) and declared an Interim Dividend of N0. 20 per share.
salary harmonization scheme has claimed that no health In a statement, the UBA Group Chief Executive Officer, Kennedy Uzoka,
workers were affected by the process. said “I am pleased with the half-year performance of the Group, having
delivered 14 percent growth in gross earnings and 21 percent growth
Del-Francis Weah told a news briefing at the Ministry of in profit before tax. In spite of the subdued yield environment in some of
Information on 12th September that health workers are our large markets, we achieved a 9 percent growth in interest income
“more dedicated” public servants and their contributions and defended the net interest margin.”
to society provide room for their protection from the
harmonization exercise.
Nurses at JFK Medical Center said each of them attends
to about 30 patients a day. So the kind of work that all
of these people do make the policy to protect them from
receiving a downward adjustment or cut in their salaries,”
he said. But the health workers reacted later the same
day, maintaining that the Liberian dollars portion of their
salaries were cut and government was making no efforts
to reimburse the said amount.
FDA to Construct US$300,000 Regional Office
The Forestry Development Authority (FDA) and the World Bank on
22th August broke the ground for the construction of a regional office
for region One (Bomi, Cape Mount, Gbarpolu and Montserrado
counties). According to an FDA press release, the complex, valued
at an estimated US$330,000, when completed, will co-host FDA
and the Environmental Protection Agency (EPA).
The complex is funded by the Liberia Forest Sector Project (LFSP)
provided by the government of Norway and managed by the World
Bank. It is one of two regional offices currently being constructed
as part of the institutional capacity strengthening component of the
LFSP. The remaining two regional offices for region Two (Voinjama,
Lofa County), and region Four Zwedru, Grand Gedeh County will be
constructed based on the availability of funds.
FDA Managing Director C. Mike Doyen lauded the governments of
Liberia and Norway for the invaluable support to build the capacities
of the FDA; the project implementing entities and community dwellers
and civil society organizations for the successful implementation of
the project.
10 The Business Executive
Construction
From a very small beginning of road maintenance Mr. Humphrey Awuletey-Williams,
works in the year 2002, Oswal has rapidly expanded CHIEF EXECUTIVE OFFICER
and has become a major force in the mainstream Road
Construction Industry in Ghana. Mr. Humphrey Williams has distinguished himself over
the years as the power source of Oswal Investment
Contracts have been successfully undertaken and Limited. His practical and hands-on approach to
completed to industry standards to the admiration of all solving problems creatively has won him the respect
stakeholders. Oswal is your best choice for your road and admiration of his workers and all his clients. He
construction projects. continues to inspire his employees.
Road Construction LOCATION
No. 22 Pawpaw Street,
As the fastest growing road construction company East Legon, Accra.
in Ghana, our engineers know the crucial role that (+233) 352 290 109 | (+233) 302 916 391
contractors play in the overall development and EMAIL info@oswalinvestments .com
delivery of every project.
Our priority is to provide our clients with a
competitive package that better controls budget,
without compromising on quality. We have
been your No 1 choice, providing good quality
construction services that distinguishes us from
the rest.
Our understanding of our role in the development
and delivery of every project makes us your best
choice.
The Business Executive 11
COVER STORY
Commemorating six
years of TBE Awards
with corporate
networking
For six years, The Business Executive of the cocktail is to bring together all Executive Excellence Awards; Feminine
(TBE) Limited has been organizing the award winners under one roof in an Ghana Achievement Awards; Environment,
bespoken awards to reward several ambient, convivial atmosphere ideal for Health and Safety Awards; Technology Impact
important personalities in the public socializing and business networking, with Awards; Trade & Commerce Awards; and
and private sectors, comprising Ministers a view to enabling the leaders of the most Ghana Industry CEO Awards.
for Economic-related Ministries, CEOs of outstanding institutions, enterprises and
business facilitation/regulatory agencies, individuals to meet and forge partnerships, African Business Executive
ambassadors, development partners and alliances, collaborations and other business Excellence Awards
a few top tier media CEOs and many more. relationships among themselves. This is
due to our conviction that relationships The holding of the 2019 African Business
TBE Corporate Network is organized established between outstanding
to commemorate the half decade of counterparts have the potential to result in Executive Excellence Awards will be the
TBE awards which began in 2014 with business accomplishments for all parties 7th consecutive edition of the annual
the inaugural edition of the annual TBE involved,” says Madam Paulette Kporo, the award scheme which identifies and
Business Excellence Awards. The theme CEO and West Africa Director of TBE who publicly recognizes exemplary conduct and
of the exclusive gathering is: ‘Five Years of conceived the idea of the event. performance among public and private
TBE Awards: A Meeting of Extraordinary corporate institutions and enterprises as well
People.’ “The TBE Corporate Network provides you individuals. This year’s edition is a water-
the opportunity to interact with some of the shed one in that, unlike all the previous ones
The anniversary celebration is marked most influential and accomplished persons which have focused primarily on enterprises,
by the Special Business Networking in business, enterprise and industry and institutions and individuals in Ghana, the
Cocktail at which host all CEOs and the public sector in Ghana, as well as 2019 edition will expand its scope to focus
officials of public institutions and private some of the most astute business and on outstanding performance and conduct
enterprises as well as the business and social investors in the country, in a relaxed all around the African continent as a whole.
social investors and entrepreneurs who and comfortable atmosphere that is ideal Hence the name of the awards has been
have been conferred with awards by TBE for networking. changed from the Business Executive
since the inception of the awards schemes Excellence Awards to the African Business
in 2014. Persons expected to attend the As a TBE award winner, we invite you Executive Excellence Awards to reflect the
A-list event are about 500, most of whom to use this unique platform to take your vastly expanded scope of the awards scheme.
are accomplished and influential decision deserved place as an extraordinarily
makers in Ghana’s private and public capable and accomplished member of
sector organizations who are revered as corporate Ghana.
the shakers and movers of public service
and the corporate community in Ghana. Your Partnership is what has made our
pan-African company to be a household
The crème de la crème of the public sector, names in the corridors of power in Ghana,
business community and civil society are Nigeria and other countries where our
to be feted by TBE, the organizers at the expansion project has been extended,”
commemorative corporate meet, on 15th Madam Kporo states.
September, 2019 at Unique Floral Event
Center, near the Trade Fair Center in The TBE awards include African Business
Accra, the capital city.
“As the theme indicates, the purpose
12 The Business Executive
COVER STORY
This year’s awards will select and recognize The Ghana Trade and those receiving the highest votes in
winners across various delineated sectors of Commerce Awards each sector category being declared
activity along four sub-regional lines, that is, the winners by the scheme’s official
West, East, North and Southern Africa. To The 2019 Ghana Trade and Commerce validation partners.
this end, the organizers have entered into Awards is the second edition of the annual
collaborations with local partners in each awards scheme to identify and publicly The 2019 version of the awards are to be
of the four sub-regions who are bringing recognize various aspects of outstanding conferred on the winners in each sector
into play their deep local knowledge for performance and conduct by enterprises and the respective 1st and 2nd runners
attracting nominations, verifying them and domiciled in Ghana with respect to trade up at a five star, red carpet strictly by
shortlisting the best for consideration by the and commerce and by institutions engaged invitation awards conferment ceremony
awards jury. The awards jury is composed in regulation, promotion and facilitation of scheduled for Accra in November 2019
of members from the various sub-regions, all trade and commerce. The awards will at the Marriott International Hotel.
of which have both deep local knowledge of cover both trade within Ghana and trade
their respective sub-regions and strong pan- between Ghana and the rest of the world. All in all, going forward, TBE looks at the
continental knowledge which will enable future of its awardees with optimism and
them accurately assess the due diligence For the purposes of these awards, expects to laurel them with more awards
reports on all the shortlisted nominees from only enterprises that trade in products which they deserve, as their operations
around the continent. manufactured by other enterprises than grow and they contribute to the national
themselves qualify. The awards cover four economy by way of employment and
Feminine Ghana Achievement broad segments, namely Retail Trade; payment of taxes as good corporate
Awards Wholesale Trade; International Trade; and citizens.
Trade facilitation Services and Regulation.
The first of its type in the country, the Feminine The attendees are usually individuals and THIS YEAR’S EVENTS
the top-tier management representatives
Ghana Achievement Awards identify, publicly such as board chairpersons, CEOs or The 2019 Ghana Industry
recognize and reward women whose executive directors. CEOs Awards is the second of
personal and professional conduct have been what will be an annual awards
exemplary and whose achievements have The Ghana Industry CEOs scheme aimed at identifying
been outstanding. The awards highlights Awards and publicly recognizing
women of substance in Ghana who have the most outstanding chief
achieved outstanding accomplishments in The 2019 Ghana Industry CEOs Awards executives in corporate Ghana
various public and private sector positions is the second of what will be an annual across a wide range of sectors.
such as entrepreneurs, professionals, awards scheme aimed at identifying and
corporate executives, institutional managers, publicly recognizing the most outstanding www.ghiceoawards.
diplomats, sportswomen and traditional chief executives in corporate Ghana across com
rulers. a wide range of sectors. Eligible awardees
include CEOs of both private and public CORPORATE GHANA HALL
Being a pioneering scheme held in 2015, sector corporations and institutions. OF FAME
the Feminine Ghana Achievement Awards is Awardees will be selected by the Ghanaian
now in its fifth year and set out to correct The maiden edition of
the situation whereby men are accorded public who will first nominate CEOs for Corporate Ghana Hall of
recognition to the neglect of women. shortlisting, following verification of the Fame will bring together the
Following the resounding success of the nominations; and who will subsequently most accomplished, most
widely-acclaimed awards, this year’s awards vote for the shortlisted nominees with skilled and experienced
ceremony, which occurred on 27th April, people in Ghana’s
2019 at La Palm Royal Hotel, Accra, was corporate sector with the
a mega-ceremony that was more inclusive view of recognizing their
since awards were conferred on achievers outstanding achievements
from Ghana’s regions. It was held on the and leveraging on their
theme ‘Understanding the Changing Role of knowledge and experience
Women in Our Contemporary Society.’
The Business Executive 13
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...Custodians of Corporate West Africa ....Custodians of Corporate Ghana
Issue 90, 2019
GBSteHryMoatonevdgiNniacgiAadlly
Inside
Ghana Beyond Aid’
Special Supplement
Henry Oroh H.E.(PNreasnidaeAntdodf othDe Raenpkuwbalich oAf kGuhfoan-Aa)ddo
MD/CEO
Zenith Bank Ghana InfluetnriatniailGbl flhaeazmenarasle
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Economy
IFS assessment
of 2019 Mid-Year
Fiscal Policy Review
On 29th July, Finance Minister Failure to take action on exemptions is
Ken Ofori-Atta presented the therefore costing the nation dearly and
mid-year review of the 2019 prompting the resort to tax hikes to plug
budget statement and fiscal revenue shortfalls.
policy to Parliament. Notable
fiscal policy changes that were announced Expenditure projected expenditure
include energy and communication
tax hikes and a request to spend more have been made to goods and spearyvmiceens t(sG(HG₵H6hG(₵i0na9H5cs5₵l.u207bd.4e7imn.e6gmnilbliiloiilnllainiocor)nrrn,ee),aa.grsrersepadnretcssbleeytnaotrGianoHngtc₵hae1en).r2egxinbtorialvlieo02rn.0n31m%t9oent units
money (supplementary expenditure (GH₵235.8 million), and interest
estimates) relative to the initial 2019 budget
appropriation. Because capital expenditure is critically needed otof GenDsPurtehaint cwriellasseenidntphreotdoutactl itvoit2y1in.6a%ll osef ctors for
accelerated and sustained growth and developGmDePn.tInofvitehwe oGfhtahnearieavneneuceonfoormecya,sitnbtehinegpast, IFS
The Institute for Fiscal Studies (IFS) has been very concerned about declines in cenmtraailngtaoinveedrn, mtheisntwciallplietaadl etxopeandrisiteurien atshea ratio of
ascertained that revenue mobilization otGhfDecPHab.poeTithnhaa.ilsvKeiiFowxsrpiebnekoeanufcndaKcciuteawuspMeraietrtiatnhrleeienselatgdxet,peirvDceelniendtpoeiutsugtyirrneowtihstehssriamintpiotlyhreearodsanlfeuaiosfGlriticmmneDigtdiiPnnb.tafgyhrl.oeGvmTadHhle₵usifs1lieoc.w2iiotsfebrabrGiltelgiiDoocrPnaof.urwtooIsmtnehGrstH4ehi.c₵n2ee1%tn5nht.oe7tyomnebi4oainll.rmia5osl%,nin,vhaaollwuveaeslvueeorsf,
continues to experience missed targets,
with a shortfall of 15.5% (GH₵4.2 billion) cwaopuitladl beexppeanssdeitdurinetoitslaewlf. aTrheisdisecpluinziznlignga,t a FtfoaostAmuGotdriHltpldih₵oait6gnicRo).oe,e3no.pagdbluSrisalbtlaaniloilntclnsoad.cniiItnnaodtgt2iwoo0anat1hstss7eeG,trrhvhHaigaecn₵vored7eevs.fef7ourbrnrebet(mGhielaeelnHinorr₵tnet6moau0ilaonn5drni.te0e2slyl0ieG1f6Hw,₵ht4he.n6e
recorded in the first half of 2019. This is neosmpeinciaalllvyawluheeonftchaepPitraelseidxepnetn,dinituhrise d2e0c1l9ined
not surprising as the revenue forecasts bSiltlaioten ionf 2t0h1e8.NTahtiosnis audndprreescse,depnotretrdayiendthe
have always looked over-optimistic, given
projected real GDP growth and inflation bytarihneileglatiohdirm2enibr0ee,u1m,ad9abdgpnBoeicauusttg,cdtuertgriihemtbeseitne2gonS0oftt1aivot6tetfehartlmenshemeve“entaeealtn.cxoptAnrheocoaxjhmseeilcmylset,leaspadstnihodcenaedaspl tithailseaxm(e(GGpxoeHHpnue₵₵dnn92itdt53ubi52tryu..e87roeanmtiesiGml-litcoHeilrnln₵iiot)t8i,cnh.aa)5.(lnlGybdHilnBiln₵ieoet8eenc1dra.e9euHs.ds9toewptmoaeiylvelcmienoaresnp,un)itirtnatesol thGeHm₵7id.7-
rates, as well as tax revenue giveaways wGTggghDoeroenirPnwsefgeirainnatliglotn2iiotnd0hrne1r,ce”ca5eaelntwtwntotrthiotaaihyclf.iehsgloacowratvshle.eosrTtfnahg1mbio.sil6eivtin%eystraniclnolmaudfpseGrtinetrDtaavlePtweneiduxanpesi2ne0nF1di8git.uuiadirnnIrecteeccvtir1ahseees,ealloepswarprpeaohmaptjeeseriendtroc,nepttpeIoFcadrraSoontpfddtioohiutntaachbssltoeeuivefbsix2ttGeGyap.eD2hienni%aPnnendvdhaeaiotairlauflysgnrG,srecoetDohewcfPnecettoclohrlieernnsffroroan2omfrne0moeddy1r,94b,.e0wc%ohmicohef
that were not matched by strong offsetting iMs onrelyovselirg, hthtley mgoovrernthmaennht ahlfasofetshteim2a0te1d5 ratio.aObvoeurt thdeecsalinmees peinriodce, netxraplengdoitvuerrenmonengtoods and
revenue measures. stehravt,iceifstgherewExfermompti0on.8s%Biollf iGs DpPastosead,pirtojectedca2p.i0ta%l exopf eGnDdPituirne 2a0s1a9,rawtiohicohf GisDnPe. aTrhlyisas much
asstawndhsattoissgavoeinGg Hin₵t5o00campiitllaiolninovfersetvmeennute. Whatistbheiscamuesaentsheisdethcalint,eswihnetrheearsatfiioscraelsuclotendsolidation
An example is the reduction in benchmark hthaastcoontthreibrwutiseed towothueldrebdeuctlioosnt intocaptaitxal invesfrtommenstlo, wanerotghreorwitmhspoinrttahnet nfaocmtoinrailsvathlueesgrowth of
import values in April, which narrowed geoxoedmsptaionnds sienrv2i0c1e9s. sTpheisndainmgo,uwnthiischmhoares beenodf rciavpeintalinexrpeecnednitutriemreeslatbivye tthoegrmowanthysninew policy
the import tax base and contributed to a ibtnheiateinanttiahvneensyoiteuhlndecogefdot.vheertnamx einnctreisaspeusrsthuaint gh.ave
17.5% (GH₵1.2 billion) shortfall in customs the nominal value of GDP.
receipts in the first half of the year. To
salvage the fiscal program that was under Figure 1. Central government capital spending versus goods and
threat from weak revenue collection, the services expenditure, 2013-2019
government raised the communication
service tax (CST), road fund levy, energy 4.5
debt recovery levy, and price stabilization Capital spending
and recovery levy.
Together, the hikes are expected to yield 4 Goods and services
less than GH₵400 million in additional 3.5
revenue from the affected tax handles in
2019. Other revenue measures are the Percent of GDP 3
planned sale of electromagnetic spectrum
and collection of telecom license renewal 2.5
fees to shore up non-tax revenue, which
performed poorly in the first half of the year. 2
With these measures, as well as the pledge
of stronger tax enforcement, the revenue 1.5
forecast for the whole year has been more
or less maintained at GH₵58.9 billion. 1
In tackling the revenue shortfall, the mid- 0.5
year budget was silent on when (or whether)
the Exemptions Bill that seeks to curtail 0 2014 2015 2016 2017 2018 2019*
widespread exemptions in the tax regime 2013
Source of data: Ministry of Finance *Projected
The Business Executive 15
2017 and to 44.3% in 2018. With the revisions to spending in the mid-year budget, the ratio is
set to rise sharply to 51.2% in 2019 — close to double the 2013 ratio. Thus, the burden of debt
Economyservice expenditure on the government’s finances is very high and increasing, even if the debt-
to-GDP ratio is now lower because of the GDP rebasing and recalculation. This calls for urgent
steps to limit further borrowing. It is also crucial to eliminate extra-budgetary expenditures and
borrowing which, despite their being excluded from the budget deficit and, in some cases, the
debt stock, still create debt service liabilities that must be met from the same limited revenue
envelope available to the government.
In recent years, however, the behavior of Figure 2. Debt service to total revenue ratio, 2013-2019
capital expenditure is simply alarming. This
is because the nominal values of capital 60 Interest
expenditure itself are declining at a fast
pace. Standing at GH₵7.7 billion in 2016, 50 Amortization
the nominal value of capital expenditure
declined to GH₵6.3 billion in 2017, and 40
further to GH₵4.6 billion in 2018. This is
unprecedented in the Fourth Republic. Percent 30
It was, therefore, a real relief when the
2019 Budget Statement projected capital 20
expenditure at GH₵8.5 billion.
10
However, in the mid-year budget, the
government has slashed this amount by 0 2014 2015 2016 2017 2018 2019*
one-tenth (GH₵819.9 million) to GH₵7.7 2013
billion, about its 2016 level. The fall in
central government capital expenditure Source of data: Ministry of Finance *Projected
as a proportion of GDP has, therefore,
become worse in recent years. sustainability is to look at what is happening To this end, the passage of the Exemptions
to debt service expenditure in relation Bill is critical, and the IFS stands ready to
It is projected to be 2.2% of GDP in 2019, to government revenue. Debt service provide inputs for the Bill’s refinement
which is only slightly more than half of expenditure, comprising interest and before enactment.
the 2015 ratio. Over the same period, amortization payments, absorbed 26.8%
expenditure on goods and services grew of total revenue and grants in 2013, but this Rapidly growing expenditure on goods
from 0.8% of GDP to a projected 2.0% increased rapidly to 47.9% in 2016. and services, which has come at the
of GDP in 2019, which is nearly as much expense of lower capital spending, should
as what is going into capital investment. The ratio then fell to 44.5% in 2017 and be controlled. This means restricting the
This means whereas fiscal consolidation to 44.3% in 2018. With the revisions to roll-out of new consumption-based policy
has contributed to the reduction in capital spending in the mid-year budget, the ratio initiatives and reviewing ongoing ones (e.g.
investment, another important factor is the is set to rise sharply to 51.2% in 2019 — Free SHS, Nation Builders Corps, Planting
growth of goods and services spending, close to double the 2013 ratio. Thus, the for Food and Jobs, etc.) to limit their cost
which has been driven in recent times burden of debt service expenditure on the and improve efficiency.
by the many new policy initiatives the government’s finances is very high and
government is pursuing. increasing, even if the debt-to-GDP ratio The surge in amortization spending in the
is now lower because of the GDP rebasing mid-year budget, on account of crystallized
Government borrowing in 2019 is set to rise and recalculation. energy sector contingent liabilities, exposes
on the back of the mid-year supplementary the poor management of fiscal risks
expenditure request, which Parliament has This calls for urgent steps to limit further emanating from the energy sector. This
since approved. This is seen in the projected borrowing. It is also crucial to eliminate situation requires decisive national attention
increases in the budget deficit (by GH₵1.2 extra-budgetary expenditures and and action, and IFS urges the government
billion) and debt amortization spending (by borrowing which, despite their being to provide more detailed information on the
GH₵5.2 billion, to pay off crystallized energy excluded from the budget deficit and, in energy sector indebtedness and to consult
sector contingent liabilities) in the face of an some cases, the debt stock, still create widely regarding the best options to deal
unchanged total revenue projection. debt service liabilities that must be met with it.
from the same limited revenue envelope
The total supplementary request of GH₵6.4 available to the government. Overall, the fiscal policy path Ghana is
billion is therefore going to be funded on is unsustainable, as the country’s
by debt. This additional borrowing will Recommendations indebtedness looks likely to worsen on the
further increase the debt stock, which hit basis of current spending and borrowing
GH₵203.9 billion in June 2019, and the Revenue targets need to be set realistically, decisions. The government has to reverse
debt-to-GDP ratio, which reached 59.2% as missed targets disrupt the fiscal program course with a strategy that will reduce
in the period. The Finance Minister cited and undermine effective budget execution. borrowing significantly in order to improve
the debt-to-GDP ratio being less than 60% The Ministry of Finance should therefore the debt dynamics, particularly with regard
as one of the positive macroeconomic strengthen its revenue forecasting. In to the ballooning debt service costs.
indicators. This suggests that the fall in the particular, the impact of proposed revenue
debt ratio to below 60% of GDP since the policy changes should be robustly
rebasing of the national income accounts appraised and realistically forecasted prior
in 2018 has given a false sense of security to implementation of the policies.
about the debt position.
The government should move quickly to
In reality, however, there should be no curtail exemptions in the tax regime, many
comfort taken in a lower debt-to-GDP of which are inefficient and costly.
ratio in the present circumstances. A
better way to assess the debt and its
16 The Business Executive
The Business Executive 17
Finance
Can Government
Maintain Fiscal
Discipline Post-IMF Exit?
By Clement Adjei-Bisa Adjieteh
After the International Monetary Fund Many economists and analysts have in the long-term. Such rules help tackle
(IMF) bailout program which ended questioned the government’s ability to a country’s predisposition to budget
in April 2019, the New Patriotic maintain fiscal discipline which requires deficits by preempting possible spending
Party (NPP) government is faced with better management of public finances overruns; and thereby help to address the
the test to maintain the economic gains devoid of slippages, excessive government political and institutional tendencies to raise
and fiscal discipline achieved under the expenditure, rising debt levels and budget expenditure during economic booms.
supervision of the IMF. deficits. This warrants fiscal rules to
reinforce fiscal discipline and sustainability
18 The Business Executive
Finance
Fiscal rules, however, need to be complemented the financial sector, acting as an inter- ($50 million) with the IMF out of which
with expenditure targets to achieve better fiscal institutional consultative coordination SDRs31,400,000.00 ($433 million)
consolidation. More so, there is a need for body. Recently, we have witnessed was drawn.
strong commitment to fiscal discipline and the the Bank of Ghana carry out a cleanup
presence of strong institutions to ensure that exercise by initially increasing the Standby arrangements continued
fiscal processes are followed through. minimum capital requirement for the
banking institutions. This led to the until 1987 when a Structural
The current government has demonstrated revocation of eleven banking licenses.
its commitment to journey the path of fiscal Both the insurance and securities Adjustment Facility (SAF)
discipline without the IMF. Over the years, sector also seeks to clean up their
large fiscal volatility have sprung up around sector as well. The establishment of commitment, a financial assistance
election cycles. With the 2020 president and this council will ensure that, financial
parliamentary elections at hand, the test for stability measure are carried out in a program given to poor countries, of
more fashioned way.
fiscal discipline comes which SDRs129,858,000.00 was
to bear. Will the Third, unlike the Financial Stability
persistence of election Council, the Fiscal Council is made accessed by the government. From
cycles defer the up of non-institutional members. It is
government’s pledge chaired by Dr. Paul Acquah, a former then, government after government
to walk the path of Governor of the BoG and Deputy
fiscal discipline which is Director of the Africa Department of have continued to access Extended
needed for the country’s the IMF. The Fiscal Council’s primary
fiscal consolidation? role is to advise the President on Credit Facilities (ECFs) from the IMF.
relevant, additional measures needed
In order to manage fiscal to maintain fiscal discipline. It is a local The 2015 fiscal year saw the
slippages and avoid version of what most international fiscal nation’s return to the IMF for a
the recurrent buildup responsibility advisories do. three-year ECF worth $918 million
of fiscal pressures, (SDRs664,200,000) aimed at
the government has Frontline is of the opinion that, the restoring debt sustainability and
committed itself to a fiscal consolidation process will require fiscal stability. Prior to Ghana’s return
number of measures. government to generate more revenue to the IMF in 2015, the nation had
First, the enactment of to meet its expenditure. In the first half experienced strong and broadly
the Fiscal Responsibility of the year, revenue collected amounted inclusive growth for a decade at an
Act (Act 982) gave room to GHC22.8 billion, recording a total average rate of 7.2% and its medium-
for the establishment of deviation of 15.5 percentage points term prospects have been supported
the Financial Stability from a target of GHC27 billion. If by rising hydrocarbon production.
Council and Fiscal innovative measures are not developed However, the emergence of large
Council. The Act, which to expand the tax net, the budget fiscal and external imbalances amid
was got parliamentary deficit will continue to widen, and power outages in 2014 placed the
approval is December therefore the need for government to economic outlook under extreme
2018, caps the budget resort to internal funding to bridge the pessimism. The government was
deficit not to exceed gap. facing increasing financing difficulties
5% for a fiscal year. It while inflationary pressures rose on
also provides that a Without this, government will have to the back of large depreciation of the
debt to GDP ratio of curb expenditure in order to ease the Cedi, the Ghanaian currency, and
not more than 65% fiscal pressure. The government needs monetary financing of the fiscal deficit.
of GDP is maintained to drive further its industrialization
with a positive primary agenda through the 1D1F initiative The external position weakened
balance. This is to boost economic growth. through mid-2014, with net
expected to maintain Complementing the local boost to international reserves reaching low
some sustainable level economic growth will require the levels in the third quarter and the
of fiscal balance. implementation of responsible policies exchange rate depreciating sharply.
necessary to attract Foreign Direct As confidence in the economy
Financial Stability Investment (FDI). This will expedite the reached its low, the government
Council path to debt sustainability and increase turned to the IMF in 2015 for an ECF.
fiscal space for further government
Second, the Financial capital and social spending. With the government’s
Stability Council is implementation of IMF’s supported
constituted of the Good old adage financial and economic program,
Governor of the the country experienced some
Bank of Ghana (BoG) As to whether the government can appreciable amount of growth
(Chairman), Deputy maintain fiscal discipline without the through prudent economic policies
BoG Governor, Deputy IMF, we believe just as the good old and fiscal discipline. Production in
Minister for Finance, adage goes, “The proof of the pudding the economy accelerated, with real
CEO of the National is in the eating.” After independence in GDP growth increasing to 6.8% in
Insurance Commission (NIC), Director General 1957, Ghana has gone and returned 2018 from a 3.7% recorded in 2016.
of the Securities Exchange Commission (SEC), to the IMF 16 times. In May 1996, the The fiscal deficit improved from the
CEO of the National Pensions Regulatory then government agreed a standby 7.3% of rebased GDP in 2016 to a
Authority (NPRA) and CEO of the Ghana arrangement of SDRs36,400,000.00 provisional 3.8% of GDP at the end
Deposit Protection Corporation. This council of 2018. The debt-to-GDP ratio
will strengthen and reinforce the stability of declined from the 56.6% of GDP in
2016 to 54.8% at the end of 2018.
Inflation dropped from 15.4% at the
end of 2016 to 9.5% as of April 2019.
The country recorded a trade surplus
since 2017, reaching an all-time high
of $504.46 million in April 2019.
The writer is a Ghanaian financial
analyst
The Business Executive 19
TBE CORPORATE NETWORK
20 The Business Executive
TBE CORPORATE NETWORK
The Business Executive 21
MBA SAFETY GHANA LIMITED
+233 20 022 9840
+233 20 022 9841
www.mbasafety.com.gh
MBA House, House No. 40, AK Road, Community 11, Tema, Ghana
E-mail: [email protected]/[email protected]
22 The Business Executive
Profiles
Over the past couple of years you have shown exemplary commitment to compliance with
building safety regulations, sparing no effort and material cost in ensuring the physical safety
of employees and customers alike accross all your nationwide chain of retail shopping outlets
.Thus you now serve as a model for building safety regulatory compliance for commercial
properties in Ghana to the benefit of every one who comes under the roofs of your numerous
properties all around Ghana.
Berock Ventures Limited is reputed as a first-class construction company in Ghana which
undertakes projects excellently. A wholly-owned Ghanaian limited liability company incorporated
under the Companies Code, Berock Ventures has been engaged in road and general building
construction; civil engineering and electrical works; suppliers of general goods; import and
export services; import and sales of construction equipment; and consultancy in marketing
and civil works.
BVL’s mission is to provide quality civil engineering, general construction, consultancy and
merchandising services to individuals, private and public institutions through qualified
professionals to meet clients’ expectations. Its vision is to be the Number One building and
civil engineering construction and consultancy business with delighted clients. Its core values
include speedy delivery, professionalism, team work, integrity and customer care.
KEK insurance brokers limited is a local insurance broking firm with substantial international
links providing enhanced broking services to several local and multinational firms in all sectors
of the economy. The company since its establishment has competently handled insurances of
well-placed local and multinational companies.
Mericom Solutions (Gh.) Limited is a fully owned Ghanaian Information Technology provider in
Ghana with a unique expertise in Enterprise Solutions, Software & Security Solutions, WAN/
LAN Solutions, IT Project Management, Sales of Computers and Accessories, Hardware &
Software Training and General Furniture Supplies.
Over the last 12 years, Mericom Solutions has become a trusted advisor to bluechip
companies, Government agencies, banks and local businesses in several fast moving
sectors including financial, commercial, telecommunication, transportation and logistics.
Holy Trinity Spa & Health Farm…a healing sanctuary for body, mind, soul and spirit.
The Holy Trinity SPA & Health farm is the Integrative Health Department of the multiple award
– winning Holy Trinity Medical Centre Accra – Ghana. The SPA is situated in a quiet, beautiful
natural surrounding spreading along Ghana’s biggest river – the Volta River. It is impressively
designed and decorated in calm vegetation green colours. The relaxing environment is a
complete change from every day stress and strains of life. The natural ambiance, cool breeze
from the Volta River, chirping of several species of birds, enables a person to switch off into a
relaxed mode. The minimum effect you receive from the SPA is to lift the human spirit, enhance
the feel – good factor and enable you to reflect on life with celestial bliss and clarity.
The Business Executive 23
24 The Business Executive
Profiles
BAJ Freight and Logistics Limited (BAJ), a fully Ghanaian owned company was registered
as a business in 2009 and has grown rapidly to become one of the key companies
in the freight forwarding industry and a leader in providing customs brokerage, freight
forwarding and logistics support in various sectors including the oil and gas sector.
BAJ provides services as follows; • Ship Agency (Husbandary Services, Port Agency)
•Customs Brokerage Services , • International Freight Forwarding
Jandal is a Number One name with over two decades old and its maturity reflects in
both the quality and the spread of its services. At the moment, Jandel is Ghana’s leading
company in total event management. It provides world-class services for public sector
institutions, corporate enterprises and private events such as weddings and parties.
The company also has equally hugely successfully subsidiaries engaged in construction,
interior décor, horticulture, landscaping and purchasing and supply. Currently, it employs
nearly 7O people.
Frimps oil exists to be an outstanding Oil Marketing Company via effective and efficient
distribution of quality Petroleum Products to consumers in Ghana and beyond, by
employing state-of-the-art technology to satisfy its customers and maximize shareholder’s
value. Frimps Oil vision is to become a leading marketer of petroleum products in Ghana
and West Africa by giving value for money for our customers and stakeholders at large.
Frimps is a value-driven organization, and its values reflect the thinking of the company.
Frimps believe customers are the “anchor” of the company and therefore does its best
to understand them amidst industry conditions, in order to progressively bridge the gap.
Frimps operate with much emphasis on honesty, trust, openness and flexibility. Frimps
upholds high reasonability to its customers and suppliers.
Sidalco Group of Companies is the mother company of other successful subsidiaries
including Dominion International Petroleum Ltd, Sidalco Construction and Roads Ltd,
DEL Estates and Empire Concretes Ltd.
Over the past decade, Sidalco Group of companies has kept the company products on
the front shelves on the Ghanaian market, especially in the agro-processing business.
Sidalco Group has provided cutting edge solutions to many cash crop farmers, especially
in the production of cocoa since 1992. Whenever you consume some cocoa products
in Ghana, Sidalco made it possible to guarantee good yield, great quality and the great
taste that puts the country’s cocoa as second to none in the world.
Atlantic Catering and Logistics Limited was founded in 2014 and it is now an ISO certified
catering, beverage and logistics company whose mission is to provide quality, healthy,
nutritious, and hygienically prepared meals and beverages for its customers.
The company provides contract catering. Under its event management and planning
services, Atlantic Catering and Logistics Limited plans, coordinates and manages events
for its clients by offering a total solution for their special programs. For the house-keeping,
cleaning and janitorial services, the company provides environmentally friendly sanitation
services to businesses onshore and offshore.
The primary goal of Atlantic Catering and Logistics is to ensure excellent services in
the catering and hospitality industry in Ghana, according to International Certification
Standard. Atlantic Catering and Logistics Limited’s customer portfolios are in the sectors
of oil and gas, mining and corporate entities which operate in related areas.
The SIC Life Company Limited (SIC Life), currently the largest and most reputable life
insurance company in Ghana, was established in 2007. The vision of SIC Life is to be
the leading and most trusted brand in our industry. The mission of the company is to be
committed to employing a highly motivated and efficient workforce to offer innovative,
value-priced life insurance and other financial products while ensuring optimal returns to
its shareholders.
The corporate objectives of SIC Life include to exceed customer expectations and build
sustainable relationships; and develop simple and efficient processes driven by cutting
edge technology. Its many products include family security plan and sika plan. SIC Life is
the first life insurance company to be inducted into the CIMG Hall of Fame in 2017. It has
won the CIMG Life Insurance Company award for five consecutive times.
The Business Executive 25
Profiles
Ghana Water Company Limited (GWCL) is a utility company, fully owned by the state. The company
is responsible for potable water supply to all urban communities in Ghana.
GWCL currently operates eighty-eight (88) urban water supply systems throughout the country.
Average production is about eight hundred and seventy-one thousand, four hundred and ninety-
six cubic meters (871,496m3) per day (192 million gallons per day). Present potable water demand
is estimated at one million, one hundred and thirty-one thousand, eight hundred and eighteen point
eighteen cubic meters (1,131,818.18m3) per day (249 million per day).
Urban water supply coverage is therefore about seventy-seven percent (77%). With a staff strength
of three thousand, four hundred and seventy-six (3,476), GWCL serves five hundred and fifty
thousand, six hundred and fifty-four (550,654) customers, seventy-four percent (74%) of which are
metered and twenty-six percent (26%) unmetered.
RegencyNem Insurance Ghana Limited emerged in September 2016 following a successful
merger between Regency Alliance Insurance Ghana Limited and Nem Insurance (Ghana) Limited
in order to meet the National Insurance Commission’s requirement to increase the capital base of
Insurance Companies in Ghana. The merger has afforded us the opportunity of synergy not only
in terms of marketing opportunities but also in Human Capital Development.
We provide critical security solutions and risk management services and our experience over the
years coupled with our sound knowledge of the market makes us a leader in the General Insurance
business in Ghana.
Steelco Roofing System is noted for the manufacturing of high quality roofing solutions for all
aspects of construction. Our IDT roofing solution is most ideal choice for the construction of
structures such as warehouses, factories, churches, shopping centers and equally large structures
requiring wide roofing spans which would mostly require customized materials.
Our IBR system is the industry choice for all commercial and residential developments, as its
specially engineered corrugations is made to meet high international standards and are effective
in the delivery of its required usage. Our Circular system is specially engineered to meet the
needs of all infrastructural development that requires the traditionally known circular roofing, and
its thoughtfully engineered to meet all miscellaneous needs. The Self Lock system is specifically
designed to exclude the use of traditional nailing and hammering, as this system is self-interlocking
and requires no nails during installation. OTHER PRODUCTS: Our products includes but not
limited to Iron rods for all usage, mesh sheets, binding wire and several other steel products.
Lakeside Estate is a leading real estate company specializing in provision of quality housing.
Our homes cater for the residential needs of young families and professional individuals. We are
presently developing the new site at Katamanso which was acquired from Nungua Stool since
1974. We are proud member of the Ghana Real Estate Developers Association (GREDA). Lakeside
Estate Ltd. has the vision of becoming one of the best customer focused Real Estate Companies
in Ghana.
Our Homes
Our products range from 1 – 4 bedroom executive houses. We at Lakeside Estate believe in
excellent customer service, each person in our company is dedicated to the happiness and
satisfaction of our customers and will do anything within reason to assure this satisfaction. Our
new site is gated with 24/7 security patrols.
From a very small beginning of road maintenance works in the year
2002, Oswal has rapidly expanded and has become a major force in
the mainstream Road Construction Industry in Ghana.
Contracts have been successfully undertaken and completed to
industry standards to the admiration of all stakeholders.
Oswal is your best choice for your road construction projects.
26 The Business Executive
The Business Executive 27
Profiles
Ethiopian Airlines was established in 21 December 1945, commenced operations in 8 April 1946
which is the Ethiopia’s flag carrier airline and is owned by the Ethiopian country’s government.
Ethiopian Airlines has its head quarter in Bole International Airport in Addis Ababa. Ethiopian
Airlines serves a network of 113 passenger destinations where 19 of them are domestic and 35
freighter destinations and is the largest on the African continent.
Operating at the forefront of technology, the airline has also become one of Ethiopia’s major
industries and a veritable institution in Africa. It commands a lion’s share of the pan African network
including the daily and double daily east-west flight across the continent. Ethiopian currently
serves 100 international and 21 domestic destinations operating the newest and youngest fleet.
Destinations
• Africa • America & Canada • Europe • Asia • Middle East • Domestic
• Freighter Destinations
The Vaniado venture began in 2001 and rapidly flourished to become the reference point for the
finest ‘Grade A’ luxury bathrooms and tiles of Italian distinction. Sublime quality doesn’t come
easy.
Every customer is highly individual and treated to incomparable levels of service by our
experienced team. There is no compromise on style, quality and durability of the bathrooms and
tiles from Vaniado. It would be our pleasure for Vaniado to help turn your house into a home and
create a look you will love and cherish forever.
Modern to classic: From a classic nineteenth-century look to the understated chic of the new
millennium, Vaniado is your best choice.
Communication and Visibility : Communication and visibility are what make all our efforts pay off,
from professionals through dealers, to end customers.
Customizations: The freedom of choice offered by our wide range of products is made even
broader by special features, hardware, and color options.
M&G Pharmaceuticals was established in 1989 when its current owners bought production
facilities from Kingsway Chemists Ghana Limited, a division of United African Company Limited
(UAC), now known as Unilever (Ghana) Limited. The company was restructured in July 1993 with
foreign equity under the Ghana Investment Promotion Centre Act.
We primarily manufacture products on the Essential Drug List & National Formulary of Ghana
published by the Ministry of Health. We are one of the leading manufacturer and importer of
pharmaceuticals products, in Ghana.Our mission is to provide quality, affordable and innovative
pharmaceutical and health care products to the West African sub-region.
Products: Our products ranges from Capsule, dispersible tablets, gel, injection, liquid. Others
include Ointment, Powder, tablet, soft gelatin capsure, suspension, and syrup.
Found at 10 Ollenu Street, East Legon, Accra, Ghana, Eastgate Hotel is a boutique hotel situated
in the wealthy suburb. Currently, with 12 rooms, Eastgate Hotel boasts of all the features that a
client would expect from a larger international class hotel. Rooms are spacious and well laid out;
all rooms feature full bath tubs and shower units with hot and cold water.
Individually controlled air-conditioning, TV’s with satellite programming showing international
channels, and fridges (with minibar upon request) are standard features in every room. Wifi is
available across the hotel and is free of charge. Eastgate Hotel has a reputation for hosting local
and international conferences. It can handle up to 40 people comfortably. Eastgate Hotel is an
accommodation facility that is small enough to care for every need, and big enough to cope with
every demand.
28 The Business Executive
The Business Executive 29
Profiles
China Europe International Business School (CEIBS), a joint-venture for management education, was
co-founded by the Chinese government and European Union (EU) in 1994, with Shanghai Jiao Tong
University and the EFMD serving as its executive partners. CEIBS has campuses in Shanghai, Beijing,
Shenzhen, Accra in Ghana, and Zurich in Switzerland.As China’s only business school to originate
from government-level collaboration, CEIBS is committed to educating responsible leaders versed in
“China Depth, Global Breadth” in line with its motto of “Conscientiousness, Innovation and Excellence”.
Leaders from the Chinese central government and the EU have respectively lauded CEIBS as “a cradle
of excellent executives” and “a role model of EU-China cooperation”.
CEIBS offers MBA, Finance MBA, EMBA, Global EMBA, Hospitality EMBA, Executive Education and
PhD programmes. Renowned for its academic rigour, CEIBS is the first business school on the Chinese
mainland to have been accredited by both EQUIS and AACSB and the only business school in Asia to
have simultaneously made it to the Financial Times’ top 5 list of MBA and EMBA programmes
Nungua Warehouse Ghana Ltd. (NWGL), a subsidiary of C & O Enterprise, is a privately-owned
international trading and distribution company which started operations in 1989 and was incorporated in
2006. NWGL has developed to become a leading service-oriented, supply chain management company
and manufacturers’ preferred wholesale distributor of ethanol and industrial chemicals in Ghana.
Headquartered in Accra, and operating a multipurpose bonded warehouse facility at Community 18
Junction on the Accra Spintex road, NWGL has branches at the Tema Harbor, Kumasi, Kpong, Techiman,
Togo, Benin and Cote d’Ivoire. NWGL’s niche is in supply of the highest quality ethanol and industrial
chemicals from around the world and offers its customers high quality products at a moderate true price
value. NWGL has built an ultra-modern warehouse complex and offices at Togo purposely to store and
distribute ethanol in Togo, Benin and the other landlocked French-speaking countries in West Africa.
Located at Spintex Road, adjacent Zenith bank, First Choice Hair and Beauty is the leading name
in the beauty and cosmetology industry in Ghana. Founded over 20 years ago, First Choice Hair
and Beauty has grown in expertise and experience providing its mass clients with cutting-edge
professional hair care, nails care, foot care and specialized body care solutions. Its professional
team (stylist, therapists, barbers and beauty consultants) are very well trained to give customers an
unforgettable experience.
First Choice Hair and beauty provides the contemporary styles and ideas by keeping up with the
current trends and constantly educating its adeptly skilled team about the best practices in the
industry. It presents the trending new hair styles in Ghana and always strives to make your experience
as unique and memorable as you are.
Special Ice Company Limited is a natural mineral water-producing company in Ghana which started
operations in 2011 with the primary goal to provide real natural mineral water to all Ghanaians at
affordable prices. One unique feature of Special Ice’s products is that, unlike other mineral water brands,
all its water (sachet or bottled) is sourced from the Aburi Mountains. The water is exceptionally treated
devoid of any additives, resulting in purified, real natural spring taste.
Another factory was built in Kumasi in the Ashanti Region to produce sachet and bottled water and
expandable pouch water. Special Ice has strict quality control measures that ensure every Ghanaian can
enjoy quality natural mineral water. Special Ice introduced carbonated soft drinks on the market in 2014
and expanded its capacity as the demand for the soft drink is overwhelming.
30 The Business Executive
The Business Executive 31
Y AND Profiles
ONMENT
ULTANCY Sethi Brothers are pioneers in the steel trade and manufacture industry in Ghana. Since the
establishment of Sethi Brothers in 1993, it has persistently expanded its market share through
afety & the sales of quality steel products and outstanding services. Sethi Brothers has four decades
tandards of trading experience in the steel trade industry. It has operations in Togo, with its head office
situated in Tema. Sethi Brothers is known for its quality products and exceptional customer
0 3246 service.
0 2512
Years of dedicated service in its field of industry have seen its success as the company has
tgh.com expanded from retail and wholesale into manufacturing (Steelco and Sethi Manufacturing) and
tgh.com real estate development (Sethi Realty) with branches through our countries of existence. Hence
customers have to be extra careful in selecting the source of supply.
d
Qualiplast Limited was incorporated in 1973 in Accra, Ghana. A pioneer in the manufacture of
high quality Industrial Plastic Packaging Products, Qualiplast Limited has remained in the forefront
of the market throughout its existence. Qualiplast is the leading company when it comes to high
quality plastic packaging products for industries such as cosmetics, chemicals, pharmaceuticals,
beverages, foods and mining as well as agricultural products and plastic ware for household use.
Qualiplast also possesses the ability to design and develop moulds to meet customer’s own
specifications. The company is able to source for moulds through its international network. Also,
its state-of-the-art technology enables it to print on plastics, beautifying its products and allowing
it to meet customers’ requirements. Qualiplast is committed to enhance the quality of life by
promoting environmental excellence. Thus, it recycles about 98% of scrap material.
Wilkins Engineering Ltd is a Ghanaian organization with over 20 years of experience in expert
engineering services across the nation. We provide grid extension that services including, but
not limited to, design & construction of sub transmission network, power distribution networks,
service connections and substation.
We also offer renewable energy services for residential, commercial and industrial clients. We
offer complete design, procurement and installation services for all areas of renewable power. Our
aim is to provide electrical solutions that benefit families, organizations and emerging markets to
achieve their possibilities through generation, transmission and distribution of power. We work
with the private and public sector to deliver power in the most cost-effective and reliable manner.
We provide both Solar and Grid Installations for both Commercial and Residential purposes. Our
projects go beyond the shores of Ghana into neighboring West Africa, with Liberia as an example
serving the Liberian Electricity Company.
MBA Consult helps to restore the balance of interests of financial system members by relieving the
society of debt problems. MBA Consult is an absolute leader in collection efficiency in most countries
of its presence. Stability of its high efficiency parameters is a key to our success. The company
knows how to achieve its targets and goals with a result substantially exceeding everything you
have ever seen in the market.
MBA opens new markets; cooperates with the largest companies worldwide; and helps millions
of people to solve their financial problems and realize the most important financial objectives of
our partners. MBA has been successfully operating for a long time, dedicating all its efforts to the
elaboration of the best possible solution at every step. Once having started its cooperation, clientele
will stay with MBA Consult for many years. MBA knows what to do so that the debtor not only can
solve his or her problem, but also comes up again as a client — without complaints, with a faith in
success and our abilities. Its clients include Homecredit, Unicredit
Madam Charlotte Macaulay established Agartha Perfect Taste to produce local dishes for sale
20 years ago. At present, Agartha Perfect Taste serves rice and stew, banku, fufu and others
which are well patronized by many customers of variant ages. A lot of people trooped to Agartha
Perfect Taste, which is named after her daughter, Agartha, indicating that the restaurant is one of
choice for a lot of customers.
32 The Business Executive
The Business Executive 33
we care Profiles
We work closely with you to control and mitigate personal and business risks your company
faces everyday – internal, external, and ever changing. Our mission is to provide high quality,
tailor-made customer focused insurance and assurance services to personal, commercial and
organisational clients through:
• Innovative product development.
• Enviable marketing strategies.
• Deploying an efficient management of resources.
• Further strengthening of our asset base whilst maximising our shareholder’s returns
Products
-Motor Insurance -Marine Insurance -Burglary Insurance -Contracts And Custom Bonds
-Travel Insurance -Fire Insurance -Fidelity Guarantee Insurance -Erection All Risks Insurance
-Goods-In-Transit Insurance -Machinery Breakdown Insurance Assets All Risks Insurance
Liability Insurance Personal & Group Accident Contractors’ All Risks Insurance Home &
Personal Protection Insurance
Amen Scientific Herbal Hospital was establish in 1996 when its CEO, Dr. Amin Bonsu, returned
from abroad with PhD in Alternative Medicine with the aim of providing safe, efficacious and
complementary medical treatment to Ghanaians. Amen Scientific Herbal Hospital has been
adjudged the leading modern scientific herbal hospital in West Africa, and awarded by the
President of the West African Traditional Medicine Practitioners Association.
With headquarters in Kumasi, Amen Scientific has branches in Bibiani, Hohoe, Manpong,
Sunyani, Dormaa, Dunkwa, Tamale, Wa, Accra, Nkwakwa, Takoradi and on the Spintex Road
in Accra. Many of the branches consist of Outpatient Department (OPD), consulting room,
laboratory, dispensary, massage department, emergency rooms and wards. The Accra branch
has a capacity of 30 beds. The Accra branch receives over 70 new and 50 old patients daily.
This is an agency of friends. People who like and trust each other – and gravitate around a single
rallying call, to grow our clients’ business through powerful ideas. Our clients’ trust is our most
important asset. We work hard together and play even harder together.
We are united by a belief in our ability to change the world by an act of will… A FLAT REFUSAL TO
ACCEPT THE STATUS QUO.
Our Services
• Brand & Marketing Consulting •Strategic Planning •PR Services
• Event Organizing • Market Research • Advertising & Sales Promotion
• Print & Broadcast Production •Media Consulting & Buying • Digital Marketing Solutions
KEK insurance brokers limited is a local insurance broking firm with substantial international links
providing enhanced broking services to several local and multinational firms in all sectors of the
economy. The company was registered as a limited liability company in 1985, and obtained the license
to operate as an insurance broking and consultancy firm in 1990. The company since its establishment
has competently handled insurances of well-placed local and multinational companies.
The company has been continuously adjudged by the National Insurance Commission as the leading
insurance broking firm in Ghana since 1992
34 The Business Executive
The Business Executive 35
Banking
PwC reveals positive
fmoer dbiaunmk-sterm outlook
… mobile money a major growth driver
Price Water House Coopers (PwC) envisions that the medium-term outlook of
Ghana’s banking sector is positive. The bright future of the sector is bolstered by
structural improvements that have been made in the sector and the reforms in the
wider financial services industry.
36 The Business Executive
Banking
Banks say they see mobile money Eighty-two per cent of CEOs sampled the government’s need for deficit
as a major growth driver of their cited the Capital Requirement Directive financing; general improvement in
business. as one of the major banking reform non-performing loans (NPLs) arising
that would have the biggest impact from the implementation of more
This was one of the views of Chief on their operations. Almost 73% of stringent practices; and government’s
Executives of 19 commercials banks bank executives interviewed ranked full commitment to reducing and/or
expressed in the 2019 Banking Survey implementation of the minimum capital restructuring state-owned enterprises’
Report. directive among the top three reforms (SOEs) debts.
which is having the most impact on
The survey, by accounting firm Price their businesses. Only 45% of bank While a good number of banks said
Water House Coopers (PwC), sought executives chose digitization as being they would increase loans, especially
to understand how recent regulatory among the top three reforms which to the private sector (specifically
measures impacted on commercial have the most impact on their bank mining, agriculture and manufacturing),
banks in Ghana. The survey is also businesses, while 36% of respondents 40% of bank executives would rather
aimed at obtaining insights from banks’ selected corporate governance as invest in government securities,
CEOs and other top executives on being among the top three reforms especially treasury bills which offer
the impact that the reforms have had having the most impact on their good returns at almost zero risk.
their operations. The CEOs, Chief Risk banking businesses.
Officers, Chief Operation Officer, and Expansion of distribution channels
Head of Strategy expressed their views About 18% ranked Cyber and to widen access to the market was
through interviews and questionnaires Information Security directive; Anti- ranked by 75% of respondents as
which were carefully designed to elicit money laundering and Combating the among the top two areas they would
their opinions on the impact of the Financing of Terrorism; and Financial deploy the minimum capital to. It
Bank of Ghana’s (BoG) reforms on their Inclusion and Sustainable Banking would seem technology is indeed
businesses. Practices as being among the top changing the way banks conduct their
three reforms having the most impact businesses. Most bank executives
on their banks respectively. responded that they would consider
The revocation of banking licenses of expanding their market through
insolvent banks seems to be having new digital product and channel
the least impact on banks, according development rather than brick-and-
to the survey respondents, as only mortar branch expansion. For others,
8% ranked it as being their top three operational efficiency will result from
reforms. introducing new technology-based
products and channels.
According to some bank executives,
the increase in the stated minimum According to the PwC report, while
capital is necessary and crucial in 55% of respondents feel the reform
unlocking opportunities for players in has bolstered public confidence and
the sector. They believe that banks sanitized the banking sector, 45%
now have a level playing field and are are reeling from panic withdrawals
in a position to partake in bigger ticket which lead to liquidity challenges
transactions that hitherto were not and heightened insecurity among
possible or were the preserve of a few customers, causing a reduction in their
international banks. An example of deposits and revenue.
larger ticket is government syndicated
loans. For every four out of five bank
executives interviewed, the
Eighty-three of bank executives performance of the fiscal economy will
indicated that they would deploy the have an impact on their businesses.
new minimum capital to income- Most of them believe the impact will be
generating activities, particularly more towards driving revenue growth
loans. The reasons given include: as opposed to increasing cost.
increased demand for credit driven
by expanding economic sectors and Most of the bankers are bullish of
Ghana’s economic growth in the
medium term, citing the government’s
initiatives such as One District One
Factory (1D1F), Planting for Food
and Jobs (PFJ) Program, National
Entrepreneurship and Innovation
Program (NEIP) and others as the key
drivers.
The Business Executive 37
38 The Business Executive
Agriculture
Guinea leans on
pineapples to stem youth
migration
By Eromo Egbejule
Hadja Mbalou on her plantation in Friguiagbé Source Eromo Egbejule
Guinea is turning to the pineapple to generate Since starting in 2017, this initiative has already roped in 400 farms
employment and wealth. The country’s government and more than doubled the area under pineapple cultivation in
— through a “development unit” called the GDU — Guinea from 250 to 550 hectares. It is under the supervision of the
is partnering with Guinean smallholder farmers and smallholder association, La Fédération des Planteurs de la Filière
international supporters to offer the youth an economic opportunity Fruit de la Basse Guinée (FEPAF-BG). The country’s pineapple
aimed at dissuading them from migrating to Europe to seek non- production has nearly doubled, from 10,000 to 18,000 tons.
existent greener pastures. Already, more than 2,000 people have found employment. Some
farmers have set up training schools to prepare the next Guinean
These efforts are also targeting returnees from Europe like Diadie generation. A pineapple farmer can typically earn up to $2,500
Aboubacar. over an 18-month cycle with just half a hectare.
The Business Executive 39
Agriculture
Guinea’s homegrown fix to migration Costa Rica remains the world’s largest cultivation and processing, and also shows
also helps Europe and could serve as a pineapple producer. Guinea wants to “people who are planning to go to Europe
model for other countries, say experts. reclaim its place. videos of the terrible journey there.” The
The initiative is receiving investments from students, usually between 18 and 30
the European Union ($5.5 million) and “The GDU set the revival of the pineapple years old range from teenage migrant
Belgium’s development agency Enabel value chain as a national priority,” says returnees to international students. In all,
($3.3 million) apart from the Islamic Bank of Adélaïde Kourouma, a Conakry-based 217 have been trained at Mbalou’s school,
Guinea ($200,000) for irrigation equipment researcher familiar with the initiative. in batches of 35, and each program lasts
and fertilizers. two to five months.
Pineapple is favored over other crops
There are signs of success. Though a because it is less cost-intensive and more Key challenges persist. Many of Guinea’s
broader crackdown from Italy has led to profitable than other crops that grow on roads are pothole-laden, and both the
overall numbers of migrants reducing, Guinean soil, such as yams or bananas, police and security officials regularly
Guinea, the third-biggest source nation says Camara. “That is why the young demand bribes from farmers and traders
in 2016, is now eighth. In the first seven people who don’t have money can farm transporting produce. “The government
months of this year, only 91 Guineans pineapple,” he explains. needs to fix these roads,” says Mbalou.
reached Italy, according to the United Only a third of the population has access
Nations High Commissioner for Refugees. The FEPAF-BG trains young Guineans to electricity. The government subsidizes
“We are doing this to create employment in everything from fertilizer applications seeds, but bureaucratic procedures make
for young people, including those who to irrigation techniques and helps them it hard to access them easily. Attracting
failed to go to Europe and come back secure loans and financial support from foreign investments, not just donor aid,
here,” says Moussa Camara, president of donor agencies. It also connects farmers remains difficult, with Guinea ranking 152
the FEPAF-BG. with agricultural advisers. Smallholders out of 190 countries on the World Bank’s
have been the main beneficiaries so 2018 Ease of Doing Business Index —
But the government is seeking far, but larger producers are now being though that’s an improvement from the
Geographical Indication (GI) status for supported too. earlier ranking of 169.
the Baronne de Rothschild variety of
pineapples for which Guinean soil is Hadja Mbalou is preaching the gospel of But the pineapple-shaped hope still
particularly fertile. The variety can grow agriculture to Guinea’s next generation at shines through for many Guineans like
in all seasons, over an 18-month period. her farm in Friguiagbé, a village six miles Aboubacar, whose first harvest is just
The GI tag, experts say, will allow Guinean southwest of Kindia. The FEPAF-BG gave around the corner. “I am just happy to be
farmers to demand higher markup prices, her a water pump and fertilizer — on credit home and working,” he says. And Mbalou
especially when the country begins — to get her started. There, she processes is confident the prickly fruit will help
exporting to Europe. a popular dried pineapple appetizer, runs Guinea stem the tide of illegal migration.
two restaurants and hosts a school. “Before, people didn’t have confidence,
This also means pineapple is making a Mbalou wants young Guineans to stay but now they know they can stay here and
comeback in Guinea. In the 1960s, the and try to improve their country instead of farm pineapples,” she says. “If they were
country controlled a quarter of global risking their lives to get to Europe. “I started leaving to get money they can get here,
pineapple exports. But tensions with doing it to encourage young people, why should they go?”
France, an attempted coup by Portuguese- including my two young daughters,” says
supported rebels, ethnic tensions and Mbalou. “I keep telling them they should Guinea’s homegrown fix to migration
socialist policies combined to take a toll on be interested in the work going on here also helps Europe and could serve as a
its economy. By the 1980s, a juicier variety because we have to develop our country model for other countries, say experts.
called the MD2 in Costa Rica emerged as to be like those places in Europe we envy.” The initiative is receiving investments from
the most popular pineapple globally, and She trains her students in pineapple the European Union ($5.5 million) and
Belgium’s development agency Enabel
($3.3 million) apart from the Islamic
Bank of Guinea ($200,000) for irrigation
equipment and fertilizers. And there are
signs of success. Though a broader
crackdown from Italy has led to overall
numbers of migrants reducing, Guinea,
the third-biggest source nation in 2016,
is now eighth. In the first seven months
of this year, only 91 Guineans reached
Italy, according to the United Nations High
Commissioner for Refugees.
“We are doing this to create employment
for young people, including those who
failed to go to Europe and come back
here,” says Moussa Camara, president of
the FEPAF-BG.
40 The Business Executive
The Business Executive 41
Energy
8 years of oil wealth yet
to tickle down to
Ghanaians
By Solomon Kwawukume
Eight years of oil production in Ghana has come have failed to take advantage of the oil boon Hon. John Peter Amewu, Minister for Energy
to an end and, as usual, the Fair Trade Oil Share to garner the resources to avert the economic
(FTOS) – Production Sharing Agreement (PSA) crisis and deprivations Ghanaians are currently
Campaign Team, under the auspices of the facing, not to mention the current wrangling
Center for Natural Resources and Environmental and accusations of shenanigans between the
Management (CNREM), has the painful task to NPP and NDC.
present to Ghanaians, sovereign owners of the
oil resources, its independent report on how Below are Summaries of Tables of our findings
Ghanaians are being robbed off their oil wealth
in the name of investment. OIL PRODUCTION
This is coming at a time when there seems to be Barrels Value US$
some awakening at last to the colossal financial
losses to Ghanaians successive governments - Jubilee Fields 249.665.488 20,396,883,664
not only the ones occurring under the present 49,175,319
New Patriotic Party (NPP) regime - have caused TEN 12,293,706 2,765,817,083
Ghanaians. These losses far outweigh the sums Sankofa 681,652,137
being borrowed from the Chinese for which the Total (A) 311, 134,513
country’s natural resources and forest reserves 23,844.352.884
are being further sacrificed and mortgaged to
repay. CNREM maintains that had the National REVENUE DUE THE FOCs
Democratic Congress (NDC) and Parliament
listened to its pleadings to consolidate the PSA, Barrels Value US$
Ghana would not be in its present dire straits
deep in debt and piling on more. Due FOCs (A-B) 257,689,986 19,737,842,999
Corporate taxes -621,488,944
As usual, the report is limited to analyzing the
major economic benefits that make up the Gross Revenue 19,116,353,855
Government Take. These are the Royalties, Net of Corporate
Carried and Participation Interests and Corporate Taxes Due
Taxes paid by the Foreign Oil Companies FOCs (A-C)
(FOCs) under the Royalty Tax/Hybrid System
Fiscal Regime Ghana is operating. The results *NOTE: Taxes paid, according to the calculations from oil lifted, display
are compared to expected earnings if PSA was a huge shortfall which is currently a whistleblower case and subsequent
adopted in order to bring out the losses. litigation, details of which are available.
As a reminder, the legal framework which
supported the PSA was on Ghana’s legal books
since the 1980s (PNDCL 64 and 84), but both
the NPP and NDC Governments decided to
ignore them and signed recent oil agreement
contracts contrary to the spirit and intent of
these laws by using the Royalty System. The
two dominant party governments, thereby,
42 The Business Executive
Energy
Explanation of tables of findings of US$621,488,944, the FOCs earned record for telling Ghanaians that Ghana
a gross revenue net of taxes in the sum is not contributing to the oil production,
At the end of the 2018 production of US$19,116,353,855, representing hence the low shares and revenues
year, 311,134,513 barrels of Oil worth 80.17% of total production revenue from Ghana is deriving. All these, of course,
US$23,844,352,884 were produced, crude oil alone. are blatant misinformation to cover up
excluding Gas of which production figures the huge financial losses their dismal
are difficult to come by. If Ghana had adopted PSA which PNDC stewardship is causing Ghanaians.
Law 84 supports and taken the Least-
The Royalty Tax/Hybrid System Minimum Government Take of 42% of The verdict is for Ghanaians to make as
earned Ghana 53,444,527 barrels of total production revenue set by the United to which of the two fiscal regimes could
oil worth US$4,106,510,085 from the States Government Accountability have made Ghanaians, the sovereign
total production of oil. With Corporate Office (GAO) which should accrue to a owners of the oil and gas resources,
Taxes of US$621,488,944 added to host country for allowing its oil and gas derive the most potential benefits. Is it not
the US$4,106,510,085, Ghana earned resources to be exploited, Ghana would clear as daylight that it is the Production
US$4,727,999,029, representing 19.83% have earned US$10,014,628,211. Sharing Agreement rather than the
of total production revenue at cost. Royalty Tax/Hybrid System which the
At the upper limit of 60% set by GAO, citizens have been made to believe over
Ghana is expected to pay Tullow, the lead Ghana would have earned a total of the years is the best for them? Yet the
operator, almost US$2 billion by the end of US$14,306,611,730 as at the end of crafty politicians get their 2% to 5%
2025 under the Royalty Tax/Hybrid System 2018 without paying a cent or a pesewa “local partners” shares with companies
(Ref. World Bank Report. Energizing on capital development cost and daily formed in tax havens overseas.
Economic Growth in Ghana. June 2013, operating expenses as is presently
page 54). happening.
The FOCs had 257,689,986 barrels worth Bizarrely, officials of the Ghana National
Gross Revenue of US$19,737,842,799. Petroleum Corporation (GNPC) are on
With the deduction of paid Corporate Taxes
43 The Business Executive
The Business Executive 43
Business
3 Reasons Your
Business Isn’t Growing
By Daniel Sarpong, Jnr.
Business growth and development is a major factor determining the sustainability factors of a business. Sadly,
most businesses in Ghana survive for few years and go out of market. It is undebatable the the economic factors
such as the exchange rate, interest rate and inflation rate play a major factor in affecting business development,
however one major factor which has not been given the needed and necessary attention is regular training and
workshops for business executives.
It’s sad to note that businesses invest so much in infrastructure, branding, research and development amongst
other factors but little or no investment is set for the training of business executives who represent the business in
all areas and literally influence the sale and level of loyalty of the clients. In this article, I will address 3 reasons
why businesses in Ghana are not growing based on poor sales and client relationship management.
1. Assumptions that your sales executives are friends and family they would refer to you. So The writer
skilled enough: now tell me, won’t you want to learn the new
One of the major reasons why most businesses and modern techniques and skills to make and In conclusion, business growth and competitive
deliver low productivity is because CEO’s, MD’s keep clients? strategies aren’t only limited to quality products
and Human Resource Managers assume their 3. Ignoring your clients because they were and perfect infrastructures’ and technology
sales and customer service executives are unhappy with your service: but most importantly the how equipped the
trained enough and they must deliver perfectly. front-line executives who interact with your
In as much as this has a level of veracity and the One of the things you may experience customers are.
onus lies of employees to be the best at their especially when you haven’t yet understood
job, not training sales executives is like shooting the The Art of Managing and Satisfying Client This kind of investment carries more weight in
yourself in the leg; they may be good but won’t Expectations (to be treated at the Masterclass) determining the perception about your brand
be at their best without regular training on the is that you may have a lot of people who than any other factor. Invest in training these
new and pragmatic methods to make them aren’t happy with your product or service and executives at least quarterly to sharpen and
better in their role. because of this situation, you may stop picking equip them to deliver even better results.
their calls whiles they are waiting for you to
The fact that sales executives are working hard deliver a service or you may totally ignore them Register to the SUPREME BUSINESS
and doing well with targets does not mean after delivering the service. You may think EXECUTIVE MASTERCLASS – IGNITION
that’s their optimum and capacity. you are trying to keep your peace of mind by EDITION coming off on the 26th of October
Your sales executives can double their output avoiding a disappointed client but what you do 2019 and let’s go deeper in the fields of
in months if only you will start investing in them not know is you are killing your brand; this effect sales, client relationship management,
the same way you invest in your Research & is usually seen in the long term and it’s called communication and public speaking. Early bird
Development, Infrastructure, Products and all the DISSATISFACTION RIPPLE EFFECT. tickets end on the 30th of September 2019.
those investments that make you competitive.
Every client has a family and friends and no Daniel Sarpong, Jnr.,
Quality products do no sell themselves so matter how quality and amazing your product/ Global Business Development Consultant and
tell me, what is the use of a good and quality service is, their family and friends will trust them Sales Trainer Head, Digital Strategy & Corporate
products if there aren’t equipped and skilled more than you. Once you avoid picking calls of a Partnerships, Tonaton.com
people to sell them? client because you haven’t been able to deliver Call 0558185625/0203809248 for more info.
the service yet per agreement, or you once www.danielsarpong.com LinkedIn: Daniel
2. Not keeping in touch with your clients: ignore a dissatisfied client after a dissatisfied Sarpong, Jnr., MBA
This is prevalent especially for companies that service, you are not only losing the lifetime
provide services. Some people do not keep in value of a client but you are downgrading your
touch with clients after a sale (once they have brand to that person’s network. That person
their money, then business is done!). will tell most of the people in his network about
how ‘crappy’ your customer service is; without
It is expedient to note that every client has an confrontation, all the people in that client’s
immediate value and a lifetime value. Immediate network will believe this and they will also tell
value is what you gain from a client per a one- their network.
time purchase and a lifetime value is what you
gain from a client over a long period of time. Imagine the number of people who have
heard about your ‘crappy service’ over these
If a client purchased a service worth GHS years and imagine the revenue opportunities
100 in a month, that is his immediate value; you have lost over these years. Imagine if
however, if you had nurtured the relationship you understood and knew the techniques
and the client stayed loyal to your brand for to ‘Manage and Satisfy Client Expectation In
the rest of the months in the year, you would All Situations’ and the benefit it would have
gain GHS 1,200 in a year, GHS 2,400 in two delivered to your business today.
(2) years etc. Lifetime value also includes all the
44 The Business Executive
The Business Executive 45
Special Report
Accra’s filth defers
development
By Ayuure Kapini Atafori
By virtue of it being Ghana’s capital city, are cashing in on the demand and appetite Road and Manet Estates, blemished spots
Accra is the country’s eye. From the of home-seekers to rake millions of dollars. like kiosks, scrubs/bushes and noise detract
windows of their landing planes, tourists’ the beauty and serenity of these residential
eyes feast on the deceptively beautiful The latest announcement by the Ministry areas.
scenic landscape below. of Works and Housing that it would turn
Nima and Maamobi into Villagio-like Commercial and industrial
By 7th January, 2021 when the current condominiums is too fantastic to be real. activities
government’s mandate expires, Accra will But who knows? The good intentions of
still be as dirty, if not more filthy, as when Hon. Samuel Atta-Akyea, the Minister for Commercial and industrial activities even
President Addo Dankwa Akufo-Addo Works and Housing, can materialize when take place in some of these residential areas,
declared that he would transform the the necessary political will and courage giving birth to pollution. Implementation
city into the cleanest metropolis in Africa. are marshaled to concretize the plan to challenges are frustrating change, and
Though the Ministry of Water and Sanitation redevelop the low-class residential area. the situation is sure to continue for a long
is doing its best to cleanse the Ghanaian Previous governments offered the people time. That means unless something urgent,
capital, its efforts seem to be a drop in the of Nima and Maamobi similar promises but drastic and practical is done about the
gigantic ocean. nothing came out of such inducements. cleanliness of the city, Accra will remain
filthy, in the main.
It is as clear as a transparent menagerie that Accra is a mixture of beauty and dirt: upper-
the metropolitan and municipal authorities class, plush Trassaco co-exists with kiosk- The tourists are taken aback with the sights
are not up to the task in terms of waste type and Chorkor-like slums in the city. The they see when they step out of the relative
management. Filth appears to have arrested class contrasts are cruelly stark in the city: glamor of the airport and take taxis bound
Accra’s development. Yet high-rise building The upscale Airport Residential Areas and for their destinations in Accra – hotels,
are being put almost every day. The real the ghettoic Nimas and Maamobis. At all the guesthouses or friends’ abodes. Even the
estate industry is thriving, and developers relatively uptown vicinities such as Spintex
46 The Business Executive
Special Report
tourist with the least percipience quickly ourselves. We should support AMA in all its Worthy national capital
arrives at the conclusion that Accra is dirty. laudable undertakings.” The AMA should
As the tourists walk on the pavements operate in a way that will induce citizens If Accra is to be a truly worthy national
and paths, drive or are chauffeured on the to support it. If it continues as it does at capital, then the tidying up of the city
roads to the beaches, historic and cultural present, the AMA will have to use the force must be fast-tracked. At present, a long
monuments and sites and other places of of the law or raw coercion to compel the portion of the coastline of Accra-Tema is
interest to either swim, sun (tan) themselves residents to cooperate with it. litter-ridden and underdeveloped. Only
or sight-see, they are mostly greeted by a short part of the coastline has been
dirt, litter and stink. Many residential, industrial and commercial developed: Labadi Beach Hotel, La
Plastic waste is scattered in almost all parts areas of Accra are homes to huge Palm Beach Hotel, Nungua Coco Beach
of Accra. At areas where it is unexpected mountains and mounds of garbage that Hotel and a few others. How beautiful
like the islands on roads like the Ring daily cry for disposal. Is Accra dirty because it will become when first-class hotels,
Road, grass which should be watered the inhabitants of the city are dirty? How restaurants, guesthouses and casinos
and mowed ornamentally, or manicured can a place be dirty when human beings dot one end of the Accra-Tema coastline
horticulturally, is burnt. have not tampered with the apple pie to the other. How glamorous Accra will be
cart of nature with their non-environment- when the white sandy beaches are spin
In Daily Graphic of 21th February, 2005, friendly activities? and spank, and are well-managed. The
K.B. Asante, the eminent senior citizen plan to develop the coastline in Accra from
and diplomat, wrote: “There is a lot to In this regard, the AMA should put up the Osu Christiansburg Castle, the former
do to make Accra a pleasant place to an extensive mass media education via Seat of Government, to the Art Centre into
live in. Accra cannot be a popular tourist awareness-creation and conscientization in a world-class tourism haven will transform
destination while the present eyesores and the local languages and English to inculcate the coastline further.
stench persist.” Truly, Accra is the spirit, good sanitary habits into the residents in
soul and heart of our nation, if we have the city. The sanitation courts too must be Lack of resources is usually blamed for
really carved a republican entity out of our made to work well and punish the errant. the sanitary backwardness of Accra. Lack
previous atavistic and primordial proclivities of money, of course, is good reason, but
and cleavages. What happened to the plan to decongest residents must concede that their insanitary
Accra by transforming it into a commercial disposal of waste has turned Accra into a
Sadly, the residents do all sorts of things capital, and setting up a political big dumping ground.
that do not dignify Accra, without showing (administrative) capital somewhere mid-
a modicum of remorse. They defecate and country like Nigeria and Cote d’Ivoire If residents do not keep the city clean
urinate indiscriminately at places of Accra did to Lagos and Abuja and Abidjan and enough to act as a magnet for tourists and
which should normally be show-pieces of Yamoussoukro respectively? The present investors, why do they whine about lack
cleanliness. The fecal matter-filled black manner in which shopping malls and of resources? A clean city attracts foreign
polythene bags are the most horrendous restaurants are located encumbers the investment. Traffic congestion, especially
of the unsanitary mess seen all over Accra. work of residents, and threatens the lives in the Central Business District (CBD), Osu
of many road users in the city. When will Oxford Street, Kaneshie Market Road and
Suburbs and slums government raze down Nima, New Town, others, adds to the unsanitary plaques in
the ‘zongos’ and other shanties in Accra Accra. Thus the implementation of the plan
The courts have banned pan latrines but and replace them with modern housing to relocate some lorry stations in congested
they are dotted in many suburbs and complexes? inner city commercial areas to the outskirts
slums in Accra. Residents of Accra do of Accra will improve traffic flow.
drop excreta in gutters which are already
choked with all manner of refuge. Does it
mean the rule of law is being abused by
the authorities in charge of sanitizing Accra
with impunity? No, the real situation is that
the Accra Metropolitan Assembly (AMA),
the cleaner of the city, is overwhelmed
by these sanitation challenges because it
lacks the financial muscle to keep Accra
clean.
The AMA claims it is under-resourced,
but it can potentially make money from its
intra-city businesses, commercial activities
and from rents, rates and levies to become
financially self-sustaining. It is true that the
Ministry of Local Government and Rural
Development, under which the AMA falls,
has a shoe-string budget that hampers the
effective clean-up of Accra. Senior diplomat
Asante admonished: “We owe as a duty to
make Accra pleasant for our visitors and for
The Business Executive 47
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48 The Business Executive
Special Report
To give Accra a better facelift, leading rainy season. The resettlement of squatters In Business Day Ghana, one writer
to adoration and respectability for it, the at Agbogbloshie or Old Fadama and the notes:”Thus, the community which until
city’s narrow roads must be widened and development of the area under the ongoing the beginning of the twentieth century was
well tarmaced. To many Accra lovers and US$660-million Korle Lagoon Ecological limited to the confines of the Ga traditional
observers, the jewel in the crown of the city Restoration Project will improve sanitation, settlements along the coast, between the
is the three-tier interchange at the Kwame and beautify the currently repulsive area for Christianborg Castle, Ussher and James
Nkrumah Circle. It is humbly suggested that tourists to visit. Forts, and the Korle lagoon, has grown
an amusement/recreational park should be in leaps and bounds.” To Bruce-Myers
built at the space in front of the Obra Spot. On 1st November, 2014, the government (1927), Accra is “the humble village which
Besides the interchange, other roads in the declared the National Sanitation Day; and the Portuguese saw from their ships in
neighborhood of the Nkrumah Circle should it has since done some good to Accra’s the 1490s developed into the capital of
be improved. The roads are expected to be sanitation on the first Saturday of every the independent Republic of Ghana.”
given an asphaltic concrete surface, with month. But the big worry is that the waste Ghanaians should love and respect Accra.
pedestrian walkways and bicycle paths. collected from the drains is not disposed For, there is no place in Ghana like Accra.
off, and it finds its way back into the desilted
Road management and safety gutters after a downpour or when wind
blows.
After Accra gets good roads which befit its
status as the capital, road management and A matter of urgency
safety become paramount. The number of
accidents which occur in Accra annually is As a matter of urgency, the AMA must
alarming. To ensure safety on the roads, the equip all the volunteers with wheel barrows
AMA had signed a five-year partnership with and shovels to collect and deposit the
Bloomberg Initiative Global Road Safety to rubbishy silt at specified dumps. It would
modernize Accra. not be fair for the current government to
make the Sanitation Day clean-up exercises
Under the partnership, the AMA will set up compulsory by legislating same. For Equity’s
an enforcement guard unit to complement sake, the exercise should be voluntary
the efforts of the various national security because the AMA pays workers who are
agencies to make the roads safe. The responsible to keep Accra clean, but fail in
guard unit will enforce traffic regulations their duties due to causes which the AMA
in and about the business centers. The could have resolved.
unit will handle traffic offences such as
riding motorcycles without helmets and on The origin of Accra is quite revealing. Legend
pavements; driving on the shoulders of the has it that Accra is derived from the word
roads; too much speeding; and jay-walking. ‘nkran’ which means ‘ants’ in Akan (the
majority-spoken language in Ghana). In his
Experts from the implementing partners work, Henderson-Quartey states that the
and the metropolitan authorities would build coastal and inland Ga Mashie communities
the capacity of the personnel of the unit by had big towns; were bound to the west by
holding workshops, and conducting road the Densu River and stretched to the Laloi
transport surveys and audits. River in the Shai Plains in the east. The
communities had some stone buildings with
The mosquito is the major source of Accra’s extensive iron works.
Number One health problem: malaria. The
breeding grounds of the blood-sucking
female anopheles mosquitoes must be
totally destroyed in order for residents
and tourists to live safely, healthily and
environment-friendly in Accra. The garbage
dumps and open drains also cause
occasional outbreaks of cholera, a disease
associated with insanitary conditions. The
open sewers and gutters in Accra must be
washed with disinfectants, and covered up.
The AMA and DUR must ensure that no
road constructed in Accra has uncovered
drains/gutters. It is hoped that the dredging
of the Odaw River and its tributaries, and
other streams in Accra after the June 3
double calamities of floods and fire will
forestall another disaster during the coming
The Business Executive 49
Real Estate
House buying Trends Surv.Dr.GadAkwensivie
In Ghana In 20 Years
Ghana’s real estate industry is changing quickly due to dynamics such as
advancement in technology, access to finance, changing tastes, needs and values.
Industry players: Surveyors and Valuers, Architects, Planners, Engineers, Estate
developers, Brokers and Financiers have to keep up with trends. This insider article
provides meaningful insights to help industry players navigate into the future.
Whether you are thinking of are able to get it right and plan ahead will the housing deficit gap. This trend will be
building houses for sale or be separated from the rest. Our forecast, boosted largely by growing middle income
for rent in Accra, Kumasi or based on trend analysis, predicts the earners with smaller family sizes. Around
Takoradi or taking a bank scenarios below. the same time, there will be a swing from
loan to grow your real estate empire, know private incremental home construction for
that real estate is constantly changing. It There will be a sudden surge in both the mortgage. This is expected to happen
is therefore important to identify with some demand and supply for condominiums, as a result of global events such as
degree of confidence the changes taking apartments and similar shared properties technological innovations and financial
place especially those here to stay to guide by 2030 as part of strategies of market shifts.
our long term plans. Professionals who government and developers to bridge
50 The Business Executive
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