The Business Executive Magazine - Issue No. 90

Special Supplement

Ghana Beyond Aid

CHANGING FROM ONE BUSINESS • Sole Proprietor: This is known as a one-man business; all
ENTITY TO ANOTHER ENTITY decisions are taken by the owner.

CHANGING FROM SOLE PROPRIETORSHIP • Subsidiary Business Name (SBN): Is an entity registered under
TO PARTNERSHIP a company, which is called the parent company. The subsidiary
assumes the status of a Business Name.
a) Renew your certificate of registration to date
b) Attach letter of cancellation signed by the registered owner • Limited liability Company: Is an association between two and
c) Attach certificate of registration and Form A for cancellation fifty people with a set of objectives for either profit or non-profit
d) Attach a filled Partnership Agreement stamped at the Land basis. There are shareholders who are the owners of the company
Valuation Board and directors, secretary and auditors who are the Officers of the
company.
CHANGING FROM SOLE PROPRIETORSHIP
TO LIMITED LIABILITY COMPANY • Limited by Guarantee: Companies limited by Guarantee are
companies registered not for profit but for charitable purposes,
a) Renew your certificate of registration to date clubs, association or foundation.
b) Attach letter of cancellation signed by the registered owner
c) Attach certificate of registration and Form A for cancellation • External Company: It is branch of an existing company usually
d) Attach a filled out set of Company Registration Document. The first object registered by a Local Manger on behalf of the company registered
should capture information of Business Name being acquired and taken over outside the jurisdiction of Ghana, who wants to own a branch or
by the new Company. place of business in Ghana.

CHANGING FROM PARTNERSHIP TO LIMITED Note that the Local Manager must at all times be a resident of the
LIABILITY COMPANIES country and all supporting documents of External Company have
to be in English Language and notarized by a notary Public in the
a) Renew your certificate of registration to date Country of Incorporation or Ghana Mission.
b) Attach letter of cancellation signed by the registered owner
c) Attach certificate of registration and Form A for cancellation • Partnership: Involves two or twenty persons engaged in a
d) Attach a filled out set of Company Registration Document. The first object business. Their relationship is defined by an Agreement/Deed
should capture information of Company Name being acquired and taken over which is stamped at the lands Valuation Board before acceptance
by the new Company. at the RGD.

FILING OF ANNUAL RETURNS • Limited by Guarantee: Companies limited by Guarantee are
companies registered not for profit but for charitable purposes
clubs, Association or Foundation.

All companies must file their Annual Returns 18 months after incorporation CHANGING FROM ONE BUSINESS ENTITY TO
and each year thereafter, whether they are operational or non-operational with ANOTHER ENTITY CHANGING FROM A SOLE
Audited or Nil Returns PROPRIETORSHIP TO PARTNERSHIP

RENEWAL BUSINESS NAMES •Renew your certificate of registration to date
•Attach letter of cancellation signed by the registered owner.
All Business Names/Sole proprietorship must renew their registration •Attach Certificate of Registration and Form A for Cancellation
annually whether they are operational or non-operational.
CHANGING FROM PARTNERSHIP REGISTRATION
SPECIAL RESOLUTION FORM TO LIMITED LIABILITY COMPANIES

It is used to amend the Company’s Name, Regulations, Objectives, increase •Renew Certificate of registration to date
in Authorized shares, to increase stated capital through transfer from income •Attach letter of cancellation signed by the registered partners
surplus or to windup a Company. •Attach Certificate of Registration and Form A for Cancellation.
•Currently the Department is providing online registration
services on www.rgdeservices.com or www.rgd.gov.gh where
Individuals can register their Businesses/Companies.

The following steps are required:

• Obtain a Tax Identification Number (TIN) issued by Ghana Revenue Authority (GRA)
• Register as a portal account user, this provides access to all Businesses/Company Registration, Marriage and Estate services.
• Applicants can also download all the necessary forms for registration by visiting: www.rgdeservices.com or www.rgd.gov.gh.

The Business Executive 51

Special Supplement

Ghana Beyond Aid

DVLA’s Public Education
on President Akufo-Addo’s
Two Years

Generally, the services of the Authority facilitate document processing for Under the able leadership of Mr. Kwasi
can be classified under the following customers. The mere mention of the Agyeman Busia, the Authority engaged the
two major categories: name DVLA to a client elicited the services of human resource (HR) experts to
1.1. DRIVER LICENSING negative impression of ‘corruption’. A undertake an organizational audit, restructure
• New drivers’ license issuance report by Ghana Integrity Initiative cited the organizational systems, improve recruitment
• Renewal of drivers’ license on the Ghana Business News website processes and suggest key actions that will
• Upgrading of drivers’ license sums up as “… DVLA Perceived to be facilitate human capital development as well
• International driving permit The Most Corrupt …” in the Kumasi as create a favorable environment for work.
• Conversion of foreign license metropolis. These exercises resulted in the creation of
• Replacement of old/expired licenses However, since March 2017, the Authority the Research, Business Development and
• Replacement of defaced/missing licenses has seen a massive transformation of its Innovation and a Human Resource Directorate
• Proficiency Test services to the delight of its customers, to spearhead strategic business growth and
• Amendment of clients’ records taken back control of most of our IT human capital development respectively. The
1.2. VEHICLE LICENSING estate, increased investment in a stronger new HR Directorate included three management
• Vehicle registration and more resilient IT infrastructure and appointments to oversee and coordinate three
• Change of ownership/transfer development of new services to cater for specific priority areas (departments) identified via
• Change of use (conversion) the needs of our clients. Currently, the the organizational audit. These included:
• Roadworthy certification Authority is undergoing a period of stabilization • Service Excellence Unit:
• International vehicle (fiscal) permit as it transforms its business operations. With DVLA’s vision to deliver optimal services
• Examination of accident vehicles Under the revolutionary leadership of the to clients at all times, this unit was set up
• Physical conversion President, DVLA’s services are growing and we by the Authority to spearhead a culture of
• Vehicle lay-off certification are creating new opportunities to better serve excellence in all of the Authority’s frontline
• Amendment of clients’ records our clients in ways that never existed since our service engagements. The unit oversees and
• Outstation services history. coordinates the client service units in all of the
DVLA’s products are safer than they have Authority’s stations across the country and
2. SUMMARY OF BACKGROUND ever been; processes are more efficient than has started to implement strategies to improve
Before assumption of office of His they have ever been; staff are being more service delivery at all levels of the Authority.
Excellency President Nana Addo Dankwa professional and courteous than they have ever
Akufo-Addo, DVLA was plagued with been; and avenues for revenue leakages are • Resource Learning and Department Unit:
inefficiencies and revenue hemorrhages; slimmer than they have ever been. Prior to the establishment of the new HR
poor customer services; weak and unsafe For the first time since its establishment, the Directorate, the Authority lacked an organized
systems; heavy bureaucratic processes; negative impression the public held of DVLA is training and learning system. Training and
and insecure products which paved way for becoming a thing of the past. DVLA’s services learning opportunities were provided as rewards
the occurrence of all sorts of illegal activities are now simpler, safer and better. As a result, for longevity of service, rather than as a tool
within the Authority. DVLA’s operational its clients have been very pleased with the for improving human capital capabilities and
documents (Forms) and process as Authority than ever before in recent times. performance. There were no systems to assess,
they existed were open to infiltration by The stock of unprinted licenses has reduced identify and coordinate training needs and
unscrupulous persons who pretend to by over 83% by the end of 2018 and the rate applications respectively. The aforementioned
of proliferation of the roadworthy sticker has department, as set up by the Authority under
diminished significantly. Under this regime, Mr. Busia’s leadership, is at present working
vehicle registration increased by 26% between to improve the training and learning systems,
2016 and 2018; roadworthiness increased by and coordinating training applications to ensure
almost 15% while clients passing the theory they have a direct bearing on individual and
driving test increased by 40%. organizational performance.
•Workforce, Compensation and Benefits Unit:
3. SELECTED ACHIEVEMENTS This unit ensures the creation of the favorable
3.1 Improved Organizational Structures working environment that foster performance
In the past, DVLA’s corporate image was management, workforce welfare and rewards.
sneered with poor working environment and One of the crucial roles of the Workforce,
the seeming lack of effective organizational Compensation and Benefits Unit is to set
structures. This situation hampered the the right basis for employee promotions and
Authority’s progress and resulted in inefficiencies compensations. Thus, to warrant a promotion
that affected the quality services offered. system that rewards hard work and guarantees
fairness and transparency.

52 The Business Executive

Special Supplement

Ghana Beyond Aid

These key HR units are contributing immensely 3.4 Issuance of Smart Vehicle Registration 3.8 DVLA Express Mobile Service
to DVLA’s vision to have within the institution - Card Similarly, DVLA has also improved on
“the most motivated staff in the public sector.” The existing vehicle registration services its Express Mobile Service (DEMOBS)
They have improved the work environment of DVLA are provided through a manual which offers rapid response to corporate
considerably, improved efficiency and continue to system, with over two million registered bodies and members of identifiable
motivate the human resource. The establishment vehicle records kept in paper files as at groups who are unable to take time off
of these units, coupled with the creation of the the last quarter of 2016. This system their busy schedules to visit DVLA offices
Research, Business Development and Innovation was fraught with extensive administrative to access services. DEMOBS extends to
Department, has been at the base of the massive challenges, fraudulent activities, financial communities or jurisdictions where DVLA
improvements that have recently been attested to leakages and information inaccuracy, among does not have operational facilities. Since
by the several awards and nominations. others, leading to revenue losses for DVLA its inception, DEMOBS has provided
as documents were produced and sold by services to communities such as Abeka
Provision of Value-added Services to Ghanaians unauthorized third party agents as well as Lapaz for Concerned Drivers, a driver union,
through the Introduction of the Smartcard freelance agents who inflated prices to fast- Asamankese, Elembele District, Agona,
Technology & Electronic Vehicle Registration: track services for customers. Duakwa as well as corporate bodies such
As such DVLA, in line with its vision and as Parliament House, the Ghana Institute
Under Mr. Busia’s leadership, the Authority has mission of upholding internationally accepted of Management and Public Administration
demonstrated unprecedented commitment to standards for driver and vehicle licensing as (GIMPA), Ghana Immigration Services,
providing value to the Ghanaian. The introduction well as ensuring the use of best practices Ghana Revenue Authority, Barclays Bank
of the new Smartcard, for example, makes it for licensing drivers and vehicles to promote Head Office, Accra, and the Ghana Bar
possible for people to own a secured, durable and road safety and environmental sustainability, Association, among others.
valid driver license in 30 minutes. The introduction sought to automate the vehicle registration
of the Electronic Vehicle Registration means process through the use of smart cards. The 3.9 Public Awards
clients are able to complete the registration of decision of DVLA to migrate to the automated 1. Public Sector ICT Man of the Year to the
their vehicles in maximum time of one hour, rather system, through the use of smart cards, is Chief Executive, Mr. Kwasi Agyeman Busia,
than in several days as was the case before the expected to solve the key challenges that the at the 8th Ghana Information Technology and
appointment of Mr. Busia when President Nana manual system currently in place presents. Telecom Awards (GITTA)
Akufo-Addo took office in 2017. 3.5 Electronic Vehicle Registration 2. Best Government Website Award, Silver,
In pursuit of its digitization goal, the Authority, GITTA Awards
The Authority invested in cutting edge technology from the 1st of October commenced its 3. ICT Service Delivery and Transformation
to, among others, secure and enhance the Electronic Vehicle Registration, which aimed Award, Gold, GITTA, Awards
process of issuing driver’s licenses in this country at transforming and revolutionizing the way 4. Best Government use of Social Media
while ensuring the security and durability of the vehicles are registered in Ghana, and to set (Citizen Engagement), Silver, GITTA Awards
license itself. The new smart driver’s license new benchmarks in the sector. As a result, 5. Emerging Improvement in Procurement
was launched as a result. The new card has the vehicle owners are now able to complete and Supply Chain, at the maiden Ghana
following features: their vehicle registration processes in one Procurement & Supply Chain Awards 2018
hour! The process of vehicle registration 6. Business Growth Achievement Award
1. Contactless chip with memory for biodata and previously took an average of a full day to to the Chief Executive, Mr. Kwasi Agyeman
other personal details. two days to complete. Busia, by the Ghana SME and Young CEO
3.6 Improvement in Roadworthy Sticker Summit Forum and Expo
2. Unique design that depicts culture and sensitivity It is estimated that over 60% of the vehicles 7. In recognition of his sterling leadership,
of Ghana. on Ghana’s roads did not go through the vision and business growth achievement
approved vehicle testing procedure but they 8. Platinum Award by the National Students
3. Improved security. carry some form of roadworthy certificates. Awards for introducing Tert-Drive to tertiary
4. Latest technology for ID printing to prevent The lack of a robust and secure road worthy institutions
system resulted in uncertified vehicles on the
fading. roads, and this is a national security threat. 3.10 Next Steps
5. Guaranteed security. In this respect, the Authority reviewed and The Authority looks forward to continuing to
6. Enabled to communicate with other databases. upgraded its roadworthy issuance systems, make real changes throughout its business
This innovation has led to a massive reduction in including the physical certificate to ensure processes and organizational structures for
the ability, or near-impossibility, to fake our new they are fully protected and secure. As a result our customers and staff. This, among others,
driver’s license, thereby giving our clients the of these improvements, there is nearly a 15% includes integrating our digital services
confidence in the licenses they hold. increase in the number of roadworthiness seamlessly with our paper services where
tests between 2016 and 2018. necessary; further challenging ourselves
3.2 Improvement in Driver Licensing Process to working to benchmark our services
Efficiency 3.7 Tertiary Drive and process with international service and
The Authority has enhanced its operations operational standards across the globe.
Prior to 2017, it took an average of three to nine by optimizing cutting edge technology to Again, in a fast-paced world plagued
months for a valid driver’s license to be produced ensure that students in tertiary institutions with constant changes in technology and
by DVLA. After a careful review of the process, the are provided with the opportunity to acquire culture, the Authority is positioning itself to
Authority invested in process upgrade to produce valid driving license at the comfort of their embrace opportunities for improvement
licenses in shorter durations. As a result, a valid campuses without interrupting their academic and optimization for better efficiency
driver’s license is now produced in 30 minutes, work. The initiative, called Tertiary Drive and effectiveness. DVLA is also about to
instead of the nine months previously practiced. (TertDrive), is also being optimized to allow create new services that are responsive
This process improvement has given clients students to complete all the requirements to to the demands of our clients and provide
enhanced convenience. obtain driver’s license, including scheduling continuous vehicular and driver safety.
and taking CBT on campus.
3.3 Translation of Computer Based Test into
Ghanaian Languages

The Authority undertook a review of the theory
driving test regime and discovered that most
potential drivers fail due to their inability to read
and write proficiently in the English language. This
is in no way an indication of their inability to drive
safely in our road environment. As a result, the
Authority invested in reviewing the entire scope of
the Computer Based Test (CBT). A major outcome
of this investment is the translation of the CBT into
five local languages, i.e. Twi, Ewe, Ga, Hausa and
Dagbani. This will enable clients undertake the
theory examination in the language they are most
comfortable in.

The Business Executive 53

Global Economy

Fear of economic downturn
caps oil prices as forecast dips

Oil prices nudged up at and 24th July, experts worry that the U.S.-China global economic downturn under for seven days. “We
late July, supported by trade war would impact global economic growth is more likely, compared to do believe that Iran has the
weekly United States more than previously expected, despite clear around 50% in a similar poll capability to meaningfully
(U.S.) reports of inventory signals from many major central banks, including in April. disrupt tanker traffic for
draws and simmering tensions in the U.S. Federal Reserve, that they will cut rates Hormuz for a significant
the Middle East, while worsening and ease monetary policies. More than 70% of 250 According to Rapidan period of time - days to
outlooks on the global economy economists polled by Reuters now say a deeper Energy, Brent could spike weeks. And we believe that
capped price gains. by $15 to $20 per barrel
if the Strait of Hormuz,
At late July 2019, WTI Crude was the world’s busiest oil
up 0.46% at $56.28 and Brent chokepoint, were blocked
Crude was trading up 0.30% at
$63.45, with prices on course to
post a weekly gain the trading
week.

The Iran-West tensions in the
Middle East and a call from none
other than the world’s top crude
oil exporter, Saudi Arabia, on
countries buying oil to secure the
free navigation of tankers in the
Strait of Hormuz lent support to
prices.

The bullish factors during the
period also included the EIA
reporting a stunning inventory
draw of 10.8 million barrels in
U.S. crude oil inventories in the
week to 19th July, confirming
the estimate of the American
Petroleum Institute (API) which
had reported a day earlier a
draw of over 10 million barrels,
continuing a string of weekly
declines.

According to estimates from
ING, U.S. crude oil inventories
have declined by around 40
million barrels over the past one
and half months. The current
inventory surplus over the five-
year average has narrowed
down from 38 million barrels in
June 2019 to 15 million barrels
currently, ING says.

Despite the huge U.S. inventory
draws and the continued
unresolved tensions in the
Middle East, oil price gains
were constrained by continued
concern over the health of the
global economy going forward.
According to Reuters polls of
more than 500 economists
carried out between 1st July

54 The Business Executive

Global Economy

“If the talks“ this is much longer than what the market sees at the moment,”
between Rapidan senior analyst Fernando Ferreira tells S&P Global Platts’
the West Capitol Crude podcast.
and Iran are Rapidan’s report, “Battlespace & Barrel Flow: Oil Market Impacts
of a US-Iran Conflict,” forecasts that a weeklong shutdown would
successful, cause an immediate $15 to $20 per barrel spike in Brent oil prices,
there could with prices exceeding $100 per barrel likely if the disruption drags
on. Ferreira discusses crude quality differential issues, the loss of
be more global spare capacity and the likely response from the world’s top oil
weakness in consumers in response to a blockade by Iran.
oil prices early
Yet so far in July, U.S. or WTI crude oil prices have risen about 5% on
in August. an average closing price basis. The U.S. Oil Fund LP (USO) and the
ProShares Ultra Bloomberg Crude Oil ETF (UCO) have risen 4.9%
and 8.9%. USO and UCO follow WTI crude oil prices. In the last five
years, WTI crude oil was usually seen at the strongest level in July.
If the talks between the West and Iran are successful, there could
be more weakness in oil prices early in August. The security issues
for tankers passing through the Strait of Hormuz added upside in oil.
Apart from geopolitical tensions, the inventories spread fell sharply on
a month-over-month basis.

However, U.S. crude oil production could rise in the rest of 2019.
Based on the EIA’s Short-Term Energy Outlook, U.S. crude oil
production will average 12.4 million barrels per day (MMbpd) in 2019.
So far, U.S. crude oil weekly production averaged approximately 12
MMbpd this year. The oil rig count might bottom out in August.

For the S&P 500 Index, a downside in oil could be great concern.
Energy stocks account for about 5% of the S&P index. In the next
24 trading sessions, or until the end of August, U.S. crude oil prices
will likely close at $51.93 – $60.47 per barrel. The probability for this
price range is about 68% based on the implied volatility of 29.6%.
With the absence of any solid drivers for oil, the prices will likely trend
near the lower limit of Market Realist’s, the New York-based market
research organization, price forecast.

The Business Executive 55

Energy

Equatorial Guinea: Stakes fortunes
high with first gas hub; hosts two
global gas events

By Ayuure Kapini Atafori to attract fresh investment in the International Gas Seminar. Both events
Organization of oil Producing Countries will be held at Sipopo International
Equatorial Guinea has positioned (OPEC) member’s hydrocarbons sector. Conferences Hall in Malabo, the capital
itself to become the heartland of The country has, therefore, staked its city, on 26-29 November, 2019. At the
gas production, processing and fortunes high in the gas sub-sector sessions, presentations made by gas
marketing in Africa, beginning from 2019, by establishing the first gas hub of the experts and leading gas players in the
which the oil-wealthy central African Equatorial Guinea Gas Mega-Hub project public and private sector will explore the
country of a little over a million people last April. It is also planning to host the theme: ‘Gas: Challenging the Status Quo,
declared as the ‘Year of Energy’ in 2018. three-day 5th Gas Summit and 2nd Gas Creating a Sustainable Future.’
The ‘Year of Energy’ initiative is purposed Exporting Countries Forum’s (GECF)

56 The Business Executive

The Alen offshore platform will undergo
minor modifications to export gas while
primary condensate will continue to be
produced and lifted offshore via the Aseng
FPSO. The Alen Unit joint venture will
install and operate a 70-kilometer pipeline
to transport gas from the Alen platform to
Punta Europa, where it will be processed
and transported for sales on the global
market. The pipeline is be capable of
transporting approximately 950 MMscfd of
gas. First gas is expected in the first quarter
of 2021. The Alen Unit gas monetization
project will leverage the capacity of
the world-class Punta Europa facilities.
Modifications are already underway at
the Alba Plant in order to receive Alen
Unit’s gas. No process modifications are
expected at EG LNG in order to process
Alen Unit’s gas.

Additional source of gas
The project will provide an additional source
of gas for the Punta Europa facilities. It will
also transform the Alen platform into an
offshore gas hub for the development of
both Alen Unit’s gas, other Blocks O and
I discoveries and potential Gulf of Guinea
gas fields. The Alen Gas Offshore Hub will
be the first hub in the Equatorial Guinean
Government’s vision of transforming the
country into a Gas Mega-Hub, comprising
additional offshore gas hubs which will all
feed gas into the Punta Europa facilities.

The Gas Summit will feature Heads of gas industries that will spur industrial “This is the kick-off of our Gas Mega-Hub
State and Ministers from GECF member advancement and socio-economic and we will do more deals on other gas
states. Elite Construcciones and growth. For the first time, Equatorial assets in the country. Development of
Equatorial Guinea’s Ministry of Mines and Guinea has executed the Definitive the Gas Mega-Hub will ensure a thriving
Hydrocarbons; and Noble Energy, Kosmos Agreements with the Alen Unit and Punta Equatorial Guinea gas industry in the
Energy, Tullow Plc, Compañía Nacional de Europa Plant owners to monetize gas from future. It is my firm belief that it will create
Petróleos de Guinea Ecuatorial (GEPetrol), the Alen Unit which is located in Blocks O opportunities for the development of our
Trident Energy and Sociedad Nacional and I offshore the semi-island country and citizens in the upstream and downstream
de Gas de Guinea Ecuatorial (Sonagas operated by Noble Energy EG. segments of the country’s oil and natural
GE S.A.) are the partners and platinum gas industry,” states Gabriel Mbaga
sponsors of the summit respectively. The agreements provide for tolling Alen Obiang Lima, the Minister for Mines and
Unit’s gas through Alba Plant LLC’s Hydrocarbons.
The systematic and scheduled liquefied petroleum gas (LPG) processing
development of the Alen offshore gas plant and EG LNG’s liquefied natural gas The Alen Unit is comprises of the Blocks
hub is the first step towards Equatorial (LNG) production facility, both located in O and I contract groups. The Block
Guinea’s vision to become a gas mega- Punta Europa. Marathon Oil is the majority O contract group is made up of Noble
hub in Africa. shareholder in both Alba Plant LLC and Energy, the technical operator, Glencore
EG LNG. The agreements will witness Exploration and GEPetrol. The Block I
The partial island nation-state aims to Sonagas GE’s, the national gas company contract group consist of Noble Energy,
achieve this status by developing several of Equatorial Guinea, stakes increased which again serves as the technical
offshore gas hubs; monetizing neighboring from 25% to 30%. operator, Glencore Exploration, Atlas-
gas reserves; and developing downstream Oranto Petroleum International, Gunvor
Resources and GEPetrol.

The Business Executive 57

Energy

Atlas Petroleum International
and Oranto Petroleum are
Africa’s largest privately-held,
Africa-focused exploration and
production groups.

Their extensive footprint
across the continent includes
22 oil and gas licenses in 11
countries, including Nigeria.
Operating as sister companies
in Western Africa since 1991,
Atlas and Oranto have regional
offices and representatives.

The Punta Europa parties include Alba Plant The rise of Following the declaration of the
LLC, Alba Unit and Equatorial Guinea LNG Equatorial ‘Year of Energy’ by the Ministry
Train 1, S.A. The interest holders in Alba Guinea as of Mines and Hydrocarbons,
Plant LLC include Marathon Oil, one of Africa’s Equatorial Guinea has chalked
leading petro- some achievements with the
Samedan of North Africa, LLC, a subsidiary states was campaign as the country has hosted two
of Noble Energy, and Sonagas GE. The consolidated international conferences this year.
shareholders of EG LNG’s holding company when it joined
include Marathon Oil, Sonagas GE, Mitsui OPEC in 2017, For example, on 2-5 April, the annual
& Co. Ltd. and Marubeni Gas Development being currently African Petroleum Producers Organization
UK. the smallest oil Conference and Exhibition were held in
producer in the Malabo.
“Monetization of Alen Unit gas could deliver
around $1.5 to $2 billion dollars in additional cartel. These gathered top oil and gas executives,
State revenues over the life of the project, some of Africa’s Energy Ministers and
including revenues from Alen Unit and Atlas Oranto urged all the parties to hasten international policy leaders together to
Punta Europa plants. Local content is going the implementation of backfill project. discuss policy reforms, the continent’s
to play an integral part in the implementation The company recognizes the need to influence in energy geopolitics and
of the project when it comes to contracting boost local and regional content as well increasing cooperation among its countries.
and jobs for our citizens. I am happy this as create jobs. “We firmly believe that gas The conferences create prime opportunities
project will support the employment of monetization is not only key for Equatorial for the Government to attract new investors
Equatoguineans by the Punta Europa Guinea and Nigeria, but for the whole of and maintain the old ones in the country’s
plants and Alen platform, which currently Africa. Atlas Oranto will continue to invest energy sector.
stands at approximately 1,400 employees in gas monetization projects across the
in total,” says Obiang Lima. continent, including gas-to-power and the The rise of Equatorial Guinea as one
curbing of gas flaring,” notes Arthur Eze. of Africa’s leading petro-states was
US$350 million investment consolidated when it joined OPEC in 2017,
being currently the smallest oil producer
Immediately after the signing of the Definitive in the cartel. According to The Economist
Agreements, Atlas Oranto Petroleum, with Intelligence Unit (EIU), oil production,
its partners in Blocks O and I, is expected which is declining, accounts for 78% of
to invest about US$350 million on pooling the country’s GDP. “Economic growth
supply from stranded gas fields in Equatorial prospects for Equatorial Guinea in the 2019-
Guinea and the Gulf of Guinea; and replace 23 forecast period will therefore continue to
declining output from the Alba field. “Our be largely defined by developments in the
investment into Equatorial Guinea will country’s oil and gas sector, even though
confirm Atlas Oranto as a strong African the government is under pressure to
gas player,” declares Prince Arthur Eze, the diversify the economy,” observes the EIU.
multinational’s Executive Chairman.

58 The Business Executive

The Business Executive 59

Real Estate

To Buy or To Rent? Dr.GadAkwensivie

… Benefits of renting over buying a house

According to Ghana’s most recent They also cited the lengthy sales/purchase What is more, you can experience living
population and housing census, processes a homeowner will go through in different types of properties: compound
home-owner occupancy is still to relocate as compared to a renter. They housing, flats, gated communities, self-
very low. It implies that majority of concluded that, changing your house by compound to apartments. Renting a home
Ghanaians rent their homes. Despite that, renting is much easier and faster. With gives you flexibility than owning one which
they view renting as a temporal solution the proposed one-year maximum rental can be the ideal thing for people would who
and work hard to build or buy their own payment, tenants will be free to move even are likely to change their jobs frequently
houses. But is renting a home a bad idea? more regularly if they wish. because renting does not require any long
term commitment with a landlord. It tends
Renting a home has many advantages Even after the tenancy agreement has to be the best option for people who do
which probably explain why many been signed, most of them permit a not intend to stay at one place for long.
Ghanaians are happy signing tenancy tenant to leave provided the tenant can Owning a home on the other hand gives
agreements. The first and obvious benefit find a replacement. The fact that you can greater sense of stability.
that comes to mind for renting a house change your home from say Achimota to
is the flexible lifestyle it offers. People we Dansoman or to Latebiokoshie or Spintex Renting makes it a lot easier to live with
spoke to as part of this work identified the or Adenta and Sakumono allows you to and close to friends and family. We found
flexibility to move as one major reason why experience living in different corners of that, staying in the same house with
they like renting. Accra within a few years. friends is no longer a student’s thing.
Many young single professionals and in

60 The Business Executive

Real Estate

some instances married couples now share rental properties in such as in periods of recessions or periods of high interest rates

Sekondi-Takoradi, Kumasi and Accra thereby minimizing living or simply by the fact that, a particular neighborhood has become

costs and maximizing social opportunities. In fact there is an less desirable due to some natural or artificial factors.

increasing number of couples who don’t have children sharing Despite the many benefits listed above, the disadvantages of

rented houses in Accra. renting include the fact that, tenants are bound by the tenancy

agreements and rules which can impact his freedom to use or

Moving house (by selling to purchase another house) can be even decorate the property to his taste. For example, tenants

a costly process. Depending on the kind of property you are may not be able to make changes to the rented property without

dealing with, selling to buy another house can cost between seeking the express consent of the landlord. One main reason

15,000 and GhC40,000. There are other costs such as valuers’ why many Ghanaians like to buy their own properties is because

fees, surveyors’ fees, estate agents fees, moving/removal fees of the wealth that property accrues over time. This is because,

and others such as stamp duty and services reconnection renting a home does not offer and wealth creation or return on

fees. Average cost of Conveyancing (re- investment because the property

registration of your new property) Moving will never legally belong to a tenant

into a rental property is certainly less “ When you who will be faced with the task of
expensive because you do not have to pay buy a house it paying towards the homeowner’s
a surveyor, stamp duty or Conveyancing. becomes your mortgage from a bank. And in
This makes renting much more cheaply. Ghana, as we observed, there
is no guarantee that a tenancy
Buying or building a house is expensive. agreement or lease will be renewed

If you intend to take a mortgage, you will legal property, when it expires and the tenant
have to save a lot of money to settle a down will be faced with the trouble of

payment, pay fees and buy insurance for which allows you searching for another property and
the home. For most Ghanaian banks you paying the agent a commission.

will have to make a down payment of greater freedom “ Owning a home offers the long-
about 20% of price of the property. Once in its use without term benefits of security, equity and
you move in, you will be responsible for restrictions often potential growth in personal wealth.
care repair and maintenance as well as the The value of a home will appreciate
settlement of utilities, ground rent, property enforced by a over time and if you decide to sell,
rates and other costs associated with Landlord. you can earn a profit off the sale.
owning the home. You will have to make
time to fix parts that need repair which When you buy a house it becomes
wouldn’t have been your responsibility your legal property, which allows
as a tenant. Apart from cost, one has to

consider the cumbersome processing of you greater freedom in its use

selling and buying another house in Ghana without restrictions often enforced

and the lack of suitable property by a Landlord. Being a Homeowner

allows you creative control of your property.

Due to the high interest charges on mortgages, it is still cheaper

to rent than to take a mortgage for the same kind of property. You can alter the property, including décor changes, landscaping

In Ghana, you will find that, rental payment for many properties and renovations, to suit your needs and your style. You have

is less than mortgage repayments and when you have rented the option of buying to rent which enables a Homeowner to

the same property for a few years, your rent will be lower than generate income from renting out the property. This income can

the market rental value due to the relationship created with be put towards the home loan.

landlords. Apart from that, renters insurance in Ghana is lower

than homeowners insurance. Being a homeowner who ensures repayments are made on

time can improve your credit profile. Not only will you have a

By renting, your outgoings on rent are consistent, helping large investment to your name, but paying your monthly bond

you to plan every month. When you rent, there are no repayments on time increases your credit score. You have

surprise maintenance or repairs expenses because when the option to refinance your bond amount should you wish to

major appliances and fixtures breakdown, it is your landlord’s withdraw a large amount of money to pay for major purchases.

responsibility. There is an opportunity to save money in the long term as

there are possible tax deductions related to income-generating

Generally, there are additional costs to owning a home and these properties.

take the form of property rates, taxes, ground rent, insurance

and maintenance which are usually the responsibility of the Dr. Gad Akwensivie is a Landed Property Investment Advisor.
landlord. Sometimes, you can run a risk of gaining profits by (Land Administration, Property Valuation, Estate Agency,
owning property when you decide to resell the property which
is often caused by some environmental and economic factors Investment Viability and Appraisal Studies). Tel: 0244 843 997.
Email: [email protected].

Webpage: www.gadakwensivie.com

The Business Executive 61

62 The Business Executive

Gender

Hall of Famers to influence
policy formulation &
implementation
Aposse of women of class who
distinguished themselves in their Executive magazine, in the past five years. entrepreneur who has been a fixture on
various areas of endeavor have been As advocates and role models, the selected national television for about 23 years, is
inducted into the Ghana Feminine Hall of Famers are expected to make the President of the bevy of renowned
Hall of Fame to contribute their respective the voices of women to be heard and professionals and women achievers.
individual and collective quotas to women attended to with regard to issues of social Mrs. Marilyn Afua Huoadjeto, the CEO
empowerment and national development. justice, good governance, development, of Image Consortium and a Deputy
entrepreneurship and professional conduct. Women’s Organizer of the opposition
The Hall of Fame is a platform for the Part of the responsibilities of the inductees National Democratic Congress (NDC),
inductees to leverage on their special include mentoring at least two young women was appointed the Vice President.
status and the respect accorded every year in order to shepherd the mentees Ms. Doreen Avio, a radio (Hitz FM)/TV
them by government, socio-economic in making the right choices in their careers to presenter with the Multimedia Group, was
commentators, civil society leaders, leaders be able attain professional success like their chosen as the Secretary while Rev. Dr.
of thought and the international community mentors. Francisca Duncan Williams serves as the
in Ghana to make invaluable contributions to Chaplain.
public policy and private sector development Inducting the women of substance and
in order to improve the living standards and influence, Mrs. Cynthia Morrison, the Accepting the position, Gifty Anti charged
moral fiber of the citizens. Minister for Gender, Children and Social the group to strive for higher laurels and
Protection, implored them to live up take other women who need their help
The 106 Hall of Famers, from various social, to expectations and leave an enduring along with them. She asked the Hall of
business and professional backgrounds in legacy. Mrs. Morrison lauded The Business Famers to start initiatives that can help
Ghana and including a foreign ambassador, Executive for conceiving the concept of Hall women survive in their fields of work. “We
are to become advocates who will employ of Fame to honor the women and engage are all achievers that is why we are here.
their gravitas to influence the formulation and them in assisting the country to develop. That is why we have been chosen as the
implementation of national policies. All of first inductees. But what do we hope to
them had previously received the Feminine A four-member executive was unanimously achieve next after such great honor? Yes,
Ghana Achievements Awards, which selected to steer the affairs of the group. so far, we have done well, despite our
are annually organized by The Business Oheneyere Gifty Anti, a multiple award- struggles and scars. But what is next?
Executive Ltd., publishers of The Business winning journalist, women’s advocate and What is the next level we are aspiring to
achieve?” she said.

The Business Executive 63

The Induction ceremony of the Ghana P I CTO R I A L
Feminine Hall of Fame at Azmera Reataurant at
Roman Ridge, Accra, on 27th July, 2019

Seated is Paulette Kporo,
(The Event Convenor) and her team

64 The Business Executive

The Business Executive 65

Profile

Ghana Feminine Hall of Fame

Ms. ewurama mercer

Egudzi – Experience Elegance

Egudzi is an indigenous Ghanaian handmade
fashion accessory brand designed to capture a
woman’s distinct fashion persona. Established
as an online platform for retailing customized
afropolitan beaded jewelry three years ago, the brand
suits the peculiar tastes of various women whilst
aligning it with their unique personalities.

The Accra-based fashion house boasts chic collection
of neckpieces designed to capture the very essence of
elegance. This pursuit is aptly captured by the brand
tag-line; ‘Experience Elegance’.

As the unique brand of tasteful fashion garnered
increased interest and accumulated loyal clientele both
locally and abroad, the fashion house opened its first
flagship shop at Nyaniba Estates, Osu-Accra.

Inspired by the sheer grace and sophistication of the
modern African woman, Egudzi which literally means
treasures or precious Jewellery in Fante (An Akan
dialect spoken by the people of Ghana’s Central
region) is a delicate mix of authentic African jewelry
pieces melded with exotic Eurasian gems. They come
in a plethora of sizes, shapes and vibrant colours put
together with panache to elicit a sophisticated look.
Egudzi also uses antique African bead collections
from neighbouring countries with a touch of Ghanaian
sourced materials.

Our vision is to be the leading producer of afropolitan
handmade beaded accessories in Africa and beyond
that evince the wearer’s personality whilst projecting
the unique Ghanaian cultural heritage.

This exciting start-up is a partnership between,
Mercy Owusu-Twumasi and Ewurama Mercer, the
Creative Director, behind the Egudzi brand of fashion
accessories indicates that her inspiration for delving
into the world fashion accessories, “I have always
had an eye for elegance. For me, the highest form of
elegance resides in simplicity and this principle is what
drives my craft. It is interesting to see how something
that started as a pastime has quickly evolved into a
passion and now a thriving business.”

In the near future, Mercy and Ewurama who manage
the growing business intend to delve into a bead-
making institute which would train and equip young
people in the business of bead-making thus scaling
up employment opportunities for the youth. Egudzi is
also clearly passionate about giving back to society as
well and has several plans for it unique CSR activities.

66 The Business Executive

Innovation

TDI Global unveils ‘My3D’ to
optimize competencies

By Ayuure Kapini Atafori

TDI Global Limited has launched ‘My3D My3D solves the problems of employers in New York, United States, TDI has hubs
Professionals,’ a learning technology by offering training opportunities that in three continents, with its Africa offices
initiative which seeks to address enable employees to acquire skills and in Ghana and Nigeria, consisting of 125
workforce competency gaps globally, competencies off the job. countries.
in Accra on 31st July, 2019. My3D
is a competency-based development While the classroom environment could Speaking at the unveiling of My3D
solution that uses a structured three- be conducive for learning, individuals program, Mrs. Tilda Mmegwa, CEO of TDI
layered approach to optimize the skills of sometimes prefer to learn at their Global, said the program creates world-
individuals for fulfilling careers. own pace, using tools, equipment, class opportunities for work success
processes, and materials on their jobs. and should be patronized by the public
With ‘Creating opportunities for life The My3D experience provides clients sector, private corporate organizations,
success’ as its tagline, TDI Global the opportunity to learn their own way professionals, entrepreneurs, students
employs approach of Discover (using and in their own comfort. My3D also and the unemployed. The event was held
scientific assessment to identify one’s provides the necessary ‘Learn and Do’ - on the theme: ‘Workforce Competency
strengths and weaknesses); Develop a hands-on experience required in adult Gaps in Ghana and Need for a Structured
(addressing the gaps and honing your learning. The innovative program focuses and Sustainable Solution.’
strength); and Deploy (applying new skills on developing human resources for
on occupationally-focused projects or organizational and national development. Mrs. Mmegwa said “you need a training
engagements) to improve competencies. program for employees that you can
It is an online training program that Since 2008, TDI Global has been manage and control and for them to
helps people to create self-awareness, deploying the competency-based take ownership of the training. You
understand their competencies, identify approach to human resource need a system that allows them to take
their shortfalls and develop themselves. development by using Objective Scientific ownership of their training and come out
Assessments (OSAs) to establish with their own learning methods.” She
My3D takes personalized learning and competency strengths and gaps prior to said My3D has all the necessary scientific
development to clients’ doorsteps customized intervention. TDI Global has tools and learning materials to enable
in a manner that best aligns with been serving several private and public clients improve competencies in relation
their learning style. Adult learners, sector organizations and institutions, to doing specific jobs.
entrepreneurs and students will find helping them to build happy and well-
My3D approach suitable for them. performing employees. Headquartered

The Business Executive 67

Innovation

TDI Global develops and delivers - Life Changing Impact
- Integrity
transformation-focused training - Fostering Possibilities
- Excellence.
programs that enhance the capabilities of

employees, thus ensuring sustainable high

performance for employers. Each regional

office of TDI assesses employees of the TDI successfully applies its well-defined
processes to help leaders clearly stratify
clients to determine their skills gaps. The their institutions into these variables.
TDI also helps the leaders to redesign
regional offices then organize training in and optimize each variable in order to
achieve an integrated sustainable high
association with TDI Canada which are performance.

focused on the identified needs. With

this approach, local issues are resolved

using international best practices that are

Mrs. Mmegwa noted that though there adapted to local conditions. The result is
is the willingness to learn, there are
many workforce competencies gaps in an effective deployment of global best TDI offers various organizational, functional
Ghana which My3D can help resolve, and employee assessment tools that
adding that competency in relation to practices to local organizations. measure and manage performances. These
jobs requires talent, good character, tools help organizations evaluate their
ambition, leadership, creativity, research, TDI Global’s training programs focus on capabilities in customer service, leadership,
team orientation, entrepreneurial and important areas of the organization: the hiring, redeployment of employees, training
communication skills. Board, Leadership and the Management. and process management.
Training programs are organized for groups
During a panel discussion after the from different organizations, homogenous TDI helps clients to verify the organization’s
unveiling ceremony, Mr. Charles Amoah groups from one organization or
Wilson, the Director of Human Resource personalized to address specific needs of strategy; identify key business unit
at the National Communication Authority the leadership. The methodology is very
(NCA), suggested that the entire public interactive, enabling a warm and friendly groupings; map core business processes;
service in Ghana needs to be overhauled environment for learning.
in order to create better value. Mr. Wilson A typical training session features: design core work teams; review
said the present situation calls for national
renaissance. department boundaries and reorganize

He said public sector workers must people into cross-functional business units
have effective project management,
implementation and evaluation skills to • Well-developed course materials, with and teams; and identify and allocate unit
perform their tasks efficiently. He added clearly defined deliverables
that they should be equipped with policy support resources. And also to design the
and advocacy skills, and sharpen their • Professional facilitators, with expert
competencies in global awareness, knowledge, from industry and academia management structure of the organization;
etiquette, diplomacy, ethical orientation
and civic responsibility. conceptualize coordination and

Another panel member, Mr. Jacob K. development systems; plan the transition
Ganye, Senior Manager in-charge of
Training and Business Development at and implementation of the new design; and
Empretec Ghana Foundation, argued that
entrepreneurship starts with behavioral conduct the post-implementation review.
transformation, which is the bedrock
of the Empretec model. “What sets •Case studies that reinforce concepts The purpose of the design process is
entrepreneurs apart is soft skills such as to create and successfully implement a
negotiation, communication engagement. •Video role plays that enhance learning streamlined and effective organizational
A poorly written proposal can lose you a •Ice breakers that motivate students to design perfectly aligned with the
contract,” Mr. Ganye said. He stated that critically engage organization’s philosophy and desired
entrepreneurs should embrace multiple results. TDI links everything it does to the
soft skills to help address the challenges •Team networks that encourage company’s business objectives and key
associated doing modern business. brainstorming and transfer of concepts to result metrics, and documents a return on
workplace clients’ training or consulting investment.
TDI’s purpose is to help individuals and
•Roundtable discussions that derive organizations become high-performing so
comments from participants that they can achieve increased profitability
and reduced operating costs; excellent
•Evaluation process that provides customer service; improved efficiency and
feedback on the materials, facilitators and cycle time; a culture of commitment, trust,
learning environment. and collaboration among employees; and
top-notch corporate governance rating.
The vision of TDI Global is: “To Nurture
People to be the Best they can Possibly
Be,” while its mission is: “To bring world-
class personalized learning opportunities
to the door-step of everyone using best
in-class Internet platform to provide an
awesome learning experience.” Its core
values are L.I.F.E., an acronym which
stands for -

68 The Business Executive

The Business Executive 69

Technology

Apple’s iPhone is no
longer king in near 7 years

… but makes over $25 billion last quarter revenue

Sales of signature smartphone are less than half of Apple’s quarterly revenue for the
first time since 2012. Apple Inc. hopes that software and services can help make up for
the lagging revenue growth of the iPhone, BLOOMBERG chronicles.

The iPhone is no longer the unrivaled king Sales of Mac computers surged 11% to that has had its fair share of mostly ups and
of Apple Inc. For the first time in nearly $5.82 billion on the wave of better access to a few downs, the current climate feels a
seven years, Apple’s AAPL, -0.43% core chips from Intel Corp., INTC, -1.54%, bit more treacherous. Even with guidance
flagship product accounted for less than and attempts to get products out of China that beat expectations, Apple is still guiding
half of its quarterly revenue, according to an before more tariffs hit. Wearables revenue toward potentially flat or down revenue for the
earnings report released in late July 2019. jumped to $5.5 billion from $3.73 billion a fiscal fourth quarter.
year ago, the equivalent of a Fortune 200
Third-quarter iPhone sales of $25.99 billion company, Apple Chief Financial Officer Luca Apple faces a myriad of headaches. Among
marked a sharp decrease from a year ago, when Maestri said in a conference call with analysts them are an occasionally-hostile United
iPhone revenue totaled $29.47 billion. in near the end of July. Rosy guidance for the States (U.S.) President Donald Trump;
fiscal fourth quarter, when Apple is expected exposure to a trade war with China, where
The smartphone accounted for 48% of Apple’s to launch new iPhones, also helped. most of its iPhones are assembled; a class-
total revenue of $53.8 billion. Last year, it action lawsuit against its App Store claiming
represented 63% of total revenue, and has been “Overall, we would characterize this quarter/ predatory pricing policies; a reported U.S.
a strong majority of Apple sales since the end guidance as a major feather in the cap for Justice Department antitrust investigation;
of 2012. the bulls that should drive the stock to new and lukewarm consumer reaction to the
highs over the coming months despite many pricey iPhone.
Apple shares did rise 4% in after-hours trading peers yelling fire in a crowded theater ... over
late July 2019 and were up the same amount the past few months,” Wedbush Securities Apple assembles its products in China,
in pre-market trade a day after, despite the analyst Daniel Ives said in a note late July, the company’s third-biggest market ($9.16
precipitous drop in iPhone sales, as its “Services” in which he maintained an outperform rating billion) after the Americas ($25.06 billion)
division picked up the slack with 12.6% growth and $235 price target. and Europe ($11.93 billion). The Asian giant
to $11.46 billion. is also its most problematic: in last week of
But the strong forecast does not mean it will July, President Trump said that he would deny
be smooth sailing for Apple. For a company Apple a waiver for Mac Pro parts imported
from China.

The heir apparent to Apple’s revenue throne,
the surging Services division, is not nearly as
large as the iPhone unit, and faces increasing
pressure to carry the load going forward.
Apple TV+, the company’s forthcoming
streaming service, could offer a boost. But
it faces competition from stalwart Netflix
Inc., NFLX, -2.03%, as well as newcomers
Walt Disney Co., DIS, -1.00%; AT&T Inc.’s
T, -0.47% HBO Max; and Comcast Corp.’s
CMCSA, -0.34% NBC Universal. Adding
to its uncertainty, Apple has not announced
pricing for its service, and will have to shell out
plenty to develop original content in a highly
competitive environment.

While Chief Executive Tim Cook hinted in a
statement about major product launches
across all categories later this year, the most
closely watched is likely to be iPhone, whose
sales have flagged amid grousing about lack

70 The Business Executive

Technology

Tim Cook of innovation in its design and features. When “It was surprisingly good news overall,” said
pressed by one analyst about iPhone growth, Maribel Lopez, principal analyst at Lopez
Chief Executive Cook sidestepped the topic, calling Apple’s Research. “Expectations were low but the
current hardware product lineup its strongest fact that it wasn’t a seriously down quarter
Apple heads ever. He repeatedly invoked augmented reality was great news,” Lopez added.
back toward $1 as a technology that will improve sales across
Apple’s computing platforms. Apple shares were up 4.2% in after-hours
trillion territory trading. The company is on pace to reclaim
after earnings Also, Apple looks ahead to 5G with purchase its status as a $1 trillion company in trading
beat, optimistic of Intel’s smartphone-modem unit. The iPhone provided its stock price hits $217.34, though
could use an innovative kick in the behind, with that would be based on an older share count.
forecast in a most eyes looking toward 5G, the superfast
marketwatch.com wireless technology that Samsung Electronics Chief Financial Officer Luca Maestri highlighted
Co. Ltd., 005930, -2.58%, and Huawei wearables and other non-iPhone businesses
report indicated Technologies have already begun to integrate in in defending the company’s forecast for the
on 31st July, their smartphones. Apple’s $1 billion acquisition September period, after wearables proved
of Intel’s smartphone modem division includes an especially bright spot in June as well.
2019. Apple said assets such as 5G-related intellectual property Revenue for the unit rose almost 50% in the
it made $25.99 and its employees. But Apple fans probably will latest quarter and helped Apple beat overall
billion in iPhone have to wait until late 2020 for any 5G products, top-line expectations.
revenue last based on recent reports and speculation around
quarter. the company’s product plans. The company continued to see declines for
its iPhone business in the June quarter, with
“In terms of 5G, we’re in the extremely early, revenue falling 12% from a year prior, but CEO
early innings of it,” Cook said in the conference Cook said that new trade-in and financing
call, though he refused to discuss Apple’s programs were having an impact on the
product roadmap. Analysts see 5G in Apple’s segment. Apple saw a year-over-year boost in
plans next year. “We expect the narrative to iPhone sales at its own retail and online stores
shift more toward new services launch in 2H during the month of June, according to Cook.
and to a 5G story heading into 2020,” Bank
of America Merrill Lynch analyst Wamsi Mohan He also cited positives in the company’s
wrote in a July 24 note. “Investor sentiment China sales, which fell 4%. He said that trade-
remains negative despite improving iPhone and ins and other factors, including a government
Services data points, with low expectations for stimulus, helped drive “noticeably better
September quarter suggesting a positive setup year-over-year comparisons for our iPhone
into earnings,” Morgan Stanley’s Katy Huberty business there than we saw in the last two
penned in a July 22 note to clients. quarters.” Overall China revenue dropped
22% in the March period and 27% in the
With the investment, Apple should be able holiday quarter.
to develop 5G capable chips for Wi-Fi and
cell networks. The purchase comes amid “Performance in the quarter exceeded
growing investments in 5G technology. Like expectations to the extent that trends in
Apple, AT&T, Verizon, and T-Mobile are very China were better than expected,” said D.A.
interested in 5G’s promising economic value. Davidson analyst Tom Forte. “Otherwise, I feel
The global 5G infrastructure market is growing the story is the same, and it’s a good one,”
50.9% compounded annually. By 2026, Forte noted. He pointed to 17% sales growth
MarketsandMarkets estimates it could reach for Apple’s non-iPhone businesses combined
$33.7 billion. as a sign that the company is making good
strides in its efforts to diversify the revenue
Meanwhile, Apple heads back toward $1 trillion base away from smartphones.
territory after earnings beat, optimistic forecast
in a marketwatch.com report indicated on 31st Apple saw services revenue climb to $11.5
July, 2019. Apple said it made $25.99 billion in billion from $10.2 billion in the latest quarter,
iPhone revenue last quarter. which the company called a new all-time
record. Lopez is intrigued by the company’s
Apple shares gained in after-hours trading momentum in wearables in conjunction with
after the company gave an upbeat forecast for its services growth, saying that Apple has a
the current quarter, putting the stock on pace “big services opportunity” in health if it can
to notch a $1 trillion valuation once again. The make its devices the product of choice for
tech giant managed to grow revenue slightly in health-industry players.
its latest quarter, to $53.8 billion, while topping
the consensus view on both sales and earnings. Apple shares have risen 32% so far this year,
Apple AAPL, -2.16%, posted earnings per while the Dow Jones Industrial Average DJIA,
share of $2.18, down from $2.34 a year prior -1.05%, of which Apple is a component, has
but ahead of the $2.09 forecast. For the third climbed 17%. Apple is not yet over the bend.
quarter, it expects revenue of $61 billion to $64 May it is. Who knows?
billion, above the $60.9 billion analysts were
modeling.

The Business Executive 71

Diplomacy

South Korea keen to
develop Ghana’s agriculture
& human resource

By Ayuure Kapini Atafori

The diplomatic relations between Ghana and the Republic of South Korea
(ROK) has been cozy since they were established five decades ago. Over the
years, the ROK has been supporting Ghana to develop its agriculture and
human resource with technical assistance under the bilateral cooperation
programs existing between the South-East Asian and West African countries.

Recently, the Governments of Ghana and South Korea signed a memorandum
of understanding (MoU) to improve rice production and rice value chain activities
in four districts in the Central Region. The MoU is geared towards enhancing rice
production and productivity through the selection of good plant varieties, seed
distribution, training, improved cultivation techniques and agricultural machinery
support.

Hon. Dr. Owusu Afriyie Akoto, the Minister for Food and Agriculture, and Ms.
Jeongyi Choi, the Deputy Country Director of the Korea International Cooperation
Agency (KOICA), signed for their respective governments. By the agreement, South
Korea will support rice production in the Assin North Municipality and the Assin
South, Twifo-Atti-Morkwa and Gomoa East districts with a grant of US$8 million
(GH¢43.2 million). The deliverables under the project include improving capacity
and rice seed development, providing agricultural machinery and equipment and
the construction of a rice milling plant and agricultural equipment storage facility all
within the period from 2019 to 2023.

Giving the background to the project, Mr. Seth Dumoga, the Director of Legal
Affairs at the Ministry of Food and Agriculture (MOFA), said the Ministry submitted
a proposal to the KOICA in 2017 requesting the Korean government’s support
to improve the rice value chain in the country. “Today’s signing of the MoU is
giving legitimacy to the request and to initiate projects towards implementing the
outcomes of the agreement,” Mr. Dumoga said.

In a brief statement before the signing, Ms. Choi explained that KOICA’s support
was to complement efforts the government was making to improve rice production,
particularly its value chain processes. “Interventions will be designed to focus on
ex-farm activities to improve production, harvesting, branding and marketing of
rice,” she said.

Improve rice production H.E. Sungsoo Kim, the South Korean Ambassador, with some farmers

H.E. Sungsoo Kim, the South Korea Ambassador to Ghana, said South Korea was
pleased to draw on its centuries-old experience and expertise in producing rice to
assist Ghana modernize and improve its rice production capability. “This gesture
of the Korean government is another testament to the deepening bilateral and
diplomatic relations between our two countries,” H.E. Kim said.

Hon. Dr. Akoto said the signing of the MoU marked a significant moment in the
working relationship between the two countries. He said the agreement had come
at an opportune time when Ghana was desirous of becoming self-sufficient in
rice production because rice had become a staple in the country. He said it was
the plan of the MOFA to reduce the 600 tonnes of imported rice consumed in the
country annually by improving and enhancing the production of locally produced
rice.

In a similar gesture to promote, on 13th March, 2018, H.E. Kim attended the
national launch ceremony of the Capacity Development for Farmer-based
Cooperatives/Farmer-based Organizations (FBOs) in Tamale, the Northern

72 The Business Executive

Diplomacy

Regional capital. At the launch of the project, Hon. Mr. Yukyum Kim, the Country Director of KOICA, said a total of 120 gaps in the country. “Turning knowledge, best
Ignatius Baffour Awuah, the Minister for Employment Ghanaian government officials had so far received scholarships from thepractices, know-how, information and technology into
and Labor Relations as well as KOICA and local effective development and growth is the new currency
officials attended and expressed their commitment and ROK through KOICA to study different subjects in selected universities “ of every country now, and I will urge all gathered here to
support for the project. embrace it firmly,” she stated.
since 2010.
KOICA pledged to provide a US$6.12 million fund for Mr. Yukyum Kim, the Country Director of KOICA, said
the project from 2016 to 2019. This three-year project “ a total of 120 Ghanaian government officials had so far
aims to strengthen FBCs/FBOs by providing training, received scholarships from the ROK through KOICA
consultancy, networking opportunities, and financial to study different subjects in selected universities
support in the three northern regions, namely Northern, since 2010. Mr. Kim said the forum was to enable
Upper East and Upper West. stakeholders deliberate, create awareness, interact and
solicit feedbacks on research by the beneficiaries.
Mr. Kim stated that the project, which is being
implemented by KOICA, in collaboration with the On 17th August, 2015, Chief Directors from 15
Ministries and rural residents, would enable the Korean Ghanaian Ministries visited South Korea to participate
government to share its development experiences with in the Ghana High-Level Partnership Program for
Ghana. He expressed optimism that the project would Economic Development Strategy. Hosted by the
improve livelihoods in the three northern regions by KOICA, they discussed ways to enhance development
the time the project is phased out. “The Embassy of cooperation with Ghana.
the Republic of Korea will continue its efforts towards
strengthening bilateral relationship in various fields. The invitation program was conducted for the high-
Also, the Embassy will continue to promote the rights level government officials for the first time. It is very
and interests of Koreans and Ghanaians in both unprecedented that chief directors of the Ministries
countries,” he stated. such as the Ministry of Foreign Affairs and Regional
Integration, Ministry of Finance, Ministry of Trade and
Experiential learning opportunities Industry, Ministry of Transport, and Ministry of Food and
Agriculture participated in the program. The enthusiasm
Apart from agriculture, South Korea has been of the senior public servants indicated the Ghanaian
concerned with assisting Ghana to develop its human government’s willingness to follow the South Korea’s
resource by offering scholarships and experiential national development strategy model in the country.
learning opportunities to Ghanaians to visit and
imbibe the famed Korean work ethic and practices. National development strategies
Since 1992, the Korean government, through KOICA,
contributed to the human resource development of The Chief Directors who participated in the program
about 823 Ghanaian government officials through short learnt about South Korea’s national development
training programs and Master degree scholarships. strategies under various themes. These include:
selection of national development agenda and
The KOICA has offered scholarships to 30 Ghanaians strategies; public-private partnership system in the
to study for Master degrees in South Korea in June ROK; and science and technology development and
2019. The programs for study include Global Health education. They also had the opportunity to see the
Security, Economics, Tax and Finance, Gender Equality, achievement that the ROK has made first hand by
Community Water Resource Management and Energy visiting the Human Resource Development Center
Science. The scholarship beneficiaries would study in of Korea Electric Power Corporation, Korea Water
20 leading Korean universities such as Seoul National Resources Corporation, and the Seoul Transport
University, Yonsei University, Korea University, Hallym Operation and Information Service.
University and Ewha Women’s University. The others
are Handong Global University, Hankyong University, Ghana has similarities with the ROK, as the two countries
Pukyong University and Ajou University. have a high interest for education. Top Korean officials
believe that Ghana is one of the few African countries
Ms. Jeeyoung Kim, the Deputy Head of Mission of where the ROK’s development model was most
the Korean Embassy in Ghana, announced this at the likely to be duplicated successfully. The partnership
2019 KOICA knowledge-sharing forum held in Accra program, made possible by joint efforts of the ROK
on 19th June, 2019. One of the aims of the forum Embassy in Ghana and the KOICA office in Ghana, was
was for five individuals who benefited from the 2017 tailored to the needs of Ghana to enable key high-level
postgraduate scholarships to disseminate their theses government officials, who will lead Ghana’s growth,
after completing their various studies in South Korea. seize the opportunity to have a deeper understanding
The supervisors of the students and members of the of the ROK’s history of economic development and its
KOICA Alumni Association of Ghana attended the economic development strategies. Thereby, they would
forum. gain expertise and experience that can be helpful in
devising Ghana’s national development strategies
Institutional capacity building in the future. The program is expected to contribute
significantly to advancing friendly relations between the
Ms. Kim said the forum was initiated by KOICA ROK and Ghana.
as a pivot for the socio-economic development
and institutional capacity building of Ghanaians. Before the establishment of diplomatic relations in
She identified agriculture and rural development, 1977, the exchanges between Korea and Ghana began
public health, education and energy as some of the as far back in the 1960s through Koreans’ investment
South Korean government’s bilateral development in the fisheries sector which helped to boost Ghana’s
cooperation strategies for Ghana. “A forum like this economy until now. Currently, Korean products such as
calls for self-reflection as citizens on our responsibilities mobile phones and cars have rapidly expanded their
and duties to our nation, utilization of knowledge and market share in Ghana.
home-grown solutions beyond aid and creation of local
development opportunities to bridge development

The Business Executive 73

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.

The 2019 Ghana Industry CEOs Awards is the
second of what will be an annual awards scheme
aimed at identifying and publicly recognizing the
most outstanding chief executives in corporate
Ghana across a wide range of sectors.

www.ghiceoawards.com

Date: 30th November 2019
Place: Accra-Ghana
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

74 The Business Executive

Marketing

Extroverts and
Introverts:

Who Are
Better sales
persons?

By Ebo Bhavnani

Conventional wisdom suggests that extroverts who are compellingly but doesn’t pay much attention to what the prospect
perceived as outgoing and sociable would make better is saying. Rachel LaCroix in her article “Do Extroverts or Introverts
salespeople than introverts, who have been popularly Make Better Sales Leaders?” makes a similar observation when she
represented as awkward in social settings. It is often argued notes that extroverts tend to focus on the world around them and
that the stereotype of a successful salesperson is an extrovert are more likely to undertake cold calling, seek out new business and
and, therefore, to succeed as a salesperson, one needs to be an interact with people. In other words, extroverts tend to have it easy
extrovert. Today, the perception is changing. As Jacques Werth, connecting with and building rapport with prospects than introverts.
president of High Probability Selling, a sales training company
in Media, Pennsylvania indicates, “the old stereotype of the Merits and demerits
salesperson who is a back-slapping, happy-talking extrovert is as
obsolete as the sales techniques itself. For Jacques, the new, far A number of studies have been conducted on the merits and
more effective sales paradigm is based on mutual trust, mutual demerits of these two personality types and how each personality
respect, mutual agreements and mutual commitments. It is further type is seen as more appropriate for better sales. For the introvert,
argued that customers no longer find extroverted salespeople it is often argued that because they are usually focused on their
charming. On the contrary, most customers tune out the moment interior thoughts, they are happy to let someone else take over the
a seller looks or sounds like the typical extrovert. This is because conversation and do most of the talking. They tend to be great
most customers hate being cajoled or manipulated into buying listeners. While they might not seem like candidates for success, it
something they don’t need, which more often than not, seems to is argued that their reserved, reflective nature creates great value for
be the style of the extrovert. sales. Often mistaken for being composed and too reserved or shy,
introverts instead sit back to reflect. They are able to avoid getting
Wendy Connick in her article “Introverts and Extroverts in Sales” emotionally entangled in the discussion and because they are
provides a typical description of these two personality types composed, calm and collected, it has the general effect of putting
when she notes that extroverts focus on what is outside their clients at ease, rather than being tense or defensive. There is no
heads while introverts focus on what is inside. Extroverts tend to emotional push, no aggression and no hard sell. Instead, introverts
enjoy socializing, having lots of friends, and being strong talkers. come in to provide the facts, identify the problem the client has,
Introverts on the other hand, are usually more comfortable being and then offers a viable, practical solution. By allowing a sales
alone rather than surrounded by people. They prefer to have a few meeting to be comfortable, the introvert is able to generate sales
very close friends, and generally listen more than they talk. She where the traditional salesperson would face significant resistance.
argues that Introverts have an advantage in sales precisely because In this case, they are far more likely to build long-term relationship
they are more inclined to listen and, therefore, better able to come by working with the same customers over a long period.
up with the perfect proposal for prospects. The extrovert speaks

The Business Executive 75

Marketing

A typical introvert has the ability to build relationships, which is a

critical sales factor. That might seem ironic until you think about

the idea more thoroughly, says Marti Olsen Laney, author of

“The Introvert Advantage: How to Thrive in an Extrovert World”.

“Innies,” as Laney calls introverts, “actually excel at building

long-term relationships, so they do a great job of developing

and maintaining a reliable customer base even more so than

“outies” (extroverts). And because “Innies are good listeners

who focus on both the customer’s overt and underlying

messages,” they “tend to do a good job of satisfying what their

customers really want,” she adds. According to Alen Mayer, in

his article “the strengths of sales introverts”, introverts leverage

on known contacts and client interests to keep generating new

sales over time. This is done by focusing on win-win scenarios

where both the introvert and the client realize a significant gain

in the negotiated deal. They aren’t looking for a single sale to

get a bonus; they’re building a list of clients they can service for

years, which creates a constant stream of referrals and repeat sales goals. Introverts are generally more demonstrative, speak more
business. They have genuine conviction about their product, loudly, and gesture more than introverts which can make their sales
says Rob Bennett, author of Passion Saving: The Path to Plentiful Free appeal more convincing. Their enthusiasm is likely to inspire confidence
Time and Soul-Satisfying Work. in prospects and clients as they can launch into a conversation with

Alen Mayer notes that Introverts have a keen, “ Introverts have a little effort. Extroverts are also great
well-trained ability at listening to people. Often, keen, well-trained at being persistent because they
customers want to tell people what they are ability at listening to aren’t as sensitive to rejection as the
dealing with, explain the issue, and discuss what people... introvert.
really matters to them. Because they are adept Whilst extroverts
at listening and letting people talk around them, can go anywhere Sales stereotype
they take in all the details and statements, asking to meet people
questions for more information, and getting and hang out However, as Rachael Lacroix
the big picture that matters to the customer. with them, which observes, extroverts run the risk of
Introverts understand it takes more than a pulse coming off as pushy which is an
and a wallet to make a good sale and know unfortunate sales stereotype. She
exactly what to say in any given situation. They stresses the importance of finding
also study customer reactions to certain phrases the balance between being bold
and adjust their vocabulary accordingly and read and initiating conversation without
a lot of material on how to become better in their being intrusive. Also, research has
profession. They also realize they will likely get proven that being extroverted doesn’t
only one shot to present their product, so they automatically translate into being a
good salesperson. A meta-analysis
make it count.

Positive attributes becomes an added of 35 studies that surveyed 4,000
salespeople found almost zero

advantage forEven though introverts possess positive correlation between extraversion and
selling.attributes that makes them great sales people, sales performance. So, contrary to
popular belief, the talkative, loud,
they have certain limitations. Introverts have constantly laughing guy might not
a somewhat tougher time connecting with be a “born salesman”. Rather, the
quiet, introspective, hard-working
”prospects and customers on an emotional person might be. That’s not to say
extroverts are totally bereft of good
level. For instance, making eye contact, holding sales qualities. However, the ability to approach people well is crucial
themselves in a powerful posture, and showing to sales, as is the capacity to handle rejection well.
interest by nodding and leaning forward as a prospect speaks are all
good body language skills they often lack. Introverts may also have

more challenge being assertive than extroverts, and therefore, making In conclusion, both sides of the personality coin offer traits that can
cold calls and asking for the closure of deals can be a big challenge be incredibly valuable in the world of sales. In fact, both introverts
for them. It’s therefore important for introverts to acquire and master and extroverts have the potential to be awesome salespeople. The
strong body language skills. critical step to take is to identify one’s personality type to better

The extrovert on the other hand, enjoys being around other people and understand their strengths and weakness and ways to improve on
often has dozens of casual friendships. They can go anywhere to meet such weaknesses. There is no doubt that anyone can strive to become
people and hang out with them, which becomes an added advantage a good salesperson. What is important is to create and sustain the
for selling. They are energized by such interactions and find it easier passion to sell something you believe in.

connecting with prospects and customers every day. Extroverts tend

to be good at cold calling and telemarketing because they thrive on

social interaction.

They tend to have thick skins thereby enabling them to cope with The writer is the Business Development Manager
rejections. They are much better at going out and introducing of FBN Bank Ghana Ltd. He is a Fellow of the
themselves to people or prospects and this comes out more naturally Chartered Institute of Marketing and an alumnus
than the introvert. They are expressive and draw their energy from the of the Commonwealth Scholars and Fellows,
external world, and also expend their energy on others to achieve their United Kingdom.

76 The Business Executive

The Business Executive 77

Mindset Education

Learn There is a couple who runs a restaurant customers. The customers are treated to
the in the city of Albuquerque, New Mexico warm kindness at the restaurant which they
World (in the United States). But the husband can never have anywhere else. Due to this,
of the and wife don’t just try to make money. he gets lots of customers who keep coming
Heart They have saved up enough for back.
and Be retirement and they own their home. They run
Better the restaurant so they can enjoy their twilight Some people in this world know how to
years. turn on a water faucet. Others know how to
By Rev. Ock Soo Park use a fork when eating food. Most people,
When it’s time to eat, customers come to the however, don’t know very much about the
restaurant. And after many more show up, the world of the heart. Why do I feel rage? Why
couple says to the customers: “We’re very sorry, do I have a pickier personality than someone
but we can’t take any more customers today. To else? Why do I always have nothing but
provide the best service to our customers who complaints? People do not know about
are already here, we cannot accept any more. these things.
Please, eat at another restaurant today. But, the
next time you come, we’ll make sure you have When people learn the world of the heart, they
a very enjoyable meal with great service. Thank completely change. Their hearts become
you.” comfortable, and they become people who
are capable of surpassing others. If you learn
If the restaurant owner saw someone dining the world of the heart, you elevate your mind
alone, he would sit by that person and talk about just like the couple who runs the restaurant.
life and food. “It seems you really enjoy this food. The level of customer service provided by
Is it enough? Would you like some more?” This the couple is different from that of other
is the kind of interest and care he showed his restaurants because money is not the goal.

78 The Business Executive

Mindset Education

In life, even though you may be doing the same it looks very complicated. The problems youths The 25,000 parts of a car include the power system, brake system,
kind of work, there’s a great difference between have in their hearts are actually quite simple if you electrical system, cooling system, and steering system, if you break
working with someone who has an elevated divided them into different categories. Therefore, it all up into these functional categories, the car is quite simple. But,
mindset despite a low level of information versus even a little guidance can improve a heart gone if you just cram everything together, it looks very complicated.
someone who possesses a substandard mindset bad.
even though he/she may possess a high level of
information. There are many restaurants that have There are many students who will turn out well
stopped operating due to low customer turnout, when you guide them early. But these youths often
even with the presence of chefs who studied in the become neglected and reach very terrible states
best culinary schools. But the couple’s restaurant down the line. Youths are pure of heart, and they
has not suffered from this problem. No matter don’t have many preconceived notions. They are
the line of work, there is a limit to working with quick to grasp things, and they receive the hearts
knowledge and technical skills. The level of your of other people very well. When these young
mindset is much more important when you work. students receive mind education, they experience
There is a huge difference between simply running quick, comprehensive change.
a restaurant and running a restaurant with your
heart. People who do it for money cannot compete Happiness and joy are not felt with your hands or
against the people who do this with all of their eyes. They are felt with the heart. Illiterate people
hearts in order to bring joy to people. cannot read books, and the people who have
never studied music cannot read sheet music or
In life, meeting people without heart, working play instruments. Likewise, if you have not learned
without heart and planning without heart is the world of the heart, you cannot enact happiness
completely different from planning and treating in it, no matter how good your intentions are.
people with heart. If you learn the world of the
heart and do something with your heart, it will be Opening your eyes to the world of the heart will
completely different even if it’s the same thing. allow you to understand why and how the heart
This was the case with the couple who owns the is so amazing. There are no machines or works of
restaurant and knows how to share joy, provide art that can be compared to the heart of a person.
service and give happiness to others. The world of the heart is the most important thing
in life, but people do not know its value at all.
To succeed, you need to learn foreign languages And they don’t know how to use it. If you had a
and have lots of specialized knowledge, as well as Mercedes Benz at home, you would not park it in
the proper licenses. The most needed thing in this the yard just to look at it. You will learn how to drive
world, however, is an open heart. When you meet no matter what it takes, so that you can drive the
people who do well in the world, who are capable car everywhere.
and smart, they have extensive specialized
knowledge which is not common. There are so Our hearts are made to be infinitely more precious
many such people who know nothing about the and sophisticated than a Benz. However, people
world of the heart. Some don’t even understand do not know how to drive their heart, and in turn,
what it means to open the heart. Opening the heart neglect it. Thus causing the heart to rust and
is not like following mathematic formulas or legal become sick. That is why the world has turned
clauses. Opening the heart is not something you very desolate and distrustful. Learning the world of
memorize. You don’t need to know many things the heart is more important than everything.
to make opening your heart possible. If you open
your heart, change happens automatically. This Frederick Tetteh Communications Manager,
is what changes young people into great ones. It International Mind Education Institute (IMEI) - Ghana
also lets young people become the happiest kind email: [email protected] | Mobile/WhatsApp 0241992377
of persons.

Situations such as game addiction, relationship
problems, friendship issues, inferiority complexes,
low grades, financial difficulties, family discord and
children’s bitterness against their divorced parents
make up the bulk of problems youths face today.
At first glance, these issues appear to be very
complicated, but if you actually look inside, they
are quite simple. It’s like when you pop the hood
of a car, the inside seems very complicated; but if
you know the design of the systems, it’s actually
quite simple.

The 25,000 parts of a car include the power The writer, Rev. Ock Soo Park (middle), with his mentees
system, brake system, electrical system, cooling
system and steering system. When you break it all 79
up into these functional categories, the car is quite
simple. But when you cram everything together,

The Business Executive

Entertainment

Nollywood attracts
foreign investors for
mega-bucks

Nigeria’s thriving film industry is catching the eyes of business-persons abroad who
sink in money to harvest from the prolific productions. Agence France-Presse’s (AFP)
SOPHIE BOUILLON report from Lagos, the West African country’s now commercial, and
former, capital.

With its turncoats, crimes, cash “Nowhere in the world will you see this kind of Nigerians who can afford the tickets seem
and the occasional touch of juju, opportunities and growth.” willing to pay to go see local productions. It is
the theatrical twists and turns these films with higher production value that are
of Nigeria’s colorful politics are Traditionally, Nollywood films have been low- attracting the investors from overseas.
inspiring directors from the country’s movie budget productions, often shot in just a couple
industry. of days at a cost of several thousand dollars Canal Olympia, a subsidiary of French media
and marred by poor sound and image quality. giant, Vivendi, runs cinemas and entertainment
Nigeria’s film industry, dubbed Nollywood, Rampant piracy and the widespread circulation venues across Europe and includes at least one
has long kept viewers entertained with tales of unlicensed copies has eaten into profits Nollywood film in its programming each week.
of romance and riches. Now, foreign investors and put off investors from increasing funding. The group will next year open two cinemas
are increasingly looking for a part of the action. But higher quality Nigerian-made films have in Nigeria, a country with only one screen per
US giant, Netflix, France’s Canal+ and China’s in recent years been having far more impact million people, and where power shortages
StarTimes are among those making moves in at the box office in a nation with a potential and high land-costs have made such ventures
the world’s second most-prolific film industry, market of almost 200 million people. complicated. “It is very important for us to
which churns out more than 2,500 films each be close to Nollywood,” Simon Minkowski,
year and is topped only by India’s Bollywood. The Wedding Party and its sequel Wedding development director at Canal Olympia, told
Party 2 released by director Kemi Adetiba in AFP. “But beyond just distribution, there is a
At an event in Nigeria’s economic capital, 2016 and 2017 generated over $2 million, real appetite to produce the content made by
Lagos, in July potential investors from France beating US blockbusters for the first time. Africans in Africa.”
mingled with local directors and politicians Following up on that success, the comedy,
as they heard about the possibilities on offer. Chief Daddy, by Niyi Akinmolayan brought in Laurent Sicouri, head of acquisitions at
“The revenues from the box office rose by 36 some $600,000 in 2018. The figures remain Canal+, said he was in Lagos to “evaluate
percent between 2017 and 2018 from $17.3 miniscule compared to the vast sums grossed the production” of Nigerian cinema. The chain
million to $23.6 million,” Chijioke Uwaegbute, by Hollywood hits. And the Oscars are a distant has already upped its interest in films from
an expert on the industry at PwC Nigeria, told dream, but increasingly upper and middle class the country and offers Nollywood TV to its
those gathered. subscribers in Francophone Africa. While there
is interest from Europe, most of the attention
for directors and producers in Nigeria is
focused on trying to attract Netflix, the online
entertainment provider. Netflix has already
acquired the rights to a string of Nollywood
productions and in January 2019 released the
first Netflix Nigerian original film, Lionheart, by
actor-director Genevieve Nnaji.

Those involved in the industry are hoping that
the influx of foreign interest will help push their
output to a new level. But Serge Noukoue,
founder of the Paris-based Nollywood Week
film festival, warned that the industry needs
to wise up to take full advantage. “Now that
Nollywood is attracting investors the Nigerians
have to learn to better protect their interests so
that there is not just a pure exploitation of their
content,” Noukoue said. “At the moment, they
sell to Netflix and that is the end of the story.”

80 The Business Executive

Tourism

Compelling reasons for tasting
Ghana’s touristic offers
By Edem Ativor
Unique culture: Enjoy the unique foods, The Wli Waterfall is the tallest of its kind in
After several years of exploring Ghana lively music and amazing cultural dance of West Africa. Don’t miss the opportunity to
from one region to another, I wish to the Ghanaian people. Ghana is made up watch elephants, lions, and other wildlife at
put the long story short: that Ghana is of over seventy different ethnic groups with the Mole National Park and take a walk on
such an amazing country which only their intriguing traditional festivals and over the over 30 metres tall canopy walkway at the
few have discovered. The following reasons a hundred languages. The land of cultural Kakum National Park.
makes Ghana a must-see destination for diversity.
visitors from all over the world. Handmade beauty: The majestic Volta Lake
Volunteer opportunities: Ghana is the is the world’s second largest man-made
Rich history: There are over 26 surviving preferred destination for voluntourism as there lake. The Kpando Agbenorxoe Grotto has
Castles and Forts dotted along the coast are limitless opportunities to touch lives in the largest statue of the Holy Virgin Mary
of Ghana as evidence of the dark period of a secure and peaceful atmosphere. Teach in West Africa. The Ghanaian creativity is
the centuries-long slave trade and European in a community school, help save lives at a demonstrated in the beautiful handicrafts and
oppression. community health centre or contribute to the arts. These creative works have very deep
future of orphans at a children’s home. meanings and convey various messages of
Examples are the Cape Coast castle which our rich societal values: life, love, peace, unity
saw the likes of United States President Friendly people in a peaceful nation: In 2011, and the likes.
Barack Hussein Obama visiting, the Osu Forbes ranked Ghana the 11th most friendly
Castle which served for several years as the nation in the world. Ghana is widely referred Laid-back villages: Clean, safe and healthy
seat of government, the Elmina Castle (built in to as the champion of democracy in Africa. peripheral rural communities, where you
1482) which is the oldest existing European The nation has enjoyed an admirably stable experience the real indigenous culture and
building in Sub-Saharan Africa and many democracy for close to three decades and still relieve yourself of the stress of city life.
more. counting. Legendary personalities: Check if you ever
heard about the following icons: Dr. Kwame
There are also historical relics of slavery on The proverbial Ghanaian hospitality: The Nkrumah (BBC African Man of the Millennium),
display at the Ghana National Museum. Take language of all Ghanaians is full of proverbs Kofi Annan (Former UN Secretary General),
a journey along the routes of the slave trade and euphemisms. Azumah Nelson (the greatest African boxer of
and see for yourself the several slave markets all time), Flt. Lt. J.J. Rawlings, just to mention
and camps dotted across the country where Nature’s beauty: Beautiful highlands, amazing a few of the prominent global icons from
fellow human beings became commodities on waterfalls, various shades and types of Ghana.
the open market. Look for the Salaga Slave vegetation: From the thick tropical rainforest of
Market in the North, Pikoro Slave Camp in the mountainous Southern Ghana to the semi- Budget friendly destination: Love your pocket,
Upper East and Atorkor Slave Market in the arid plains of the North. visit Ghana.
Volta Region.

The Business Executive 81

Auto Review

China’s Changan SUVs
impress Ghanaians

8,500 cars sold Mad-in-China smart Sporting Utilities Changan CS35 is offered exclusively with front-wheel
daily across the globe Vehicles (SUVs) have arrived in Ghana drive and a 1.6-liter gasoline engine of 113 horse power,
and are making a good impression on which corresponds to the Euro-4 standard. In addition to
many car-lovers. These SUVs promise a the manual gearbox, a 4-speed automatic transmission
unique driving and driverless experience. is offered from Aisin, the Japanese company, one of
the world leaders in the production of transmissions.
The Changan fleet comes with the two-wheel Acceleration to a hundred takes 15 seconds with an
drives – CS35, CS15; and the four-wheel drives automatic transmission and 14 seconds in a complete
– CS75 and the CS95. Changan is one of the top set with a manual transmission. The maximum possible
four automobile brands in China that sells at least speed of the vehicle is 180 km/h.
8,500 cars daily across the globe.
The car in the comfort package is additionally equipped
The name of the brand is made up of ‘Chang’ with a mount for installing an IsoFix child seat, roof
which means ‘Last’ while ‘An’ means ‘Safety.’ rails, a standard anti-theft system, parking sensors and
Thus CHANGAN cars promise ‘lasting safety.’ rear-view mirrors with turn signal repeaters. Its other
endowments are an on-board computer with a multi-
The seven-seat, petrol-guzzling family SUV is a function display, air conditioning, rear electric windows,
pleasing Chinese interior design which includes full-size spare parts, music with USB, AUX, CD/MP3
a polished chrome trim, robust switchgear and and extra airbag for the front passenger.
a crystal-clear infotainment system, displayable
in English. Steering is electrically assisted and Further, available is luxe complete set with a mechanical
a suite of electronic safety aids is either standard gearbox which is equipped with side airbags and
or on the options list. Automatic emergency curtain airbags, rear parking sensors, electric sunroof,
braking, for example, is available as part of the electric folding rear-view mirrors and a 12V outlet.
intelligent cruise control package on the top-spec The upholstery, steering wheel and seats are made
model. of genuine leather. The CS35 is capable of parking by
itself when it detects enough space to do so without
Its engineering is European while it is assembled human help.
at the company’s Chinese headquarters.
All Changan SUVs brands can be viewed at the Hyundai
Showroom in Accra, a few meters from the Obsetsibi-
Lamptey Roundabout.

82 The Business Executive

The Business Executive 83