Issue No93 - Bands To Watch Edition

Eagle

Petroleum

Eagle Petroleum was incorporated as a private limited liability company under Ghana’s
Companies Code, Act 179 of 1963 in the year 2015. Eagle Petroleum is licensed by National

Petroleum Authority as Bulk oil Distribution Company (BDC) and started operations in
Auguasntd20g1a6s.inTdhuesCtroyminpaGnhyasnianccereinactienpgtivoanluheasfomr aminotnaeiynefodraitkseeysDstoetNreaimetveeegdnitcscupsotsoimtioerns.in oil

Advantage Place, 3rd Floor, | 7th Avenue, West Ridge, Accra

+233- (0) 577680699 | [email protected]
The Business Executive 51

Brands to Watch 2020

SweinlinnainBgefabs:hAionnabwraarndd-

Selina Beb is an award- They are ‘real designs for Selina Bebaako-Mensah, CEO
winning fashion brand from real people’ and that’s our
Ghana that specializes in top tag line. Our CEO was named as one of
of the range accessories for the 100 most outstanding Women
men, women and children. Our Creative Director, Ms. Entrepreneurs in Ghana and the brand/
The brand recently launched its Ready- Selina Bebaako-Mensah in company has been listed in the 100
to-Wear clothing line for women at our her quest to make quality Globally Competitive Start-Ups in
flagship shop in Osu, behind Photo products that will meet Ghana. Our brand was also named
Club. international standards, as the fourth Most Influential Fashion
attended a course in Bag Brand on social media for 2016 in the
Established in March 2012, Selina Beb making and Designing at the 2016 Ghana Social Media Rankings.
produces amazing bags, trendy outfits, prestigious Fashion School- In March 2019, Selina was honored by
comfortable footwear, beautiful jewellery Academy of Costume and the Ghana Fashion Industry Awards for
and modern accessories all made in Fashion in Rome, Italy in September, her immense contribution to the fashion
Ghana. For a bold clutch/bag, statement 2015. industry.
jewellery or a great way to jazz up your
iPad, Selina Beb has a solution tailored The brand has participated in numerous Selina Beb products are sold all over the
for you. exhibitions and fashion shows including world including Ghana, Nigeria, Kenya,
GUBA expo 2014 and 2016 in the UK, South Africa, U.K., Italy, Australia and
At SB, we carefully blend the rich history Africa Fashion Week, London 2015 and the USA.
and culture of Ghana with modern and Glitz Africa Fashion Week 2013, 2016,
innovative designs of the world today to 2018 and 2019. We were nominated Our high-profile customers include
bring you a brand you will learn to love for a Ghana UK Based Achievement the former First Lady of Ghana, Her
as much as we do. (GUBA) Award in London in 2017. Excellency Mrs Lordina Mahama,
both the current and former second
From the simple and understated man Also, we won the Accessory Designer/ ladies, H.E Baroness Valerie Amos
to the bold, colourful and risk-taking brand of the year 2015 at the Glitz Style (Member of the House Lords in the
lady, Selina Beb has something to suit Awards in October 2015 and won an UK) and Director for SOAS University,
you perfectly when you walk into our award for exceptional Achievement in London, former CEO of GIPC, Mrs
shop. High End Fashion Accessories at the Mawuena Trebarh, Ghanaian celebrities
Feminine Ghana Achievement Awards like Joselyn Dumas, Anita Erskine,
We aim to make our customers feel in 2016. Gifty Anti, Okyeame Kwame, Becca,
like royalty when using our unique Sandra Ankobiah, Naa Ashorkor, Nikki
items. Products are made with genuine Our CEO, Selina Bebaako-Mensah won Samonas, Kokui Selormey and Dentaa
leather, high quality African wax prints, two international awards at THE 6TH Amoateng (MBE).
rare and unique beads and the best BI-ANNUAL EUWIIN INTERNATIONAL
in raw materials that are all carefully 2017 AWARDS in Italy. Selina Beb was Hollywood stars including Boris Kodjoe,
handpicked by the designer to ensure also nominated for Accessories Brand Nicole Ari Parker, Bozoma Saint John
the best possible final product. Aiming of the year for 2015 at the Ghana and Miranda Bailey have also been
to produce items proudly made in Fashion Awards and nominated for spotted with Selina Beb.
Ghana that are not only of the highest the best Fashion Start-UP at the 2016
quality but exquisite too; Selina Beb Start-Up Awards.
products are all made by hand and each
item is made with the utmost effort, care
and love.

Selina Beb….’Real designs for real people’.
Shop: No 7 Osu Doku Lane, Osu, Accra

Contact us on: +233 54 345 9000 or +233 20 886 8652
Social media handles: Facebook, Instagram and Twitter: @Selinabeb

Email: [email protected]

52 The Business Executive

The Business Executive 53

Brands to Watch 2020

Quality Life Assurance Company
offers premium products

Incorporated on 23rd October 2007, Dr. Aaron Issa Anafure, CEO, Quality Mortgage Protection
Quality Life Assurance Company Ltd Quality Life Assurance Plan
(QLAC) commenced operation on 1st
of January 2008. The Catholic Bishops’ money is credited to the investment account This is designed to protect the account of
Conference is the majority shareholder which earns interest for the insured. At the financial institutions (banks) which provide
of QLAC, whose Business Philosophy is end of each year, an annual statement will be mortgage loans to their clients. The plan
to provide quality and excellent service to sent to the insured to keep him/her informed provides cover against death, total and
attract and retain customers. of the status of his/her Quality Education permanent disability, and total and temporal
Plan Account. disability. The policy pays the outstanding
The company’s Mission is ‘To offer value- loan balance of the mortgagor.
priced Life Assurance and other financial Quality Funeral Support Plan
products and services to meet the varying Quality Group Term Policy
needs of the insuring public; and its Vision is Quality Funeral Support Plan is a funeral
‘To be a well managed, financially sound and policy that provides prompt payment of This policy covers a group of people such as
customer-oriented Life Assurance Company benefits to the insured when death strikes. employees of an organization or members
in Ghana.’ The plan provides cover against death for of a society against death. The policy is
the following: Insured, Spouse, Children and renewable annually. The sum assured is
QLAC’s Core Values, which guides all its Parents and Parents-In-law. payable on the death of any of the group
activities, are: Efficiency and accuracy in members
service delivery; having a sense of urgency; The policy is always in force provided the
high sense of professionalism; using insured pays his/her premium regularly. Quality Keyman Assurance
technology to provide innovative service The policy has age limitations for the lives
delivery; and hard work and continuous covered. Any life assured must not be over The policy is designed to protect the
personal development. 60 years old for the member/spouse; 18 account of financial institutions (banks) which
years old for unmarried children and 75 years advance huge sums of loans to some of
Quality Investment Plan old for parents and parents’ in-law. their clients. The plan provides cover against
the following: Death, Total and Permanent
Quality Investment Plan is a saving plan Quality Smart Plan Disability, and Total and Temporal Disability.
backed by a dynamic life insurance cover.
The plan is very flexible and allows the This plan can meet client’s short, medium and Quality Loan Protection Plan
insured to increase the premium if he/she so long term financial needs; and offer adequate
wishes. As long as the insured has enough financial security for your family members/ This policy is designed to protect the account
money in his/her account, the policy will still dependents. Special Product Benefits of of financial institutions such as banks, micro
be in force even if the insured is not able the plan is an Endowment Policy specially finance companies, etc. that advance
to make regular contributions. The insured packaged to provide Survival Benefits; Risk loans to their clients. The plan provides
has the option to contribute either monthly, Benefits; Death Benefit; and others. cover against Death, Total and Permanent
quarterly, semi-annually or annually. Disability, and Total and Temporal Disability.

The premium contributed is credited to the The policy pays any outstanding loan amount
investment account which earns interest for that may be due upon the Death, Total and
the insured. The Plan guarantees Immediate Permanent Disability or Total and Temporal
and Future Financial Needs; Financial Disability of the loanee.
Security in Times of Misfortune; Adequate
Future Pension Entitlement; and many Quality Welfare Plan
others.
It is a pension scheme that allows all the
Quality Education Plan benefits to be paid to an employee/member
of a group as lump sum cash when he/she
The Quality Education Plan is an investment retires. The policy allows the members to
plan designed to solve the problem of paying contribute either monthly, quarterly, semi-
fees for children/dependents to acquire: annually or annually. The premium contributed
Quality Education, and Quality Vocation or is credited to the account of each member
Trade, etc. The plan allows the insured to which earns interest. The life of the members
make periodic contributions either monthly, of the group is also covered against Death,
quarterly semi-annually or annually. The Total and Permanent Disability, and Total and
Temporal Disability.

54 The Business Executive

The Business Executive 55

Brands to Watch 2020

1989 1990 1991 1997 1998 1999 2006

56 The Business Executive

Facebook.com/standardcharteredGH
@StanChartGH
StanchartGH

The Business Executive 57

Brands to Watch 2020

SIC Life Savings & Loans:
Yfroieunrdbleysstecruvsictoempreorv- ider

SIC Life Savings & Loans SIC Life Savings and Loans Company has
Company Limited (SICLife S high-caliber qualitative Management and
& L), the award-winning best Staff team which is made up of dynamic
customer-friendly savings and professionals with diverse expertise and
loans business in Ghana, was given a experience. The Company recognizes the
clean bill of health to continue operations importance of its employees as strategic
after the financial sector clean-up by the partners and therefore continues to
regulators due to its compliance with the invest in their development through
industry regulations and laws, and its continuous and periodic high quality
impressive balance sheet. training programs that provide superior
returns for its stakeholders.
SIC Life Savings & Loans Company is
a wholly-owned subsidiary of SIC Life SIC Life Savings and Loans focuses on Ms. Amma Frimpomaa Dwumah,
Company Limited, Ghana’s leading Life improving the lives of individuals and MD, SIC Life Savings & Loans
Insurance Company. SIC Life Savings & businesses through a wide range of
Loans Company was initially licensed on Savings, Investment, Loan products and SICLife S & L also has very competitive
27th July, 2010 by the Bank of Ghana other services. products for high networth individuals
(BoG) under the Banking Act, 2004 (Act and institutions looking to invest their
673) as Trust Finance Limited to operate Through its seeming ubiquitous mobile funds at very attractive interest rates with
the business of a Finance House. bankers, the Company provides guaranteed repayment upon maturity.
opportunities for individuals, traders,
As a result of consistent improvement artisans and market women as well as Its Fixed Income Loan Product continues
in financial performance, on 15th July, SMEs to save daily by reaching out to to provide great relief to a vast number
2015, Trust Finance Limited received them at the convenience of their places of of Government workers due to the
a license to operate as a Savings and business. The Company also guarantees speed of processing, mouth-watering
Loans Company. In the short to medium the security of customers’ deposits and interest rate, flexible requirements and
term, the strategic priority of SICLife S & L additionally grants them loans to fund terms of payments. The Company also
is to become a highly profitable non-bank their trade businesses at very competitive collaborates with private organizations
financial institution that is able to deliver rates. to give their salaried employees loans on
sustainable returns to its shareholders by mutually beneficial terms.
offering high-value financial solutions to
all stakeholders through professional and
excellent services aimed at building long-
term customer loyalty.

58 The Business Executive

Brands to Watch 2020

SIC Life Savings and Loans, through its SIC Life Savings For all customer enquiries, SIC Life
Corporate Social Responsibility activities, and Loans Savings and Loans can be reached
has contributed immensely to society Company on 0501481572. It is also available
through donations aimed at enhancing continues to on all Social Media Networks; www.
the lives of students, orphans and the bridge the gap facebook.com/siclifesl, www.instagram.
poor in the society. between the com/siclifesl and www.twitter.com/
banked and siclifesavings. For more information,
In the era of digital banking, SIC Life unbanked through please visit the Company’s website on
Savings and Loans Company’s E-banking its attractive www.siclifesl.com.gh.
Platform continues to give customers the products targeted
flexibility and convenience of performing at low-income
Bank-to-Mobile Money transactions, earners.
balance checking, bill payments and a
host of other E- banking services.

SIC Life Savings and Loans Company
continues to bridge the gap between
the banked and unbanked through
its attractive products targeted at
low-income earners. The Company’s
products have been designed with
particular attention to the various
market segments to avoid exclusion
whilst enhancing services to the existing
banked customers.

The Company’s branches are located at
Adabraka, Makola, both in Accra; Tema,
all in the Greater Accra Region; Koforidua
in the Eastern Region; Kumasi in the
Ashanti Region; Techiman in the Bono
East Region; and Tamale in the Northern
Region.

Brands to Watch 2020

Bgsuo5p-PtpolluisestreLieinml Gpitrheoaddnu-actehre&must-

B5 Plus Ghana Limited was established over 20 B5 Plus from its humble beginning two decades ago
years ago with its corporate headquarters at when it was importing steel and metal products from
Kpone, near the port city of Tema, Ghana. B5 Plus Ghana’s neighbouring countries like Togo and Cote d’
was started as a small office with a small staff with Ivoire, has grown to become a net exporter of steel
the aim of providing highly customer-centric product with products to the entire West African sub-region. He
excellent relationship building skills to customers. noted that the company was proud to be associated
with many major projects that have been undertaken
B5 Plus has expanded rapidly to become one of the in Ghana over the years.
biggest steel industries in the West African sub-region.
Currently, B5 Plus has several subsidiaries, including DPS The new factory when completed, is expected to
International, with staff strength of over 1,200. supply metal products to the country’s mining and
construction sectors. Mr. Thakwani said the factory
B5 Plus, set up by Mr. Mukesh Thakawani, who is the is set up in line with the current government’s 1D1F
CEO, was initially importing steel and iron from Cote d’ policy, appreciate government initiative to create more
Ivoire and South Africa but has grown to the stage where it industrial environment.
now exports to other countries. B5 Plus Limited operates
in all the 15 Economic Community of West African States
(ECOWAS) nations.

The company’s principal product is steel products which
come in seven major categories: Mild Steel, High Tensile
and Iron Rods, Galvanized Products, Stainless Steel,
Marine and Mining, Roofing and Nails and Concrete and
Fencing. B5 Plus’ vision is to become the world’s steel
industry benchmark through the excellence of its people,
its innovative approach and overall conduct.

Steel and iron manufacturing giant

The steel and iron manufacturing giant last year Mr. Mukesh Thakawani, The
commenced the construction of the biggest ever metal Chief Executive Officer (CEO) of
manufacturing factory in Ghana. The over $80 million
project for which sod was cut on 12th September 12, B5 Plus Limited
2018, forms part of the government’s One District One
Factory (1D1F) flagship program. The factory, located Mr. Thakwani, however, appealed to the government
within Ningo-Prampram District of the Greater Accra to address the issue of land litigation in Ghana which
Region, is expected to produce different qualities of metal he said was a major challenge for foreign investors.
and steel products. When completed, the mega factory The CEO of the multinational firm said about 400 to
will have the capacity to serve the Ghana & West African 500 people will be engaged in the construction work.
sub-region. “We always believe that we will create more and more
jobs to enjoy peace and harmony in our society,” he
The factory is expected to be well positioned to produce said, in response to a request by a residence of Ningo-
various steel products some of which are currently being Prampram, led by their District Chief Executive (DCE),
imported into the country. It is envisaged that the factory for the company to prioritize them for employment
will save Ghana some $100 million in foreign exchange in opportunities when the factory is completed.
its first year, with the figure increasing in the subsequent
years. The company, to be built on a 377 acres of land For more information, contact: 024 434 2600 or b5plus@
is to create about 3,000 direct and indirect jobs and give hotmail.comn; [email protected]
business opportunities for several retailers.

By December 2018, B5 Plus began the first roll of the
project. In 2019, the entire factory was fully operational.
The Chief Executive Officer (CEO) of B5 Plus Limited who
doubles as Director of Delhi Public School International
(DPSI) Ghana, Mr. Thakwani, in a statement, explained that

60 The Business Executive

The Business Executive 61

Authentic Ghanaian
hospitality with a distinctive
new rhythm and style

278 Upscale Best of food at the best restaurant
Rooms and Suites by world class chefs

15 Conference Entertainment unrivaled
& Meeting Rooms at our numerous bars

Awards to reiterate Relax and unwind at the
our superiotiy pool, spa, gym and tennis court

www.alisahotels.com +233 302 214 233
[email protected] +233 577 555 777

60 Upscale 5 Conference Most preferred TEMA
Rooms and Suites & Meeting Rooms hotel in Tema
A new
addition to
our promise
of excellence

Alisa hotel can boast of being the only
true indigenous Ghanaian hotel in the
country and we keep growing. Soon, we
will be opening our Tema branch, a new
addition to our group of hotels. This
hotel is state of the art with world class
amenities. An iconic venue that prides
itself on its character, grand history,
sophistication in service and dedication
to food and beverage. Alisa Hotel, Tema
is the perfect location for your
forthcoming event.

Brands to Watch 2020

Goldmaxx Security provides
first-class protection services

Mr. Maxwell Osei Owusu, The able Goldmaxx Security Personel The Chief Executive Officer (CEO) of
CEO, Goldmaxx Security Goldmaxx Security, Mr. Maxwell Owusu,
company’s slogan: ‘Proud To Protect.’ has affirmed that the company is positioning
Goldmaxx Security exceeds its Goldmaxx Security’s strategy is to orient and itself to deliver on its mandate of providing
clients’ specific and customized motivate its employees to ensure expertise excellent security services and products in
security needs by delivering and of the highest level by recruiting reliable and the country. Speaking its headquarters at
providing the highest quality of sincere security personnel to join its big and Kanda, Accra, Mr. Owusu said the company,
professional Private Security Services based wonderful family. which has some of the best trained
on trust and confidence throughout Ghana personnel in the country due to its insistence
by a qualified and competent team. It promotes the professional and personal on quality training and discipline, has won
development of its employees, supporting the admiration of many clients.
Goldmaxx Security, a wholly-owned them with training and improvement
Ghanaian company, offers a wide range opportunities. The company’s human “Crime is becoming sophisticated by the day,
of flagship most-desirable services which resource policy is aligned with the company’s we do not want to leave any stone unturned
include manned guarding, VIP escort, strategy as it is increasingly encouraging in this business; so we are constantly
manned guarding of assets in transit, alarm the employees to perform efficiently with researching to deliver very excellent service
response event security solutions and fairness. which will make us market leaders in our
electronic solutions. industry,” he stated.

For VIP escort, the company’s specialized The mission of the company is to provide
personnel is ready to provide pleasing value enhancing security services that
services to Members of Parliament (MPs), guarantees peace of mind, safety and cost
diplomats and other influential personalities effectiveness to clients and safeguarding
in society. buildings, facilities and events by using
innovations, state of the art technology
The expertly-trained security guards secure and customization. The vision of Goldmaxx
clients’ events and properties. When a client Security is to become the benchmark in
does business with Goldmaxx Security, he the provision of private security services in
or she will be provided with new era security Ghana and the West African sub-region.
services, a rarity in Ghana. The company’s
well-trained employees respond instantly The core values of Goldmaxx Security
to ensure clients’ security and safety. The include:
performance of its personnel while on guard
duties has always been guided by the Integrity:

We do what is right, making commitment
with care and delivering on our promises.

Personal service:

We earn our stripes and creatively solve
challenges. We are confident, committed
and we deliver with excellence.

Professionalism:

We create new opportunities by constantly
pushing boundaries and challenging the
status quo. We are a learning organization.

For business contact:

Tel: +233 303 975 843 / +233 269 587 161
Email: [email protected]
For more information,
visit: www.goldmaxxsecurity.com

64 The Business Executive

SECURITY

PROUD TO
PROTECT

• Manned Guarding • Event Security Solutions
• Assets in Transit • Personnel Security
• Alarm Response • VIP Escort
• Electronic Solutions • Secure Property Services

E222/9 Sixth Estate, +233 303 975 843
Abongo Road, Kanda [email protected]
Accra - Ghana www.goldmaxxsecurity.com

The Business Executive 65

Brands to Watch 2020

Superior quality products/
services are the trademark of
Manglad Roofing

Manglad Roofing System Ltd. Manglad has trained carpenters and roofing
boasts of producing roofing sheet installers to handle all clients’ on-site
systems of superior quality which installation needs effectively and promptly.
lasts a life time. The company manufactures Manglad Roofing System believes the
roofing sheets with aluminium and aluzinc quality of a roof does not only depend on
materials incorporated with anti-corrosive the value of the material used but also the
properties which can withstand the harsh quality of installation on roof members and
weather conditions within the tropic and roofing sheets. That is why the company
to enhance their durability. Manglad’s goes the extra mile to do carpentry work
long-span roofing panels come in various metal truss to suit the type of roofing
modern designs and variety of attractive profiles it manufactures and installs for its
colors to choose from. The roofing panels clients.
are manufactured with materials that are of
highest quality. Manglad deals in Materials Manglad’s service promises
such as: include:

• Aluzinc I. Free estimate.
• Aluminium
• Galvalume II. Not only satisfy our customers but
work hard to delight them.
Roofing panels produced by Manglad
Roofing System are affordable and are III. Delivery of quality service with
currently among the best roofing materials courtesy, sensitivity and minimum delay.
in Ghana. Manglad provides long span
roofing solutions and are available in multi- IV. Provide customer with information on
color. our services.

Manglad roofs are leak proof since there is V. Meet customers at the
no direct nailing on the roof panels which
are held securely by the use of clips and appropriate time and helpful in all our
strips beneath the sheets.
dealings.
Apart from roofing, Manglad provides
services such as roofing wood works; VI. Ensure that our reception, meeting
general carpentry works; management facilities are clean, comfortable and
of clients building; and metal trusses safe for our cherish customers.
fabrication. The company also provides
high quality treated wood and metal VII. Handle your complaints more
trusses which do not undergo corrosion. professionally and revert promptly.
Since its establishment in 2009, Manglad
Roofing System has become the home for VIII. Give out a two-year installation
high quality, affordable and modern profile warranty.
such as; Mr. Ahianyo is originally, a trained
Based in Accra, Manglad Roofing Systems carpenter who is experienced in furniture
• Strip lock was established by a man who understand and construction which he had been doing
• Standing seam the industry with its technicalities and before moving to the roofing industry. He
• IDT wants, and it is undoubtedly the best is endowed with technical innovation and
• IBR among equals within the roofing industry in educational skills and has won awards for
• Heavy Industrial trusses. Ghana today. Mr. Manuel Kwame Ahianyo, his achievements.
the Managing Director/CEO of Manglad
It has qualified personnel who offers Roofing, has technical and practical For products/services, contact:
free technical advice with respect to experience in the roofing industry where [email protected];
suitable material thickness, and provides he has worked and held various positions
customers with total roofing solutions to before setting up Manglad Roofing +233 (0)30 - 292 – 9707
their projects. Systems. +233 (0)26 - 1560 – 930
+233 (0)24 - 111 – 4622

66 The Business Executive

The Business Executive 67

Brands to Watch 2020

Fedek refreshes customers with
quality Ultimate Mineral Water
… poised to launch best soft drinks

Fedek Ventures Limited, the beverage Mr. Derek David M. Asamoah, It was established primarily to carry on
and natural mineral water producing CEO, Fedek Group Venture business in general goods and services.
wing of Fedek Group, is offering In January 2010, the company started
discerning consumers products that Our vision is operations in the production of purified
different in quality and taste, giving them to be the best drinking water in the form sachet water,
the ultimate satisfaction. No wonder one of manufacturers known locally as ‘pure water.’ On 30th
its fast-selling products is called Ultimate and distributors March, 2012, Fedek Ventures introduced
Natural Mineral Water. Ultimate Natural Mineral Drinking Water
of quality to the Ghanaian market. Fedek Ventures
The special water is dug from the natural water and has a three-phase plan which is to be
green beautiful mountains of Doboro, near beverages with deployed as follows: Phase 1-Sachet
Nsawam in the Eastern Region. The water a world-class water; Phase 2-Bottled water; and Phase
is naturally pure and mineral fixed, as nature hygienic and 3-Fruit Juice.
has set up the environment there in the right environmental
position and proportion for the best drinking practices across Currently, the company is in Phase 3 of
water. the globe. its plan, i.e. Fruit juice in addition to the
expansion in the production of sachet and
Ultimate Natural Mineral Water can be bottled water. Fedek Ventures is about
enjoyed everywhere, every time and by outdooring its first line of soft drinks called
everyone especially because of its varied Bounzy. The name Bounzy is set to be
bottle sizes. With four (4) different bottle sizes a household name mainly because of its
to choose from, there is never a limit to how distinct and promising flavors. From the
much the consumer can enjoy such great set of beverages include Apple Ginger,
water served by nature, and bottled for your Boabab and tropical flavored drinks
use by Fedek Ventures. whose very new flavors are yet to hit
the market. Other flavors include Apple,
Philosophy Pineapple and Cola.

Fedek Ventures Limited is guided by the Fedek Ventures is keen on the health
philosophy of paying attention to all minute of its consumers. Thus it is keen on
details along the production line. This the regulation of materials used in the
means checking and re-checking to ensure production of its adorable products. That
that all standards are met at all times. Our is why Bounzy has low sugar content,
philosophy is expressed in the belief that unlike the many other soft drinks on the
minute finishing touches are very critical to market. Bounzy varieties are excellent for
the final service or product delivered. parties, refreshments, sport tournaments
and similar events.
Vision
Fedek Ventures is on schedule to open
Our vision is to be the best manufacturers Bounzy up to the market soon. Riding on
and distributors of quality water and the success of Ultimate Natural Mineral
beverages with a world-class hygienic and Water, Bounzy promises also to offer
environmental practices across the globe. distinctiveness and ingenuity to Ghanaians
that will take them off their feet. Expect the
Mission best from Bounzy in the shortest time.

Our mission is to produce the best preferred For your supplies, contact: +233(0)553
water and beverages across the globe to 468 852; and +233(0)244 515 801. For
refresh and satisfy the desire of consumers. more information, visit:
http://www.fedekgroupgh.com
Fedek Ventures Limited was incorporated
under Ghana’s Companies Code, 1963 (Act
179) on 10th August, 2004 and commenced
business in September 2004.

68 The Business Executive

The Business Executive 69

Brands to Watch 2020

Homebase Ventures’ attractive
products and services charms
clients

Since its founding in Ghana in Among its clients are Metalex Group, Seepacs Homebase’s competitive edge is
1997, Homebase Ventures Ltd. Ghana Ltd., Krane Construction, Mid West, positioning strategically with its clients,
has become one of the leading Anointed Electricals, Buildarf Construction, who it considers as clients more than
importers and suppliers of special Comet Properties, Walkado Construction customers. By building a business based
electrical products in Ghana, Company, and Sikkens. The others are on long-standing relationships with satisfied
with seven shops in Accra and Kumasi, and Regimanuel Estates, Peewood Co. Ltd., clients, it simultaneously builds defenses
planning to open a branch in Takoradi and Asona Co. Ltd., De-simone Co. Ltd., Tobinco against competition. The longer the
other outlets in Ghana. Company, East Cantonment Pharmacy, relationship stands, the more company and
Avnash Industries Gh, Ghana Airport it clients mutually gain. Homebase sells the
Home Base Ventures operates the triangular Company, Ghana Hostel Ltd., University of company, not its products and services;
business network in Ghana, including its Ghana, Kasapreko Company, Ghana Cocoa thus establishing enduring relationships.
Golf Hill Headquarters in Achimota, Accra. Board, Blue Skies company, among many
The company is a giant in electrical supply more. Why must you or your
in Ghana, West Africa. The company has organization do business with
achieved this status due to the high quality Homebase is built on the assumption that Homebase?
and original electrical fittings and accessories the management of information technology
it has that endeared itself as a first point of for business is like legal advice, accounting, There many reasons for doing business with
call for estate developers, building and civil graphic arts, and other bodies of knowledge, the company. Homebase provides you with
engineering contractors, home owners and in that it is not inherently a do-it-yourself the state-of-the-art products in electrical/
government agencies. prospect. lighting; and is experienced and very cost
effective with electrical/lighting products.
Homebase represents trusted brands Clients as a trusted ally “We provide the best service and products
like MEM, Mk, Powertec, Philips, General to our cherished clients, our stakeholders,
Electric, Pirelli/Prysmian Cables, Crabtree, Homebase serves its clients as a trusted ally, to receive few complaints. Team work is
Clipsal, Lucy Gear, Pierlite, Expert Cables, providing them with the loyalty of a business one another sensitive part of our values,”
Schneider, and other leading manufacturers partner and the economics of an outside explains Mr. Isaac Birikorang Benkyi, the
in the electrical and lighting industry. business. It makes sure that its clients have a Administrative Manager.
quality and affordable electrical/lighting for their
Products and services businesses and homes as well as possible, For purchases, services and more
with maximum efficiency and reliability. Many information, contact
Homebase provides electrical/lighting of its products are mission critical, so it gives Telefax: +233 302 416131
products and services to small, medium and clients the assurance that it will be there when Mob: +233244274057 / 0546279548
large buildings. It is focused on providing they need it. Email: homebaseelectrical@@hotmail.com
all variety of electrical/lighting products
and services to small, medium and large Homebase has been caught in the vise grip of
buildings. The products include high current margin demand that has promoted electrical/
carriers, chandeliers, cables to switches lighting retail/wholesale locally. It is an
and sockets. Its services include advices, electrical/lighting-oriented value added reseller.
recommendations and needed installation of Homebase has very much differentiated itself
electrical/lighting fittings. from price-oriented competitors. Where its
products and services have been contracted
It provides both electrical/lighting products speaks boldly on its behalf and that is what
and services to make them useful to is keeping the company going as a market
business. It is especially focused on providing leader making a lot of inroads.
electrical/lighting products such as: Cables,
Conduit Cables, Flex Cables, Fire Alarm Homebase value proposition is different
Cables, Telephone Cable, Network Cables, from the less standard high margin-oriented
Surface Cables, Coxial Cable and Armoured electrical/lighting products. It offers customers
Cables of all sizes. quality and affordable products and services
at a premium price that reflects the value of
The Heavy Duties include Busbar reassurance as a strategic ally.
Chambers, Cut Outs, Changeovers, Fidder
Pillers, Rigmain Units and anel Boards. The 70 The Business Executive
others are Distribution Boards (Single/Three
Phases), Switches and Sockets, Mem,
Clipsal and Crabtree. Decorative Switches
and Socket: Arrestors, Cable Lugs, Industrial
Sockets, Caution Tapes, Trunkings, Fans,
Stabilizers/UPS and Bulbs.

The Business Executive 71

Brands to Watch 2020

Nkulenu products tantalize many
consumers home and abroad
Currently, Nkulenu Industries
has seven well-patronized
products on the market for
sale, and the management
of the company intends
to manufacture more for export. The
products’ unique nature, and their quality
attract many customers to buy via word-of-
mouth advertising.

Thus Nkulenu Industries is a brand to keep
an eye on this year- 2020. Some of the
products are the Palm Soup Base (800g
& 400g), described as the flagship product
of Nkulenu Industries and a feat yet to be
copied by the competitors.

The other products are Spicy Palm Soup Nkulenu Industries, which exports about
Base (800g); Orange Squash; the 625ml 85% of its products, has an annual turnover
and 315ml bottled Palm Drink; and the of about half a million dollars. It produces
pineapple juice and the Pinger (pineapple basically on a demand-driven basis.
and ginger drink). The company also The products are on the shelves in the
produces Fanti Kenkey (400g), Ga Kenkey Netherlands, Switzerland, France, Australia,
(800g), Orange Jam (500g) and Pineapple Nigeria, Liberia, Sierra Leone and many
Jam (500g). “Meda”, a malted corn drink, is others. The Nkulenu brand has earned its
also produced on demand. “Nkulenu’s Fanti distinct reputation on both the domestic
Kenkey ... The best,” testifies Seannette and international market producing on
Laeck from the United Kingdom (UK). HAACP certification. The Palm Soup Base
won the 14th National Gold Award for
The Palm Soup Base became the first Export Achievement in 2002.
processed indigenous food from Africa to
be officially certified for export in European Mr. Stephen Ocloo, the current CEO Mr. Stephen Ocloo, CEO and Chairman
and American markets when it was and Chairman of the board of directors of the Board of Directors of Nkulenu
launched in London, UK, and New York of Nkulenu Industries, explains that Industries
and New Jersey, United States (U.S.) and commitment towards maintaining the
The Netherlands. highest quality production standards, She ran the business successfully and saved
strict financial discipline and healthy labor money to pursue a course in Food Science
From the production of 12 jars of relations form part of the driving force and Modern Processing Techniques at Bristol
orange marmalade, Nkulenu Industries behind the company’s success. University, Long Ashton Research Station, in
has expanded remarkably since it was the United Kingdom. She returned to Ghana
established in 1942 by Mrs. Esther Ocloo. “Our agents, the farmers who supply us with in 1953 and continued with operating the
After the passing of Mrs. Esther Ocloo at the our raw materials, complain often that we company. After a break in operations, Nkulenu
age of 82, the heirs of the company vowed are fastidious because what we reject, our Industries started exporting to the UK in 1970
that they would preserve the company to competitors accept,” says the 84-year-old and to the United States in 1972.
honor the memory of Mrs. Ocloo. widower of the company’s originator. “We
don’t keep any raw materials overnight; we For bulk purchase, contact:
Nkulenu Industries plans to resume the process all our fresh produce on the day +233(0)302500923; +233(0)342291127; and
construction of its new factory at Kpong, they arrive,” he adds. +233(0)503062597; and [email protected].
Eastern Region, on a 15-acre land next For information, visit: http://nkulenu.com
year. The new project, whose cost is about Nkulenu Industries was started when the
$340,000, had to be suspended three late Dr. (Mrs.) Esther Ocloo (Nee Nkulenu)
years ago for fortification because the invested her pocket money of six shillings
poor nature of the soil was creating some in the production of orange marmalade
structural defects. A 41-acre land has also after she had completed Achimota College,
been planted with mangoes and oranges to where she had acquired food production
be used as raw materials by the company. skills.
Nkulenu Industries has acquired state-
of-the-art multi-purpose food processing 72 The Business Executive
machines to increase the production levels
of the existing products and to reintroduce
heat and serve foods like jollof rice, beans in
zomi, palaver sauce and others.

... a taste of home!

Greetings
Nkulenu Iffnrrdooummstries Ltd
to all our cheNrkiuslheendu cInudsutsotmreierssLhtdome and abroad
Wishing our cherished customers both home and abroad,
a Merry Christmas and Happy New Year.

+233 (0) 302500923 +233 (0) 342291127 +233 (0) 503062597

P.O. Box MD 36, Madina, Accra-Ghana, West Africa

Nkulenu Industries Ltd @nkulenuindustries

Now available at major supermarkets
and retail shops throughout Ghana!

The Business Executive 73

Brands to Watch 2020

Acacia Health Insurance beats
them all

Acacia Health Insurance Company Acacia has a plan to suit all budgets. Access This is delivered by a team of highly qualified
(Acacia) offers an unbeatable to over 90% of its HSP network nationwide is individuals with the right professional skills set.
comprehensive medical care guaranteed. These values, which guide Acacia’s day-to-day
package hospital consultations, activities, help us fulfill its mission, reach its set
surgeries, dental care, prescribed Premiercare Plan: Under this plan, one goals and achieve growth. The values are:
drugs and optical care, among others, to can access over 95% of our HSP network
members. coverage all over the country while affording Excellence: Acacia is committed to excellence,
you very competitive traditional benefits as well and continuously strive to improve its
Acacia Health Insurance, the preferred Private as handsome optical and dental covers. processes, products, and services to better
Health Insurance Company (HSP) in Ghana, serve its customers, employing professionalism
provides products and services in over 500 Supercare Plan: This plan affords you access in its conduct.
hospitals, clinics and laboratories across to over 500 facilities in the scheme. Both in-
the 16 regions of Ghana. Acacia’s scheme patient and out-patient covers have virtually Team Work: Acacia believes that by working
has accredited Service Providers across the endless limit with the assured benefit amounts together with respect, trust and mutual
country to provide comprehensive healthcare that leaves no room for a need. support, it can achieve common its goals.
for all its members. SupercarePlus Plan: When one’s worth is
so essential to the day-to-day running of the Integrity: The Company maintains the highest
Products & services organization, this is the cover to choose. On principles of integrity, accountability, client
this plan, customers can access any facility on privacy and confidentiality.
There are various product options specially the list without any authorization or barriers.
designed to cater for all categories of Enjoy mobile phlebotomy service, and a Customer Focus: Acacia is responsive to
businesses and levels of employees. Acacia’s dedicated client relationship manager. customers and direct every effort to satisfy
plans for employees ensure quality healthcare, their needs. Continuous quality improvement
which is designed to relieve clients of all Vision (CQI), along with market study and adaptation,
administrative issues related to staff healthcare is an ongoing practice that is measured and
and help organizations concentrate on their Acacia’s vision is to build the most innovative, rewarded to promote optimal performance.
core business. effective and profitable private health care
services system and become the dominant Equal Opportunity Employer: Acacia respects
Membership to Acacia is open to corporate health care benefits provider. the individual as well as diversity in culture,
bodies, organizations or any group of people background and experience. Acacia is an
and dependents of the individual applying for Mission & Objectives equal opportunity employer which maintains
membership. the highest principles of fairness and equitable
The mission of Acacia Health Insurance treatment of all employees.
Sign yourself and/or your team on to these Company in Ghana is to provide excellent
plans and enjoy unprecedented Health health insurance and administration services Best among competitors
Insurance Cover. that will be appealing to the majority of health
plan subscribers. Acacia stands out among its competitors by
Health Plans: Acacia has various health plans introducing innovative products and benefit
to suit every business’ budget and size. Acacia meets its countless clients’ healthcare options that offer a valuable difference. Also,
Unicare Plan: This is the minimum but a needs through its core values. Acacia is the best among the rest by applying
quality and very competitive plan by Acacia appropriate technology to deliver strong
for organizations with large numbers where Core Values customer service; and by promoting qualitative
medical cost is a major financial issue. interfacing with both its valued customers and
Acacia Health Insurance is dedicated to helping service providers. Further, Acacia remains
its clients achieve health and financial security. connected to the customer base to ensure
continual quality improvement of insurance
plans and associated medical services.

Acacia is achieving the above-mentioned vision,
mission and core values through the provision
of high quality services that are designed to
add value to customers’ well-being, provide
improved returns to shareholders and enhance
the welfare of employees.

Details: Toll-free: 0800-222242 (Vodafone);
Star Phone Line: *2200; and
Landline: 0302 543738

74 The Business Executive

The Business Executive 75

Brands to Watch 2020

SUNU Assurances reassures
customers of best products

SUNU Assurances, one of the fast- By understanding the needs of the Mr. Adeyemi Adetuwo
growing insurance companies customer, SUNU Assurances would Managing Director/CEO
in Ghana, has its premium design and adopt the right products for
income growing constantly from their needs. SUNU Assurances has won many awards. It
GHc36.3 million to GHc40.4 has been inducted into the elite Ghana Club
million and GHc47.5 million for 2017, 2018 Customer service - Customer service 100 for four consecutive occasions, it has
and 2019 respectively. is the hallmark of SUNU Assurances’ been recognized with the Ghana Insurance
operations. At SUNU Assurances, the Awards (Most Innovative Company) and the
Products Management and Staff believe that by The Business Executive Excellence Award.
serving their customers first, they have
SUNU Assurances has products such satisfied their shareholders’ interests. Background
as cash-in-transit, consequential loss Therefore, the customer service policy
insurance, contractors all risks and fire and of the company is evaluated regularly to SUNU Assurances was incorporated as
special peril insurance. The others are group ensure that it conforms to the company’s Equity Assurance Ghana on 28th February
householder comprehensive insurance, ideals and goals of being the leading 2008 as a non-life insurance company. It
personal accident (group and individual) African Insurance Group. is a corporate member of the West African
insurance and performance/bid/advance Insurance Company Association (WAICA)
payment bond. Information technology (IT) - SUNU and the Ghana Insurers’ Association (GIA),
Assurances has a dynamic IT the official umbrella of registered insurance
The company also offers insurance cover for Department with installed the state-of- companies in Ghana, as well as The Africa
motor, fire with business interruption, a full the-art underwriting software to improve Insurance Organization (AIO).
range of accident covers (personal accident efficiency and to reduce clients’ waiting
policy, workers’ compensation policy, time. The company is fully automated at In January 2018, the company changed its
burglary policy, fidelity guarantee, money its head office with a wide area network name to SUNU Assurances Ghana Limited.
insurance policy, public liability policy, etc.) that incorporates software at the branch The name change was strategic and
and contract bonds, marine insurance and levels as well. designed to align with the exemplary brand
policies to cover properties for mortgages of its parent company, the SUNU Group.
and leasing contracts. Innovation
The SUNU Group, a foremost Pan-
Why you should insure with SUNU Sunu Assurances introduced the first digital African Insurance with asset base of over
Insure to enjoy benefits like: purchase of Motor and Travel insurance on $623 million and operations in 14 African
mobile devices called Ezibuy. This is the countries spanning West and Central Africa,
Adequate reinsurance support – From Ghana only platform that affords clients the ability is resurging. SUNU Assurances’ new name
Reinsurance Company Limited, Mainstream to initiate motor insurance purchase on a reflects its Pan-African presence as a full-
Reinsurance Co. Limited, GN Reinsurance mobile device and complete with payment fledged member of the SUNU Group.
Company Limited and Ghana WAICA Re, and the issuance of an e-certificate or
Continental Reinsurance Company Limited insurance. Dial *711*733# Apart from its Accra Head Office, the
– Nigeria and Africa Reinsurance Limited – company has branches and contact offices
Nigeria. Vision on Spintex Road in Accra, Tema, Kumasi,
Obuasi, Tamale, Takoradi, Koforidua and
Prompt claims payment - SUNU At SUNU Group, the vision is to be a Sunyani. SUNU Assurances also has Retail/
Assurances has the financial strength and Pan-African Group, a leader in Insurance Agency Offices throughout Ghana which
staff competence backed with adequate and Financial Services, who successfully ensure that the services are accessible to
reinsurance arrangements to satisfy the support women, men and organizations customers.
customer promptly by speedily paying on the continent, striving to realize their
claims. potential, concerned about protecting and For business, contact +233 030-277-0548;
Human resource base - SUNU Assurances’ securing everything that is dear to them. or [email protected] For more
human resource base comprises highly information, visit: sunuassurancesghana.com
motivated professionals with requisite Values
qualifications and experience to manage the
affairs of the company. The client is at the center of everything.
Respect and value the women and men
The human resource capital of SUNU who make up the SUNU Group.
Assurances is regularly monitored and Agility and innovation to constantly dare,
upgraded to meet the ever-changing change and renew.
challenges and corporate objectives of the
company. Performance and results culture to create
lasting value.
Product innovation - The Research and
Technical Team of SUNU Assurances has 76 The Business Executive
the capability of tailoring innovative policies
to meet the challenging demands of its
various customers.

The Business Executive 77

KEK Insurance Goup INSURANCE GROUP

Ghana’s No.1 Broker Since 1992 GHANA’S NO.1 BROKER SINCE 1992

Service with Expertise & Integrity

78 The Business Executive Thank you for taking the time to learn more
about KEK Insurance Brokers Ltd. If you are
Charles F. Oduro, Managing Director considering insurance services, we have Airport Residential Area. Most brokers talk
the resources to deliver the best-in-house about service, but are unable to deliver on
2 Best of Ghana insurance broking services. their promises. We walk our talk each and
everyday; in fact, we conduct customer
Our vision for the next five years is to be satisfaction surveys on our clients every year
the leading and most admired insurance and and use the valuable feedback to constantly
reinsurance broking firm in West Africa. fine tune our services from product offerings
to technology innovations to marketing
We aspire to achieve this through a support.
combination of excellent, quality and timely
delivery of broking services to our cherished I look forward to speaking with you about
clients. how we can bring the KEK experience to
your credit.
Our strength as a company is rooted
in our quality human resource base and a
dedicated management team with several
years of proven experience in developing
successful insurance programmes.

Our commitment is to deliver world class
services to our clients whilst constantly
looking for ways to improve these services.
To deliver on this, we currently operate
from an ultra-modern head office complex
located at No. 40/41 Senchi Street at

Best of Ghana 3

No matter how big your dream is, our life solutions
give you the advantage you need to achieve them.

Talk to your Life Planner or Broker

0307 084 444 enterpriselifegh

Download the Advantage App on The Business Executive 79

Brands to Watch 2020

Atlantic Catering & Logistics
offers bespoke services
solutions

Atlantic Catering and Logistics Environmental Management System; OHSAS Mrs. Maud Lindsay-Gamrat
Limited (ACLL), the Accra- 18001:2007 Occupational Health and Safety Founder/CEO
headquartered fast-growing cuisine Management System; and ISO 22000:2005
company, offers bespoke catering Food Safety Management System. Corporate social
services solutions which are quality, responsibility
healthy and nutritious. The Company has engaged 85 employees
globally, and has served 6,000 volume of ACLL has extended its corporate social
A leading brand in the catering and hospitality meals. At Atlantic Catering, the high-profile responsibility (CSR) to many organizations. The
industry, Atlantic Catering and Logistics clients are considered as partners. The company has donated assorted items, including
provides excellent services for its clients. Being Company provided catering for production three boxes of Key soap, toiletries, soft drinks,
experts in catering and other services with team of Netflix when it was filming ‘Black Earth fruits and assorted cookies worth GH¢3,000 to
international presence, ACLL offers clients four Rising.’ Some its prominent clients include the Osu Children’s Home to support the upkeep
primary services. These are: Queiroz Galvao, Ghana National Petroleum of children.
Corporation (GNPC), Maersk Drilling, SMTC
Contract and Remote Site: It provides quality, Global, Scania and Saipem. The others are Awards
healthy, nutritious and hygienically prepared Expro, Epiroc, Nestle, Fluor, Logistics Direct,
meals cooked on-site for companies on Modec and Kosmos Energy. For steering ACLL to garner spectacular
contract for both offshore and onshore. It achievements, in 2015 Mrs. Lindsay-Gamrat
also caters for corporate, business industries, Atlantic Catering and Logistics, a wholly- was awarded the Most Outstanding Female
weddings, parties and any other events that owned Ghanaian company, was established Entrepreneur of the Year in Catering Services
requires catering. in 2014 with the sole mission to provide in Ghana by the Feminine Ghana Achievement
quality, healthy, nutritious and hygienically Awards; and in 2019 she won the same award
House Keeping & Janitorial Services: The prepared meals and excellent services for its in the food services category.
Company provides environmentally friendly clientele.
sanitation services to businesses onshore and In 2016, she was named one of the 100 Most
offshore to promote safe and healthy living. It Goal, vision, mandate & Outstanding Women Entrepreneurs in Ghana
uses high quality, eco-friendly chemicals and values by WomanRising, and got nominated for the
products to preserve mother earth. Startup of the Year and Entrepreneur of the
The goal of Atlantic Catering is to ensure Year categories at the Ghana Startup Awards
Event Management & Planning: The Company maximum customer satisfaction by focusing by The Startup Network, a flagship project of
plans, coordinates and manages events for on treating every bit of its process to the The African Network of Entrepreneurs (TANOE).
clients by offering a total solution for their highest standard in the industry in line with
special programs.it takes delight in making such ACLL’s Integrated Management Systems ACLL ranked 6th among the Top 60 Ghanaian
moments very special by focusing on details for Program. SMEs in 2017 in the TANOE rankings, while
excellent results. Mrs. Lindsay Gamrat won the Forty Under Forty
Its vision to be the leading brand in the catering Awards for Food/Catering and Beverage.
Facilities Management & Design Services: It and hospitality industry in Africa and beyond;
offers total solutions to clients to give them known for quality, reliability, uniqueness and For transactions, contact:
peace of mind to manage or ran their core creativity in product and service excellence. 0244 291 242/0302 502 272 and
business. In doing so, it provides a complete [email protected] For more
package to cater for the entire needs of the As part of its mandate, ACLL maintains information, visit: www.atlanticcatering-gh.com
client in their facilities. a beneficial community relationship and
formidable partnership with its clients in
In sum, Atlantic Catering and Logistics’ group carrying out capacity building interventions,
of professionals provides specialized catering particularly relevant to empowering people,
services for onshore and offshore operations, promoting wealth, improving the local
as well as camp management, ship and stores economy, and the quality of life in the
supplies, laundry, housekeeping, cleaning and communities it operates.
janitorial services.
Its values include Creativity: Cuisines are
20 years experience in always created with the most imaginative
management recipes; Reliability: Count on ACLL to deliver
anywhere on time; Uniqueness: Offer premium
Run by the Managing Director, Mrs. Maud products and services matching international
Lindsay-Gamrat, a certified Food Safety standards; and Quality: Be assured of the
Auditor with over two decades of experience in best quality.
leadership and management, Atlantic Catering
and Logistics has acquired an ISO 14001:2015

80 The Business Executive

The Business Executive 81

Brands to Watch 2020

RegencyNEM Insurance’s
excellent solutions satisfy clients

RegencyNEM Insurance Ghana Mr. Bode Oseni, MD. RegencyNem At the launch of the anniversary, Mr.
Limited provides excellent Bode Oseni, the Managing Director of
insurance solutions to the Its good corporate governance principles RegencyNem Insurance, said the merger
satisfaction of all its clients and are contained in a number of the Company’s has combined the resources of the two
stakeholders. documents and policies which are strictly companies to make the new company
adhered to. strong to deliver new standards for
The Company draws on its deep industry excellence in the industry, adding that “we
and underwriting expertise, superior claims RegencyNem Insurance is committed to are more than ever committed to provide
administration and market experience to ensuring that international best practice superior service experience to delight our
offer customized insurance products in in terms of corporate governance is numerous clients.”
collaboration with industry intermediaries and strengthened and unwavering. The Board’s
technical partners. oversight functions and activities are carried The merger, Mr. Oseni said, has provided
out through four established committees the company with synergy in terms of
As a rapid-growing international brand of of the Board. These committees are: capacity -building, resources and human
high repute to watch in 2020 and beyond, Finance and Investment Committee; Audit capital. He stated that the merger has
RegencyNEM Insurance has established an Committee; Technical and Risk Management ncreased the new company’s market share
integrated system comprising of competent Committee; and Establishment and General which we are determined to sustain.
staff, robust information technology and a Purpose Committee
conducive environment for effective and He said RegencyNem wants to be a
efficient operations. This enables the company In 2016, Regency Alliance Insurance Ghana first-choice insurer in Ghana. “I want
to deliver professional, yet cost-effective, and Limited merged with NEM Insurance Ghana to encourage other industry players to
as such all the departments are manned by Limited, a subsidiary of NEM Insurance Plc. emulate this step taken by Regency
well qualified, seasoned and proven insurance Nigeria, to form RegencyNem Insurance Alliance InsuranceGhana Limited and NEM
professionals who understand the industry Ghana Ltd. Insurance Ghana Limited. The results, so
very well. far, have been good and I emphasize the
As part of a leading insurance group whose need to consolidate efforts to achieve better
The Company believes that the human operations span through the West Africa results.”
element is critical to its success, and, sub-regions. The Group provides critical
therefore, pays attention to education, training financial solutions and risks management RegencyNem Insurance Group is a Pan-
and development of its Management and services. African company which has subsidiaries
Staff. It constantly upgrades its information in some African countries, including
technology so as to provide seamless service To mark the first anniversary of the Ghana. The Group is also in partnership
delivery. company, it put together a promotion with reputable players in the Financial
targeted at motor insurance in Accra (both Services Sector of West and Southern
The products and services provided by the renewal and new businesses) to thank its Africa sub-regions. It is collaborating with
Company include s Motor Insurance, Public numerous customers for doing business some underwriters in some countries in the
and Product Liability Cover, Engineering with them during the past year. Additional Western countries to play a significant role
Insurance Cover, Group Personal Accident activities include a float; cocktail barbeque; in the global insurance market
Insurance, Energy Insurance, Homeownwers stakeholders and agents’ forum; health
Insurance, Burglary and Fire Insurance walk; and a thanksgiving service. The Group’s strategy is to partner with
credible players in different regions of the
Its clientele base is growing progressively and world in order to contribute to efforts at
its business portfolio is expanding because improving the economies in the global
RegencyNem Insurance places high premium system. The Group’s experience in various
on customers’ satisfaction. countries and knowledge of their insurance
markets has made it a leader in the General
Mission Statement: To provide the best Insurance Business market in the West
customer experience in non-life insurance Africa sub-region.
through excellent technology and human
capital. For business, contact:
Tel: +233 (302) 778 106/768 463/
Core Values: Commitment, Integrity, Efficiency
and Innovation. (0)302 782 871;
[email protected]
RegencyNem Insurance is committed to For more information,
strong corporate governance practices that visit: www.regencynem.com
allocate rights and responsibilities among the
company’s shareholders, the Board and its 82 The Business Executive
Executive Management to provide an effective
oversight and management of the company
in a manner that enhances shareholders
valueandpromotes investors’ confidence

The Business Executive 83

Brands to Watch 2020

GCB Bank

– innovation meets solidity

Not only is GCB Bank the Mr. Anselm Ransford A. Sowah This is the beginning of what the bank
biggest bank in Ghana MD, GCB Bank Ltd. plans as a digital transformation and
with regards to total the sheer efficacy of G-Money holds
assets, which stood at But its latest offering, launched early the promise that GCB Bank is about to
GHc12,524.1 million by the this year, stands to actually revolutionize revolutionize digital banking in Ghana.
end of 2019 and shareholders funds, electronic payments in Ghana. This is Already the bank offers a suite of
which stood at GHc1,780.4 million as at G-Money a digital wallet product launched e-banking products covering both
that time. It also has the widest branch in January. Instructively, this is the first time internet and other electronic banking
network of well over 180 branches, a bank has offered a mobile money product. services. Importantly with the Bank’s
and is present in every region across It enables registered customers to send unique Link 2 Home product Ghanaians
the country and indeed, a majority of and receive funds from any mobile money in the diaspora can open, control and
district capitals. Being an indigenously service or bank account and is accessible operate bank accounts in their home
owned bank, listed on the Ghana across multiple channels. It also interfaces country, in cedis, dollars, euros or
Stock Exchange and counting more with mobile banking applications, ATMs, pounds sterling depending on choice.
than 100,000 retail investors among its Point of Sales devices used by merchants
shareholders, it is no wonder that it is for e-commerce. The other reason why GCB Bank will
easily the most popular bank in Ghana. shine brightest in Ghana’s banking
industry this year is its sheer resilience.
But in 2020 there are two more reasons The bank has customer deposits of
why GCB Bank will be closely watched over GHc 9,320.9 million spread all
and admired, not just at home in Ghana, around the country, thus serving as
but by the international financial and the largest and most widespread safe
investing communities too. haven for deposits in Ghana. This
it proved yet again by keeping full
One is for its innovation with regards to services open even during the height of
product design and delivery. To be sure, the coronavirus lock down in Ghana’s
the bank has been a trail blazer in the biggest urban centres, while at the same
past with regards to offering products time it is contributing most significantly
and services that are most relevant to to efforts to support the economy as
Ghana’s retail banking public. a whole and vunerable households in
particular during the crisis both through
donations and through its products.
An example of the latter is the bank’s
24 Hour Loans product, which enables
salaried workers to secure loans for
their personal use, within 24 hours of
applying, with repayments made over
tenors ranging from six to 36 months.

Meanwhile the bank continues
to support key economic growth
initiatives, such as the one district,
one factory without missing a beat,
providing millions of cedis to small
scale entrepreneurs and corporate
Ghana alike.

This year, perhaps more than any other
before it, will show just how vital GCB
Bank is to the economic well being of
Ghana and its citizens.

84 The Business Executive

papa n’aba, twa tum!!!

G-Money, your truly Ghanaian Mobile Money Service
now available to customers and non-customers of GCB Bank

G-Money = Ghana Money

Dial *422#

Visit any GCB Bank Branch
or G-Money Agent with a valid ID to register

@gmoneyghana The Business Executive 85

Brands to Watch 2020

DPS international nurtures the
body, mind & heart of students

Mr. David Raj, Principal, DPS International School Aims of DPS

Affiliated to CBSE and IGCSE, The Scholastic Assessment program helps The broad and balanced school curriculum
DPS International Ghana is a student to perform for areas like assignments, sets the direction, establishes the goals and
school which is committed to projects, elocution, quiz, competition, debates, implements a strategy for getting from where
the excellence of its students group activities, club activities and research. a child is to where he aspires to be.
in all sphere, marking it out a The Co-scholastic Assessment progam helps
Its efforts are to encourage all children
brand to watch in 2020. DPS students to improve their thinking, social and to realize their true potential and seek
educational challenges. DPS considers the
international Ghana has a comprehensive emotional skills. child’s all-round development-intellectual,
social, physical, moral and emotional to be of
curriculum that nurtures the body, mind and paramount importance.

heart of students. This type of liberal, empirical and theoretical DPS stands committed to ‘Service Before
Self’ and prepares the young learners to act
education molds students into objective, in accordance with a personal philosophy that
reflects concern for all and understand the
Run by Delhi Public School Society, which open-minded and pragmatic scholars who ethical implications of the various disciplines.

is registered under the Society’s Act, India, will exist independence of mind critically when Mission & Vision

DPS International Ghana runs the CBSE and challenged academically, intellectually and Based on moral values, ethics and ideals. An
optimistic approach to face success and failure
International General Certificate of Secondary practically in very part of the world. peacefully with equanimity. Communication
skill and self-expression. Artistic ability and
Education (IGCSE) programs. creativity. Competitive spirit to excel in all
spheres
DPS was established to inculcate the rich
Infrastructure and Facilities
DPS International Ghana is affiliated with ethos of life such as integrity, honesty, trust,
DPS in Tema is an architectural masterpiece
the University of Cambridge International tolerance and compassion, camaraderie and of Ghana. The classrooms are spacious with
adequate ventilation, with a free flow of fresh
Examinations and Central Board of Secondary a scientific temper with an understanding of air. The smart classrooms are fitted with LCD
projectors and Boarding House providing
Education, New Delhi. humanism. The transformation from a green pastoral care

field site to a school bustling with about 450 The hostel of DPS Tema caters for the
needs of boarders, computer, science and
The high pedigree of DPS International students in just four years bears testimony mathematics laboratories, amphitheatre
(luxuriant ambiance), library, Medical Treatment
Ghana means the educational institution to its phenomenal growth and the school’s Area, pick-and-drop School Transport and
auditorium.
offers students an evolving, globally relevant commitment to excellence.
The School was founded by the renowned
educational opportunity. The IGCSE Program Industrialist and Philanthropist, Mr. Mukesh
Thakwani, in September 2010 with the
is administered by the University of Cambridge Under the dynamic leadership of the Principal, substantial budget under the aegis Delhi
Public School – a chain of schools all around
International Examinations (CIE). It provides an Mr. David Raj, along with a hardworking team the globe known for its holistic education. Mr.
Thakwani’s mission is to champion the cause
ideal foundation for higher-level courses such of dedicated teaching professionals, DPS of education in West African countries by
providing a world-class education.
as the International Baccalaureate Diploma International is certain to ensure the vibrant
For more information, contact:
Program and Advanced Levels. growth of its students to be responsible +233 556620540; +233 54 4353200;

citizens of the country and the world. and [email protected]

These certificates have worldwide recognition

and are equivalent to the Certificate of Thus DPS provides a truly enabling

Secondary Education from Indian education environment to contribute to the all-round

boards, General Certificate of Secondary development of each student. With a modern

Education, and Ordinary Level. It offers syllabi building housing a striking Sports Complex,

which reflect local economies and cultures state-of-the-art infrastructure and spacious

within a global context. classrooms, DPS Ghana is indeed a feather in

the cap of Ghana, West Africa.

The programs develop key learning, problem-

solving and investigative skills by encouraging The school is alive to the challenge of

an active, critical and questioning approach to grooming students to be lifelong learners by

study. This ensures a broad-based education, developing their skills as academic achievers,

while encouraging a degree of choice. progressive thinkers, effective communicators

and empowered citizens who ‘think local but

act global’.

86 The Business Executive

The Business Executive 87

Energy

Hydrogen’s plunging price
boosts its pro-climate
element

ABloombergNEF (BNEF) analysis industries requires the sort of energy Using a “fully optimized” system design,
finds that the price of producing hydrogen packs, delivering temperatures solar and wind can provide power to
hydrogen, a versatile green hot enough to melt metal and stone. electrolyzers, which extract hydrogen gas
fuel and resource, could fall from water, for as little as $24 a megawatt-
dramatically in years to come. It is those industries that are finding it hour by 2030 and $15 by 2050, according
The cost of producing hydrogen gas with difficult to remove emissions. Hydrogen to BNEF.
renewables is likely to plummet in the coming also can also be stored, shipped, and
decades, making one of the most radical used to produce electricity or fed into fuel Lawmakers will need to support renewable
technologies for reducing greenhouse gases cells that are increasingly appearing in cars hydrogen in order to spur advances and
economical. and small power plants. BNEF looked at growth of electrolyzers in the years ahead,
how to generate hydrogen from renewable according to BNEF’s analysis. About
That is the conclusion of an analysis by BNEF, sources such as wind turbines and solar three gigawatts of electrolysis projects
which said the most abundant element panels. It also examined how the gas are currently underway to test new
is likely to play a growing role in reducing that is produced can be stored to provide applications of hydrogen according to data
pollution from power producers and industry. energy at times when the wind doesn’t from the International Energy Agency. Over
blow and the sun doesn’t shine. the following decades, the amount of total
The findings of BNEF add to the potential capacity of electrolyzers could skyrocket
for widespread use of hydrogen. While the Renewable hydrogen costs may fall to as 1,000 times that amount if a significant
climate-friandly gas has been hailed for low as $1.40 a kilogram by 2030 from the demand builds for renewable hydrogen.
decades as a carbon-free energy source, the current range of $2.50 to $6.80, BNEF Without political support, a hydrogen
cost and difficulty of making it has confined said in the report. That could slide further economy would not likely develop, leading
it mainly to niches like fueling rockets and to 80 cents by 2050, equivalent to a natural to a slight rise in electrolyzers by 2050.
helping upgrade blends of oil. gas price of $6 per million British thermal
units. Gas in New York closed at $2.17 per Chinese manufacturers lead the way
“Once the industry scales up, renewable million Btu on 22nd January, 2020. It last in low-cost manufacturing of hydrogen
hydrogen could be produced from wind or traded above $6 in 2014. production equipment. Those companies
solar power for the same price as natural mostly sell domestically and to markets
gas in most of Europe and Asia,” Kobad The most cost-efficient strategy would be other than Western Europe, Australia and
Bhavnagri, BNEF’s head of special projects, to connect a hydrogen operation directly to the U.S.
said in the report released in January. “These both wind and solar energy sources. That
production costs would make green gas would maximize the time the hydrogen While companies that experiment with
affordable and puts the prospects for a truly plant could run as wind often blows when hydrogen have not bought equipment from
clean economy in sight.” it is not sunny and vice versa, according to China, the country could show the way
the report. Countries where the renewable to a drastic decrease in production costs
If produced on a large scale, hydrogen could energy is expected to be more expensive, through a combination of increased scale,
feed into a range of applications, fueling such as Japan, will face higher costs to automation and moving production to
long-haul transport and steel-making and produce green hydrogen. countries with cheaper workers. By 2030,
the manufacture of cement. Each of those BNEF anticipates European and American
manufacturers to catch up with Chinese
prices.

Many factors would have to come together
to develop what BNEF calls a “hydrogen
economy.” With government support,
technological advances and increased
scale, costs would come down and
demand would rise.

Between now and 2030, demand would
slowly grow from being basically non-
existent today. Once costs come down
after 2030, that demand would take off
over the next couple decades, to reach
as much as 275 million metric tons of
renewable hydrogen per year by 2050.

tBE

88 The Business Executive

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Viewpoint

iNmopna-ecctionngoGmhicanfaac’stors
development

By Dr. Alhassan Sulemana Anamzoya

Mr. Ken Ofori-Atta, Ghana’s Minister for Finance

Speaking recently at the forum Since Meiere and Baldwin (1957: 119) Even earlier arguments that the Asian Tigers
organized by the Danquah Institute commented that economic development experienced development due to dependent-
in Accra, Ken Ofori-Atta, Ghana’s was much of a serious topic to be left to development (So 1990) has been revised
Minister for Finance, stressed economists alone, some scholars started and contrasted by Herman Khan (in Seligson
the significance of citizen responsibility in investigating the socio-psychological and Passé-Smith 2008: 237) who posited
driving national development. factors responsible for setting the economic that the industrial advancement of the Asian
forces in motion that will eventually lead Tigers was due to more of attitudinal change
Ofori-Atta explained that citizen to economic development. For instance, (based on the people imbibing the Confucian
responsibility was expressed through social though W. W. Rostow was interested in ethic).
consciousness, tax contributions and the economic development, he insisted that
protection of the national purse. And that economic theory must be linked ultimately to Attitudes therefore matter in nation-building
the success of the ‘Ghana Beyond Aid’ sociological and psychological constructs if it and achieving development. Such attitudes
agenda depended largely on citizen’s was to be maximally useful. emanate from people’s sense of oneness,
responsibility. we-feeling and belongingness. People’s
Sociologically, it is widely acknowledged attitude towards the post-colonial state, just
In sociological analysis of development that achieving development is more than as in the colonial days, has been largely an
discourse, citizen responsibility falls within just capital injection and technological attitude of dislike.
what scholars call non-economic factors for innovation. In his ‘Introduction to the
economic development. I offer an extended Sociology of Development,’ Webster (1984) The colonial state with the white ruler was
analysis of the Minister’s presentations argued, based on observations by classical perceived by the natives as a stranger entity,
using certain sociological lenses, which are sociologists such as Durkheim and Weber, an exploitative one, and an enemy. The
crucial in furthering our understanding of the that the transition from the limited economic state could therefore be justifiably cheated
idea of attitudinal change and development. associations to modernity depended on and abused at the least opportunity. Peter
I link the discussion up with the earlier call a prior change in the values, attitudes and Ekeh’s “parable of the foolish moral man”
by President Addo Dankwa Akufo-Addo norms of the people. This argument found illuminates this further. In this parable,
on Ghanaians to be citizens and not its way into mainstream modernization Otobrise, a native, had picked a bag which
spectators, emphasising the significance discourse, which places values and attitude fell from the moving carriage of the District
of these non-economic factors in Ghana’s high on the development agenda.
socio-economic advancement.

90 The Business Executive

Viewpoint

Colonial Officer in Nigeria. The bag contained interconnected and transactional. According one man can’t eat it all. So several people
hundreds of pounds of money “which to Ekeh, citizenship had acquired a variety eat it … government is the big elephant, and
constituted a fortune in those dreary colonial of meanings, which depended on whether so everybody accesses it in different ways,
times”. Otobrise picked the money, walked it was conceived in terms of the primordial in whatever manner. So if I can pick … this
a distance of three miles to the colonial public or the civic public. copier home to my house and own it, even
headquarters, and handed the money back though it is for government, then I have
to the District Colonial Officer. And there lies the danger. The individual picked my part of the elephant. Somebody
African sees his/her duties as a moral would use the offices to extort monies, you
He went back home, narrated the story to his obligation to benefit and sustain a primordial know government allocation is there for a
wife who immediately ‘packed her belongings public of which he/she is a member. “The purpose, they misappropriate it … so there
and left him’. “Otobrise is too much a fool”, foci of such duties may of course vary from needs to be a radical change in our attitude”
she cursed. Otobrise’s story spread far and one setting to another, but in most of Africa (Lentz 2014: 198).
wide and his family summoned him. At the they tend to be emergent ethnic groups”
family meeting, he honestly recounted the (Ekeh 2012: 214). The primordial public can Robert Price (1975 in Lentz 2014) contended
event. “At the end of his honest account, the be defined as limited to an extended family that Ghanaian bureaucrats were victims
eldest man in the family told Otobrise that he of 200, or to an emergent ethnic group to of their extended family’s particularistic
was a foolish moral man”. Then the village whom the individual pays duties to, without expectations and would compromise their
maidens composed songs that ridiculed expecting any material rights. professional ethics because they found it
him as “the village fool”. In the eyes of his much more important to maintain their good
immediate family, his extended family and Informal taxation in the form of voluntary name in their rural home communities.
the larger community, Otobrise was a fool contributions to ethnic associations and
and his actions were foolish. The white man different other types of obligations to help Problematic assumption
represented the state, and Otobrise was
expected to have taken the money from him “Ghanaian parlance Even though these findings were revealed in
and to own it but not to return. they say the 1960s Ghana, and Lentz thought that was
government is an a problematic assumption, it can be argued
Development challenges elephant meat. An that the assumption still has relevance in 2020
elephant meat, in their Ghana. That we can extend Price’s argument
Ekeh has used historical data to analyse local dialect means of the civil servant to every Ghanaian who,
contemporary development challenges that it’s too big that working in any form that gives him or her any
arising out of attitude. Ekeh (2012: 200) one man can’t eat it kind of access to government/(the elephant
opined that “the experiences of colonialism all. So several people meat), is expected not just of the extended
in Africa led to the emergence of a unique eat it … government family, the community, but of the larger
historical configuration in modern post- is the big elephant, ethnic group, to bring part of the meat home
colonial Africa, which is the existence of and so everybody irrespective of how the meat is obtained,;and
what he calls the two publics (instead of one accesses it in different would be celebrated as a good son or
public, as in the West)”. ways, in whatever daughter by the family, the community,
manner.” and,the ethnic group if a larger portion of the
Ekeh’s position is that there are two public meat is brought home. This attitude does not
realms in post-colonial Africa. On one hand out with ethnically-owned community auger well for the development of the state.
is that public realm in which primordial ties programs are a prominent feature of
and sentiments influence and determine the modern Africa. However, the individual With the numerous pro-poor social policies
individual’s public behavior, which Ekeh calls gains from the primordial group, intangible, already churned out, including the recent
the primordial public. On the other hand is the immaterial benefits in the form of identity or Free SHS Policy, the governing NPP can be
public realm which is historically associated psychological security. described as a capitalist party with a socialist
with the colonial administration and which heart. Though the Free SHS Policy, the state
has become identified with popular politics One man can’t eat has announced its presence in a strong
in post-colonial Africa. It is based on civil manner among large sections of Ghanaians
structures: The military, civil service, police, In her recent work on ‘Professional ethics whose sense of the state has been remote,
among others. Ekeh calls this the civic of Ghanaian Public Servants’, the German vague and opaque.
public. The most outstanding characteristics anthropologist, Carola Lentz (2014),
of African politics, Ekeh observed, were the revealed through her interviewees that in the With the Free SHS Policy, it is expected
same political actors who operated in the “Ghanaian parlance they say the government that more Ghanaians would focus on the
primordial and the civic publics. is an elephant meat. An elephant meat, in state, have a tender heart towards it, be less
their local dialect means that it’s too big that self-centered, and subsequently develop
These two publics exist side by side and an attitude that focuses on developing the
tend to grow together. More practically, Ghanaian state.
Ekeh examined the two publics alongside
the concept of citizenship and argued that The writer is a Senior Lecturer at the Department
an individual as a member of a political of Sociology of the University of Ghana, Legon.
community had certain rights and privileges,
which he/she may claim from, and at the tBE
same time, with certain duties and obligations
which he/she performed in the interest of the Advertise with The
political community/the state. Business Executive

Therefore, one critical attribute of citizenship magazine and
is that the two elements of citizenship - reach your target
rights and duties - are closely interwoven,
audience
The Business Executive 91

Security

Why So Little Is Known About
Russia’s Mystery Bomber

By Charlie Gao

Russia’s PAK-DA Stealth Bomber is Moscow’s new secret super-
weapon. Why is so little known about the weapon? The key point is
that little by little, some information about the bomber is coming out.

As the United States (U.S.) mid-2020. Tupolev is currently busy with The Kinzhal is also launched from the MiG-
proceeds with research and the production of the new Tu-160M2, 31 as the high and fast flight profile of the
development on the B-21 which recently is completing flight trials. MiG-31 provides the necessary energy for
“Raider” project, Russia is So it suggests that the PAK-DA is still the missile to attain its velocity. The PAK-
also developing its own next- in a very early stage of development. DA is unlikely to have a similar flight profile.
generation strategic bomber. Called PAK- Sources have stated that reduced scale However, hypersonic engine technology
DA, which stands for Перспективный mockups of the PAK-DA in composite from the Kinzhal could find its way into a
авиационный комплекс дальней and a full size mockup in wood have been smaller future ALCM used in PAK-DA. The
авиации, or Prospective Aviation constructed. The Tu-160M2 has been Kinzhal is also significantly shorter ranged
Complex for Long Range Aviation, the stated as a reason that the PAK-DA has than existing missiles, with a listed range
bomber is expected to replace all current been delayed, as the modernization took of 2000km, compared to over 5500km for
strategic bombers in the Russian Air up a lot of Tupolev’s resources. the Kh-102.
Force by the next decade.
Known in broad strokes Shape and look
With regard to strategic bombers, the
Russian Air Force has an analog to most The actual role of the PAK-DA is The actual shape and look of the PAK-
American aircraft but the B-2 Spirit. It is only known in broad strokes. As a DA is unknown outside of some publicity
unsure whether the PAK-DA will attempt strategic bomber, the PAK-DA would renders. Dmitry Rogozin has stated that
to fill the same role the B-2 Spirit has be responsible for delivering nuclear the aircraft will be of a flying wing design.
been used for in the U.S. Air Force from weapons that penetrate enemy air It is not sure if this will be a simple wing
the information publicly available. defenses in the event of nuclear war, similar to the B-2 Spirit, or whether
a role it will inherit from the Tu-95 and there will be additional control surfaces
As of the latest predictions which were Tu-160 strategic bombers currently in protruding from the wing. Publicity renders
made in May 2018, the PAK-DA is service. have shown both configurations. Some
expected to fly by 2025–2026 and enter technical characteristics can be found in
serial production by 2028 or 2029. Per As current versions of the Tu-95 and public information.
tradition, the PAK-DA will receive a “Tu- Tu-160 currently use air-launched cruise
” designation, as the majority of work missiles (ALCM) as their primary delivery Its mass is estimated to be half that of the
conducted for it was done by Tupolev method for nuclear warheads, specifically Tu-160, which would put it around 130
Design Bureau. This stands in contrast the Kh-55SM and Kh-102, the PAK-DA tons. It is also expected to be subsonic
to the PAK-FA, which is now known as will likely use further developed versions and have two engines, and at it will be able
the Su-57. Both aircraft are products of these missiles or a new ALCM of fresh to fly a range of fifteen thousand kilometers
of Russia’s United Aircraft Corporation design. The new hypersonic Kh-47M without refueling. This is an increase from
(UAC), which rolled together almost all “Kinzhal” ALCM could possibly be used the Tu-160, which has a range of around
Russian aircraft producers into a single on the PAK-DA as a primary armament. twelve thousand kilometers without
conglomerate. refueling. The PAK-DA’s electronics are
However, ALCMs in the Tu-160 and Tu- said to be “unified” with the Tu-160M2,
Similar to other modern aircraft 95 are primarily stored in internal rotary allowing for more rapid development. Also,
programs, the dates for the initial service launchers. The large size of the Kinzhal the PAK-DA has been said to be able to
and prototyping of the PAK-DA have could prove counterproductive to this. use “any airfields,” which implies that it
continued to be pushed back. While External storage of Kinzhal ALCMs is might have a shorter takeoff run than the
the prototype was originally slated to unlikely (although it is currently used Tu-160 or even the Tu-95.
take off in 2019 (as announced in 2014), on the Tu-95MS16 and Tu-95MSM) as
Tupolev’s director revised this to say the PAK-DA has been reported to have The writer studied Political and Computer
that the rollout of the first prototype was stealthy features, external storage would Science at Grinnell College and is a frequent
expected around 2021–2022. Currently, negate that advantage. commentator on defense and national
the UAC head says the prototype PAK- security issues.
DA for flight tests will be produced around
tBE

92 The Business Executive

The Business Executive 93

Corporate Governance

Mr. Philip Abradu-Otoo, the Head of the Research Department of the Bank of Ghana

“Sound corporate governance
practices critical to improving
economic efficiency” - BoG

Below is a reproduction of a speech delivered by Philip Abradu-
Otoo, the Head of the Research Department of the Bank of Ghana
(BoG), at the Ghana Industry CEO Summit and Awards, which
were organized by The Business Executive Ltd. and held at the
Accra International Conference Centre (the Grand Arena) on 29th
November, 2019.

94 The Business Executive

Corporate Governance

Good evening and thank you for the instances, management of these banks auditors, shareholders as well as the
invitation to join you at this CEO approved fictitious placements with related regulators. In addition, issues relating to
Summit and Awards ceremony. and connected companies, while the accountability, internal controls, tenure of
It is a pleasure to make some qualifications and/or experience of some appointments, related-party transactions,
few remarks on the chosen theme, that is, board members were called into question conflicts of interest, information disclosure
‘Good Corporate Governance in Ghana: regarding their capacity to undertake have been extensively and explicitly stated.
Practices and prospects’. This topic is timely effective governance of the affected banks.
and appropriate given recent developments These discoveries pointed to classic cases Mr. Chairman, Ghana’s banking sector
regarding corporate governance failures in of failures in corporate governance roles and forms about 85% of the entire financial
the financial sector and its implications for structures. system, making economic activity largely
the broader economy. Let me therefore thank dependent on bank financing. A robust
the organisers of this Award ceremony for The systemic nature of the poor corporate banking sector is therefore, critical to
providing the platform to shed some light on governance practises within the banking the stability of the entire financial system
good corporate governance standards and system two years ago, warranted widespread and economic growth ultimately. The
practises. regulatory reforms and directives to protect Bank’s statutory mandate includes the
depositors while safeguarding the stability of responsibility to promote stability of the
Mr. Chairman, companies with good corporate the financial sector. Consequently, the Bank financial system, and to protect the interests
governance structures are characterised of Ghana recapitalised the banking sector, of depositors. This is a responsibility the
by a sense of mission to hold themselves and implemented several regulatory reforms management of the Bank of Ghana takes
to high standards of accountability and to underpin the stability and soundness of very seriously. In light of this, the culture of
transparency. Broadly, corporate governance the banking sector. regulatory forbearance that once prevailed
involves relationships between a company’s will no longer be countenanced.
management, shareholders, board and other Ladies and Gentlemen, sound corporate
stakeholders. Strong corporate governance governance practices are critical to Going forward, therefore, the CGDs will be
practices should create structures and improving economic efficiency and growth fully implemented and widespread regulatory
processes through which the objectives of and serve as a deterrent to mismanagement reforms strictly enforced. Through effective
corporate entities are set, attained, as well in any institution. In this regard, the Bank of supervision and enforcement, we will
as efficiently monitored. In the case of the Ghana, drawing on international corporate ensure that banks obtain and maintain the
banking sector, the existence of an effective governance principles, issued the Corporate right levels of capital and liquidity, employ
corporate governance system is essential for Governance Directives (CGDs) in 2018, to sound risk management practices, provide
maintaining confidence of depositors and specifically address the fundamental flaws effective internal control systems and good
stability of the financial sector which in turn observed in the governance processes corporate governance practises all in a
boosts economic growth. within the banking sector. bid to remain safe, sound, and resilient.
These should help reduce the incidence
On assumption of office as Governor just a Build public trust and of bank failures and associated high fiscal
little over two years ago, we realized serious confidence costs at the expense of the taxpayer, and
lapses in the governance structures of some most importantly its implication on financial
banks which had severely undermined The CGDs underscores the fact that banks intermediation and growth.
operational efficiency with adverse need sound corporate governance practices
implications for shareholders’ investments to build public trust and confidence, as Exposure of weak
and placed depositors’ funds at risk. well as operational credibility which in the corporate governance
long-run should promote the safety and
The vulnerabilities in soundness of the entire banking system. Ladies and Gentlemen, the exposure of
some banks Let me say here, that the CGDs can be weak corporate governance in the banking
adopted for corporates in other sectors as sector and its implications on the financial
Mr. Chairman, our investigations revealed well. From the Bank’s perspective, corporate sector, offers useful lessons for other
that the vulnerabilities in some banks and governance means the manner in which the corporates as well. The issues are inherent
other specialized-deposit taking institutions business and affairs of a Regulated Financial in every institution and would require
at the time, were largely due to serious Institution is governed by its Board and Senior strict discipline, effective monitoring and
lapses in corporate governance structures. Management, including how its strategy and supervision, and commitment to promote
In particular, violations of standard objectives are set; its risk appetite/tolerance good corporate practices to ensure the
corporate governance roles were evident are determined; its day-to-day business is sustainability of corporate Ghana. More
in the operations of the seven banks which operated; and finally How the interests of critically, those at the helm of affairs, that
eventually had their licenses revoked. depositors are protected and shareholders is, the CEOs and Boards must seek to play
obligations met. by the rules and hold themselves to high
For most of these banks, it emerged that standards of integrity and accountability.
the lines of responsibilities of management Good corporate governance practices must These are the only routes to having
and directors were either not adhered to or take into account the interests of other successful and profitable companies that
followed as expected. In addition to owner/ recognised stakeholders; and align corporate survive the test of time.
management conflicts, some banks were activities and behaviour with the expectation
exposed to connected lending practices that it will operate in a safe and sound On this note, Mr. Chairman, let me
with no regard to due processes laid down manner, with integrity and in compliance once again thank the organisers for
to guide such activities. Top management, with applicable laws and regulations. On institutionalizing this corporate event and
including executive and non-executive this basis, the Banks’ CGDs seek to provide congratulate all CEOs who will receive
directors, were found to have breached guidance on how banks should be directed awards today. Thank you.
related party transaction limits and extended and controlled. It clearly spells out guidance
credit to themselves and relations. In other for Boards, Directors, Chairpersons, Chief tBE
Executive Officers, Board appointments,

The Business Executive 95

U.S. Affairs

How will Trump’s
successor reintroduce
America to the world?

By Howard W. French

Each every year, the United over after a period of great corruption It is in this context that in recent days I
Nations’ (UN) General Assembly or national disgrace and seeks to make have been thinking ahead to a time in
hold its session which traditionally amends for the sins of its predecessor. a year, or perhaps four years —or, if an
serves as an opportunity for small Few venues, after all, lend themselves impeachment process gains decisive
nations to speak to the world about their better to pious vows about commitment momentum, possibly sooner—when
progress or plead for help with problems. to democracy or the rule of law or respect a new American president assumes
for universal values. office and will have to figure out how to
Sometimes, the UN can be the stage for reintroduce the United States (U.S.) to the
a reset, as when a new government takes world.

96 The Business Executive

U.S. Affairs

Outgrowth of
American politics

Just as some commentators in the U.S. the U.S. had been locked in stately, relative
insist that the Trump presidency should decline.
be seen not as a total outlier but as an Trump has put a secular trend into overdrive,
outgrowth of what American politics had costing the country and its long-term standing
produced before him, a world that is dearly.
more savvy and skeptical about American
leadership will likely dismiss future claims In the words of Henry Farrell and Martha
to a moral or ethical high ground. That Finnemore, writing in The Washington Post,
is, unless there is a more candid U.S. the “artful hypocrisy” that the U.S. had been
reckoning with the past. able to live by so well “requires the long-term
cultivation of a reputation as a principled player
Where, then, do the most problematic on the world stage.” But Trump has destroyed
continuities between Trump and his that aura of principles with his thuggish, pay-
predecessors lie, and how can the next up-or-else ethos toward longtime allies like
American leader address them? As the Japan, South Korea and members of North
world’s undisputed superpower for most Atlantic Treaty Organization (NATO), and his
of the time since the Cold War, after it had callous response to the Saudi government’s
shared the summit of world affairs with the dismemberment of a leading journalist. He
Soviet Union for decades, the U.S. has recently praised Saudi Arabia as a “great ally”
long treated the rules-based international because it “pays cash.”
system that it helped build after the Second
World War as a kind of club with optional Nostalgic invocation
dues.
American power will not automatically recover,
Immediately after taking office, Trump and certainly not by nostalgic invocation alone.
The road ahead has been made more difficult
pulled the U.S. out of the Paris Agreement by other factors that are purely objective, even
if many Americans seem either unaware or in
on climate change and the Trans-Pacific denial about them.

Partnership, the huge trade deal with 11 The U.S. share of the world’s wealth is in
relative decline, as the wealth of China, India
other countries around the Pacific Rim. and other smaller or less prominent countries
rise. Its once world-beating companies now
He has trashed the equally painstakingly have plentiful competition, especially in high-
tech industries. Economic power, in other
negotiated, multilateral nuclear words, is becoming much more diffuse.
America’s serious domestic problems,
nonproliferation agreement with Iran, as meanwhile, only accumulate. These range
from growing inequality, failing schools and
well. Each of these acts has or will incur widespread narcotics abuse to decrepit
infrastructure—all symptoms of a failure of
heavy costs to the U.S. itself and to the national renewal.

world at large. But behavior like this should When it is time for a new president to speak
to the world, it would not work to say, “We’re
not be regarded as lacking precedent. back,” and simply reclaim global leadership.
The world already knows well what Americans
It is possible that the next U.S. president It may not exactly be a point of charm, have trouble acknowledging to themselves.
might forgo the UN’s General Assembly but it has long been a prerogative of the If the next president hopes to win over other
stage. But there is little likelihood that a world’s most powerful country to renege on world leaders at a future General Assembly, he
new leader, even a Republican, would agreements even when it was instrumental or she will have to deliver a reckoning.
think it smart to avoid this outreach in their creation. Washington has often
altogether. It is not too soon, therefore, simply disregarded or left unratified Howard W. French is a career foreign
to imagine what America’s reintroduction international mechanisms that the president correspondent, global affairs writer, and the
to the world may look like, with all its at the time felt cramped his freedom of author of four books.
prospects and perils. maneuver or did not wish to expend the
political capital for. The diplomatic record tBE
For the candidate who succeeds Trump, is strewn with examples, from the United
it might seem tempting to borrow a Nations Convention on the Law of the
clichéd line that has become popular Sea to the International Criminal Court.
among American politicians following These are relatively subtle matters, though,
the latest mass shooting at a school or compared to a record full of disastrous
shopping center. “This is not who we invasions of other countries—Iraq and
are,” they often say, meaning that such Libya among the most recent examples on
acts should not be allowed to define us; a long list—and numerous other forms of
that we are better than this. It is a vapid costly or destabilizing intervention in other
approach, though, that relies mostly countries.
on unconvincing denialism. Shopworn
rhetoric cannot negate the reality of Tactical self-interest
world-leading gun violence or rising hate
crime in the U.S. The difference with the past is that under
Trump, the U.S. has jettisoned all pretense
of idealism or principle broader than tactical
self-interest. Since the era of President Bill
Clinton, when some spoke prematurely of
the world as if it were in a unipolar moment,
and of Washington as a “hyperpower,”

The Business Executive 97

Global Economy

Does ‘Phase One’
U.S.-China trade deal
pit farming against
manufacturing?

By Kimberly Ann Elliott

Karishma Vaswani writes that five things are not in the latest U.S.-China trade deal. These include
industrial subsidies and ‘Made in China 2025’; the trade deal would not reduce U.S. pressure
on Huawei, the Chinese telecoms giant; while the agreement does talk about opening up market
access for financial services firms, some analysts have said it does not go far enough to ensure they
have equal market access; the deal leaves out is how the US is going to monitor enforcement; and
the deal does not include a definitive timeline on when the tariffs that are still in place will go down.
“The U.S. and China have finally - after almost two years of hostilities - signed a ‘phase one’ deal.
But it only covers the easier aspects of their difficult relationship, and only removes some of the
tariffs.
The biggest hurdles are still to come, and could stand in the way of a second phase agreement -
one that would in theory remove all of the tariffs, bringing some much needed relief for the global
economy, which is in the interests of all of us. What is not in the ‘phase one’ deal tells us where
the flashpoints are in the U.S.-China relationship - and what could derail the second round of
negotiations,” Vaswani notes in an article.

98 The Business Executive

Global Economy

The agreement has been done, but Chinese In exchange, the Trump administration them. Highly technical research papers—no
officials have been unwilling to confirm key postponed tariffs set to go into effect in matter how rigorous—are simply no match
elements that the White House asserts are December 2019 on $160 billion in consumer for Trump’s very public and fictitious claims
in it. Assuming that things do go as planned, goods such as electronics and toys, and about the benefits of tariffs.
though, this is far from the end of the story. modestly cut other tariffs imposed last
September. But that still leaves higher tariffs on The core of the
Trump and his advisers insist there will be a almost two-thirds of U.S. imports from China. deal, at least
“phase two” deal that addresses the big, Since the trade war began, the average U.S. from Trump’s
structural issues in China’s economic policies, tariff on Chinese exports has risen from 3% perspective,
from the government’s support for state- to almost 20%. Chad Bown, a fellow at the is an apparent
owned enterprises to forced technology Peterson Institute for International Economics commitment from
transfers. But in the meantime, which could who calculated these figures, argued that the Beijing to increase
be rather long, American businesses and higher tariffs could become the new normal. its purchases of
consumers will continue to face higher costs U.S. agricultural
because most of the tariffs imposed on China And that is not a good thing for the U.S. commodities.
over the past 18 months will stay in place. manufacturing sector, according to other
new research. The tariffs that were cut or Limited tariff relief
So why is this deal, so heavily promoted by postponed were primarily on consumer
Trump, doing so little to undo the effects of goods, while the tariffs that remain are mostly A second reason for limited tariff relief in this
the trade war? And what does that mean on industrial products—an additional 25% on deal is that China hawks inside and outside
for the American economy? A big reason for $250 billion in imports—and that raises costs the Trump administration were opposed
the limited tariff relief is that this agreement for American firms using them as inputs to to it. Some of those concerned about
appears to be more about reelection politics their production. Two economists on the staff the current levels of economic integration
in the U.S. than it is about China reforming its of the Federal Reserve Board recently found between the U.S. and China welcome the
economic policies. that, far from bringing back jobs as Trump has disruptions to China-focused supply chains,
claimed, “U.S. manufacturing industries more even if they do not view tariffs as the optimal
Trump’s strongest talking point in the campaign exposed to tariff increases experience relative tool for such restructuring. And for those
is the relative strength of the American reductions in employment.” That is because who do not want substantial decoupling, but
economy, so getting a cease-fire in the trade any protection from imports they receive is do want to do business with a significantly
war that would avoid further escalation and “offset by larger negative effects from rising reformed China, the tariffs are leverage for
reduce uncertainty was one big goal. In input costs and retaliatory tariffs” that reduce what they hope will be a far more ambitious
addition to that, there is a major weakness in export competitiveness. “phase two.”
selling his story of economic success: namely,
declining incomes and increasing bankruptcies Market so stingy Given what is known about this “phase one”
among American farmers - due in no small
part to the trade war. More recent data also So why does the “phase one” deal look like deal, it entails few if any new commitments
shows that the U.S. manufacturing sector is this? Why are China’s concessions so focused
contracting, but this “phase one” deal does on agriculture, and why is the tariff relief in to protect intellectual property or prevent
little to address that. the U.S. market so stingy? On the first count,
as I have noted repeatedly, and as others forced technology transfers—just
Core of the deal have pointed out, Trump’s trade wars have
hit America’s farm sector particularly hard. reaffirmations from Beijing that it will more
The core of the deal, at least from Trump’s Farmers, already grappling with bad weather
perspective, is an apparent commitment and softer prices globally, have also had to vigorously enforce commitments it has
from Beijing to increase its purchases of contend with falling exports as a result of
U.S. agricultural commodities. Trump has China’s retaliatory tariffs on soybeans, pork, made earlier. And the agreement apparently
asserted that the Chinese would more than wheat and other products.
double the recent peak value of these imports does nothing to address the substantial
to $50 billion. Other administration officials Many farmers have been driven into debt and
have said the official figure is closer to $40 bankruptcy. Without nearly $15 billion in bailout subsidies to state-owned enterprises and
billion. The Chinese have said only that they payments for producers hit by the trade war,
would increase purchases in line with demand income in the sector as a whole would have targeted sectors that so distort global
and to the degree that quality products are dropped below the already low levels of 2018.
available. Earlier in January, a Communist But extensive analysis by The Washington markets.
Party-linked newspaper pointed to the Post, among others, shows those payments
continuing discrepancies in official statements have gone overwhelmingly to larger, less With the White House having signed the deal
and suggested delaying the signing of the needy operators. So Trump needed something essentially designed to shore up support
agreement to avoid misunderstandings and for a constituency that, so far, remains one of among a key part of Trump’s electoral base,
further conflict. his most loyal in Midwestern states that voted it is also leaving swing states in the Rust
overwhelmingly for him in 2016. Belt, like Ohio and Michigan, paying the
The other so-called Chinese concessions in price of higher tariffs from his trade war.
the deal, at least as promoted by the Trump There are several possible reasons that the
administration, are primarily symbolic in that manufacturing sector and the rest of the U.S. Kimberly Ann Elliott is a visiting scholar at
they are neither new nor in priority areas for economy were largely ignored in the deal. the George Washington University Institute
American exporters and investors. Rather, One is that industrial goods were chosen for International Economic Policy, and a
they mostly reiterate commitments that China for the initial rounds of China tariffs precisely visiting Fellow with the Center for Global
has already made to better protect intellectual because they are less visible and the effects Development.
property and not manipulate its currency for less immediately obvious. Indeed, Trump still
competitive purposes. likes tariffs and continues to insist that Chinese tBE
exporters, rather than Americans, are paying

The Business Executive 99

Reality Check

Developing
countries under

attack by rich
countries

By Nico van Staalduinen

I am angry, and do you
know why? Because I
recently bought some

chips, or crisps as some
people call them, and

written on the pack was
“This product
doesn’t contain
Preservatives,
Colorants,
Palm Oil.”

100 The Business Executive